-----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, Se3Sq+C5mQfratpOyIVpjIylm8ddASuzhhkiqUkQHkyYrd4bkUBNmL7ccszJEJUh RhZTeL4uydpypf+udcUpsg== 0000900092-06-000458.txt : 20060926 0000900092-06-000458.hdr.sgml : 20060926 20060925173644 ACCESSION NUMBER: 0000900092-06-000458 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060731 FILED AS OF DATE: 20060926 DATE AS OF CHANGE: 20060925 EFFECTIVENESS DATE: 20060926 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: 061107247 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 FUND 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 EX-99.CERT 2 section302.txt SECTION 302 EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Robert C. Doll, Jr., Chief Executive Officer of MuniYield California Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of MuniYield California Fund, Inc.; 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 registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant'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 registrant 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 registrant, 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 registrant'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 registrant's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant'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 registrant'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 registrant's internal control over financial reporting. Date: September 20, 2006 /s/ Robert C. Doll, Jr. ------------------------ Robert C. Doll, Jr. Chief Executive Officer 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.; 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 registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant'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 registrant 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 registrant, 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 registrant'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 registrant's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant'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 registrant'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 registrant's internal control over financial reporting. Date: September 20, 2006 /s/ Donald C. Burke -------------------- Donald C. Burke Chief Financial Officer MuniYield California Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----