-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PpTHEJS8YrUH+30FTmRBD7Ens4ScuVz8BFQHcvb3q57imQS950SLJ4k6lOvuOy9X mGhSsgYA9J573kNhAR5hyw== 0000900092-04-000290.txt : 20040929 0000900092-04-000290.hdr.sgml : 20040929 20040929161807 ACCESSION NUMBER: 0000900092-04-000290 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040731 FILED AS OF DATE: 20040929 DATE AS OF CHANGE: 20040929 EFFECTIVENESS DATE: 20040929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUNIYIELD CALIFORNIA FUND INC CENTRAL INDEX KEY: 0000882152 IRS NUMBER: 223144221 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06499 FILM NUMBER: 041052992 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08543-9011 BUSINESS PHONE: 6092822800 MAIL ADDRESS: STREET 1: P O BOX 9066 STREET 2: C/O MERRILL LYNCH ASSET MANAGEMENT CITY: PRINCETON STATE: NJ ZIP: 08543-9011 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA MUNIYIELD FUND INC DATE OF NAME CHANGE: 19600201 N-Q 1 myca.txt MUNIYIELD CALIFORNIA 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: Terry K. Glenn, 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: 10/31/04 Date of reporting period: 05/01/04 - 07/31/04 Item 1 - Schedule of Investments MuniYield California Fund, Inc. Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value California - 134.2% BBB NR* $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue Refunding Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,759 AAA Aaa 3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax (Community Facilities District Number 1989-1), 5.70% due 8/01/2022(a) 4,351 AAA Aaa 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) 2,885 AAA Aaa 2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion Project), 5.80% due 4/01/2017(h) 2,710 AA- Aa2 1,410 California HFA, Home Mortgage Revenue Bonds, Series D, 5.85% due 8/01/2017 1,489 California Health Facilities Financing Authority Revenue Bonds: AAA NR* 5,000 (Kaiser Permanente), RIB, Series 26, 9.62% due 6/01/2022(f)(j) 5,767 NR* Aa3 2,835 (Scripps Research Institute), Series A, 6.625% due 7/01/2018 2,901 AAA Aaa 1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019(h) 1,626 California Infrastructure and Economic Development Bank Revenue Bonds: AAA Aaa 2,520 (Asian Museum Foundation of San Francisco), 5.50% due 6/01/2018(h) 2,766 A- NR* 4,990 (J. David Gladstone Institute Project), 5.50% due 10/01/2022 5,148 BBB+ Baa2 13,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue Refunding Bonds (Republic Services Inc. Project), AMT, Series C, 5.25% due 6/01/2023 13,136 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT: NR* Aaa 230 Series A-1, 6.90% due 12/01/2024(d)(g) 242 AAA NR* 210 Series B, 6.15% due 6/01/2020(e) 216
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 MuniYield California Fund, Inc. Schedule of Investments as of July 31, 2004 (concluded) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value California (concluded) California State Department of Veteran Affairs, Home Purpose Revenue Refunding Bonds, Series C: AA- Aa2 $5,970 5.875% due 12/01/2015 $ 6,182 AA- Aa2 9,315 6.05% due 12/01/2020 9,657 AA- Aa2 2,500 6.15% due 12/01/2027 2,592 BBB+ A3 4,500 California State Department of Water Resources, Power Supply Revenue Bonds, Series A, 5.75% due 5/01/2017 4,965 AA Aa3 6,000 California State Department of Water Resources Revenue Bonds (Central Valley Project), 5.25% due 7/01/2022 6,010 California State, GO, Refunding: BBB A3 8,000 5.75% due 5/01/2030 8,398 AA- A3 2,785 (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,816 California State Public Works Board, Lease Revenue Bonds: AAA Aaa 2,000 (California State University), Series C, 5.40% due 10/01/2022(h) 2,111 BBB- Aaa 6,800 (Department of Corrections), Series A, 7% due 11/01/2004(i) 7,036 BBB- Baa1 5,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 5,199 AAA Aaa 6,645 (Department of Health Services), Series A, 5.75% due 11/01/2017(h) 7,398 AAA Baa2 17,000 (Various Community College Projects), Series A, 5.625% due 3/01/2016(a) 18,157 California State University and Colleges, Housing System Revenue Refunding Bonds(c): AAA Aaa 3,000 5.75% due 11/01/2015 3,191 AAA Aaa 3,500 5.80% due 11/01/2017 3,722 AAA Aaa 3,900 5.90% due 11/01/2021 4,146 California State, Various Purpose, GO: BBB Aaa 4,730 5.50% due 4/01/2030 4,909 BBB A3 6,850 5.50% due 11/01/2033 7,090 AAA Aaa 5,250 California Statewide Communities Development Authority, COP (John Muir/Mount Diablo Health System), 5.125% due 8/15/2022(h) 5,397 California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial Health Services), Series A: A A3 3,270 6% due 10/01/2023 3,453 A A3 3,000 5.50% due 10/01/2033 2,987 AA- A1 5,000 California Statewide Communities Development Authority Revenue Bonds (Sutter Health), Series B, 5.50% due 8/15/2028 5,088 AAA Aaa 2,380 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled Financing Program), Series C, 5.25% due 10/01/2028(f) 2,441 AAA Aaa 1,990 Cathedral City, California, Public Financing Authority, Tax Allocation Revenue Refunding Bonds (Cathedral City Redevelopment Projects), Series A, 5% due 8/01/2033(h) 1,978 BBB- Baa2 2,000 Central California, Joint Powers Health Financing Authority, COP (Community Hospitals of Central California), 6% due 2/01/2020 2,077 AAA Aaa 2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire Utility Agency Sewer Project), 5.75% due 11/01/2019(h) 2,237 AAA Aaa 2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds (Various Capital Facilities), Series A, 5.30% due 8/01/2020(h) 2,858 AAA Aaa 2,500 Davis, California, Joint Unified School District, Community Facilities District, Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021(h) 2,649 BBB Baa3 5,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,735 AAA Aaa 5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due 4/01/2030(a) 5,106 NR* Aaa 9,958 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds, RIB, Series 632-X, 9.69% due 5/01/2021(h)(j) 11,415 NR* Aaa 2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due 11/01/2031(a) 2,243 AAA Aaa 10,000 Los Angeles, California, Community College District, GO, Series A, 5.50% due 8/01/2021(h) 10,832 Los Angeles, California, Department of Water and Power, Electric Plant Revenue Refunding Bonds: AA- Aaa 9,865 6% due 2/15/2005(i) 10,217 NR* Aa3 4,920 RIB, Series 370, 10.64% due 2/15/2024(j) 5,271 Los Angeles, California, Harbor Department Revenue Bonds, AMT: AAA Aaa 4,000 RITR, Series RI-7, 10.965% due 11/01/2026(h)(j) 4,649 AA Aa2 2,000 Series B, 6% due 8/01/2015 2,142 AA Aa2 6,000 Series B, 5.375% due 11/01/2023 6,148 AAA Aaa 7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due 6/01/2023(c) 7,131 AAA Aaa 4,500 Los Angeles, California, Wastewater System Revenue Refunding Bonds, Subordinate Series A, 5% due 6/01/2027(h) 4,522 AAA Aaa 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) 4,230 AAA Aaa 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) 5,248 AAA Aaa 8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due 11/01/2017(h) 9,517 AAA Aaa 1,750 North City-West, California, School Facilities Financing Authority, Special Tax Refunding Bonds, Series B, 5.75% due 9/01/2015(f) 1,894 Oakland, California, Alameda County Unified School District, GO, Series F(h): AAA Aaa 3,290 5.50% due 8/01/2017 3,614 AAA Aaa 3,770 5.50% due 8/01/2018 4,141 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds (Oakland Administration Buildings)(a)(i): AAA Aaa 11,395 5.75% due 8/01/2016 12,515 AAA Aaa 2,000 5.90% due 8/01/2016 2,203 AAA Aaa 1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds (Convention Center Project), Series A, 5.50% due 11/01/2035(h) 1,061 AAA Aaa 1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75% due 8/01/2025(b)(h) 1,926 BBB- NR* 2,255 Pomona, California, Public Financing Authority, Revenue Refunding Bonds (Merged Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,193 AAA Aaa 10,600 Port Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due 11/01/2017(h) 11,521 NR* Aaa 5,808 Port Oakland, California, RIB, Refunding, AMT, Series 717X, 10.16% due 11/01/2027(c)(j) 6,050 AAA Aaa 4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Rancho Redevelopment Project), 5.25% due 9/01/2020(f) 4,546 AAA Aaa 2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds (Harbour Redevelopment Project), Series A, 5.50% due 7/01/2018(h) 2,565 AAA Aaa 5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds, Series L, 5.125% due 7/01/2022(h) 5,163 Sacramento County, California, Sanitation District, Financing Authority, Revenue Refunding Bonds: AA Aa3 4,500 RIB, Series 366, 10.392% due 12/01/2027(j) 5,049 AA Aa3 5,695 Series A, 5.60% due 12/01/2017 5,993 AA Aa3 6,190 Series A, 5.75% due 12/01/2018 6,530 AA Aa3 3,750 Trust Receipts, Class R, Series A, 10.57% due 12/01/2019(j) 4,197 AAA Aaa 10,100 San Bernardino, California, City Unified School District, GO, Refunding, Series A, 5.875% due 8/01/2024(c) 11,182 AAA Aaa 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) 3,172 AAA Aaa 5,000 San Bernardino, California, Joint Powers Financing Authority, Tax Allocation Revenue Refunding Bonds, Series A, 5.75% due 10/01/2015(f) 5,302 AAA Aaa 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) 2,091 AA Aa3 1,720 San Francisco, California, City and County Educational Facilities, GO (Community College), Series A, 5.75% due 6/15/2019 1,903 AA Aa3 1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75% due 6/15/2019 1,450 AAA Aaa 4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028(h) 4,615 AAA Aaa 5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due 8/01/2028(h) 5,018 AAA Aaa 2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021(c) 2,161 NR* A3 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 3,522 AAA Aaa 4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake Recovery Redevelopment Project), 6% due 7/01/2029(a) 4,373 AAA Aaa 2,000 Sequoia, California, Unified High School District, GO, 5.70% due 7/01/2005(f)(i) 2,119 AAA Aaa 2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds, 5.75% due 3/01/2020(a) 2,498 AAA NR* 90 Southern California Home Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT, Series A, 6.75% due 9/01/2022(e) 90 AAA Aaa 3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community Correctional Facility), Series A, 6.05% due 1/01/2017(h) 3,503 A+ A1 1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical Center), Series A, 6% due 6/01/2022 1,402 AAA Aaa 1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H, 5.125% due 8/01/2034(f) 1,012 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station Project): BBB+ Aaa 2,740 5.50% due 4/01/2022 2,778 BBB+ Aaa 1,250 5.50% due 4/01/2023 1,265 AAA Aaa 5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds, 5.625% due 5/01/2016(h) 5,458 AAA Aaa 5,605 Whittier, California, Union High School District, GO (Election of 1999), Series D, 5% due 8/01/2033(f) 5,609 Puerto Rico - 5.4% AAA Aaa 2,140 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Bonds, Series Y, 5.50% due 7/01/2006(h)(i) 2,318 A Baa1 5,000 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, Series G, 5% due 7/01/2042 4,819 Puerto Rico Electric Power Authority, Power Revenue Bonds: A- A3 6,500 Series NN, 5.125% due 7/01/2029 6,507 AAA Aaa 2,600 Series X, 5.50% due 7/01/2025(h) 2,661 A- A3 1,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series U, 6% due 7/01/2014 1,023 Virgin Islands - 1.0% BBB- Baa3 3,000 Virgin Islands Government Refinery Facilities Revenue Refunding Bonds (Hovensa Coker Project), AMT, 6.50% due 7/01/2021 3,194 Total Municipal Bonds (Cost - $425,289) - 140.6% 446,352 Shares Held Short-Term Securities 352 CMA California Municipal Money Fund + 352 Total Short-Term Securities (Cost - $352) - 0.1% 352 Total Investments (Cost - $425,641**) - 140.7% 446,704 Other Assets Less Liabilities - 3.4% 10,659 Preferred Stock, at Redemption Value - (44.1%) (140,000) ---------- Net Assets Applicable to Common Stock - 100.0% $ 317,363 ========== (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 interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate in effect at July 31, 2004. * Not Rated. ** The cost and unrealized appreciation/depreciation of investments as of July 31, 2004, as computed for federal income tax purposes, were as follows: Aggregate cost $ 425,641 ========= Gross unrealized appreciation $ 22,209 Gross unrealized depreciation (1,146) --------- Net unrealized appreciation $ 21,063 ========= + 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 (13,981) $ 14
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/ Terry K. Glenn________ Terry K. Glenn, President of MuniYield California Fund, Inc. Date: September 17, 2004 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/ Terry K. Glenn________ Terry K. Glenn, President of MuniYield California Fund, Inc. Date: September 17, 2004 By: _/s/ Donald C. Burke________ Donald C. Burke, Chief Financial Officer of MuniYield California Fund, Inc. Date: September 17, 2004 EX-99.CERT 2 ex-99.txt EX-99 CERT EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Terry K. Glenn, President of MuniYield California Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of MuniYield California Fund, Inc. (the "Fund"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the Fund as of the end of the fiscal quarter for which the report is filed; 4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal control over financial reporting. Date: September 17, 2004 /s/ Terry K. Glenn Terry K. Glenn, President of MuniYield California Fund, Inc. EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Donald C. Burke, Chief Financial Officer of MuniYield California Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of MuniYield California Fund, Inc. (the "Fund"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the Fund as of the end of the fiscal quarter for which the report is filed; 4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal control over financial reporting. Date: September 17, 2004 /s/ Donald C. Burke Donald C. Burke, Chief Financial Officer of MuniYield California Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----