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 811-6692
Name of Fund: MuniYield California Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniYield California Insured Fund, Inc., 800 Scudders Mill
Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield California Insured Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
California - 131.0% $ 7,000 ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's
Hospital Medical Center), 6% due 12/01/2029 (a) $ 7,756
2,350 Alameda, California, GO, 5% due 8/01/2033 (g) 2,479
3,580 Anaheim, California, Public Financing Authority, Electric System Distribution
Facilities Revenue Bonds, Series A, 5% due 10/01/2031 (e) 3,728
2,400 Anaheim, California, Union High School District, GO (Election of 2002), 5% due
8/01/2027 (g) 2,526
5,630 Antelope Valley, California, Community College District, GO (Election of 2004),
Series A, 5% due 8/01/2029 (g) 5,971
3,675 Bakersfield, California, COP, Refunding (Convention Center Expansion Project),
5.80% due 4/01/2017 (g) 3,878
255 Bay Area Government Association, California, Tax Allocation Revenue Refunding
Bonds (California Redevelopment Agency Pool), Series A, 6% due 12/15/2024 (e) 260
3,990 Brentwood, California, Infrastructure Refinancing Authority, Infrastructure
Revenue Refunding Bonds, Series A, 5.20% due 9/02/2029 (e) 4,220
California Community College Financing Authority, Lease Revenue Bonds,
Series A (g):
3,215 5.95% due 12/01/2022 3,607
1,100 6% due 12/01/2029 1,231
California Educational Facilities Authority Revenue Bonds, Series A:
28,000 (Pepperdine University), 5.50% due 8/01/2032 (g) 30,604
5,000 (University of San Diego), 5.50% due 10/01/2032 5,342
14,655 California Educational Facilities Authority, Student Loan Revenue Bonds
(Caledge Loan Program), AMT, 5.55% due 4/01/2028 (a) 15,404
California HFA, Home Mortgage Revenue Bonds, VRDN, AMT (j):
3,500 Series B, 2.23% due 8/01/2033 (e) 3,500
4,900 Series F, 2.22% due 2/01/2033 (a) 4,900
1,470 Series R, 2.23% due 8/01/2032 (a) 1,470
2,750 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.50% due 6/01/2022 (e)(k) 2,925
California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT (f):
680 Series A, 6.35% due 12/01/2029 (c)(d) 696
110 Series A-1, 6.90% due 12/01/2024 (c) 115
305 Series B, 6.25% due 12/01/2031 (d) 308
Portfolio Abbreviations
To simplify the listings of MuniYield California Insured Fund, Inc.'s
portfolio holdings in the Schedule of Investments, we have abbreviated the
names of many of the securities according to the list to the right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
HFA Housing Finance Agency
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield California Insured Fund, Inc.
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
California $ 12,680 California State Department of Veteran Affairs, Home Purpose Revenue Refunding
(concluded) Bonds, Series A, 5.35% due 12/01/2027 (a) $ 13,357
7,500 California State Department of Water Resources, Power Supply Revenue Bonds,
Series A, 5.75% due 5/01/2017 8,327
California State, GO:
860 6.25% due 10/01/2019 (g)(h) 865
5,950 Various Purpose, 5.50% due 11/01/2033 6,492
California State, GO, Refunding:
9,935 DRIVERS, AMT, Series 239, 8.744% due 12/01/2032 (a)(i) 9,943
3,000 Series BX, 5.50% due 12/01/2031 (e) 3,060
4,530 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections-Ten Administrative Segregation Housing Units), Series A, 5.25% due
3/01/2020 (a) 4,841
16,675 California State Public Works Board, Lease Revenue Refunding Bonds (Department of
Corrections), Series B, 5.625% due 11/01/2016 (g) 17,561
2,375 California State University and Colleges, Housing System Revenue Refunding Bonds,
5.90% due 11/01/2005 (b)(h) 2,440
1,000 California State University, Sacramento Foundation, Auxiliary Organization Revenue
Bonds, Series A, 5.50% due 10/01/2037 (g) 1,105
4,100 California Statewide Communities Development Authority, COP (Kaiser Permanente),
5.30% due 12/01/2015 (e)(k) 4,277
3,685 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 4,096
8,155 Calleguas-Las Virgenes, California, Public Financing Authority Revenue Bonds
(Calleguas Municipal Water District Project), Series A, 5% due 7/01/2033 (g) 8,540
6,000 Capistrano, California, Unified School District, Community Facility District,
Special Tax Refunding Bonds, 5% due 9/01/2029 (b) 6,376
Ceres, California, Redevelopment Agency, Tax Allocation Bonds (Ceres Redevelopment
Project Area Number 1) (g):
4,600 5.75% due 11/01/2030 5,150
4,000 5% due 11/01/2033 4,222
6,000 Chaffey, California, Union High School District, GO, Series C, 5.375% due
5/01/2023 (e) 6,646
5,910 Chula Vista, California, Elementary School District, COP, 5% due 9/01/2029 (g) 6,200
2,540 Coalinga, California, Redevelopment Agency Tax Allocation Bonds, 5.90% due
9/15/2025 (g) 2,869
2,000 Compton, California, Unified School District, GO (Election of 2002), Series B,
5% due 6/01/2029 (g) 2,112
4,135 Contra Costa, California, Water District, Water Revenue Refunding Bonds, Series L,
5% due 10/01/2032 (e) 4,323
12,180 Contra Costa County, California, COP, Refunding (Merrithew Memorial Hospital
Project), 5.375% due 11/01/2017 (g) 13,012
8,500 Corona, California, COP (Clearwater Cogeneration Project), 5% due 9/01/2028 (g) 8,867
2,000 Corona, California, Community Development Agency, Tax Allocation Bonds (Coronado
Community Development Project), 5.60% due 9/01/2030 (g) 2,203
6,000 East Bay, California, Municipal Utility District, Water System Revenue Bonds,
Sub-Series A, 5% due 6/01/2027 (g) 6,388
1,500 El Monte, California, City School District, GO, Refunding, Series A, 6.25% due
5/01/2010 (e)(h) 1,701
El Monte, California, School District, GO, Series B (b):
3,025 5.375% due 5/01/2022 3,351
2,525 5.375% due 5/01/2027 2,759
10,755 Fremont, California, Unified School District, Alameda County, GO, Series A, 5.50%
due 8/01/2026 (b) 11,968
4,295 Fresno, California, Joint Powers Financing Authority, Lease Revenue Bonds, Series
A, 5.75% due 6/01/2026 (e) 4,794
Hesperia, California, Community Redevelopment Agency, Tax Allocation Bonds,
Series A (m):
5,000 5% due 9/01/2025 5,271
3,840 5% due 9/01/2035 4,007
1,000 Huntington Beach, California, Union High School District, GO (Election of 2004),
5% due 8/01/2029 (e) 1,057
4,390 Glendale, California, Electric Revenue Bonds, 5% due 2/01/2032 (g) 4,591
2,500 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A,
5.25% due 9/01/2024 (a) 2,720
3,800 Las Lomitas, California, School District, GO (Election of 2001), 5.50% due
7/01/2022 (e) 4,264
3,050 Little Lake, California, City School District, GO, Refunding, 5.50% due
7/01/2025 (e) 3,432
10,260 Lodi, California, Unified School District, GO (Election of 2002), 5% due
8/01/2029 (e) 10,792
7,575 Long Beach, California, Harbor Revenue Bonds, RIB, AMT, Series 786-X, 8.15%
due 5/15/2024 (i) 8,369
10,000 Los Angeles, California, Community Redevelopment Agency, Community Redevelopment
Financing Authority Revenue Bonds (Bunker Hill Project), Series A, 5% due
12/01/2027 (e) 10,510
Los Angeles, California, Department of Airports, Airport Revenue Bonds, AMT (b):
290 (Los Angeles International Airport), Series D, 5.625% due 5/15/2012 294
2,500 (Ontario International Airport), Series A, 6% due 5/15/2017 2,579
Los Angeles, California, Harbor Department Revenue Bonds, AMT (g)(i):
7,365 RIB, Series 349, 9.85% due 11/01/2026 8,058
7,000 Trust Receipts, Class R, Series 7, 9.793% due 11/01/2026 7,659
7,000 Los Angeles, California, Unified School District, GO, Series E, 5% due
7/01/2030 (a) 7,427
3,165 Los Angeles, California, Water and Power Revenue Refunding Bonds (Power System),
Series A-A-2, 5.375% due 7/01/2021 (g) 3,424
Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax
Revenue Refunding Bonds:
6,500 Proposition A, First Tier Senior-Series A, 5% due 7/01/2035 (a) 6,886
2,000 Proposition C, Second Tier Senior-Series A, 5.25% due 7/01/2030 (b) 2,144
5,830 Los Gatos, California, Joint Union High School District, GO (Election of 1998),
Series C, 5.375% due 6/01/2012 (e)(h) 6,552
3,000 Los Rios, California, Community College District, GO (Election of 2002), Series B,
5% due 8/01/2027 (g) 3,169
Metropolitan Water District of Southern California, Waterworks Revenue Bonds:
5,370 Series B-1, 5% due 10/01/2033 (b) 5,642
1,090 Series B-3, 5% due 10/01/2029 (g) 1,153
4,245 Nevada County, California, COP, Refunding, 5.25% due 10/01/2019 (g) 4,595
2,000 New Haven, California, Unified School District, GO, Refunding, 5.75% due
8/01/2020 (e) 2,248
2,000 Oakland, California, State Building Authority, Lease Revenue Bonds (Elihu M.
Harris State Office Building), Series A, 5.50% due 4/01/2014 (a) 2,142
1,245 Orange County, California, Airport Revenue Refunding Bonds, AMT, 5.625% due
7/01/2012 (g) 1,323
6,360 Orange County, California, Public Financing Authority, Lease Revenue Refunding
Bonds (Juvenile Justice Center Facility), 5.375% due 6/01/2018 (a) 7,031
16,920 Orange County, California, Recovery COP, Refunding, Series A, 6% due 7/01/2026 (g) 17,696
10,000 Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk
Sewer and Headworks Projects), Series A, 5.25% due 6/01/2034 (b) 10,814
9,645 Oxnard, California, Unified High School District, GO, Refunding, Series A, 6.20%
due 8/01/2030 (g) 11,382
1,275 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2035 (g) 1,424
4,640 Palmdale, California, Water District Public Facility Corporation, COP, 5% due
10/01/2029 (b) 4,869
10,000 Port of Oakland, California, RITR, AMT, Class R, Series 5, 8.828% due
11/01/2012 (b)(i) 11,668
7,500 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2029 (b) 8,069
19,035 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due
11/01/2027 (b) 20,358
Rio Hondo, California, Community College District, GO, Series A (g):
3,000 5% due 8/01/2026 3,172
3,500 5.25% due 6/01/2029 3,798
3,000 Riverside, California, COP, 5% due 9/01/2028 (a) 3,134
6,000 Riverside, California, Unified School District, GO (Election of 2001), Series A,
5.25% due 2/01/2023 (b) 6,531
4,500 Riverside County, California, Asset Leasing Corporation, Leasehold Revenue Refunding
Bonds (Riverside County Hospital Project), Series B, 5.70% due 6/01/2016 (g) 5,082
2,565 Saddleback Valley, California, Unified School District, GO, 5% due 8/01/2029 (e) 2,712
San Benito, California, Health Care District, GO (m):
3,445 5% due 7/01/2029 3,615
4,070 5% due 7/01/2031 4,261
5,000 San Bernardino, California, City Unified School District, GO, Series A, 5% due
8/01/2028 (e) 5,278
730 San Bernardino County, California, S/F Home Mortgage Revenue Refunding Bonds, AMT,
Series A-1, 6.25% due 12/01/2031 (d)(f) 736
San Diego County, California, COP (Salk Institute for Bio Studies) (g):
3,570 5.75% due 7/01/2022 3,968
5,200 5.75% due 7/01/2031 5,797
7,350 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2030 (e) 7,774
3,000 San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, Second Series, Issue 12-B, 5.625% due 5/01/2021 (b) 3,089
San Francisco, California, City and County Airport Commission, International Airport
Revenue Refunding Bonds, Second Series 28B (g):
3,000 5.25% due 5/01/2023 3,242
6,455 5.25% due 5/01/2024 6,969
San Francisco, California, City and County Airport Commission, International Airport,
Special Facilities Lease Revenue Bonds (SFO Fuel Company LLC), AMT, Series A (e):
1,000 6.10% due 1/01/2020 1,078
985 6.125% due 1/01/2027 1,062
San Francisco, California, Community College District, GO, Refunding, Series A (b):
1,735 5.375% due 6/15/2019 1,908
1,730 5.375% due 6/15/2020 1,889
1,925 5.375% due 6/15/2021 2,102
4,135 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (g) 4,329
3,650 San Jose, California, Redevelopment Agency, Tax Allocation Bonds, RIB, AMT, Series
149, 9.05% due 8/01/2027 (g)(i) 4,142
1,000 San Jose, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Merged
Area Redevelopment Project), Series A, 5% due 8/01/2024 (b) 1,065
4,250 San Juan, California, Unified School District, GO (Election of 2002), 5% due
8/01/2028 (g) 4,470
1,700 San Mateo County, California, Community College District, COP, 5% due 10/01/2029 (g) 1,784
2,595 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds (Bayshore
North Project), Series A, 5.25% due 6/01/2019 (a) 2,793
5,500 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5% due
7/01/2028 (g) 5,782
1,100 Santa Clara Valley, California, Water District, Water Utility System Revenue,
Series A, 5.125% due 6/01/2031 (b) 1,164
Santa Rosa, California, High School District, GO:
3,000 5.375% due 8/01/2026 (e) 3,263
2,500 (Election of 2002), 5% due 8/01/2028 (g) 2,630
6,750 Shasta, California, Joint Powers Financing Authority, Lease Revenue Bonds (County
Administration Building Project), Series A, 5% due 4/01/2033 (g) 7,024
5,000 Southern California Public Power Authority, Power Project Revenue Bonds (Magnolia
Power Project), Series A-1, 5% due 7/01/2033 (a) 5,243
South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds
(South Tahoe Redevelopment Project Area No. 1), Series A:
1,645 5% due 10/01/2029 (e) 1,726
5,830 5% due 10/01/2034 (e) 6,105
5,455 5% due 10/01/2035 (a) 5,731
1,055 Stockton, California, Public Financing Revenue Refunding Bonds, Series A, 5.875%
due 9/02/2016 (e) 1,065
1,000 Sweetwater, California, Union High School District, Public Financing Authority,
Special Tax Revenue Bonds, Series A, 5% due 9/01/2024 (e) 1,056
1,500 Tehachapi, California, COP, Refunding (Installment Sale), 5.75% due 11/01/2016 (e) 1,692
6,000 Tracy, California, Community Development Agency, Tax Allocation Refunding Bonds,
Series A, 5% due 3/01/2034 (a) 6,242
3,000 Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A, 5%
due 9/15/2033 (b) 3,151
University of California Revenue Bonds:
8,720 (Multiple Purpose Projects), Series Q, 5% due 9/01/2024 (e) 9,168
6,110 (Multiple Purpose Projects), Series Q, 5% due 9/01/2033 (e) 6,397
4,790 Series O, 5.125% due 9/01/2031 (b) 5,023
6,130 Vacaville, California, Unified School District, GO (Election of 2001), 5.25% due
8/01/2012 (e)(h) 6,854
3,395 Ventura County, California, Community College District, GO, Refunding, Series A,
5% due 8/01/2027 (g) 3,569
2,550 Vista, California, Unified School District, GO, Series B, 5% due 8/01/2028 (b) 2,682
2,185 Walnut, California, Public Financing Authority, Tax Allocation Revenue Bonds (Walnut
Improvement Project), 5.375% due 9/01/2021 (a) 2,381
6,690 West Contra Costa, California, Unified School District, GO (Election of 2002),
Series B, 5% due 8/01/2032 (e) 6,989
1,700 Whittier, California, Redevelopment Agency, Tax Allocation Bonds (Earthquake
Redevelopment), Series A, 5% due 11/01/2035 (m) 1,772
Puerto Rico - 10.0% Puerto Rico Commonwealth, Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A:
20,000 4.56%* due 7/01/2029 (a) 6,713
3,300 4.67%* due 7/01/2037 (a) 741
5,500 4.77%* due 7/01/2043 (a) 907
4,700 4.77%* due 7/01/2045 (b) 703
8,410 Puerto Rico Commonwealth, Public Improvement, GO, 5.75% due 7/01/2010 (g) 9,335
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due
7/01/2029 1,058
10,000 Puerto Rico Municipal Finance Agency, GO, RIB, Series 225, 8.89% due
8/01/2012 (e)(i) 12,045
20,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds,
Series E, 5.75% due 2/01/2007 (h) 20,828
Total Municipal Bonds (Cost - $698,631) - 141.0% 737,203
Shares
Held Short-Term Securities
900 CMA California Municipal Money Fund (l) 900
Total Short-Term Securities (Cost - $900) - 0.2% 900
Total Investments (Cost - $699,531**) - 141.2% 738,103
Other Assets Less Liabilities - 2.8% 14,558
Preferred Stock, at Redemption Value - (44.0%) (230,030)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 522,631
===========
* Represents a zero coupon bond; the interest rate shown reflects the effective yield
at the time of purchase by the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 699,531
===============
Gross unrealized appreciation $ 38,991
Gross unrealized depreciation (419)
---------------
Net unrealized appreciation $ 38,572
===============
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHLMC Collateralized.
(d) FNMA Collateralized.
(e) FSA Insured.
(f) GNMA Collateralized.
(g) MBIA Insured.
(h) Prerefunded.
(i) The rate disclosed is that currently in effect. This rate changes periodically and
inversely based upon prevailing market rates.
(j) Security may have a maturity of more than one year at time of issuance, but has variable
rate and demand features that qualify it as a short-term security. The rate disclosed is
that currently in effect. This rate changes periodically based upon prevailing market rates.
(k) Escrowed to maturity.
(l) 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:
(in Thousands)
Net Dividend
Affiliate Activity Income
CMA California Municipal
Money Fund 867 $9
(m) XL Capital Insured.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is 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.
MuniYield California Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield California Insured Fund, Inc.
Date: September 23, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield California Insured Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield California Insured Fund, Inc.
Date: September 23, 2005