-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SBQDzFRufRnTBmo881epzLCI6Aart4t0FyZq8iUxWprW5KaTJV3Ri/W4RKWn3Rne LkAePUu2Ptv7m/a66TcqIA== 0001193805-04-001461.txt : 20040928 0001193805-04-001461.hdr.sgml : 20040928 20040928095846 ACCESSION NUMBER: 0001193805-04-001461 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040731 FILED AS OF DATE: 20040928 DATE AS OF CHANGE: 20040928 EFFECTIVENESS DATE: 20040928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUNIYIELD CALIFORNIA FUND INC CENTRAL INDEX KEY: 0000882152 IRS NUMBER: 223144221 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06499 FILM NUMBER: 041048385 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08543-9011 BUSINESS PHONE: 6092822800 MAIL ADDRESS: STREET 1: P O BOX 9066 STREET 2: C/O MERRILL LYNCH ASSET MANAGEMENT CITY: PRINCETON STATE: NJ ZIP: 08543-9011 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA MUNIYIELD FUND INC DATE OF NAME CHANGE: 19600201 N-Q 1 e400788_nq-muniyieldca.txt FORM N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-6692 Name of Fund: MuniYield California Insured Fund, Inc. Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Terry K. Glenn, President, MuniYield California Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 10/31/04 Date of reporting period: 05/01/04 - 07/31/04 Item 1 - Schedule of Investments MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California - 131.3% =================================================================================================================================== AAA Aaa $ 7,000 ABAG Finance Authority for Nonprofit Corporations, California, $ 7,658 COP (Children's Hospital Medical Center), 6% due 12/01/2029(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 10,000 Alhambra, California, City Elementary School District, GO 2,188 (Election of 1999), Series B, 5.10%** due 9/01/2031(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,580 Anaheim, California, Public Financing Authority, Electric System 3,585 Distribution Facilities Revenue Bonds, Series A, 5% due 10/01/2031(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,400 Anaheim, California, Union High School District, GO (Election of 2002), 2,412 5% due 8/01/2027(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,985 Arcadia, California, Unified School District, GO, Series B, 6.50% due 2,106 7/01/2015(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,675 Bakersfield, California, COP, Refunding (Convention Center Expansion 3,983 Project), 5.80% due 4/01/2017(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 Bay Area Government Association, California, Revenue Refunding Bonds 2,069 (California Redevelopment Agency Pool), Series A, 6% due 12/15/2024(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,990 Brentwood, California, Infrastructure Refinancing Authority, Infrastructure 4,059 Revenue Refunding Bonds, Series A, 5.20% due 9/02/2029(e) - ----------------------------------------------------------------------------------------------------------------------------------- California Community College Financing Authority, Lease Revenue Bonds, Series A(g): AAA Aaa 3,215 5.95% due 12/01/2022 3,630 AAA Aaa 1,100 6% due 12/01/2029 1,210 - ----------------------------------------------------------------------------------------------------------------------------------- California Educational Facilities Authority, Revenue Bonds, Series A: AAA NR* 28,000 (Pepperdine University), 5.50% due 8/01/2032(g) 29,190 NR* A2 5,000 (University of San Diego), 5.50% due 10/01/2032 5,130 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 5,000 California Educational Facilities Authority, Revenue Refunding Bonds 5,003 (Pepperdine University), Series A, 5% due 9/01/2033(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA NR* 17,595 California Educational Facilities Authority, Student Loan Revenue Bonds 18,160 (Caledge Loan Program), AMT, 5.55% due 4/01/2028(a) - ----------------------------------------------------------------------------------------------------------------------------------- A1 VMIG1+ 2,055 California HFA, Home Mortgage Revenue Bonds, VRDN, Series F, 1.09% due 2,055 2/01/2033(a)(j) - -----------------------------------------------------------------------------------------------------------------------------------
Portfolio Abbreviations To simplify the listings of MuniYield California Insured Fund, Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. AMT Alternative Minimum Tax (subject to) COP Certificates of Participation DRIVERS Derivative Inverse Tax-Exempt Receipts GO General Obligation Bonds HFA Housing Finance Agency RIB Residual Interest Bonds RITR Residual Interest Trust Receipts S/F Single-Family VRDN Variable Rate Demand Notes 1 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (continued) =================================================================================================================================== AAA Aaa $ 2,750 California Health Facilities Financing Authority Revenue Bonds (Kaiser $ 2,961 Permanente), Series A, 5.50% due 6/01/2022(e)(l) - ----------------------------------------------------------------------------------------------------------------------------------- California Health Facilities Financing Authority, Revenue Refunding Bonds(g): A1+ VMIG1+ 3,000 (Adventist Hospital), VRDN, Series A, 1.06% due 9/01/2028(j) 3,000 A1+ VMIG1+ 1,500 (Adventist Hospital), VRDN, Series C, 1.06% due 9/01/2015(j) 1,500 AAA Aaa 3,750 (Cottage Health System), Series B, 5% due 11/01/2033 3,704 - ----------------------------------------------------------------------------------------------------------------------------------- BBB+ Baa2 16,000 California Pollution Control Financing Authority, Solid Waste Disposal 16,167 Revenue Refunding Bonds (Republic Services Inc. Project), AMT, Series C, 5.25% due 6/01/2023 - ----------------------------------------------------------------------------------------------------------------------------------- California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT: AAA NR* 1,155 Series A, 6.35% due 12/01/2029(c)(d) 1,173 NR* Aaa 355 Series A-1, 6.90% due 12/01/2024(c)(f) 373 AAA NR* 760 Series B, 6.25% due 12/01/2031(d)(f) 781 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 860 California State, GO, 6.25% due 10/01/2019(g)(h) 866 - ----------------------------------------------------------------------------------------------------------------------------------- California State, GO, Refunding: AAA Aaa 4,290 5% due 2/01/2031(g) 4,277 AAA NR* 9,935 DRIVERS, AMT, Series 239, 10.014% due 12/01/2032(a)(i) 10,254 AAA Aaa 3,000 Series BX, 5.50% due 12/01/2031(e) 3,050 - ----------------------------------------------------------------------------------------------------------------------------------- California State, Various Purpose, GO: AAA Aaa 4,705 5% due 4/01/2031 4,691 BBB A3 5,950 5.50% due 11/01/2033(a) 6,159 - ----------------------------------------------------------------------------------------------------------------------------------- California State Department of Veteran Affairs, Home Purpose Revenue Refunding Bonds: AAA Aaa 12,680 Series A, 5.35% due 12/01/2027(a) 13,004 A Aa2 7,500 Series C, 6.15% due 12/01/2027 7,777 - ----------------------------------------------------------------------------------------------------------------------------------- BBB+ A3 7,500 California State Department of Water Resources, Power Supply Revenue Bonds, 8,274 Series A, 5.75% due 5/01/2017 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,530 California State Public Works Board, Lease Revenue Bonds (Department of 4,773 Corrections-Ten Administrative Segregation Housing Units), Series A, 5.25% due 3/01/2020(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 16,675 California State Public Works Board, Lease Revenue Refunding Bonds 18,111 (Department of Corrections), Series B, 5.625% due 11/01/2016(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,000 California State University, Sacramento Foundation, Auxiliary Organization 1,045 Revenue Bonds, Series A, 5.50% due 10/01/2037(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,375 California State University and Colleges, Housing System Revenue Refunding 2,525 Bonds, 5.90% due 11/01/2021(b) - ----------------------------------------------------------------------------------------------------------------------------------- AA Aaa 4,100 California Statewide Communities Development Authority, COP (Kaiser 4,418 Permanente), 5.30% due 12/01/2015(e)(l) - ----------------------------------------------------------------------------------------------------------------------------------- A A3 3,685 California Statewide Communities Development Authority, Health Facility 3,891 Revenue Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 - ----------------------------------------------------------------------------------------------------------------------------------- AA- A1 1,000 California Statewide Communities Development Authority Revenue Bonds 1,018 (Sutter Health), Series B, 5.50% due 8/15/2028 - -----------------------------------------------------------------------------------------------------------------------------------
2 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (continued) =================================================================================================================================== AAA Aaa $ 5,000 Calleguas-Las Virgenes, California, Public Financing Authority Revenue Bonds $ 4,992 (Calleguas Municipal Water District Project), Series A, 5% due 7/01/2033(g) - ----------------------------------------------------------------------------------------------------------------------------------- Ceres, California, Redevelopment Agency, Tax Allocation Bonds (Ceres Redevelopment Project Area Number 1) (g): AAA Aaa 4,600 5.75% due 11/01/2030 4,925 AAA Aaa 4,000 5% due 11/01/2033 3,975 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 6,000 Chaffey, California, Union High School District, GO, Series C, 5.375% due 6,380 5/01/2023(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,540 Coalinga, California, Redevelopment Agency Tax Allocation Bonds, 5.90% due 2,806 9/15/2025(g) - ----------------------------------------------------------------------------------------------------------------------------------- AA NR* 2,750 Commerce, California, Joint Powers Financing Authority Revenue Bonds 2,686 (Redevelopment Projects), Series A, 5% due 8/01/2028(k) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 Compton, California, Unified School District, GO (Election of 2002), 2,006 Series B, 5% due 6/01/2029(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 12,180 Contra Costa County, California, COP, Refunding (Merrithew Memorial 13,151 Hospital Project), 5.375% due 11/01/2017(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 8,500 Corona, California, COP (Clearwater Congeneration Project), 5% due 8,452 9/01/2028(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 Coronado, California, Community Development Agency, Tax Allocation Bonds 2,113 (Coronado Community Development Project), 5.60% due 9/01/2030(g) - ----------------------------------------------------------------------------------------------------------------------------------- El Monte, California, City School District, GO, Refunding, Series A(e): AAA Aaa 1,000 6.25% due 5/01/2020 1,141 AAA Aaa 1,500 6.25% due 5/01/2025 1,699 - ----------------------------------------------------------------------------------------------------------------------------------- El Monte, California, School District, GO, Series B(b): AAA Aaa 3,025 5.375% due 5/01/2022 3,233 AAA Aaa 2,525 5.375% due 5/01/2027 2,628 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 5,000 El Rancho, California, Unified School District, GO (Election of 2003), 5,018 Series A, 5% due 8/01/2028(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 10,755 Fremont, California, Unified School District, Alameda County, GO, Series A, 11,405 5.50% due 8/01/2026(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,295 Fresno, California, Joint Powers Financing Authority, Lease Revenue Bonds, 4,648 Series A, 5.75% due 6/01/2026(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,390 Glendale, California, Electric Revenue Bonds, 5% due 2/01/2032(g) 4,383 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,500 La Quinta, California, Financing Authority, Local Agency Revenue Bonds, 2,611 Series A, 5.25% due 9/01/2024(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,800 Las Lomitas, California, School District, Election of 2001, GO, 5.50% due 4,117 7/01/2022(e) - ----------------------------------------------------------------------------------------------------------------------------------- NR* NR* 7,575 Long Beach, California, Harbor Revenue Bonds, RIB, AMT, Series 786-X, 9.39% 7,984 due 5/15/2024(i) - -----------------------------------------------------------------------------------------------------------------------------------
3 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (continued) =================================================================================================================================== AAA Aaa $10,000 Los Angeles, California, Community Redevelopment Agency, Community $ 10,015 Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project), Series A 5% due 12/01/2027(e) - ----------------------------------------------------------------------------------------------------------------------------------- Los Angeles, California, Department of Airports, Airport Revenue Bonds, AMT (b): AAA Aaa 710 (Los Angeles International Airport), Series D, 5.625% due 5/15/2005(h) 740 AAA Aaa 290 (Los Angeles International Airport), Series D, 5.625% due 5/15/2012 301 AAA Aaa 2,500 (Ontario International Airport), Series A, 6% due 5/15/2017 2,660 - ----------------------------------------------------------------------------------------------------------------------------------- Los Angeles, California, Department of Water and Power, Electric Plant Revenue Refunding Bonds(g)(h): AAA Aaa 3,400 5.50% due 2/15/2005 3,512 AAA Aaa 4,000 5.875% due 2/15/2005 4,140 AAA Aaa 8,000 6% due 2/15/2005 8,285 AAA Aaa 7,140 6.125% due 2/15/2005 7,400 - ----------------------------------------------------------------------------------------------------------------------------------- Los Angeles, California, Harbor Department Revenue Bonds, AMT(g)(i): NR* Aaa 7,365 RIB, Series 349, 11.09% due 11/01/2026 8,561 AAA Aaa 7,000 Trust Receipts, Class R, Series 7, 11.087% due 11/01/2026 8,137 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 Los Angeles, California, Unified School District, GO, Series A, 5% due 2,010 1/01/2028(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,165 Los Angeles, California, Water and Power Revenue Refunding Bonds (Power 3,374 System), Series A-A-2, 5.375% due 7/01/2021(g) - ----------------------------------------------------------------------------------------------------------------------------------- Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds: AAA Aaa 15,000 (Proposition A), First Tier, Senior Series B, 5% due 7/01/2019(g) 15,737 AAA Aaa 2,000 (Proposition C), Second Tier Senior Series A, 5.25% due 7/01/2030(b) 2,044 - ----------------------------------------------------------------------------------------------------------------------------------- Los Gatos, California, Joint Union High School District, GO (Election of 1998), Series C(e): AAA Aaa 5,830 5.375% due 6/01/2022 6,233 AAA Aaa 1,000 5% due 6/01/2027 1,005 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,000 Los Rios, California, Community College District, GO (Election of 2002), 3,016 Series B, 5% due 8/01/2027(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 5,370 Metropolitan Water District of Southern California, Waterworks Revenue 5,377 Bonds, Series B-1, 5% due 10/01/2033(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,175 Mount Pleasant, California, Elementary School District, GO, Series B, 2,505 6.35% due 12/01/2024(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,245 Nevada County, California, COP, Refunding, 5.25% due 10/01/2019(g) 4,482 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 New Haven, California, Unified School District, GO, Refunding, 5.75% due 2,231 8/01/2020(e) - -----------------------------------------------------------------------------------------------------------------------------------
4 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (continued) =================================================================================================================================== AAA Aaa $ 2,000 Oakland, California, State Building Authority, Lease Revenue Bonds (Elihu M $ 2,190 Harris), Series A, 5.50% due 4/01/2014(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,245 Orange County, California, Airport Revenue Refunding Bonds, AMT, 5.625% due 1,350 7/01/2012(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 6,360 Orange County, California, Public Financing Authority, Lease Revenue 6,882 Refunding Bonds (Juvenile Justice Center Facility), 5.375% due 6/01/2018(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 16,920 Orange County, California, Recovery COP, Refunding, Series A, 6% due 18,212 7/01/2026(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,360 Orchard, California, School District, GO, Series A, 6.50% due 8/01/2005(b)(h) 4,668 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 9,645 Oxnard, California, Unified High School District, GO, Refunding, Series A, 10,863 6.20% due 8/01/2030(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,275 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds 1,353 (Convention Center Project), Series A, 5.50% due 11/01/2035(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 7,500 Pioneers Memorial Hospital District, California, GO, Refunding, 6.50% due 7,714 10/01/2004(a)(h) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 10,000 Port Oakland, California, RITR, AMT, Class R, Series 5, 10.192% due 11,792 11/01/2012(b)(i) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 7,500 Port Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 7,848 11/01/2029(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 19,035 Port Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due 19,433 11/01/2027(b) - ----------------------------------------------------------------------------------------------------------------------------------- Rio Hondo, California, Community College District, GO, Series A(g): AAA Aaa 3,000 5% due 8/01/2026 3,023 AAA Aaa 3,500 5.25% due 6/01/2029 3,607 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,000 Riverside, California, COP, 5% due 9/01/2028(a) 3,000 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 6,000 Riverside, California, Unified School District, Election, GO, Series A, 6,298 5.25% due 2/01/2023(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,500 Riverside County, California, Asset Leasing Corporation, Leasehold Revenue 5,046 Refunding Bonds (Riverside County Hospital Project), Series B, 5.70% due 6/01/2016(g) - ----------------------------------------------------------------------------------------------------------------------------------- NR* Aaa 1,300 San Bernardino County, California, S/F Home Mortgage Revenue Refunding 1,315 Bonds, AMT, Series A-1, 6.25% due 12/01/2031(d) - ----------------------------------------------------------------------------------------------------------------------------------- San Diego County, California, COP (Salk Institute for Bio Studies)(g): AAA Aaa 3,570 5.75% due 7/01/2022 3,925 AAA Aaa 5,200 5.75% due 7/01/2031 5,580 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,090 San Francisco, California, Bay Area Rapid Transit District, Revenue 2,096 Refunding Bonds (BART SFO Extention), Series A, 4.875% due 6/15/2009(a) - ----------------------------------------------------------------------------------------------------------------------------------- San Francisco, California, City and County Airport Commission, International Airport Revenue Bonds, Second Series(b): AAA Aaa 8,500 AMT, Issue 11, 6.25% due 5/01/2005(h) 8,885 AAA Aaa 3,000 Issue 12-B, 5.625% due 5/01/2021 3,169 - -----------------------------------------------------------------------------------------------------------------------------------
5 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (continued) =================================================================================================================================== San Francisco, California, City and County Airports Commission, International Airport Revenue Refunding Bonds, Second Series 28B(g): AAA Aaa $ 3,000 AMT, 5.25% due 5/01/2023 $ 3,124 AAA Aaa 6,455 5.25% due 5/01/2024 6,687 - ----------------------------------------------------------------------------------------------------------------------------------- San Francisco, California, City and County Airports Commission, International Airport, Special Facilities Lease Revenue Bonds, SFO Fuel Company LLC, AMT, Series A (e): AAA Aaa 1,000 6.10% due 1/01/2020 1,098 AAA Aaa 1,000 6.125% due 1/01/2027 1,096 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 8,335 San Francisco, California, City and County Public Utilities Commission, 8,324 Water Revenue Refunding Bonds, Series A, 5% due 11/01/2032(g) - ----------------------------------------------------------------------------------------------------------------------------------- San Francisco, California, Community College District, GO, Refunding, Series A(b): NR* Aaa 1,735 5.375% due 6/15/2019 1,877 NR* Aaa 1,730 5.375% due 6/15/2020 1,853 NR* Aaa 1,925 5.375% due 6/15/2021 2,054 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,135 San Jose, California, Airport Revenue Bonds, Series D, 5% due 3/01/2028(g) 4,135 - ----------------------------------------------------------------------------------------------------------------------------------- NR* Aaa 3,650 San Jose, California, Redevelopment Agency, Tax Allocation Bonds, RIB, AMT, 4,084 Series 149, 10.29% due 8/01/2027(g)(i) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,250 San Juan, California, Unified School District, GO (Election of 2002), 5% due 4,265 8/01/2028(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,700 San Mateo County, California, Community College District, COP, 5% due 1,697 10/01/2029(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,595 Santa Clara, California, Redevelopment Agency, Tax Allocation Bonds 2,772 (Bayshore North Project), Series A, 5.25% due 6/01/2019(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 5,500 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5,519 5% due 7/01/2028(g) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,100 Santa Clara Valley, California, Water District, Water Utility System 1,110 Revenue, Series A, 5.125% due 6/01/2031(b) - ----------------------------------------------------------------------------------------------------------------------------------- Santa Rosa, California, High School District, GO: AAA Aaa 3,000 5.375% due 8/01/2026(e) 3,122 AAA Aaa 2,500 (Election of 2002), 5% due 8/01/2028(g) 2,509 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,000 Stockton, California, Public Financing Authority, Lease Revenue Bonds 2,021 (Parking & Capital Projects), 5.125% due 9/01/2030(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA NR* 1,055 Stockton, California, Public Financing Revenue Refunding Bonds, Series A, 1,106 5.875% due 9/02/2016(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 1,500 Tehachapi, California, COP, Refunding (Installment Sale), 5.75% due 1,696 11/01/2016(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 6,000 Tracy, California, Community Development Agency, Tax Allocation Refunding 5,961 Bonds, Series A, 5% due 3/01/2034(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 3,000 Turlock, California, Public Finance Authority, Sewer Revenue Bonds, 3,002 Series A, 5% due 9/15/2033(b) - -----------------------------------------------------------------------------------------------------------------------------------
6 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face Ratings Ratings Amount Municipal Bonds Value =================================================================================================================================== California (concluded) =================================================================================================================================== University of California Revenue Bonds: AAA Aaa $ 8,720 (Multiple Purpose Projects), Series Q, 5% due 9/01/2024(e) $ 8,911 AAA Aaa 6,110 (Multiple Purpose Projects), Series Q, 5% due 9/01/2033(e) 6,100 AAA Aaa 4,790 Series O, 5.125% due 9/01/2031(b) 4,839 - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 6,130 Vacaville, California, Unified School District, GO (Election of 2001), 6,307 5.25% due 8/01/2028(e) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,550 Vista, California, Unified School District, GO, Series B, 5% 2,559 due 8/01/2028(b) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 4,600 Walnut, California, Energy Center Authority Revenue Bonds, Series A, 4,572 5% due 1/01/2034(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa 2,185 Walnut, California, Public Financing Authority, Tax Allocation Revenue Bonds 2,321 (Walnut Improvement Project), 5.375% due 9/01/2021(a) - ----------------------------------------------------------------------------------------------------------------------------------- AAA NR* 6,690 West Contra Costa, California, Unified School District, GO, Series B, 5% due 6,696 8/01/2032(e) =================================================================================================================================== Puerto Rico - 11.3% =================================================================================================================================== Puerto Rico Commonwealth, Public Improvement, GO(g): AAA Aaa 4,335 5.75% due 7/01/2017 4,919 AAA Aaa 4,075 5.75% due 7/01/2018 4,624 AAA Aaa 1,090 5.75% due 7/01/2019 1,237 - ----------------------------------------------------------------------------------------------------------------------------------- A Baa1 12,000 Puerto Rico Commonwealth Highway and Transportation Authority, 11,565 Transportation Revenue Bonds, Series G, 5% due 7/01/2042 - ----------------------------------------------------------------------------------------------------------------------------------- A- A3 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% 1,001 due 7/01/2029 - ----------------------------------------------------------------------------------------------------------------------------------- NR* Aaa 10,000 Puerto Rico Municipal Finance Agency, GO, RIB, Series 225, 10.14% due 12,504 8/01/2012(e)(i) - ----------------------------------------------------------------------------------------------------------------------------------- BBB+ Baa2 20,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue 21,697 Bonds, Series E, 5.75% due 2/01/2007(h) - ----------------------------------------------------------------------------------------------------------------------------------- Total Municipal Bonds (Cost - $698,628) - 142.6% 725,561 - ----------------------------------------------------------------------------------------------------------------------------------- Shares Held Short-Term Securities - ----------------------------------------------------------------------------------------------------------------------------------- 1,824 CMA California Municipal Money Fund++ 1,824 - ----------------------------------------------------------------------------------------------------------------------------------- Total Short-Term Securities (Cost - $1,824) - 0.4% 1,824 - ----------------------------------------------------------------------------------------------------------------------------------- Total Investments (Cost - $700,452***) - 143.0% 727,385 Other Assets Less Liabilities - 2.2% 11,227 Preferred Stock, at Redemption Value - (45.2%) (230,016) --------- Net Assets Applicable to Common Stock - 100.0% $ 508,596 =========
7 MuniYield California Insured Fund, Inc. Schedule of Investments as of July 31, 2004 (concluded) (a) AMBAC Insured. (b) FGIC Insured. (c) FHLMC Collateralized. (d) FNMA/GNMA Collateralized. (e) FSA Insured. (f) GNMA Collateralized. (g) MBIA Insured. (h) Prerefunded. (i) The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate in effect at July 31, 2004. (j) The interest rate is subject to change periodically based upon prevailing market rates. The interest rate shown is the rate in effect at July 31, 2004. (k) Radian Insured. (l) Escrowed to maturity. * Not Rated. ** Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase by the Fund. *** The cost and unrealized appreciation/depreciation of investments as of July 31, 2004, as computed for federal income tax purposes, were as follows: (in Thousands) ------------------------------------------------------------------------- Aggregate cost $700,476 ======== Gross unrealized appreciation $ 27,760 Gross unrealized depreciation (851) -------- Net unrealized appreciation $ 26,909 ======== + Highest short-term rating by Moody's Investors Service, Inc. ++ Investments in companies considered to be an affiliate of the Fund (such companies are defined as "Affiliated Companies" in Section 2(a)(3) of the Investment Company Act of 1940) were as follows: (in Thousands) -------------------------------------------------------------------------- Net Dividend Affiliate Activity Income -------------------------------------------------------------------------- CMA California Municipal Money Fund 1,808 $ 9 -------------------------------------------------------------------------- Financial futures contracts sold as of July 31, 2004 were as follows:
(in Thousands) ----------------------------------------------------------------------------------- Number of Expiration Unrealized Contracts Issue Date Face Value Depreciation ----------------------------------------------------------------------------------- 525 10-Year US Treasury Notes September 2004 $57,296 $ (831) -----------------------------------------------------------------------------------
8 Item 2 - Controls and Procedures 2(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 2(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3 - Exhibits Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MuniYield California Insured Fund, Inc. By: /s/ Terry K. Glenn ----------------------- Terry K. Glenn, President of MuniYield California Insured Fund, Inc. Date: September 17, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Terry K. Glenn ----------------------- Terry K. Glenn, President of MuniYield California Insured Fund, Inc. Date: September 17, 2004 By: /s/ Donald C. Burke ----------------------- Donald C. Burke, Chief Financial Officer of MuniYield California Insured Fund, Inc. Date: September 17, 2004 EX-99.CERT 2 e400788_ex99-cert.txt CERTIFICATION PURSUANT TO SECTION 302 EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - -------------------------------------------------------------------------------- I, Terry K. Glenn, President of MuniYield California Insured Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of MuniYield California Insured Fund, Inc. (the "Fund"); 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 schedule of investments included in this report fairly present in all material respects the investments of the Fund as of the end of the fiscal quarter for which the report is filed; 4. The Fund'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 Fund 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 Fund, 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 Fund'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 Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund'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 Fund'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 Fund's internal control over financial reporting. Date: September 17, 2004 /s/ Terry K. Glenn ------------------ Terry K. Glenn, President of MuniYield California Insured Fund, Inc. EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - -------------------------------------------------------------------------------- I, Donald C. Burke, Chief Financial Officer of MuniYield California Insured Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of MuniYield California Insured Fund, Inc. (the "Fund"); 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 schedule of investments included in this report fairly present in all material respects the investments of the Fund as of the end of the fiscal quarter for which the report is filed; 4. The Fund'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 Fund 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 Fund, 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 Fund'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 Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund'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 Fund'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 Fund's internal control over financial reporting. Date: September 17, 2004 /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of MuniYield California Insured Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----