calinsured -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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: Donald C. Burke, Chief Executive Officer, BlackRock
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: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 01/31/2008

Item 1 – Schedule of Investments

BlackRock MuniYield California Insured Fund, Inc.         
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
    Face             
    Amount    Municipal Bonds    Value 
 
 
 
California - 138.4%    $ 7,000    ABAG Finance Authority for Nonprofit Corporations, California, COP (Children's Hospital Medical Center), 6%         
        due 12/01/2009 (a)(g)    $ 7,550 
   
 
 
    2,350    Alameda, California, GO, 5% due 8/01/2033 (f)        2,425 
   
 
 
 
    5,665    Alhambra, California, Unified School District, GO (Election of 2004), Series A, 5% due 8/01/2029 (b)        5,873 
   
 
 
 
    3,580    Anaheim, California, Public Financing Authority, Electric System Distribution Facilities Revenue Bonds, Series A, 5%         
        due 10/01/2031 (e)        3,722 
   
 
 
 
    2,400    Anaheim, California, Union High School District, GO (Election of 2002), 5% due 8/01/2027 (f)        2,465 
   
 
 
 
    254    Bay Area Government Association, California, Tax Allocation Revenue Refunding Bonds (California Redevelopment         
        Agency Pool), Series A, 6% due 12/15/2024 (e)        258 
   
 
 
 
    3,980    Brentwood, California, Infrastructure Refinancing Authority, Infrastructure Revenue Refunding Bonds, Series A, 5.20%         
        due 9/02/2029 (e)        4,227 
   
 
 
 
    3,215    California Community College Financing Authority, Lease Revenue Bonds, Series A, 5.95% due 12/01/2009 (f)(g)        3,496 
   
 
 
 
    1,100    California Community College Financing Authority, Lease Revenue Bonds, Series A, 6% due 12/01/2009 (f)(g)        1,197 
   
 
 
 
    5,000    California Educational Facilities Authority Revenue Bonds (University of San Diego), Series A, 5.50% due 10/01/2032        5,227 
   
 
 
 
    9,115    California Educational Facilities Authority, Student Loan Revenue Bonds (CalEdge Loan Program), AMT, 5.55%         
        due 4/01/2028 (a)        9,224 
   
 
 
 
    20    California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series N, 2% due 8/01/2021 (e)(m)        20 
   
 
 
 
    30    California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series R, 2.80% due 8/01/2032 (a)(m)        30 
   
 
 
 
    1,700    California HFA, Home Mortgage Revenue Bonds, VRDN, Series F, 2% due 2/01/2033 (a)(m)        1,700 
   
 
 
 
    2,750    California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente), Series A, 5.50% due 6/01/2022 (e)(i)    2,826 
   
 
 
    265    California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities         
        Program), AMT, Series A, 6.35% due 12/01/2029 (c)(d)        273 
   
 
 
 
    120    California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities         
        Program), AMT, Series B, 6.25% due 12/01/2031 (d)        123 
   
 
 
 
    12,680    California State Department of Veteran Affairs, Home Purchase Revenue Refunding Bonds, Series A, 5.35% due         
        12/01/2027 (a)        13,101 
   
 
 
 
    860    California State, GO, 6.25% due 10/01/2019 (f)        865 
   
 
 
 
    3,000    California State, GO, Refunding, 5.25% due 2/01/2029        3,071 
   
 
 
 
    19,865    California State, GO, Refunding, Veterans, AMT, Series B, 5.70% due 12/01/2032 (a)        20,029 
   
 
 
 
    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)        4,847 
   
 
 
 
    2,720    California State University, Systemwide Revenue Refunding Bonds, Series A, 5.125% due 11/01/2026 (a)        2,832 
   
 
 
 

Portfolio Abbreviations
To simplify the listings of BlackRock 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 below.

AMT    Alternative Minimum Tax (subject to)    HFA    Housing Finance Agency 
COP    Certificates of Participation    RIB    Residual Interest Bonds 
DRIVERS Derivative Inverse Tax-Exempt Receipts    S/F    Single-Family 
GO    General Obligation Bonds    VRDN    Variable Rate Demand Notes 

1

BlackRock MuniYield California Insured Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 5,950    California State, Various Purpose, GO, 5.50% due 11/01/2033    $ 6,280 
 
 
4,100    California Statewide Communities Development Authority, COP (Kaiser Permanente), 5.30% due 12/01/2015 (e)(i)    4,335 
 
 
3,685    California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial Health Services),     
    Series A, 6% due 10/01/2023    3,942 
 
 
2,650    California Statewide Communities Development Authority, Revenue Refunding Bonds (Kaiser Permanente),     
    Series A, 5% due 4/01/2031    2,646 
 
 
7,000    Capistrano, California, Unified School District, Community Facility District, Special Tax Refunding Bonds, 5% due     
    9/01/2029 (b)    6,981 
 
 
6,705    Chabot-Las Positas, California, Community College District, GO (Election of 2004), Series B, 5.17% due 8/01/2026 (a)(j)    2,561 
 
 
6,000    Chaffey, California, Union High School District, GO, Series C, 5.375% due 5/01/2023 (e)    6,485 
 
 
3,675    Chino Basin, California, Regional Financing Authority, Revenue Refunding Bonds (Inland Empire Utility Agency),     
    Series A, 5% due 11/01/2038 (a)    3,731 
 
 
3,000    Chino Valley, California, Unified School District, GO (Election of 2002), Series C, 5.25% due 8/01/2030 (f)    3,181 
 
 
5,910    Chula Vista, California, Elementary School District, COP, 5% due 9/01/2029 (f)    5,986 
 
 
10,000    Coachella Valley, California, Unified School District, COP, 5% due 9/01/2036 (a)    10,076 
 
 
3,275    Coachella Valley, California, Unified School District, GO (Election of 2005), Series A, 5% due 8/01/2025 (b)    3,339 
 
 
2,540    Coalinga, California, Redevelopment Agency Tax Allocation Bonds, 5.90% due 9/15/2025 (f)    2,752 
 
 
4,135    Contra Costa, California, Water District, Water Revenue Refunding Bonds, Series L, 5% due 10/01/2032 (e)    4,303 
 
 
1,735    Contra Costa, California, Water District, Water Revenue Refunding Bonds, Series O, 5% due 10/01/2024 (a)    1,844 
 
 
8,500    Corona, California, COP (Clearwater Cogeneration Project), 5% due 9/01/2028 (f)    8,603 
 
 
1,485    East Bay, California, Municipal Utility District, Wastewater System Revenue Refunding Bonds, Sub-Series A, 5% due     
    6/01/2037 (a)    1,534 
 
 
1,100    El Centro, California, Financing Authority, Water Revenue Bonds, Series A, 5.25% due 10/01/2035 (e)    1,169 
 
 
6,000    Fremont, California, Unified School District, Alameda County, GO (Election of 2002), Series B, 5% due 8/01/2030 (e)    6,247 
 
 
10,755    Fremont, California, Unified School District, Alameda County, GO, Series A, 5.50% due 8/01/2026 (b)    11,563 
 
 
4,295    Fresno, California, Joint Powers Financing Authority, Lease Revenue Bonds, Series A, 5.75% due 6/01/2026 (e)    4,581 
 
 
6,930    Fullerton, California, Public Financing Authority, Tax Allocation Revenue Bonds, 5% due 9/01/2027 (a)    6,977 
 
 
4,390    Glendale, California, Electric Revenue Bonds, 5% due 2/01/2032 (f)    4,495 
 
 
1,350    Glendora, California, Unified School District, GO (Election of 2005), Series A, 5% due 8/01/2027 (f)    1,411 
 
 
2,700    Glendora, California, Unified School District, GO (Election of 2005), Series A, 5.25% due 8/01/2030 (f)    2,871 
 
 
5,710    Hanford, California, Joint Unified High School District, GO (Election of 2004), Series A, 4.75% due 8/01/2029 (e)    5,827 
 
 
5,000    Hollister, California, Joint Powers Finance Authority, Wastewater Revenue Refunding Bonds (Refining and     
    Improvement Project), Series 1, 5% due 6/01/2032 (e)    5,195 
 
 
6,000    Hollister, California, Joint Powers Finance Authority, Wastewater Revenue Refunding Bonds (Refining and     
    Improvement Project), Series 1, 5% due 6/01/2037 (e)    6,215 
 
 
4,090    Imperial, California, Community College District, GO (Election of 2004), 5% due 8/01/2029 (b)    4,128 
 
 
2,500    La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A, 5.25% due 9/01/2024 (a)    2,663 
 
 
10,260    Lodi, California, Unified School District, GO (Election of 2002), 5% due 8/01/2029 (e)    10,659 
 
 
7,500    Los Angeles, California, Community College District, GO (Election of 2003), Series E, 5% due 8/01/2031 (e)    7,843 
 
 
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)    10,308 
 
 

2

BlackRock MuniYield California Insured Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 290    Los Angeles, California, Department of Airports, Airport Revenue Bonds (Los Angeles International Airport), AMT,     
    Series D, 5.625% due 5/15/2012 (b)    $ 291 
 
 
2,880    Los Angeles, California, Unified School District, GO (Election of 2004), Series C, 5% due 7/01/2027 (b)    2,987 
 
 
5,365    Los Angeles, California, Unified School District, GO (Election of 2004), Series F, 4.75% due 7/01/2027 (b)    5,454 
 
 
5,000    Los Angeles, California, Unified School District, GO (Election of 2004), Series F, 5% due 7/01/2030 (b)    5,195 
 
 
4,000    Los Angeles, California, Unified School District, GO, Refunding, Series B, 4.75% due 7/01/2025 (b)    4,083 
 
 
7,000    Los Angeles, California, Unified School District, GO, Series E, 5% due 7/01/2030 (a)    7,200 
 
 
5,000    Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1, 5% due 7/01/2031 (e)    5,204 
 
 
5,000    Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1, 5% due 7/01/2037 (a)    5,167 
 
 
3,165    Los Angeles, California, Water and Power Revenue Refunding Bonds (Power System), Series A-A-2, 5.375% due     
    7/01/2021 (f)    3,378 
 
 
5,240    Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds,     
    Proposition A, First Tier Senior-Series A, 5% due 7/01/2027 (a)    5,433 
 
 
6,500    Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds,     
    Proposition A, First Tier Senior-Series A, 5% due 7/01/2035 (a)    6,682 
 
 
8,735    Los Angeles County, California, Public Works Financing Authority, Lease Revenue Refunding Bonds (Master     
    Refunding Project), Series A, 5% due 12/01/2028 (f)    8,876 
 
 
3,000    Los Rios, California, Community College District, GO (Election of 2002), Series B, 5% due 8/01/2027 (f)    3,094 
 
 
2,010    Madera, California, Public Financing Authority, Water and Wastewater Revenue Refunding Bonds, 5% due 3/01/2036 (f)    2,075 
 
 
6,865    Merced, California, Community College District, GO (School Facilities District Number 1), 5% due 8/01/2031 (f)    7,154 
 
 
5,370    Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Series B-1, 5% due 10/01/2033 (b)    5,524 
 
 
8,000    Murrieta Valley, California, Unified School District, Public Financing Authority, Special Tax Revenue Bonds, Series A,     
    5.125% due 9/01/2026 (l)    8,405 
 
 
9,070    Napa, California, Water Revenue Bonds, 5% due 5/01/2035 (a)    9,375 
 
 
6,015    Natomas Unified School District, California, GO (Election of 2006), 5% due 8/01/2028 (b)    6,236 
 
 
4,245    Nevada County, California, COP, Refunding, 5.25% due 10/01/2019 (f)    4,524 
 
 
2,000    New Haven, California, Unified School District, GO, Refunding, 5.75% due 8/01/2020 (e)    2,222 
 
 
4,270    Oakland, California, Sewer Revenue Bonds, Series A, 5% due 6/15/2029 (e)    4,428 
 
 
2,000    Oakland, California, State Building Authority, Lease Revenue Bonds (Elihu M. Harris State Office Building), Series A,     
    5.50% due 4/01/2008 (a)(g)    2,031 
 
 
1,245    Orange County, California, Airport Revenue Refunding Bonds, AMT, 5.625% due 7/01/2012 (f)    1,273 
 
 
6,360    Orange County, California, Public Financing Authority, Lease Revenue Refunding Bonds (Juvenile Justice Center     
    Facility), 5.375% due 6/01/2018 (a)    6,933 
 
 
10,000    Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk Sewer and Headworks Projects),     
    Series A, 5.25% due 6/01/2034 (b)    10,466 
 
 
9,645    Oxnard, California, Unified High School District, GO, Refunding, Series A, 6.20% due 8/01/2030 (f)    10,572 
 
 
1,275    Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds (Convention Center Project), Series A,     
    5.50% due 11/01/2035 (f)    1,373 
 
 
4,640    Palmdale, California, Water District Public Facility Corporation, COP, 5% due 10/01/2029 (b)    4,703 
 
 
9,300    Palomar Pomerado Health Care District, California, GO (Election of 2004), Series A, 5.125% due 8/01/2037 (f)    9,665 
 
 
6,695    Peralta, California, Community College District, GO (Election of 2007), Series B, 5% due 8/01/2037 (e)    6,994 
 
 

3

BlackRock MuniYield California Insured Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 5,000    Placentia-Yorba Linda, California, Unified School District, COP, 5% due 10/01/2030 (b)    $ 5,070 
 
 
5,000    Placentia-Yorba Linda, California, Unified School District, GO (Election of 2002), Series C, 5% due 8/01/2029 (f)    5,196 
 
 
3    Port of Oakland, California, RIB, AMT, Series 1192, 5% due 11/01/2027 (b)(h)    3 
 
 
5,450    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2012 (b)    5,744 
 
 
5,920    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2013 (b)    6,249 
 
 
2,150    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2014 (b)    2,269 
 
 
3,735    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2016 (b)    3,860 
 
 
2,745    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.875% due 11/01/2017 (b)    2,840 
 
 
7,500    Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2029 (b)    7,732 
 
 
3,000    Riverside, California, COP, 5% due 9/01/2028 (a)    3,030 
 
 
6,000    Riverside, California, Unified School District, GO (Election of 2001), Series A, 5.25% due 2/01/2023 (b)    6,390 
 
 
7,515    Riverside, California, Unified School District, GO (Election of 2001), Series B, 5% due 8/01/2030 (f)    7,837 
 
 
4,500    Riverside County, California, Asset Leasing Corporation, Leasehold Revenue Refunding Bonds (Riverside County     
    Hospital Project), Series B, 5.70% due 6/01/2016 (f)    5,029 
 
 
3,000    Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds (Community Rein Capital     
    Program), Series A, 5% due 12/01/2036 (a)    3,084 
 
 
6,590    Sacramento, California, City Financing Authority, Tax Allocation Revenue Bonds (Merged Downtown and Oak Park     
    Projects), Series A, 5.03% due 12/01/2032 (b)(j)    1,609 
 
 
4,500    Sacramento, California, Municipal Utility District Financing Authority Revenue Bonds (Consumers Project), 5% due     
    7/01/2021 (f)    4,590 
 
 
2,565    Saddleback Valley, California, Unified School District, GO, 5% due 8/01/2029 (e)    2,661 
 
 
5,000    San Bernardino, California, City Unified School District, GO, Series A, 5% due 8/01/2028 (e)    5,191 
 
 
320    San Bernardino County, California, S/F Home Mortgage Revenue Refunding Bonds, AMT, Series A-1, 6.25% due     
    12/01/2031 (d)    329 
 
 
16,000    San Diego, California, Certificates of Undivided Interest, Water Utility Fund, Net System Revenue Bonds, 5.20% due     
    8/01/2024 (b)    16,293 
 
 
2,720    San Diego, California, Redevelopment Agency, Subordinate Tax Allocation Bonds (Centre City Redevelopment Project),     
    Series A, 5.25% due 9/01/2024 (a)    2,838 
 
 
2,860    San Diego, California, Redevelopment Agency, Subordinate Tax Allocation Bonds (Centre City Redevelopment Project),     
    Series A, 5.25% due 9/01/2025 (a)    2,968 
 
 
5,400    San Diego, California, Unified Port District, Revenue Refunding Bonds, AMT, Series A, 5.25% due 9/01/2019 (f)    5,741 
 
 
3,570    San Diego County, California, COP (Salk Institute for Bio Studies), 5.75% due 7/01/2022 (f)    3,819 
 
 
5,200    San Diego County, California, COP (Salk Institute for Bio Studies), 5.75% due 7/01/2031 (f)    5,534 
 
 
7,350    San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A, 5% due 5/01/2030 (e)    7,534 
 
 
10,000    San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A, 5% due 5/01/2031 (e)    10,244 
 
 
19,630    San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5% due     
    7/01/2030 (f)    20,305 
 
 
1,000    San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue     
    Bonds (SFO Fuel Company LLC), AMT, Series A, 6.10% due 1/01/2020 (e)    1,022 
 
 
985    San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue     
    Bonds (SFO Fuel Company LLC), AMT, Series A, 6.125% due 1/01/2027 (e)    1,006 
 
 

4

BlackRock MuniYield California Insured Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
    Face         
Amount    Municipal Bonds    Value 
 
 
$ 1,735    San Francisco, California, Community College District, GO, Refunding, Series A, 5.375% due 6/15/2019 (b)    $ 1,856 
 
 
    1,730    San Francisco, California, Community College District, GO, Refunding, Series A, 5.375% due 6/15/2020 (b)    1,850 
 
 
 
    1,925    San Francisco, California, Community College District, GO, Refunding, Series A, 5.375% due 6/15/2021 (b)    2,059 
 
 
 
    4,135    San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028 (f)    4,176 
 
 
 
    1,632    San Jose, California, Financing Authority, Lease Revenue Refunding Bonds, DRIVERS, Series 1280Z, 6.474% due     
        12/01/2010 (a)(h)    1,693 
 
 
 
    7,300    San Jose, California, Redevelopment Agency, Tax Allocation Bonds (Housing Set-Aside Merged Area), AMT, Series E,     
        5.85% due 8/01/2027 (f)    7,483 
 
 
 
    4,250    San Juan, California, Unified School District, GO (Election of 2002), 5% due 8/01/2028 (f)    4,357 
 
 
 
    4,350    San Mateo County, California, Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5% due 6/01/2029 (f)    4,517 
 
 
 
    4,825    San Ysidro, California, School District, Capital Appreciation, GO (Election of 1997), Series E, 5.22% due 8/01/2030 (e)(j)    1,550 
 
 
 
    5,500    Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5% due 7/01/2028 (f)    5,625 
 
 
 
    3,000    Santa Rosa, California, High School District, GO, 5.375% due 8/01/2026 (e)    3,199 
 
 
 
    2,500    Santa Rosa, California, High School District, GO (Election of 2002), 5% due 8/01/2028 (f)    2,563 
 
 
 
    6,750    Shasta, California, Joint Powers Financing Authority, Lease Revenue Bonds (County Administration Building Project),     
        Series A, 5% due 4/01/2033 (f)    6,805 
 
 
 
    1,645    South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds (South Tahoe Redevelopment     
        Project Area Number 1), Series A, 5% due 10/01/2029 (e)    1,688 
 
 
 
    2,600    Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System Capital Improvement Projects),     
        Series A, 5% due 10/01/2031 (f)    2,690 
 
 
 
    1,020    Stockton, California, Public Financing Revenue Refunding Bonds, Series A, 5.875% due 9/02/2016 (e)    1,033 
 
 
 
    1,500    Tehachapi, California, COP, Refunding (Installment Sale), 5.75% due 11/01/2016 (e)    1,661 
 
 
 
    6,000    Tracy, California, Community Development Agency, Tax Allocation Refunding Bonds, Series A, 5% due 3/01/2034 (a)    5,997 
 
 
 
    3,000    Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A, 5% due 9/15/2033 (b)    3,054 
 
 
 
    11,110    University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due 9/01/2011 (e)(g)    12,197 
 
 
 
    4,790    University of California Revenue Bonds, Series O, 5.125% due 9/01/2010 (b)(g)    5,175 
 
 
 
    3,395    Ventura County, California, Community College District, GO, Refunding, Series A, 5% due 8/01/2027 (f)    3,487 
 
 
 
    6,750    Vista, California, COP (Community Projects), 5% due 5/01/2037 (f)    6,779 
 
 
 
    2,550    Vista, California, Unified School District, GO, Series B, 5% due 8/01/2028 (b)    2,614 
 
 
 
    2,185    Walnut, California, Public Financing Authority, Tax Allocation Revenue Bonds (Walnut Improvement Project), 5.375%     
        due 9/01/2021 (a)    2,329 
 
 
 
    6,690    West Contra Costa, California, Unified School District, GO (Election of 2002), Series B, 5% due 8/01/2032 (e)    6,859 
 
 
 
Puerto Rico - 3.9%    7,000    Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series UU, 5% due 7/01/2024 (e)    7,337 
   
 
 
    10,000    Puerto Rico Municipal Finance Agency, GO, RIB, Series 225, 9.06% due 8/01/2012 (e)(h)    11,126 
 
 
 
    10,000    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds, Series A, 5.04% due 8/01/2045 (f)(j)    1,344 
 
 
 
        Total Municipal Bonds (Cost - $698,557) - 142.3%    712,229 
 
 
 
        Municipal Bonds Transferred to Tender Option Bond Trusts (n)     
 
 
 
California - 16.2%    10,000    East Bay Municipal Utility District, California, Water System Revenue Bonds, Sub-Series A, 5% due 6/01/2035 (f)    10,302 
   
 
 
    15,150    Long Beach, California, Harbor Revenue Bonds, AMT, Series A, 5.375% due 5/15/2024    15,658 
 
 
 
    16,000    Los Angeles, California, Department of Water and Power, Power System Revenue Refunding Bonds, Series A, Sub-     
        Series A-2, 5% due 7/01/2027 (f)    16,396 
 
 
 

5

BlackRock MuniYield California Insured Fund, Inc.     
Schedule of Investments as of January 31, 2008 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds Transferred to Tender Option Bond Trusts (n)                   Value 
 
 
$ 19,035    Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due 11/01/2027 (b)    $ 19,500 
 
 
10,500    San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5%     
    due 7/01/2034 (f)    10,828 
 
 
8,137    San Jose, California, Financing Authority, Lease Revenue Refunding Bonds (Civic Center Project), Series B, 5%     
    due 6/01/2032 (a)    8,290 
 
 
    Total Municipal Bonds Transferred to Tender Option Bond Trusts (Cost - $81,359) - 16.2%    80,974 
 
 
Shares         
Held    Short-Term Securities     
 
 
12,868    CMA California Municipal Money Fund, 2.12% (j)(k)    12,868 
 
 
    Total Short-Term Securities (Cost - $12,868) - 2.6%    12,868 
 
 
    Total Investments (Cost - $792,778*) - 161.1%    806,071 
    Other Assets Less Liabilities - 1.8%    9,006 
    Liability for Trust Certificates, Including Interest Expense Payable - (7.9%)    (39,639) 
    Preferred Stock, at Redemption Value - (55.0%)    (275,143) 
       
    Net Assets Applicable to Common Stock - 100.0%    $ 500,295 
       

  * The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal income tax purposes,
were as follows:

Aggregate cost    $ 753,841 
   
Gross unrealized appreciation    $ 16,523 
Gross unrealized depreciation    (3,704) 
   
Net unrealized appreciation    $ 12,819 
   

(a)      AMBAC Insured.
 
(b)      FGIC Insured.
 
(c)      FHLMC Collateralized.
 
(d)      FNMA/GNMA Collateralized.
 
(e)      FSA Insured.
 
(f)      MBIA Insured.
 
(g)      Prerefunded.
 
(h)      The rate disclosed is that currently in effect. This rate changes periodically and inversely based upon prevailing market rates.
 
(i)      Escrowed to maturity.
 
(j)      Represents a zero coupon bond; the interest rate shown is the effective yield at the time of purchase.
 
(k)      Represents the current yield as of January 31, 2008.
 
(l)      Assured Guaranty Insured.
 
(m)      Variable rate security. Rate shown is interest rate as of the report date.
 
(n)      Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund may have acquired the residual interest certificates. These securities serve as collateral in a financing transaction.
 

6

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 13a-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/ Donald C. Burke

  Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield California Insured Fund, Inc.

  Date: March 24, 2008

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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield California Insured Fund, Inc.

  Date: March 24, 2008

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

Date: March 24, 2008