Muni6 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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 – 04/30/2008

Item 1 – Report to Stockholders



EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

APRIL 30, 2008 | (UNAUDITED)

BlackRock MuniYield Arizona Fund, Inc. (MZA)

BlackRock MuniYield California Fund, Inc. (MYC)

BlackRock MuniYield California Insured Fund, Inc. (MCA)

BlackRock MuniYield Florida Fund (MYF)

BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)

BlackRock MuniYield New York Insured Fund, Inc. (MYN)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents     

 
 
    Page 

 
 
A Letter to Shareholders    3 
Semi-Annual Report:     
Fund Summaries    4 
The Benefits and Risks of Leveraging    10 
Swap Agreements    10 
Financial Statements:     
       Schedules of Investments    11 
       Statements of Assets and Liabilities    35 
       Statements of Operations    37 
       Statements of Changes in Net Assets    39 
Financial Highlights    41 
Notes to Financial Statements    47 
Officers and Directors or Trustees    54 
Additional Information    54 

2 SEMI-ANNUAL REPORT

APRIL 30, 2008


A Letter to Shareholders

Dear Shareholder

Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling

and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export

activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.

Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and

ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis

points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy

decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping

the unprecedented rescue of Bear Stearns.

The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. After hitting a low point

on March 17 (coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the

S&P 500 Index of U.S. stocks posted positive monthly performance for the first time since October 2007. International

markets, which outpaced those of the U.S. for much of 2007, saw a reversal in that trend, as effects of the credit crisis and

downward pressures on growth were far-reaching.

In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-

to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level

in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April,

however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.

Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the

municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more

recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.

Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:

Total Returns as of April 30, 2008    6-month    12-month 

 
 
U.S. equities (S&P 500 Index)    9.64%    4.68% 

 
 
 

Small cap U.S. equities (Russell 2000 Index)    –12.92    –10.96 

 
 
International equities (MSCI Europe, Australasia, Far East Index)    9.21    1.78 

 
 
 

Fixed income (Lehman Brothers U.S. Aggregate Index)    + 4.08    + 6.87 

 
 
 

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)    + 1.47    + 2.79 

 
 
 

High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)    0.73    0.80 

 
 
 


Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional

and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we

invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets,

and we look forward to continuing to serve you in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT



Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield Arizona Fund, Inc.

Investment Objective

BlackRock MuniYield Arizona Fund, Inc. (MZA) seeks to provide shareholders with as high a level of current income exempt from federal and Arizona
income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, invest-
ment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Arizona income taxes.

Performance

For the six months ended April 30, 2008, the Fund returned +0.91% based on market price, with dividends reinvested. The Fund’s return based on net
asset value (“NAV”) was –2.59%, with dividends reinvested. For the same period, the closed-end Lipper Other States Municipal Debt Funds category
posted an average return of –0.86% on a NAV basis. Fund performance was negatively impacted by two key factors: above-average exposure to the
longer end of the yield curve, which declined as long-term rates increased and short-term rates declined; and above-average exposure to lower-rated
credits and other spread sectors (for example, housing), which underperformed on a total return basis.

Fund Information

Symbol on American Stock Exchange    MZA 
Initital Offering Date    October 29, 1993 
Yield on Closing Market Price as of April 30, 2008 ($13.32)*    5.14% 
Tax Equivalent Yield**    7.91% 
Current Monthly Distribution per share of Common Stock***    $0.057 
Current Annualized Distribution per share of Common Stock***    $0.684 
Leverage as of April 30, 2008****    43% 

 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred
Stock (“Preferred Stock”) and Tender Option Bond Trusts (“TOBs”)) minus the sum of accrued liabilities (other than debt representing
financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $13.32    $13.66    (2.49%)    $15.65    $12.27 
Net Asset Value    $13.14    $13.96    (5.87%)    $14.01    $12.41 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

  Portfolio Composition

Sector    4/30/08    10/31/07 

 
 
Education    26%    29% 
City, County & State    19    21 
Hospital    13    13 
Housing    10    10 
Lease Revenue    9    7 
Power    7    6 
Water & Sewer    7    4 
Sales Tax    3    3 
Transportation    3    3 
Industrial & Pollution Control    3    4 

 
 

  Credit Quality Allocations*

Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa    25%    49% 
AA/Aa    21    9 
A/A    23    17 
BBB/Baa    25    19 
BB/Ba    1    2 
B/B    1     
Not Rated**    4    4 

 
 

* Using the higher of Standard & Poor’s or Moody’s Investors
Service ratings.
** The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of April 30, 2008
and October 31, 2007, the market value of these securities was
$1,005,720 representing 1% and $1,004,490 representing 1%,
respectively, of the Fund’s long-term investments.

4 SEMI-ANNUAL REPORT APRIL 30, 2008


Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield California Fund, Inc.

Investment Objective

BlackRock MuniYield California Fund, Inc. (MYC) seeks to provide shareholders with as high a level of current income exempt from federal and California
income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal
obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and California income taxes.

Performance

For the six months ended April 30, 2008, the Fund returned +2.33% based on market price, with dividends reinvested. The Fund’s return based on NAV
was –0.81%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return
of –1.42% on a NAV basis.A slightly defensive duration stance and a higher cash equivalent reserve position versus its Lipper peers provided the Fund’s
NAV some cushion against volatility from widening credit spreads and rising long-term investment rates. Management’s strategy is to balance total
return by opportunistically improving current yield, while maintaining a neutral duration.

Fund Information

Symbol on New York Stock Exchange    MYC 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of April 30, 2008 ($13.23)*    4.99% 
Tax Equivalent Yield**    7.68% 
Current Monthly Distribution per share of Common Stock***    $0.055 
Current Annualized Distribution per share of Common Stock***    $0.66 
Leverage as of April 30, 2008****    41% 

 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs)
minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $13.23    $13.25    (0.15%)    $14.00    $12.33 
Net Asset Value    $14.13    $14.60    (3.22%)    $14.85    $13.18 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

Portfolio Composition

Sector    4/30/08    10/31/07 

 
 
City, County & State    25%    18% 
Education    18    15 
Water & Sewer    12    12 
Lease Revenue    10    12 
Sales Tax    9    11 
Hospital    8    8 
Power    7    9 
Transportation    5    6 
Industrial & Pollution Control    2    4 
Resource Recovery    2    2 
Housing    2    2 
Tobacco        1 

 
 

Credit Quality Allocations*

Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa       68%    79% 
AA/Aa       10    3 
A/A       17    12 
BBB/Baa    5    6 

 
 

* Using the higher of Standard & Poor’s or Moody’s Investor
Service ratings.

SEMI-ANNUAL REPORT APRIL 30, 2008 5


Fund Summary as of April 30, 2008 (Unaudited)

BlackRock MuniYield California Insured Fund, Inc.

Investment Objective

BlackRock MuniYield California Insured Fund, Inc. (MCA) seeks to provide shareholders with as high a level of current income exempt from federal and
California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-
term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and California
income taxes.

Performance

For the six months ended April 30, 2008, the Fund returned +1.28% based on market price, with dividends reinvested. The Fund’s return based on NAV
was –0.13%, with dividends reinvested. For the same period, the closed-end Lipper California Insured Municipal Debt Funds category posted an aver-
age return of –1.18% on a NAV basis. A slightly defensive duration stance and a higher cash equivalent reserve position versus its Lipper peers pro-
vided the Fund’s NAV some cushion. Management’s strategy is to balance total return by opportunistically improving current yield, while maintaining
a neutral duration. Management has also been pursuing transactions aimed at swapping into bonds wrapped by those monoline insurers that have
less subprime mortgage exposure and therefore, are more apt to maintain their AAA credit rating.

Fund Information         

 
 
 
    Symbol on New York Stock Exchange    MCA 
    Initital Offering Date    October 30, 1992 
    Yield on Closing Market Price as of April 30, 2008 ($12.99)*    5.17% 
    Tax Equivalent Yield**    7.95% 
    Current Monthly Distribution per share of Common Stock***    $0.056 
    Current Annualized Distribution per share of Common Stock***    $0.672 
    Leverage as of April 30, 2008****    40% 
   
 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Stock was decreased to $0.0535.
The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in the future.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs)
minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $12.99    $13.16    (1.29%)    $13.84    $12.13 
Net Asset Value    $14.24    $14.63    (2.67%)    $14.94    $13.18 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
Sector    4/30/08    10/31/07 

 
 
City, County & State       29%     28% 
Water & Sewer    13    10 
Lease Revenue    13    14 
Education    12    13 
Transportation    11    11 
Sales Tax    10    11 
Power    5    4 
Hospital    3    2 
Housing    3    4 
Industrial & Pollution Control    1    3 

 
 

     Credit Quality Allocations*         

 
 
Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa    80%    95% 
AA/Aa    5    2 
A/A    12    3 
BBB/Baa    1     
Not Rated    2     

 
 
* Using the higher of Standard & Poor’s or Moody’s Investors 
       Service ratings.         

6 SEMI-ANNUAL REPORT

APRIL 30, 2008


Fund Summary as of April 30, 2008 (Unaudited)

BlackRock MuniYield Florida Fund

Investment Objective

BlackRock MuniYield Florida Fund (MYF) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is
consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations the
interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes and which enables shares of the Fund to be exempt
from Florida intangible personal property taxes.

Performance

For the six months ended April 30, 2008, the Fund returned +1.87% based on market price, with dividends reinvested. The Fund’s return based on NAV
was –1.21%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of
–1.18% on a NAV basis. Problems within the monoline insurance industry had a negative impact on the entire insured municipal market, detracting from
Fund results. Exposure to uninsured hospital and single-family housing bonds also hindered performance. Conversely, the Fund’s performance for the
period benefited from an overweight in pre-refunded bonds, as the yield curve steepened and shorter-maturity issues outperformed.

Fund Information

Symbol on New York Stock Exchange    MYF 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of April 30, 2008 ($12.75)*    5.46% 
Tax Equivalent Yield**    8.40% 
Current Monthly Distribution per Common Share***    $0.058 
Current Annualized Distribution per Common Share***    $0.696 
Leverage as of April 30, 2008****    40% 

 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized
gain at fiscal year end.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred
Shares (“Preferred Shares”) and TOBs) minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $12.75    $12.86    (0.86%)    $13.40    $12.04 
Net Asset Value    $13.97    $14.53    (3.85%)    $14.79    $13.26 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
 
Sector    4/30/08    10/31/07 

 
 
Hospital    21%    19% 
Transportation    20    21 
Lease Revenue    15    15 
Water & Sewer    12    10 
City, County & State    11    11 
Sales Tax    6    8 
Education    5    7 
Housing    5    5 
Industrial & Pollution Control    4    2 
Power    1    2 

 
 

     Credit Quality Allocations*         

 
 
 
Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa    60%    80% 
AA/Aa    8    2 
A/A    12    7 
BBB/Baa    12    9 
Not Rated**    8    2 

 
 

  * Using the higher of Standard & Poor’s or Moody’s Investors
Service ratings.
** The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of April 30, 2008
and October 31, 2007, the market value of these securities was
$7,061,975 representing 2% and $7,574,838 representing 2%,
respectively, of the Fund’s long-term investments.

SEMI-ANNUAL REPORT

APRIL 30, 2008

7


Fund Summary as of April 30, 2008 (Unaudited)

BlackRock MuniYield Michigan Insured Fund II, Inc.

Investment Objective

BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM) seeks to provide shareholders with as high a level of current income exempt from federal and
Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term
municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Michigan income taxes.

Performance

For the six months ended April 30, 2008, the Fund returned +1.54% based on market price, with dividends reinvested. The Fund’s return based on NAV
was –0.08%, with dividends reinvested. For the same period, the closed-end Lipper Michigan Municipal Debt Funds category posted an average return
of –1.11% on a NAV basis. During the period, the Fund maintained an overweight position in uninsured issues, which underperformed amid continued
widening in credit spreads. However, the incremental income generated by these holdings continued to enhance the Fund’s above-average dividend
yield, which had an overall positive impact on performance for the period.

Fund Information

Symbol on New York Stock Exchange    MYM 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of April 30, 2008 ($12.47)*    5.39% 
Tax Equivalent Yield**    8.29% 
Current Monthly Distribution per share of Common Stock***    $0.056 
Current Annualized Distribution per share of Common Stock***    $0.672 
Leverage as of April 30, 2008****    41% 

 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Stock was decreased to $0.054.
The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in the future.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs)
minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $12.47    $12.61    (1.11%)    $13.22    $11.80 
Net Asset Value    $13.75    $14.13    (2.69%)    $14.45    $13.10 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
 
Sector    4/30/08    10/31/07 

 
 
City, County & State       21%    21% 
Industrial & Pollution Control    14    12 
Hospital    14    22 
Education    12    9 
Water & Sewer    11    8 
Transportation    11    10 
Lease Revenue    10    12 
Sales Tax    4    3 
Power    2    2 
Housing    1    1 

 
 

     Credit Quality Allocations*         

 
 
 
Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa    69%    83% 
AA/Aa    18    4 
A/A    7    11 
BBB/Baa    4    2 
Not Rated**    2     

 
 

* Using the higher of Standard & Poor’s or Moody’s Investors
Service ratings.
** The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of April 30, 2008,
the market value of these securities was $6,667,221 represent-
ing 2% of the Trust’s long-term investments.

8 SEMI-ANNUAL REPORT

APRIL 30, 2008


Fund Summary as of April 30, 2008 (Unaudited)

BlackRock MuniYield New York Insured Fund, Inc.

Investment Objective

BlackRock MuniYield New York Insured Fund, Inc. (MYN) seeks to provide shareholders with as high a level of current income exempt from federal
income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment manage-
ment by investing primarily in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is
exempt from federal income tax and New York State and New York City personal income taxes.

Performance

For the six months ended April 30, 2008, the Fund returned –0.36% based on market price, with dividends reinvested. The Fund’s return based on NAV
was –0.56%, with dividends reinvested. For the same period, the closed-end Lipper New York Insured Municipal Debt Funds category posted an average
return of –0.68% on a NAV basis.The Fund’s above-average distribution yield and neutral duration position during a period of rising interest rates in the
municipal market benefited comparative performance for the period. Conversely, the relative return was hampered by the Fund’s longer-dated holdings,
which proved more volatile as risk spreads increased and the municipal yield curve steepened.

Fund Information

Symbol on New York Stock Exchange    MYN 
Initital Offering Date    February 28, 1992 
Yield on Closing Market Price as of April 30, 2008 ($12.43)*    5.21% 
Tax Equivalent Yield**    8.02% 
Current Monthly Distribution per share of Common Stock***    $0.054 
Current Annualized Distribution per share of Common Stock***    $0.648 
Leverage as of April 30, 2008****    41% 

 

* Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past
performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Stock was decreased to $0.0525.
The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in the future.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs)
minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Fund’s market price and net asset value per share:

    4/30/08    10/31/07    Change    High    Low 

 
 
 
 
 
Market Price    $12.43    $12.80    (2.89%)    $13.29    $11.71 
Net Asset Value    $13.51    $13.94    (3.08%)    $14.26    $12.67 

 
 
 
 
 

The following charts show the portfolio composition and credit quality allocations of the Fund’s long-term investments:

     Portfolio Composition         

 
 
 
Sector    4/30/08    10/31/07 

 
 
Transportation    37%    38% 
City, County & State    17    15 
Sales Tax    10    10 
Water & Sewer    8    8 
Power    7    7 
Housing    6    6 
Education    5    6 
Industrial & Pollution Control    4    4 
Lease Revenue    3    3 
Hospital    2    2 
Tobacco    1    1 

 
 

     Credit Quality Allocations*         

 
 
 
Credit Rating    4/30/08    10/31/07 

 
 
AAA/Aaa    82%    94% 
AA/Aa    6    4 
A/A    8    2 
BBB/Baa    4     

 
 

  * Using the higher of Standard & Poor’s or Moody’s Investors
Service ratings.

SEMI-ANNUAL REPORT

APRIL 30, 2008

9


The Benefits and Risks of Leveraging

BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California
Fund, Inc., BlackRock MuniYield California Insured Fund, Inc., BlackRock
MuniYield Florida Fund, BlackRock MuniYield Michigan Insured Fund II,
Inc. and BlackRock MuniYield New York Insured Fund, Inc. (each a
“Fund” and, collectively, the “Funds”) utilize leverage to seek to enhance
the yield and NAV of their Common Stock or Shares. However, these
objectives cannot be achieved in all interest rate environments.

To leverage, the Funds issue Preferred Stock or Shares, which pay divi-
dends at prevailing short-term interest rates, and invest the proceeds in
long-term municipal bonds. The interest earned on these investments is
paid to Common Stock Shareholders or Common Shareholders in the
form of dividends, and the value of these portfolio holdings is reflected
in the per share net asset value of the Funds’ Common Stock or Shares.
However, in order to benefit Common Stock Shareholders or Common
Shareholders, the yield curve must be positively sloped; that is, short-
term interest rates must be lower than long-term interest rates. At the
same time, a period of generally declining interest rates will benefit
Common Stock Shareholders or Common Shareholders. If either of
these conditions change, then the risks of leveraging will begin to
outweigh the benefits.

To illustrate these concepts, assume a fund’s Common Stock or Shares
capitalization of $100 million and the issuance of Preferred Stock or
Shares for an additional $50 million, creating a total value of $150 mil-
lion available for investment in long-term municipal bonds. If prevailing
short-term interest rates are approximately 3% and long-term interest
rates are approximately 6%, the yield curve has a strongly positive slope.
The fund pays dividends on the $50 million of Preferred Stock or Shares
based on the lower short-term interest rates. At the same time, the
fund’s total portfolio of $150 million earns the income based on long-
term interest rates.

In this case, the dividends paid to Preferred Stock Shareholders or
Preferred Shareholders are significantly lower than the income earned on
the fund’s long-term investments, and therefore the Common Stock
Shareholders or Common Shareholders are the beneficiaries of the
incremental yield. However, if short-term interest rates rise, narrowing
the differential between short-term and long-term interest rates, the
incremental yield pickup on the Common Stock or Shares will be
reduced or eliminated completely. At the same time, the market value

of the fund’s Common Stock or Shares (that is, its price as listed on the
New York Stock Exchange or the American Stock Exchange) may, as a
result, decline. Furthermore, if long-term interest rates rise, the Common
Stocks’ or Shares’ NAV will reflect the full decline in the price of the
portfolio’s investments, since the value of the fund’s Preferred Stock or
Shares does not fluctuate. In addition to the decline in NAV, the market
value of the fund’s Common Stock or Shares may also decline.

In addition, the Funds may from time to time leverage their assets
through the use of tender option bond (“TOB”) programs. In a typical
TOB program, the Fund transfers one or more municipal bonds to a TOB
trust, which issues short-term variable rate securities to third-party
investors and a residual interest to the Fund. The cash received by the
TOB trust from the issuance of the short-term securities (less transaction
expenses) is paid to the Fund, which invests the cash in additional port-
folio securities. The distribution rate on the short-term securities is reset
periodically (typically every seven days) through a remarketing of the
short-term securities. Any income earned on the bonds in the TOB trust,
net of expenses incurred by the TOB trust, that is not paid to the holders
of the short-term securities is paid to the Fund. In connection with man-
aging the Funds’ assets, the Funds’ investment advisor may at any time
retrieve the bonds out of the TOB trust typically within seven days. TOB
investments generally will provide a Fund with economic benefits in
periods of declining short-term interest rates, but expose the Fund to
risks during periods of rising short-term interest rates similar to those
associated with Preferred Stock or Shares issued by the Fund, as
described above. Additionally, fluctuations in the market value of
municipal securities deposited into the TOB trust may adversely affect
the Funds’ NAVs per share. (See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to TOB trusts.)

Under the Investment Company Act of 1940, the Funds are permitted
to issue Preferred Stock or Shares in an amount of up to 50% of their
total managed assets at the time of issuance. Each Fund also antici-
pates that its total economic leverage will not exceed 50% of its total
managed assets. Economic leverage includes Preferred Stock or Shares
and TOBs. As of April 30, 2008, BlackRock MuniYield Arizona Fund,
Inc., BlackRock MuniYield California Fund, Inc., BlackRock MuniYield
California Insured Fund, Inc., BlackRock MuniYield Florida Fund,
BlackRock MuniYield Michigan Insured Fund II, Inc. and BlackRock
MuniYield New York Insured Fund, Inc. had economic leverage of 43%,
41%, 40%, 40%, 41% and 41% of managed assets, respectively.

Swap Agreements

The Funds may invest in swap agreements, which are over-the-counter
contracts in which one party agrees to make periodic payments based
on the change in market value of a specified bond, basket of bonds, or
index in return for periodic payments based on a fixed or variable inter-
est rate or the change in market value of a different bond, basket of
bonds or index. Swap agreements may be used to obtain exposure to a

bond or market without owning or taking physical custody of securities.
Swap agreements involve the risk that the party with whom each Fund
has entered into a swap will default on its obligation to pay the Fund
and the risk that the Fund will not be able to meet its obligation to pay
the other party to the agreement.

10 SEMI-ANNUAL REPORT APRIL 30, 2008


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Arizona Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Arizona — 129.2%         

 
 
 
Arizona Educational Loan Marketing Corporation,         
 Educational Loan Revenue Refunding Bonds, AMT,         
 Junior Sub-Series, 6.30%, 12/01/08    $ 1,000    $ 1,005,720 

 
 
Arizona Health Facilities Authority Revenue Bonds,         
 Series A:         
     (Banner Health System), 5%, 1/01/25    1,750    1,762,127 
     (Catholic Healthcare West), 6.625%, 7/01/20    1,435    1,572,129 

 
 
Arizona Student Loan Acquisition Authority, Student         
 Loan Revenue Refunding Bonds, AMT:         
     Junior Subordinated Series B-1, 6.15%, 5/01/29    3,285    3,404,410 
     Senior-Series A-1, 5.90%, 5/01/24    1,000    1,036,280 

 
 
Arizona Tourism and Sports Authority, Tax Revenue         
 Bonds (Baseball Training Facilities Project),         
 5%, 7/01/16    1,000    1,008,990 

 
 
Downtown Phoenix Hotel Corporation, Arizona,         
 Revenue Bonds (a):         
     Senior Series A, 5%, 7/01/36    1,500    1,407,360 
     Sub-Series B, 5%, 7/01/36    1,500    1,430,220 

 
 
Gila County, Arizona, Unified School District         
 Number 10 (Payson), GO (School Improvement         
 Project of 2006), Series A, 1%, 7/01/27 (b)(c)    1,000    974,890 

 
 
Gilbert, Arizona, Water Resource Municipal Property         
 Corporation, Water System Development Fee and         
 Utility Revenue Bonds, Subordinated Lien,         
 5%, 10/01/29 (d)    1,000    1,014,220 

 
 
Gladden Farms Community Facilities District, Arizona,         
 GO, 5.50%, 7/15/31    750    655,822 

 
 
Greater Arizona Development Authority, Infrastructure         
 Revenue Bonds, Series B, 5%, 8/01/30 (d)    2,000    2,020,440 

 
 
Maricopa County, Arizona, IDA, Education Revenue         
 Bonds (Arizona Charter Schools Project 1),         
 Series A, 6.625%, 7/01/20    900    820,026 

 
 
Maricopa County, Arizona, IDA, Health Facilities         
 Revenue Refunding Bonds (Catholic Healthcare         
 West Project), Series A, 5.25%, 7/01/32    2,000    1,954,340 

 
 
Maricopa County, Arizona, IDA, Hospital Facility         
 Revenue Refunding Bonds (Samaritan Health         
 Services), Series A, 7%, 12/01/16 (d)(e)    2,400    2,874,048 

 
 
Maricopa County, Arizona, IDA, S/F Mortgage Revenue         
 Bonds, AMT, Series 3-B, 5.25%, 8/01/38 (f)(g)    1,934    1,846,798 

 
 
Maricopa County, Arizona, Peoria Unified School         
 District Number 11, GO, Second Series,         
 5%, 7/01/25 (a)    1,000    1,017,410 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Arizona (continued)         

 
 
 
Maricopa County, Arizona, Scottsdale Unified School         
 District Number 48, GO, 6.60%, 7/01/12    $ 1,000    $ 1,140,900 

 
 
Maricopa County, Arizona, Tempe Elementary         
 Unified School District Number 3, GO, Refunding,         
 7.50%, 7/01/10 (a)    500    547,940 

 
 
Maricopa County, Arizona, Unified School District         
 Number 090, School Improvement, GO (Saddle         
 Mountain), Series A, 5%, 7/01/14    1,000    1,031,020 

 
 
Mesa, Arizona, IDA Revenue Bonds (Discovery Health         
 Systems), Series A, 5.625%, 1/01/10 (d)(h)    1,000    1,060,000 

 
 
Phoenix and Pima County, Arizona, IDA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series 2007-1,         
 5.25%, 8/01/38 (f)(g)    1,946    1,942,381 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Excise Tax Revenue Bonds (Civic Plaza Expansion         
 Project), Sub-Series A, 5%, 7/01/35 (a)    3,325    3,376,804 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Senior Lien Airport Revenue Bonds, AMT, Series B,         
 5.25%, 7/01/32 (a)    600    576,930 

 
 
Phoenix, Arizona, Civic Improvement Corporation,         
 Water System Revenue Refunding Bonds, Junior         
 Lien, 5.50%, 7/01/20 (a)    2,500    2,645,500 

 
 
Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,         
 AMT, Series 2007-2, 5.50%, 8/01/38 (f)(g)    1,942    1,950,970 

 
 
Pima County, Arizona, IDA, Education Revenue Bonds:         
     (American Charter Schools Foundation), Series A,         
     5.625%, 7/01/38    500    451,215 
     (Arizona Charter Schools Project), Series C,         
     6.70%, 7/01/21    740    757,279 
     (Arizona Charter Schools Project), Series C,         
     6.75%, 7/01/31    990    1,000,811 

 
 
Pima County, Arizona, IDA, Education Revenue         
 Refunding Bonds:         
     (Arizona Charter Schools Project II), Series A,         
     6.75%, 7/01/21    575    589,214 
     (Arizona Charter Schools Project), Series O,         
     5%, 7/01/26    1,000    858,480 

 
 
Pinal County, Arizona, IDA, Wastewater Revenue         
 Bonds (San Manuel Facilities Project), AMT,         
 6.25%, 6/01/26    500    488,860 

 
 
Pima County, Arizona, Unified School District Number 1         
 (Tucson), GO, Refunding, 7.50%, 7/01/09 (a)    3,050    3,223,484 

 
 
Pima County, Arizona, Unified School District Number 1         
 (Tucson), GO, Series C, 5%, 7/01/27 (a)    1,000    1,002,850 

 
 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in each
Fund’s Schedule of Investments, we have abbreviated
the names of many of the securities according to the
list on the right.

AMT    Alternative Minimum Tax (subject to)    IDA    Industrial Development Authority 
ARS    Auction Rate Securities    IDR    Industrial Development Revenue Bonds 
CABS    Capital Appreciation Bonds    M/F    Multi Family 
COP    Certificates of Participation    PILOT    Payment in lieu of taxes 
DRIVERS    Derivative Inverse Tax-Exempt Receipts    PCR    Pollution Control Revenue Bonds 
EDA    Economic Development Authority    RIB    Residual Interest Bonds 
GO    General Obligation Bonds    S/F    Single-Family 
HDA    Housing Development Authority    SIFMA    Securities Industry and Financial 
HFA    Housing Finance Agency        Markets Association 
        VRDN    Variable Rate Demand Notes 

 
       

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

11


Schedule of Investments BlackRock MuniYield Arizona Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Arizona (concluded)         

 
 
 
Pinal County, Arizona, COP:         
     5%, 12/01/26    $ 1,250    $ 1,254,812 
     5%, 12/01/29    1,250    1,236,925 

 
 
Queen Creek Improvement District Number 001,         
 Arizona, Special Assessment Bonds, 5%, 1/01/32    2,000    1,795,260 

 
 
Salt River Project, Arizona, Agriculture Improvement         
 and Power District, Electric System Revenue Bonds,         
 Series A, 5%, 1/01/24    1,000    1,054,030 

 
 
Salt River Project, Arizona, Agriculture Improvement         
 and Power District, Electric System Revenue         
 Refunding Bonds, Series A, 5%, 1/01/35    1,500    1,536,360 

 
 
Salt Verde Financial Corporation, Arizona, Senior Gas         
 Revenue Bonds, 5%, 12/01/37    2,750    2,458,198 

 
 
Scottsdale, Arizona, IDA, Hospital Revenue Bonds         
 (Scottsdale Healthcare), 5.80%, 12/01/11 (h)    2,250    2,495,025 

 
 
Show Low, Arizona, IDA, Hospital Revenue         
 Bonds (Navapache Regional Medical Center),         
 5%, 12/01/35 (i)    1,195    1,117,050 

 
 
South Campus Group LLC, Arizona Student         
 Housing Revenue Bonds (Arizona State         
 University South Campus Project), Series 2003,         
 5.625%, 9/01/35 (d)    1,500    1,534,860 

 
 
Surprise Municipal Property Corporation, Arizona,         
 Wastewater Development Impact Fee Revenue         
 Bonds, 4.90%, 4/01/32    1,500    1,312,440 

 
 
Tucson and Pima County, Arizona, IDA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series B,         
 5.35%, 6/01/47 (f)(g)    1,000    940,910 

 
 
Tucson, Arizona, IDA, Joint S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series A-1,         
 5.10%, 7/01/38 (f)(g)    1,000    968,380 

 
 
Tucson, Arizona, IDA, Senior Living Facilities         
 Revenue Bonds (Christian Care Tucson Inc.         
 Project), Series A, 6.125%, 7/01/10 (h)(i)    1,000    1,086,630 

 
 
University of Arizona, COP, Refunding, Series A,         
 5.125%, 6/01/29 (b)    1,105    1,132,084 

 
 
University of Arizona, COP, Series B, 5%, 6/01/28 (b)    2,000    2,033,120 

 
 
Vistancia Community Facilities District, Arizona, GO:         
     6.75%, 7/15/22    1,275    1,323,361 
     5.75%, 7/15/24    750    743,685 

 
 
Yavapai County, Arizona, IDA, Hospital Facility         
 Revenue Bonds (Yavapai Regional Medical         
 Center), Series A, 6%, 8/01/33    2,000    2,013,180 

 
 
Yavapai County, Arizona, IDA, Solid Waste Disposal         
 Revenue Bonds (Waste Management Inc. Project),         
 AMT, Series A-1, 4.90%, 3/01/28    1,000    820,460 

 
 
Yuma County, Arizona, Library District, GO,         
 5%, 7/01/26 (j)    1,775    1,780,059 
       
        77,086,697 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Guam — 1.6%         

 
 
 
Guam Government Waterworks Authority, Water and         
 Wastewater System, Revenue Refunding Bonds,         
 5.875%, 7/01/35    $ 1,000    $ 966,370 

 
 
 
 
     Puerto Rico — 22.8%         

 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer         
 Authority, Senior Lien Revenue Bonds, Series A,         
 6%, 7/01/44 (i)    2,500    2,631,975 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Highway Revenue         
 Refunding Bonds, Series CC, 5.50%, 7/01/31    1,000    1,015,700 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Transportation Revenue         
 Bonds, Series G, 5%, 7/01/33    560    531,541 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Transportation Revenue         
 Refunding Bonds, Series N, 5.25%, 7/01/39 (a)    1,000    991,580 

 
 
Puerto Rico Commonwealth, Public Improvement, GO,:         
     5.75%, 7/01/10 (d)    1,000    1,051,480 
     Series A, 5.125%, 7/01/31    2,000    1,907,300 

 
 
Puerto Rico Electric Power Authority, Power Revenue         
 Bonds, Series TT, 5%, 7/01/37    1,000    957,060 

 
 
Puerto Rico Industrial, Tourist, Educational, Medical         
 and Environmental Control Facilities Revenue         
 Bonds (Cogeneration Facility-AES Puerto Rico         
 Project), AMT, 6.625%, 6/01/26    1,500    1,540,365 

 
 
Puerto Rico Public Buildings Authority, Government         
 Facilities Revenue Bonds, Series I (k):         
     5.25%, 7/01/14 (h)    35    38,289 
     5.25%, 7/01/33    1,965    1,900,921 

 
 
Puerto Rico Public Buildings Authority, Government         
 Facilities Revenue Refunding Bonds, Series N,         
 5.50%, 7/01/27 (k)    1,000    1,011,400 
       
        13,577,611 

 
 
Total Municipal Bonds         
(Cost — $92,808,888) — 153.6%        91,630,678 

 
 
 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (l)         

 
 
 
     Arizona — 16.0%         

 
 
 
Arizona State University Revenue Bonds,         
 5.50%, 7/1/12 (a)(h)    8,670    9,534,572 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts (Cost — $9,031,135) — 16.0%        9,534,572 

 
 

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT

APRIL 30, 2008


  Schedule of Investments (concluded) BlackRock MuniYield Arizona Fund, Inc.
(Percentages shown are based on Net Assets)

Short-Term Securities    Shares    Value 

 
 
 
CMA Arizona Municipal Money Fund, 2.19% (m)(n)    1,665,672    $ 1,665,672 

 
 
Total Short-Term Securities         
(Cost — $1,665,672) — 2.8%        1,665,672 

 
 
Total Investments (Cost — $103,505,695*) — 172.4%    102,830,922 
Other Assets Less Liabilities — 2.5%        1,501,493 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (7.3%)        (4,375,922) 
Preferred Stock, at Redemption Value — (67.6*)%        (40,315,670) 
       
Net Assets Applicable to Common Stock — 100.0%        $ 59,640,823 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 99,368,575 
   
Gross unrealized appreciation    $ 2,131,957 
Gross unrealized depreciation    (3,004,610) 
   
Net unrealized depreciation    $ (872,653) 
   

(a) FGIC Insured.
(b) AMBAC Insured.
(c) Represents a step bond. Rate shown reflects the effective yield at the time
of purchase.
(d) MBIA Insured.
(e) Security is collateralized by municipal or U.S. Treasury obligations.
(f) FHLMC Collateralized.
(g) FNMA/GNMA Collateralized.
(h) U.S. 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.
(i) Radian Insured.
(j) XL Capital Insured.
(k) Commonwealth Guaranteed.
(l) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(m) Represents the current yield as of report date.
(n) 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:

    Net    Dividend 
     Affiliate    Activity    Income 

 
 
 
     CMA Arizona Municipal Money Fund    1,014,394    $13,311 

 
 
 
Forward interest rate swap outstanding as of April 30, 2008 was as follows: 

    Notional     
    Amount    Unrealized 
    (000)    Depreciation 

 
 
 
     Pay a fixed rate of 3.665% and receive a         
     floating rate based on 1-week SIFMA         
     Municipal Swap Index Rate         
     Broker, Citibank NA         
     Expires, July 2023    $2,500    $(36,533) 

 
 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 13


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield California Fund, Inc.
(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     California — 132.1%             

 
 
 
 
ABAG Finance Authority for Nonprofit Corporations,         
 California, Revenue Refunding Bonds (Redwood             
 Senior Homes and Services), 6%, 11/15/22    $ 1,730    $ 1,789,079 

 
 
Arcata, California, Joint Powers Financing Authority,             
 Tax Allocation Revenue Refunding Bonds             
 (Community Development Project Loan), Series A,         
 6%, 8/01/23 (a)        2,725    2,730,068 

 
 
 
California Health Facilities Financing Authority             
 Revenue Bonds:             
     (Kaiser Permanente), Series A,             
     5.50%, 6/01/22 (b)(c)        10,000    10,217,000 
     (Sutter Health), Series A, 5.25%, 11/15/46        10,000    10,024,300 

 
 
 
California Infrastructure and Economic Development         
 Bank Revenue Bonds (J. David Gladstone Institute         
 Project), 5.50%, 10/01/22        4,990    5,151,426 

 
 
 
California Pollution Control Financing Authority, Solid         
 Waste Disposal Revenue Bonds:             
     (Republic Services Inc. Project), AMT, Series B,         
     5.25%, 6/01/23        2,700    2,572,749 
     (Waste Management Inc. Project), AMT, Series A-2,         
     5.40%, 4/01/25        3,000    2,712,630 

 
 
 
California Pollution Control Financing Authority, Solid         
 Waste Disposal Revenue Refunding Bonds:             
     (Republic Services Inc. Project), AMT, Series C,         
     5.25%, 6/01/23        2,000    1,905,740 
     (Waste Management Inc. Project), AMT, Series B,         
     5%, 7/01/27        4,500    3,794,130 

 
 
 
California Rural Home Mortgage Finance Authority,             
 S/F Mortgage Revenue Bonds (Mortgage-Backed         
 Securities Program), AMT:             
     Series A, 5.40%, 12/01/36 (d)(e)        1,980    1,966,180 
     Series B, 6.15%, 6/01/20 (d)        35    35,924 
     Sub-Series FH-1, 5.50%, 8/01/47        420    394,241 

 
 
 
California State Enterprise Authority, Sewer Facility             
 Revenue Bonds (Anheuser-Busch Project), AMT,             
 5.30%, 9/01/47        2,500    2,255,975 

 
 
 
California State, GO:             
     5.125%, 4/01/25        5,000    5,105,900 
     5.50%, 4/01/30        5    5,165 

 
 
 
California State, GO, Refunding, 5.75%, 5/01/30        450    469,436 

 
 
 
California State, GO, Refunding (Veterans), AMT,             
 Series BJ, 5.70%, 12/01/32        2,785    2,792,547 

 
 
 
California State Public Works Board, Lease Revenue         
 Bonds:             
     (California State University), Series C,             
     5.40%, 10/01/22 (f)        2,000    2,042,560 
     (Department of Corrections), Series C,             
     5.50%, 6/01/23        5,000    5,262,000 
     (Department of Health Services), Series A,             
     5.75%, 11/01/09 (f)(g)        4,000    4,241,720 

 
 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
California State University, Systemwide Revenue         
 Bonds, Series A, 5%, 11/01/39 (b)    $ 4,850    $ 4,981,435 

 
 
California State, Various Purpose, GO,         
 5.50%, 11/01/33    6,850    7,066,117 

 
 
California Statewide Communities Development         
 Authority, COP (John Muir/Mount Diablo Health         
 System), 5.125%, 8/15/22 (f)    5,250    5,331,270 

 
 
California Statewide Communities Development         
 Authority, Health Facility Revenue Bonds (Memorial         
 Health Services), Series A:         
     5.50%, 10/01/33    3,000    3,024,240 
     6%, 10/01/23    3,270    3,431,211 

 
 
California Statewide Communities Development         
 Authority Revenue Bonds (Daughters of Charity         
 National Health System), Series A, 5.25%, 7/01/30    3,665    3,376,418 

 
 
California Statewide Communities Development         
 Authority, Revenue Refunding Bonds:         
     (Kaiser Hospital Asset Management, Inc.),         
     Series C, 5.25%, 8/01/31    6,975    6,928,128 
     (Kaiser Permanente), Series A, 5%, 4/01/31    3,500    3,402,175 
     (Kaiser Permanente), Series A, 4.75%, 4/01/33    5,000    4,583,050 

 
 
California Statewide Communities Development         
 Authority, Water Revenue Bonds (Pooled Financing         
 Program), Series C, 5.25%, 10/01/28 (b)    2,380    2,468,393 

 
 
Chino Basin, California, Regional Financing Authority,         
 Revenue Refunding Bonds (Inland Empire Utility         
 Agency), Series A, 5%, 11/01/33 (a)    2,015    2,053,164 

 
 
Contra Costa County, California, Public Financing         
 Authority, Lease Revenue Refunding Bonds (Various         
 Capital Facilities), Series A, 5.30%, 8/01/20 (f)    2,705    2,743,736 

 
 
Cucamonga, California, County Water District, COP,         
 5.125%, 9/01/35 (h)    3,750    3,759,113 

 
 
El Monte, California, Unified School District, GO         
 (Election of 2002), Series C, 5.25%, 6/01/32 (b)    10,120    10,712,728 

 
 
Etiwanda School District, California, Public Financing         
 Authority, Local Agency Revenue Refunding Bonds,         
 5%, 9/15/32 (i)    2,200    2,251,766 

 
 
Fontana Unified School District, California, GO,         
 Series A, 5.25%, 8/01/28 (b)    7,000    7,302,260 

 
 
Fremont, California, Unified School District,         
 Alameda County, GO (Election of 2002), Series B,         
 5%, 8/01/30 (b)    4,000    4,102,400 

 
 
Grant Joint Union High School District, California, GO         
 (Election of 2006), 5%, 8/01/29 (b)    9,390    9,622,215 

 
 
La Quinta, California, Financing Authority,         
 Local Agency Revenue Bonds, Series A,         
 5.125%, 9/01/34 (a)    6,020    6,074,662 

 
 
Long Beach, California, Harbor Revenue Bonds, AMT,         
 Series A, 5.25%, 5/15/23 (h)    5,195    5,211,728 

 
 

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued)

BlackRock MuniYield California Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Los Angeles, California, COP (Sonnenblick Del Rio         
 West Los Angeles), 6.20%, 11/01/31 (a)    $ 2,000    $ 2,120,940 

 
 
Los Angeles, California, Community College District,         
 GO (Election of 2003), Series E, 5%, 8/01/31 (b)    10,000    10,278,300 

 
 
Los Angeles, California, Wastewater System Revenue         
 Bonds, Series A, 5%, 6/01/08 (g)(h)    7,000    7,087,430 

 
 
Los Angeles, California, Wastewater System Revenue         
 Refunding Bonds, Sub-Series A, 5%, 6/01/27 (f)    4,500    4,552,155 

 
 
Los Angeles County, California, Metropolitan         
 Transportation Authority, Sales Tax Revenue         
 Refunding Bonds, Proposition A, First Tier         
 Senior-Series A, 5%, 7/01/27 (a)    3,780    3,892,153 

 
 
Los Angeles County, California, Public Works         
 Financing Authority, Lease Revenue Bonds         
 (Multiple Capital Facilities Project VI), Series A,         
 5.625%, 5/01/10 (a)(g)    5,000    5,319,550 

 
 
Los Angeles County, California, Sanitation Districts         
 Financing Authority, Revenue Refunding Bonds         
 (Capital Projects — District Number 14),         
 Sub-Series B, 5%, 10/01/30 (h)    2,550    2,516,060 

 
 
Marin, California, Community College District, GO         
 (Election of 2004), Series A, 5%, 8/01/28 (f)    5,885    6,042,953 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Bonds, Series A:         
     5%, 7/01/30 (b)    1,000    1,027,820 
     5%, 7/01/32    1,240    1,281,379 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Refunding Bonds, Series B,         
 5%, 7/01/35    2,625    2,697,476 

 
 
Morgan Hill, California, Unified School District, GO,         
 5%, 8/01/26 (c)(h)(j)    7,570    3,100,899 

 
 
Mount Diablo, California, Unified School District, GO         
 (Election of 2002), 5%, 6/01/28 (f)    2,000    2,035,720 

 
 
Murrieta Valley, California, Unified School District,         
 Public Financing Authority, Special Tax Revenue         
 Bonds, Series A, 5.125%, 9/01/26 (i)    6,675    6,952,480 

 
 
Oakland, California, Alameda County Unified School         
 District, GO (f):         
     (Election of 2000), 5%, 8/01/27 (c)    6,240    6,250,795 
     Series F, 5.50%, 8/01/10 (g)    7,060    7,539,445 

 
 
Orange County, California, Sanitation District, COP,         
 5%, 2/01/33 (h)    5,250    5,302,710 

 
 
Oxnard, California, Financing Authority, Wastewater         
 Revenue Bonds (Redwood Trunk Sewer and         
 Headworks Projects), Series A, 5.25%, 6/01/34 (h)    3,000    3,040,380 

 
 
Palm Springs, California, Financing Authority, Lease         
 Revenue Refunding Bonds (Convention Center         
 Project), Series A, 5.50%, 11/01/35 (f)    1,000    1,041,310 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Palomar Pomerado Health Care District, California, GO         
 (Election of 2004), Series A, 5.125%, 8/01/37 (f)    $ 18,500    $ 19,041,125 

 
 
Peralta, California, Community College District, GO         
 (Election of 2000), Series D, 5%, 8/01/30 (b)    2,000    2,051,200 

 
 
Pleasant Valley, California, School District, Ventura         
 County, GO, Series C, 5.75%, 8/01/25 (c)(f)    1,750    1,794,800 

 
 
Port of Oakland, California, Revenue Refunding Bonds,         
 AMT, Series L, 5.375%, 11/01/27 (f)    11,615    11,663,318 

 
 
Rancho Cucamonga, California, Redevelopment         
 Agency, Tax Allocation Refunding Bonds (Rancho         
 Redevelopment Project), 5.25%, 9/01/20 (b)    4,315    4,454,288 

 
 
Richmond, California, Redevelopment Agency, Tax         
 Allocation Refunding Bonds (Harbour Redevelopment         
 Project), Series A, 5.50%, 7/01/18 (f)    2,345    2,399,146 

 
 
Sacramento, California, Municipal Utility District,         
 Electric Revenue Refunding Bonds, Series L,         
 5.125%, 7/01/22 (f)    5,000    5,037,150 

 
 
Sacramento, California, Municipal Utility District,         
 Financing Authority Revenue Bonds (Consumers         
 Project), 5.125%, 7/01/29 (f)    18,500    18,251,730 

 
 
Sacramento County, California, Airport System Revenue         
 Bonds, AMT, Senior Series B, 5.25%, 7/01/33    1,750    1,735,370 

 
 
Sacramento County, California, Sanitation District         
 Financing Authority, Revenue Refunding Bonds:         
     (County Sanitation District Number 1),         
     5%, 8/01/35 (f)    5,375    5,472,771 
     Series A, 5.60%, 12/01/17    3,455    3,463,845 

 
 
Salinas Valley, California, Solid Waste         
 Authority, Revenue Refunding Bonds, AMT,         
 5.125%, 8/01/22 (a)    2,110    2,100,336 

 
 
San Bernardino, California, City Unified         
 School District, GO, Refunding, Series A,         
 5.875%, 8/01/09 (g)(h)    8,000    8,444,320 

 
 
San Bernardino, California, Joint Powers Financing         
 Authority, Lease Revenue Bonds (Department of         
 Transportation Lease), Series A, 5.50%, 12/01/20 (f)    3,000    3,005,280 

 
 
San Diego County, California, Water Authority, Water         
 Revenue Bonds, COP, Series A, 5%, 5/01/31 (h)    5,010    5,101,783 

 
 
San Jose, California, Airport Revenue Bonds,         
 Series D, 5%, 3/01/28 (f)    4,615    4,637,890 

 
 
San Jose, California, Unified School District, Santa         
 Clara County, GO (Election of 2002), Series B,         
 5%, 8/01/29 (h)    1,855    1,895,606 

 
 
San Jose-Evergreen, California, Community College         
 District, Capital Appreciation, GO (Election of         
 2004), Refunding, Series A, 5.12%, 9/01/23 (f)(j)    10,005    4,600,999 

 
 
San Juan, California, Unified School District, GO         
 (Election of 2002), 5%, 8/01/28 (f)    5,000    5,068,750 

 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

15


Schedule of Investments (continued) BlackRock MuniYield California Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
California (concluded)         

 
 
 
Santa Clara, California, Unified School District, GO,         
 5.50%, 7/01/21 (h)    $ 2,020    $ 2,121,020 

 
 
Santa Clarita, California, Community College         
 District, GO (Election 2001), 5%, 8/01/28 (b)    2,170    2,236,359 

 
 
Santa Clara County, California, Housing Authority,         
 M/F Housing Revenue Bonds (John Burns         
 Gardens Apartments Project), AMT, Series A,         
 6%, 8/01/41    3,500    3,563,175 

 
 
Santa Monica, California, Redevelopment Agency,         
 Tax Allocation Bonds (Earthquake Recovery         
 Redevelopment Project), 6%, 7/01/09 (a)(g)    4,000    4,217,200 

 
 
Sequoia, California, Unified High School District,         
 GO, Refunding, 5%, 7/01/28 (b)    2,500    2,584,500 

 
 
Shasta-Tehama-Trinity Joint Community College         
 District, California, GO (Election of 2002),         
 Series B, 5.25%, 8/01/24 (b)    1,675    1,784,461 

 
 
Sonoma County, California, Junior College District,         
 GO (Election 2002), Refunding, Series B,         
 5%, 8/01/28 (b)    6,875    7,085,238 

 
 
South Bayside, California, Waste Management         
 Authority, Waste System Revenue Bonds,         
 5.75%, 3/01/20 (a)    2,265    2,350,708 

 
 
Southern California HFA, S/F Mortgage Revenue         
 Bonds, AMT, Series A, 5.80%, 12/01/49 (d)(e)    3,000    2,997,960 

 
 
Stockton, California, Public Financing Authority,         
 Water Revenue Bonds (Water System         
 Capital Improvement Projects), Series A,         
 5%, 10/01/31 (f)    1,600    1,615,728 

 
 
Taft, California, Public Financing Authority, Lease         
 Revenue Bonds (Community Correctional Facility),         
 Series A, 6.05%, 1/01/17 (f)    3,235    3,475,361 

 
 
Torrance, California, Hospital Revenue Refunding         
 Bonds (Torrance Memorial Medical Center),         
 Series A, 6%, 6/01/22    1,310    1,390,762 

 
 
Vacaville, California, Unified School District, GO         
 (Election of 2001), 5%, 8/01/30 (f)    4,745    4,819,639 

 
 
Ventura, California, Unified School District, GO         
 (Election of 1997), Series H, 5.125%, 8/01/34 (b)    1,000    1,024,350 
       
        397,461,102 

 
 
 
 
     Puerto Rico — 0.3%         

 
 
 
Puerto Rico Commonwealth, Public Improvement, GO,         
 Series A, 5.25%, 7/01/30    875    853,668 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     U.S. Virgin Islands — 1.0%         

 
 
 
Virgin Islands Government Refinery Facilities,         
 Revenue Refunding Bonds (Hovensa Coker Project),         
 AMT, 6.50%, 7/01/21    $ 3,000    $ 3,077,130 

 
 
Total Municipal Bonds         
(Cost — $401,172,305) — 133.4%        401,391,900 

 
 
 
 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (k)         

 
 
 
     California — 24.0%         

 
 
 
Anaheim, California, Public Financing Authority,         
 Electric System District Facilities Revenue Bonds,         
 Series A, 5%, 10/01/31 (b)    9,000    9,124,200 

 
 
Contra Costa County, California, Community College         
 District, GO (Election of 2002), 5%, 8/01/30 (b)    10,210    10,440,133 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Bonds, Series A, 5%, 7/01/37    20,000    20,576,600 

 
 
San Francisco, California, Bay Area Rapid Transit         
 District, Sales Tax Revenue Refunding Bonds,         
 Series A:         
     5%, 7/01/30 (f)    6,000    6,130,080 
     5%, 7/01/34    5,430    5,534,473 

 
 
University of California, Limited Project Revenue         
 Bonds, Series B, 5%, 5/15/33 (b)    8,490    8,662,687 

 
 
University of California Revenue Bonds, Series L,         
 5%, 5/15/40    11,600    11,870,860 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts (Cost — $72,342,992) — 24.0%        72,339,033 

 
 
 
 
 
Short-Term Securities    Shares     

 
 
CMA California Municipal Money Fund, 2.08% (l)(m) 23,493,715    23,493,715 

 
Total Short-Term Securities         
(Cost — $23,493,715) — 7.8%        23,493,715 

 
 
Total Investments (Cost — $497,009,012*) — 165.2%        497,224,648 
Other Assets Less Liabilities — 4.8%        14,330,323 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (11.8%)        (35,523,967) 
Preferred Stock, at Redemption Value — (58.2%)        (175,150,164) 
       
Net Assets Applicable to Common Stock — 100.0%        $300,880,840 
       

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (concluded) BlackRock MuniYield California Fund, Inc.

* The cost and unrealized appreciation (depreciation) of investments as of April
30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 461,533,569 
   
Gross unrealized appreciation    $ 7,613,874 
Gross unrealized depreciation    (7,287,795) 
   
Net unrealized appreciation    $ 326,079 
   

(a) AMBAC Insured.
(b) FSA Insured.
(c) Security is collateralized by municipal or U.S. Treasury obligations.
(d) FNMA/GNMA Collateralized.
(e) FHLMC Collateralized.
(f) MBIA Insured.
(g) U.S. 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.
(h) FGIC Insured.
(i) Assured Guaranty Insured.
(j) Represents a zero coupon bond. Rate shown is the effective yield at time
of purchase.
(k) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(l) Represents the current yield as of report date.
(m) 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:

    Net    Dividend 
Affiliate    Activity    Income 

 
 
 
CMA California Municipal Money Fund    15,648,903    $254,774 

 
 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

17


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield California Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California — 138.3%         

 
 
 
ABAG Finance Authority for Nonprofit Corporations,         
 California, COP (Children’s Hospital Medical         
 Center), 6%, 12/01/09 (a)(b)    $ 7,000    $ 7,471,100 

 
 
Alameda, California, GO, 5%, 8/01/33 (c)    2,350    2,388,916 

 
 
Alameda County, California, Joint Powers Authority,         
 Lease Revenue Refunding Bonds, 5%, 12/01/34 (d)    2,950    3,022,600 

 
 
Alhambra, California, Unified School District, GO         
 (Election of 2004), Series A, 5%, 8/01/29 (e)    5,665    5,698,820 

 
 
Anaheim, California, Public Financing Authority,         
 Electric System Distribution Facilities Revenue         
 Bonds, Series A, 5%, 10/01/31 (d)    3,580    3,629,404 

 
 
Anaheim, California, Union High School District, GO         
 (Election of 2002), 5%, 8/01/27 (c)    2,400    2,434,104 

 
 
Bay Area Government Association, California, Tax         
 Allocation Revenue Refunding Bonds (California         
 Redevelopment Agency Pool), Series A,         
 6%, 12/15/24 (d)    255    255,765 

 
 
Brentwood, California, Infrastructure Refinancing         
 Authority, Infrastructure Revenue Refunding Bonds,         
 Series A, 5.20%, 9/02/29 (d)    3,980    4,083,440 

 
 
California Community College Financing Authority,         
 Lease Revenue Bonds, Series A (a)(c):         
     5.95%, 12/01/09    3,215    3,459,887 
     6%, 12/01/09    1,100    1,184,645 

 
 
California Educational Facilities Authority Revenue         
 Bonds (University of San Diego), Series A,         
 5.50%, 10/01/32    5,000    5,190,050 

 
 
California Educational Facilities Authority, Student         
 Loan Revenue Bonds (CalEdge Loan Program),         
 AMT, 5.55%, 4/01/28 (b)    8,035    8,064,970 

 
 
California Health Facilities Financing Authority         
 Revenue Bonds (Kaiser Permanente), Series A,         
 5.50%, 6/01/22 (d)(f)    2,750    2,809,675 

 
 
California Rural Home Mortgage Finance Authority,         
 S/F Mortgage Revenue Bonds (Mortgage-Backed         
 Securities Program), AMT (g):         
     Series A, 6.35%, 12/01/29 (h)    265    272,513 
     Series B, 6.25%, 12/01/31    120    123,281 

 
 
California State Department of Veteran Affairs, Home         
 Purchase Revenue Refunding Bonds, Series A,         
 5.35%, 12/01/27 (b)    12,680    13,176,295 

 
 
California State, GO, 6.25%, 10/01/19 (c)    860    870,621 

 
 
California State, GO, Refunding, 5.25%, 2/01/29    3,000    3,064,320 

 
 
California State, GO, Refunding, Veterans, AMT,         
 Series B, 5.70%, 12/01/32 (b)    19,865    19,923,403 

 
 
California State Public Works Board, Lease Revenue         
 Bonds (Department of Corrections-Ten         
 Administrative Segregation Housing Units),         
 Series A, 5.25%, 3/01/20 (b)    4,530    4,722,706 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
California State University, Systemwide Revenue         
 Bonds, Series A, 5%, 11/01/39 (d)    $ 4,850    $ 4,981,435 

 
 
California State University, Systemwide Revenue         
 Refunding Bonds, Series A, 5.125%, 11/01/26 (b)    2,720    2,756,502 

 
 
California State, Various Purpose, GO,         
 5.50%, 11/01/33    5,950    6,137,722 

 
 
California Statewide Communities Development         
 Authority, COP (Kaiser Permanente),         
 5.30%, 12/01/15 (d)(f)    4,100    4,311,273 

 
 
California Statewide Communities Development         
 Authority, Health Facility Revenue Bonds (Memorial         
 Health Services), Series A, 6%, 10/01/23    3,685    3,866,670 

 
 
California Statewide Communities Development         
 Authority Revenue Bonds (Sutter Health), Series D,         
 5.05%, 8/15/38 (d)    7,925    7,981,347 

 
 
California Statewide Communities Development         
 Authority, Revenue Refunding Bonds (Kaiser         
 Permanente), Series A, 5%, 4/01/31    2,650    2,575,932 

 
 
Capistrano, California, Unified School District,         
 Community Facility District, Special Tax Refunding         
 Bonds, 5%, 9/01/29 (e)    7,000    6,882,330 

 
 
Chabot-Las Positas, California, Community College         
 District, GO (Election of 2004), Series B,         
 5.17%, 8/01/26 (b)(i)    6,705    2,566,942 

 
 
Chaffey, California, Union High School District, GO,         
 Series C, 5.375%, 5/01/23 (d)    6,000    6,404,040 

 
 
Chino Valley, California, Unified School District, GO         
 (Election of 2002), Series C, 5.25%, 8/01/30 (c)    3,000    3,094,620 

 
 
Chula Vista, California, Elementary School District,         
 COP, 5%, 9/01/29 (c)    3,910    3,924,467 

 
 
Coachella Valley, California, Unified School District,         
 COP, 5%, 9/01/36 (b)    10,000    9,820,900 

 
 
Coachella Valley, California, Unified School District,         
 GO (Election of 2005), Series A, 5%, 8/01/25 (e)    3,275    3,296,517 

 
 
Contra Costa, California, Water District, Water         
 Revenue Refunding Bonds:         
     Series L, 5%, 10/01/32 (d)    4,135    4,192,063 
     Series O, 5%, 10/01/24 (b)    1,735    1,819,963 

 
 
Corona, California, COP (Clearwater Cogeneration         
 Project), 5%, 9/01/28 (c)    6,000    6,007,920 

 
 
Desert, California, Community College District, GO,         
 CABS, Series C, 5.45%, 8/01/30 (d)    8,855    2,613,288 

 
 
Desert, California, Community College District, GO,         
 Series C, 5%, 8/01/37 (d)(i)    6,000    6,156,000 

 
 
East Bay, California, Municipal Utility District,         
 Wasterwater System Revenue Refunding Bonds,         
 Sub-Series A (b):         
     5%, 6/01/33    4,000    4,093,680 
     5%, 6/01/37    1,485    1,515,368 

 
 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued) BlackRock MuniYield California Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
El Centro, California, Financing Authority, Water         
 Revenue Bonds, Series A, 5.25%, 10/01/35 (d)    $ 1,100    $ 1,145,507 

 
 
Fremont, California, Unified School District, Alameda         
 County, GO:         
     (Election of 2002), Series B, 5%, 8/01/30 (d)    6,000    6,153,600 
     Series A, 5.50%, 8/01/26 (e)    10,755    11,274,251 

 
 
Fresno, California, Joint Powers Financing         
 Authority, Lease Revenue Bonds, Series A,         
 5.75%, 6/01/26 (d)    4,295    4,526,329 

 
 
Fullerton, California, Public Financing Authority, Tax         
 Allocation Revenue Bonds, 5%, 9/01/27 (b)    6,930    6,984,539 

 
 
Glendale, California, Electric Revenue Bonds,         
 5%, 2/01/32 (c)    4,390    4,426,613 

 
 
Glendora, California, Unified School District, GO         
 (Election of 2005), Series A (c):         
     5%, 8/01/27    1,350    1,378,269 
     5.25%, 8/01/30    2,700    2,794,797 

 
 
Hanford, California, Joint Unified High School         
 District, GO (Election of 2004), Series A,         
 4.75%, 8/01/29 (d)    5,710    5,746,201 

 
 
Hemet, California, Unified School District, GO,         
 Series B, 5.125%, 8/01/37 (j)    4,500    4,664,970 

 
 
Hollister, California, Joint Powers Finance Authority,         
 Wastewater Revenue Refunding Bonds (Refining         
 and Improvement Project), Series 1 (d):         
     5%, 6/01/32    5,000    5,130,200 
     5%, 6/01/37    6,000    6,131,820 

 
 
Imperial, California, Community College District, GO         
 (Election of 2004), 5%, 8/01/29 (e)    3,090    3,081,750 

 
 
La Quinta, California, Financing Authority,         
 Local Agency Revenue Bonds, Series A,         
 5.25%, 9/01/24 (b)    2,500    2,593,850 

 
 
Lodi, California, Unified School District, GO (Election         
 of 2002), 5%, 8/01/29 (d)    10,260    10,453,606 

 
 
Los Angeles, California, Community College District,         
 GO (Election of 2003), Series E, 5%, 8/01/31 (d)    7,500    7,708,725 

 
 
Los Angeles, California, Community Redevelopment         
 Agency, Community Redevelopment Financing         
 Authority Revenue Bonds (Bunker Hill Project),         
 Series A, 5%, 12/01/27 (d)    10,000    10,264,700 

 
 
Los Angeles, California, Department of Airports,         
 Airport Revenue Bonds (Los Angeles International         
 Airport), AMT, Series D, 5.625%, 5/15/12 (e)    290    290,284 

 
 
Los Angeles, California, Unified School District, GO         
 (Election of 2004) (e):         
     Series C, 5%, 7/01/27    2,880    2,944,195 
     Series F, 4.75%, 7/01/27    5,365    5,411,676 
     Series F, 5%, 7/01/30    5,000    5,103,850 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Los Angeles County, California, Metropolitan         
 Transportation Authority, Sales Tax Revenue         
 Refunding Bonds, Proposition A, First Tier         
 Senior-Series A (b):         
     5%, 7/01/27    $ 5,240    $ 5,395,471 
     5%, 7/01/35    6,500    6,617,130 

 
 
Los Angeles County, California, Public Works         
 Financing Authority, Lease Revenue Refunding         
 Bonds (Master Refunding Project), Series A,         
 5%, 12/01/28 (c)    6,000    6,010,980 

 
 
Los Angeles, California, Unified School District, GO,         
 Series E, 5%, 7/01/30 (b)    7,000    7,143,220 

 
 
Los Angeles, California, Water and Power Revenue         
 Bonds (Power System), Sub-Series A-1:         
     5%, 7/01/31 (d)    5,000    5,123,700 
     5%, 7/01/37 (b)    5,000    5,102,900 

 
 
Los Angeles, California, Water and Power Revenue         
 Refunding Bonds (Power System), Series A-A-2,         
 5.375%, 7/01/21 (c)    3,165    3,310,432 

 
 
Los Rios, California, Community College District, GO         
 (Election of 2002), Series B, 5%, 8/01/27 (c)    3,000    3,049,680 

 
 
Madera, California, Public Financing Authority, Water         
 and Wastewater Revenue Refunding Bonds,         
 5%, 3/01/36 (c)    2,010    2,024,110 

 
 
Merced, California, Community College District,         
 GO (School Facilities District Number 1),         
 5%, 8/01/31 (c)    6,865    6,980,538 

 
 
Metropolitan Water District of Southern California,         
 Waterworks Revenue Bonds, Series B-1,         
 5%, 10/01/33 (e)    5,370    5,458,927 

 
 
Murrieta Valley, California, Unified School District,         
 Public Financing Authority, Special Tax Revenue         
 Bonds, Series A, 5.125%, 9/01/26 (j)    8,000    8,332,560 

 
 
Napa, California, Water Revenue Bonds,         
 5%, 5/01/35 (b)    9,070    9,267,817 

 
 
Natomas Unified School District, California, GO         
 (Election of 2006), 5%, 8/01/28 (e)    6,015    6,058,188 

 
 
Nevada County, California, COP, Refunding,         
 5.25%, 10/01/19 (c)    4,245    4,429,403 

 
 
Oakland, California, Sewer Revenue Bonds, Series A,         
 5%, 6/15/29 (d)    4,270    4,373,804 

 
 
Orange County, California, Public Financing Authority,         
 Lease Revenue Refunding Bonds (Juvenile Justice         
 Center Facility), 5.375%, 6/01/18 (b)    6,360    6,728,626 

 
 
Oxnard, California, Financing Authority, Wastewater         
 Revenue Bonds (Redwood Trunk Sewer and         
 Headworks Projects), Series A, 5.25%, 6/01/34 (e)    10,000    10,134,600 

 
 
Oxnard, California, Unified High School District, GO,         
 Refunding, Series A, 6.20%, 8/01/30 (c)    9,645    10,129,468 

 
 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

19


Schedule of Investments (continued) BlackRock MuniYield California Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (continued)         

 
 
 
Palm Springs, California, Financing Authority, Lease         
 Revenue Refunding Bonds (Convention Center         
 Project), Series A, 5.50%, 11/01/35 (c)    $ 1,275    $ 1,327,670 

 
 
Palmdale, California, Water District Public Facility         
 Corporation, COP, 5%, 10/01/29 (e)    4,640    4,615,640 

 
 
Palomar Pomerado Health Care District,         
 California, GO (Election of 2004), Series A,         
 5.125%, 8/01/37 (c)    9,300    9,572,025 

 
 
Peralta, California, Community College District, GO         
 (Election of 2007), Series B, 5%, 8/01/37 (d)    6,695    6,869,070 

 
 
Placentia-Yorba Linda, California, Unified School         
 District, COP, 5%, 10/01/30 (e)    5,000    4,979,750 

 
 
Port of Oakland, California, Revenue Bonds, AMT,         
 Series K (e):         
     5.75%, 11/01/12    5,450    5,581,399 
     5.75%, 11/01/13    5,920    6,047,931 
     5.75%, 11/01/14    2,150    2,191,431 
     5.75%, 11/01/16    3,735    3,788,896 
     5.875%, 11/01/17    2,745    2,783,567 
     5.75%, 11/01/29    7,500    7,540,725 

 
 
Port of Oakland, California, Revenue Refunding         
 Bonds, AMT, Series L, 5.375%, 11/01/27 (c)(e)    19,040    19,119,206 

 
 
Poway, California, Unified School District, School         
 Facilities Improvement, GO (Election of 2002),         
 Series 1-B, 5%, 8/01/30 (d)    10,000    10,285,200 

 
 
Rancho, California, Water District Financing         
 Authority, Revenue Refunding Bonds, Series A,         
 5%, 8/01/34 (d)    9,285    9,569,121 

 
 
Riverside, California, COP, 5%, 9/01/28 (b)    3,000    3,015,150 

 
 
Riverside, California, Unified School District, GO         
 (Election of 2001):         
     Series A, 5.25%, 2/01/23 (e)    6,000    6,268,500 
     Series B, 5%, 8/01/30 (c)    7,515    7,646,663 

 
 
Riverside County, California, Asset Leasing         
 Corporation, Leasehold Revenue Refunding Bonds         
 (Riverside County Hospital Project), Series B,         
 5.70%, 6/01/16 (c)    4,500    4,914,585 

 
 
Sacramento, California, City Financing Authority,         
 Capital Improvement Revenue Bonds (Community         
 Rein Capital Program), Series A, 5%, 12/01/36 (b)    3,000    3,058,620 

 
 
Sacramento, California, City Financing Authority, Tax         
 Allocation Revenue Bonds (Merged Downtown and         
 Oak Park Projects), Series A, 5.03%, 12/01/32 (e)(i)    6,590    1,504,102 

 
 
Sacramento, California, Municipal Utility District         
 Financing Authority Revenue Bonds (Consumers         
 Project), 5%, 7/01/21 (c)    4,500    4,546,305 

 
 
Sacramento County, California, Airport System         
 Revenue Bonds, AMT, Senior Series B,         
 5.25%, 7/01/33 (d)    2,775    2,751,801 

 
 

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     California (continued)             

 
 
 
 
Saddleback Valley, California, Unified School District,         
 GO, 5%, 8/01/29 (d)    $ 2,565    $ 2,628,432 

 
 
San Bernardino, California, City Unified School         
 District, GO, Series A, 5%, 8/01/28 (d)        5,000    5,134,600 

 
 
 
San Bernardino County, California, S/F Home         
 Mortgage Revenue Refunding Bonds, AMT,             
 Series A-1, 6.25%, 12/01/31 (g)        235    241,408 

 
 
 
San Diego, California, Redevelopment Agency,         
 Subordinate Tax Allocation Bonds (Centre City         
 Redevelopment Project), Series A (b):             
     5.25%, 9/01/24        2,720    2,789,931 
     5.25%, 9/01/25        2,860    2,921,747 

 
 
 
San Diego, California, Unified Port District,             
 Revenue Refunding Bonds, AMT, Series A,             
 5.25%, 9/01/19 (c)        5,400    5,450,004 

 
 
 
San Diego County, California, (Salk Institute             
for Bio Studies), COP (c):             
     5.75%, 7/01/22        3,570    3,785,414 
     5.75%, 7/01/31        5,200    5,493,592 

 
 
 
San Diego County, California, Water Authority, Water         
 Revenue Bonds, COP, Series A (d):             
     5%, 5/01/30        7,350    7,489,062 
     5%, 5/01/31        10,000    10,183,200 

 
 
 
San Francisco, California, City and County Airport         
 Commission, International Airport Revenue             
 Refunding Bonds, AMT, Second Series,             
 Issue 34E (d):             
     5.75%, 5/01/24        5,000    5,232,250 
     5.75%, 5/01/25        3,500    3,654,210 

 
 
 
San Francisco, California, City and County Airport         
 Commission, International Airport, Special Facilities         
 Lease Revenue Bonds (SFO Fuel Company LLC),         
 AMT, Series A (a):             
     6.10%, 1/01/20        1,000    1,021,650 
     6.125%, 1/01/27        985    1,006,345 

 
 
 
San Francisco, California, Community College         
 District, GO, Refunding, Series A (e):             
     5.375%, 6/15/19        1,735    1,831,015 
     5.375%, 6/15/20        1,730    1,825,738 
     5.375%, 6/15/21        1,925    2,031,530 

 
 
 
San Jose, California, Airport Revenue Bonds,             
 Series D, 5%, 3/01/28 (c)        4,135    4,155,510 

 
 
 
San Jose, California, Financing Authority, Lease         
 Revenue Refunding Bonds, DRIVERS, VRDN,         
 Series 1280Z, 7.049%, 12/01/10 (b)(k)        1,632    1,672,406 

 
 
 
San Jose, California, GO (Libraries, Parks and Public         
 Safety Projects), 5%, 9/01/27 (c)        7,910    8,102,846 

 
 
 
San Jose, California, Redevelopment Agency, Tax         
 Allocation Bonds (Housing Set-Aside Merged Area),         
 AMT, Series E, 5.85%, 8/01/27 (c)        7,300    7,346,793 

 
 
 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued) BlackRock MuniYield California Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     California (concluded)         

 
 
 
San Juan, California, Unified School District, GO         
 (Election of 2002), 5%, 8/01/28 (c)    $ 4,250    $ 4,308,437 

 
 
San Mateo County, California, Transit District,         
 Sales Tax Revenue Refunding Bonds, Series A,         
 5%, 6/01/29 (c)    4,350    4,454,052 

 
 
San Ysidro, California, School District, Capital         
 Appreciation, GO (Election of 1997), Series E,         
 5.22%, 8/01/30 (d)    4,825    1,506,462 

 
 
Santa Clara, California, Subordinated Electric         
 Revenue Bonds, Series A, 5%, 7/01/28 (c)    5,500    5,549,445 

 
 
Santa Rosa, California, High School District, GO:         
(Election of 2002), 5%, 8/01/28 (c)    2,500    2,523,950 
     5.375%, 8/01/26 (d)    3,000    3,162,120 

 
 
South Tahoe, California, Joint Powers Financing         
 Authority, Revenue Refunding Bonds (South Tahoe         
 Redevelopment Project Area Number 1), Series A,         
 5%, 10/01/29 (d)    1,645    1,679,315 

 
 
Stockton, California, Public Financing Authority,         
 Water Revenue Bonds (Water System Capital         
 Improvement Projects), Series A, 5%, 10/01/31 (c)    2,600    2,625,558 

 
 
Tehachapi, California, COP, Refunding (Installment         
 Sale), 5.75%, 11/01/16 (d)    1,500    1,638,135 

 
 
Turlock, California, Public Finance Authority, Sewer         
 Revenue Bonds, Series A, 5%, 9/15/33 (e)    3,000    2,978,490 

 
 
Vallecitos Water District and Wastewater         
 Enterprise, California, COP, Refunding, Series A,         
 5%, 7/01/27 (d)    2,000    2,078,900 

 
 
Ventura County, California, Community College         
 District, GO, Refunding, Series A, 5%, 8/01/27 (c)    3,395    3,470,199 

 
 
Vista, California, COP (Community Projects),         
 5%, 5/01/37 (c)    6,750    6,793,740 

 
 
Vista, California, Unified School District, GO,         
 Series B, 5%, 8/01/28 (e)    2,550    2,552,142 

 
 
Walnut, California, Public Financing Authority, Tax         
 Allocation Revenue Bonds (Walnut Improvement         
 Project), 5.375%, 9/01/21 (b)    2,185    2,289,203 

 
 
West Contra Costa, California, Unified School         
 District, GO (Election of 2002), Series B,         
 5%, 8/01/32 (d)    6,690    6,794,431 
       
        677,106,399 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Puerto Rico —3.7%         

 
 
 
Puerto Rico Electric Power Authority, Power Revenue         
 Refunding Bonds, Series UU, 5%, 7/01/24 (d)    $ 7,000    $ 7,238,910 

 
 
Puerto Rico Municipal Finance Agency, GO, RIB,         
 Series 225, 8.78%, 8/01/12 (d)(k)    10,000    10,841,000 
       
        18,079,910 

 
 
Total Municipal Bonds         
(Cost — $691,911,726) — 142.0%        695,186,309 

 
 
 
 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (l)         

 
 
 
     California — 21.2%         

 
 
 
East Bay Municipal Utility District, California,         
 Water System Revenue Bonds, Sub-Series A,         
 5%, 6/1/35 (a)    10,000    10,184,700 

 
 
Long Beach, California, Harbor Revenue Bonds, AMT,         
 Series A, 5.375%, 5/15/24    15,150    15,322,104 

 
 
Los Angeles, California, Department of Water and         
 Power, Power System Revenue Refunding Bonds,         
 Series A, Sub-Series A-2, 5%, 7/1/27 (a)    16,000    16,349,600 

 
 
Metropolitan Water District, Southern Califonia         
 Waterworks Revenue Bonds, Series A, 5%, 7/1/37    15,000    15,432,450 

 
 
San Francisco California Bay Area Rapid Transit District         
 Sales Tax Revenue Refunding Bonds, Series A (a):         
     5%, 7/1/30    19,630    20,055,578 
     5%, 7/1/34    10,500    10,702,020 

 
 
San Jose, California, Financing Authority, Lease         
 Revenue Refunding Bonds (Civic Center Project),         
 Series B, 5%, 6/1/32 (e)    8,137    8,238,187 

 
 
University of California Revenue Bonds, Series L,         
 5%, 5/15/40    7,400    7,572,790 

 
 
Total Municipal Bonds Transferred to Tender Option         
Bond Trusts (Cost — $104,825,966) — 21.2%        103,857,429 

 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

21


Schedule of Investments (concluded) BlackRock MuniYield California Insured Fund, Inc.

(Percentages shown are based on Net Assets)

Short-Term Securities    Shares    Value 

 
 
 
CMA California Municipal Money Fund,         
 2.08% (m)(n)    16,433,157    $ 16,433,157 

 
 
Total Short-Term Securities         
(Cost — $16,433,157) — 3.4%        16,433,157 

 
 
Total Investments (Cost — $813,170,849*) — 166.6%    815,476,895 
Other Assets Less Liabilities — 0.1%        439,010 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (10.5%)        (51,292,808) 
Preferred Stock, at Redemption Value — (56.2*%)        (275,196,564) 
       
Net Assets Applicable to Common Stock — 100.0%        $489,426,533 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 761,822,332 
   
Gross unrealized appreciation    $ 10,528,976 
Gross unrealized depreciation    (7,769,778) 
   
Net unrealized appreciation    $ 2,759,018 
   

(a) U.S. 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.
(b) AMBAC Insured.
(c) MBIA Insured.
(d) FSA Insured.
(e) FGIC Insured.
(f) Security is collateralized by municipal or U.S. Treasury obligations.
(g) FNMA/GNMA Collateralized.
(h) FHLMC Collateralized.
(i) Represents a zero coupon bond. Rate shown is the effective yield at time
of purchase.
(j) Assured Guaranty Insured.
(k) Variable rate security. Rate shown is as of report date. Maturity shown is the
final maturity date.
(l) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(m) Represents the current yield as of report date.
(n) 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:

    Net    Dividend 
Affiliate    Activity    Income 

 
 
 
CMA California Municipal Money Fund    16,384,107    $193,663 

 
 

  See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida — 133.0%         

 
 
 
Alachua County, Florida, School Board, COP,         
 5.25%, 7/01/29 (a)    $ 2,100    $ 2,118,543 

 
 
Arbor Greene Community Development District,         
 Florida, Special Assessment Revenue Refunding         
 Bonds, 5%, 5/01/19    1,410    1,388,906 

 
 
Beacon Tradeport Community Development District,         
 Florida, Special Assessment Revenue Refunding         
 Bonds (Commercial Project), Series A,         
 5.625%, 5/01/32 (b)    2,000    2,004,540 

 
 
Brevard County, Florida, Health Facilities Authority,         
 Healthcare Facilities Revenue Bonds (Health         
 First Inc. Project), 5%, 4/01/36    3,000    2,795,160 

 
 
Broward County, Florida, Airport System Revenue         
 Bonds, AMT, Series I, 5.75%, 10/01/18 (a)    2,870    2,947,404 

 
 
Broward County, Florida, Educational Facilities         
 Authority Revenue Bonds (Nova Southeastern         
 University):         
     5%, 4/01/31 (c)    2,750    2,794,825 
     Series B, 5.625%, 4/01/34    1,000    974,010 

 
 
Broward County, Florida, HFA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Series E,         
 5.90%, 10/01/39 (d)(e)    1,470    1,490,506 

 
 
Citrus County, Florida, Hospital Board Revenue         
 Refunding Bonds (Citrus Memorial Hospital):         
     6.25%, 8/15/23    2,240    2,330,586 
     6.375%, 8/15/32    2,850    2,928,660 

 
 
Collier County, Florida, IDA, IDR, Refunding (Southern         
 States Utilities), AMT, 6.50%, 10/01/25    460    460,051 

 
 
Duval County, Florida, HFA, S/F Mortgage Revenue         
 Refunding Bonds, AMT (e):         
     5.40%, 10/01/21    645    650,379 
     5.85%, 10/01/27 (f)    1,430    1,482,023 

 
 
Escambia County, Florida, Environmental Improvement         
 Revenue Refunding Bonds (International Paper         
 Company Projects), AMT, Series A, 5%, 8/01/26    4,000    3,300,480 

 
 
Florida Housing Finance Corporation, Homeowner         
 Mortgage Revenue Bonds, AMT, Series 1,         
 6%, 7/01/39    840    850,542 

 
 
Florida Housing Finance Corporation, Homeowner         
 Mortgage Revenue Refunding Bonds, AMT, Series 4,         
 6.25%, 7/01/22 (g)    415    433,791 

 
 
Florida Municipal Loan Council Revenue Bonds (f):         
     Series A-1, 5.125%, 7/01/34    1,580    1,601,567 
     Series B, 5.375%, 11/01/30    4,250    4,342,267 

 
 
Florida State Board of Education, GO (Public         
 Education Capital Outlay), Series J, 5%, 6/01/31    2,500    2,540,525 

 
 
Florida State Governmental Utility Authority,         
 Utility Revenue Bonds (Lehigh Utility System),         
 5.125%, 10/01/33 (a)    1,000    1,010,320 

 
 
Fort Myers, Florida, Utility System Revenue Refunding         
 Bonds, 5%, 10/01/31 (f)    2,750    2,780,030 

 
 

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Florida (continued)             

 
 
 
 
Halifax Hospital Medical Center, Florida, Hospital             
 Revenue Refunding and Improvement Bonds,             
 Series A, 5.25%, 6/01/26    $ 4,500    $ 4,386,960 

 
 
Highlands County, Florida, Health Facilities             
 Authority, Hospital Revenue Bonds (Adventist             
 Health System):             
     Series C, 5.25%, 11/15/36        2,000    1,950,840 
     Series F, ARS, VRDN, 4.25%, 11/15/35 (g)(h)        2,675    2,675,000 

 
 
 
Hillsborough County, Florida, Aviation Authority             
 Revenue Bonds, AMT, Series A, 5.50%, 10/01/38 (c)    3,930    3,957,706 

 
 
Hillsborough County, Florida, Court Facilities             
 Revenue Bonds, 5.40%, 11/01/12 (a)(i)        1,055    1,163,707 

 
 
 
Hillsborough County, Florida, IDA, Exempt Facilities             
 Revenue Bonds (National Gypsum Company), AMT:             
     Series A, 7.125%, 4/01/30        2,500    2,423,150 
     Series B, 7.125%, 4/01/30        3,750    3,634,725 

 
 
 
Hillsborough County, Florida, IDA, Hospital Revenue             
 Bonds (H. Lee Moffitt Cancer Center Project):             
     Series A, 5.25%, 7/01/37        4,575    4,383,811 
     Series C, 5.50%, 7/01/32        1,000    1,000,650 

 
 
 
Hillsborough County, Florida, IDA, PCR, Refunding             
 (Tampa Electric Company Project), Series A,             
 5.65%, 5/15/18        1,450    1,460,556 

 
 
 
Hillsborough County, Florida, School Board, COP,             
 5%, 7/01/29 (f)        1,500    1,512,120 

 
 
 
Jacksonville Electric Authority, Florida, Saint John’s             
 River Power Park System Revenue Bonds, Issue             
 Three, Series 2, 5%, 10/01/37        2,100    2,129,862 

 
 
 
Jacksonville, Florida, Economic Development             
 Commission, Health Care Facilities Revenue             
 Bonds (Mayo Clinic-Jacksonville), Series A,             
 5.50%, 11/15/36 (f)        1,000    1,035,690 

 
 
 
Jacksonville, Florida, Economic Development             
 Commission, IDR (Metropolitan Parking Solutions             
 Project), AMT (j):             
     5.50%, 10/01/30        1,140    1,023,652 
     5.875%, 6/01/31        2,800    2,636,620 

 
 
 
Jacksonville, Florida, Excise Taxes Revenue Bonds,             
 Series B, 5.125%, 10/01/32 (k)        1,500    1,505,820 

 
 
 
Jacksonville, Florida, Guaranteed Entitlement             
 Revenue Refunding and Improvement Bonds,             
 5.25%, 10/01/32 (k)        2,315    2,349,493 

 
 
 
Jacksonville, Florida, HFA, Homeowner Mortgage             
 Revenue Refunding Bonds, AMT, Series A-1,             
 5.625%, 10/01/39 (d)(e)        1,000    994,890 

 
 
 
Jacksonville, Florida, Health Facilities Authority,             
 Hospital Revenue Bonds (Baptist Medical Center             
 Project), 5%, 8/15/37 (g)        3,145    3,158,681 

 
 
 
Jacksonville, Florida Port Authority Revenue Bond AMT,         
 6%, 11/01/2038        600    618,564 

 
 
 
Jacksonville, Florida, Sales Tax Revenue Bonds,             
 5%, 10/01/27 (f)        2,700    2,761,587 

 
 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

23


Schedule of Investments (continued) BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida (continued)         

 
 
 
Lakeland, Florida, Hospital System Revenue Bonds         
 (Lakeland Regional Health System), Series A,         
 5.50%, 11/15/09 (f)(i)    $ 3,500    $ 3,695,615 

 
 
Lee County, Florida, Capital Revenue Bonds,         
 5.25%, 10/01/23 (a)    1,375    1,427,717 

 
 
Lee County, Florida, HFA, S/F Mortgage Revenue         
 Bonds (Multi-County Program), AMT (e):         
     Series A-1, 7.125%, 3/01/28    30    30,496 
     Series A-2, 6%, 9/01/40 (d)    2,500    2,596,525 

 
 
Lee County, Florida, IDA, Health Care Facilities,         
 Revenue Refunding Bonds (Shell Point/Alliance         
 Obligor Group), 5%, 11/15/32 (s)    1,380    1,160,359 

 
 
Lee Memorial Health System, Florida, Hospital         
 Revenue Bonds, Series A, 5%, 4/01/32 (a)    3,000    3,004,140 

 
 
Leon County, Florida, HFA, S/F Mortgage Revenue         
 Bonds (Multi-County Program), AMT, Series B,         
 7.30%, 1/01/28 (d)(l)    65    67,449 

 
 
Manatee County, Florida, HFA, Homeowner Revenue         
 Bonds, AMT, Series A, 5.90%, 9/01/40 (d)(e)    1,400    1,396,794 

 
 
Manatee County, Florida, HFA, S/F Mortgage         
 Revenue Refunding Bonds, AMT, Sub-Series 1,         
 6.25%, 11/01/28 (l)    115    116,564 

 
 
Martin County, Florida, Health Facilities Authority,         
 Hospital Revenue Bonds (Martin Memorial Medical         
 Center), Series A (i):         
     5.75%, 11/15/12    1,350    1,512,796 
     5.875%, 11/15/12    3,535    3,979,880 

 
 
Miami Beach, Florida, Water and Sewer Revenue         
 Bonds, 5.75%, 9/01/25 (a)    3,000    3,140,400 

 
 
Miami, Florida, Special Obligation Revenue Bonds         
 (Street and Sidewalk Improvement Program),         
 5%, 1/01/37 (f)    2,000    2,002,900 

 
 
Miami-Dade County, Florida, Aviation Revenue Bonds,         
 AMT, Series A:         
     5%, 10/01/33 (g)    1,440    1,360,800 
     (Miami International Airport), 6%, 10/01/29 (k)    4,300    4,381,442 

 
 
Miami-Dade County, Florida, Aviation Revenue         
 Bonds, DRIVERS, VRDN, AMT, Series A,         
 7.222%, 10/01/11 (g)(h)    10    9,026 

 
 
Miami-Dade County, Florida, Educational Facilities         
 Authority Revenue Bonds (University of Miami),         
 Series A, 5.75%, 4/01/10 (a)(i)    1,750    1,876,350 

 
 
Miami-Dade County, Florida, Expressway Authority,         
 Toll System Revenue Bonds, Series B,         
 5%, 7/01/33 (k)    4,750    4,702,690 

 
 
Miami-Dade County, Florida, HFA, Home Ownership         
 Mortgage Revenue Bonds, AMT, Series A,         
 5.55%, 10/01/49 (d)(e)    1,800    1,780,920 

 
 
Miami-Dade County, Florida, HFA, Home Ownership         
 Mortgage Revenue Refunding Bonds, AMT,         
 Series A-1, 6.30%, 10/01/20 (e)    385    389,304 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Florida (continued)         

 
 
 
Miami-Dade County, Florida, School Board, COP:         
     Series A, 5.50%, 10/01/09 (g)(i)    $ 3,200    $ 3,344,896 
     Series B, 5%, 11/01/31 (a)    2,500    2,486,325 

 
 
Miami-Dade County, Florida, Solid Waste System         
 Revenue Bonds, 5.25%, 10/01/30 (f)    2,800    2,842,840 

 
 
Orange County, Florida, Educational Facilities Authority,         
 Educational Facilities Revenue Bonds (Rollins         
 College Project), 5.25%, 12/01/32 (a)    1,500    1,530,510 

 
 
Orange County, Florida, Health Facilities Authority,         
 Hospital Revenue Bonds (Orlando Regional         
 Healthcare), 6%, 12/01/12 (i)    5,140    5,774,841 

 
 
Orange County, Florida, School Board, COP, Series A,         
 5.25%, 8/01/09 (f)(i)    10,500    11,001,840 

 
 
Orange County, Florida, Tourist Development, Tax         
 Revenue Refunding Bonds, 5%, 10/01/29 (a)    3,500    3,519,250 

 
 
Orlando and Orange County, Florida, Expressway         
 Authority Revenue Bonds, Series B (a):         
     5%, 7/01/30    3,000    3,016,080 
     5%, 7/01/35    8,085    8,113,621 

 
 
Orlando, Florida, Senior Tourist Development Tax         
 Revenue Bonds (6th Cent Contract Payments),         
 Series A, 5.25%, 11/01/38 (c)    2,000    2,066,480 

 
 
Orlando, Florida, Utilities Commission, Water and         
 Electric Revenue Refunding Bonds, Series C:         
     5.25%, 10/01/12 (i)    860    941,752 
     5.25%, 10/01/23    140    147,833 

 
 
Orlando-Orange County Expressway Authority, Florida,         
 Expressway Revenue Bonds, VRDN, Sub-Series D,         
 3.34%, 7/01/40 (a)(h)    3,280    3,280,000 

 
 
Osceola County, Florida, Tourist Development Tax         
 Revenue Bonds, Series A, 5.50%, 10/01/27 (k)    1,760    1,821,794 

 
 
Palm Beach County, Florida, Airport System Revenue         
 Bonds, AMT, Series A, 5%, 10/01/34 (f)    5,000    4,653,650 

 
 
Palm Beach County, Florida, Criminal Justice Facilities         
 Revenue Bonds, 7.20%, 6/01/15 (k)    3,390    4,158,344 

 
 
Palm Beach County, Florida, School Board, COP,         
 Series A:         
     6.25%, 8/01/10 (i)(k)    6,000    6,531,960 
     5%, 8/01/29 (f)(k)    1,000    1,005,250 
     5%, 8/01/31 (g)    2,200    2,232,516 

 
 
Pinellas County, Florida, HFA, S/F Housing Revenue         
 Refunding Bonds (Multi-County Program), AMT,         
 Series A-1 (e):         
     6.30%, 9/01/20    270    273,578 
     6.35%, 9/01/25    405    410,455 

 
 
Polk County, Florida, School Board COP, Master         
 Lease, Series A, 5.50%, 1/01/25 (g)    4,385    4,589,166 

 
 
Port Everglades Authority, Florida, Port Revenue         
 Bonds, 7.125%, 11/01/16 (r)    1,105    1,276,618 

 
 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued) BlackRock MuniYield Florida Fund
(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Florida (concluded)             

 
 
 
 
Port St. Lucie, Florida, Utility Revenue Bonds,             
 5.25%, 9/01/25 (f)    $ 1,215    $ 1,246,481 

 
 
Saint Johns County, Florida, Ponte Vedra Utility             
 System Revenue Bonds, 5%, 10/01/35 (g)        1,000    1,016,070 

 
 
 
Saint Johns County, Florida, Sales Tax Revenue             
 Bonds (a):             
     Series A, 5.25%, 10/01/32        2,400    2,452,968 
     Series A, 5.25%, 10/01/34        1,200    1,225,632 
     Series B, 5.25%, 10/01/32        1,015    1,037,401 

 
 
 
Santa Rosa County, Florida, School Board, COP,             
 Refunding, Series 2 (k):             
     5.25%, 2/01/26        1,180    1,202,467 
     5.25%, 2/01/31        1,820    1,846,463 

 
 
 
Seminole County, Florida, Water and Sewer Revenue         
 Bonds, 5%, 10/01/31        5,000    5,089,200 

 
 
 
South Lake County, Florida, Hospital District Revenue         
 Bonds (South Lake Hospital Inc.):             
     5.80%, 10/01/34        1,000    1,008,460 
     6.375%, 10/01/34        1,150    1,166,974 

 
 
 
Sumter County, Florida, Capital Improvement Revenue         
 Bonds (a):             
     5%, 6/01/26        2,190    2,220,441 
     5%, 6/01/30        3,500    3,527,650 

 
 
 
Tampa Bay, Florida, Water Utility System Revenue             
 Bonds, 5.75%, 10/01/11 (i)(k)        5,000    5,477,650 

 
 
 
University of Central Florida Athletics Association Inc.,         
 COP, Series A, 5.25%, 10/01/34 (k)        3,235    3,234,838 

 
 
 
University of Central Florida, COP (UCF Convocation         
 Center), Series A, 5%, 10/01/35 (k)        4,400    4,078,448 

 
 
 
Village Center Community Development District,             
 Florida, Recreational Revenue Bonds, Series A (f):         
     5.375%, 11/01/34        1,995    2,066,820 
     5.125%, 11/01/36        1,000    1,021,540 

 
 
 
Village Center Community Development             
 District, Florida, Utility Revenue Bonds,             
 5.125%, 10/01/28 (f)        5,040    5,162,926 

 
 
 
Volusia County, Florida, IDA, Student Housing Revenue         
 Bonds (Stetson University Project), Series A,             
 5%, 6/01/35 (n)        1,000    1,004,100 

 
 
 
Volusia County, Florida, School Board, COP (Master         
 Lease Program), 5.50%, 8/01/24 (g)        5,000    5,233,800 
           
            251,961,294 

 
 
 
 
     Georgia — 1.8%             

 
 
 
 
Atlanta, Georgia, Airport Passenger Facility Charge         
 and Subordinate Lien General Revenue Refunding         
 Bonds, Series C, 5%, 1/01/33 (g)        3,270    3,316,565 

 
 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New Jersey — 1.8%         

 
 
 
New Jersey EDA, Cigarette Tax Revenue Bonds:         
     5.75%, 6/15/29    $ 1,735    $ 1,695,477 
     5.50%, 6/15/31    505    474,801 

 
 
Tobacco Settlement Financing Corporation of         
 New Jersey, Asset-Backed Revenue Bonds,         
 7%, 6/01/13 (i)    1,000    1,174,710 
       
        3,344,988 

 
 
 
     Puerto Rico — 4.7%         

 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer         
 Authority, Senior Lien Revenue Bonds, Series A,         
 6%, 7/01/44    4,200    4,388,160 

 
 
Puerto Rico Commonwealth, Public Improvement, GO,         
 Series A, 5.25%, 7/01/26    1,000    991,830 

 
 
Puerto Rico Public Buildings Authority, Government         
 Facilities Revenue Refunding Bonds, Series I,         
 5%, 7/01/36 (o)    2,000    1,876,480 

 
 
Puerto Rico Public Finance Corporation,         
 Commonwealth Appropriation Revenue Bonds,         
 Series E, 5.70%, 2/01/10 (i)    1,715    1,800,613 
       
        9,057,083 

 
 
Total Municipal Bonds         
(Cost — $263,772,262) — 141.3%        267,679,930 

 
 
 
 
Municipal Bonds Transferred to         
Tender Option Bond Trusts (p)         

 
 
 
     Florida — 19.2%         

 
 
 
Miami-Dade County, Florida, Aviation Revenue Bonds,         
 Airport and Marina Imports, Series A,         
 5.0%, 10/01/33 (g)    2,435    2,278,330 

 
 
Miami-Dade County, Florida, Expressway Authority, Toll         
 System Revenue Bonds, 6.375%, 7/1/10 (i)(k)    16,000    17,455,840 

 
 
Miami-Dade County, Florida, Health Facilities Authority,         
 Hospital Revenue Refunding Bonds (Miami         
 Children’s Hospital), Series A, 5.625%, 8/15/17 (a)    6,595    7,234,649 

 
 
South Broward, Florida, Hospital District, Hospital         
 Revenue Bonds, 5.625%, 5/1/32 (f)    8,500    9,415,535 

 
 
Total Municipal Bonds Transferred to Tender         
Option Bond Trusts (Cost — $34,828,768) — 19.2%        36,384,354 

 
 

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

25


Schedule of Investments (concluded) BlackRock MuniYield Florida Fund

(Percentages shown are based on Net Assets)

Short-Term Securities    Shares    Value 

 
 
 
CMA Florida Municipal Money Fund, 2.01% (m)(q)    13,344,227    $ 13,344,227 

 
 
Total Short-Term Securities         
(Cost — $13,344,227) — 7.0%        13,344,227 

 
 
Total Investments (Cost — $311,945,257*) — 167.5%    317,408,511 
Liabilities in Excess of Other Assets — (0.5%)        (1,018,256) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (8.9%)        (16,919,670) 
Preferred Shares, at Redemption Value — (58.1%)        (110,060,225) 
       
Net Assets Applicable to Common Shares — 100.0%        $189,410,360 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 296,476,549 
   
Gross unrealized appreciation    $ 8,871,833 
Gross unrealized depreciation    (4,697,827) 
   
Net unrealized appreciation    $ 4,174,006 
   

(a) AMBAC Insured.
(b) Radian Insured.
(c) Assured Guaranty Insured.
(d) FHLMC Collateralized.
(e) FNMA/GNMA Collateralized.
(f) MBIA Insured.
(g) FSA Insured.
(h) Variable rate security. Rate shown is interest rate as of report date. Maturity
shown is the final maturity date.
(i) U.S. 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.
(j) ACA Insured.
(k) FGIC Insured.
(l) GNMA Collateralized.
(m) Represents the current yield as of report date.
(n) CIFG Insured.
(o) Commonwealth Guaranteed.
(p) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(q) 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:

    Net    Dividend 
Affiliate    Activity    Income 

 
 
 
CMA Florida Municipal Money Fund    7,266,346    $67,138 

 
 

(r) Security is collateralized by municipal or U.S. Treasury obligations.
(s) Illiquid security.

  See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Michigan Insured Fund II, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Michigan — 141.3%         

 
 
 
Adrian, Michigan, City School District, GO,         
 5%, 5/01/14 (f)(i)    $ 2,400    $ 2,632,440 

 
 
Anchor Bay, Michigan, School District, School Building         
 and Site, GO, Series II, 5.75%, 5/01/10 (c)(f)    3,165    3,370,472 

 
 
Bay City, Michigan, School District, School Building         
 and Site, GO, 5%, 5/01/31 (i)    2,275    2,326,165 

 
 
Bullock Creek, Michigan, School District, GO,         
 5.50%, 5/01/10 (b)(f)    2,150    2,279,129 

 
 
Charlotte, Michigan, Public School District, GO,         
 5.375%, 5/01/09 (c)(f)    3,850    3,973,700 

 
 
Delta County, Michigan, Economic Development         
 Corporation, Environmental Improvement Revenue         
 Refunding Bonds (Mead Westvaco-Escanaba),         
 Series A, 6.25%, 4/15/12 (f)    2,420    2,708,948 

 
 
Detroit, Michigan, City School District, GO (School         
 Building and Site Improvement) (c):         
     Series A, 5.0%, 5/01/13 (f)    2,000    2,177,740 
     Series A, 5.375%, 5/01/13 (f)    1,480    1,637,087 
     Series B, 5%, 5/01/28    1,900    1,929,374 

 
 
Detroit, Michigan, City School District, GO, Series A,         
 5.50%, 5/01/12 (f)(i)    1,700    1,862,741 

 
 
Detroit, Michigan, Water Supply System Revenue         
 Bonds:         
     Second Lien, Series B, 5%, 7/01/13 (b)(f)    1,780    1,942,105 
     Second Lien, Series B, 5%, 7/01/34 (b)    2,620    2,626,917 
     Senior Lien, Series A, 5%, 7/01/13 (b)(f)    1,250    1,363,838 
     Senior Lien, Series A, 5%, 7/01/25 (i)    3,460    3,591,342 
     Senior Lien, Series A, 5%, 7/01/34 (b)    4,600    4,612,144 

 
 
Detroit, Michigan, Water Supply System, Revenue         
 Refunding Bonds, Second Lien, Series C,         
 5%, 7/01/29    6,475    6,644,904 

 
 
Dickinson County, Michigan, Economic Development         
 Corporation, Environmental Improvement Revenue         
 Refunding Bonds (International Paper Company         
 Project), Series A, 5.75%, 6/01/16    2,500    2,536,125 

 
 
Dickinson County, Michigan, Healthcare         
 System, Hospital Revenue Refunding Bonds,         
 5.80%, 11/01/24 (d)    2,170    2,161,797 

 
 
East Grand Rapids, Michigan, Public School District,         
 GO, 6%, 5/01/09 (f)(i)    6,300    6,541,290 

 
 
Eaton Rapids, Michigan, Public Schools, School         
 Building and Site, GO (i):         
     5%, 5/01/14 (f)    880    965,228 
     5%, 5/01/26    1,000    1,027,100 
     5%, 5/01/29    370    377,493 
     5.25%, 5/01/23    2,000    2,113,040 

 
 
Flint, Michigan, Hospital Building Authority, Revenue         
 Refunding Bonds (Hurley Medical Center) (d):         
     Series A, 5.375%, 7/01/20    385    353,626 
     Series A, 6%, 7/01/20    775    752,161 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Michigan (continued)         

 
 
 
Gibraltar, Michigan, School District, GO (School         
 Building and Site) (c):         
     5%, 5/01/14 (f)    $ 3,065    $ 3,361,845 
     5%, 5/01/28    585    595,004 

 
 
Grand Blanc, Michigan, Community Schools, GO (c):         
     5.625%, 5/01/17    1,000    1,071,800 
     5.625%, 5/01/18    1,000    1,052,620 
     5.625%, 5/01/19    1,100    1,157,882 

 
 
Grand Rapids, Michigan, Building Authority Revenue         
 Bonds (g):         
     Series A, 5.50%, 10/01/12 (f)    535    591,127 
     Series A, 5.50%, 10/01/12 (f)    130    143,638 
     Series A, 5.50%, 10/01/18    805    858,146 
     Series A, 5.50%, 10/01/19    190    202,544 

 
 
Grand Rapids, Michigan, Sanitation Sewer System         
 Revenue Refunding and Improvement Bonds,         
 Series A, 5.50%, 1/01/22 (c)    1,500    1,664,790 

 
 
Harper Woods, Michigan, City School District, School         
 Building and Site, GO, Refunding (c):         
     5%, 5/01/14 (f)    215    235,823 
     5%, 5/01/34    10    10,155 

 
 
Hartland, Michigan, Consolidated School District, GO,         
 6%, 5/01/10 (c)(f)    4,500    4,814,009 

 
 
Haslett, Michigan, Public School District, School         
 Building and Site, GO, 5.625%, 11/01/11 (b)(f)    1,275    1,396,163 

 
 
Hudsonville, Michigan, Public Schools, School         
 Building and Site, GO, 5%, 5/01/29 (i)    2,660    2,713,865 

 
 
Jackson, Michigan, Public Schools, GO,         
 5.375%, 5/01/10 (c)(f)    3,975    4,204,079 

 
 
Kent, Michigan, Hospital Finance Authority         
 Revenue Bonds (Spectrum Health), Series A,         
 5.50%, 7/15/11 (b)(f)    3,000    3,266,850 

 
 
Lapeer, Michigan, Community Schools, School         
 Building and Site, GO, 5%, 5/01/37 (i)    1,235    1,265,282 

 
 
Ludington, Michigan, Area School District, GO,         
 5.25%, 5/01/23 (b)    1,440    1,520,842 

 
 
Michigan Higher Education Facilities Authority, Limited         
 Obligation Revenue Bonds (Hillsdale College         
 Project), 5%, 3/01/35    1,125    1,086,255 

 
 
Michigan Higher Education Facilities Authority, Limited         
 Obligation Revenue Refunding Bonds (Hope         
 College), Series A, 5.90%, 4/01/32    1,000    1,002,360 

 
 
Michigan Higher Education Facilities Authority, Revenue         
 Refunding Bonds (College for Creative Studies):         
     5.85%, 12/01/22    550    560,956 
     5.90%, 12/01/27    1,000    1,014,770 

 
 
Michigan Higher Education Student Loan Authority,         
 Student Loan Revenue Bonds, AMT (g):         
     Series XVII-B, 5.40%, 6/01/18    3,000    3,018,210 
     Series XVII-Q, 5%, 3/01/31    500    462,780 

 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

27


Schedule of Investments (continued) BlackRock MuniYield Michigan Insured Fund II, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     Michigan (continued)         

 
 
 
Michigan State Building Authority Revenue Bonds         
 (Facilities Program), Series II (e)(g)(l):         
     4.67%, 10/15/09    $ 1,185    $ 1,143,454 
     4.77%, 10/15/10    1,675    1,568,386 

 
 
Michigan State Building Authority, Revenue         
 Refunding Bonds, (Facilities Program), Series II,         
 5%, 10/15/29 (b)    2,000    2,018,000 

 
 
Michigan State, COP, 5.50%, 6/01/10 (f)(g)    3,870    4,110,985 

 
 
Michigan State, Comprehensive Transportation         
 Revenue Refunding Bonds, 5%, 5/15/26 (i)    1,000    1,035,450 

 
 
Michigan State, HDA, Limited Obligation M/F Housing         
 Revenue Bonds (Deaconess Towers Apartments),         
 AMT, 5.25%, 2/20/48 (j)    1,000    934,290 

 
 
Michigan State, HDA, Rental Housing Revenue         
 Bonds, AMT:         
     Series A, 5.30%, 10/01/37 (b)    25    23,888 
     Series B, 4.85%, 10/01/37 (i)    1,500    1,346,550 
     Series D, 5.125%, 4/01/31 (i)    1,500    1,444,155 

 
 
Michigan State Hospital Finance Authority, Hospital         
 Revenue Bonds (Mid-Michigan Obligation Group),         
 Series A, 5.50%, 4/15/18 (g)    1,000    1,044,190 

 
 
Michigan State Hospital Finance Authority, Hospital         
 Revenue Refunding Bonds:         
     (Crittenton Hospital), Series A, 5.625%, 3/01/27    1,300    1,323,816 
     (Oakwood Obligated Group), Series A,         
     5%, 7/15/37    3,340    3,135,191 
     (Sparrow Obligated Group), 5%, 11/15/31    2,145    2,084,254 

 
 
Michigan State Hospital Finance Authority         
 Revenue Bonds:         
     (McLaren Health Care Corporation), Series C,         
     5%, 8/01/35    1,585    1,482,102 
     (Mercy Health Services), Series R,         
     5.375%, 8/15/26 (g)(l)    2,000    2,009,360 

 
 
Michigan State Hospital Finance Authority, Revenue         
 Refunding Bonds:         
     (Ascension Health Credit), Series A,         
     6.25%, 11/15/09 (b)(f)    3,760    4,016,733 
     (Mercy Health Services), Series X,         
     6%, 8/15/09 (b)(f)    3,215    3,366,684 
     (Mercy-Mount Clemens), Series A,         
     5.75%, 5/15/09 (b)(f)    2,000    2,092,780 
     (Trinity Health), Series A, 6%, 12/01/27 (g)    5,500    5,833,850 
     (Trinity Health Credit Group), Series D,         
     5%, 8/15/34    1,650    1,628,484 
     (Trinity Health Credit), Series C,         
     5.375%, 12/01/23    1,000    1,025,030 
     (Trinity Health Credit), Series C,         
     5.375%, 12/01/30    1,950    1,980,342 

 
 
Michigan State Strategic Fund, Limited Obligation         
 Revenue Refunding Bonds:         
     (Detroit Edison Company Pollution Control         
     Project), AMT, Series A, 5.55%, 9/01/29 (b)    9,500    9,539,330 
     (Detroit Edison Company Pollution Control         
     Project), Series AA, 6.95%, 5/01/11 (c)    2,000    2,200,880 
     (Dow Chemical Company Project), AMT,         
     5.50%, 12/01/28    1,375    1,371,617 

 
 

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Michigan (continued)             

 
 
 
 
Monroe County, Michigan, Economic Development         
 Corporation, Limited Obligation Revenue Refunding         
 Bonds (Detroit Edison Co. Project), Series AA,             
 6.95%, 9/01/22 (c)    $ 6,500    $ 8,211,320 

 
 
New Lothrop, Michigan, Area Public Schools, School         
 Building and Site, GO, 5%, 5/01/35 (i)        1,200    1,224,816 

 
 
 
Oak Park, Michigan, Street Improvement, GO,             
 5%, 5/01/30 (b)        600    606,702 

 
 
 
Plainwell, Michigan, Community Schools,             
 School District, School Building and Site, GO,             
 5.50%, 11/01/12 (f)(i)        1,000    1,105,900 

 
 
 
Pontiac, Michigan, Tax Increment Finance Authority,         
 Revenue Refunding Bonds (Development Area         
 Number 3), 5.375%, 6/01/12 (d)(f)        640    699,866 

 
 
 
Portage, Michigan, Public Schools, School Building         
 and Site, GO, 5%, 5/01/31 (i)        2,850    2,933,676 

 
 
 
Reed, Michigan, City Public Schools, School Building         
 and Site, GO, 5%, 5/01/14 (f)(i)        1,000    1,096,850 

 
 
 
Romulus, Michigan, Community Schools, GO,             
 5.75%, 5/01/09 (c)(f)        1,500    1,553,745 

 
 
 
Roseville, Michigan, School District, School Building         
 and Site, GO, Refunding, 5%, 5/01/31 (i)        1,050    1,073,614 

 
 
 
Saginaw Valley State University, Michigan, General         
 Revenue Refunding Bonds, 5%, 7/01/24 (c)        1,450    1,457,540 

 
 
 
Saint Clair County, Michigan, Economic Revenue         
 Refunding Bonds (Detroit Edison Co. Project),             
 Series AA, 6.40%, 8/01/24 (g)        13,000    13,342,425 

 
 
 
South Lyon, Michigan, Community Schools, GO,             
 Series A, 5.75%, 5/01/10 (b)(f)        2,650    2,822,038 

 
 
 
Southfield, Michigan, Public Schools, School Building         
 and Site, GO, Series A, (f)(i):             
     5%, 5/01/14        1,000    1,096,850 
     5.25%, 5/01/14        1,950    2,165,280 

 
 
 
Sparta, Michigan, Area Schools, School Building and         
 Site, GO, 5%, 5/01/14 (f)(i)        1,000    1,096,850 

 
 
 
Thornapple Kellogg School District, Michigan,             
 GO, Refunding, 5%, 5/01/32 (b)        1,500    1,538,265 

 
 
 
Wayne Charter County, Michigan, Airport Revenue         
 Bonds (Detroit Metropolitan Wayne County), AMT,         
 Series A, 5.375%, 12/01/15 (b)        6,500    6,588,725 

 
 
 
Wayne Charter County, Michigan, Detroit             
 Metropolitan Airport, GO, Airport Hotel, Series A,         
 5%, 12/01/30 (b)        1,180    1,188,118 

 
 
 
Wayne County, Michigan, Airport Authority Revenue         
 Bonds (Detroit Metropolitan Wayne County Airport),         
 AMT, (b):             
     5.25%, 12/01/25        4,475    4,449,403 
     5.25%, 12/01/26        3,700    3,678,133 
     5%, 12/01/34        5,200    4,838,756 

 
 
 

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (concluded) BlackRock MuniYield Michigan Insured Fund II, Inc.

(Percentages shown are based on Net Assets)

        Par     
Municipal Bonds        (000)    Value 

 
 
 
 
     Michigan (concluded)             

 
 
 
 
Wayne County, Michigan, Airport Authority, Revenue             
 Refunding Bonds, AMT (m):             
     5.75%, 12/01/26    $ 3,060    $ 3,177,841 
     5.375%, 12/01/32        4,300    4,262,117 

 
 
 
Wyoming, Michigan, Sewage Disposal System             
 Revenue Bonds, 5%, 6/01/30 (b)        5,300    5,353,318 

 
 
 
Zeeland, Michigan, Public Schools, School Building             
 and Site, GO, 5%, 5/01/29 (b)        1,330    1,356,932 
           
            234,457,582 

 
 
 
 
     Puerto Rico — 3.9%             

 
 
 
 
Puerto Rico Commonwealth Highway and             
 Transportation Authority, Transportation Revenue             
 Refunding Bonds, Series N, 5.25%, 7/01/39 (c)        1,250    1,239,475 

 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales             
 Tax Revenue Refunding Bonds, Series A, (b)(e):             
     5.20%, 8/01/43        12,500    1,735,500 
     4.99%, 8/01/46        30,000    3,500,100 
           
            6,475,075 

 
 
 
Total Municipal Bonds             
(Cost — $234,151,100) — 145.2%            240,932,657 

 
 
 
 
 
Municipal Bonds Transferred to             
Tender Option Bond Trusts (k)             

 
 
 
 
     Michigan — 19.9%             

 
 
 
 
Detroit, Michigan, Water Supply System, Senior Lien             
 Revenue Bonds, Series A, 5.75%, 7/01/11 (c)(f)        2,700    2,964,573 

 
 
 
Lakewood Michigan Public Schools, 5%, 5/01/2037 (i)    4,150    4,060,247 

 
 
Michigan State, COP, Refunding (New Center             
 Development Inc.) (b)(l):             
     5.75%, 9/01/10        5,715    6,194,689 
     5.75%, 9/01/11        5,045    5,468,452 

 
 
 
Michigan State Building Authority, Revenue             
 Refunding Bonds (Facilities Program), Series I,             
 5.50%, 10/15/10 (i)        7,000    7,554,120 

 
 
 
Saginaw Valley State University Michigan Revenue Bonds,         
 5%, 7/01/2031 (i)        2,500    2,557,900 

 
 
 
Wayne State University, Michigan, University Revenue             
 Refunding Bonds, 5%, 11/15/2035 (i)        4,000    4,108,840 

 
 
 
 
     Puerto Rico —2.9%             

 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue             
 Bonds (f)(i):             
     Series HH, 5.75%, 7/01/10        4,540    4,861,568 

 
 
 
Total Municipal Bonds Transferred to Tender Option             
Bond Trusts (Cost — $37,646,548) — 22.8%            37,770,389 

 
 
 

Short-Term Securities    Shares    Value 

 
 
 
CMA Michigan Municipal Money Fund, 2.15% (a)(h)    554,971    $ 554,971 

 
 
Total Short-Term Securities         
(Cost — $554,971) — 0.3%        554,971 

 
 
Total Investments (Cost — $272,352,619*) — 168.3%        279,258,017 
Other Assets Less Liabilities — 2.4%        3,919,115 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (11.0%)        (18,227,397) 
Preferred Stock, at Redemption Value — (59.7%)        (99,022,539) 
       
Net Assets Applicable to Common Stock — 100.0%        $165,927,196 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of April
30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 254,167,685 
   
Gross unrealized appreciation    $ 10,712,601 
Gross unrealized depreciation    (3,775,862) 
   
Net unrealized appreciation    $ 6,936,739 
   

(a) 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:

    Net    Dividend 
Affiliate    Activity    Income 

 
 
 
CMA Michigan Municipal Money Fund    (3,330,844)    $73,207 

 
 

(b) MBIA Insured.
(c) FGIC Insured.
(d) ACA Insured.
(e) Represents a zero coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(f) U.S. 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.
(g) AMBAC Insured.
(h) Represents the current yield as of report date.
(i) FSA Insured.
(j) GNMA Collateralized.
(k) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(l) Security is collateralized by municipal or U.S. Treasury Obligations.
(m) Assured Guarantee Insured.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

29


Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield New York Insured Fund, Inc.
(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York — 123.3%         

 
 
 
Buffalo, New York, School, GO, Series D (a):         
     5.50%, 12/15/14    $ 1,250    $ 1,337,087 
     5.50%, 12/15/16    1,500    1,603,980 

 
 
Buffalo, New York, Sewer Authority, Revenue         
 Refunding Bonds, Series F, 6%, 7/01/13 (a)    4,300    4,648,042 

 
 
Dutchess County, New York, Resource Recovery         
 Agency Revenue Bonds (Solid Waste System-         
 Forward), Series A, 5.40%, 1/01/13 (b)    1,700    1,793,976 

 
 
Erie County, New York, IDA, School Facility Revenue         
 Bonds (City of Buffalo Project) (c):         
     5.75%, 5/01/20    1,900    2,051,753 
     5.75%, 5/01/24    4,250    4,440,952 

 
 
Hudson Yards Infrastructure Corporation, New York,         
 Revenue Bonds, Series A:         
     4.50%, 2/15/47 (b)    11,275    10,463,313 
     5%, 2/15/47 (a)    12,150    11,830,455 

 
 
Huntington, New York, GO, Refunding:(d)         
     5.50%, 4/15/11    485    523,169 
     5.50%, 4/15/12    460    505,374 
     5.50%, 4/15/13    455    504,581 
     5.50%, 4/15/14    450    504,000 
     5.50%, 4/15/15    450    507,609 

 
 
Ilion, New York, Central School District, GO, Series B,         
 5.50%, 6/15/10 (a)    1,675    1,799,821 

 
 
Long Island Power Authority, New York, Electric System         
 Revenue Bonds, Series A (d):         
     5%, 9/01/29    7,000    7,086,730 
     5%, 9/01/34    7,950    8,026,797 

 
 
Long Island Power Authority, New York, Electric         
 System Revenue Refunding Bonds, Series B,         
 5%, 12/01/35 (c)    4,000    4,090,600 

 
 
Madison County, New York, IDA, Civic Facility Revenue         
 Bonds (Colgate University Project), Series A,         
 5%, 7/01/35 (d)    4,250    4,331,770 

 
 
Metropolitan Transportation Authority, New York,         
 Commuter Facilities Revenue Refunding Bonds,         
 Series B, 4.875%, 7/01/18 (a)(e)    10,000    10,118,300 

 
 
Metropolitan Transportation Authority, New York,         
 Dedicated Tax Fund Revenue Bonds:         
     Series A, 5%, 11/15/31 (b)    3,905    3,994,815 
     Series A, 5%, 11/15/35 (b)    5,000    5,100,900 
     VRDN, Series D-2, 3.50%, 11/01/34 (d)(f)    4,000    4,000,000 

 
 
Metropolitan Transportation Authority, New York,         
 Dedicated Tax Fund, Revenue Refunding Bonds,         
 Series A:         
     5%, 11/15/30 (b)    6,600    6,717,810 
     5%, 11/15/32 (c)    1,015    1,029,372 

 
 
Metropolitan Transportation Authority, New York,         
 Revenue Bonds:         
     GO, VRDN, Sub-Series A-2, 6%, 11/01/34 (f)(g)    8,000    8,000,000 
     Series B, 4.50%, 11/15/37    3,150    2,917,309 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (continued)         

 
 
 
Metropolitan Transportation Authority, New York,         
 Revenue Refunding Bonds:         
     RIB, Series 724X, 8.81%, 11/15/32 (c)(f)    $ 3,900    $ 4,478,370 
     Series A, 5.125%, 11/15/22 (a)    1,740    1,772,729 
     Series A, 5%, 11/15/30 (c)    8,455    8,588,589 
     Series A, 5.25%, 11/15/31 (a)    2,500    2,528,075 
     Series B, 5%, 11/15/28 (b)    1,500    1,518,045 

 
 
Metropolitan Transportation Authority, New York, Transit         
 Facilities Revenue Refunding Bonds, Series C (c)(h):         
     5.125%, 1/01/12    2,885    3,107,837 
     5.125%, 7/01/12    1,640    1,782,270 

 
 
Metropolitan Transportation Authority, New York,         
 Transportation Revenue Bonds, Series A,         
 5%, 11/15/32 (a)    3,000    3,002,790 

 
 
Metropolitan Transportation Authority, New York,         
 Transportation Revenue Refunding Bonds,         
 Series F (b):         
     5.25%, 11/15/12 (h)    6,235    6,848,649 
     5%, 11/15/31    5,000    5,042,300 

 
 
Monroe County, New York, IDA, Revenue Bonds         
 (Southview Towers Project), AMT:         
     6.125%, 2/01/20    1,400    1,443,582 
     6.25%, 2/01/31    1,125    1,155,667 

 
 
Nassau Health Care Corporation, New York, Health         
 System Revenue Bonds, 5.75%, 8/01/09 (c)(h)    10,830    11,516,514 

 
 
New York City, New York, City Housing Development         
 Corporation, M/F Housing Revenue Bonds, AMT:         
     Series C, 5%, 11/01/26    1,500    1,442,220 
     Series C, 5.05%, 11/01/36    2,000    1,893,200 
     Series H-1, 4.70%, 11/01/40    1,340    1,184,198 

 
 
New York City, New York, City IDA, Civic Facility         
 Revenue Refunding Bonds (Nightingale-Bamford         
 School), 5.25%, 1/15/18 (d)    1,275    1,338,240 

 
 
New York City, New York, City IDA, IDR (Japan Airlines         
 Company), AMT, 6%, 11/01/15 (c)    6,550    6,627,552 

 
 
New York City, New York, City IDA, PILOT Revenue Bonds:         
     (Queens Baseball Stadium Project),         
     5%, 1/01/36 (d)    14,000    14,038,080 
     (Queens Baseball Stadium Project),         
     5%, 1/01/39 (d)    5,750    5,773,690 
     (Queens Baseball Stadium Project),         
     5%, 1/01/46 (d)    9,900    9,865,944 
     (Yankee Stadium Project), 5%, 3/01/36 (b)    5,150    5,191,561 
     (Yankee Stadium Project), 5%, 3/01/46 (a)    13,250    12,579,948 

 
 
New York City, New York, City IDA, Parking Facility         
 Revenue Bonds (Royal Charter Properties Inc.-The         
 New York and Pennsylvania Hospital Leasehold         
 Project), 5.75%, 12/15/29 (c)    7,970    8,607,759 

 
 
New York City, New York, City IDA, Special Facility         
 Revenue Refunding Bonds (Terminal One Group         
 Association Project), AMT, 5.50%, 1/01/24    1,500    1,520,475 

 
 

  See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued) BlackRock MuniYield New York Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (continued)         

 
 
 
New York City, New York, City Municipal Water Finance         
 Authority, Water and Sewer System Revenue Bonds,         
 Series A:         
     5.75%, 6/15/09 (a)(h)    $ 2,850    $ 2,991,674 
     4.25%, 6/15/39 (c)    1,050    962,031 

 
 
New York City, New York, City Municipal Water Finance         
 Authority, Water and Sewer System, Revenue         
 Refunding Bonds:         
     5.50%, 6/15/10 (b)(h)(s)    5,000    5,372,600 
     Series A, 5.125%, 6/15/34 (b)    1,250    1,270,113 
     Series A, 5%, 6/15/35 (d)    3,500    3,547,145 
     Series C, 5%, 6/15/35 (b)    1,125    1,143,923 
     Series F, 5%, 6/15/29 (c)    500    505,880 

 
 
New York City, New York, City Transit Authority,         
 Metropolitan Transportation Authority, Triborough,         
 COP, Series A, 5.625%, 1/01/12 (d)    1,020    1,070,378 

 
 
New York City, New York, City Transitional Finance         
 Authority, Building Aid Revenue Bonds,         
 Series S-2 (a):         
     4.25%, 1/15/34    5,980    5,431,156 
     5%, 1/15/37 (c)    5,000    5,113,000 

 
 
New York City, New York, City Transitional Finance         
 Authority, Future Tax Secured Revenue Bonds:         
     Series B, 6.25%, 5/15/10 (h)    800    869,880 
     Series C, 5%, 2/01/33 (a)    16,195    16,436,306 
     Series E, 5.25%, 2/01/22 (b)    2,500    2,625,050 

 
 
New York City, New York, City Transitional Finance         
 Authority, Future Tax Secured, Revenue         
 Refunding Bonds:         
     Series A, 5%, 11/15/26 (a)    1,000    1,021,130 
     Series D, 5.25%, 2/01/21 (b)    3,000    3,156,720 

 
 
New York City, New York, GO:         
     Series A, 5.75%, 5/15/10 (a)(h)    3,000    3,231,690 
     Series B, 5.75%, 8/01/13 (b)    1,280    1,366,259 
     Series D, 5.25%, 10/15/13 (h)    3,750    4,164,675 
     Series D1, 5.125%, 12/01/23    1,000    1,047,400 
     Series D1, 5.125%, 12/01/27    2,000    2,075,860 
     Series D1, 5.125%, 12/01/28    2,150    2,224,820 
     Series J, 5%, 5/15/23    8,000    8,205,120 
     Sub-Series C-1, 5.25%, 8/15/26    1,150    1,192,262 

 
 
New York City, New York, GO, Refunding:         
     Series A, 6.375%, 5/15/10 (a)(h)    895    975,210 
     Series B, 7%, 2/01/18 (d)    70    70,578 

 
 
New York City, New York, IDA, Civic Facility Revenue         
 Refunding Bonds (Polytechnic University),         
 5.25%, 11/01/37 (i)    2,480    2,205,464 

 
 
New York City, New York, Sales Tax Asset         
 Receivable Corporation Revenue Bonds, Series A,         
 5%, 10/15/32 (d)    11,200    11,416,272 

 
 
New York City, New York, Trust for Cultural Resources,         
 Revenue Refunding Bonds (American Museum of         
 Natural History), Series A, 5%, 7/01/36 (b)    4,250    4,319,615 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (continued)         

 
 
 
New York Convention Center Development         
 Corporation, New York, Revenue Bonds (Hotel Unit         
 Fee Secured) (d):         
     5%, 11/15/30    $ 1,500    $ 1,509,330 
     5%, 11/15/35    33,750    33,896,475 
     5%, 11/15/44    13,470    13,438,211 

 
 
New York State Dormitory Authority, Lease Revenue         
 Bonds (State University Dormitory Facilities),         
 5%, 7/01/37 (d)    2,800    2,861,824 

 
 
New York State Dormitory Authority, Non-State         
 Supported Debt Revenue Bonds (School District         
 Financing Program) (c):         
     Series A, 5%, 10/01/35    700    717,955 
     Series C, 5%, 10/01/37    4,050    4,147,646 

 
 
New York State Dormitory Authority, Non-State         
 Supported Debt, Revenue Refunding Bonds (Mount         
 Sinai School of Medicine of New York University),         
 5%, 7/01/35 (b)    2,100    2,126,061 

 
 
New York State Dormitory Authority Revenue Bonds:         
     (Eger Health Care and Rehabilitation Center),         
     6.10%, 8/01/37 (r)    3,195    3,408,522 
     (New York State Rehabilitation Association),         
     Series A, 5.25%, 7/01/19 (g)    1,180    1,226,952 
     (New York State Rehabilitation Association),         
     Series A, 5.125%, 7/01/23 (g)    1,000    1,030,340 
     (School Districts Financing Program), Series E,         
     5.75%, 10/01/30 (b)    6,900    7,364,301 
     Series B, 6.50%, 2/15/11 (b)(e)    1,000    1,104,740 
     (State University Adult Facilities), Series B,         
     5.75%, 5/15/10 (c)(h)    3,560    3,834,939 
     (Upstate Community Colleges), Series A,         
     6%, 7/01/10 (c)(h)    1,780    1,933,489 

 
 
New York State Dormitory Authority, Revenue         
 Refunding Bonds:         
     (City University System), Series C,         
     7.50%, 7/01/10 (a)    2,465    2,594,092 
     (School District Financing Program), Series I,         
     5.75%, 10/01/18 (b)    1,370    1,486,806 

 
 
New York State Dormitory Authority, Supported Debt         
 Revenue Bonds (Mental Health Facilities), Series B,         
 5.25%, 2/15/14 (h)    1,570    1,742,794 

 
 
New York State Energy Research and Development         
 Authority, Gas Facilities Revenue Refunding Bonds         
 (Brooklyn Union Gas Company/Keyspan), AMT,         
 Series A, 4.70%, 2/01/24 (a)    18,750    17,345,438 

 
 
New York State Environmental Facilities Corporation,         
 Special Obligation Revenue Refunding Bonds         
 (Riverbank State Park), 6.25%, 4/01/12 (d)    3,500    3,750,670 

 
 
New York State, HFA, Housing Revenue Bonds         
 (Tri-Senior Development Project), AMT, Series A,         
 5.40%, 11/15/42 (k)    1,000    971,040 

 
 
New York State, HFA, M/F Housing Revenue         
 Bonds (Saint Philips Housing), AMT, Series A,         
 4.65%, 11/15/38 (k)    3,750    3,409,388 

 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

31


Schedule of Investments (continued) BlackRock MuniYield New York Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (continued)         

 
 
 
New York State, HFA, State Personal Income Tax         
 Revenue Bonds (Economic Development and         
 Housing), Series A, 5%, 9/15/23 (b)    $ 800    $ 830,152 

 
 
New York State Mortgage Agency, Homeowner         
 Mortgage Revenue Bonds, AMT, Series 143,         
 4.90%, 10/01/37    1,000    911,620 

 
 
New York State Mortgage Agency, Homeowner         
 Mortgage Revenue Refunding Bonds, AMT,         
 Series 133, 4.95%, 10/01/21    1,540    1,523,291 

 
 
New York State Thruway Authority, General Revenue         
 Bonds, Series F, 5%, 1/01/30 (d)    6,000    6,125,760 

 
 
New York State Thruway Authority, General Revenue         
 Refunding Bonds (c):         
     Series G, 4.75%, 1/01/29    8,000    8,057,520 
     Series G, 4.75%, 1/01/30    10,015    10,068,781 
     Series H, 5%, 1/01/37    10,000    10,246,000 

 
 
New York State Thruway Authority, Highway and         
 Bridge Trust Fund Revenue Bonds, Series A,         
 6.25%, 4/01/11 (c)    2,820    3,031,246 

 
 
New York State Thruway Authority, Local Highway         
 and Bridge Service Contract Revenue Bonds,         
 5.75%, 4/01/10 (d)(h)    3,000    3,220,710 

 
 
New York State Thruway Authority, Second General         
 Highway and Bridge Trust Fund Revenue Bonds,         
 Series A, 5%, 4/01/26 (d)    4,380    4,533,256 

 
 
New York State Urban Development Corporation,         
 Personal Income Tax Revenue Bonds:         
     Series B, 5%, 3/15/37    1,500    1,532,265 
     Series C-1, 5%, 3/15/13 (b)(h)    3,000    3,268,440 
     (State Facilities), Series A-1, 5%, 3/15/29 (a)    5,000    5,088,800 

 
 
New York State Urban Development Corporation,         
 Revenue Refunding Bonds (Correctional Capital         
 Facilities), Series A, 6.50%, 1/01/11 (c)    3,190    3,498,314 

 
 
Niagara Falls, New York, GO (Water Treatment Plant),         
 AMT, 7.25%, 11/01/10 (b)    1,000    1,111,100 

 
 
Niagara, New York, Frontier Authority, Airport Revenue         
 Bonds (Buffalo Niagara International Airport),         
 Series B, 5.50%, 4/01/19 (b)    2,705    2,780,632 

 
 
North Country, New York, Development Authority, Solid         
 Waste Management System, Revenue Refunding         
 Bonds, 6%, 5/15/15 (c)    1,260    1,390,649 

 
 
North Hempstead, New York, GO, Refunding: (a)         
     Series B, 6.40%, 4/01/13    1,745    2,001,358 
     Series B, 6.40%, 4/01/17    555    667,848 

 
 
Oneida County, New York, IDA, Civic Facilities         
 Revenue Bonds (Mohawk Valley), Series A,         
 5.20%, 2/01/13 (c)    1,665    1,707,724 

 
 

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (continued)         

 
 
 
Port Authority of New York and New Jersey,         
 Consolidated Revenue Bonds, AMT:         
     137th Series, 5.125%, 7/15/30 (c)    $ 2,500    $ 2,488,325 
     141st Series, 4.50%, 9/01/35 (g)    1,000    882,490 

 
 
Port Authority of New York and New Jersey, Special         
 Obligation Revenue Bonds, ATM: (b)         
     (JFK International Air Terminal), Series 6,         
     5.75%, 12/01/22    10,160    10,189,870 
     (JFK International Air Terminal LLC), Series 6,         
     6.25%, 12/01/10    14,750    15,604,320 
     (JFK International Air Terminal LLC), Series 6,         
     6.25%, 12/01/11    7,175    7,695,690 
     (JFK International Air Terminal LLC), Series 6,         
     5.75%, 12/01/25    3,500    3,499,720 
     (Special Project-JFK International Air Terminal),         
     Series 6, 6.25%, 12/01/13    4,425    4,823,117 
     (Special Project-JFK International Air Terminal),         
     Series 6, 6.25%, 12/01/14    7,380    8,093,351 

 
 
Rensselaer County, New York, IDA, Civic Facility         
 Revenue Bonds (Rensselaer Polytechnic Institute),         
 Series B, 5.50%, 8/01/22 (d)    1,255    1,296,666 

 
 
Rochester, New York, Housing Authority, Mortgage         
 Revenue Bonds (Andrews Terrace Apartments         
 Project), AMT, 4.70%, 12/20/38 (l)    1,500    1,317,090 

 
 
Suffolk County, New York, IDA, IDR (Keyspan-Port         
 Jefferson), AMT, 5.25%, 6/01/27    4,625    4,410,400 

 
 
Suffolk County, New York, IDA, Solid Waste Disposal         
 Facility, Revenue Refunding Bonds (Ogden Martin         
 System Huntington Project), AMT (d):         
     6%, 10/01/10    8,530    8,962,215 
     6.15%, 10/01/11    9,170    9,802,088 
     6.25%, 10/01/12    6,470    6,998,858 

 
 
Syracuse, New York, IDA, PILOT Revenue Bonds         
 (Carousel Center Project), AMT, Series A,         
 5%, 1/01/36 (m)    11,500    10,671,310 

 
 
Tobacco Settlement Financing Corporation of New         
 York Revenue Bonds:         
     Series A-1, 5.25%, 6/01/20 (d)    5,000    5,180,100 
     Series A-1, 5.25%, 6/01/22 (d)    2,000    2,058,280 
     Series C-1, 5.50%, 6/01/21    2,000    2,087,540 
     Series C-1, 5.50%, 6/01/22    1,900    1,979,306 

 
 
Triborough Bridge and Tunnel Authority, New York,         
 General Purpose Revenue Refunding Bonds,         
 Series Y, 6%, 1/01/12 (b)(e)    2,305    2,462,685 

 
 
Triborough Bridge and Tunnel Authority, New York,         
 Revenue Refunding Bonds (b):         
     5.25%, 11/15/23    7,000    7,349,930 
     5%, 11/15/32    19,675    19,841,451 
     Series A, 5%, 1/01/12 (h)    2,265    2,430,164 

 
 
Triborough Bridge and Tunnel Authority, New York,         
 Subordinate Revenue Bonds:         
     5%, 11/15/28 (d)    2,465    2,488,689 
     Series A, 5.25%, 11/15/30 (b)    6,000    6,203,580 

 
 

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT

APRIL 30, 2008


Schedule of Investments (continued) BlackRock MuniYield New York Insured Fund, Inc.

(Percentages shown are based on Net Assets)

    Par     
Municipal Bonds    (000)    Value 

 
 
 
     New York (concluded)         

 
 
 
Yonkers, New York, GO, Series A,         
 5.75%, 10/01/10 (a)    $ 2,010    $ 2,185,292 
       
        657,288,016 

 
 
 
     Guam — 0.8%         

 
 
 
A.B. Won Guam International Airport Authority, General         
 Revenue Refunding Bonds, AMT, Series C (b):         
     5.25%, 10/01/21    2,240    2,243,786 
     5.25%, 10/01/22    2,050    2,052,214 
       
        4,296,000 

 
 
 
     Puerto Rico — 12.5%         

 
 
 
Puerto Rico Commonwealth Aqueduct and Sewer         
 Authority, Senior Lien Revenue Bonds, Series A,         
 5.125%, 7/01/47 (n)    10,980    11,217,607 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Transportation         
 Revenue Bonds:         
     Series G, 5.25%, 7/01/13 (a)(h)    655    723,074 
     Series G, 5.25%, 7/01/19 (a)    2,265    2,277,027 
     Series G, 5.25%, 7/01/21 (a)    345    357,679 
     Trust Receipts, Class R, Series B,         
     8.911%, 7/01/35 (b)    1250    1,457,325 

 
 
Puerto Rico Commonwealth Highway and         
 Transportation Authority, Transportation Revenue         
 Refunding Bonds:         
     Series D, 5.75%, 7/01/12 (h)    3,000    3,290,100 
     Series N, 5.25%, 7/01/39 (a)    4,100    4,065,478 

 
 
Puerto Rico Commonwealth Infrastructure Financing         
 Authority, Special Tax and Capital Appreciation         
 Revenue Bonds, Series A (o):         
     4.62%, 7/01/31 (a)    22,030    5,776,046 
     4.67%, 7/01/35 (d)    3,900    856,479 
     4.77%, 7/01/43 (d)    8,000    1,086,560 

 
 
Puerto Rico Commonwealth, Public Improvement, GO,         
 Series A, 5.25%, 7/01/16 (h)    640    717,984 

 
 
Puerto Rico Convention Center District Authority,         
 Hotel Occupancy Tax Revenue Bonds, Series A,         
 5%, 7/01/31 (d)    4,000    4,034,440 

 
 
Puerto Rico Electric Power Authority, Power Revenue         
 Bonds (h):         
     Series NN, 5.125%, 7/01/13    975    1,070,550 
     Series NN, 5.125%, 7/01/13    2,775    3,046,950 
     Series RR, 5%, 7/01/15 (g)    5,000    5,525,100 
     Series RR, 5%, 7/01/15 (m)    7,095    7,840,117 
     Series RR, 5%, 7/01/15 (a)    7,100    7,845,641 

 
 
Puerto Rico Municipal Finance Agency, GO, Series A,         
 5%, 8/01/30 (c)    2,000    2,032,680 

 
 
Puerto Rico Public Finance Corporation,         
 Commonwealth Appropriation Revenue Bonds,         
 Series E, 5.50%, 2/01/12 (h)    3,000    3,237,390 
       
        66,458,227 

 
 
Total Municipal Bonds         
(Cost — $723,030,969) — 136.6%        728,042,243 

 
 

Municipal Bonds Transferred to    Par     
Tender Option Bond Trusts (p)    (000)    Value 

 
 
 
New York — 25.4%         

 
 
 
Metropolitan Transportation Authority, New York,         
 Revenue Refunding Bonds, Series A,         
 5.75%, 11/15/32 (c)    $ 50,000    $ 53,707,500 

 
 
New York City, New York, City Municipal Water Finance         
 Authority, Water and Sewer System Revenue Bonds,         
 Series A, 5.75%, 6/15/11 (b)(h)    25,000    27,280,500 

 
 
New York City, New York, GO, Series C,         
 5.75%, 3/15/27 (c)    22,085    24,380,515 

 
 
New York City, New York, Sales Tax Asset Receivable         
 Corporation Revenue Bonds, Series A,         
 5.25%, 10/15/27 (d)    29,000    30,050,235 
       
        135,418,750 

 
 
Municipal Bonds Transferred to Tender Option         
Bonds Trusts (Cost — $131,356,126) — 25.4%        135,418,750 

 
 
 
 
 
Short-Term Securities    Shares     

 
 
CMA New York Municipal Money Fund, 1.93% (j)(q) 25,342,741    25,342,741 

 
Total Short-Term Securities         
(Cost — $25,342,741) — 4.8%        25,342,741 

 
 
Total Investments (Cost — $879,729,836*) — 166.8%        888,803,734 
Other Assets Less Liabilities — 2.2%        11,716,965 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (11.9%)        (63,553,333) 
Preferred Stock, at Redemption Value — (57.1%)        (304,111,588) 
       
Net Assets Applicable to Common Stock — 100.0%        $532,855,778 
   
 

* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost    $ 818,509,245 
   
Gross unrealized appreciation    $ 20,464,206 
Gross unrealized depreciation    (13,198,165) 
   
Net unrealized appreciation    $ 7,266,041 
   

(a) FGIC Insured.
(b) MBIA Insured.
(c) FSA Insured.
(d) AMBAC Insured.
(e) Security is collateralized by municipal or U.S. Treasury obligations.
(f) Variable rate security. Rate shown is as of report date. Maturity shown is the
final maturity date.
(g) CIFG Insured.
(h) U.S. 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.
(i) ACA Insured.
(j) Represents the current yield as of report date.
(k) FNMA Collateralized.
(l) GNMA Collateralized.

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

33


Schedule of Investments (concluded) BlackRock MuniYield New York Insured Fund, Inc.

  (m) XL Capital Insured.
(n) Assured Guaranty Insured.
(o) Represents a zero coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(p) 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. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(q) 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:

    Net    Dividend 
Affiliate    Activity    Income 

 
 
 
CMA New York Municipal Money Fund    20,046,965    $250,854 

 
 

(r) FHA Insured.
(s) Illiquid security.
Forward interest rate swap outstanding as of April 30,2008 was as follows:

    Notional     
    Amount    Unrealized 
    (000)    Depreciation 

 
 
 
Pay a fixed rate of 3.984% and         
receive a floating rate based on         
1-week SIFMA Municipal Swap Index         
Broker JPMorgan Chase         
Expires June 2028    $4,000    $(176,552) 

 
 

  See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT

APRIL 30, 2008


Statements of Assets and Liabilities             
 
            BlackRock 
    BlackRock    BlackRock         MuniYield 
    MuniYield    MuniYield         California 
    Arizona    California           Insured 
April 30, 2008 (Unaudited)    Fund, Inc.    Fund, Inc.         Fund, Inc. 

 
 
 
     Assets             

 
 
 
Investments at value — unaffiliated1    $ 101,165,250    $ 473,730,933    $ 799,043,738 
Investments at value — affiliated2    1,665,672    23,493,715    16,433,157 
Cash    59,084    79,220    1,183 
Investments sold receivable    57,541    10,579,104    5,113,344 
Interest receivable    1,768,665    6,855,012    12,445,429 
Prepaid expenses    3,702    2,275    3,219 
Other assets            12,776 
   
 
 
Total assets    104,719,914    514,740,259    833,052,846 

 
 
 
 
     Accrued Liabilities             

 
 
 
Unrealized depreciation on forward interest rate swaps    36,533         
Officer’s and Trustees’/Directors’ fees payable            13,056 
Investments purchased payable        1,725,815    14,820,045 
Interest expense and fees payable    40,922    158,967    384,488 
Income dividends payable — Common Stock shareholders    258,678    1,171,239    1,924,227 
Investment advisory fees payable    40,358    184,163    304,151 
Other affiliates payable    573    2,766    7,703 
Other accrued expenses payable    51,357    101,305    67,758 
   
 
 
Total accrued liabilities    428,421    3,344,255    17,521,428 

 
 
 
 
     Other Liabilities             

 
 
 
Trust certificates3    4,335,000    35,365,000    50,908,321 
   
 
 
Total Liabilities    4,763,421    38,709,255    68,429,749 

 
 
 
 
     Preferred Stock/Shares             

 
 
 
Preferred Stock/Shares, at redemption value at $25,000 per share liquidation preference4    40,315,670    175,150,164    275,196,564 

 
 
 
 
     Net Assets Applicable to Common Stock/Shares             

 
 
 
Net assets applicable to Common Stock/Shares    $ 59,640,823    $ 300,880,840    $ 489,426,533 

 
 
 
 
     Net Assets Applicable to Common Stock Shareholders/Common Shareholders Consist of             

 
 
 
Common Stock/Shares, par value $0.10 per share5    $ 453,832    $ 2,129,526    $ 3,436,120 
Paid-in capital in excess of par    59,884,314    299,468,879    494,224,666 
Undistributed net investment income    376,781    1,057,300    329,915 
Accumulated net realized loss    (362,798)    (1,990,501)    (10,882,990) 
Net unrealized appreciation/depreciation    (711,306)    215,636    2,318,822 
   
 
 
Net Assets Applicable to Common Stock Shareholders/Common Shareholders    $ 59,640,823    $ 300,880,840    $ 489,426,533 
   
 
 
Net asset value per share of Common Stock/Shares    $ 13.14    $ 14.13    $ 14.24 
   
 
 
     1 Investments at cost — unaffiliated    $ 101,840,023    $ 473,515,297    $ 796,737,692 
   
 
 
     2 Investments at cost — affiliated    $ 1,665,672    $ 23,493,715    $ 16,433,157 
   
 
 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.             
     4 Preferred Stock/Shares authorized, issued and outstanding:             
             Series A Shares, par value $0.10 per share    518    2,400    1,800 
   
 
 
             Series B Shares, par value $0.10 per share    694    2,400    1,800 
   
 
 
             Series C Shares, par value $0.10 per share    400    800    1,600 
   
 
 
             Series D Shares, par value $0.10 per share        1,400    2,000 
   
 
 
             Series E Shares, par value $0.10 per share            2,000 
   
 
 
             Series F Shares, par value $0.10 per share            1,800 
   
 
 
     5 Common Stock/Shares issued and outstanding    4,538,315    21,295,255    34,361,200 
   
 
 
 
See Notes to Financial Statements.             
   
 
 

SEMI-ANNUAL REPORT

APRIL 30, 2008

35


Statements of Assets and Liabilities (concluded)             
 
        BlackRock    BlackRock 
    BlackRock    MuniYield    MuniYield New 
    MuniYield    Michigan Insured    York Insured 
April 30, 2008 (Unaudited)    Florida Fund    Fund II, Inc.    Fund, Inc. 

 
 
 
     Assets             

 
 
 
Investments at value — unaffiliated1    $ 304,064,284    $ 278,703,046    $ 863,460,993 
Investments at value — affiliated2    13,344,227    554,971    25,342,741 
Cash    651,571    69,066    63,299 
Interest receivable    3,923,798    4,709,729    13,813,753 
Investments sold receivable    90,000        622,417 
Prepaid expenses    4,120    1,640    3,138 
Other assets            14,052 
   
 
 
Total assets    322,078,000    284,038,452    903,320,393 

 
 
 
 
     Accrued Liabilities             

 
 
 
Unrealized depreciation on forward interest rate swaps            176,552 
Investments purchased payable    4,700,618         
Income dividends payable — Common Stock shareholders/Common Shareholders    786,366    675,904    2,130,082 
Interest expense and fees payable    161,714    73,804    510,833 
Investment advisory fees payable    117,589    103,267    331,119 
Other affiliates fees payable    7,147    1,495    4,772 
Officer’s and Trustees’/Directors’ fees payable    266    235    14,223 
Other accrued expenses payable    75,759    80,419    142,946 
   
 
 
Total accrued liabilities    5,849,459    935,124    3,310,527 

 
 
 
 
     Other Liabilities             

 
 
 
Trust certificates3    16,757,956    18,153,593    63,042,500 
   
 
 
Total Liabilities    22,607,415    19,088,717    66,353,027 

 
 
 
 
     Preferred Stock/Shares             

 
 
 
Preferred Stock/Shares, at redemption value at $25,000 per share liquidation preference4    110,060,225    99,022,539    304,111,588 

 
 
 
 
     Net Assets Applicable to Common Stock/Shares             

 
 
 
Net assets applicable to Common Stock/Shares    $ 189,410,360    $ 165,927,196    $ 532,855,778 

 
 
 
 
     Net Assets Applicable to Common Stock Shareholders/Common Shareholders Consist of             

 
 
 
Common Stock/Shares, par value $0.10 per share5    $ 1,355,802    $ 1,206,972    $ 3,944,596 
Paid-in capital in excess of par    194,529,999    164,164,711    557,068,059 
Undistributed (distributions in excess of) net investment income    889,123    736,002    (572,944) 
Accumulated net realized loss    (12,827,818)    (7,085,887)    (36,481,279) 
Net unrealized appreciation/depreciation    5,463,254    6,905,398    8,897,346 
   
 
 
Net Assets Applicable to Common Shareholders    $ 189,410,360    $ 165,927,196    $ 532,855,778 
   
 
 
Net asset value per share of Common Stock/Shares    $ 13.97    $ 13.75    $ 13.51 
   
 
 
     1 Investments at cost — unaffiliated    $ 298,601,030    $ 271,797,648    $ 854,387,095 
   
 
 
     2 Investments at cost — affiliated    $ 13,344,227    $ 554,971    $ 25,342,741 
   
 
 
     3 Represents short-term floating rate certificates issued by tender option bond trusts.             
     4 Preferred Stock/Shares authorized, issued and outstanding:             
             Series A Shares, par value $0.05 per share    2,200    2,200    1,700 
   
 
 
             Series B Shares, par value $0.05 per share    1,600        1,700 
   
 
 
             Series B Shares, par value $0.10 per share        1,360     
   
 
 
             Series C Shares, par value $0.05 per share    600        2,800 
   
 
 
             Series C Shares, par value $0.10 per share        400     
   
 
 
             Series D Shares, par value $0.05 per share            1,960 
   
 
 
             Series E Shares, par value $0.05 per share            2,200 
   
 
 
             Series F Shares, par value $0.05 per share            1,800 
   
 
 
     5 Common Stock/Shares issued and outstanding    13,558,024    12,069,721    39,445,962 
   
 
 
See Notes to Financial Statements.             
   
 
 

36 SEMI-ANNUAL REPORT

APRIL 30, 2008


Statements of Operations

            BlackRock 
    BlackRock    BlackRock         MuniYield 
    MuniYield    MuniYield    California 
           Arizona    California           Insured 
Six Months Ended April 30, 2008 (Unaudited)    Fund, Inc.    Fund, Inc.         Fund, Inc. 

 
 
 
 
     Investment Income             

 
 
 
 
Interest    $ 2,658,789    $ 11,789,779    $ 18,525,335 
Dividends from affiliates    13,311    254,774    193,663 
   
 
 
Total income    2,672,100    12,044,553    18,718,998 

 
 
 
 
 
     Expenses             

 
 
 
 
Investment advisory    252,259    1,192,524    1,911,553 
Commissions for Preferred Stock/Shares    52,881    225,726    337,306 
Accounting services    32,222    78,493    95,886 
Transfer agent    20,785    24,281    37,233 
Professional    25,677    36,673    55,332 
Printing    5,329    15,504    22,494 
Registration    555    4,345    5,433 
Custodian    3,295    13,663    19,128 
Officer and Trustees/Directors    3,459    12,915    24,893 
Miscellaneous    21,549    46,209    51,961 
   
 
 
Total expenses excluding interest expense and fees    418,011    1,650,333    2,561,219 
Interest expense and fees1    68,555    608,975    677,986 
   
 
 
Total expenses    486,566    2,259,308    3,239,205 
Less fees waived by advisor    (3,415)    (45,974)    (35,642) 
   
 
 
Total expenses after waiver    483,151    2,213,334    3,203,563 
   
 
 
Net investment income    2,188,949    9,831,219    15,515,435 

 
 
 
 
 
     Realized and Unrealized Gain (Loss)             

 
 
 
 
Net realized gain (loss) from:             
     Investments    (53,562)    (681,611)    3,473,973 
     Futures and swaps    (76,400)         
   
 
 
    (129,962)    (681,611)    3,473,973 
   
 
 
Net change in unrealized appreciation/depreciation on:             
     Investments    (2,832,593)    (9,079,306)    (15,988,546) 
     Futures and swaps    (44,300)         
   
 
 
    (2,876,893)    (9,079,306)    (15,988,546) 
   
 
 
Total realized and unrealized loss    (3,006,855)    (9,760,917)    (12,514,573) 

 
 
 
 
 
     Dividends and Distributions to Preferred Stock Shareholders/Preferred Shareholders From             

 
 
 
 
Net investment income    (573,278)    (3,095,698)    (4,883,737) 
Net realized gain    (228,921)         
   
 
 
Total dividends and distributions to Preferred Stock shareholders/Preferred shareholders    (802,199)    (3,095,698)    (4,883,737) 
   
 
 
Net Decrease in Net Assets Resulting from Operations    $ (1,620,105)    $ (3,025,396)    $ (1,882,875) 
   
 
 
 
   1 Related to tender option bond trusts.             

  See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

37


Statements of Operations (concluded)             
 
        BlackRock    BlackRock 
    BlackRock    MuniYield    MuniYield New 
    MuniYield    Michigan Insured    York Insured 
Six Months Ended April 30, 2008 (Unaudited)    Florida Fund    Fund II, Inc.         Fund, Inc. 

 
 
 
     Investment Income             

 
 
 
Interest    $ 7,948,160    $ 6,888,828    $ 21,374,481 
Dividends from affiliates    67,138    73,207    250,854 
   
 
 
Total income    8,015,298    6,962,035    21,625,335 

 
 
 
 
     Expenses             

 
 
 
Investment advisory    753,504    664,228    2,100,946 
Commissions for Preferred Stock/Shares    143,039    125,726    378,039 
Professional    30,783    29,318    53,948 
Accounting services    51,503    52,785    123,318 
Transfer agent    21,472    24,057    39,580 
Officer and Trustees/Directors    10,224    8,608    27,046 
Printing    10,152    9,961    12,541 
Custodian    9,398    8,162    20,883 
Registration    4,442    4,401    6,349 
Miscellaneous    35,380    28,287    54,929 
   
 
 
Total expenses excluding interest expense and fees    1,069,897    955,533    2,817,579 
Interest expense and fees1    291,976    313,652    1,269,881 
   
 
 
Total expenses    1,361,873    1,269,185    4,087,460 
Less fees waived by advisor    (17,407)    (18,207)    (51,644) 
   
 
 
Total expenses after waiver    1,344,466    1,250,978    4,035,816 
   
 
 
Net investment income    6,670,832    5,711,057    17,589,519 

 
 
 
 
     Realized and Unrealized Gain (Loss)             

 
 
 
Net realized loss:             
     Investments    (2,441,231)    (1,162,400)    (1,598,578) 
     Futures and swaps    (435,661)        (1,098,236) 
   
 
 
    (2,876,892)    (1,162,400)    (2,696,814) 
   
 
 
Net change in unrealized appreciation/depreciation on:             
     Investments    (4,792,908)    (3,299,668)    (13,353,026) 
     Futures and swaps    152,476        (482,642) 
   
 
 
    (4,640,432)    (3,299,668)    (13,835,668) 
   
 
 
Total realized and unrealized loss    (7,517,324)    (4,462,068)    (16,532,482) 

 
 
 
 
     Dividends to Preferred Stock Shareholders/Preferred Shareholders From             

 
 
 
Net investment income    (2,038,893)    (1,825,747)    (5,330,789) 
   
 
 
Net Decrease in Net Assets Resulting from Operations    $ (2,885,385)    $ (576,758)    $ (4,273,752) 
   
 
 
   1 Related to tender option bond trusts.             

See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT

APRIL 30, 2008


Statements of Changes in Net Assets                 
 
    BlackRock MuniYield    BlackRock MuniYield 
    Arizona Fund, Inc.    California Fund, Inc. 
   
 
    Six Months Ended         Year Ended    Six Months Ended    Year Ended 
    April 30, 2008    October 31,    April 30, 2008    October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)    2007    (Unaudited)    2007 

 
 
 
 
     Operations                 

 
 
 
 
Net investment income    $ 2,188,949    $ 4,276,021    $ 9,831,219    $ 19,905,518 
Net realized gain (loss)    (129,962)    813,164    (681,611)    347,077 
Net change in unrealized appreciation/depreciation    (2,876,893)    (2,857,872)    (9,079,306)    (10,806,382) 
Dividends and distributions to Preferred Stock shareholders from:                 
Net investment income    (573,278)    (1,310,529)    (3,095,698)    (6,115,916) 
Net realized gain    (228,921)    (102,456)         
   
 
 
 
Net increase (decrease) in net assets applicable to Common Stock shareholders                 
   resulting from operations    (1,620,105)    818,328    (3,025,396)    3,330,297 

 
 
 
 
 
     Dividends to Common Stock Shareholders From                 

 
 
 
 
Net investment income    (1,550,458)    (3,117,045)    (7,027,434)    (14,097,459) 
Net realized gain    (533,903)    (285,146)         
   
 
 
 
Decrease in net assets resulting from dividends and distributions to Common Stock                 
shareholders    (2,084,361)    (3,402,191)    (7,027,434)    (14,097,459) 

 
 
 
 
 
     Capital Stock/Share Transactions                 

 
 
 
 
Reinvestment of common dividends    116,851    201,509         

 
 
 
 
 
     Net Assets Applicable to Common Stock                 

 
 
 
 
Total decrease in net assets applicable to Common Stock    (3,587,615)    (2,382,354)    (10,052,830)    (10,767,162) 
Beginning of period    63,228,438    65,610,792    310,933,670    321,700,832 
   
 
 
 
End of period    $ 59,640,823    $ 63,228,438    $ 300,880,840    $ 310,933,670 
   
 
 
 
End of period undistributed net investment income    $ 376,781    $ 311,568    $ 1,057,300    $ 1,349,213 
   
 
 
 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

39


Statements of Changes in Net Assets (continued)             
 
    BlackRock MuniYield    BlackRock MuniYield 
    California Insured Fund, Inc.    Florida Fund 
   
 
    Six Months Ended    Year Ended    Six Months Ended    Year Ended 
    April 30, 2008    October 31,    April 30, 2008    October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)    2007    (Unaudited)    2007 

 
 
 
 
     Operations                 

 
 
 
 
Net investment income    $ 15,515,435    $ 31,671,735    $ 6,670,832    $ 13,472,485 
Net realized gain (loss)    3,473,973    (691,224)    (2,876,892)    365,993 
Net change in unrealized appreciation/depreciation    (15,988,546)    (14,047,467)    (4,640,432)    (8,146,519) 
Dividends to Preferred Stock shareholders/Preferred Shareholders from                 
   net investment income    (4,883,737)    (9,517,264)    (2,038,893)    (4,025,743) 
   
 
 
 
Net increase (decrese) in net assets applicable to Common Stock shareholders/                 
   Common Shareholders resulting from operations    (1,882,875)    7,415,780    (2,885,385)    1,666,216 

 
 
 
 
 
     Dividends to Common Stock Shareholders From                 

 
 
 
 
Net investment income    (11,545,363)    (23,228,171)    (4,718,192)    (9,517,733) 

 
 
 
 
 
     Net Assets Applicable to Common Stock                 

 
 
 
 
Total decrease in net assets applicable to Common Stock    (13,428,238)    (15,812,391)    (7,603,577)    (7,851,517) 
Beginning of period    502,854,771    518,667,162    197,013,937    204,865,454 
   
 
 
 
End of period    $ 489,426,533    $ 502,854,771    $ 189,410,360    $ 197,013,937 
   
 
 
 
End of period undistributed net investment income    $ 329,915    $ 1,243,580    $ 889,123    $ 975,376 
   
 
 
 
 
 
 
    BlackRock MuniYield    BlackRock MuniYield 
    Michigan Insured Fund II, Inc.    New York Insured Fund, Inc. 
   
 
    Six Months Ended    Year Ended    Six Months Ended    Year Ended 
    April 30, 2008    October 31,    April 30, 2008    October 31, 
Increase (Decrease) in Net Assets:    (Unaudited)    2007    (Unaudited)    2007 

 
 
 
 
     Operations                 

 
 
 
 
Net investment income    $ 5,711,057    $ 11,701,221    $ 17,589,519    $ 33,227,508 
Net realized gain (loss)    (1,162,400)    1,293,712    (2,696,814)    1,647,832 
Net change in unrealized appreciation/depreciation    (3,299,668)    (6,941,533)    (13,835,668)    (16,660,442) 
Dividends to Preferred Stock shareholders from net investment income    (1,825,747)    (3,550,430)    (5,330,789)    (10,460,763) 
   
 
 
 
Net increase (decrease) in net assets applicable to Common Stock shareholders                 
   resulting from operations    (576,758)    2,502,970    (4,273,752)    7,754,135 

 
 
 
 
 
     Dividends to Common Stock Shareholders From                 

 
 
 
 
Net investment income    (4,055,426)    (8,159,131)    (12,780,492)    (25,797,659) 

 
 
 
 
 
     Net Assets Applicable to Common Stock                 

 
 
 
 
Total decrease in net assets applicable to Common Stock    (4,632,184)    (5,656,161)    (17,054,244)    (18,043,524) 
Beginning of period    170,559,380    176,215,541    549,910,022    567,953,546 
   
 
 
 
End of period    $ 165,927,196    $ 170,559,380    $ 532,855,778    $ 549,910,022 
   
 
 
 
End of period undistributed (distributions in excess of) net investment income    $ 736,002    $ 906,118    $ (572,944)    $ (51,182) 
   
 
 
 

See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT

APRIL 30, 2008


Financial Highlights                BlackRock MuniYield Arizona Fund, Inc. 
 
    Six Months Ended                     
    April 30, 2008               For the Year Ended October 31,     
    (Unaudited)       2007       2006         2005       2004       2003 
     Per Share Operating Performance                         
Net asset value, beginning of period    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64    $ 14.53 
Net investment income1    0.48    0.95    0.98    0.97    0.98    1.00 
Net realized and unrealized gain (loss)    (0.66)    (0.46)    0.36    (0.49)    0.40    0.05 
Dividends to Preferred Stock shareholders from:                         
   Net investment income    (0.13)    (0.29)    (0.26)    (0.14)    (0.06)    (0.06) 
   Net realized gain    (0.05)    (0.02)    (0.02)    2         
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.36)    0.18    1.06    0.34    1.32    0.99 
   
 
 
 
 
 
Dividends and distributions to Common Stock shareholders from:                         
   Net investment income    (0.34)    (0.69)    (0.80)    (0.92)    (0.92)    (0.88) 
   Net realized gain    (0.12)    (0.06)    (0.12)    (0.02)         
   
 
 
 
 
 
Total dividends and distributions    (0.46)    (0.75)    (0.92)    (0.94)    (0.92)    (0.88) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Stock            3    (0.05)         
   
 
 
 
 
 
Net asset value, end of period    $ 13.14    $ 13.96    $ 14.53    $ 14.39    $ 15.04    $ 14.64 
   
 
 
 
 
 
Market price, end of period    $ 13.32    $ 13.66    $ 14.79    $ 16.03    $ 15.10    $ 14.13 

 
 
 
 
 
 
 
     Total Investment Return4                         

 
 
 
 
 
 
Based on net asset value    (2.59%)5    1.29%    7.47%    1.91%    9.40%    7.19% 
   
 
 
 
 
 
Based on market price    0.91%5    (2.63%)    (1.80%)    13.07%    13.80%    13.45% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Stock                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees6,7    1.36%8    1.37%    1.33%    1.20%    1.19%    1.18% 
   
 
 
 
 
 
Total expenses after waiver6    1.58%8    1.75%    1.70%    1.51%    1.39%    1.37% 
   
 
 
 
 
 
Total expenses6    1.60%8    1.76%    1.71%    1.52%    1.40%    1.38% 
   
 
 
 
 
 
Net investment income6    7.18%8    6.65%    6.90%    6.54%    6.65%    6.79% 
   
 
 
 
 
 
Amount of dividends to Preferred Stock shareholders    1.88%8    2.04%    1.83%    0.91%    0.42%    0.42% 
   
 
 
 
 
 
Net investment income to Common Stock shareholders    5.30%8    4.61%    5.07%    5.63%    6.23%    6.37% 

 
 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Stock, end of period (000)    $ 59,641    $ 63,228    $ 65,611    $ 64,630    $ 67,217    $ 65,234 
   
 
 
 
 
 
Preferred Stock outstanding at liquidation preference, end of period (000)    $ 40,300    $ 40,300    $ 40,300    $ 40,300    $ 30,300    $ 30,300 
   
 
 
 
 
 
Portfolio turnover    5%    31%    31%    28%    21%    24% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,480    $ 2,569    $ 2,628    $ 2,604    $ 3,218    $ 3,153 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Stock shareholders.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
8 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

41


Financial Highlights                BlackRock MuniYield California Fund, Inc. 
 
    Six Months Ended                     
    April 30, 2008               For the Year Ended October 31,     
    (Unaudited)       2007       2006             2005       2004       2003 
     Per Share Operating Performance                         
Net asset value, beginning of period    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17    $ 15.14 
Net investment income1    0.46    0.93    0.96    0.93    1.02    1.06 
Net realized and unrealized gain (loss)    (0.45)    (0.49)    0.37    (0.46)    0.12    0.04 
Dividends and distributions to Preferred Stock shareholders from:                         
   Net investment income    (0.15)    (0.29)    (0.25)    (0.13)    (0.07)    (0.10) 
   Net realized gain                        2 
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.14)    0.15    1.08    0.34    1.07    1.00 
   
 
 
 
 
 
Dividends and distributions to Common Stock shareholders from:                         
   Net investment income    (0.33)    (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
   Net realized gain                        2 
   
 
 
 
 
 
Total dividends and distributions    (0.33)    (0.66)    (0.70)    (0.86)    (0.97)    (0.97) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Stock            3    (0.02)         
   
 
 
 
 
 
Net asset value, end of period    $ 14.13    $ 14.60    $ 15.11    $ 14.73    $ 15.27    $ 15.17 
   
 
 
 
 
 
Market price, end of period    $ 13.23    $ 13.25    $ 14.00    $ 13.37    $ 14.43    $ 14.15 

 
 
 
 
 
 
 
     Total Investment Return4                         

 
 
 
 
 
 
Based on net asset value    (0.81%)5    1.36%    8.03%    2.59%    7.74%    7.14% 
   
 
 
 
 
 
Based on market price    2.33%5    (0.72%)    10.28%    (1.46%)    9.16%    4.64% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Stock                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expenses and fees6,7    1.06%8    1.06%    1.06%    0.98%    0.96%    0.95% 
   
 
 
 
 
 
Expenses after waiver6    1.46%8    1.75%    1.51%    1.13%    1.12%    1.16% 
   
 
 
 
 
 
Total expenses6    1.49%8    1.77%    1.52%    1.13%    1.12%    1.17% 
   
 
 
 
 
 
Net investment income6    6.47%8    6.29%    6.51%    6.16%    6.79%    6.93% 
   
 
 
 
 
 
Amount of dividends to Preferred Stock shareholders    2.04%8    1.93%    1.70%    0.84%    0.44%    0.63% 
   
 
 
 
 
 
Net investment income to Common Stock shareholders    4.43%8    4.36%    4.81%    5.32%    6.35%    6.30% 

 
 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Stock, end of period (000)    $300,881    $310,934    $321,701    $313,708    $325,204    $323,155 
   
 
 
 
 
 
Preferred Stock outstanding at liquidation preference, end of period (000)    $175,000    $175,000    $175,000    $175,000    $140,000    $140,000 
   
 
 
 
 
 
Portfolio turnover    23%    41%    39%    53%    29%    18% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,719    $ 2,777    $ 2,838    $ 2,793    $ 3,323    $ 3,308 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Stock shareholders.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
8 Annualized.

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT

APRIL 30, 2008


Financial Highlights            BlackRock MuniYield California Insured Fund, Inc. 
 
    Six Months Ended                     
    April 30, 2008        For the Year Ended October 31,     
    (Unaudited)       2007       2006       2005       2004       2003 
     Per Share Operating Performance                         
Net asset value, beginning of period    $ 14.63    $ 15.09    $ 14.82    $ 15.23    $ 15.10    $ 15.26 
Net investment income1    0.45    0.92    0.96    0.95    0.94    0.95 
Net realized and unrealized gain (loss)    (0.36)    (0.42)    0.35    (0.33)    0.13    (0.18) 
Dividends to Preferred Stock shareholders from net investment income    (0.14)    (0.28)    (0.24)    (0.13)    (0.06)    (0.06) 
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.05)    0.22    1.07    0.49    1.01    0.71 
   
 
 
 
 
 
Dividends to Common Stock shareholders from net investment income    (0.34)    (0.68)    (0.80)    (0.88)    (0.88)    (0.87) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Stock            2    (0.02)         
   
 
 
 
 
 
Net asset value, end of period    $ 14.24    $ 14.63    $ 15.09    $ 14.82    $ 15.23    $ 15.10 
   
 
 
 
 
 
Market price, end of period    $ 12.99    $ 13.16    $ 14.64    $ 14.16    $ 13.73    $ 13.82 

 
 
 
 
 
 
 
     Total Investment Return3                         

 
 
 
 
 
 
Based on net asset value    (0.13%)4    1.76%    7.57%    3.55%    7.54%    5.29% 
   
 
 
 
 
 
Based on market price    1.28%4    (5.65%)    9.22%    9.75%    5.93%    7.50% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Stock                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees5,6    1.03%7    1.03%    1.03%    0.96%    0.95%    0.94% 
   
 
 
 
 
 
Total expenses after waiver5    1.30%7    1.53%    1.59%    1.27%    1.08%    1.08% 
   
 
 
 
 
 
Total expenses5    1.32%7    1.53%    1.60%    1.27%    1.08%    1.08% 
   
 
 
 
 
 
Net investment income5    6.30%7    6.22%    6.46%    6.29%    6.29%    6.20% 
   
 
 
 
 
 
Amount of dividends to Preferred Stock shareholders    1.98%7    1.87%    1.62%    0.84%    0.43%    0.37% 
   
 
 
 
 
 
Net investment income to Common Stock shareholders    4.32%7    4.35%    4.84%    5.45%    5.86%    5.83% 

 
 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Stock, end of period (000)    $489,427    $ 502,855    $ 518,667    $ 509,066    $523,206    $518,786 
   
 
 
 
 
 
Preferred Stock outstanding at liquidation preference, end of period (000)    $275,000    $ 275,000    $ 275,000    $ 275,000    $230,000    $230,000 
   
 
 
 
 
 
Portfolio turnover    20%    25%    27%    39%    63%    47% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,780    $ 2,829    $ 2,886    $ 2,851    $ 3,275    $ 3,256 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Stock shareholders.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

43


Financial Highlights                       BlackRock MuniYield Florida Fund 
 
    Six Months Ended                     
    April 30, 2008        For the Year Ended October 31,     
    (Unaudited)       2007       2006       2005       2004       2003 
     Per Share Operating Performance                         

 
 
 
 
 
 
Net asset value, beginning of period    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97    $ 14.97 
   
 
 
 
 
 
Net investment income1    0.49    0.99    0.99    0.98    1.00    1.06 
Net realized and unrealized gain (loss)    (0.55)    (0.57)    0.28    (0.26)    0.29    (0.07) 
Dividends to Preferred Stock shareholders from net investment income    (0.15)    (0.30)    (0.26)    (0.14)    (0.07)    (0.07) 
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.21)    0.12    1.01    0.58    1.22    0.92 
   
 
 
 
 
 
Dividends to Common Shareholders from net investment income    (0.35)    (0.70)    (0.81)    (0.92)    (0.92)    (0.92) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Shares            2    (0.02)         
   
 
 
 
 
 
Net asset value, end of period    $ 13.97    $ 14.53    $ 15.11    $ 14.91    $ 15.27    $ 14.97 
   
 
 
 
 
 
Market price, end of period    $ 12.75    $ 12.86    $ 14.35    $ 14.93    $ 14.28    $ 13.80 

 
 
 
 
 
 
 
     Total Investment Return3                         

 
 
 
 
 
 
Based on net asset value    (1.21%)4    1.21%    7.24%    3.98%    8.99%    6.76% 
   
 
 
 
 
 
Based on market price    1.87%4    (5.68%)    1.71%    11.34%    10.57%    10.44% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Shares                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees5,6    1.09%7    1.10%    1.09%    1.05%    1.03%    1.04% 
   
 
 
 
 
 
Total expenses after waiver5    1.40%7    1.46%    1.42%    1.25%    1.18%    1.18% 
   
 
 
 
 
 
Total expenses5    1.41%7    1.47%    1.44%    1.25%    1.19%    1.19% 
   
 
 
 
 
 
Net investment income5    6.93%7    6.72%    6.63%    6.46%    6.67%    7.01% 
   
 
 
 
 
 
Amount of dividends to Preferred Shareholders    2.12%7    2.01%    1.75%    0.95%    0.48%    0.45% 
   
 
 
 
 
 
Net investment income to Common Shareholders    4.81%7    4.71%    4.88%    5.51%    6.19%    6.56% 

 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Shares, end of period (000)    $189,410    $197,014    $204,865    $202,042    $206,895    $202,890 
   
 
 
 
 
 
Preferred Shares outstanding at liquidation preference, end of period (000)    $110,000    $110,000    $110,000    $110,000    $ 95,000    $ 95,000 
   
 
 
 
 
 
Portfolio turnover    15%    25%    46%    42%    33%    35% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,722    $ 2,791    $ 2,862    $ 2,837    $ 3,178    $ 3,136 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Annualized.

See Notes to Financial Statements.

44 SEMI-ANNUAL REPORT

APRIL 30, 2008


Financial Highlights            BlackRock MuniYield Michigan Insured Fund II, Inc. 
 
    Six Months Ended                     
    April 30, 2008        For the Year Ended October 31,     
    (Unaudited)       2007       2006       2005       2004       2003 
     Per Share Operating Performance                         
Net asset value, beginning of period    $ 14.13    $ 14.60    $ 14.54    $ 15.21    $ 15.21    $ 14.91 
Net investment income1    0.47    0.97    0.97    0.99    1.00    1.02 
Net realized and unrealized gain (loss)    (0.36)    (0.47)    0.13    (0.58)    2    0.24 
Dividends to Preferred Stock shareholders from net investment income    (0.15)    (0.29)    (0.26)    (0.15)    (0.07)    (0.07) 
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.04)    0.21    0.84    0.26    0.93    1.19 
   
 
 
 
 
 
Dividends to Common Stock shareholders from net investment income    (0.34)    (0.68)    (0.78)    (0.91)    (0.93)    (0.89) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Stock            3    (0.02)         
   
 
 
 
 
 
Net asset value, end of period    $ 13.75    $ 14.13    $ 14.60    $ 14.54    $ 15.21    $ 15.21 
   
 
 
 
 
 
Market price, end of period    $ 12.47    $ 12.61    $ 13.97    $ 14.41    $ 14.54    $ 13.75 

 
 
 
 
 
 
 
     Total Investment Return4                         

 
 
 
 
 
 
Based on net asset value    (0.08%)5    1.78%    6.09%    1.73%    6.78%    8.82% 
   
 
 
 
 
 
Based on market price    1.54%5    (5.07%)    2.42%    5.47%    12.91%    9.06% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Stock                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees6,7    1.12%8    1.14%    1.13%    1.07%    1.05%    1.01% 
   
 
 
 
 
 
Total expenses after waiver6    1.49%8    1.68%    1.64%    1.46%    1.26%    1.20% 
   
 
 
 
 
 
Total expenses6    1.51%8    1.69%    1.65%    1.47%    1.28%    1.22% 
   
 
 
 
 
 
Net investment income6    6.81%8    6.77%    6.72%    6.57%    6.61%    6.73% 
   
 
 
 
 
 
Amount of dividends to Preferred Stock shareholders    2.18%8    2.05%    1.78%    0.97%    0.47%    0.47% 
   
 
 
 
 
 
Net investment income to Common Stock shareholders    4.63%8    4.72%    4.94%    5.60%    6.14%    6.26% 

 
 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Stock, end of period (000)    $165,927    $ 170,559    $ 176,216    $ 175,264    $183,224    $183,237 
   
 
 
 
 
 
Preferred Stock outstanding at liquidation preference, end of period (000)    $ 99,000    $ 99,000    $ 99,000    $ 99,000    $ 89,000    $ 89,000 
   
 
 
 
 
 
Portfolio turnover    16%    10%    14%    19%    35%    27% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,676    $ 2,723    $ 2,780    $ 2,770    $ 3,059    $ 3,059 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Stock shareholders.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
8 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

APRIL 30, 2008

45


Financial Highlights            BlackRock MuniYield New York Insured Fund, Inc. 
 
    Six Months Ended                     
    April 30, 2008        For the Year Ended October 31,     
    (Unaudited)       2007       2006       2005       2004       2003 
     Per Share Operating Performance                         
Net asset value, beginning of period    $ 13.94    $ 14.40    $ 14.26    $ 14.81    $ 14.81    $ 14.83 
Net investment income1    0.45    0.84    0.92    0.94    0.91    0.97 
Net realized and unrealized gain (loss)    (0.42)    (0.38)    0.23    (0.50)    (0.01)    (0.09) 
Dividends to Preferred Stock shareholders from net investment income    (0.14)    (0.27)    (0.24)    (0.13)    (0.06)    (0.07) 
   
 
 
 
 
 
Net increase (decrease) from investment operations    (0.11)    0.19    0.91    0.31    0.84    0.81 
   
 
 
 
 
 
Dividends to Common Stock shareholders from net investment income    (0.32)    (0.65)    (0.77)    (0.84)    (0.84)    (0.83) 
   
 
 
 
 
 
Capital charges with respect to issuance of Preferred Stock            2    (0.02)         
   
 
 
 
 
 
Net asset value, end of period    $ 13.51    $ 13.94    $ 14.40    $ 14.26    $ 14.81    $ 14.81 
   
 
 
 
 
 
Market price, end of period    $ 12.43    $ 12.80    $ 14.10    $ 13.17    $ 13.20    $ 13.25 

 
 
 
 
 
 
 
     Total Investment Return3                         

 
 
 
 
 
 
Based on net asset value    (0.56%)4    1.66%    6.71%    2.53%    6.53%    6.19% 
   
 
 
 
 
 
Based on market price    (0.36%)4    (4.67%)    13.13%    6.24%    6.13%    5.45% 

 
 
 
 
 
 
 
     Ratios to Average Net Assets Applicable to Common Stock                         

 
 
 
 
 
 
Total expenses after waiver and excluding interest expense and fees5,6    1.03%7    1.04%    1.03%    0.96%    0.94%    0.94% 
   
 
 
 
 
 
Total expenses after waiver5    1.50%7    1.63%    1.56%    1.31%    1.13%    1.15% 
   
 
 
 
 
 
Total expenses5    1.52%7    1.64%    1.56%    1.31%    1.13%    1.16% 
   
 
 
 
 
 
Net investment income5    6.52%7    5.96%    6.50%    6.37%    6.23%    6.49% 
   
 
 
 
 
 
Amount of dividends to Preferred Stock shareholders    1.98%7    1.88%    1.68%    0.87%    0.42%    0.50% 
   
 
 
 
 
 
Net investment income to Common Stock shareholders    4.54%7    4.08%    4.82%    5.50%    5.81%    5.99% 

 
 
 
 
 
 
 
     Supplemental Data                         

 
 
 
 
 
 
Net assets applicable to Common Stock, end of period (000)    $532,856    $549,910    $567,954    $562,474    $584,248    $584,025 
   
 
 
 
 
 
Preferred Stock outstanding at liquidation preference, end of period (000)    $304,000    $304,000    $304,000    $304,000    $259,000    $259,000 
   
 
 
 
 
 
Portfolio turnover    10%    25%    43%    35%    18%    45% 
   
 
 
 
 
 
Asset coverage per $1,000    $ 2,753    $ 2,809    $ 2,868    $ 2,850    $ 3,256    $ 3,255 
   
 
 
 
 
 

  1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Stock shareholders.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to
tender option bond trusts.
7 Annualized.

See Notes to Financial Statements.

46 SEMI-ANNUAL REPORT

APRIL 30, 2008


Notes to Financial Statements (Unaudited)

1. Significant Accounting Policies:

BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California
Fund, Inc., BlackRock MuniYield California Insured Fund, Inc., BlackRock
MuniYield Florida Fund, BlackRock MuniYield Michigan Insured Fund II,
Inc. and BlackRock MuniYield New York Insured Fund, Inc. (the “Funds”
or individually as the “Fund”), are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), as non-diversified,
closed-end management investment companies. The Funds’ financial
statements are prepared in conformity with accounting principles gener-
ally accepted in the United States of America, which may require the
use of management accruals and estimates. Actual results may differ
from these estimates. Each Fund determines and makes available for
publication the net asset value of their Common Stock/Shares on a
daily basis.

The following is a summary of significant accounting policies followed
by the Funds:

Valuation of Investments: Municipal investments (including commit-
ments to purchase such investments on a “when-issued” basis) are
valued on the basis of prices provided by dealers or pricing services
selected under the supervision of each Fund’s Board of Directors or
Trustees, as appropriate (the “Board”). In determining the value of a
particular investment, pricing services may use certain information with
respect to transactions in such investments, quotations from bond deal-
ers, pricing matrixes, market transactions in comparable investments and
various relationships between investments. Financial futures contracts
are traded on exchanges and are valued at their last sale price. Swap
agreements are valued by quoted fair values received daily by the Funds’
pricing service. Short-term securities are valued at amortized cost.

In the event that application of these methods of valuation results in
a price for an investment which is deemed not to be representative of
the market value of such investment, the investment will be valued by
a method approved by the Board as reflecting fair value (“Fair Value
Assets”). When determining the price for Fair Value Assets, the invest-
ment advisor and/or sub-advisor seeks to determine the price that each
Fund might reasonably expect to receive from the current sale of that
asset in an arm’s-length transaction. Fair value determinations shall be
based upon all available factors that the investment advisor and/or
sub-advisor deems relevant. The pricing of all Fair Value Assets is subse-
quently reported to the Board or a committee thereof.

Derivative Financial Instruments: The Funds may engage in various port-
folio investment strategies to increase the return of the Fund and to
hedge, or protect, their exposure to interest rate movements and move-
ments in the securities markets. Losses may arise if the value of the con-
tract decreases due to an unfavorable change in the price of the under-
lying security, or if the counterparty does not perform under the contract.

Financial futures contracts — The Funds may purchase or sell financial
futures contracts and options on such financial futures contracts.
Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield.
Upon entering into a contract, a Fund deposits, and maintains as
collateral, such initial margin as required by the exchange on which
the transaction is effected. Pursuant to the contract, a Fund agrees
to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in value of the contract. Such receipts or payments
are known as variation margin and are recorded by each Fund as
unrealized gains or losses. When the contract is closed, each Fund
records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the
time it was closed.

Forward interest rate swaps — The Funds may enter into forward
interest rate swaps. In a forward interest rate swap, the Fund and
the counterparty agree to make periodic net payments on a specified
notional contract amount, commencing on a specified future effective
date, unless terminated earlier. These periodic payments received or
made by the Fund are recorded in the accompanying Statements of
Operations as realized gains or losses, respectively. Gains or losses
are also realized upon termination of the swap agreements. Swaps
are marked-to-market daily and changes in value are recorded as
unrealized appreciation (depreciation). The Funds generally intend to
close each forward interest rate swap before the accrual date speci-
fied in the agreement and therefore avoid entering into the interest
rate swap underlying each forward interest rate swap.

Forward Commitments and When-Issued Delayed Delivery Securities:
The Funds may purchase securities on a when-issued basis and may
purchase or sell securities on a forward commitment basis. Settlement
of such transactions normally occurs within a month or more after
the purchase or sale commitment is made. The Funds may purchase
securities under such conditions only with the intention of actually
acquiring them, but may enter into a separate agreement to sell the
securities before the settlement date. Since the value of securities pur-
chased may fluctuate prior to settlement, the Funds may be required
to pay more at settlement than the security is worth. In addition, the
purchaser is not entitled to any of the interest earned prior to settle-
ment. Upon making a commitment to purchase a security on a when-
issued basis, the Fund will hold liquid assets worth at least the equiva-
lent of the amount due.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of tender option bond trusts
(“TOBs”). A TOB is established by a third party sponsor forming a special
purpose entity, into which one or more funds, or an agent on behalf of
the funds, transfers municipal securities. Other funds managed by the

SEMI-ANNUAL REPORT

APRIL 30, 2008

47


Notes to Financial Statements (continued)

investment advisor may also contribute municipal securities to a TOB
into which the Funds have contributed securities. A TOB typically issues
two classes of beneficial interests: short-term floating rate certificates,
which are sold to third party investors, and residual certificates (“TOB
Residuals”), which are generally issued to the participating funds that
made the transfer or to affiliates of the Fund. The TOB Residuals held by
a Fund include the right of the Fund (1) to cause the holders of a pro-
portional share of the floating rate certificates to tender their certificates
at par, and (2) to transfer, within seven days, a corresponding share of
the municipal securities from the TOB to the Fund. The cash received
by the TOB from the sale of the short-term floating rate certificates, less
transaction expenses, is paid to the Fund, which typically invests the
cash in additional municipal securities. Each Fund’s transfer of the
municipal securities to a TOB is accounted for as a secured borrowing,
therefore the municipal securities deposited into a TOB are presented
in the Fund’s Schedule of Investments and the proceeds from the trans-
action are reported as a liability of the Fund. Similarly, proceeds from
residual certificates issued to affiliates, if any, from the transaction are
included in liability for trust certificates.

Interest income from the underlying securities is recorded by the Funds
on an accrual basis. Interest expense incurred on the secured borrowing
and other expenses related to remarketing, administration and trustee
services to a TOB are reported as expenses of the Funds. The floating
rate certificates have interest rates that generally reset weekly and their
holders have the option to tender certificates to the TOB for redemption
at par at each reset date. As of April 30, 2008, the aggregate value
of the underlying municipal securities transferred to TOBs, the related
liability for trust certificates and the range of interest rates on trust
certificates during the period were as follows:

Underlying
Municipal
    Bonds    Liability for    Range of 
    Transferred    Trust    Interest 
    to TOBs    Certificates    Rates 

 
 
 
BlackRock MuniYield            2.832% – 
   Arizona Fund, Inc    $ 9,534,572    $ 4,335,000    3.258% 

 
 
 
Blackrock MuniYield            2.21% – 
   California Fund, Inc.    $ 72,339,033    $35,365,000    3.271% 

 
 
 
BlackRock MuniYield             
   California Insured            2.21% – 
   Fund, Inc    $103,857,429    $50,908,321    3.043% 

 
 
 
BlackRock MuniYield            2.61% – 
   Florida Fund    $ 36,384,354    $16,757,956    2.91% 

 
 
 
BlackRock MuniYield             
   Michigan Insured            2.166% – 
   Fund II, Inc    $ 37,770,389    $18,153,593    2.987% 

 
 
 
BlackRock MuniYield             
   New York Insured            2.778% – 
   Fund    $135,418,750    $63,042,500    3.06% 

 
 
 

Financial transactions executed through TOBs generally will underperform
the market for fixed rate municipal bonds in a rising interest rate envi-
ronment, but tend to outperform the market for fixed rate bonds when
interest rates decline or remain relatively stable. Should short-term
interest rates rise, the Funds’ investment in TOBs likely will adversely
affect the Funds’ net investment income and distributions to sharehold-
ers. Fluctuations in the market value of municipal securities deposited into
the TOB may adversely affect the Funds’ net asset values per share.

Segregation: In cases in which the 1940 Act and the interpretive posi-
tions of the Securities and Exchange Commmission (“SEC”) require
that each Fund segregate assets in connection with certain investments
(e.g., when-issued securities or swaps), each Fund will, consistent with
certain interpretive letters issued by the SEC, designate on its books
and records cash or other liquid debt securities having a market value
at least equal to the amount that would otherwise be required to be
physically segregated.

Zero-Coupon Bonds: The Funds may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do
not provide for periodic interest payments. Zero-coupon bonds may
experience greater volatility in market value than similar maturity debt
obligations which provide for regular interest payments.

Investment Transactions and Investment Income: Investment trans-
actions are recorded on the dates the transactions are entered into (the
trade dates). Realized gains and losses on security transactions are de-
termined on the identified cost basis. Dividend income is recorded on the
ex-dividend dates. Interest income is recognized on the accrual method.
The Funds amortize all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are
declared daily and paid monthly. Distributions of capital gains are
recorded on the ex-dividend dates. Dividends and distributions to Pre-
ferred shareholders are accrued and determined as described in Note 4.

Income Taxes: It is each Fund’s policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment com-
panies and to distribute substantially all of its taxable income to its
shareholders/stockholders. Therefore, no federal income tax provision
is required.

Effective April 30, 2008 the Funds implemented Financial Accounting
Standards Board (“FASB”) Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes — an interpretation of FASB Statement
No.109” (“FIN 48”). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken
by an entity, including investment companies, before being measured
and recognized in the financial statements. The investment advisor has

48 SEMI-ANNUAL REPORT

APRIL 30, 2008


Notes to Financial Statements (continued)

evaluated the application of FIN 48 to the Funds, and has determined
that the adoption of FIN 48 does not have a material impact on any of
the Fund’s financial statements. The Funds file U.S. federal and various
state and local tax returns. No income tax returns are currently under
examination. The statute of limitations on the Funds’ U.S. federal tax
returns remain open for the years ended October 31, 2004 through
October 31, 2006. The statutes of limitations on the Funds’ state and
local tax returns may remain open for an additional year depending
upon the jurisdiction.

Recent Accounting Pronouncements: In September 2006, Statement of
Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”), was issued and is effective for fiscal years beginning after
November 15, 2007. FAS 157 defines fair value, establishes a frame-
work for measuring fair value and expands disclosures about fair value
measurements. The impact on the Funds’ financial statement disclo-
sures, if any, is currently being assessed.

In addition, in February 2007, Statement of Financial Accounting
Standards No. 159, “The Fair Value Option for Financial Assets and
Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal
years beginning after November 15, 2007. Early adoption is permitted
as of the beginning of a fiscal year that begins on or before November
15, 2007, provided the entity also elects to apply the provisions of
FAS 157. FAS 159 permits entities to choose to measure many financial
instruments and certain other items at fair value that are not currently
required to be measured at fair value. FAS 159 also establishes presen-
tation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar
types of assets and liabilities. The impact on the Funds’ financial state-
ment disclosures, if any, is currently being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161,
“Disclosures about Derivative Instruments and Hedging Activities — an
amendment of FASB Statement No. 133” (“FAS 161”) was issued and
is effective for fiscal years beginning after November 15, 2008. FAS 161
is intended to improve financial reporting for derivative instruments by
requiring enhanced disclosure that enables investors to understand how
and why an entity uses derivatives, how derivatives are accounted for,
and how derivative instruments affect an entity’s results of operations
and financial position. The investment advisor is currently evaluating the
implications of FAS 161 and the impact on the Funds’ financial state-
ment disclosures, if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by
the Funds’ Board, non-interested Directors or Trustees, (“Independent
Directors/Trustees”) may defer a portion of their annual complex-wide
compensation. Deferred amounts earn an approximate return as though
equivalent dollar amounts had been invested in common shares of

other certain BlackRock Closed-End Funds selected by the Independent
Directors/Trustees. This has approximately the same economic effect for
the Independent Directors or Trustees as if the Independent Directors/
Trustees had invested the deferred amounts directly in the other certain
BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereun-
der represent general unsecured claims against the general assets of
each Fund. Each Fund may, however, elect to invest in common stock
of the other certain BlackRock Closed-End Funds selected by the
Independent Directors/Trustees in order to match its deferred compen-
sation obligations. Investments to cover the Funds’ deferred compensa-
tion liability, if any, are included in other assets on the Statements of
Assets and Liabilities.

Other: Expenses directly related to one of the Funds is charged to that
Fund. Other operating expenses shared by several funds are pro-rated
among those funds on the basis of relative net assets or other
appropriate methods.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The Funds have entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned sub-
sidiary of BlackRock, Inc. Merrill Lynch & Co., Inc. (“Merrill Lynch”)
and The PNC Financial Services Group, Inc. are principal owners of
BlackRock, Inc.

The Advisor is responsible for the management of each of the Fund’s
portfolios and provides the necessary personnel, facilities, equipment
and certain other services necessary to the operations of each Fund.
For such services, each Fund pays a monthly fee at an annual rate of
0.50% of the Fund’s average daily net assets, including proceeds from
the issuance of Preferred Stock or Shares and TOBs.

The Advisor has agreed to waive its advisory fee by the amount of invest-
ment advisory fees each Fund pays to the Advisor indirectly through its
investment in affiliated money market funds. These amounts are included
in the fees waived by advisor in the Statements of Operations. For the
six months ended April 30, 2008, the amounts were as follows:

    Waived by 
    the Advisor 

 
BlackRock MuniYield Arizona Fund, Inc    $ 3,415 
BlackRock MuniYield California Fund, Inc    $45,974 
BlackRock MuniYield California Insured Fund, Inc    $35,642 
BlackRock MuniYield Florida Fund    $17,407 
BlackRock MuniYield Michigan Insured Fund II, Inc    $18,207 
BlackRock MuniYield New York Insured Fund, Inc    $51,644 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

49


Notes to Financial Statements (continued)

The Advisor has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Advisor, with respect to each Fund, under which the Advisor pays BIM for
services it provides, a monthly fee that is a percentage of the investment
advisory fee paid by each Fund to the Advisor.

For the six months ended April 30, 2008, each of the Funds reimbursed
the Advisor for certain accounting services expenses which is included
in accounting services in the Statements of Operations. The reimburse-
ments were as follows:

    Reimbursement 
    to the Advisor 

 
BlackRock MuniYield Arizona Fund, Inc    $ 898 
BlackRock MuniYield California Fund, Inc    $4,135 
BlackRock MuniYield California Insured Fund, Inc    $6,423 
BlackRock MuniYield Florida Fund    $2,578 
BlackRock MuniYield Michigan Insured Fund II, Inc    $2,282 
BlackRock MuniYield New York Insured Fund, Inc    $6,930 

 

Certain officers and/or directors or trustees of the Funds are officers
and/or directors of BlackRock, Inc. or its affiliates.

3. Investments:

Purchases and sales of investments, excluding short-term securities,
for the six months ended April 30, 2008, were as follows:

    Total    Total 
    Purchases    Sales 

 
 
BlackRock MuniYield Arizona         
   Fund, Inc    $ 5,841,232    $ 7,970,922 
BlackRock MuniYield California         
   Fund, Inc    $112,552,062    $124,309,914 
BlackRock MuniYield California Insured         
   Fund, Inc    $156,983,649    $160,360,654 
BlackRock MuniYield Florida Fund    $ 47,330,854    $ 64,299,684 
BlackRock MuniYield Michigan         
   Insured Fund II, Inc    $ 44,601,989    $ 43,893,674 
BlackRock MuniYield New York         
   Insured Fund, Inc    $ 94,008,403    $147,845,163 

 
 
 
4. Capital Stock Transactions:         

BlackRock MuniYield Arizona Fund, Inc., BlackRock MuniYield California
Fund, Inc., BlackRock MuniYield California Insured Fund, Inc., BlackRock
MuniYield Michigan Insured Fund II, Inc. and BlackRock MuniYield New
York Insured Fund, Inc. are authorized to issue 200,000,000 shares of
stock, all of which were initially classified as Common Stock, with a
par value of $0.10 per share. Each Board is authorized, however, to
reclassify any unissued shares of stock without approval of the holders

of Common Stock. BlackRock MuniYield Florida Fund is authorized to
issue an unlimited number of common shares of beneficial interest, all of
which were initially classified as Common Shares. The Board of Trustees
is authorized, however, to reclassify any unissued shares of beneficial
interest without approval of holders of Common shares.

Common Stock or Shares

BlackRock Arizona Fund, Inc.

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 increased by 8,724 and
13,972, respectively, as a result of dividend reinvestment.

BlackRock MuniYield California Fund, Inc.

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 remained constant.

BlackRock MuniYield California Insured Fund, Inc.

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 remained constant.

BlackRock MuniYield Florida Fund

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 remained constant.

BlackRock MuniYield Michigan Insured Fund II, Inc.

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 remained constant.

BlackRock MuniYield New York Insured Fund, Inc.

Shares issued and outstanding during the six months ended April 30,
2008 and the year ended October 31, 2007 remained constant.

Preferred Stock or Shares

Preferred Stock or Shares of the Funds have a liquidation preference of
$25,000 per share, plus accrued and unpaid dividends that entitle their
holders to receive cash dividends at an annual rate that may vary for the
successive dividend periods. The yields in effect at April 30, 2008 were
as follows:

            BlackRock 
    BlackRock    BlackRock    MuniYield 
    MuniYield    MuniYield    California 
    Arizona    California       Insured 
    Fund, Inc.    Fund, Inc.    Fund, Inc. 

 
 
 
Series A    3.488%1    3.031%1       2.778%1 
Series B    3.584%1    3.488%1       3.594%1 
Series C    4.368%2    2.772%1       3.777%1 
Series D        4.368%2       3.061%1 
Series E               3.594%1 
Series F               4.271%2 

 
 
 

50 SEMI-ANNUAL REPORT

APRIL 30, 2008


Notes to Financial Statements (continued)

        BlackRock    BlackRock 
        MuniYield    MuniYield 
    BlackRock    Michigan     New York 
    MuniYield    Insured II       Insured 
    Florida Fund    Fund, Inc.    Fund, Inc. 

 
 
 
Series A    3.488%1    3.594%1       3.594%1 
Series B    3.594%1    3.777%1       3.594%1 
Series C    4.534%2    4.271%2       3.594%1 
Series D               3.777%1 
Series E               3.488%1 
Series F               4.368%2 

 
 
 

1 The maximum applicable rate on this series of Preferred Stock is the higher
of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
2 The maximum applicable rate on this series of Preferred Stock is the higher
of 110% of the Telerate/BBA LIBOR rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.

Shares issued and outstanding for each of the Funds during the six
months ended April 30, 2008 and October 31, 2007 remained constant.

Each Fund pays commissions to certain broker-dealers at the end of
each auction at an annual rate of 0.25% calculated on the aggregate
principal amount. For the six months ended April 30, 2008, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary
of Merrill Lynch, earned commissions as follows:

    Commissions 

 
BlackRock MuniYield Arizona Fund, Inc    $ 29,242 
BlackRock MuniYield California Fund, Inc    $ 75,229 
BlackRock MuniYield California Insured Fund, Inc    $133,019 
BlackRock MuniYield Florida Fund    $ 85,774 
BlackRock MuniYield Michigan Insured Fund II, Inc    $ 66,953 
BlackRock MuniYield New York Insured Fund, Inc    $213,608 

 

Dividends on seven-day Preferred Stock or Shares are cumulative at a
rate which is reset every seven days based on the results of an auction.
If the Preferred Stock or Shares fails to clear the auction on an auction
date, each Fund is required to pay the maximum applicable rate on the
Preferred Stock or Shares to holders of such shares for each successive
dividend period until such time as the stock is successfully auctioned.
The maximum applicable rate on the Preferred Stock or Shares is foot-
noted as applicable, on the above chart. During the six months ended
April 30, 2008, the Preferred Stock or Shares of each Fund was suc-
cessfully auctioned at each auction date until February 13, 2008. The
low, high and average dividend rates on the Preferred Stock or Shares for
each Fund for the six months ended April 30, 2008 were as follows:

BlackRock MuniYield Arizona Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.600%    4.326%    3.403% 
Series B    2.756%    4.508%    3.464% 
Series C    2.585%    5.198%    3.833% 

 
 
 

BlackRock MuniYield California Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.890%    4.500%    3.578% 
Series B    2.772%    4.356%    3.504% 
Series C    2.792%    3.990%    3.209% 
Series D    2.890%    5.198%    3.765% 

 
 
 
 
 
BlackRock MuniYield California Fund Insured Fund, Inc.     

 
    Low    High    Average 

 
 
 
Series A    2.778%    4.200%    3.502% 
Series B    2.750%    4.508%    3.378% 
Series C    2.500%    4.356%    3.413% 
Series D    2.700%    4.600%    3.554% 
Series E    2.866%    4.508%    3.559% 
Series F    2.900%    5.060%    3.834% 

 
 
 
 
 
BlackRock MuniYield Florida Fund             

 
 
 
    Low    High    Average 

 
 
 
Series A    2.772%    4.600%    3.697% 
Series B    2.866%    4.600%    3.665% 
Series C    3.000%    5.060%    3.932% 

 
 
 
 
 
BlackRock MuniYield Michigan Insured Fund II, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.756%    4.600%    3.679% 
Series B    2.833%    4.400%    3.653% 
Series C    3.100%    5.060%    3.966% 

 
 
 
 
 
BlackRock MuniYield New York Insured Fund, Inc.         

 
 
    Low    High    Average 

 
 
 
Series A    2.950%    4.508%    3.614% 
Series B    2.740%    4.508%    3.487% 
Series C    2.390%    4.508%    3.421% 
Series D    2.000%    4.356%    3.388% 
Series E    2.400%    4.356%    3.508% 
Series F    2.390%    5.198%    3.756% 

 
 
 

Since February 13, 2008, the Preferred Stock or Shares of the Funds
failed to clear any auctions. As a result, the Preferred Stock or Share
dividend rates were reset to the maximum applicable rate, which ranged
from 2.756% to 5.198% . A failed auction is not an event of default
for the Funds but it is a liquidity event for the holders of the Preferred
Stock or Shares. A failed auction occurs when there are more sellers of
a Fund’s auction rate Preferred Stock or Shares than buyers. It is impos-
sible to predict how long this imbalance will last. An auction for each
Fund’s Preferred Stock or Shares may not occur for some time, if ever,
and even if liquidity does resume, holders of the Preferred Stock or
Shares may not have the ability to sell the Preferred Stock or Shares
at its liquidation preference.

SEMI-ANNUAL REPORT

APRIL 30, 2008

51


Notes to Financial Statements (continued)

The Funds may not declare dividends or make other distributions on
Common Stock or Shares or purchase any such shares if, at the time of
declaration, distribution or purchase, asset coverage with respect to the
outstanding Preferred Stock or Shares would be less than 200%.

The Preferred Stock or Shares are redeemable at the option of each
Fund, in whole or in part, on any dividend payment date at $25,000 per
Stock or Share plus any accumulated unpaid dividends whether or not
declared. The Preferred Stock or Shares are also subject to mandatory
redemption at $25,000 per Stock or Share plus any accumulated or
unpaid dividends, whether or not declared, if certain requirements relating
to the composition of the assets and liabilities of a Fund, as set forth
in each Fund’s Certificate of Designation/Articles Supplementary, are
not satisfied.

The holders of Preferred Stock or Shares have voting rights equal to the
holders of Common Stock or Shares (one vote per share) and will vote
together with holders of Common Stock or Shares as a single class.
However, holders of Preferred Stock or Shares, voting as a separate
class, are also entitled to elect two Directors/Trustees for each Fund. In
addition, the 1940 Act requires that, along with approval by shareholders
that might otherwise be required, the approval of the holders of a major-
ity of any outstanding Preferred Stock or Shares, voting separately as
a class would be required to (a) adopt any plan of reorganization that
would adversely affect the Preferred Stock or Shares (b) change each
Fund’s subclassification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as
to cease to be an investment company.

5. Concentration Risk:

Each Fund’s investments are concentrated in certain states, which may
be affected by adverse financial, social, environmental, economic, regu-
latory and political factors.

Many municipalities insure repayment of their bonds, which reduces the
risk of loss due to issuer default. The market value of these bonds may
fluctuate for other reasons and there is no assurance that the insurer will
meet its obligation.

6. Capital Loss Carryforward:

BlackRock MuniYield California Fund, Inc.

As of October 31, 2007, the Fund had a capital loss carryforward of
$217,588, all of which expires in 2011. This amount will be available to
offset future realized capital gains.

BlackRock MuniYield California Insured Fund, Inc.

As of October 31, 2007, the Fund had a capital loss carryforward of
$11,966,371, of which $3,017,271 expires in 2008, $9,668 expires in
2009, $4,901,089 expires in 2011, $2,675,948 expires in 2012 and
$1,362,395 expires in 2015. This amount will be available to offset
future realized capital gains.

BlackRock MuniYield Florida

As of October 31, 2007, the Fund had a capital loss carryforward of
$7,545,418, of which $6,070,481 expires in 2008 and $1,474,937
expires in 2012. These amounts will be available to offset future realized
capital gains.

BlackRock MuniYield Michigan Insured Fund II, Inc.

As of October 31, 2007, the Fund had a capital loss carryforward of
$3,682,435, of which $1,343,331 expires in 2008, $1,050,253 expires
in 2010 and $1,288,851 expires in 2012. These amounts will be avail-
able to offset future realized capital gains.

BlackRock MuniYield New York Insured Fund, Inc.

As of October 31, 2007, the Fund had a capital loss carryforward of
$30,088,597, of which $7,390,734 expires in 2008, $3,007,157
expires in 2010, $16,583,200 expires in 2012 and $3,107,506
expires in 2014. This amount will be available to offset future realized
capital gains.

7. Subsequent Events:

Each Fund paid a tax-exempt income dividend to holders of Common
Stock or Shares on June 2, 2008 to shareholders of record on May 15,
2008. The amount of the tax-exempt income dividend per share was
as follows:

    Distribution 
    Per Share 

 
BlackRock MuniYield Arizona Fund, Inc    $0.057 
BlackRock MuniYield California Fund, Inc    $0.055 
BlackRock MuniYield California Insured Fund, Inc    $0.056 
BlackRock MuniYield Florida Fund    $0.058 
BlackRock MuniYield Michigan Insured Fund II, Inc    $0.056 
BlackRock MuniYield New York Insured Fund, Inc    $0.054 

 

52 SEMI-ANNUAL REPORT

APRIL 30, 2008


Notes to Financial Statements (concluded)

The dividends declared on Preferred Stock or Shares for the period
May 1, 2008 to May 31, 2008 for the Funds were as follows:

            BlackRock 
    BlackRock    BlackRock    MuniYield 
    MuniYield    MuniYield    California 
    Arizona    California    Insured 
    Fund, Inc.    Fund, Inc.    Fund, Inc. 

 
 
 
Series A    $29,277    $134,592    $122,004 
Series B    $42,917    $135,648    $133,038 
Series C    $37,756    $ 56,320    $ 93,104 
Series D        $108,248    $108,660 
Series E            $147,480 
Series F            $130,752 

 
 
 
 
        BlackRock    BlackRock 
        MuniYield    MuniYield 
    BlackRock    Michigan    New York 
    MuniYield    Insured II    Insured 
    Florida Fund    Fund, Inc.    Fund, Inc. 

 
 
 
Series A    $124,344    $136,048    $ 84,405 
Series B    $117,984    $ 79,138    $105,128 
Series C    $ 44,406    $ 29,056    $206,648 
Series D            $114,052 
Series E            $111,166 
Series F            $169,542 

 
 
 

On June 2, 2008, the Funds announced the following redemptions of
Preferred Stock or Shares at a price of $25,000 per share plus any
accrued and unpaid dividends through the redemption date:

        Shares     
BlackRock MuniYield    Redemption    to be    Aggregate 
California Fund, Inc.:    Date    Redeemed    Price 

 
 
 
Series A    7/10/2008    665    $16,625,000 
Series B    6/19/2008    665    $16,625,000 
Series C    7/03/2008    222    $ 5,550,000 
Series D    6/24/2008    388    $ 9,700,000 

 
 
 
 
        Shares     
BlackRock MuniYield    Redemption    to be    Aggregate 
California Insured Fund, Inc.:    Date    Redeemed    Price 

 
 
 
Series A    7/07/2008    541    $13,525,000 
Series B    6/30/2008    541    $13,525,000 
Series C    6/25/2008    481    $12,025,000 
Series D    7/11/2008    602    $15,050,000 
Series E    6/27/2008    602    $15,050,000 
Series F    6/26/2008    541    $13,525,000 

 
 
 
 
        Shares     
BlackRock MuniYield    Redemption    to be    Aggregate 
Florida Fund:    Date    Redeemed    Price 

 
 
 
Series A    6/19/2008    384    $ 9,600,000 
Series B    6/27/2008    279    $ 6,975,000 
Series C    6/25/2008    104    $ 2,600,000 

 
 
 

        Shares     
BlackRock MuniYield    Redemption    to be    Aggregate 
Michigan Insured Fund II, Inc.:    Date    Redeemed    Price 

 
 
 
Series A    6/17/2008    259    $ 6,475,000 
Series B    6/25/2008    160    $ 4,000,000 
Series C    6/26/2008    47    $ 1,175,000 

 
 
 
 
        Shares     
BlackRock MuniYield    Redemption    to be    Aggregate 
New York Insured Fund, Inc.:    Date    Redeemed    Price 

 
 
 
Series A    6/24/2008    249    $ 6,225,000 
Series B    6/17/2008    249    $ 6,225,000 
Series C    6/23/2008    410    $10,250,000 
Series D    6/25/2008    287    $ 7,175,000 
Series E    7/17/2008    322    $ 8,050,000 
Series F    6/27/2008    264    $ 6,600,000 

 
 
 

The Funds will finance the Preferred Stock or Share redemptions with
cash received from TOB transactions.

SEMI-ANNUAL REPORT

APRIL 30, 2008

53


Officers and Directors or Trustees

G. Nicholas Beckwith, III, Director or Trustee
Richard E. Cavanagh, Director or Trustee
Richard S. Davis, Fund President (MYF), Director or Trustee
Kent Dixon, Director or Trustee
Frank J. Fabozzi, Director or Trustee
Kathleen F. Feldstein, Director or Trustee
James T. Flynn, Director or Trustee
Henry Gabbay, Director or Trustee
Jerrold B. Harris, Director or Trustee
R. Glenn Hubbard, Director or Trustee
W. Carl Kester, Director or Trustee
Karen . Robards, Director or Trustee
Robert S. Salomon, Jr., Director or Trustee
Donald C. Burke, Fund President (MZA, MYC, MCA, MYM & MYN) and
Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian . Kindelan, Chief Compliance Officer of the Funds
Howard Surloff, Secretary

BlackRock MuniYield Arizona Fund, Inc.,
BlackRock MuniYield California Fund, Inc.,
BlackRock MuniYield Florida Fund,
BlackRock MuniYield Michigan Insured Fund II, Inc. and
BlackRock MuniYield New York Insured Fund, Inc.:

Custodian Transfer Agents
The Bank of New York Mellon                                      Common and Preferred Stock or Shares
New York, NY 10286                                                   BNY Mellon Shareowner Services
                                                                                 Jersey City, NJ 07310

BlackRock MuniYield California Insured Fund, Inc.:
Custodian
State Street Bank and
Trust Company
Boston, MA 02101

Transfer Agents
Common Stock Preferred Stock
Computershare Trust BNY Mellon Shareowner Services
Company, N.A. Jersey City, NJ 07310
Providence, RI 02940

For All Funds:

Accounting Agent
State Street Bank and
Trust Company
Princeton, NJ 08540

Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

Additional Information

Dividend Policy

The Funds’ dividend policy is to distribute all or a portion of their net invest-
ment income to their shareholders on a monthly basis. In order to provide
shareholders with a more stable level of dividend distributions, the Funds
may at times pay out less than the entire amount of net investment income
earned in any particular month and may at times in any particular month
pay out such accumulated but undistributed income in addition to net

investment income earned in that month. As a result, the dividends paid
by the Funds for any particular month may be more or less than the
amount of net investment income earned by the Funds during such month.
The Funds’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the
Securities and Exchange Commission (“SEC”) for the first and third quar-
ters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available
on the SEC’s website at http://www.sec.gov and may also be reviewed

and copied at the SEC’s Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be
obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be
obtained upon request and without charge by calling (800) 441-7762.

54 SEMI-ANNUAL REPORT APRIL 30, 2008


Additional Information (concluded)

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’
websites or shareholders can sign up for e-mail notifications of quarterly
statements, annual and semi-annual reports by enrolling in the Funds’
electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

General Information

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and elmi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
contact the Funds at (800) 441-7762.

Quarterly performance, semi-anual and annual reports and other infor-
mation regarding the Funds may be found on BlackRock’s website,
which can be accessed at http://www.blackrock.com. This reference
to BlackRock’s website is intended to allow investors public access to
information regarding the Funds and does not, and is not intended to,
incorporate BlackRock’s website into this report.

Deposit Securities

Effective May 30, 2008, following approval by the Funds’ Board and the
applicable ratings agencies, the definition of “Deposited Securities” in the
Funds’ Certificates of Designation/Articles Supplementary was amended
in order to facilitate the redemption of the Funds’ Preferred Stock or
Shares. The following phrase was added to the definition of “Deposit
Securities” found in the Funds’ Certificates of Designation/Articles
Supplementary:

; provided, however, that solely in connection with any redemption of
AMPS, the term Deposit Securities shall include (i) any committed
financing pursuant to a credit agreement, reverse repurchase agree-
ment facility or similar credit arrangement, in each case which makes

available to the Corporation, no later than the day preceding the
applicable redemption date, cash in an amount not less than the
aggregate amount due to Holders by reason of the redemption of
their shares of AMPS on such redemption date; and (ii) cash
amounts due and payable to the Corporation out of a sale of its
securities if such cash amount is not less than the aggregate amount
due to Holders by reason of the redemption of their shares of AMPS
on such redemption date and such sale will be settled not later than
the day preceding the applicable redemption date.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and
former fund investors and individual clients (collectively, “Clients”) and to
safeguarding their nonpublic personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-
related rights beyond what is set forth below, then BlackRock will comply
with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on appli-
cations, forms or other documents; (ii) information about your transac-
tions with us, our affiliates, or others; (iii) information we receive from a
consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These nonaffiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to
nonpublic personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the nonpublic personal information of its Clients, including
procedures relating to the proper storage and disposal of such information.

SEMI-ANNUAL REPORT APRIL 30, 2008 55



This report is transmitted to shareholders only. It is not a prospec-
tus. Past performance results shown in this report should not be
considered a representation of future performance. The Funds have
leveraged their Common Shares or Stock. Leverage creates risks for
Common Shareholders or Common Stock shareholders, including
the likelihood of greater volatility of net asset value and market
price of the Common Shares or Stock, and the risk that fluctuations
in the short-term dividend rates of the Preferred Shares or Stock,
currently set at the maximum reset rate as a result of failed auc-
tions, may affect the yield to Common Shareholders or Common
Stock shareholders. Statements and other information herein are
as dated and are subject to change.

A description of the policies and procedures that the Funds use
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-free
(800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities
and Exchange Commission’s website at http://www.sec.gov. Infor-
mation about how the Funds voted proxies relating to securities held
in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the
Securities and Exchange Commission’s website at http://www.sec.gov.

Address For All Funds

100 Bellevue Parkway
Wilmington, DE 19809

#MYSIX-4/08


EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

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

1. I have reviewed this report on Form N-CSR of BlackRock MuniYield California Insured Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the second 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit
committees of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting.

Date: June 23, 2008

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


EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield
California Insured Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock MuniYield California Insured
Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report, based on such
evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the second 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the
audit committees of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.


Date: June 23, 2008

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