N-Q 1 ca.txt MUNIYIELD CALIFORNIA FUND, INC. 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: 10/31/05 Date of reporting period: 05/01/05 - 07/31/05 Item 1 - Schedule of Investments MuniYield California Fund, Inc. Schedule of Investments as of July 31, 2005 (in Thousands)
Face Amount Municipal Bonds Value California - 135.0% $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue Refunding Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,871 3,975 Antioch Area Public Facilities Financing Agency, California, Special Tax (Community Facilities District Number 1989-1), 5.70% due 8/01/2009 (a)(h) 4,410 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) 2,843 2,500 Bakersfield, California, COP, Refunding (Convention Center Expansion Project), 5.80% due 4/01/2017 (g) 2,638 2,000 California Health Facilities Financing Authority, Health Facility Revenue Bonds (Adventist Health System), Series A, 5% due 3/01/2033 2,024 5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente), RIB, Series 26, 8.37% due 6/01/2022 (e)(j) 5,638 1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (g) 1,587 4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David Gladstone Institute Project), 5.50% due 10/01/2022 5,296 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 3,088 6,250 California Pollution Control Financing Authority, Solid Waste Disposal Revenue Refunding Bonds (Waste Management Inc. Project), AMT, Series B, 5% due 7/01/2027 6,160 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT (f): 70 Series A-1, 6.90% due 12/01/2024 (c) 73 80 Series B, 6.15% due 6/01/2020 (d) 81 4,500 California State Department of Water Resources, Power Supply Revenue Bonds, Series A, 5.75% due 5/01/2017 4,996 6,000 California State Department of Water Resources Revenue Bonds (Central Valley Project), 5.25% due 7/01/2022 6,063
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 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, 2005 (concluded) (in Thousands)
Face Amount Municipal Bonds Value California California State, GO, Refunding: (concluded) $ 1,635 5.25% due 2/01/2029 $ 1,733 8,000 5.75% due 5/01/2030 8,805 2,785 (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,881 California State Public Works Board, Lease Revenue Bonds: 2,000 (California State University), Series C, 5.40% due 10/01/2022 (g) 2,123 5,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 5,468 6,645 (Department of Health Services), Series A, 5.75% due 11/01/2017 (g) 7,316 17,000 (Various Community College Projects), Series A, 5.625% due 3/01/2016 (a) 17,610 California State University and Colleges, Housing System Revenue Refunding Bonds (b)(h): 3,000 5.75% due 11/01/2005 3,082 3,500 5.80% due 11/01/2005 (k) 3,596 3,900 5.90% due 11/01/2005 4,007 California State, Various Purpose, GO: 4,730 5.50% due 4/01/2030 5,191 6,850 5.50% due 11/01/2033 7,475 5,250 California Statewide Communities Development Authority, COP (John Muir/Mount Diablo Health System), 5.125% due 8/15/2022 (g) 5,536 California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial Health Services), Series A: 3,270 6% due 10/01/2023 3,634 3,000 5.50% due 10/01/2033 3,159 2,380 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled Financing Program), Series C, 5.25% due 10/01/2028 (e) 2,551 2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire Utility Agency Sewer Project), 5.75% due 11/01/2009 (g)(h) 2,231 6,270 Coast Community College District, California, Capital Appreciation, GO, Refunding, 5.02%** due 8/01/2021 (g) 3,018 2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds (Various Capital Facilities), Series A, 5.30% due 8/01/2020 (g) 2,869 3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (b) 3,924 2,500 Davis, California, Joint Unified School District, Community Facilities District, Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2021 (g) 2,588 3,000 Fremont, California, Union High School District, Santa Clara County, GO, Refunding, 5% due 9/01/2022 (b) 3,211 4,650 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds, Series A-4, 7.80% due 6/01/2042 5,772 5,025 Indio, California, Water Authority, Water Enterprise Revenue Bonds, 5.125% due 4/01/2030 (a) 5,408 Industry, California, Urban Development Agency, Tax Allocation Refunding Bonds (g): 14,915 (Civic Recreation Industrial), Series 1, 5.50% due 5/01/2021 15,720 5,000 (Civic-Recreational-Industrial Redevelopment Project No. 1), 5.50% due 5/01/2020 5,264 5,435 La Mesa-Spring Valley, California, School District, Capital Appreciation, GO, Refunding (Election of 2002), Series B, 5.225%** due 8/01/2028 (b) 1,797 2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due 11/01/2031 (a) 2,268 10,000 Los Angeles, California, Community College District, GO, Series A, 5.50% due 8/01/2011 (g)(h) 11,195 Los Angeles, California, Harbor Department Revenue Bonds, AMT: 4,000 RITR, Series RI-7, 9.785% due 11/01/2026 (g)(j) 4,377 2,000 Series B, 6% due 8/01/2015 2,076 6,000 Series B, 5.375% due 11/01/2023 6,189 7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due 6/01/2023 (b) 7,337 4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate Series A, 5% due 6/01/2027 (g) 4,732 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)(h) 5,556 8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due 11/01/2007 (g)(h) 9,327 7,570 Morgan Hill, California, Unified School District, GO, 5%** due 8/01/2026 (b) 2,811 8,595 Napa Valley, California, Community College District, Capital Appreciation, GO (Election of 2002), Series B, 5.16%** due 8/01/2024 (g) 3,528 1,750 North City-West, California, School Facilities Financing Authority, Special Tax Refunding Bonds, Series B, 5.75% due 9/01/2015 (e) 1,838 Oakland, California, Alameda County Unified School District, GO, Series F (g): 3,290 5.50% due 8/01/2017 3,593 3,770 5.50% due 8/01/2018 4,113 Oakland, California, Joint Powers Financing Authority, Lease Revenue Bonds (Oakland Administration Buildings) (a)(h): 11,395 5.75% due 8/01/2006 11,967 2,000 5.90% due 8/01/2006 2,103 5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (b) 5,464 3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (b) 3,244 1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds (Convention Center Project), Series A, 5.50% due 11/01/2035 (g) 1,117 1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75% due 8/01/2025 (g)(i) 1,886 2,255 Pomona, California, Public Financing Authority Revenue Refunding Bonds (Merged Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,337 10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due 11/01/2017 (g) 11,351 5,807 Port of Oakland, California, RIB, Refunding, AMT, Series 717X, 8.15% due 11/01/2027 (b)(j) 6,615 4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Rancho Redevelopment Project), 5.25% due 9/01/2020 (e) 4,610 2,345 Richmond, California, Redevelopment Agency, Tax Allocation, Refunding Bonds (Harbour Redevelopment Project), Series A, 5.50% due 7/01/2018 (g) 2,535 5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds, Series L, 5.125% due 7/01/2022 (g) 5,269 Sacramento County, California, Sanitation District Financing Authority Revenue Refunding Bonds, Series A: 5,695 5.60% due 12/01/2017 5,803 6,190 5.75% due 12/01/2018 6,311 7,500 6% due 12/01/2020 7,653 9,000 5.875% due 12/01/2027 9,179 10,100 San Bernardino, California, City Unified School District, GO, Refunding, Series A, 5.875% due 8/01/2009 (b)(h) 11,271 3,000 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue Bonds (Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (g) 3,085 5,000 San Bernardino, California, Joint Powers Financing Authority, Tax Allocation Revenue Refunding Bonds, Series A, 5.75% due 10/01/2015 (e) 5,124 3,600 San Diego, California, Unified School District, GO (Election of 1998), Series F, 5% due 7/01/2029 (e) 3,812 1,720 San Francisco, California, City and County Educational Facilities, GO (Community College), Series A, 5.75% due 6/15/2019 1,869 1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75% due 6/15/2019 1,424 4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (g) 4,831 San Jose-Evergreen, California, Community College District, Capital Appreciation, GO (Election of 2004), Refunding, Series A (g): 10,005 5.12%** due 9/01/2023 4,085 5,000 5.33%** due 9/01/2028 1,517 5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due 8/01/2028 (g) 5,259 5,040 San Ysidro, California, School District, Capital Appreciation, GO (Election of 1997), Series D, 5.249%** due 8/01/2027 (b) 1,767 2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (b) 2,205 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 3,601 4,000 Santa Monica, California, Community College District, GO (Election of 2004), Series A, 5% due 5/01/2030 (g) 4,234 4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake Recovery Redevelopment Project), 6% due 7/01/2029 (a) 4,394 2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due 7/01/2028 (e) 2,667 2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds, 5.75% due 3/01/2020 (a) 2,482 6,750 South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds (South Tahoe Redevelopment Project Area No. 1), Series A, 5% due 10/01/2028 (a) 7,113 55 Southern California Home Finance Authority, S/F Mortgage Revenue Bonds (Mortgage- Backed Securities Program), AMT, Series A, 6.75% due 9/01/2022 (d) 55 3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community Correctional Facility), Series A, 6.05% due 1/01/2017 (g) 3,405 1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical Center), Series A, 6% due 6/01/2022 1,450 1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H, 5.125% due 8/01/2034 (e) 1,066 3,990 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station Project), 5.50% due 4/01/2008 (h) 4,263 5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds, 5.625% due 5/01/2016 (g) 5,323 5,055 West Contra Costa, California, Unified School District, Capital Appreciation, GO (Election of 2002), Series C, 4.849%** due 8/01/2027 (b) 1,783 5,605 Whittier, California, Union High School District, GO (Election of 1999), Series D, 5% due 8/01/2033 (e) 5,884 Puerto Rico - 4.2% 2,140 Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Bonds, Series Y, 5.50% due 7/01/2006 (g)(h) 2,226 Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A: 9,750 4.66%** due 7/01/2033 (b) 2,662 9,750 4.77%** due 7/01/2043 (a) 1,607 6,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due 7/01/2029 6,875 U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Islands - 1.0% Coker Project), AMT, 6.50% due 7/01/2021 3,414 Total Municipal Bonds (Cost - $425,639) - 140.2% 449,874 Shares Held Short-Term Securities 2,801 CMA California Municipal Money Fund (l) 2,801 Total Short-Term Securities (Cost - $2,801) - 0.9% 2,801 Total Investments (Cost - $428,440*) - 141.1% 452,675 Other Assets Less Liabilities - 2.5% 8,067 Preferred Stock, at Redemption Value - (43.6%) (140,000) ----------- Net Assets Applicable to Common Stock - 100.0% $ 320,742 =========== * The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005, as computed for federal income tax purposes, were as follows: (in Thousands) Aggregate cost $ 428,440 =============== Gross unrealized appreciation $ 24,484 Gross unrealized depreciation (249) --------------- Net unrealized appreciation $ 24,235 =============== ** Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase by the Fund. (a) AMBAC Insured. (b) FGIC Insured. (c) FHLMC Collateralized. (d) FNMA/GNMA Collateralized. (e) FSA Insured. (f) GNMA Collateralized. (g) MBIA Insured. (h) Prerefunded. (i) Escrowed to maturity. (j) The rate disclosed is that currently in effect. This rate changes periodically and inversely based upon prevailing market rates. (k) All or portion of security held as collateral in connection with open financial futures contracts. (l) 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: (in Thousands) Net Dividend Affiliate Activity Income CMA California Municipal Money Fund 1,942 $152 Financial futures contracts purchased as of July 31, 2005 were as follows: (in Thousands) Number of Expiration Face Unrealized Contracts Issue Date Value Depreciation 100 10-Year September U.S. Treasury Bond 2005 $11,328 $(203)
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 23, 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., Chief Executive Officer MuniYield California Fund, Inc. Date: September 23, 2005 By: /s/ Donald C. Burke ----------------------- Donald C. Burke, Chief Financial Officer MuniYield California Fund, Inc. Date: September 23, 2005