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.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer (principal executive officer), BlackRock 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: (800) 882-0052
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 - 07/31/2007
Item 1 - Schedule of Investments
BlackRock MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
Amount Municipal Bonds Value
California - 133.7% $ 1,730 ABAG Finance Authority for Nonprofit Corporations, California, Revenue Refunding
Bonds (Redwood Senior Homes and Services), 6% due 11/15/2022 $ 1,843
2,075 Antioch Area Public Facilities Financing Agency, California, Special Tax
(Community Facilities District Number 1989-1), 5.70% due 8/01/2009 (a)(f) 2,176
2,725 Arcata, California, Joint Powers Financing Authority, Tax Allocation Revenue
Refunding Bonds (Community Development Project Loan), Series A, 6% due
8/01/2023 (a) 2,730
10,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.50% due 6/01/2022 (d)(g) 10,329
1,490 California Health Facilities Financing Authority, Revenue Refunding Bonds (Pomona
Valley Hospital Medical Center), Series A, 5.625% due 7/01/2019 (b) 1,522
4,990 California Infrastructure and Economic Development Bank Revenue Bonds (J. David
Gladstone Institute Project), 5.50% due 10/01/2022 5,228
2,700 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Bonds (Republic Services Inc. Project), AMT, Series B, 5.25% due 6/01/2023 2,818
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 3,033
2,500 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Bonds (Waste Management Inc. Project), AMT, Series C, 5.125% due 11/01/2023 2,479
4,500 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
Refunding Bonds (Waste Management Inc. Project), AMT, Series B, 5% due 7/01/2027 4,356
2,000 California Rural Home Mortgage Finance Authority Homebuyers Fund, S/F Mortgage
Revenue Bonds (Mortgage-Backed Securities Program), AMT, Series A, 5.40% due
12/01/2036 (c)(n) 2,087
35 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Series B, 6.15% due 6/01/2020 (c) 36
420 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Sub Series FH-1, 5.50% due 8/01/2047 424
200 California State, GO, 5.50% due 4/01/2014 (f) 220
5,000 California State, GO, 5.125% due 4/01/2025 5,228
5 California State, GO, 5.50% due 4/01/2030 5
170 California State, GO, Refunding, 5.75% due 5/01/2010 (f) 181
450 California State, GO, Refunding, 5.75% due 5/01/2030 476
9,130 California State, GO, Refunding, 5% due 6/01/2037 9,372
2,785 California State, GO, Refunding (Veterans), AMT, Series BJ, 5.70% due 12/01/2032 2,822
Portfolio Abbreviations
To simplify the listings of BlackRock 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
IDR Industrial Development Revenue Bonds
M/F Multi-Family
S/F Single-Family
BlackRock MuniYield California Fund, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California $ 2,000 California State Public Works Board, Lease Revenue Bonds (California State
(concluded) University), Series C, 5.40% due 10/01/2022 (b) $ 2,044
5,000 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.50% due 6/01/2023 5,381
4,000 California State Public Works Board, Lease Revenue Bonds (Department of Health
Services), Series A, 5.75% due 11/01/2009 (b)(f) 4,218
12,000 California State Public Works Board, Lease Revenue Bonds (Various Community
College Projects), Series A, 5.625% due 3/01/2016 (a) 12,188
6,850 California State, Various Purpose, GO, 5.50% due 11/01/2033 7,323
5,250 California Statewide Communities Development Authority, COP (John Muir/Mount
Diablo Health System), 5.125% due 8/15/2022 (b) 5,356
3,270 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 3,516
3,000 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 5.50% due 10/01/2033 3,109
7,500 California Statewide Communities Development Authority Revenue Bonds (Kaiser
Permanente), Series B, 5.25% due 3/01/2045 7,608
6,975 California Statewide Communities Development Authority, Revenue Refunding Bonds
(Kaiser Hospital Asset Management, Inc.), Series C, 5.25% due 8/01/2031 7,146
3,500 California Statewide Communities Development Authority, Revenue Refunding Bonds
(Kaiser Permanente), Series A, 5% due 4/01/2031 3,521
2,380 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled
Financing Program), Series C, 5.25% due 10/01/2028 (d) 2,493
2,000 Chino Basin, California, Regional Financing Authority Revenue Bonds (Inland Empire
Utility Agency Sewer Project), 5.75% due 11/01/2009 (b)(f) 2,111
5,000 Chula Vista, California, IDR, Refunding (San Diego Gas & Electric Co.), AMT,
Series C, 5.25% due 12/01/2027 5,195
2,705 Contra Costa County, California, Public Financing Lease Revenue Refunding Bonds
(Various Capital Facilities), Series A, 5.30% due 8/01/2020 (b) 2,767
3,750 Cucamonga, California, County Water District, COP, 5.125% due 9/01/2035 (e) 3,895
2,500 Davis, California, Joint Unified School District, Community Facilities District,
Special Tax Refunding Bonds, Number 1, 5.50% due 8/15/2007 (b)(f) 2,523
7,000 Fontana Unified School District, California, GO, Series A, 5.25% due 8/01/2028 (d) 7,394
4,000 Fremont, California, Unified School District, Alameda County, GO (Election of 2002),
Series B, 5% due 8/01/2030 (d) 4,158
5,000 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Senior Series A-1, 5.75% due 6/01/2047 5,151
9,390 Grant Joint Union High School District, California, GO (Election of 2006), 5% due
8/01/2029 (d) 9,709
2,000 Los Angeles, California, COP (Sonnenblick Del Rio West Los Angeles), 6.20% due
11/01/2031 (a) 2,149
10,000 Los Angeles, California, Community College District, GO (Election of 2003),
Series E, 5% due 8/01/2031 (d) 10,427
7,000 Los Angeles, California, Wastewater System Revenue Bonds, Series A, 5% due
6/01/2008 (e)(f) 7,149
4,500 Los Angeles, California, Wastewater System, Revenue Refunding Bonds, Subordinate
Series A, 5% due 6/01/2027 (b) 4,656
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) 3,935
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)(f) 5,252
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 (e) 2,647
5,885 Marin, California, Community College District, GO (Election of 2004), Series A, 5%
due 8/01/2028 (b) 6,121
1,000 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2030 (d) 1,039
1,240 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2032 1,297
7,100 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series A, 5% due 7/01/2037 7,404
8,705 Modesto, California, Wastewater Treatment Facilities Revenue Bonds, 5.625% due
11/01/2007 (b)(f) 8,832
7,570 Morgan Hill, California, Unified School District, GO, 5% due 8/01/2026 (e)(g)(k) 3,114
2,000 Mount Diablo, California, Unified School District, GO (Election of 2002), 5% due
6/01/2028 (b) 2,079
6,675 Murrieta Valley, California, Unified School District, Public Financing Authority,
Special Tax Revenue Bonds, Series A, 5.125% due 9/01/2026 (m) 6,993
6,240 Oakland, California, Alameda County Unified School District, GO (Election of 2000),
5% due 8/01/2027 (b) 6,477
7,060 Oakland, California, Alameda County Unified School District, GO, Series F, 5.50%
due 8/01/2010 (b)(f) 7,390
5,250 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (e) 5,378
3,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (e) 3,157
1,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 1,084
2,000 Peralta, California, Community College District, GO (Election of 2000), Series D,
5% due 8/01/2030 (d) 2,079
1,750 Pleasant Valley, California, School District, Ventura County, GO, Series C, 5.75%
due 8/01/2025 (b)(g) 1,817
10,600 Port of Oakland, California, Port Revenue Refunding Bonds, Series I, 5.40% due
11/01/2017 (b) 10,854
4,315 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Rancho Redevelopment Project), 5.25% due 9/01/2020 (d) 4,464
5,000 Rancho Mirage, California, Joint Powers Financing Authority Revenue Bonds
(Eisenhower Medical Center), Series A, 5% due 7/01/2038 4,992
2,345 Richmond, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Harbour
Redevelopment Project), Series A, 5.50% due 7/01/2018 (b) 2,425
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Refunding
Bonds, Series L, 5.125% due 7/01/2022 (b) 5,097
2,500 Sacramento, California, Municipal Utility District Financing Authority, Revenue
Bonds (Consumers Project), 5.125% due 7/01/2029 (b) 2,638
6,775 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds (County Sanitation District Number 1), 5% due 8/01/2035 (b) 7,037
3,455 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds, Series A, 5.60% due 12/01/2017 3,460
2,110 Salinas Valley, California, Solid Waste Authority, Revenue Refunding Bonds, AMT,
5.125% due 8/01/2022 (a) 2,167
8,000 San Bernardino, California, City Unified School District, GO, Refunding, Series A,
5.875% due 8/01/2009 (e)(f) 8,422
3,000 San Bernardino, California, Joint Powers Financing Authority, Lease Revenue Bonds
(Department of Transportation Lease), Series A, 5.50% due 12/01/2020 (b) 3,017
1,565 San Diego, California, Public Facilities Financing Authority, Tax Allocation
Revenue Refunding Bonds (Southcrest and Central Imperial Redevelopment Projects),
Series B, 5.25% due 10/01/2032 (i) 1,610
10,000 San Diego, California, Unified School District, GO (Election of 1998), Refunding,
Series F-1, 4.50% due 7/01/2029 (d) 9,822
5,010 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2031 (d) 5,165
6,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2030 (b) 6,234
1,720 San Francisco, California, City and County Educational Facilities, GO (Community
College), Series A, 5.75% due 6/15/2008 (f) 1,784
1,310 San Francisco, California, City and County Zoo Facilities, GO, Series B, 5.75% due
6/15/2008 (f) 1,359
4,615 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (b) 4,740
5,000 San Jose, California, Redevelopment Agency, Tax Allocation Refunding Bonds,
Series A, 5% due 8/01/2028 (b) 5,170
1,855 San Jose, California, Unified School District, Santa Clara County, GO (Election of
2002), Series B, 5% due 8/01/2029 (e) 1,929
10,005 San Jose-Evergreen, California, Community College District, Capital Appreciation,
GO (Election of 2004), Refunding, Series A, 5.12% due 9/01/2023 (b)(k) 4,561
5,000 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (b) 5,165
2,020 Santa Clara, California, Unified School District, GO, 5.50% due 7/01/2021 (e) 2,127
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 3,651
2,170 Santa Clarita, California, Community College District, GO (Election 2001), 5% due
8/01/2028 (d) 2,257
4,000 Santa Monica, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Recovery Redevelopment Project), 6% due 7/01/2009 (a)(f) 4,213
2,500 Sequoia, California, Unified High School District, GO, Refunding, 5% due
7/01/2028 (d) 2,610
1,675 Shasta-Tehama-Trinity Joint Community College District, California, GO (Election of
2002), Series B, 5.25% due 8/01/2024 (d) 1,804
6,875 Sonoma County, California, Junior College District, GO (Election 2002), Refunding,
Series B, 5% due 8/01/2028 (d) 7,151
2,265 South Bayside, California, Waste Management Authority, Waste System Revenue Bonds,
5.75% due 3/01/2020 (a) 2,375
1,600 Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System
Capital Improvement Projects), Series A, 5% due 10/01/2031 (b) 1,663
2,930 Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects),
Series A, 5.25% due 9/01/2034 (i) 3,004
3,235 Taft, California, Public Financing Authority, Lease Revenue Bonds (Community
Correctional Facility), Series A, 6.05% due 1/01/2017 (b) 3,423
1,310 Torrance, California, Hospital Revenue Refunding Bonds (Torrance Memorial Medical
Center), Series A, 6% due 6/01/2022 1,396
4,745 Vacaville, California, Unified School District, GO (Election of 2001), 5% due
8/01/2030 (b) 4,932
1,000 Ventura, California, Unified School District, GO (Election of 1997), Series H,
5.125% due 8/01/2034 (d) 1,048
3,990 Vernon, California, Electric System Revenue Bonds (Malburg Generating Station
Project), 5.50% due 4/01/2008 (f) 4,040
5,000 Vista, California, Joint Powers Financing Authority, Lease Revenue Refunding Bonds,
5.625% due 5/01/2016 (b) 5,107
Puerto Rico - 0.9% 2,500 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2030 2,623
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 3,220
Total Municipal Bonds (Cost - $413,679) - 135.6% 423,403
Municipal Bonds Held in Trust (h)
California - 37.1% 9,000 Anaheim, California, Public Financing Authority, Electric System District
Facilities Revenue Bonds, Series A, 5% due 10/01/2031 (d) 9,305
10,210 Contra Costa County, California, Community College District, GO (Election of 2002),
5% due 8/01/2030 (d) 10,569
6,020 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A,
5.125% due 9/01/2034 (a) 6,269
13,500 Los Angeles, California, Unified School District, GO, Series A, 5% due
1/01/2028 (b) 14,358
10,460 Palm Desert, California, Financing Authority, Tax Allocation Revenue Refunding
Bonds (Project Area Number 2), Series A, 5.125% due 8/01/2036 (a) 10,939
11,615 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due
11/01/2027 (e) 12,107
16,000 Sacramento, California, Municipal Utility District Financing Authority, Revenue
Bonds (Consumers Project), 5.125% due 7/01/2029 (b) 16,884
20,710 San Diego, California, Certificates of Undivided Interest Revenue Bonds (Water
Utility Fund), 5.20% due 8/01/2024 (e) 21,154
5,430 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue
Refunding Bonds, Series A, 5% due 7/01/2034 (b) 5,633
8,490 University of California, Limited Project Revenue Bonds, Series B, 5% due
5/15/2033 (d) 8,771
Total Municipal Bonds Held in Trust (Cost - $115,727) - 37.1% 115,989
Shares
Held Short-Term Securities
2,182 CMA California Municipal Money Fund, 3.07% (j)(l) 2,182
Total Short-Term Securities (Cost - $2,182) - 0.7% 2,182
Total Investments (Cost - $531,588*) - 173.4% 541,574
Other Assets Less Liabilities - 0.7% 2,272
Liability for Trust Certificates, Including Interest Expense Payable - (18.0%) (56,341)
Preferred Stock, at Redemption Value - (56.1%) (175,231)
---------
Net Assets Applicable to Common Stock- 100.0% $ 312,274
=========
* The cost and unrealized appreciation (depreciation) of
investments as of July 31, 2007, as computed for federal
income tax purposes, were as follows:
Aggregate cost $ 476,383
===============
Gross unrealized appreciation $ 11,256
Gross unrealized depreciation (1,782)
---------------
Net unrealized appreciation $ 9,474
===============
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FNMA/GNMA Collateralized.
(d) FSA Insured.
(e) FGIC Insured.
(f) Prerefunded.
(g) Escrowed to maturity.
(h) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond
transaction in which the Fund may have acquired the residual
interest certificates. These securities serve as collateral in
a financing transaction.
(i) Radian Insured.
(j) 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 (1,811) $299
(k) Represents a zero coupon bond; the interest rate shown is the
effective yield at the time of purchase.
(l) Represents the current yield as of July 31, 2007.
(m) Assured Guaranty Insured.
(n) FHLMC Collateralized.
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 and 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
(17 CFR 270.30a-3(d)) 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/ Robert C. Doll, Jr.
------------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.
Date: September 20, 2007
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 (principal executive officer) of
BlackRock MuniYield California Fund, Inc.
Date: September 20, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield California Fund, Inc.
Date: September 20, 2007