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 811-06499
Name of Fund: BlackRock MuniYield California Fund, Inc. (MYC)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield California Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 – Schedule of Investments
| Schedule of Investments October 31, 2012 (Unaudited) |
BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Par (000) |
Value | ||||||||||
| Municipal Bonds | |||||||||||
|
|
California — 90.0% |
||||||||||
| Corporate — 0.3% | |||||||||||
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | $ | 975 | $ | 1,150,237 | |||||||
| County/City/Special District/School District — 35.9% | |||||||||||
| California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34 | 6,725 | 8,258,703 | |||||||||
| Campbell Union High School District, GO, Election of 2006, Series C, 5.75%, 8/01/40 | 4,000 | 4,789,040 | |||||||||
| City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 | 2,000 | 2,007,940 | |||||||||
| City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | |||||||||||
| 6.50%, 5/01/36 | 1,520 | 1,827,982 | |||||||||
| 6.50%, 5/01/42 | 1,860 | 2,233,860 | |||||||||
| Contra Costa Community College District, GO, Election of 2002 (AGM), 5.00%, 8/01/30 | 10,215 | 10,911,152 | |||||||||
| El Monte Union High School District California, GO, Election of 2002, Series C (AGM), 5.25%, 6/01/32 | 9,620 | 10,862,038 | |||||||||
| Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 | 2,000 | 2,460,540 | |||||||||
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 | 7,185 | 8,678,259 | |||||||||
| Los Angeles Municipal Improvement Corp., RB, Real Property, Series E: | |||||||||||
| 5.75%, 9/01/34 | 1,215 | 1,386,935 | |||||||||
| 6.00%, 9/01/34 | 2,380 | 2,759,086 | |||||||||
| Los Rios Community College District, GO, Election of 2002, Series D, 5.38%, 8/01/34 | 4,125 | 4,724,858 | |||||||||
| Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 | 4,000 | 4,678,640 | |||||||||
| Ohlone Community College District, GO, Election of 2010, Series A, 5.25%, 8/01/41 | 7,135 | 8,284,591 | |||||||||
| Orange County Sanitation District, COP (NPFGC), 5.00%, 2/01/33 | 9,350 | 9,680,803 | |||||||||
| Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 | 6,035 | 6,830,111 | |||||||||
| Placentia-Yorba Linda Unified School District, CAB, GO, Orange Country California, Election of 2008, Series D, 4.91%, 8/01/35 (a) | 5,000 | 1,657,650 | |||||||||
| Par (000) |
Value | ||||||||||
| Municipal Bonds | |||||||||||
|
|
California (continued) |
||||||||||
| County/City/Special District/School District (concluded) | |||||||||||
| San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 | $ | 5,100 | $ | 5,757,492 | |||||||
| Santa Ana Unified School District, GO, Election of 2008, Series A, 5.13%, 8/01/33 | 6,020 | 6,660,588 | |||||||||
| Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 | 16,090 | 17,924,582 | |||||||||
| Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 1,250 | 1,519,463 | |||||||||
| William S. Hart Union High School District, GO, CAB, Refunding, Series B (AGM) (a): | |||||||||||
| 4.97%, 8/01/34 | 10,850 | 3,730,013 | |||||||||
| 5.02%, 8/01/35 | 9,700 | 3,138,726 | |||||||||
| 130,763,052 | |||||||||||
| Education — 4.1% | |||||||||||
| California Educational Facilities Authority, Refunding RB: | |||||||||||
| Pitzer College, 6.00%, 4/01/40 | 2,500 | 2,955,200 | |||||||||
| San Francisco University, 6.13%, 10/01/36 | 1,440 | 1,767,283 | |||||||||
| California Municipal Finance Authority, RB, Emerson College, 6.00%, 1/01/42 | 2,500 | 2,958,350 | |||||||||
| University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 | 6,155 | 7,175,068 | |||||||||
| 14,855,901 | |||||||||||
| Health — 16.4% | |||||||||||
| ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: | |||||||||||
| 6.38%, 8/01/34 | 2,000 | 2,166,700 | |||||||||
| Series A, 6.00%, 8/01/30 | 2,270 | 2,784,677 | |||||||||
| California Health Facilities Financing Authority, RB: | |||||||||||
| Children's Hospital, Series A, 5.25%, 11/01/41 | 5,000 | 5,564,400 | |||||||||
| St. Joseph Health System, Series A, 5.50%, 7/01/29 | 2,100 | 2,452,275 | |||||||||
| Sutter Health, Series B, 6.00%, 8/15/42 | 7,530 | 9,047,747 | |||||||||
| BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. | OCTOBER 31, 2012 1 |
| Schedule of Investments (continued) |
BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Par (000) |
Value | |||||||||||
| Municipal Bonds | ||||||||||||
|
|
California (continued) |
|||||||||||
| Health (concluded) | ||||||||||||
| California Health Facilities Financing Authority, Refunding RB: | ||||||||||||
| Catholic Healthcare West, Series A, 6.00%, 7/01/39 | $ | 10,000 | $ | 11,826,500 | ||||||||
| Providence Health, 6.50%, 10/01/38 | 3,625 | 4,314,511 | ||||||||||
| California Statewide Communities Development Authority, RB: | ||||||||||||
| Health Facility, Memorial Health Services, Series A, 6.00%, 10/01/23 | 3,270 | 3,347,695 | ||||||||||
| Kaiser Permanente, Series A, 5.00%, 4/01/42 | 8,000 | 8,860,640 | ||||||||||
| Sutter Health, Series A, 6.00%, 8/15/42 | 7,995 | 9,606,472 | ||||||||||
| 59,971,617 | ||||||||||||
| Housing — 1.0% | ||||||||||||
| California Rural Home Mortgage Finance Authority, RB, Sub-Series FH-1, AMT (Radian), 5.50%, 8/01/47 | 265 | 128,456 | ||||||||||
| Santa Clara County Housing Authority California, RB, John Burns Gardens Apartments Project, Series A, AMT, 6.00%, 8/01/41 | 3,500 | 3,508,960 | ||||||||||
| 3,637,416 | ||||||||||||
| State — 13.4% | ||||||||||||
| California State Public Works Board, RB: | ||||||||||||
| Department of Developmental Services, Porterville, Series C, 6.25%, 4/01/34 | 1,385 | 1,641,474 | ||||||||||
| Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 | 10,000 | 12,035,300 | ||||||||||
| Trustees of the California State University, Series D, 6.00%, 4/01/27 | 215 | 258,862 | ||||||||||
| Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 | 4,400 | 5,325,144 | ||||||||||
| State of California, GO, Various Purpose: | ||||||||||||
| 6.00%, 4/01/38 | 20,000 | 24,033,800 | ||||||||||
| 6.00%, 11/01/39 | 4,725 | 5,737,001 | ||||||||||
| 49,031,581 | ||||||||||||
| Transportation — 8.1% | ||||||||||||
| City of Los Angeles Department of Airports, Refunding RB, Series A, 5.25%, 5/15/39 | 2,775 | 3,130,894 | ||||||||||
| City of San Jose California, RB, Series A-1, AMT (AGM): | ||||||||||||
| 5.50%, 3/01/30 | 1,000 | 1,141,880 | ||||||||||
| 5.75%, 3/01/34 | 1,000 | 1,156,670 | ||||||||||
| City of San Jose California, Refunding ARB, Series A-1, AMT, 6.25%, 3/01/34 | 1,400 | 1,682,856 | ||||||||||
| Par (000) |
Value | |||||||||||
| Municipal Bonds | ||||||||||||
|
|
California (concluded) |
|||||||||||
| Transportation (concluded) | ||||||||||||
| County of Orange California, ARB, Series B, 5.75%, 7/01/34 | $ | 3,000 | $ | 3,381,720 | ||||||||
| County of Sacramento California, ARB: | ||||||||||||
| Airport System Subordinate, PFC/Grant, Series D, 6.00%, 7/01/35 | 3,000 | 3,465,660 | ||||||||||
| Senior Series B, 5.75%, 7/01/39 | 900 | 1,026,045 | ||||||||||
| San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 | 5,065 | 5,989,109 | ||||||||||
| San Francisco Port Commission California, RB, Series A, 5.13%, 3/01/40 | 5,010 | 5,528,886 | ||||||||||
| San Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 | 2,400 | 2,943,168 | ||||||||||
| 29,446,888 | ||||||||||||
| Utilities — 10.8% | ||||||||||||
| California State Department of Water Resources, Refunding RB, Central Valley Project, Series AN, 5.00%, 12/01/35 | 3,350 | 3,993,468 | ||||||||||
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34 | 4,000 | 4,718,920 | ||||||||||
| City of Los Angeles California Wastewater System, Refunding RB, Sub-Series A, 5.00%, 6/01/32 | 3,000 | 3,454,680 | ||||||||||
| City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 | 2,645 | 3,240,919 | ||||||||||
| Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 | 2,420 | 2,950,924 | ||||||||||
| Eastern Municipal Water District California, COP, Series H, 5.00%, 7/01/35 | 8,400 | 9,223,200 | ||||||||||
| Los Angeles Department of Water & Power, Refunding RB, System, Series A, 5.25%, 7/01/39 | 4,000 | 4,717,240 | ||||||||||
| San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.38%, 5/15/34 | 3,910 | 4,530,517 | ||||||||||
| San Francisco City & County Public Utilities Commission, Refunding RB, Series A, 5.13%, 11/01/39 | 2,295 | 2,680,422 | ||||||||||
| 39,510,290 | ||||||||||||
| Total Municipal Bonds – 90.0% | 328,366,982 | |||||||||||
| BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. | OCTOBER 31, 2012 2 |
| Schedule of Investments (continued) |
BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Par (000) |
Value | ||||||||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | |||||||||||||
|
|
California — 68.4% |
||||||||||||
| County/City/Special District/School District — 30.9% | |||||||||||||
| City of Los Angeles California, Refunding RB, Series A, 5.00%, 6/01/39 | $ | 9,870 | $ | 11,041,075 | |||||||||
| El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 | 5,000 | 5,616,850 | |||||||||||
| Fremont Unified School District Alameda County California, GO, Election of 2002, Series B (AGM), 5.00%, 8/01/30 | 4,003 | 4,390,521 | |||||||||||
| Los Angeles Community College District California, GO: | |||||||||||||
| Election of 2001, Series E-1, 5.00%, 8/01/33 | 14,850 | 17,013,199 | |||||||||||
| Election of 2003, Series E (AGM), 5.00%, 8/01/31 | 10,002 | 11,223,926 | |||||||||||
| Election of 2008, Series C, 5.25%, 8/01/39 (c) | 9,680 | 11,692,085 | |||||||||||
| Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33 | 3,828 | 4,834,730 | |||||||||||
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 | 7,732 | 9,344,085 | |||||||||||
| San Francisco Bay Area Rapid Transit District, Refunding RB, Series A (NPFGC): | |||||||||||||
| 5.00%, 7/01/30 | 6,000 | 6,550,140 | |||||||||||
| 5.00%, 7/01/34 | 5,439 | 5,937,181 | |||||||||||
| San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 8/01/38 | 15,520 | 17,435,013 | |||||||||||
| Sonoma County Junior College District, GO, Election of 2002, Series B (AGM), 5.00%, 8/01/28 | 6,875 | 7,573,127 | |||||||||||
| 112,651,932 | |||||||||||||
| Education — 14.6% | |||||||||||||
| California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (c) | 13,845 | 16,213,187 | |||||||||||
| Peralta Community College District, GO, Election of 2000, Series D (AGM), 5.00%, 8/01/30 | 1,995 | 2,093,553 | |||||||||||
| University of California, RB: | |||||||||||||
| Limited Project, Series B (AGM), 5.00%, 5/15/33 | 8,488 | 8,791,280 | |||||||||||
| Series L, 5.00%, 5/15/36 | 8,500 | 9,595,565 | |||||||||||
| Series L, 5.00%, 5/15/40 | 11,597 | 13,049,148 | |||||||||||
| Series O, 5.75%, 5/15/34 | 2,805 | 3,368,730 | |||||||||||
| 53,111,463 | |||||||||||||
| Par (000) |
Value | ||||||||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | |||||||||||||
|
|
California (concluded) |
||||||||||||
| Health — 3.1% | |||||||||||||
| California Health Facilities Financing Authority, RB, Sutter Health, Series A (MBIA) (BHAC), 5.00%, 11/15/42 | $ | 10,002 | $ | 11,231,195 | |||||||||
| Transportation — 1.5% | |||||||||||||
| City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Senior, Series A, 5.00%, 5/15/40 | 4,999 | 5,651,285 | |||||||||||
| Utilities — 18.3% | |||||||||||||
| Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 | 4,748 | 5,247,254 | |||||||||||
| Los Angeles Department of Water & Power, RB, Power System: | |||||||||||||
| Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 | 15,098 | 17,066,647 | |||||||||||
| System, Sub-Series A-2 (AGM), 5.00%, 7/01/35 | 7,250 | 8,183,727 | |||||||||||
| Metropolitan Water District of Southern California, RB: | |||||||||||||
| Series A, 5.00%, 7/01/37 | 20,000 | 22,939,000 | |||||||||||
| Series C, 5.00%, 7/01/35 | 7,145 | 8,048,759 | |||||||||||
| San Diego County Water Authority, COP, Series A (AGM), 5.00%, 5/01/31 | 5,010 | 5,280,540 | |||||||||||
| 66,765,927 | |||||||||||||
| Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 68.4% | 249,411,802 | ||||||||||||
| Total Long-Term Investments (Cost – $517,642,813) – 158.4% |
577,778,784 | ||||||||||||
|
|
|||||||||||||
Shares |
|||||||||||||
| Short-Term Securities | |||||||||||||
| BIF California Municipal Money Fund, 0.00% (d)(e) | 3,982,626 | 3,982,626 | |||||||||||
| Total Short-Term Securities (Cost – $3,982,626) – 1.1% |
3,982,626 | ||||||||||||
| Total Investments (Cost - $521,625,439*) – 159.5% | 581,761,410 | ||||||||||||
| Other Assets Less Liabilities – 1.6% | 5,755,600 | ||||||||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (32.1)% | (116,924,016) | ||||||||||||
| VRDP Shares, at Liquidation Value – (29.0)% | (105,900,000) | ||||||||||||
| Net Assets Applicable to Common Shares – 100.0% | $ | 364,692,994 | |||||||||||
| BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. | OCTOBER 31, 2012 3 |
| Schedule of Investments (continued) |
BlackRock MuniYield California Fund, Inc. (MYC)
|
| * | As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: | ||||||||||||||||||||||||||||
| Tax cost | $ | 404,798,078 | |||||||||||||||||||||||||||
| Gross unrealized appreciation | $ | 60,288,348 | |||||||||||||||||||||||||||
| Gross unrealized depreciation | (180,917) | ||||||||||||||||||||||||||||
| Net unrealized appreciation | $ | 60,107,431 | |||||||||||||||||||||||||||
| (a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date | ||||||||||||||||||||||||||||
| (b) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction | ||||||||||||||||||||||||||||
| (c) | All of a portion of security is subject to a recourse agreement which may require the Fund to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $14,070,000 | ||||||||||||||||||||||||||||
| (d) | Represents the current yield as of report date | ||||||||||||||||||||||||||||
| (e) | Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: | ||||||||||||||||||||||||||||
| Affiliate | Shares Held at July 31, 2012 |
Net Activity |
Shares Held at October 31, 2012 |
Income | |||||||||||||||||||||||||
| BIF California Municipal Money Fund | 3,043,312 | 939,314 | 3,982,626 | $ | — | ||||||||||||||||||||||||
| • | For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease | ||||||||||||||||||||||||||||
|
Portfolio Abbreviations |
|||||||||||||||||||||||||||||
| To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | |||||||||||||||||||||||||||||
| AGC | Assured Guaranty Corp. | ||||||||||||||||||||||||||||
| AGM | Assured Guaranty Municipal Corp. | ||||||||||||||||||||||||||||
| AMBAC | American Municipal Bond Assurance Corp. | ||||||||||||||||||||||||||||
| AMT | Alternative Minimum Tax (subject to) | ||||||||||||||||||||||||||||
| ARB | Airport Revenue Bonds | ||||||||||||||||||||||||||||
| BHAC | Berkshire Hathaway Assurance Corp. | ||||||||||||||||||||||||||||
| CAB | Capital Appreciation Bonds | ||||||||||||||||||||||||||||
| COP | Certificates of Participation | ||||||||||||||||||||||||||||
| GO | General Obligation Bonds | ||||||||||||||||||||||||||||
| LRB | Lease Revenue Bonds | ||||||||||||||||||||||||||||
| MBIA | MBIA Insurance Corporation | ||||||||||||||||||||||||||||
| NPFGC | National Public Finance Guarantee Corp. | ||||||||||||||||||||||||||||
| Radian | Radian Financial Guaranty | ||||||||||||||||||||||||||||
| RB | Revenue Bonds | ||||||||||||||||||||||||||||
| • | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: | ||||||||||||||||||||||||||||
| • | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access | ||||||||||||||||||||||||||||
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) | ||||||||||||||||||||||||||||
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments) | ||||||||||||||||||||||||||||
| The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety | |||||||||||||||||||||||||||||
| Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. | |||||||||||||||||||||||||||||
| BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. | OCTOBER 31, 2012 4 |
| Schedule of Investments (concluded) |
BlackRock MuniYield California Fund, Inc. (MYC)
|
| The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of October 31, 2012: |
| Level 1 | Level 2 | Level 3 | Total | ||||||
| Assets: | |||||||||
| Investments: | |||||||||
| Long Term Investments1 | $577,778,784 | — | $577,778,784 | ||||||
| Short-Term Securities | $3,982,626 | — | — | 3,982,626 | |||||
| Total | $3,982,626 | $577,778,784 | — | $581,761,410 | |||||
1See above Schedule of Investments for values in each sector.
| Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | Level 2 | Level 3 | Total | |||||
| Liabilities: | ||||||||
| TOB trust certificates | — | $(116,855,901 | ) | — | $(116,855,901) | |||
| VRDP Shares | — | (105,900,000 | ) | — | (105,900,000) | |||
| Total | — | $(222,755,901 | ) | — | $(222,755,901) | |||
There were no transfers between levels during the period ended October 31, 2012.
| BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. | OCTOBER 31, 2012 5 |
| Item 2 – | Controls and Procedures |
| 2(a) – | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
| 2(b) – | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are 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.
BlackRock MuniYield California Fund, Inc.
| By: | /s/ John M. Perlowski | |
| John M. Perlowski | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock MuniYield California Fund, Inc. |
Date: December 21, 2012
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/ John M. Perlowski | |
| John M. Perlowski | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock MuniYield California Fund, Inc. |
Date: December 21, 2012
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock MuniYield California Fund, Inc. |
Date: December 21, 2012