UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield California Fund, Inc., 55 East 52
nd
Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2010
Date of reporting period: 04/30/2010
Item 1 – Schedule of Investments
Schedule of Investments
April 30, 2010 (Unaudited)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
Par
|
|
|
Municipal Bonds
|
|
(000)
|
Value
|
|
California — 108.8%
|
|
|
|
|
Corporate — 4.2%
|
|
|
|
|
California Pollution Control Financing
|
|
|
|
|
Authority, RB, Waste Management Inc.
|
|
|
|
Project, Series C, AMT, 6.75%,
|
|
|
|
|
12/01/27
|
$ 3,300
|
$ 3,381,213
|
|
City of Chula Vista California, Refunding
|
|
|
|
RB, San Diego Gas & Electric,
|
|
|
|
|
Series A, 5.88%, 2/15/34
|
|
975
|
1,074,801
|
|
University of California, RB, Limited
|
|
|
|
|
Project, Series B (AGM), 5.00%,
|
|
|
|
|
5/15/33
|
|
8,485
|
8,611,851
|
|
|
|
|
13,067,865
|
|
County/City/Special District/School District — 38.4%
|
|
|
Arcata Joint Powers Financing Authority,
|
|
|
|
California, Tax Allocation Bonds,
|
|
|
|
|
Refunding, Community Development
|
|
|
|
Project Loan, Series A (AMBAC),
|
|
|
|
|
6.00%, 8/01/23
|
|
2,520
|
2,521,184
|
|
California State Department of Water
|
|
|
|
|
Resources, Refunding RB, Water
|
|
|
|
|
System, Series AF, 5.00%, 12/01/29
|
2,500
|
2,687,600
|
|
City of Los Angeles California, COP,
|
|
|
|
|
Senior, Sonnenblick Del Rio West Los
|
|
|
|
Angeles (AMBAC), 6.20%, 11/01/31
|
2,000
|
2,032,480
|
|
City of Los Angeles California, Refunding
|
|
|
|
RB, Series A, 5.00%, 6/01/39
|
|
9,870
|
10,226,899
|
|
El Monte Union High School District,
|
|
|
|
|
California, GO, Election of 2002,
|
|
|
|
|
Series C (AGM), 5.25%, 6/01/32
|
|
10,120
|
10,449,204
|
|
Fontana Unified School District,
|
|
|
|
|
California, GO, Series A (AGM), 5.25%,
|
|
|
|
8/01/28
|
|
7,000
|
7,414,680
|
|
Los Angeles Municipal Improvement
|
|
|
|
|
Corp., RB, Real Property, Series E:
|
|
|
|
|
5.75%, 9/01/34
|
|
500
|
531,500
|
|
6.00%, 9/01/34
|
|
1,860
|
2,029,148
|
|
Marin Community College District, GO,
|
|
|
|
Election of 2004, Series A (NPFGC),
|
|
|
|
5.00%, 8/01/28
|
|
5,885
|
6,068,082
|
|
Modesto Irrigation District, COP,
|
|
|
|
|
Series B, 5.50%, 7/01/35
|
|
3,300
|
3,484,041
|
|
Morgan Hill Unified School District,
|
|
|
|
|
California, GO, CAB (FGIC), 5.07%,
|
|
|
|
|
8/01/26 (a)(b)
|
|
7,570
|
3,785,379
|
|
Murrieta Valley Unified School District,
|
|
|
|
Public Financing Authority, Special Tax
|
|
|
|
Bonds, Refunding, Series A (AGC),
|
|
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|
5.13%, 9/01/26
|
|
6,675
|
7,022,567
|
|
|
|
|
|
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Par
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|
|
Municipal Bonds
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|
(000)
|
Value
|
|
California (continued)
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County/City/Special District/School District (continued)
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Oak Grove School District, California,
|
|
|
|
|
GO, Election of 2008, Series A,
|
|
|
|
|
5.50%, 8/01/33
|
$ 4,000
|
$
4,274,720
|
|
Orange County Sanitation District, COP
|
|
|
|
(NPFGC), 5.00%, 2/01/33
|
|
5,250
|
5,337,780
|
|
Pico Rivera Public Financing Authority,
|
|
|
|
RB:
|
|
|
|
|
5.50%, 9/01/31
|
|
1,500
|
1,536,180
|
|
5.75%, 9/01/39
|
|
4,365
|
4,507,823
|
|
Pittsburg Redevelopment Agency, Tax
|
|
|
|
|
Allocation Bonds, Refunding,
|
|
|
|
|
Subordinate, Los Medanos
|
|
|
|
|
Community Project, Series A, 6.50%,
|
|
|
|
9/01/28
|
|
2,500
|
2,761,850
|
|
San Diego Regional Building Authority,
|
|
|
|
California, RB, County Operations
|
|
|
|
|
Center & Annex, Series A:
|
|
|
|
|
5.38%, 2/01/28
|
|
150
|
160,857
|
|
5.38%, 2/01/36
|
|
3,200
|
3,381,536
|
|
San Francisco Bay Area Transit
|
|
|
|
|
Financing Authority, Refunding RB,
|
|
|
|
|
Series A (NPFGC), 5.00%, 7/01/34
|
|
5,435
|
5,531,145
|
|
San Jose Evergreen Community College
|
|
|
|
District, California, GO, Refunding,
|
|
|
|
|
CAB, Election of 2004, Series A
|
|
|
|
|
(NPFGC), 5.12%, 9/01/23 (a)
|
|
10,005
|
5,118,558
|
|
San Juan Unified School District,
|
|
|
|
|
California, GO, Election of 2002
|
|
|
|
|
(NPFGC), 5.00%, 8/01/28
|
|
5,000
|
5,088,150
|
|
Santa Ana Unified School District, GO,
|
|
|
|
Election of 2008, Series A, 5.13%,
|
|
|
|
|
8/01/33
|
|
5,000
|
5,167,800
|
|
Santa Cruz County Redevelopment
|
|
|
|
|
Agency, California, Tax Allocation
|
|
|
|
|
Bonds, Live Oak/Soquel Community
|
|
|
|
Improvement, Series A:
|
|
|
|
|
6.63%, 9/01/29
|
|
1,000
|
1,085,760
|
|
7.00%, 9/01/36
|
|
500
|
554,530
|
|
Twin Rivers Unified School District, GO,
|
|
|
|
Election of 2006 (AGM), 5.00%,
|
|
|
|
|
8/01/29
|
|
9,390
|
9,580,148
|
|
Vacaville Unified School District,
|
|
|
|
|
California, GO, Election of 2001
|
|
|
|
|
(NPFGC), 5.00%, 8/01/30
|
|
4,745
|
4,770,765
|
|
Ventura Unified School District,
|
|
|
|
|
California, GO, Election of 1997,
|
|
|
|
|
Series H (AGM), 5.13%, 8/01/34
|
|
1,000
|
1,017,680
|
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:
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AGC
|
Assured Guaranty Corp.
|
FGIC
|
Financial Guaranty Insurance Co.
|
|
AGM
|
Assured Guaranty Municipal Corp.
|
GNMA
|
Government National Mortgage Association
|
|
AMBAC
|
American Municipal Bond Assurance Corp.
|
GO
|
General Obligation Bonds
|
|
AMT
|
Alternative Minimum Tax (subject to)
|
LRB
|
Lease Revenue Bonds
|
|
CAB
|
Capital Appreciation Bonds
|
NPFGC
|
National Public Finance Guarantee Corp.
|
|
COP
|
Certificates of Participation
|
RB
|
Revenue Bonds
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC.
APRIL 30, 2010
1
Schedule of Investments
(continued)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
Par
|
|
|
Municipal Bonds
|
|
(000)
|
Value
|
|
California (continued)
|
|
|
|
|
County/City/Special District/School District (concluded)
|
|
|
Westminster Redevelopment Agency,
|
|
|
|
|
California, Tax Allocation Bonds,
|
|
|
|
|
Subordinate, Commercial
|
|
|
|
|
Redevelopment Project No. 1 (AGC),
|
|
|
|
6.25%, 11/01/39
|
$ 1,250
|
$
1,424,588
|
|
|
|
|
119,552,634
|
|
Education — 7.7%
|
|
|
|
|
California Educational Facilities
|
|
|
|
|
Authority, RB, Pitzer College, 6.00%,
|
|
|
|
4/01/40
|
|
2,500
|
2,667,325
|
|
California State Enterprise Development
|
|
|
|
Authority, Refunding RB, The Thacher
|
|
|
|
School Project, 5.13%, 9/01/39
|
|
6,965
|
7,054,779
|
|
California State University, RB,
|
|
|
|
|
Systemwide, Series A, 5.50%,
|
|
|
|
|
11/01/39
|
|
2,725
|
2,873,294
|
|
University of California, RB:
|
|
|
|
|
Limited Project, Series D (NPFGC),
|
|
|
|
5.00%, 5/15/32
|
|
2,500
|
2,559,525
|
|
Series L, 5.00%, 5/15/36
|
|
8,500
|
8,785,005
|
|
|
|
|
23,939,928
|
|
Health — 15.2%
|
|
|
|
|
ABAG Finance Authority for Nonprofit
|
|
|
|
|
Corps, Refunding RB, Sharp
|
|
|
|
|
Healthcare, 6.38%, 8/01/34
|
|
1,750
|
1,843,730
|
|
California Health Facilities Financing
|
|
|
|
|
Authority, Refunding RB:
|
|
|
|
|
Catholic Healthcare West, Series A,
|
|
|
|
6.00%, 7/01/39
|
|
10,000
|
10,719,900
|
|
Catholic Healthcare West, Series E,
|
|
|
|
5.63%, 7/01/25
|
|
6,000
|
6,399,960
|
|
Scripps Health, Series A, 5.00%,
|
|
|
|
|
11/15/36
|
|
9,605
|
9,521,148
|
|
St. Joseph Health System, Series A,
|
|
|
|
5.50%, 7/01/29
|
|
2,100
|
2,181,018
|
|
California Statewide Communities
|
|
|
|
|
Development Authority, RB, Health
|
|
|
|
|
Facility, Memorial Health Services,
|
|
|
|
|
Series A:
|
|
|
|
|
6.00%, 10/01/23
|
|
3,270
|
3,411,755
|
|
5.50%, 10/01/33
|
|
3,015
|
3,060,255
|
|
California Statewide Communities
|
|
|
|
|
Development Authority, Refunding RB:
|
|
|
|
Catholic Healthcare West, Series D,
|
|
|
|
5.50%, 7/01/31
|
|
5,055
|
5,193,103
|
|
Senior Living, Southern California,
|
|
|
|
6.25%, 11/15/19
|
|
500
|
539,515
|
|
Senior Living, Southern California,
|
|
|
|
6.63%, 11/15/24
|
|
650
|
690,807
|
|
Senior Living, Southern California,
|
|
|
|
7.00%, 11/15/29
|
|
500
|
537,035
|
|
Senior Living, Southern California,
|
|
|
|
7.25%, 11/15/41
|
|
1,750
|
1,897,840
|
|
|
|
|
|
|
|
|
Par
|
|
|
Municipal Bonds
|
|
(000)
|
Value
|
|
California (continued)
|
|
|
|
|
Health (concluded)
|
|
|
|
|
City of Torrance California, Refunding
|
|
|
|
|
RB, Torrance Memorial Medical
|
|
|
|
|
Center, Series A, 6.00%, 6/01/22
|
$ 1,310
|
$ 1,350,492
|
|
|
|
|
47,346,558
|
|
Housing — 1.2%
|
|
|
|
|
California Rural Home Mortgage Finance
|
|
|
|
Authority, RB, AMT:
|
|
|
|
|
Mortgage-Backed Securities
|
|
|
|
|
Program, Series B (GNMA), 6.15%,
|
|
|
|
6/01/20
|
|
25
|
25,258
|
|
Sub-Series FH-1, 5.50%, 8/01/47
|
415
|
232,392
|
|
Santa Clara County Housing Authority,
|
|
|
|
California, RB, John Burns Gardens
|
|
|
|
|
Apartments Project, Series A, AMT,
|
|
|
|
|
6.00%, 8/01/41
|
|
3,500
|
3,516,310
|
|
|
|
|
3,773,960
|
|
State — 8.2%
|
|
|
|
|
California State Public Works Board, RB:
|
|
|
|
Department of Developmental
|
|
|
|
|
Services, Porterville, Series C,
|
|
|
|
|
6.25%, 4/01/34
|
|
1,100
|
1,164,636
|
|
Department of Education, Riverside
|
|
|
|
Campus Project, Series B, 6.50%,
|
|
|
|
4/01/34
|
|
10,000
|
10,770,000
|
|
Trustees of the California State
|
|
|
|
|
University, Series D, 6.00%,
|
|
|
|
|
4/01/27
|
|
215
|
223,561
|
|
Various Capital Projects,
|
|
|
|
|
Sub-Series I-1, 6.38%, 11/01/34
|
|
1,850
|
1,981,998
|
|
State of California, GO, Various Purpose:
|
|
|
|
6.00%, 3/01/33
|
|
5,000
|
5,503,550
|
|
6.50%, 4/01/33
|
|
5,000
|
5,668,850
|
|
|
|
|
25,312,595
|
|
Transportation — 6.3%
|
|
|
|
|
County of Orange California, RB,
|
|
|
|
|
Series B, 5.75%, 7/01/34
|
|
3,000
|
3,258,990
|
|
County of Sacramento, California, RB,
|
|
|
|
|
Senior, Series B, 5.75%, 7/01/39
|
|
900
|
967,851
|
|
Los Angeles Department of Airports,
|
|
|
|
|
Refunding RB, Senior, Los Angeles
|
|
|
|
|
International Airport, Series A, 5.00%,
|
|
|
|
5/15/40
|
|
4,880
|
4,972,525
|
|
San Francisco City & County Airports
|
|
|
|
|
Commission, RB, Series E, 6.00%,
|
|
|
|
|
5/01/39
|
|
4,835
|
5,303,221
|
|
San Francisco Port Commission,
|
|
|
|
|
California, RB, Series A, 5.13%,
|
|
|
|
|
3/01/40
|
|
5,000
|
5,005,400
|
|
|
|
|
19,507,987
|
2 BLACKROCK MUNIYIELD CALIFORNIA FUND, INC.
APRIL 30, 2010
Schedule of Investments
(continued)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
|
Municipal Bonds
|
(000)
|
Value
|
|
California (concluded)
|
|
|
|
Utilities — 27.6%
|
|
|
|
California Infrastructure & Economic
|
|
|
|
Development Bank, RB, California
|
|
|
|
Independent System Operator,
|
|
|
|
Series A, 6.25%, 2/01/39
|
$ 2,170
|
$ 2,293,603
|
|
California Statewide Communities
|
|
|
|
Development Authority, RB, Pooled
|
|
|
|
Financing Program, Series C, City of
|
|
|
|
West Sacramento (AGM), 5.25%,
|
|
|
|
10/01/28
|
2,380
|
2,422,316
|
|
City of Chula Vista, California, Refunding
|
|
|
|
RB, San Diego Gas & Electric,
|
|
|
|
Series D, 5.88%, 1/01/34
|
2,500
|
2,755,900
|
|
Eastern Municipal Water District,
|
|
|
|
California, COP, Series H, 5.00%,
|
|
|
|
7/01/35
|
7,775
|
7,994,955
|
|
Los Angeles Department of Water &
|
|
|
|
Power, RB:
|
|
|
|
Power System, Sub-Series A-1
|
|
|
|
(AMBAC), 5.00%, 7/01/37
|
15,100
|
15,510,720
|
|
System, Sub-Series A-2 (AGM),
|
|
|
|
5.00%, 7/01/35
|
7,250
|
7,439,007
|
|
Metropolitan Water District of Southern
|
|
|
|
California, RB:
|
|
|
|
Series A, 5.00%, 7/01/32
|
1,390
|
1,455,525
|
|
Series A (AGM), 5.00%, 7/01/30
|
1,000
|
1,036,770
|
|
Series C, 5.00%, 7/01/35
|
7,145
|
7,417,010
|
|
Metropolitan Water District of Southern
|
|
|
|
California, Refunding RB:
|
|
|
|
Series B, 5.00%, 7/01/35
|
2,675
|
2,776,837
|
|
Series C, 5.00%, 7/01/31
|
1,750
|
1,869,280
|
|
Oxnard Financing Authority, RB,
|
|
|
|
Redwood Trunk Sewer & Headworks,
|
|
|
|
Series A (NPFGC), 5.25%, 6/01/34
|
4,160
|
4,190,160
|
|
Sacramento Municipal Utility District,
|
|
|
|
RB, Cosumnes Project (NPFGC),
|
|
|
|
5.13%, 7/01/29
|
18,500
|
18,620,250
|
|
Sacramento Regional County Sanitation
|
|
|
|
District, Refunding RB, County
|
|
|
|
Sanitation District 1 (NPFGC), 5.00%,
|
|
|
|
8/01/35
|
5,675
|
5,776,810
|
|
San Diego Public Facilities Financing
|
|
|
|
Authority, Refunding RB, Senior
|
|
|
|
Series A, 5.38%, 5/15/34
|
1,910
|
2,041,771
|
|
San Francisco City & County Public
|
|
|
|
Utilities Commission, Refunding RB,
|
|
|
|
Series A, 5.13%, 11/01/39
|
2,295
|
2,403,117
|
|
|
|
86,004,031
|
|
Total Municipal Bonds in California
|
|
338,505,558
|
|
|
|
|
|
|
|
|
Par
|
|
|
Municipal Bonds
|
|
(000)
|
Value
|
|
Puerto Rico — 3.2%
|
|
|
|
|
County/City/Special District/School District — 1.8%
|
|
|
Puerto Rico Sales Tax Financing Corp.,
|
|
|
|
RB, First Sub-Series A, 6.50%,
|
|
|
|
|
8/01/44
|
$ 5,000
|
$
5,648,550
|
|
State — 1.4%
|
|
|
|
|
Commonwealth of Puerto Rico, GO,
|
|
|
|
|
Refunding, Public improvement,
|
|
|
|
|
Series B, 6.50%, 7/01/37
|
|
4,000
|
4,405,720
|
|
Total Municipal Bonds in Puerto Rico
|
|
|
10,054,270
|
|
Total Municipal Bonds – 112.0% 348,559,828
|
|
Municipal Bonds Transferred to Tender
|
|
|
|
Option Bond Trusts (c)
|
|
|
|
|
California — 41.3%
|
|
|
|
|
Corporate — 5.8%
|
|
|
|
|
San Francisco Bay Area Rapid Transit
|
|
|
|
|
District, Refunding RB, Series A
|
|
|
|
|
(NPFGC), 5.00%, 7/01/30
|
|
6,000
|
6,167,280
|
|
University of California, RB, Series L,
|
|
|
|
|
5.00%, 5/15/40
|
|
11,597
|
11,894,135
|
|
|
|
|
18,061,415
|
|
County/City/Special District/School District — 14.3%
|
|
|
Contra Costa Community College
|
|
|
|
|
District, California, GO, Election of
|
|
|
|
|
2002 (AGM), 5.00%, 8/01/30
|
|
10,215
|
10,421,750
|
|
Fremont Unified School District,
|
|
|
|
|
Alameda County, California, GO,
|
|
|
|
|
Election of 2002, Series B (AGM),
|
|
|
|
|
5.00%, 8/01/30
|
|
4,003
|
4,101,120
|
|
Los Angeles Community College District,
|
|
|
|
California, GO, Election of 2008,
|
|
|
|
|
Series A, 6.00%, 8/01/33
|
|
3,828
|
4,292,727
|
|
San Diego Community College District
|
|
|
|
California, GO, Election of 2002,
|
|
|
|
|
5.25%, 8/01/33
|
|
7,732
|
8,119,958
|
|
Santa Clara County Financing Authority,
|
|
|
|
Refunding LRB, Series L, 5.25%,
|
|
|
|
|
5/15/36
|
|
10,001
|
10,461,382
|
|
Sonoma County Junior College District,
|
|
|
|
GO, Refunding, Election of 2002,
|
|
|
|
|
Series B (AGM), 5.00%, 8/01/28
|
|
6,875
|
7,098,479
|
|
|
|
|
44,495,416
|
|
Education — 11.3%
|
|
|
|
|
California Educational Facilities
|
|
|
|
|
Authority, RB, University of Southern
|
|
|
|
California, Series A, 5.25%, 10/01/18
|
13,845
|
14,846,270
|
|
California State University, RB,
|
|
|
|
|
Systemwide, Series A (AGM), 5.00%,
|
|
|
|
11/01/39
|
|
4,840
|
4,894,063
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC.
APRIL 30, 2010
3
Schedule of Investments
(concluded)
BlackRock MuniYield California Fund, Inc. (MYC)
(Percentages shown are based on Net Assets)
|
|
|
|
|
Municipal Bonds Transferred to Tender
|
Par
|
|
|
Option Bond Trusts (c)
|
(000)
|
Value
|
|
California (concluded)
|
|
|
|
Education (concluded)
|
|
|
|
Los Angeles Community College District,
|
|
|
|
California, GO, Election of 2003,
|
|
|
|
Series E (AGM), 5.00%, 8/01/31
|
$ 10,002
|
$
10,237,933
|
|
Peralta Community College District, GO,
|
|
|
|
Election of 2000, Series D (AGM),
|
|
|
|
5.00%, 8/01/30
|
1,995
|
2,043,878
|
|
University of California, RB, Series O,
|
|
|
|
5.75%, 5/15/34
|
2,805
|
3,149,426
|
|
|
|
35,171,570
|
|
Utilities — 9.9%
|
|
|
|
Eastern Municipal Water District, COP,
|
|
|
|
Series H, 5.00%, 7/01/33
|
4,748
|
4,882,312
|
|
Metropolitan Water District of Southern
|
|
|
|
California, RB, Series A, 5.00%,
|
|
|
|
7/01/37
|
20,000
|
20,892,400
|
|
San Diego County Water Authority, COP,
|
|
|
|
Series A (AGM), 5.00%, 5/01/31
|
5,010
|
5,123,326
|
|
|
|
30,898,038
|
|
Total Municipal Bonds Transferred to
|
|
|
|
Tender Option Bond Trusts – 41.3%
|
|
128,626,439
|
|
Total Long-Term Investments
|
|
|
|
(Cost – $465,274,902) – 153.3% 477,186,267
|
|
Short-Term Securities
|
Shares
|
|
|
CMA California Municipal Money Fund,
|
|
|
|
0.04% (d)(e)
|
5,045,201
|
5,045,201
|
|
Total Short-Term Securities
|
|
|
|
(Cost – $5,045,201) – 1.6%
|
|
5,045,201
|
|
Total Investments
|
|
|
|
(Cost – $470,320,103*) – 154.9%
|
|
482,231,468
|
|
Other Assets Less Liabilities –1.7%
|
|
5,225,806
|
|
Liability for Trust Certificates, Including Interest
|
|
|
Expense and Fees Payable – (22.5)%
|
|
(70,188,507)
|
|
Preferred Shares, at Redemption Value – (34.1)%
|
(105,968,869)
|
|
Net Assets Applicable to Common Shares – 100.0%
|
$
311,299,898
|
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2010, as computed for federal income tax purposes, were as
|
|
|
|
follows:
|
|
|
Aggregate cost
|
$
400,564,093
|
|
Gross unrealized appreciation
|
$ 13,759,589
|
|
Gross unrealized depreciation
|
(2,228,222)
|
|
Net unrealized appreciation
|
$ 11,531,367
|
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(b) Security is collateralized by Municipal or US Treasury obligations.
(c) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
(d) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as f
ollows:
|
|
|
|
|
|
|
|
Shares Held
|
|
Shares Held
|
|
|
|
at July 31,
|
Net
|
at April 30,
|
|
|
Affiliate
|
2009
|
Activity
|
2010
|
Income
|
|
CMA California
|
|
|
|
|
|
Municipal
|
|
|
|
|
|
Money Fund
|
7,607,697
|
(2,562,496)
|
5,045,201
|
$1,733
|
(e) Represents the current yield as of report date.
• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities
• 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 inputs or methodologies used for valuing securities are not necessarily
an indication of the risk 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 semi-annual report.
The following table summarizes the inputs used as of April 30, 2010 in
determining the fair valuation of the Fund's investments:
|
|
|
|
|
|
|
Investments in Securities
|
|
|
Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets:
|
|
|
|
|
|
Long-Term
|
|
|
|
|
|
Investments
1
|
— $477,186,267
|
—
|
$
477,186,267
|
|
Short-Term
|
|
|
|
|
|
Securities
|
$ 5,045,201
|
—
|
—
|
5,045,201
|
|
Total
|
$ 5,045,201 $477,186,267
|
—
|
$
482,231,468
|
1
See above Schedule of Investments for values in each sector.
4 BLACKROCK MUNIYIELD CALIFORNIA FUND, INC.
APRIL 30, 2010
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 13(a)-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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.
Date: June 28, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Fund, Inc.
Date: June 28, 2010
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield California Fund, Inc.
Date: June 28, 2010
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