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: 10/31/2009

Item 1 – Schedule of Investments



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California - 112.1%

 

 

 

 

 

 

 

 

 











Corporate - 0.5%

 

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

 

$

2,435

 

$

2,626,367

 











County/City/Special
District/School
District - 67.5%

 

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

 

 

9,000

 

 

9,135,990

 

 

 

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

 

 

4,300

 

 

4,378,174

 

 

 

Bay Area Government Association, RB, Tax Allocation, California
Redevelopment Agency Pool, Series A (FSA), 6.00%, 12/15/24

 

 

255

 

 

256,351

 

 

 

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

 

 

3,980

 

 

4,017,293

 

 

 

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

 

 

2,000

 

 

2,157,980

 

 

 

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

 

 

6,705

 

 

2,501,032

 

 

 

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

 

 

1,170

 

 

1,177,254

 

 

 

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

 

 

3,000

 

 

3,027,900

 

 

 

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

 

 

3,910

 

 

3,707,071

 

 

 

City of Corona California, COP, Clearwater Cogeneration Project
(MBIA), 5.00%, 9/01/28

 

 

6,000

 

 

5,603,700

 

 

 

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

 

 

3,000

 

 

2,978,100

 

 

 

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

 

 

7,910

 

 

8,131,638

 

 

 

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

 

 

2,000

 

 

2,193,100

 

 

 

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

 

 

10,000

 

 

10,166,300

 

 

 

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

 

 

3,000

 

 

3,069,330

 


 


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.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bond

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance Inc.

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

MBIA

Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)

RB

Revenue Bonds

TAN

Tax Anticipation Notes

1



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

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

 

$

10,755

 

$

11,315,120

 

 

 

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

 

 

3,295

 

 

3,400,078

 

 

 

Glendora Unified School District, California, GO, Election of
2005, Series A (MBIA), 5.00%, 8/01/27

 

 

1,350

 

 

1,410,426

 

 

 

Glendora Unified School District, California, GO, Election of
2005, Series A (MBIA), 5.25%, 8/01/30

 

 

2,700

 

 

2,826,198

 

 

 

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

 

 

4,500

 

 

4,523,265

 

 

 

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

 

 

3,090

 

 

3,091,298

 

 

 

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

 

 

10,260

 

 

10,332,436

 

 

 

Los Angeles Community College District, California, GO,
Election of 2001, Series A (MBIA), 5.00%, 8/01/27

 

 

2,475

 

 

2,571,500

 

 

 

Los Angeles Community College District California, GO,
Election of 2001, Series A (MBIA), 5.00%, 8/01/32

 

 

20,000

 

 

20,489,200

 

 

 

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

 

 

10,000

 

 

10,097,900

 

 

 

Los Angeles County Metropolitan Transportation Authority, RB,
Property A First Tier Senior, Series A (AMBAC), 5.00%, 7/01/27

 

 

5,240

 

 

5,462,648

 

 

 

Los Angeles County Metropolitan Transportation Authority, RB,
Property A First Tier Senior, Series A (AMBAC), 5.00%, 7/01/35

 

 

6,500

 

 

6,628,050

 

 

 

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

 

 

4,190

 

 

4,035,138

 

 

 

Los Angeles Unified School District, California, GO, Election of
2002, Series C (FSA), 5.00%, 7/01/32

 

 

10,000

 

 

10,152,000

 

 

 

Los Angeles Unified School District, California, GO, Election of
2004, Series F (FGIC), 5.00%, 7/01/30

 

 

5,000

 

 

5,101,900

 

 

 

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

 

 

6,865

 

 

6,748,295

 

 

 

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

 

 

8,000

 

 

8,329,120

 

 

 

Natomas Unified School District, California, GO, Election of
2006 (MBIA), 5.00%, 8/01/28

 

 

6,015

 

 

6,035,391

 

 

 

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

 

 

9,045

 

 

9,452,839

 

 

 

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

 

 

9,490

 

 

9,369,857

 

 

 

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

 

 

9,645

 

 

10,374,741

 

 

 

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

 

 

6,195

 

 

6,298,023

 

 

 

Pittsburg Unified School District, GO, Election of 2006, Series B
(FSA), 5.50%, 8/01/34

 

 

2,000

 

 

2,113,580

 

2



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Pittsburg Unified School District, GO, Election of 2006, Series B
(FSA), 5.63%, 8/01/39

 

$

4,500

 

$

4,788,900

 

 

 

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

 

 

5,000

 

 

5,190,050

 

 

 

Riverside Unified School District, California, GO, Election,
Series A (MBIA), 5.25%, 2/01/23

 

 

6,000

 

 

6,220,260

 

 

 

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

 

 

5,010

 

 

5,037,856

 

 

 

Sacramento City Financing Authority, California, RB, Capital
Improvement, Community Rein Capital Program, Series A
(AMBAC), 5.00%, 12/01/36

 

 

3,000

 

 

2,862,930

 

 

 

Sacramento City Financing Authority, California, TAN, CAB,
Tax Allocation, Series A (MBIA), 5.04%, 12/01/32 (a)

 

 

6,590

 

 

1,304,688

 

 

 

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

 

 

2,565

 

 

2,629,074

 

 

 

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

 

 

5,000

 

 

5,069,250

 

 

 

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

 

 

8,000

 

 

8,206,720

 

 

 

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

 

 

10,500

 

 

10,628,415

 

 

 

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

 

 

11,400

 

 

11,498,496

 

 

 

San Jose Redevelopment Agency, California, TAN, Housing Set,
Aside, Merged Area, Series E, AMT (MBIA), 5.85%, 8/01/27

 

 

7,300

 

 

7,302,920

 

 

 

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

 

 

4,250

 

 

4,259,775

 

 

 

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

 

 

4,350

 

 

4,506,165

 

 

 

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

 

 

2,500

 

 

2,505,750

 

 

 

Snowline Joint Unified School District, COP, Refinancing
Program (AGC), 5.75%, 9/01/38

 

 

5,600

 

 

6,118,448

 

 

 

South Tahoe Joint Powers Financing Authority, Refunding RB, South
Tahoe Redevelopment Project Area 1, Series A (FSA), 5.00%,
10/01/29

 

 

1,645

 

 

1,656,334

 

 

 

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

 

 

3,395

 

 

3,524,791

 

 

 

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

 

 

2,550

 

 

2,555,865

 

 

 

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

 

 

6,690

 

 

6,662,437

 

 

 

Westminster Redevelopment Agency, California, TAN, Sub-
ordinate, Commercial Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

4,300

 

 

4,903,376

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

330,092,716

 











3



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Education - 4.0%

 

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

 

$

6,370

 

$

6,372,484

 

 

 

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

 

 

5,200

 

 

5,277,740

 

 

 

University of California, RB, Limited Project, Series D (FSA),
5.00%, 5/15/41

 

 

8,000

 

 

8,009,760

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

19,659,984

 











Health - 3.6%

 

California Health Facilities Financing Authority, California, RB,
Catholic Healthcare West, Series A, 6.00%, 7/01/34

 

 

2,130

 

 

2,238,204

 

 

 

California Health Facilities Financing Authority, California, RB,
Catholic Healthcare West, Series A, 6.00%, 7/01/39

 

 

5,500

 

 

5,749,755

 

 

 

California Statewide Communities Development Authority, RB,
Adventist, Series B (AGC), 5.00%, 3/01/37

 

 

5,850

 

 

5,679,882

 

 

 

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

 

 

3,685

 

 

3,819,244

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

17,487,085

 











Housing - 0.1%

 

California Rural Home Mortgage Finance Authority, California, RB,
Mortgage Backed Securities Program, Series A, AMT (GNMA), 6.35%,
12/01/29

 

 

200

 

 

211,566

 

 

 

California Rural Home Mortgage Finance Authority, California, RB,
Mortgage Backed Securities Program, Series B, AMT (GNMA), 6.25%,
12/01/31

 

 

90

 

 

90,954

 

 

 

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

 

 

155

 

 

157,066

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

459,586

 











State - 3.2%

 

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

 

 

3,500

 

 

3,818,955

 

 

 

State of California, GO (MBIA), 6.25%, 10/01/19

 

 

860

 

 

867,413

 

 

 

State of California, GO, Various Purpose, 6.50%, 4/01/33

 

 

9,875

 

 

10,913,949

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

15,600,317

 











Transportation - 12.2%

 

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

 

 

4,075

 

 

3,998,023

 

 

 

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

 

 

5,000

 

 

5,379,400

 

 

 

Port of Oakland, RB, Series K, AMT (MBIA), 5.88%, 5/01/10 (b)

 

 

20

 

 

20,477

 

 

 

Port of Oakland, RB, Series K, AMT (MBIA), 5.88%, 11/01/17

 

 

2,725

 

 

2,763,259

 

 

 

Port of Oakland, RB, Series K, AMT (MBIA), 5.75%, 11/01/29

 

 

7,445

 

 

7,451,924

 

 

 

Port of Oakland, RB, Series L, AMT (MBIA), 5.38%, 11/01/27

 

 

19,040

 

 

18,684,904

 

 

 

Sacramento County, ARB, California Airport Systems Revenue,
Sub-PFC/Grant, Series C (AGC), 5.75%, 7/01/39

 

 

4,880

 

 

5,224,918

 

 

 

San Diego Port District, RB, Series A, AMT (MBIA), 5.25%,
9/01/19

 

 

5,400

 

 

5,456,268

 

 

 

San Francisco City & County Airports Commission, RB, Special
Facilities Lease, SFO Fuel, Series A, AMT (FSA), 6.10%, 1/01/20

 

 

1,000

 

 

1,001,910

 

 

 

San Francisco City & County Airports Commission, RB, Special
Facilities Lease, SFO Fuel, Series A, AMT (FSA), 6.13%, 1/01/27

 

 

985

 

 

986,221

 

4



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

San Francisco City & County Airports Commission, Refunding RB,
Second Series 34E, AMT (FSA), 5.75%, 5/01/24

 

$

5,000

 

$

5,218,450

 

 

 

San Francisco City & County Airports Commission, Refunding RB,
Second Series 34E, AMT (FSA), 5.75%, 5/01/25

 

 

3,500

 

 

3,628,485

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

59,814,239

 











Utilities - 21.0%

 

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

 

 

4,390

 

 

4,286,001

 

 

 

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

 

 

9,070

 

 

9,234,620

 

 

 

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

 

 

4,270

 

 

4,297,755

 

 

 

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

 

 

5,500

 

 

5,506,930

 

 

 

Contra Costa Water District, RB, Series L (FSA), 5.00%, 10/01/32

 

 

4,135

 

 

4,187,432

 

 

 

Contra Costa Water District, Refunding RB, Series O (AMBAC),
5.00%, 10/01/24

 

 

1,735

 

 

1,833,010

 

 

 

East Bay Municipal Utility District, RB, Sub-Series A (MBIA),
5.00%, 6/01/35

 

 

15,000

 

 

15,418,500

 

 

 

East Bay Municipal Utility District, Refunding RB, Series A
(MBIA), 5.00%, 6/01/37

 

 

6,500

 

 

6,723,535

 

 

 

East Bay Municipal Utility District, Refunding RB, Sub-Series A
(AMBAC), 5.00%, 6/01/33

 

 

4,000

 

 

4,111,640

 

 

 

East Bay Municipal Utility District, Refunding RB, Sub-Series A
(AMBAC), 5.00%, 6/01/37

 

 

7,985

 

 

8,166,739

 

 

 

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

 

 

1,100

 

 

1,106,281

 

 

 

Los Angeles Department of Water & Power, RB, Power System,
Sub-Series A-1 (AMBAC), 5.00%, 7/01/37

 

 

5,000

 

 

5,085,650

 

 

 

Los Angeles Department of Water & Power, RB, System,
Sub-Series A-2 (FSA), 5.00%, 7/01/35

 

 

7,500

 

 

7,622,775

 

 

 

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

 

 

7,175

 

 

7,286,858

 

 

 

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

 

 

13,000

 

 

12,999,350

 

 

 

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

 

 

3,000

 

 

3,019,770

 

 

 

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

 

 

2,000

 

 

2,052,380

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

102,939,226

 











 

 

Total Municipal Bonds - 112.1%

 

 

 

 

 

548,679,520

 











 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 











California - 38.5%

 

 

 

 

 

 

 

 

 











County/City/Special
District/School
District - 10.7%

 

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

 

 

5,997

 

 

6,153,300

 

 

 

Los Angeles Community College District, California, GO,
Election of 2001, Series A (FSA), 5.00%, 8/01/32

 

 

12,000

 

 

12,317,040

 

5



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









 

 

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

 

$

7,497

 

$

7,695,613

 

 

 

Los Angeles Community College District, California, GO,
Election of 2008, Series A, 6.00%, 8/01/33

 

 

9,596

 

 

10,842,974

 

 

 

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

 

 

5,000

 

 

5,057,000

 

 

 

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

 

 

10,000

 

 

10,113,500

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

52,179,427

 











Education - 5.1%

 

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

 

 

4,860

 

 

4,813,733

 

 

 

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

 

 

7,398

 

 

7,509,346

 

 

 

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

 

 

11,190

 

 

12,374,909

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

24,697,988

 











Transportation - 7.2%

 

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

 

 

15,150

 

 

15,337,708

 

 

 

San Francisco Bay Area Transit Financing Authority, Refunding RB,
Series A (MBIA), 5.00%, 7/01/30

 

 

19,630

 

 

20,095,427

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

35,433,135

 











Utilities - 15.5%

 

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

 

 

3,568

 

 

3,603,695

 

 

 

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

 

 

5,007

 

 

5,148,977

 

 

 

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

 

 

16,000

 

 

16,332,000

 

 

 

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

 

 

15,000

 

 

15,373,350

 

 

 

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

 

 

9,277

 

 

9,440,637

 

 

 

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

 

 

8,510

 

 

8,527,531

 

 

 

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

 

 

7,350

 

 

7,427,396

 

 

 

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

 

 

10,000

 

 

10,066,900

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

75,920,486

 











 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 38.5%

 

 

 

 

 

188,231,036

 











 

 

Total Long-Term Investments
(Cost - $733,482,926) - 150.6%

 

 

 

 

 

736,910,556

 











 

 

Short-Term Securities

 

Shares

 

 

 

 










 

 

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

 

 

2,742,880

 

 

2,742,880

 











 

 

Total Short-Term Securities
(Cost - $2,742,880) - 0.6%

 

 

 

 

 

2,742,880

 











6



 

 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 










 

 

Total Investments (Cost - $736,225,806*) - 151.2%

 

 

 

 

$

739,653,436

 

 

 

Other Assets Less Liabilities - 2.9%

 

 

 

 

 

14,397,781

 

 

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (20.1)%

 

 

 

 

 

(98,390,642

)

 

 

Preferred Shares, at Redemption Value - (34.0)%

 

 

 

 

 

(166,551,511

)

 

 

 

 

 

 

 




 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

489,109,064

 

 

 

 

 

 

 

 





 

 

 

 

  *

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

 

Aggregate cost

 

$

637,813,712

 

 

 

 

 




 

 

Gross unrealized appreciation

 

$

15,449,168

 

 

 

Gross unrealized depreciation

 

 

(11,884,913

)

 

 

 

 




 

 

Net unrealized appreciation

 

$

3,564,255

 

 

 

 

 





 

 

 

 

(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, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 









 

 

Affiliate

 

Net
Activity

 

Income

 

 

 







 

 

CMA California Municipal Money Fund

 

$

(19,199,064

)

$

1,182

 

 

 










 

 

 

 

(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 methodology 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 annual report.

7



 

BlackRock MuniYield California Insured Fund, Inc. (MCA)

 

Schedule of Investments October 31, 2009 (Unaudited)



 

 

 

The following tables summarize the inputs used as of October 31, 2009 in determining the fair valuation of the Fund’s investments:


 

 

 

 

 

 

 






 

Valuation Inputs

 

Investments in
Securities

 

 





 

 

 

Assets

 

 

 

 



 

Level 1 - Short-Term Securities

 

$

2,742,880

 

 

Level 2 - Long-Term Investments1

 

 

736,910,556

 

 

Level 3

 

 

 

 






 

Total

 

$

739,653,436

 

 

 

 





 

 

 

 

1

See above Schedule of Investments for values in each sector.

8


 

 

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: December 18, 2009

 

 

 

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: December 18, 2009

 

 

 

 

By:

/s/ Neal J. Andrews

 

 


 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock MuniYield California Insured Fund, Inc.

 

 

 

 

Date: December 18, 2009