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 811-06692

 

Name of Fund: BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock MuniYield California Insured 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: 07/31/2010

 

Date of reporting period: 04/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 109.3%

 

 

 

 

 

 

 

Corporate — 0.5%

 

 

 

 

 

 

 

City of Chula Vista California, Refunding
RB, San Diego Gas & Electric,
Series A, 5.88%, 2/15/34

 

$

2,435

 

$

2,684,247

 

County/City/Special District/School District — 61.4%

 

 

 

 

 

 

 

Arcadia Unified School District
California, GO, Election of 2006,
Series A (AGM), 5.00%, 8/01/37

 

 

9,000

 

 

9,159,210

 

Banning Unified School District
California, GO, Election of 2006,
Series B (AGC), 5.25%, 8/01/33

 

 

4,300

 

 

4,427,280

 

Bay Area Governments Association,
Refunding RB, California
Redevelopment Agency Pool,
Series A (AGM), 6.00%, 12/15/24

 

 

255

 

 

256,448

 

Brentwood Infrastructure Financing
Authority California, Special
Assessment Bonds, Refunding,
Series A (AGM), 5.20%, 9/02/29

 

 

3,980

 

 

4,027,720

 

Central Unified School District, GO,
Election of 2008, Series A (AGC),
5.50%, 8/01/29

 

 

2,000

 

 

2,168,760

 

Chabot-Las Positas Community College
District California, GO, CAB, Election of
2004, Series 4-B (AMBAC), 5.17%,
8/01/26 (a)

 

 

6,705

 

 

2,598,590

 

Chino Basin Desalter Authority,
Refunding RB, Series A (AGC), 5.00%,
6/01/35

 

 

1,195

 

 

1,201,262

 

Chino Valley Unified School District, GO,
Election of 2002, Series C (NPFGC),
5.25%, 8/01/30

 

 

3,000

 

 

3,050,640

 

Chula Vista Elementary School District
California, COP (NPFGC), 5.00%,
9/01/29

 

 

3,060

 

 

2,942,404

 

City of Riverside California, COP
(AMBAC), 5.00%, 9/01/28

 

 

3,000

 

 

3,016,260

 

City of San Jose California, GO, Libraries,
Parks, and Public Safety Project
(NPFGC), 5.00%, 9/01/27

 

 

7,910

 

 

8,221,970

 

County of Kern California, COP, Capital
Improvements Projects,
Series A (AGC), 6.00%, 8/01/35

 

 

2,000

 

 

2,217,960

 

Desert Community College District
California, GO, Series C (AGM), 5.00%,
8/01/37

 

 

12,150

 

 

12,326,175

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (continued)

 

 

 

 

 

 

 

Fairfield-Suisun Unified School District
California, GO, Election of 2002
(NPFGC), 5.50%, 8/01/28

 

$

2,500

 

$

2,635,975

 

Fontana Unified School District
California, GO, Series A (AGM), 5.25%,
8/01/31

 

 

3,000

 

 

3,125,310

 

Fremont Unified School District Alameda
County California, GO, Series A
(NPFGC), 5.50%, 8/01/26

 

 

10,755

 

 

11,354,376

 

Fresno Joint Powers Financing Authority
California, RB, Series A (AGM), 5.75%,
6/01/26

 

 

3,295

 

 

3,393,158

 

Glendora Unified School District
California, GO, Election of 2005,
Series A (NPFGC):

 

 

 

 

 

 

 

5.00%, 8/01/27

 

 

1,350

 

 

1,422,428

 

5.25%, 8/01/30

 

 

2,730

 

 

2,878,348

 

Hemet Unified School District California,
GO, Election of 2006, Series B (AGC),
5.13%, 8/01/37

 

 

4,500

 

 

4,586,085

 

Imperial Community College District
California, GO, Election of 2004
(NPFGC), 5.00%, 8/01/29

 

 

3,090

 

 

3,115,307

 

Lodi Unified School District California,
GO, Election of 2002 (AGM), 5.00%,
8/01/29

 

 

10,260

 

 

10,397,381

 

Los Angeles Community Redevelopment
Agency California, RB, Bunker Hill
Project, Series A (AGM), 5.00%,
12/01/27

 

 

10,000

 

 

10,113,800

 

Los Angeles County Metropolitan
Transportation Authority, Refunding
RB, Proposition A, First Tier,
Senior Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 7/01/27

 

 

5,240

 

 

5,519,764

 

5.00%, 7/01/35

 

 

6,825

 

 

7,059,916

 

Los Angeles County Public Works
Financing Authority, Refunding RB,
Series A (NPFGC), 5.00%, 12/01/28

 

 

4,115

 

 

3,988,916

 

Los Angeles Unified School District
California, GO:

 

 

 

 

 

 

 

Election of 2002, Series C (AGM),
5.00%, 7/01/32

 

 

10,000

 

 

10,198,500

 

Election of 2004, Series F (FGIC),
5.00%, 7/01/30

 

 

5,000

 

 

5,116,850

 

 

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)

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

FGIC

Financial Guaranty Insurance Co.

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA INSURED FUND, INC.

APRIL 30, 2010

1


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (continued)

 

 

 

 

 

 

 

Merced Community College District
California, GO, School Facilities
Improvement District No. 1 (NPFGC),
5.00%, 8/01/31

 

$

6,850

 

$

6,871,372

 

Murrieta Valley Unified School District
Public Financing Authority, Special Tax
Bonds, Refunding, Series A (AGC),
5.13%, 9/01/26

 

 

8,000

 

 

8,416,560

 

Orange County Water District, COP,
Refunding, 5.25%, 8/15/34

 

 

9,045

 

 

9,605,971

 

Orchard School District California, GO,
Election of 2001, Series A (AGC),
5.00%, 8/01/34

 

 

7,490

 

 

7,656,503

 

Oxnard Union High School District
California, GO, Refunding, Series A
(NPFGC), 6.20%, 8/01/30

 

 

9,645

 

 

10,357,862

 

Peralta Community College District
California, GO, Peralta Community
College (AGM), 5.00%, 8/01/37

 

 

6,195

 

 

6,311,466

 

Pittsburg Unified School District, GO,
Election of 2006, Series B (AGM):

 

 

 

 

 

 

 

5.50%, 8/01/34

 

 

2,000

 

 

2,116,660

 

5.63%, 8/01/39

 

 

4,500

 

 

4,810,230

 

Port of Oakland, Refunding RB,
Series M, AMT (NPFGC), 5.38%,
11/01/27

 

 

16,930

 

 

16,582,427

 

Redlands Unified School District
California, GO, Election of 2008
(AGM), 5.25%, 7/01/33

 

 

5,000

 

 

5,146,850

 

Riverside Unified School District
California, GO, Series C (AGC), 5.00%,
8/01/32

 

 

5,010

 

 

5,090,911

 

Saddleback Valley Unified School
District California, GO (AGM), 5.00%,
8/01/29

 

 

2,565

 

 

2,623,918

 

San Bernardino City Unified School
District California, GO, Series A (AGM),
5.00%, 8/01/28

 

 

5,000

 

 

5,116,800

 

San Bernardino Community College
District California, GO, Election of
2002, Series C (AGM), 5.00%,
8/01/31

 

 

7,500

 

 

7,677,225

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/38

 

 

1,090

 

 

1,121,120

 

San Francisco Bay Area Transit
Financing Authority, Refunding RB,
Series A (NPFGC), 5.00%, 7/01/34

 

 

10,500

 

 

10,685,745

 

San Jose Financing Authority, Refunding
RB, Civic Center Project,
Series B (AMBAC), 5.00%, 6/01/32

 

 

11,400

 

 

11,439,786

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (concluded)

 

 

 

 

 

 

 

San Jose Redevelopment Agency
California, Tax Allocation Bonds,
Housing Set Aside Merged Area,
Series E, AMT (NPFGC), 5.85%,
8/01/27

 

$

7,300

 

$

7,310,074

 

San Juan Unified School District
California, GO, Election of 2002
(NPFGC), 5.00%, 8/01/28

 

 

4,250

 

 

4,324,928

 

San Mateo County Transportation
District California, Refunding RB,
Series A (NPFGC), 5.00%, 6/01/29

 

 

4,350

 

 

4,534,005

 

Santa Rosa High School District
California, GO, Election of 2002
(NPFGC), 5.00%, 8/01/28

 

 

2,500

 

 

2,518,450

 

Snowline Joint Unified School District,
COP, Refunding, Refining Project
(AGC), 5.75%, 9/01/38

 

 

5,600

 

 

6,191,416

 

South Tahoe Joint Powers Financing
Authority, RB, South Tahoe
Redevelopment Project Area No. 1,
Series A (AGM), 5.00%, 10/01/29

 

 

1,645

 

 

1,654,640

 

Ventura County Community College
District, GO, Refunding,
Series A (NPFGC), 5.00%, 8/01/27

 

 

3,395

 

 

3,530,562

 

Vista Unified School District California,
GO, Series B (NPFGC), 5.00%,
8/01/28

 

 

2,550

 

 

2,594,957

 

West Contra Costa Unified School
District California, GO, Election of
2002, Series B (AGM), 5.00%,
8/01/32

 

 

6,690

 

 

6,704,986

 

Westminster Redevelopment Agency
California, Tax Allocation Bonds,
Subordinate, Commercial
Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

4,300

 

 

4,900,581

 

 

 

 

 

 

 

 

 

 

 

 

306,416,798

 

Education — 6.2%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, Student Loan, CalEdge
Loan Program, AMT (AMBAC), 5.55%,
4/01/28

 

 

5,830

 

 

5,649,678

 

County of San Diego California, COP
(NPFGC), 5.75%, 7/01/31

 

 

5,200

 

 

5,244,824

 

Riverside Community College District,
GO, Election of 2004, Series C (AGM),
5.00%, 8/01/32

 

 

8,750

 

 

8,957,725

 

University of California, RB, Limited
Project, Series D (AGM):

 

 

 

 

 

 

 

5.00%, 5/15/37

 

 

2,775

 

 

2,824,367

 

5.00%, 5/15/41

 

 

8,000

 

 

8,104,000

 

 

 

 

 

 

 

 

 

 

 

 

30,780,594

 

 

 

 

2

BLACKROCK MUNIYIELD CALIFORNIA INSURED FUND, INC.

APRIL 30, 2010


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Health — 2.6%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB, Catholic
Healthcare West, Series A:

 

 

 

 

 

 

 

6.00%, 7/01/34

 

$

2,130

 

$

2,291,454

 

6.00%, 7/01/39

 

 

5,500

 

 

5,895,945

 

California Statewide Communities
Development Authority, RB, Health
Facility, Memorial Health Services,
Series A, 6.00%, 10/01/23

 

 

3,685

 

 

3,844,745

 

California Statewide Communities
Development Authority, Refunding RB,
Catholic Healthcare West,
Series D (BHAC), 5.50%, 7/01/31

 

 

1,000

 

 

1,050,010

 

 

 

 

 

 

 

 

 

 

 

 

13,082,154

 

Housing — 0.1%

 

 

 

 

 

 

 

California Rural Home Mortgage Finance
Authority, RB, AMT, Mortgage-Backed
Securities Program (GNMA):

 

 

 

 

 

 

 

Series A, 6.35%, 12/01/29

 

 

155

 

 

165,630

 

Series B, 6.25%, 12/01/31

 

 

85

 

 

85,921

 

County of San Bernardino California,
Refunding RB, Home Mortgage-
Backed Securities, Series A-1,
AMT (GNMA), 6.25%, 12/01/31

 

 

140

 

 

143,682

 

 

 

 

 

 

 

 

 

 

 

 

395,233

 

State — 4.1%

 

 

 

 

 

 

 

California State Public Works Board, RB,
Department of Education, Riverside
Campus Project, Series B, 6.50%,
4/01/34

 

 

3,500

 

 

3,769,500

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

5,000

 

 

5,503,550

 

6.50%, 4/01/33

 

 

9,875

 

 

11,195,979

 

 

 

 

 

 

 

 

 

 

 

 

20,469,029

 

Transportation — 11.5%

 

 

 

 

 

 

 

City of San Jose California, RB,
Series D (NPFGC), 5.00%, 3/01/28

 

 

4,575

 

 

4,576,281

 

County of Orange California, RB,
Series B, 5.75%, 7/01/34

 

 

5,000

 

 

5,431,650

 

County of Sacramento California, RB,
Subordinated and PFC/Grant,
Series C (AGC), 5.75%, 7/01/39

 

 

4,880

 

 

5,234,190

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/40

 

 

8,770

 

 

8,936,279

 

Port of Oakland, RB, Series K, AMT
(NPFGC):

 

 

 

 

 

 

 

5.88%, 5/01/10 (b)

 

 

20

 

 

20,003

 

5.75%, 11/01/29

 

 

11,405

 

 

11,404,316

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

San Francisco City & County Airports
Commission, RB:

 

 

 

 

 

 

 

Series E, 6.00%, 5/01/39

 

$

9,650

 

$

10,584,506

 

Special Facility Lease, SFO Fuel,
Series A, AMT (AGM), 6.10%,
1/01/20

 

 

1,000

 

 

1,001,360

 

Special Facility Lease, SFO Fuel,
Series A, AMT (AGM), 6.13%,
1/01/27

 

 

985

 

 

985,837

 

San Francisco City & County Airports
Commission, Refunding RB,
Second Series 34E, AMT (AGM):

 

 

 

 

 

 

 

5.75%, 5/01/24

 

 

5,000

 

 

5,316,000

 

5.75%, 5/01/25

 

 

3,500

 

 

3,702,125

 

 

 

 

 

 

 

 

 

 

 

 

57,192,547

 

Utilities — 22.9%

 

 

 

 

 

 

 

City of Glendale California, RB (NPFGC),
5.00%, 2/01/32

 

 

4,390

 

 

4,425,559

 

City of Napa California, RB (AMBAC),
5.00%, 5/01/35

 

 

9,070

 

 

9,279,608

 

City of Oakland California, RB,
Series A (AGM), 5.00%, 6/15/29

 

 

4,270

 

 

4,349,337

 

City of Santa Clara California, RB,
Sub-Series A (NPFGC), 5.00%,
7/01/28

 

 

5,500

 

 

5,541,250

 

Contra Costa Water District, Refunding
RB:

 

 

 

 

 

 

 

Series L, (AGM), 5.00%, 10/01/32

 

 

4,135

 

 

4,230,436

 

Series O, (AMBAC), 5.00%,
10/01/24

 

 

1,735

 

 

1,848,243

 

East Bay Municipal Utility District, RB
(NPFGC):

 

 

 

 

 

 

 

Series A, 5.00%, 6/01/37

 

 

6,500

 

 

6,783,205

 

Sub-Series A, 5.00%, 6/01/35

 

 

15,000

 

 

15,516,150

 

East Bay Municipal Utility District,
Refunding RB, Sub-Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 6/01/33

 

 

4,100

 

 

4,306,763

 

5.00%, 6/01/37

 

 

7,985

 

 

8,332,906

 

El Centro Financing Authority California,
RB, Series A (AGM), 5.25%, 10/01/35

 

 

1,100

 

 

1,101,727

 

Los Angeles Department of Water &
Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1,
(AMBAC), 5.00%, 7/01/37

 

 

5,025

 

 

5,161,680

 

System, Sub-Series A-2 (AGM),
5.00%, 7/01/35

 

 

7,500

 

 

7,695,525

 

Metropolitan Water District of Southern
California, RB, Series B-1 (NPFGC),
5.00%, 10/01/33

 

 

7,175

 

 

7,323,738

 

Oxnard Financing Authority, RB,
Redwood Trunk Sewer & Headworks,
Series A (NPFGC), 5.25%, 6/01/34

 

 

13,000

 

 

13,094,250

 

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA INSURED FUND, INC.

APRIL 30, 2010

3


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

Sacramento Regional County Sanitation
District, RB, Sacramento Regional
County Sanitation (NPFGC), 5.00%,
12/01/27

 

$

7,070

 

$

7,366,869

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/31

 

 

3,000

 

 

3,067,860

 

Turlock Public Financing Authority
California, RB, Series A (NPFGC),
5.00%, 9/15/33

 

 

3,000

 

 

3,038,820

 

Vallecitos Water District California, COP,
Refunding, Series A (AGM), 5.00%,
7/01/27

 

 

2,000

 

 

2,068,000

 

 

 

 

 

 

 

 

 

 

 

 

114,531,926

 

Total Municipal Bonds – 109.3%

 

 

 

 

 

545,552,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

 

 

 

 

 

 

California — 42.1%

 

 

 

 

 

 

 

Corporate — 5.6%

 

 

 

 

 

 

 

San Francisco Bay Area Rapid Transit
District, Refunding RB,
Series A (NPFGC), 5.00%, 7/01/30

 

 

19,630

 

 

20,177,285

 

University of California, RB, Series L,
5.00%, 5/15/40

 

 

7,398

 

 

7,587,638

 

 

 

 

 

 

 

 

 

 

 

 

27,764,923

 

County/City/Special District/School District — 17.6%

 

 

 

 

 

 

 

City of Long Beach California, RB,
Series A, AMT, 5.38%, 5/15/24

 

 

15,150

 

 

15,308,015

 

Fremont Unified School District Alameda
County California, GO, Election of
2002, Series B (AGM), 5.00%,
8/01/30

 

 

5,997

 

 

6,144,000

 

Los Angeles Community College District
California, GO, Series A:

 

 

 

 

 

 

 

Election of 2001, (AGM), 5.00%,
8/01/32

 

 

12,000

 

 

12,284,880

 

Election of 2001, Series A (NPFGC),
5.00%, 8/01/32

 

 

20,000

 

 

20,450,000

 

Election of 2008, 6.00%, 8/01/33

 

 

9,596

 

 

10,759,838

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

5,000

 

 

5,088,000

 

Poway Unified School District, GO,
Election of 2002, Improvement
District 02, Series 1-B (AGM), 5.00%,
8/01/30

 

 

10,000

 

 

10,247,300

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

County/City/Special District/School District (concluded)

 

 

 

 

 

 

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/30

 

$

7,350

 

$

7,539,483

 

 

 

 

 

 

 

 

 

 

 

 

87,821,516

 

Education — 5.0%

 

 

 

 

 

 

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

4,860

 

 

4,914,286

 

Los Angeles Community College District
California, GO, Election of 2003,
Series E (AGM), 5.00%, 8/01/31

 

 

7,497

 

 

7,674,613

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

11,190

 

 

12,564,020

 

 

 

 

 

 

 

 

 

 

 

 

25,152,919

 

Utilities — 13.9%

 

 

 

 

 

 

 

Anaheim Public Financing Authority
California, RB, Electric System
Distribution Facilities, Series A (AGM),
5.00%, 10/01/31

 

 

3,568

 

 

3,588,165

 

Los Angeles Department of Water &
Power, RB, Power System,
Sub-Series A-1 (AGM), 5.00%,
7/01/31

 

 

5,007

 

 

5,170,570

 

Los Angeles Department of Water &
Power, Refunding RB, Power System,
Sub-Series A-2 (NPFGC), 5.00%,
7/01/27

 

 

16,000

 

 

16,541,120

 

Metropolitan Water District of Southern
California, RB, Series A, 5.00%,
7/01/37

 

 

15,000

 

 

15,669,300

 

Rancho Water District Financing
Authority, Refunding RB,
Series A (AGM), 5.00%, 8/01/34

 

 

9,277

 

 

9,490,192

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/33

 

 

8,510

 

 

8,776,023

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/31

 

 

10,000

 

 

10,226,200

 

 

 

 

 

 

 

 

 

 

 

 

69,461,570

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 42.1%

 

 

 

 

 

210,200,928

 

Total Long-Term Investments
(Cost – $743,169,191) – 151.4%

 

 

 

 

 

755,753,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

CMA California Municipal Money Fund,
0.04% (d)(e)

 

 

9,441,523

 

 

9,441,523

 

Total Short-Term Securities
(Cost – $9,441,523) – 1.9%

 

 

 

 

 

9,441,523

 

 

 

 

4

BLACKROCK MUNIYIELD CALIFORNIA INSURED FUND, INC.

APRIL 30, 2010



 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

Value

 

Total Investments
(Cost – $752,610,714*) – 153.3%

 

$

765,194,979

 

Other Assets Less Liabilities – 1.8%

 

 

8,854,414

 

Liability for Trust Certificates, Including Interest

 

 

 

 

Expense and Fees Payable – (21.7)%

 

 

(108,372,767

)

Preferred Shares, at Redemption Value – (33.4)%

 

 

(166,550,073

)

 

 

Net Assets Applicable to Common Shares – 100.0%

 

$

499,126,553

 

 

 

 

 

*

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

 

$

648,514,018

 

 

 

Gross unrealized appreciation

 

$

16,413,772

 

Gross unrealized depreciation

 

 

(8,008,280

)

 

 

Net unrealized appreciation

 

$

8,405,492

 

 

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(b)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(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 follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2009

 

Net Activity

 

Shares Held
at April 30,
2010

 

Income

 

CMA California
Municipal
Money Fund

 

 

21,941,944

 

 

(12,500,421

)

 

9,441,523

 

$

3,545

 

 

 

 

(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
Investments1

 

 

—

 

$

755,753,456

 

 

—

 

$

755,753,456

 

Short-Term
Securities

 

$

9,441,523

 

 

—

 

 

—

 

 

9,441,523

 

Total

 

$

9,441,523

 

$

755,753,456

 

 

—

 

$

765,194,979

 

 

 

 

 

1

See above Schedule of Investments for value in each sector.

 

 

 

BLACKROCK MUNIYIELD CALIFORNIA INSURED FUND, INC.

APRIL 30, 2010

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 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 Insured Fund, Inc.
   
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniYield California Insured 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 Insured Fund, Inc.
   
  Date: June 28, 2010
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield California Insured Fund, Inc.
   
  Date: June 28, 2010