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: 07/31/2012
Date of reporting period: 10/31/2011
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock MuniYield California Fund, Inc. (MYC) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California 98.0% |
|
|
|
|
|
|
|
Corporate 0.3% |
|
|
|
|
|
|
|
City of Chula Vista California, Refunding |
|
$ |
975 |
|
$ |
1,076,088 |
|
County/City/Special District/School District 32.6% |
|
|
|
|
|
|
|
California State Public Works Board, RB, |
|
|
5,000 |
|
|
5,589,750 |
|
Campbell Union High School District, |
|
|
4,000 |
|
|
4,422,040 |
|
City of Los Angeles California, COP, |
|
|
2,000 |
|
|
2,002,600 |
|
City of San Jose California, RB, |
|
|
|
|
|
|
|
6.50%, 5/01/36 |
|
|
1,520 |
|
|
1,635,976 |
|
6.50%, 5/01/42 |
|
|
1,860 |
|
|
1,990,535 |
|
El Dorado Union High School District, |
|
|
5,000 |
|
|
5,400,300 |
|
El
Monte Union High School District |
|
|
10,120 |
|
|
10,833,359 |
|
Grossmont Healthcare District, GO, |
|
|
2,000 |
|
|
2,255,660 |
|
Los Angeles Community College District |
|
|
5,000 |
|
|
5,468,900 |
|
Los Angeles Municipal Improvement |
|
|
|
|
|
|
|
5.75%, 9/01/34 |
|
|
1,000 |
|
|
1,063,360 |
|
6.00%, 9/01/34 |
|
|
2,370 |
|
|
2,558,510 |
|
Los Rios Community College District, |
|
|
4,000 |
|
|
4,302,440 |
|
Oak Grove School District California, GO, |
|
|
4,000 |
|
|
4,401,800 |
|
Ohlone Community College District, GO, |
|
|
7,135 |
|
|
7,605,268 |
|
Pico Rivera Public Financing Authority, |
|
|
|
|
|
|
|
5.50%, 9/01/31 |
|
|
1,500 |
|
|
1,571,775 |
|
5.75%, 9/01/39 |
|
|
6,025 |
|
|
6,314,441 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
San Diego Regional Building Authority |
|
$ |
5,100 |
|
$ |
5,457,714 |
|
Santa Ana Unified School District, GO, |
|
|
5,995 |
|
|
6,246,011 |
|
Santa Clara County Financing Authority, |
|
|
15,860 |
|
|
16,627,782 |
|
Santa Cruz County Redevelopment |
|
|
|
|
|
|
|
6.63%, 9/01/29 |
|
|
1,000 |
|
|
1,106,220 |
|
7.00%, 9/01/36 |
|
|
600 |
|
|
670,752 |
|
State of California, GO, Various Purpose, |
|
|
4,635 |
|
|
5,160,331 |
|
Westminster Redevelopment Agency |
|
|
1,250 |
|
|
1,437,887 |
|
|
|
|
|
|
|
104,123,411 |
|
Education 1.3% |
|
|
|
|
|
|
|
California Educational Facilities |
|
|
2,500 |
|
|
2,721,850 |
|
California Educational Facilities |
|
|
1,275 |
|
|
1,415,505 |
|
|
|
|
|
|
|
4,137,355 |
|
Health 20.0% |
|
|
|
|
|
|
|
ABAG Finance Authority for Nonprofit |
|
|
|
|
|
|
|
6.38%, 8/01/34 |
|
|
2,000 |
|
|
2,070,680 |
|
Series A, 6.00%, 8/01/30 |
|
|
2,250 |
|
|
2,438,010 |
|
California Health Facilities Financing |
|
|
|
|
|
|
|
Catholic Healthcare West, |
|
|
10,000 |
|
|
10,701,800 |
|
Childrens Hospital, Series A, |
|
|
5,000 |
|
|
4,911,050 |
|
Providence Health, 6.50%, |
|
|
3,625 |
|
|
4,090,668 |
|
|
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) |
COP |
Certificates of Participation |
FGIC |
Financial Guaranty Insurance Co. |
GO |
General Obligation Bonds |
LRB |
Lease Revenue Bonds |
NPFGC |
National Public Finance Guarantee Corp. |
RB |
Revenue Bonds |
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
OCTOBER 31, 2011 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield California Fund, Inc. (MYC) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
California Health Facilities Financing |
|
|
|
|
|
|
|
St.
Joseph Health System, |
|
$ |
2,100 |
|
$ |
2,190,468 |
|
Sutter
Health, Series A, |
|
|
5,225 |
|
|
5,119,978 |
|
Sutter
Health, Series B, |
|
|
7,530 |
|
|
8,210,561 |
|
California Statewide Communities |
|
|
|
|
|
|
|
Health
Facility, Memorial |
|
|
3,270 |
|
|
3,411,002 |
|
Sutter
Health, Series A, 6.00%, |
|
|
7,995 |
|
|
8,717,588 |
|
California Statewide Communities |
|
|
|
|
|
|
|
Catholic
Healthcare West, |
|
|
4,650 |
|
|
4,802,520 |
|
Senior
Living, Southern |
|
|
500 |
|
|
534,415 |
|
Senior
Living, Southern |
|
|
650 |
|
|
703,820 |
|
Senior
Living, Southern |
|
|
500 |
|
|
541,100 |
|
Senior
Living, Southern |
|
|
1,250 |
|
|
1,346,813 |
|
Trinity
Health, 5.00%, |
|
|
4,000 |
|
|
3,975,200 |
|
|
|
|
|
|
|
63,765,673 |
|
Housing 1.1% |
|
|
|
|
|
|
|
California Rural Home Mortgage |
|
|
|
|
|
|
|
Mortgage-Backed
Securities |
|
|
10 |
|
|
10,521 |
|
Sub-Series
FH-1, 5.50%, |
|
|
300 |
|
|
138,876 |
|
Santa Clara County Housing Authority |
|
|
3,500 |
|
|
3,503,360 |
|
|
|
|
|
|
|
3,652,757 |
|
State 5.4% |
|
|
|
|
|
|
|
California State Public Works Board, |
|
|
|
|
|
|
|
Department
of Developmental |
|
|
1,215 |
|
|
1,316,695 |
|
Department
of Education, |
|
|
10,000 |
|
|
11,023,600 |
|
Trustees
of the California |
|
|
215 |
|
|
234,148 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (continued) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
California State Public Works Board, |
|
|
|
|
|
|
|
Various
Capital Projects, |
|
$ |
4,400 |
|
$ |
4,835,996 |
|
|
|
|
|
|
|
17,410,439 |
|
Transportation 7.7% |
|
|
|
|
|
|
|
City of San Jose California, RB, |
|
|
|
|
|
|
|
(AGM), 5.50%, 3/01/30 |
|
|
1,000 |
|
|
1,021,140 |
|
(AGM), 5.75%, 3/01/34 |
|
|
1,000 |
|
|
1,043,940 |
|
6.25%, 3/01/34 |
|
|
1,400 |
|
|
1,512,868 |
|
County of Orange California, RB, |
|
|
3,000 |
|
|
3,255,750 |
|
County of Sacramento California, RB: |
|
|
|
|
|
|
|
Senior
Series B, 5.75%, |
|
|
900 |
|
|
952,956 |
|
Subordinate,
PFC/Grant, |
|
|
3,000 |
|
|
3,224,310 |
|
San Francisco City & County Airports |
|
|
5,065 |
|
|
5,632,584 |
|
San Francisco Port Commission |
|
|
5,000 |
|
|
5,141,350 |
|
San Joaquin County Transportation |
|
|
2,400 |
|
|
2,740,536 |
|
|
|
|
|
|
|
24,525,434 |
|
Utilities 29.6% |
|
|
|
|
|
|
|
City of Chula Vista California, Refunding |
|
|
4,000 |
|
|
4,414,720 |
|
City of Los Angeles California, |
|
|
3,000 |
|
|
3,209,280 |
|
City of Petaluma California, Refunding |
|
|
2,645 |
|
|
3,005,937 |
|
Cucamonga Valley Water District, |
|
|
5,000 |
|
|
5,423,250 |
|
Dublin-San Ramon Services District, |
|
|
2,420 |
|
|
2,672,720 |
|
Eastern Municipal Water District |
|
|
8,400 |
|
|
8,687,952 |
|
Los Angeles Department of Water & |
|
|
|
|
|
|
|
5.25%, 7/01/39 |
|
|
4,000 |
|
|
4,357,880 |
|
5.00%, 7/01/41 |
|
|
7,500 |
|
|
7,882,200 |
|
Metropolitan Water District of Southern |
|
|
10,000 |
|
|
11,967,600 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
OCTOBER 31, 2011 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield California Fund, Inc. (MYC) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Oxnard Financing Authority, RB, |
|
$ |
4,205 |
|
$ |
4,351,923 |
|
Sacramento Municipal Utility District, |
|
|
18,500 |
|
|
18,655,215 |
|
Sacramento Regional County Sanitation |
|
|
4,260 |
|
|
4,402,241 |
|
San Diego Public Facilities Financing |
|
|
3,910 |
|
|
4,193,749 |
|
San Francisco City & County Public |
|
|
|
|
|
|
|
Hetch
Hetchy, Sub-Series B, |
|
|
1,495 |
|
|
1,578,092 |
|
Local
Water Main, |
|
|
1,570 |
|
|
1,661,186 |
|
Local
Water Main, Sub-Series C, |
|
|
650 |
|
|
686,127 |
|
Local
Water Main, Sub-Series C, |
|
|
4,575 |
|
|
4,810,292 |
|
Series A, 5.13%, 11/01/39 |
|
|
2,295 |
|
|
2,422,671 |
|
|
|
|
|
|
|
94,383,035 |
|
Total Municipal Bonds 98.0% |
|
|
|
|
|
313,074,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender |
|
|
|
|
|
|
|
California 67.2% |
|
|
|
|
|
|
|
Corporate 8.5% |
|
|
|
|
|
|
|
San Francisco Bay Area Rapid Transit |
|
|
6,000 |
|
|
6,329,040 |
|
University of California, RB: |
|
|
|
|
|
|
|
Limited
Project, Series B (AGM), |
|
|
8,488 |
|
|
8,689,188 |
|
Series L, 5.00%, 5/15/40 |
|
|
11,597 |
|
|
11,964,316 |
|
|
|
|
|
|
|
26,982,544 |
|
County/City/Special District/School District 30.3% |
|
|
|
|
|
|
|
City of Los Angeles California, Refunding |
|
|
9,870 |
|
|
10,391,037 |
|
Contra Costa Community College |
|
|
10,215 |
|
|
10,459,017 |
|
Fremont Unified School District |
|
|
4,003 |
|
|
4,121,265 |
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender |
|
Par |
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Los Angeles Community College District |
|
|
|
|
|
|
|
Election
of 2001, Series E-1, |
|
$ |
14,850 |
|
$ |
15,657,098 |
|
Election
of 2003, Series E (AGM), |
|
|
10,002 |
|
|
10,429,829 |
|
Election
of 2008, Series C, |
|
|
9,680 |
|
|
10,587,790 |
|
Series A, 6.00%, 8/01/33 |
|
|
3,828 |
|
|
4,364,023 |
|
Orange County Sanitation District, COP |
|
|
9,348 |
|
|
9,505,360 |
|
San Diego Community College District |
|
|
7,732 |
|
|
8,424,264 |
|
San Francisco Bay Area Transit |
|
|
5,439 |
|
|
5,633,329 |
|
Sonoma County Junior College District, |
|
|
6,875 |
|
|
7,300,663 |
|
|
|
|
|
|
|
96,873,675 |
|
Education 9.1% |
|
|
|
|
|
|
|
California Educational Facilities |
|
|
13,845 |
|
|
14,959,384 |
|
Peralta Community College District, GO, |
|
|
1,995 |
|
|
2,044,835 |
|
University of California, RB: |
|
|
|
|
|
|
|
Series L, 5.00%, 5/15/36 |
|
|
8,500 |
|
|
8,786,110 |
|
Series O, 5.75%, 5/15/34 |
|
|
2,805 |
|
|
3,139,132 |
|
|
|
|
|
|
|
28,929,461 |
|
Utilities 19.3% |
|
|
|
|
|
|
|
Eastern Municipal Water District, COP, |
|
|
4,748 |
|
|
4,933,041 |
|
Los Angeles Department of Water & |
|
|
|
|
|
|
|
Power
System, Sub-Series A-1 |
|
|
15,098 |
|
|
15,631,165 |
|
System,
Sub-Series A-2 (AGM), |
|
|
7,250 |
|
|
7,480,695 |
|
Metropolitan Water District of Southern |
|
|
|
|
|
|
|
Series A, 5.00%, 7/01/37 |
|
|
20,000 |
|
|
21,066,200 |
|
Series C, 5.00%, 7/01/35 |
|
|
7,145 |
|
|
7,455,273 |
|
San Diego County Water Authority, COP, |
|
|
5,010 |
|
|
5,158,947 |
|
|
|
|
|
|
|
61,725,321 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
214,511,001 |
|
Total Long-Term Investments |
|
|
|
|
|
527,585,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
OCTOBER 31, 2011 |
3 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniYield California Fund, Inc. (MYC) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
|
|
|
|
|
|
|
BIF California Municipal Money |
|
|
5,429,818 |
|
$ |
5,429,818 |
|
Total
Short-Term Securities |
|
|
|
|
|
5,429,818 |
|
Total Investments |
|
|
|
|
|
533,015,011 |
|
Other Assets Less Liabilities 0.4% |
|
|
|
|
|
1,181,522 |
|
Liability for TOB Trust Certificates, Including
Interest |
|
|
|
|
|
(108,936,456 |
) |
VRDP Shares, at Liquidation Value (33.2)% |
|
|
|
|
|
(105,900,002 |
) |
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
319,360,075 |
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
404,566,836 |
|
Gross unrealized appreciation |
|
$ |
20,312,689 |
|
Gross unrealized depreciation |
|
|
(742,017 |
) |
Net unrealized appreciation |
|
$ |
19,570,672 |
|
|
|
(a) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
Morgan Stanley Co. |
|
$ |
4,911,050 |
|
$ |
21,900 |
|
|
|
(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) |
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, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
|||||||||||||
BIF California |
|
|
5,041,430 |
|
|
388,388 |
|
|
5,429,818 |
|
$ |
|
|
|
|
(d) |
Represents the current yield as of report date. |
|
|
|
|
For Fund compliance purposes, the Funds 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. |
|
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs 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 |
|
|
|
|
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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) |
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Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Funds perceived risk of investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Funds investments:
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Valuation Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term |
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$ |
527,585,193 |
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$ |
527,585,193 |
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Short-Term |
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$ |
5,429,818 |
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5,429,818 |
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Total |
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$ |
5,429,818 |
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$ |
527,585,193 |
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$ |
533,015,011 |
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1 |
See above Schedule of Investments for values in each sector. |
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BLACKROCK MUNIYIELD CALIFORNIA FUND, INC. |
OCTOBER 31, 2011 |
4 |
Item 2 – |
Controls and Procedures |
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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. |
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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. |
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Item 3 – |
Exhibits |
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Certifications – Attached hereto |
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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. |
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BlackRock MuniYield California Fund, Inc. |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock MuniYield California Fund, Inc. |
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Date: December 21, 2011 |
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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. |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock MuniYield California Fund, Inc. |
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Date: December 21, 2011 |
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By: | /s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock MuniYield California Fund, Inc. |
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Date: December 21, 2011 |