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 811-06499
Name of Fund: BlackRock MuniYield California Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniYield California 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
Date of fiscal year end: 10/31/07
Date of reporting period: 11/01/06 - 04/30/07
Item 1 - Report to Stockholders
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED INCOME LIQUIDITY
REAL ESTATE
Semi-Annual Reports
(UNAUDITED)
APRIL 30, 2007
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.
BlackRock MuniYield New York Insured Fund, Inc.
(BLACKROCK logo)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
These reports, including the financial information herein, are transmitted to
shareholders of 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. for their information.
This is not a prospectus. Past performance results shown in these reports
should not be considered a representation of future performance. The Funds
have leveraged their Common Shares/Stock and intend to remain leveraged
by issuing Preferred Shares/Stock to provide the Common Shareholders/Common
Stock shareholders with potentially higher rates of return. Leverage creates
risks for Common Shareholders/Common Stock shareholders, including the
likelihood of greater volatility of net asset value and market price of shares
of the Common Shares/Stock, and the risk that fluctuations in the short-term
dividend rates of the Preferred Shares/Stock may affect the yield to Common
Shareholders/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 1-800-441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's Web
site at http://www.sec.gov. Information about how the Funds vote proxies
relating to securities held in the Funds' portfolios during the most recent
12-month period ended June 30 is available (1) at www.blackrock.com; and (2)
on the Securities and Exchange Commission's Web site at http://www.sec.gov.
(GO PAPERLESS... logo)
It's Fast, Convenient, & Timely!
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.
BlackRock MuniYield New York Insured Fund, Inc.
Dividend Policy
The Funds' dividend policy is to distribute all or a portion of their net
investment 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 Net Assets, which comprises part of the financial
information included in these reports.
Officers and Directors/Trustees
Robert C. Doll, Jr., Fund President and Director/Trustee
James H. Bodurtha, Director/Trustee
Kenneth A. Froot, Director/Trustee
Joe Grills, Director/Trustee
Herbert I. London, Director/Trustee
Roberta Cooper Ramo, Director/Trustee
Robert S. Salomon, Jr., Director/Trustee
Donald C. Burke, Vice President and Treasurer
John M. Loffredo, Senior Vice President
Timothy T. Browse, Vice President
Michael A. Kalinoski, Vice President
Walter C. O'Connor, Vice President
Robert D. Sneeden, Vice President
Fred K. Stuebe, Vice President
Karen Clark, Fund Chief Compliance Officer
Alice A. Pellegrino, 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
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agents
Common Stock/Shares: Preferred Stock/Shares:
The Bank of New York The Bank of New York
101 Barclay Street - 11 East 101 Barclay Street - 7 West
New York, NY 10286 New York, NY 10286
BlackRock MuniYield California Insured Fund, Inc.:
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agents
Common Stock: Preferred Stock:
Computershare Trust The Bank of New York
Company, N.A. 101 Barclay Street - 7 West
P.O. Box 43010 New York, NY 10286
Providence, RI 02940-3010
Address For All Funds
P.O. Box 9011
Princeton, NJ 08543-9011
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Letter to Shareholders
Dear Shareholder
In its first four months, 2007 could already be termed an eventful year for
investors. For most financial markets, 2007 opened just as 2006 ended - on a
positive trajectory. Then, at the end of February and into March, global
equity markets registered their first significant decline since last summer.
The market jitters were triggered by a significant setback in the Chinese
market and were exacerbated by worries of a weakening economy, escalating
geopolitical concerns and rising delinquencies in the subprime mortgage
market. Still, underlying stock market fundamentals appeared quite sound,
supported by a generally favorable global economic backdrop, tame inflation,
slowing but still positive earnings growth, relatively low interest rates and
attractive valuations. These conditions prevailed later, and the Dow Jones
Industrial Average crossed the 13,000 mark for the first time in its history
in late April.
Not unlike the equity market, the bond market also experienced volatility as
observers attempted to interpret mixed economic signals. A bond market rally
(falling yields and rising prices) late last year reversed itself early in
2007 amid some transitory signs of economic strength. Overall, yields have
fluctuated month to month but ended April little changed from the beginning of
the year. However, compared to one year ago, yields on 30-year Treasury bonds
fell 36 basis points (.36%) and 10-year yields fell 44 basis points, while
prices correspondingly rose.
For its part, the Federal Reserve Board (the Fed) has left the target short-
term interest rate on hold at 5.25% since first pausing in its interest rate-
hiking campaign on August 8, 2006. The central bankers continue to express
concern about potential inflationary pressures, but also acknowledge signs of
economic weakness. Given this relatively "balanced" assessment, most observers
believe the Fed will keep interest rates on hold for now.
Against this backdrop, most major market indexes posted positive returns for
the annual and semi-annual reporting periods ended April 30, 2007:
Total Returns as of April 30, 2007 6-month 12-month
U.S. equities (Standard & Poor's 500 Index) + 8.60% +15.24%
Small cap U.S. equities (Russell 2000 Index) + 6.86 + 7.83
International equities (MSCI Europe, Australasia, Far East Index) +15.46 +19.81
Fixed income (Lehman Brothers Aggregate Bond Index) + 2.64 + 7.36
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 1.59 + 5.78
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) + 6.96 +11.72
If the first four months are any guide, 2007 could be a year of enhanced
market volatility. As you navigate the un-certainties, we encourage you to
review your investment goals with your financial professional and to make
portfolio changes, as needed. For more insight, we invite you to view "What's
Ahead in 2007: An Investment Perspective" and "Are You Prepared for
Volatility?" at www.blackrock.com/funds. 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.
Sincerely,
(Robert C. Doll, Jr.)
Robert C. Doll, Jr.
Fund President and Director/Trustee
THIS PAGE NOT PART OF YOUR FUND REPORT
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Discussion With Your Funds' Portfolio Managers
We continued our efforts to enhance yield while protecting net asset value
through investment in high-quality portfolios of municipal bonds.
Describe the recent market environment relative to municipal bonds.
Long-term bond yields traded in a fairly broad and volatile range over the
past six months, only to end the period little changed. Overall, financial
conditions have remained relatively balanced, with moderate economic activity
and well-contained inflationary pressures. Recent commentary from the Federal
Reserve Board (the Fed) has supported this trading range. The Fed is expected
to maintain its "balanced" economic assessment at least into mid-year.
During the six-month reporting period, 30-year U.S. Treasury bond yields rose
nine basis points (.09%) to 4.81%, while 10-year Treasury note yields rose two
basis points to 4.63%. Similarly, movements were fairly muted in the tax-
exempt market. As measured by Municipal Market Data, yields on AAA-rated
municipal bonds maturing in 30 years declined three basis points to 4.10%, and
yields on AAA-rated municipal bonds maturing in 10 years rose 12 basis points
to 3.76%.
Investor demand for municipal product continued to strengthen throughout the
six-month period. The Investment Company Institute reports that long-term
municipal bond funds received over $8.7 billion in net new cash flows during
the first three months of 2007, a 42% increase compared to the first three
months of 2006. Weekly fund flows, as reported by AMG Data, also have risen.
Weekly inflows during the April 2007 quarter averaged over $489 million, up
from a weekly average of $400 million in fourth quarter 2006. The improving
demand among retail investors reflects, in large part, increased acceptance of
lower nominal yields and bond coupon structure. Throughout much of last year,
retail-oriented municipal bond broker/dealers noted significant individual
investor resistance to purchasing tax-exempt issues with yields below 4.50%
and/or issues bearing nominal coupons below 5%. As tax-exempt bond yields have
stabilized in recent months, it appears retail investors have become
increasingly comfortable purchasing tax-exempt bonds with those
characteristics, which has served to support the market's performance.
In terms of supply, issuance of long-term municipal bonds has increased over
the past six months. More than $225 billion in new bonds was issued during
the April reporting period, an increase of over 30% compared to the same six
months one year ago. Over the past three months, municipalities issued more
than $106 billion in new long-term tax-exempt bonds, an increase of more
than 32% compared to the same period a year ago. So far this year, greater
than $135 billion in long-term municipal bonds has been underwritten,
putting 2007 annual issuance some 4% ahead of 2005's record pace. Issuers
have continued to take advantage of historically low interest rates to
refinance outstanding issues. In the first four months of 2007, we have seen
10 underwritings exceeding $1 billion in size. These "mega-deals" have
continued to be relatively easily absorbed by market participants,
especially non-traditional and foreign buyers who find the liquidity
afforded by these deals to be particularly attractive.
Looking ahead, we believe investor demand will be critical in maintaining the
tax-exempt market's strong technical position. The increase in new bond supply
seen this year is unlikely to abate significantly, leading to record or near-
record annual issuance. Relatively stable yield ratios compared to taxable
bonds, coupled with a comparatively steep municipal yield curve, should help
to sustain traditional and non-traditional investor interest in tax-exempt
bonds and support the market's performance into mid-2007.
BlackRock MuniYield Arizona Fund, Inc.
Describe conditions in the State of Arizona.
As a municipal bond issuer, the State of Arizona is rated Aa3, AA- and AA- by
Moody's, Standard & Poor's and Fitch, respectively, all with stable trends.
Arizona ranks 32nd in debt per capita and 29th in debt as a percent of
personal income, according to Moody's. Arizona's 2006 per capita personal
income of $31,458 was 39th in the nation according to the U.S. Department of
Commerce. The March 2007 unemployment rate was 3.9%, compared to the national
rate of 4.4%. The economic situation in Arizona has been improving as steady
growth has provided more jobs, lowering unemployment from a high of nearly 6%
to its current level. With this improvement has come some growing pains.
SEMI-ANNUAL REPORTS APRIL 30, 2007
The state has had to significantly increase debt levels to deal with issues
such as education, healthcare and social services, all of which are now in
higher demand. These issues should be mitigated through the economic growth
that is expected to continue and the diversification of the state's revenue
stream. Notably, tourism is a major contributor.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Stock of BlackRock
MuniYield Arizona Fund, Inc. had net annualized yields of 4.79% and 4.69%,
based on a period-end per share net asset value of $14.40 and a per share
market price of $14.72, respectively, and $.342 per share income dividends.
Over the same period, the total investment return on the Fund's Common Stock
was +1.95%, based on a change in per share net asset value from $14.53 to
$14.40, and assuming reinvestment of all distributions. For some perspective,
the Lehman Brothers Municipal Bond Index, which measures the performance of
municipal bonds nationwide, returned +1.59% for the same six-month period.
The Fund's positive performance is primarily attributed to two factors. First,
in prior periods, we had focused on investing further out along the municipal
yield curve, a strategy that continued to benefit performance as longer-dated
bonds outperformed issues with shorter maturities during this period (that is,
the yield curve flattened). Second, several bond holdings were advance
refunded during the period, which also proved advantageous. When bonds are
refunded ahead of their maturity date, they generally rise sharply in value.
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Stock (as measured by the
trading price of the Fund's shares on the American Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Stock can vary significantly from total investment
returns based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
We maintained the Fund's fully invested stance and relatively neutral posture
on interest rate risk. In terms of specific portfolio activity during the
period, we sold some recently advance refunded positions, as their book
yields were not significantly above current market yields, and moved into
higher-yielding current issues. In doing so, we focused on bonds that could
be advance refunded in the future, primarily premium-coupon, high-quality
bonds in the 15-year to 20-year maturity range, which would allow us to
replicate the same types of trades again (that is, sell bonds with lower
yields in exchange for bonds with higher yields as the curve steepens).
New municipal bond issuance in Arizona increased roughly 35% compared to the
same six months a year ago. This presented opportunities for the portfolio,
although we participated selectively when we felt we could enhance the Fund's
structure by doing so. Given the low absolute level of yields in the market,
many of our more seasoned holdings are booked at higher levels.
We had ample opportunity to add single-family housing bonds and healthcare-
related issues to the portfolio given particularly heavy issuance in these two
sectors during the period. In both cases, yields were more attractive than
they had been in the past couple of years. We were able to take advantage
without a meaningful sacrifice in credit quality. The single-family housing
bonds are generally rated AA or AAA, even without insurance. We established a
position representing roughly 5%-6% of net assets. In the health care sector,
we primarily found opportunities in A-rated and AA-rated hospital issues.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Stock had average yields of 3.13% for Series A, 3.08% for Series B
and 3.12% for Series C. The Fed kept its target interest rate unchanged during
the six-month period at 5.25%. As such, the Fund's borrowing costs remained
relatively stable. Importantly, the municipal yield curve maintained its
positive slope, particularly compared to the Treasury curve, and continued to
generate an income benefit to the Common Stock shareholder from the leveraging
of Preferred Stock. As always, should the spread between short-term and long-
term interest rates narrow, the benefits of leveraging will decline and, as a
result, reduce the yield available to the Common Stock shareholder. (For a
more complete explanation of the benefits and risks of leveraging, see page 14
of this report to shareholders.)
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Discussion With Your Funds' Portfolio Managers (continued)
How would you characterize the Fund's position at the close of the period?
The Fund ended the period in a neutral position with respect to interest rate
risk. We believe this is the appropriate posture with the Fed on hold and
given the historical flatness of the yield curve. We will look for a
steepening of the yield curve to provide attractive investment opportunities
for the portfolio. In particular, we believe the 15-year to 20-year area of
the curve could offer strong relative performance in the future.
The Fund was fully invested at period-end, reflecting our efforts to enhance
tax-free income for our shareholders. Overall, we maintain our focus on
providing shareholders with a competitive yield and preservation of net asset
value.
BlackRock MuniYield California Fund, Inc.
Describe conditions in the State of California.
The State of California ended the period with ratings of A1, A+ and A+ from
Moody's, Standard & Poor's and Fitch, respectively. The state's steadily
improving economy, combined with the more settled political environment, has
resulted in annual rating upgrades over the past three years, with a final
upgrade to A1 by Moody's in May 2006. The state continues to benefit from an
expanding economy, which has significantly stabilized its fiscal position.
California's fiscal year 2006 results show a $2.7 billion ending general fund
balance. The fiscal year 2007 budget totals $101 billion and was balanced with
spending cuts. The current budget includes allocations to repay debt,
establish a general fund reserve account and fully fund K-12 education
programs. The state's Comptroller reports that, through April 30, 2007, the
California government's revenues increased more than 1% year-over-year, which
was in line with projections for fiscal year 2007. The state's economic
rebound continues to ease its fiscal pressures and operating deficit, although
economic growth began to slow in late 2006 amid declines in the housing and
light vehicle manufacturing sectors. In November 2006, voters approved $43
billion in infrastructure bonds. Key credit issues continue to be K-12
education, MediCal and pension liabilities funding.
California ranks ninth in debt per capita and 11th in debt as a percent of
personal income, according to Moody's. The state's unemployment rate as of
March 2007 was 4.8%, somewhat higher than the national rate of 4.4%.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Stock of BlackRock
MuniYield California Fund, Inc. had net annualized yields of 4.43% and 4.61%,
based on a period-end per share net asset value of $15.02 and a per share
market price of $14.42, respectively, and $.330 per share income dividends.
Over the same period, the total investment return on the Fund's Common Stock
was +1.76%, based on a change in per share net asset value from $15.11 to
$15.02, and assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, outpaced the +1.62% average
return of its comparable Lipper category of California Municipal Debt Funds
for the six-month period. (Funds in this Lipper category invest primarily in
municipal debt issues exempt from taxation in the State of California.) The
Fund's relative performance benefited from good security selection and some
tightening of credit spreads (that is, a decrease in the yields between
securities of differing credit quality), improving the valuations of the
Fund's lower-rated holdings. Additionally, the value of some of the Fund's
holdings appreciated amid investor speculation that they would be candidates
for refunding. (When bonds are advance refunded, they generally rise sharply
in value.) Conversely, the Fund results were hindered by its slightly lower
duration versus its Lipper peer group. Because bond prices fall as their
yields rise, we had assumed this posture in an effort to achieve some price
stability for the portfolio in the face of rising interest rates. We
subsequently increased the duration to a more neutral stance. The Fund's
comparative performance also was hampered by its below-average distribution
yield during the period, which resulted in part from the portfolio's
relatively higher quality asset mix.
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Stock (as measured by the
trading price of the Fund's shares on the New York Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Stock can vary significantly from total investment
returns based on changes in the Fund's net asset value.
SEMI-ANNUAL REPORTS APRIL 30, 2007
What changes were made to the portfolio during the period?
Our portfolio restructuring efforts were facilitated by the relatively heavy
new issuance of California municipal bonds in the first quarter of 2007.
California consistently has been the largest issuer of municipal securities in
the primary market for several months.
During the period, we focused primarily on moving from a relatively defensive
duration stance (duration is a measure of interest rate sensitivity) toward a
more neutral position on interest rates.
In working to restructure the portfolio, the challenge has been to recommit
the proceeds from recent bond calls in a market where interest rates are
significantly lower than they were at the time of the Fund's inception.
Overall, we seek to maintain an asset mix that provides for minimal volatility
in the Fund's underlying value.
Finally, the Fund has maintained its above-average exposure to higher-quality
credits. Because credit-quality spreads are so tight, there is little yield
advantage to be realized by investing in lower-rated bonds. As such, the Fund
has a larger weighting in higher-quality credits than is required by
prospectus.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Stock had average yields of 3.51% for Series A, 3.33% for Series B,
3.25% for Series C and 3.26% for Series D. The Fed kept its target interest
rate unchanged during the six-month period at 5.25%. As such, the Fund's
borrowing costs remained relatively stable. Importantly, the municipal yield
curve maintained its positive slope, particularly compared to the Treasury
curve, and continued to generate an income benefit to the Common Stock
shareholder from the leveraging of Preferred Stock. As always, should the
spread between short-term and long-term interest rates narrow, the benefits of
leveraging will decline and, as a result, reduce the yield available to the
Common Stock shareholder. (For a more complete explanation of the benefits and
risks of leveraging, see page 14 of this report to shareholders.)
How would you characterize the Fund's position at the close of the period?
At April 30, 2007, the Fund was positioned with a neutral duration relative to
its Lipper peer group, and had an average credit rating of AA. Approximately
5% of the Fund's net assets was held in cash and cash equivalents at the end of
the period. We will continue to exercise patience in recommitting those assets
to attractive opportunities within the California municipal market. Our goal
is to enhance yield for shareholders while also tempering price volatility.
BlackRock MuniYield California Insured Fund, Inc.
Describe conditions in the State of California.
The State of California ended the period with ratings of A1, A+ and A+ from
Moody's, Standard & Poor's and Fitch, respectively. The state's steadily
improving economy, combined with the more settled political environment, has
resulted in annual rating upgrades over the past three years, with a final
upgrade to A1 by Moody's in May 2006. The state continues to benefit from an
expanding economy, which has significantly stabilized its fiscal position.
California's fiscal year 2006 results show a $2.7 billion ending general fund
balance. The fiscal year 2007 budget totals $101 billion and was balanced with
spending cuts. The current budget includes allocations to repay debt,
establish a general fund reserve account and fully fund K-12 education
programs. The state's Comptroller reports that, through April 30, 2007, the
California government's revenues increased more than 1% year-over-year, which
was in line with projections for fiscal year 2007. The state's economic
rebound continues to ease its fiscal pressures and operating deficit, although
economic growth began to slow in late 2006 amid declines in the housing and
light vehicle manufacturing sectors. In November 2006, voters approved $43
billion in infrastructure bonds. Key credit issues continue to be K-12
education, MediCal and pension liabilities funding.
California ranks ninth in debt per capita and 11th in debt as a percent of
personal income, according to Moody's. The state's unemployment rate as of
March 2007 was 4.8%, somewhat higher than the national rate of 4.4%.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Stock of BlackRock
MuniYield California Insured Fund, Inc. had net annualized yields of 4.53% and
4.72%, based on a period-end per share net asset value of $14.97 and a per
share market price of $14.35, respectively, and $.336 per share income
dividends. Over the same period, the total investment return on the Fund's
Common Stock was +1.58%, based on a change in per share net asset value from
$15.09 to $14.97, and assuming reinvestment of all distributions.
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Discussion With Your Funds' Portfolio Managers (continued)
The Fund's total return, based on net asset value, was similar to the +1.63%
average return of its comparable Lipper category of California Insured
Municipal Debt Funds for the six-month period. (Funds in this Lipper category
invest primarily in municipal debt issues exempt from taxation in the State of
California and insured as to timely payment.) Fund results were hindered by
its slightly lower duration versus its Lipper peer group. Because bond prices
fall as their yields rise, we had assumed this posture in an effort to achieve
some price stability for the portfolio in the face of rising interest rates.
We subsequently increased the duration to a more neutral stance. The Fund's
comparative performance also was hampered by its below-average distribution
yield during the period, which resulted in part from the portfolio's
relatively higher-quality asset mix. The Fund's relative performance benefited
from good security selection. Additionally, the values of some of the Fund's
holdings appreciated amid investor speculation that they would be candidates
for refunding. (When bonds are advance refunded, they generally rise sharply
in value.)
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Stock (as measured by the
trading price of the Fund's shares on the New York Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Stock can vary significantly from total investment
returns based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
Our portfolio restructuring efforts were facilitated by the relatively heavy
new issuance of California municipal bonds in the first quarter of 2007.
California consistently has been the largest issuer of municipal securities in
the primary market for several months.
In working to restructure the portfolio, the challenge has been to recommit
the proceeds from recent bond calls in a market where interest rates are
significantly lower than they were at the time of the Fund's inception.
Overall, we seek to maintain an asset mix that provides for minimal volatility
in the Fund's underlying value.
The Fund has maintained its above-average exposure to higher-quality credits.
Because credit-quality spreads are so tight, there is little yield advantage
to be realized for investing in lower-rated bonds. As such, the Fund has a
larger weighting in higher-quality credits than is required by prospectus. It
is partly due to this higher-quality asset mix that the Fund has a below-
average current distribution yield. Lower-rated issues offer higher yields,
but come with greater risk. Rather than taking that risk through investment in
lower-rated issues, we have aimed to enhance performance from the total return
side of the equation. This was accomplished by shifting from a relatively
defensive duration (a measure of interest rate sensitivity) toward a more
neutral posture on interest rates.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Stock had average yields of 3.55% for Series A, 3.35% for Series B,
3.32% for Series C, 3.47% for Series D, 3.23% for Series E and 3.28% for
Series F. The Fed kept its target interest rate unchanged during the six-month
period at 5.25%. As such, the Fund's borrowing costs remained relatively
stable. Importantly, the municipal yield curve maintained its positive slope,
particularly compared to the Treasury curve, and continued to generate an
income benefit to the Common Stock shareholder from the leveraging of
Preferred Stock. As always, should the spread between short-term and long-term
interest rates narrow, the benefits of leveraging will decline and, as a
result, reduce the yield available to the Common Stock shareholder. (For a
more complete explanation of the benefits and risks of leveraging, see page 14
of this report to shareholders.)
How would you characterize the Fund's position at the close of the period?
The Fund ended the period with a neutral duration posture relative to its
California insured municipal bond fund peers. We remain committed to
protecting the Fund's net asset value and will continue to address the income
distribution potential of the portfolio through the use of inverse floating-
rate product. Tight credit spreads have led us to position the Fund with an
underweight in lower-rated credits. Consequently, we ended the period with a
very high-quality portfolio, with approximately 94% of the Fund's net assets
rated AAA with bond insurance.
Long-term municipal bond yields are at historic lows. We intend to exercise
patience in reinvesting proceeds from called bonds into the most attractive
California municipal securities. Simultaneously, we will continue our efforts
to temper price volatility in the portfolio.
SEMI-ANNUAL REPORTS APRIL 30, 2007
BlackRock MuniYield Florida Fund
Describe conditions in the State of Florida.
At period-end, Florida had maintained its credit ratings of Aa1, AAA and AA+
from Moody's, Standard & Poor's and Fitch, respectively. The state's
consistently strong financial performance has been the result of a robust
service-oriented economy, prudent budget decisions and a moderate debt
profile.
Florida's budget for fiscal year 2007 grew 7% to $74 billion. Revenues are up
only modestly over the prior year and are significantly below original
estimates. As a result, Florida's fiscal year 2007-2008 budget proposals
reflect expense reductions of approximately 3%. The governor and the
legislature will continue to prioritize education spending, with most cuts
expected to focus on nonrecurring items. Key credit issues include property-
tax reform, school funding, homeowners' insurance availability and the overall
demand for government services from a rapidly growing population.
Overall, Florida's economy has outperformed on both a national and regional
basis. Job creation has surpassed the national average, leading to low
unemployment and rising personal incomes. The state unemployment rate of 3.3%
in March compared to a national average of 4.4%. These trends, coupled with a
relatively low cost of living, have continued to encourage migration into
Florida and led to a more diversified demographic base. Although the demands
of a growing population will put pressure on the state's finances, we continue
to believe that Florida is well-positioned given its financial flexibility and
record of proactive management.
Florida ranks 19th in debt per capita and 18th in debt as a percent of
personal income, according to Moody's. The state's 2006 per capita personal
income of $35,798 was 20th in the nation, according to the U.S. Department of
Commerce, and approximated the national average of $36,276.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Shares of BlackRock
MuniYield Florida Fund had net annualized yields of 4.70% and 5.03%, based on
a period-end per share net asset value of $14.94 and a per share market price
of $13.95, respectively, and $.348 per share income dividends. Over the same
period, the total investment return on the Fund's Common Shares was +1.39%,
based on a change in per share net asset value from $15.11 to $14.94, and
assuming reinvestment of all distributions.
The Fund's return, based on net asset value, modestly lagged the +1.49%
average return of the Lipper Florida Municipal Debt Funds category for the six-
month period. (Funds in this Lipper category limit their investment to
securities exempt from taxation in Florida [double tax-exempt] or a city in
Florida [triple tax-exempt]). The Fund's under-performance is attributed
largely to its exposure to bonds with intermediate maturities, which lagged as
the yield curve flattened. We have exposure to these sectors through bonds
that have been prerefunded - thereby transforming several of our longer-dated
issues into intermediate maturities. Although these bonds have underperformed
on a total return basis, they were acquired in a higher interest rate
environment and, as such, contribute meaningfully to the portfolio's yield.
While we have made efforts to reduce some of the Fund's concentration in
prerefunded bonds, the cycle repeats itself as more bonds are prerefunded and
the absolute low level of interest rates makes them difficult to replace.
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Shares (as measured by the
trading price of the Fund's shares on the New York Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Shares can vary significantly from total investment
returns based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
We did not alter our mainline strategy - that is, we continued our efforts to
increase the level of income provided to shareholders while muting the Fund's
net asset value volatility. Having said that, the low absolute level of
interest rates has presented challenges in terms of yield enhancement, as most
of the bonds in the portfolio are booked at higher yields than those currently
available in the market. In general, we made purchases when the market backed
up (that is, interest rates increased and prices fell) and were sellers in
November, after the market had rallied sharply (that is, interest rates fell
and prices increased).
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Discussion With Your Funds' Portfolio Managers (continued)
For the most part, we continued to target premium-coupon bonds in the 20-year
to 30-year maturity range whenever they became available. We continued to find
the most attractive risk/reward trade-off here, although the flatness of the
yield curve has made for few compelling opportunities. New municipal issuance
in the state of Florida increased roughly 42% over the six months compared to
the same period a year ago. However, as has been the case for some time, few
new issues met our desired investment characteristics. Much of the supply came
in the form of refinancings, and the majority of the new issues came with
coupons below 5%. Late in the period, we did purchase some housing bonds and
health care-related issues as supply in these sectors increased. We were able
to make these purchases at attractive prices and capture some incremental
yield for the portfolio.
Importantly, we remained fully invested throughout the period in an effort to
augment yield.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Shares had average yields of 3.57% for Series A, 3.58% for Series B
and 3.52% for Series C. The Fed kept its target interest rate unchanged during
the six-month period at 5.25%. As such, the Fund's borrowing costs remained
relatively stable. Importantly, the municipal yield curve maintained its
positive slope, particularly compared to the Treasury curve, and continued to
generate an income benefit to the holders of Common Shares from the leveraging
of Preferred Shares. As always, should the spread between short-term and long-
term interest rates narrow, the benefits of leveraging will decline and, as a
result, reduce the yield available to holders of Common Shares. (For a more
complete explanation of the benefits and risks of leveraging, see page 14 of
this report to shareholders.)
How would you characterize the Fund's position at the close of the period?
We expect the Fed to keep interest rates on hold for now and, as such,
anticipate crosscurrents of strength and weakness in the market. Against this
backdrop, the Fund ended the period with a fairly neutral interest rate
posture, as we await the market to present opportunities in the form of higher
interest rates. As that occurs, we intend to continue our strategy of selling
prerefunded bonds with shorter maturities and investing in the 20-year to
30-year area of the municipal curve, where we continue to see the most
compelling relative value.
BlackRock MuniYield Michigan Insured Fund II, Inc.
Describe conditions in the State of Michigan.
The State of Michigan is rated Aa2, AA and AA- by Moody's, Standard & Poor's
and Fitch, respectively. In late January 2007, Fitch downgraded the state's
rating, and all three agencies maintain a negative outlook. Michigan ranks
30th in debt per capita and 32nd in debt as a percent of personal income,
according to Moody's. The state ranked 27th in per capita income in 2006
(preliminary), according to the U.S. Department of Commerce. Michigan's March
2007 unemployment rate was 6.5%, well above the U.S. rate of 4.4%. It is the
only state to have lost jobs for six straight years (through 2006).
Fiscal year 2006 ended on September 30, 2006, with an estimated $200 million
budget surplus, most of which was used to meet fiscal year 2007 spending
obligations. Despite the use of the surplus, Michigan's fiscal year 2007
budget gap is $700 million, following Governor Granholm's recent cuts of $345
million. The governor's proposed fiscal year 2008 budget, announced in
February, closes a large $2.1 billion gap in a $23 billion operating budget.
This proposed budget relies more heavily on tax increases versus spending
cuts, which had been the focus in prior fiscal years. Key credit concerns
include an ailing automotive sector, the lack of a sustainable alternative
industry and a declining housing market that could further undermine state
revenue collections.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Stock of BlackRock
MuniYield Michigan Insured Fund II, Inc. had net annualized yields of 4.70%
and 4.97%, based on a period-end per share net asset value of $14.43 and a per
share market price of $13.63, respectively, and $.336 per share income
dividends. Over the same period, the total investment return on the Fund's
Common Stock was +1.31%, based on a change in per share net asset value from
$14.60 to $14.43, and assuming reinvestment of all distributions.
SEMI-ANNUAL REPORTS APRIL 30, 2007
The Fund's total return, based on net asset value, trailed the +1.40% average
return of the Lipper Michigan Municipal Debt Funds category for the six-month
period. (Funds in this Lipper category limit their investment to securities
exempt from taxation in Michigan or a city in Michigan.) The municipal bond
yield curve continued to flatten throughout the six-month reporting period.
This detracted from performance as the Fund's holdings remained concentrated
in shorter maturities; thus, we were not able to fully participate in the
price appreciation exhibited in the long end of the tax-exempt market.
Conversely, continued strong returns among the lower-rated issues held in the
portfolio added favorably to the Fund's relative performance. Both retail and
institutional investor demand for higher-yielding credits remained robust,
leading to substantial price appreciation for many of the Fund's A-rated and
BBB-rated holdings. Notably, for the six-month period, the Fund also generated
an above-average distribution rate compared to its Lipper peer group average,
largely reflecting the higher-yield environment in which the Fund originated.
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Stock (as measured by the
trading price of the Fund's shares on the New York Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Stock can vary significantly from total investment
returns based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
Portfolio activity was fairly limited during the semi-annual period. In the
most recent quarter (February - April 2007), new issuance of Michigan bonds
increased 65% compared to the same period a year ago, well above national
levels. However, most of the new supply did not meet our desired investment
characteristics. Much of it was issued in maturities shorter than 20 years,
involved names in which the Fund already has significant exposure or came with
unattractive yields.
Generally speaking, the low absolute level of interest rates continued to
present challenges, as the vast majority of the Fund's holdings are booked at
higher yields than those currently available in the market. For the most part,
this environment rendered few compelling investment opportunities, although we
did increase exposure to hospital revenue bonds (rated A or higher) when
valuations were attractive.
We remained fully invested throughout the period in an effort to augment yield
for our shareholders. We also maintained the Fund's high credit quality, with
approximately 82% of net assets rated AAA at period-end.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Stock had average yields of 3.54% for Series A, 3.50% for Series B
and 3.49% for Series C. There was no material change in the Fund's borrowing
costs during the period, as the Fed kept the federal funds target rate steady
at 5.25%. Although flat by historical standards, the tax-exempt yield curve
maintained a positive slope throughout the period (particularly compared to
the U.S. Treasury yield curve), allowing us to borrow at a lower rate than
where we invest. This continued to generate an income benefit to the holders
of Common Stock from the leveraging of Preferred Stock. As always, should the
spread between short-term and long-term interest rates narrow, the benefits of
leveraging will decline and, as a result, reduce the yield on the Fund's
Common Stock. (For a more complete explanation of the benefits and risks of
leveraging, see page 14 of this report to shareholders.)
How would you characterize the Fund's position at the close of the period?
Heading into mid-year, we anticipate little change in tax-exempt bond yields.
The current financial environment remains well balanced, with modest economic
activity and minimal inflationary pressures. Such an environment should allow
the Fed to remain sidelined, awaiting further economic developments to help
guide monetary policy. Accordingly, we expect to maintain our current interest
rate posture. Should economic activity soften - triggered perhaps by a decline
in the equity market or further weakness in housing - we would adopt a more
constructive posture.
Forward new-issue supply in Michigan remains limited, which will continue to
present a challenge with respect to making desired structural changes within
the portfolio. As such, future portfolio activity likely will focus on
improving the Fund's already attractive yield and remaining fully invested in
an effort to maximize income for shareholders.
SEMI-ANNUAL REPORTS APRIL 30, 2007
A Discussion With Your Funds' Portfolio Managers (concluded)
BlackRock MuniYield New York Insured Fund, Inc.
Describe conditions in the State of New York.
The State of New York ended the period rated Aa3, AA and AA- by Moody's,
Standard & Poor's and Fitch, respectively, with stable trends. New York ranks
fifth in both debt per capita and debt as a percent of personal income,
according to Moody's. It also ranked fifth in per capita income in 2006
(preliminary), according to the U.S. Department of Commerce. New York's March
2007 unemployment rate was 4.0%, versus the U.S. rate of 4.4%. Fiscal year
2006 operations resulted in a $2 billion surplus and an ending $900 million
"rainy day" reserve. The November 2006 financial plan update forecasts a $1.1
billion general fund surplus in fiscal year 2007, due to higher-than-expected
receipts and spending reductions.
On April 1, 2007, New York lawmakers passed a $120.9 billion budget for fiscal
year 2008 that increases spending by 8.7%, the largest annual increase since
2000. Despite $1 billion in Medicaid cuts, property tax rebates and increased
school aid pushed spending higher. Key credit issues remain cost pressures
from Medicaid, pensions and school aid, as well as the sustainability of
growing personal income tax receipts.
How did the Fund perform during the period?
For the six-month period ended April 30, 2007, the Common Stock of BlackRock
MuniYield New York Insured Fund, Inc. had net annualized yields of 4.58% and
4.77%, based on a period-end per share net asset value of $14.26 and a per
share market price of $13.70, respectively, and $.324 per share income
dividends. Over the same period, the total investment return on the Fund's
Common Stock was +1.43%, based on a change in per share net asset value from
$14.40 to $14.26, and assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, outpaced the +1.28% average
return of the Lipper New York Insured Municipal Debt Funds category for the
six-month period. (Funds in this Lipper category invest primarily in
securities exempt from taxation in New York and insured as to timely payment.)
An ongoing commitment to generate above-average income for shareholders
continued to drive the Fund's total return performance. Notably, the Fund also
maintained an above-average yield compared to its Lipper peer group. Out-of-
favor coupons (mainly discounted bonds), housing bonds and Puerto Rico bonds
were among the top contributors to performance. Conversely, the Fund's limited
ability to invest in uninsured and lower-rated investment-grade credits (at a
maximum of 20% of net assets) restrained performance somewhat, as these lower-
quality credits continued to outperform the high-grade market during the
reporting period. Also detracting from Fund performance was the ongoing effect
of a low-interest-rate environment, wherein issuers of higher-coupon bonds
pursue refinancing opportunities and call their outstanding bonds. In an
environment where we cannot replace the higher yields lost to calls, this
phenomenon dampened the distribution rate of the Fund.
For a description of the Fund's total investment return based on a change in
the per share market value of the Fund's Common Stock (as measured by the
trading price of the Fund's shares on the New York Stock Exchange), and
assuming reinvestment of distributions, please refer to the Financial
Highlights section of this report. As a closed-end fund, the Fund's shares may
trade in the secondary market at a premium or discount to the Fund's net asset
value. As a result, total investment returns based on changes in the market
value of the Fund's Common Stock can vary significantly from total investment
returns based on changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
Portfolio activity reflected our focus on maintaining the Fund's relatively
high distribution rate. We invested largely on the long end of the municipal
yield curve, where we found attractive opportunities to trade the portfolio
and to generate higher levels of income for the Fund. In making purchases, we
primarily sought new-issue housing bonds, Puerto Rico bonds and out-of-favor
coupons (mainly discounted bonds), each of which offers above-market yield and
enhances the portfolio's liquidity and potential for capital appreciation.
Alternative minimum tax (AMT) issues also were a good source of incremental
yield during the period; albeit, we enacted these purchases only when prices
were inexpensive on a historical basis.
New York new-issue supply was up a mere 1% versus the six-month period a year
ago, although the latter three months saw some strengthening (+8.7%). The
recent increase provided moderate opportunities to diversify the portfolio and
move into more attractive coupon structures. However, as has been the case for
some time, the low absolute yields and the lack of a significant directional
trade in the market limited the attractiveness of any major restructuring.
SEMI-ANNUAL REPORTS APRIL 30, 2007
With respect to divestments, we continued to trim the portfolio's short-term
holdings, specifically shorter-dated prerefunded bonds and high-coupon, short-
call bonds (primarily those having a call date within three years or less).
These bonds are priced with a premium and, as the call date approaches, their
value depreciates at an accelerating rate and they generally underperform the
overall market. Although this move temporarily hurts distributable income, we
believe it is a worthwhile trade-off to protect the future total return
potential of the Fund.
In the Fund's uninsured basket, we sought to reduce our exposure to AA-rated
and AAA-rated uninsured paper, in favor of higher-yielding, lower-rated
investment-grade credits (that is, AA-rated and A-rated issues). Sectors of
interest included housing, education (primarily colleges and universities) and
city general obligation (GO) bonds.
For the six-month period ended April 30, 2007, the Fund's Auction Market
Preferred Stock had average yields as follows: Series A, 3.45%; Series B,
3.27%; Series C, 3.30%; Series D, 3.29%; Series E, 3.36% and 3.30% for Series
F. There was no material change in the Fund's borrowing costs over the course
of the period, as the Fed kept its target interest rate steady at 5.25%.
Although flat by historical standards, the tax-exempt yield curve maintained a
positive slope throughout the period (particularly compared to the U.S.
Treasury yield curve), allowing us to borrow at a lower rate than where we
invest. This continued to generate an income benefit to the holders of Common
Stock from the leveraging of Preferred Stock. As always, should the spread
between short-term and long-term interest rates narrow, the benefits of
leveraging will decline and, accordingly, the yield on the Fund's Common Stock
will be reduced. (For a more complete explanation of the benefits and risks of
leveraging, see page 14 of this report to shareholders.)
How would you characterize the Fund's position at the close of the period?
At period-end, the Fund's duration was neutral relative to its Lipper peers.
We are encouraged by the recent back-up (that is, increase) in interest rates
and the pick-up in new-issue supply, and will continue to evaluate prospects
for portfolio diversification and income accrual. We also will seek additional
opportunities to sell shorter-dated bonds and reinvest those proceeds in
attractive, longer-dated bonds. Further, if the improvement in new-issue
supply holds, and at current market rates, there may be additional
opportunities to book bonds at higher yields by swapping out of lower-yielding
issues. This strategy enhances the distribution rate of the Fund, and at the
same time, allows the portfolio to record losses (the new bonds come at prices
lower than those of the bonds being sold), minimizing future taxable gains for
shareholders.
All in all, we maintain a positive view on the municipal bond market. We
continue to expect relative value trading and yield to be the key drivers of
the Fund's future performance, and accordingly, will look to the long end of
the curve to supply the most suitable prospects.
Michael A. Kalinoski, CFA
Vice President and Portfolio Manager
BlackRock MuniYield Arizona Fund, Inc.
Walter C. O'Connor, CFA
Vice President and Portfolio Manager
BlackRock MuniYield California Fund, Inc.
BlackRock MuniYield California Insured Fund, Inc.
Robert D. Sneeden
Vice President and Portfolio Manager
BlackRock MuniYield Florida Fund
Fred K. Stuebe
Vice President and Portfolio Manager
BlackRock MuniYield Michigan Insured Fund II, Inc.
Timothy T. Browse, CFA
Vice President and Portfolio Manager
BlackRock MuniYield New York Insured Fund, Inc.
May 23, 2007
SEMI-ANNUAL REPORTS APRIL 30, 2007
The Benefits and Risks of Leveraging
The Funds utilize leveraging to seek to enhance the yield and net asset value
of their Common Shares/Common Stock. However, these objectives cannot be
achieved in all interest rate environments. To leverage, the Funds issue
Preferred Shares/Stock, which pay dividends at prevailing short-term interest
rates, and invest the proceeds in long-term municipal bonds. The interest
earned on these investments, net of dividends to Preferred Shares/Stock, is
paid to Common Shareholders/Common Stock 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 Shares/Stock. However, in order to benefit
Common Shareholders/ Common Stock 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 Shareholders/Common Stock 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 Shares/Stock
capitalization of $100 million and the issuance of Preferred Shares/Stock for
an additional $50 million, creating a total value of $150 million 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 Shares/Stock 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 Shareholders/ Preferred Stock
shareholders are significantly lower than the income earned on the fund's
long-term investments, and therefore the Common Shareholders/Common Stock
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
Shares/Stock will be reduced or eliminated completely. At the same time, the
market value of the fund's Common Shares/Stock (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
Shares'/Stocks' net asset value will reflect the full decline in the price of
the portfolio's investments, since the value of the fund's Preferred
Shares/Stock does not fluctuate. In addition to the decline in net asset
value, the market value of the fund's Common Shares/Stock may also decline.
As of April 30, 2007, 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 leverage
amounts, due to Auction Market Preferred Shares/Stock, of 38.23%, 35.36%,
34.83%, 35.20%, 36.24% and 35.09% of total net assets, respectively, before the
deduction of Preferred Shares/Stock.
As a part of their investment strategy, the Funds may invest in certain
securities whose potential income return is inversely related to changes in a
floating interest rate ("inverse floaters"). In general, income on inverse
floaters will decrease when short-term interest rates increase and increase
when short-term interest rates decrease. Investments in inverse floaters may be
characterized as derivative securities and may subject the Funds to the risks
of reduced or eliminated interest payments and losses of invested principal. In
addition, inverse floaters have the effect of providing investment leverage
and, as a result, the market value of such securities will generally be more
volatile than that of fixed rate, tax-exempt securities. To the extent the
Funds invest in inverse floaters, the market value of each Fund's portfolio and
the net asset value of each Fund's shares may also be more volatile than if the
Funds did not invest in these securities.
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 interest 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
obligations to pay the other party to the agreement.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Portfolio Information
Quality Profiles as of April 30, 2007
Percent of
BlackRock MuniYield Arizona Fund, Inc. Total
By S&P/Moody's Rating Investments
AAA/Aaa 53.1%
AA/Aa 5.3
A/A 15.1
BBB/Baa 19.6
BB/Ba 1.8
NR (Not Rated) 3.4
Other* 1.7
* Includes portfolio holdings in short-term investments.
Percent of
BlackRock MuniYield California Fund, Inc. Total
By S&P/Moody's Rating Investments
AAA/Aaa 77.5%
AA/Aa 5.5
A/A 10.9
BBB/Baa 4.0
Other* 2.1
* Includes portfolio holdings in short-term investments.
Percent of
BlackRock MuniYield California Insured Fund, Inc. Total
By S&P/Moody's Rating Investments
AAA/Aaa 90.0%
AA/Aa 1.8
A/A 2.5
NR (Not Rated) 2.9
Other* 2.8
* Includes portfolio holdings in short-term investments.
Percent of
BlackRock MuniYield Florida Fund Total
By S&P/Moody's Rating Investments
AAA/Aaa 75.0%
AA/Aa 2.4
A/A 8.8
BBB/Baa 11.3
NR (Not Rated) 2.1
Other* 0.4
* Includes portfolio holdings in short-term investments.
Percent of
BlackRock MuniYield Michigan Insured Fund II, Inc. Total
By S&P/Moody's Rating Investments
AAA/Aaa 83.0%
AA/Aa 4.2
A/A 10.0
BBB/Baa 1.8
Other* 1.0
* Includes portfolio holdings in short-term investments.
Percent of
BlackRock MuniYield New York Insured Fund, Inc. Total
By S&P/Moody's Rating Investments
AAA/Aaa 92.9%
AA/Aa 4.7
A/A 1.3
BBB/Baa 0.3
Other* 0.8
* Includes portfolio holdings in variable rate demand notes and
short-term investments.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield Arizona Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Arizona--130.5%
$ 1,000 Arizona Educational Loan Marketing Corporation,
Educational Loan Revenue Refunding Bonds, AMT,
Junior Sub-Series, 6.30% due 12/01/2008 $ 1,005
1,435 Arizona Health Facilities Authority Revenue Bonds
(Catholic Healthcare West), Series A, 6.625%
due 7/01/2010 (h) 1,568
Arizona Student Loan Acquisition Authority, Student
Loan Revenue Refunding Bonds, AMT:
3,285 Junior Subordinated Series B-1, 6.15%
due 5/01/2029 3,487
1,000 Senior-Series A-1, 5.90% due 5/01/2024 1,058
1,000 Arizona Tourism and Sports Authority, Tax Revenue
Bonds (Baseball Training Facilities Project), 5%
due 7/01/2016 1,034
Downtown Phoenix Hotel Corporation, Arizona,
Revenue Bonds (c):
1,500 Senior Series A, 5% due 7/01/2036 1,580
1,500 Sub-Series B, 5% due 7/01/2036 1,580
750 Gladden Farms Community Facilities District, Arizona,
GO, 5.50% due 7/15/2031 772
2,000 Glendale, Arizona, IDA, Revenue Refunding Bonds
(Midwestern University), 5% due 5/15/2031 2,136
3,000 Greater Arizona Development Authority, Infrastructure
Revenue Bonds, Series B, 5% due 8/01/2030 (g) 3,168
735 Maricopa County, Arizona, Hospital Revenue
Refunding Bonds (Sun Health Corporation), 6.125%
due 4/01/2018 751
900 Maricopa County, Arizona, IDA, Education Revenue
Bonds (Arizona Charter Schools Project 1), Series A,
6.625% due 7/01/2020 918
2,000 Maricopa County, Arizona, IDA, Health Facilities
Revenue Refunding Bonds (Catholic Healthcare West
Project), Series A, 5.25% due 7/01/2032 2,108
2,400 Maricopa County, Arizona, IDA, Hospital Facility
Revenue Refunding Bonds (Samaritan Health
Services), Series A, 7% due 12/01/2016 (b)(g) 2,914
2,000 Maricopa County, Arizona, IDA, S/F Mortgage
Revenue Bonds, AMT, Series 3-B, 5.25%
due 8/01/2038 (d)(e) 2,088
Face
Amount Municipal Bonds Value
Arizona (continued)
$ 1,000 Maricopa County, Arizona, Peoria Unified School
District Number 11, GO, Second Series, 5%
due 7/01/2025 (c) $ 1,063
1,485 Maricopa County, Arizona, Pollution Control
Corporation, PCR, Refunding (Public Service
Company of New Mexico Project), Series A, 6.30%
due 12/01/2026 1,519
655 Maricopa County, Arizona, Public Finance Corporation,
Lease Revenue Bonds, RIB, Series 511X, 6.80%
due 7/01/2014 (a)(j)(m) 743
1,825 Maricopa County, Arizona, Scottsdale Unified School
District Number 48, GO, 6.60% due 7/01/2012 2,071
500 Maricopa County, Arizona, Tempe Elementary Unified
School District Number 3, GO, Refunding, 7.50%
due 7/01/2010 (c) 555
1,000 Maricopa County, Arizona, Unified School District
Number 090, School Improvement, GO (Saddle
Mountain), Series A, 5% due 7/01/2014 1,038
1,000 Mesa, Arizona, IDA Revenue Bonds (Discovery Health
Systems), Series A, 5.625% due 1/01/2010 (g)(h) 1,057
1,000 Nogales, Arizona, Municipal Development Authority,
Inc., Revenue Bonds, 5% due 6/01/2030 (a) 1,053
2,900 Northern Arizona University System Revenue Bonds,
5.50% due 6/01/2014 (c)(h) 3,211
2,000 Phoenix and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds, AMT, Series 2007-1,
5.25% due 8/01/2038 (d)(e) 2,093
3,325 Phoenix, Arizona, Civic Improvement Corporation,
Excise Tax Revenue Bonds (Civic Plaza Expansion
Project), Sub-Series A, 5% due 7/01/2035 (c) 3,505
600 Phoenix, Arizona, Civic Improvement Corporation,
Senior Lien Airport Revenue Bonds, AMT, Series B,
5.25% due 7/01/2032 (c) 626
Phoenix, Arizona, Civic Improvement Corporation,
Water System Revenue Refunding Bonds, Junior Lien:
2,500 5.50% due 7/01/2020 (c) 2,694
2,000 5% due 7/01/2029 (g) 2,118
2,000 Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,
AMT, Series 2007-2, 5.50% due 8/01/2038 (d)(e) 2,127
Portfolio Abbreviations
To simplify the listings of portfolio holdings in each of the
Schedules of Investments, we have abbreviated the names of many of the
securities according to the list at right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
PILOT Payment in Lieu of Taxes
RIB Residual Interest Bonds
ROLS Reset Option Long Securities
S/F Single-Family
VRDN Variable Rate Demand Notes
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield Arizona Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Arizona (continued)
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series C:
$ 745 6.70% due 7/01/2021 $ 800
995 6.75% due 7/01/2031 1,067
1,000 Pima County, Arizona, IDA, Education Revenue
Refunding Bonds (Arizona Charter Schools Project),
Series O, 5% due 7/01/2026 1,005
Pima County, Arizona, IDA, Education Revenue
Refunding Bonds (Arizona Charter Schools Project II),
Series A:
390 6.75% due 7/01/2011 (h) 433
595 6.75% due 7/01/2021 640
1,000 Pima County, Arizona, IDA, Revenue Refunding Bonds
(Health Partners), Series A, 5.625% due 4/01/2014 (g) 1,021
3,050 Pima County, Arizona, Unified School District
Number 1, Tucson, GO, Refunding, 7.50%
due 7/01/2009 (c) 3,287
Pinal County, Arizona, COP:
1,250 5% due 12/01/2026 1,291
1,250 5% due 12/01/2029 1,288
500 Pinal County, Arizona, IDA, Wastewater Revenue
Bonds (San Manuel Facilities Project), AMT, 6.25%
due 6/01/2026 555
2,000 Queen Creek Improvement District Number 001,
Arizona, Special Assessment Bonds, 5% due 1/01/2032 2,042
1,500 Salt River Project, Arizona, Agriculture Improvement
and Power District, Electric System Revenue Refunding
Bonds, Series A, 5% due 1/01/2035 1,589
2,250 Scottsdale, Arizona, IDA, Hospital Revenue Bonds
(Scottsdale Healthcare), 5.80% due 12/01/2011 (h) 2,458
1,195 Show Low, Arizona, IDA, Hospital Revenue Bonds
(Navapache Regional Medical Center), 5%
due 12/01/2035 (i) 1,242
1,500 South Campus Group LLC, Arizona Student
Housing Revenue Bonds (Arizona State University
South Campus Project), Series 2003, 5.625%
due 9/01/2035 (g) 1,637
1,500 Surprise Municipal Property Corporation, Arizona,
Wastewater Development Impact Fee Revenue Bonds,
4.90% due 4/01/2032 1,504
285 Tucson and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds (Mortgage-Backed
Securities Program), AMT, Series A-1, 6%
due 7/01/2021 (d)(e) 287
1,350 Tucson, Arizona, Airport Authority Incorporated,
Subordinate Lien Revenue Bonds, AMT, 5%
due 12/01/2025 (g) 1,420
1,000 Tucson, Arizona, IDA, Joint S/F Mortgage Revenue
Refunding Bonds, AMT, Series A-1, 5.10%
due 7/01/2038 (d)(e) 1,036
Face
Amount Municipal Bonds Value
Arizona (concluded)
$ 1,000 Tucson, Arizona, IDA, Senior Living Facilities Revenue
Bonds (Christian Care Tucson Inc. Project), Series A,
6.125% due 7/01/2010 (h)(i) $ 1,079
1,105 University of Arizona, COP, Refunding, Series A,
5.125% due 6/01/2029 (a) 1,169
2,000 University of Arizona, COP, Series B, 5%
due 6/01/2028 (a) 2,086
Vistancia Community Facilities District, Arizona, GO:
1,275 6.75% due 7/15/2022 1,419
750 5.75% due 7/15/2024 818
2,000 Yavapai County, Arizona, IDA, Hospital Facility
Revenue Bonds (Yavapai Regional Medical Center),
Series A, 6% due 8/01/2033 2,162
Guam--1.6%
1,000 Guam Government Waterworks Authority, Water and
Wastewater System, Revenue Refunding Bonds,
5.875% due 7/01/2035 1,075
Puerto Rico--17.2%
1,000 Puerto Rico Commonwealth Highway and
Transportation Authority, Highway Revenue Refunding
Bonds, Series CC, 5.50% due 7/01/2031 1,158
560 Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation Revenue
Bonds, Series G, 5% due 7/01/2033 579
2,000 Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.125% due 7/01/2031 2,060
Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series NN:
1,500 5.125% due 7/01/2029 1,569
1,000 5% due 7/01/2032 (g) 1,051
1,500 Puerto Rico Industrial, Tourist, Educational, Medical
and Environmental Control Facilities Revenue Bonds
(Cogeneration Facility-AES Puerto Rico Project), AMT,
6.625% due 6/01/2026 1,619
2,000 Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series I, 5.25%
due 7/01/2033 2,124
1,000 Puerto Rico Public Finance Corporation,
Commonwealth Appropriation Revenue Bonds,
Series E, 5.50% due 8/01/2029 1,056
Total Municipal Bonds
(Cost--$93,456)--149.3% 97,266
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield Arizona Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Held in Trust (l) Value
Arizona--19.7%
$ 8,670 Arizona State University Revenue Bonds, 5.50%
due 7/01/2012 (c)(h) $ 9,398
3,190 Maricopa County, Arizona, Public Finance Corporation,
Lease Revenue Bonds, 5.50% due 7/01/2015 (a) 3,404
Puerto Rico--1.6%
1,000 Puerto Rico Commonwealth, Public Improvement,
GO, 5.75% due 7/01/2016 (g) 1,061
Municipal Bonds Held in Trust
(Cost--$13,348)--21.3% 13,863
Shares
Held Short-Term Securities Value
1,939 CMA Arizona Municipal Money Fund, 3.25% (f)(k) $ 1,939
Total Short-Term Securities
(Cost--$1,939)--3.0% 1,939
Total Investments (Cost--$108,743*)--173.6% 113,068
Liabilities in Excess of Other Assets--(1.7%) (1,117)
Liability for Trust Certificates,
Including Interest Expense Payable--(10.0%) (6,508)
Preferred Stock, at Redemption Value--(61.9%) (40,320)
----------
Net Assets Applicable to Common Stock--100.0% $ 65,123
==========
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 102,586
===============
Gross unrealized appreciation $ 4,133
Gross unrealized depreciation (81)
---------------
Net unrealized appreciation $ 4,052
===============
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHLMC Collateralized.
(e) FNMA/GNMA Collateralized.
(f) 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 521 $21
(g) MBIA Insured.
(h) Prerefunded.
(i) Radian Insured.
(j) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k) Represents the current yield as of April 30, 2007.
(l) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds Held
in Trust.
(m) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield California Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California--125.4%
$ 1,730 ABAG Finance Authority for Nonprofit Corporations,
California, Revenue Refunding Bonds (Redwood
Senior Homes and Services), 6% due 11/15/2022 $ 1,868
2,075 Antioch Area Public Facilities Financing Agency,
California, Special Tax (Community Facilities District
Number 1989-1), 5.70% due 8/01/2009 (a)(f) 2,190
2,820 Arcata, California, Joint Powers Financing Authority,
Tax Allocation Revenue Refunding Bonds
(Community Development Project Loan), Series A, 6%
due 8/01/2023 (a) 2,825
10,000 Bay Area Toll Authority, California, Toll Bridge Revenue
Refunding Bonds (San Francisco Bay Area), Series F,
5% due 4/01/2031 10,597
1,375 California Health Facilities Financing Authority
Revenue Bonds (Kaiser Permanente), RIB, Series 26,
6.79% due 6/01/2022 (d)(h)(p) 1,480
1,490 California Health Facilities Financing Authority,
Revenue Refunding Bonds (Pomona Valley Hospital
Medical Center), Series A, 5.625% due 7/01/2019 (b) 1,524
4,990 California Infrastructure and Economic Development
Bank Revenue Bonds (J. David Gladstone Institute
Project), 5.50% due 10/01/2022 5,295
2,120 California Infrastructure and Economic Development
Bank, Revenue Refunding Bonds (The Salvation
Army--Western Territory), 5% due 9/01/2027 (a) 2,256
California Pollution Control Financing Authority, Solid
Waste Disposal Revenue Bonds (Waste Management
Inc. Project), AMT:
3,000 Series A-2, 5.40% due 4/01/2025 3,160
7,000 Series C, 5.125% due 11/01/2023 7,268
California Rural Home Mortgage Finance Authority,
S/F Mortgage Revenue Bonds (Mortgage-Backed
Securities Program), AMT:
2,000 Series A, 5.40% due 12/01/2036 (c)(n) 2,124
40 Series B, 6.15% due 6/01/2020 (c) 41
420 Sub-Series FH-1, 5.50% due 8/01/2047 434
5,000 California State Department of Veteran Affairs, Home
Purchase Revenue Bonds, Sub-Series A-3, 4.60%
due 12/01/2028 5,010
California State, GO:
5,000 5.125% due 4/01/2025 5,315
205 5.50% due 4/01/2030 224
California State, GO, Refunding:
620 5.75% due 5/01/2030 661
2,785 (Veterans), AMT, Series BJ, 5.70%
due 12/01/2032 2,843
Face
Amount Municipal Bonds Value
California (continued)
California State Public Works Board, Lease Revenue
Bonds:
$ 2,000 (California State University), Series C, 5.40%
due 10/01/2022 (b) $ 2,051
5,000 (Department of Corrections), Series C, 5.50%
due 6/01/2023 5,473
4,000 (Department of Health Services), Series A, 5.75%
due 11/01/2009 (b)(f) 4,247
17,000 (Various Community College Projects), Series A,
5.625% due 3/01/2016 (a) 17,197
6,850 California State, Various Purpose, GO, 5.50%
due 11/01/2033 7,450
5,250 California Statewide Communities Development
Authority, COP (John Muir/Mount Diablo Health
System), 5.125% due 8/15/2022 (b) 5,372
California Statewide Communities Development
Authority, Health Facility Revenue Bonds (Memorial
Health Services), Series A:
3,270 6% due 10/01/2023 3,565
3,000 5.50% due 10/01/2033 3,169
California Statewide Communities Development
Authority, Revenue Refunding Bonds:
6,975 (Kaiser Hospital Asset Management, Inc.),
Series C, 5.25% due 8/01/2031 7,383
3,500 (Kaiser Permanente), Series A, 5% due 4/01/2031 3,619
2,380 California Statewide Communities Development
Authority, Water Revenue Bonds (Pooled Financing
Program), Series C, 5.25% due 10/01/2028 (d) 2,536
2,000 Chino Basin, California, Regional Financing Authority
Revenue Bonds (Inland Empire Utility Agency Sewer
Project), 5.75% due 11/01/2009 (b)(f) 2,125
5,000 Chula Vista, California, IDR, Refunding (San
Diego Gas & Electric Co.), AMT, Series C, 5.25%
due 12/01/2027 5,323
2,705 Contra Costa County, California, Public Financing
Authority, Lease Revenue Refunding Bonds (Various
Capital Facilities), Series A, 5.30% due 8/01/2020 (b) 2,781
3,750 Cucamonga, California, County Water District, COP,
5.125% due 9/01/2035 (e) 3,938
2,500 Davis, California, Joint Unified School District,
Community Facilities District, Special Tax Refunding
Bonds, Number 1, 5.50% due 8/15/2021 (b) 2,513
7,000 Fontana Unified School District, California, GO,
Series A, 5.25% due 8/01/2028 (d) 7,527
4,000 Fremont, California, Unified School District, Alameda
County, GO (Election of 2002), Series B, 5%
due 8/01/2030 (d) 4,235
3,300 Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Refunding
Bonds, Senior Series A-1, 5.75% due 6/01/2047 3,529
9,390 Grant Joint Union High School District, California, GO
(Election of 2006), 5% due 8/01/2029 (d) 9,873
5,595 Grossmont-Cuyamaca Community College District,
California, GO (Election of 2002), Series B, 5%
due 8/01/2029 (e) 5,928
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield California Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California (continued)
Industry, California, Urban Development Agency, Tax
Allocation Refunding Bonds (Civic-Recreational-
Industrial Redevelopment Project Number 1) (b):
$ 5,000 5.50% due 5/01/2020 $ 5,082
14,915 5.50% due 5/01/2021 15,177
4,745 Las Virgenes, California, Unified School District, GO,
Series A, 5% due 8/01/2028 (d) 5,059
2,000 Los Angeles, California, COP (Sonnenblick Del Rio
West Los Angeles), 6.20% due 11/01/2031 (a) 2,169
7,000 Los Angeles, California, Wastewater System Revenue
Bonds, Series A, 5% due 6/01/2008 (e)(f) 7,180
4,500 Los Angeles, California, Wastewater System, Revenue
Refunding Bonds, Subordinate Series A, 5%
due 6/01/2027 (b) 4,701
3,780 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue Refunding
Bonds, Proposition A, First Tier Senior Series A, 5%
due 7/01/2027 (a) 4,009
5,000 Los Angeles County, California, Public Works
Financing Authority, Lease Revenue Bonds (Multiple
Capital Facilities Project VI), Series A, 5.625%
due 5/01/2010 (a)(f) 5,290
2,550 Los Angeles County, California, Sanitation Districts
Financing Authority, Revenue Refunding Bonds
(Capital Projects--District Number 14), Sub-Series B,
5% due 10/01/2030 (e) 2,697
1,000 Metropolitan Water District of Southern California,
Waterworks Revenue Bonds, Series A, 5%
due 7/01/2030 (d) 1,058
8,705 Modesto, California, Wastewater Treatment Facilities
Revenue Bonds, 5.625% due 11/01/2007 (b)(f) 8,876
7,570 Morgan Hill, California, Unified School District, GO,
5% due 8/01/2026 (e)(g)(k) 3,256
6,675 Murrieta Valley, California, Unified School District,
Public Financing Authority, Special Tax Revenue Bonds,
Series A, 5.125% due 9/01/2026 (m) 7,174
Oakland, California, Alameda County Unified School
District, GO (b):
6,240 (Election of 2000), 5% due 8/01/2027 6,603
3,290 Series F, 5.50% due 8/01/2017 3,478
3,770 Series F, 5.50% due 8/01/2018 3,982
5,250 Orange County, California, Sanitation District, COP,
5% due 2/01/2033 (e) 5,473
3,000 Oxnard, California, Financing Authority,
Wastewater Revenue Bonds (Redwood Trunk Sewer
and Headworks Projects), Series A, 5.25%
due 6/01/2034 (e) 3,217
1,000 Palm Springs, California, Financing Authority, Lease
Revenue Refunding Bonds (Convention Center
Project), Series A, 5.50% due 11/01/2035 (b) 1,106
2,000 Peralta, California, Community College District, GO
(Election of 2000), Series D, 5% due 8/01/2030 (d) 2,118
1,750 Pleasant Valley, California, School District, Ventura
County, GO, Series C, 5.75% due 8/01/2025 (b)(g) 1,828
Face
Amount Municipal Bonds Value
California (continued)
$10,600 Port of Oakland, California, Port Revenue Refunding
Bonds, Series I, 5.40% due 11/01/2017 (b) $ 10,901
4,315 Rancho Cucamonga, California, Redevelopment
Agency, Tax Allocation Refunding Bonds (Rancho
Redevelopment Project), 5.25% due 9/01/2020 (d) 4,494
2,345 Richmond, California, Redevelopment Agency, Tax
Allocation, Refunding Bonds (Harbour Redevelopment
Project), Series A, 5.50% due 7/01/2018 (b) 2,438
2,500 Sacramento, California, Municipal Utility District
Financing Authority, Revenue Bonds (Consumers
Project), 5.125% due 7/01/2029 (b) 2,694
5,000 Sacramento, California, Municipal Utility District,
Electric Revenue Refunding Bonds, Series L, 5.125%
due 7/01/2022 (b) 5,109
Sacramento County, California, Sanitation District
Financing Authority, Revenue Refunding Bonds:
6,775 (County Sanitation District Number 1), 5%
due 8/01/2035 (b) 7,169
3,455 Series A, 5.60% due 12/01/2017 3,460
2,110 Salinas Valley, California, Solid Waste Authority,
Revenue Refunding Bonds, AMT, 5.125%
due 8/01/2022 (a) 2,195
8,000 San Bernardino, California, City Unified School
District, GO, Refunding, Series A, 5.875%
due 8/01/2009 (e)(f) 8,480
3,000 San Bernardino, California, Joint Powers Financing
Authority, Lease Revenue Bonds (Department
of Transportation Lease), Series A, 5.50%
due 12/01/2020 (b) 3,032
2,355 San Diego, California, Certificates of Undivided
Interest Revenue Bonds, ROLS, Series II-R-551X,
6.374% due 8/01/2024 (e)(h)(p) 2,477
5,010 San Diego County, California, Water Authority, Water
Revenue Bonds, COP, Series A, 5% due 5/01/2031 (d) 5,270
6,000 San Francisco, California, Bay Area Rapid Transit
District, Sales Tax Revenue Refunding Bonds, Series A,
5% due 7/01/2030 (b) 6,350
1,720 San Francisco, California, City and County Educational
Facilities, GO (Community College), Series A, 5.75%
due 6/15/2008 (f) 1,795
1,310 San Francisco, California, City and County Zoo
Facilities, GO, Series B, 5.75% due 6/15/2008 (f) 1,367
4,615 San Jose, California, Airport Revenue Bonds, Series D,
5% due 3/01/2028 (b) 4,832
1,855 San Jose, California, Unified School District, Santa
Clara County, GO (Election of 2002), Series B, 5%
due 8/01/2029 (e) 1,965
10,005 San Jose-Evergreen, California, Community College
District, Capital Appreciation, GO (Election of 2004),
Refunding, Series A, 5.12% due 9/01/2023 (b)(k) 4,615
5,000 San Juan, California, Unified School District, GO
(Election of 2002), 5% due 8/01/2028 (b) 5,229
2,000 San Mateo County, California, Community College
District, GO (Election of 2001), Series C, 5%
due 3/01/2031 2,119
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield California Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California (concluded)
$ 2,020 Santa Clara, California, Unified School District, GO,
5.50% due 7/01/2021 (e) $ 2,149
3,500 Santa Clara County, California, Housing Authority,
M/F Housing Revenue Bonds (John Burns Gardens
Apartments Project), AMT, Series A, 6% due 8/01/2041 3,703
Santa Clarita, California, Community College
District, GO:
2,170 (Election 2001), 5% due 8/01/2028 (d) 2,301
4,000 (Election of 2004), Series A, 5%
due 5/01/2015 (b)(f) 4,352
4,000 Santa Monica, California, Redevelopment Agency, Tax
Allocation Bonds (Earthquake Recovery Redevelopment
Project), 6% due 7/01/2009 (a)(f) 4,243
2,500 Sequoia, California, Unified High School District, GO,
Refunding, 5% due 7/01/2028 (d) 2,664
1,675 Shasta-Tehama-Trinity Joint Community College
District, California, GO (Election of 2002), Series B,
5.25% due 8/01/2024 (d) 1,834
6,875 Sonoma County, California, Junior College District,
GO (Election 2002), Refunding, Series B, 5%
due 8/01/2028 (d) 7,289
2,265 South Bayside, California, Waste Management
Authority, Waste System Revenue Bonds, 5.75%
due 3/01/2020 (a) 2,391
1,600 Stockton, California, Public Financing Authority, Water
Revenue Bonds (Water System Capital Improvement
Projects), Series A, 5% due 10/01/2031 (b) 1,695
2,930 Stockton, California, Public Financing Revenue
Bonds (Redevelopment Projects), Series A, 5.25%
due 9/01/2034 (i) 3,119
3,235 Taft, California, Public Financing Authority, Lease
Revenue Bonds (Community Correctional Facility),
Series A, 6.05% due 1/01/2017 (b) 3,434
1,310 Torrance, California, Hospital Revenue Refunding
Bonds (Torrance Memorial Medical Center), Series A,
6% due 6/01/2022 1,413
1,000 Ventura, California, Unified School District, GO
(Election of 1997), Series H, 5.125% due 8/01/2034 (d) 1,062
3,990 Vernon, California, Electric System Revenue Bonds
(Malburg Generating Station Project), 5.50%
due 4/01/2008 (f) 4,063
5,000 Vista, California, Joint Powers Financing Authority,
Lease Revenue Refunding Bonds, 5.625%
due 5/01/2016 (b) 5,108
Puerto Rico--3.0%
2,500 Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.25% due 7/01/2030 2,686
6,500 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series NN, 5.125% due 7/01/2029 6,797
Face
Amount Municipal Bonds Value
U.S. Virgin Islands--1.1%
$ 3,000 Virgin Islands Government Refinery Facilities, Revenue
Refunding Bonds (Hovensa Coker Project), AMT,
6.50% due 7/01/2021 $ 3,376
Total Municipal Bonds
(Cost--$400,156)--128.7% 414,152
Municipal Bonds Held in Trust (o)
California--37.6%
9,000 Anaheim, California, Public Financing Authority, Electric
System District Facilities Revenue Bonds, Series A, 5%
due 10/01/2031 (d) 9,394
7,250 California Health Facilities Financing Authority Revenue
Bonds (Kaiser Permanente), Series A, 5.50%
due 6/01/2022 (d)(g) 7,527
10,210 Contra Costa County, California, Community College
District, GO (Election of 2002), 5% due 8/01/2030 (d) 10,748
6,020 La Quinta, California, Financing Authority, Local Agency
Revenue Bonds, Series A, 5.125% due 9/01/2034 (a) 6,385
13,500 Los Angeles, California, Unified School District, GO,
Series A, 5% due 1/01/2028 (b) 14,498
10,460 Palm Desert, California, Financing Authority, Tax
Allocation Revenue Refunding Bonds (Project Area
Number 2), Series A, 5.125% due 8/01/2036 (a) 11,187
11,615 Port of Oakland, California, Revenue Refunding Bonds,
AMT, Series L, 5.375% due 11/01/2027 (e) 12,332
16,000 Sacramento, California, Municipal Utility District
Financing Authority, Revenue Bonds (Consumers
Project), 5.125% due 7/01/2029 (b) 17,242
16,000 San Diego, California, Certificates of Undivided Interest
Revenue Bonds (Water Utility Fund), 5.20%
due 8/01/2024 (e) 16,415
5,430 San Francisco, California, Bay Area Rapid Transit District,
Sales Tax Revenue Refunding Bonds, Series A, 5%
due 7/01/2034 (b) 5,737
8,490 University of California, Limited Project Revenue Bonds,
Series B, 5% due 5/15/2033 (d) 8,916
Total Municipal Bonds Held in Trust
(Cost--$117,681)--39.1% 120,381
Shares
Held Short-Term Securities
11,597 CMA California Municipal Money Fund, 3.29% (j)(l) 11,597
Total Short-Term Securities
(Cost--$11,597)--3.6% 11,597
Total Investments (Cost--$529,434*)--170.7% 546,310
Other Assets Less Liabilities--2.1% 6,586
Liability for Trust Certificates,
Including Interest Expense Payable--(18.0%) (57,642)
Preferred Stock, at Redemption Value--(54.8%) (175,167)
----------
Net Assets Applicable to Common Stock--100.0% $ 319,907
==========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield California Fund, Inc. (In Thousands)
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 473,418
===============
Gross unrealized appreciation $ 16,069
Gross unrealized depreciation (344)
---------------
Net unrealized appreciation $ 15,725
===============
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FNMA/GNMA Collateralized.
(d) FSA Insured.
(e) FGIC Insured.
(f) Prerefunded.
(g) Escrowed to maturity.
(h) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(i) Radian Insured.
(j) 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 7,604 $204
(k) Represents a zero coupon bond; the interest rate shown is the effective
yield at the time of purchase.
(l) Represents the current yield as of April 30, 2007.
(m) Assured Guaranty Insured.
(n) FHLMC Collateralized.
(o) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds
Held in Trust.
(p) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield California Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California--130.7%
$ 7,000 ABAG Finance Authority for Nonprofit Corporations,
California, COP (Children's Hospital Medical Center),
6% due 12/01/2029 (a) $ 7,428
2,350 Alameda, California, GO, 5% due 8/01/2033 (f) 2,474
5,665 Alhambra, California, Unified School District, GO
(Election of 2004), Series A, 5% due 8/01/2029 (b) 6,002
3,580 Anaheim, California, Public Financing Authority,
Electric System Distribution Facilities Revenue Bonds,
Series A, 5% due 10/01/2031 (e) 3,737
9,545 Anaheim, California, Public Financing Authority, Lease
Revenue Bonds (Public Improvements Project),
Sub-Series C, 4.45% due 9/01/2036 (e)(n) 2,528
2,400 Anaheim, California, Union High School District, GO
(Election of 2002), 5% due 8/01/2027 (f) 2,510
5,675 Azusa, California, Public Financing Authority, Parity
Revenue Bonds (Water System Capital Improvements
Program), 5% due 7/01/2031 (e) 6,037
255 Bay Area Government Association, California, Tax
Allocation Revenue Refunding Bonds (California
Redevelopment Agency Pool), Series A, 6%
due 12/15/2024 (e) 256
3,990 Brentwood, California, Infrastructure Refinancing
Authority, Infrastructure Revenue Refunding Bonds,
Series A, 5.20% due 9/02/2029 (e) 4,210
California Community College Financing Authority,
Lease Revenue Bonds, Series A (f)(g):
3,215 5.95% due 12/01/2009 3,463
1,100 6% due 12/01/2009 1,186
5,000 California Educational Facilities Authority Revenue
Bonds (University of San Diego), Series A, 5.50%
due 10/01/2032 5,340
9,930 California Educational Facilities Authority, Student
Loan Revenue Bonds (CalEdge Loan Program), AMT,
5.55% due 4/01/2028 (a) 10,168
California HFA, Home Mortgage Revenue Bonds,
VRDN (m):
1,000 AMT, Series B, 3.97% due 8/01/2033 (e) 1,000
9,935 Series F, 3.95% due 2/01/2033 (a) 9,935
2,750 California Health Facilities Financing Authority
Revenue Bonds (Kaiser Permanente), Series A, 5.50%
due 6/01/2022 (e)(i) 2,855
California Rural Home Mortgage Finance Authority,
S/F Mortgage Revenue Bonds (Mortgage-Backed
Securities Program), AMT (d):
320 Series A, 6.35% due 12/01/2029 (c) 326
160 Series B, 6.25% due 12/01/2031 163
12,680 California State Department of Veteran Affairs, Home
Purchase Revenue Refunding Bonds, Series A, 5.35%
due 12/01/2027 (a) 13,521
860 California State, GO, 6.25% due 10/01/2019 (f) 869
California State, GO, Refunding:
3,000 5.25% due 2/01/2029 3,186
3,000 Series BX, 5.50% due 12/01/2031 (e) 3,004
Face
Amount Municipal Bonds Value
California (continued)
California State Public Works Board, Lease
Revenue Bonds:
$ 4,530 (Department of Corrections-Ten Administrative
Segregation Housing Units), Series A, 5.25%
due 3/01/2020 (a) $ 4,815
1,000 (Office of Emergency Services), Series A, 5%
due 3/01/2032 (b) 1,061
2,660 California State University, Systemwide Revenue
Bonds, Series A, 5.375% due 11/01/2018 (b) 2,889
2,720 California State University, Systemwide Revenue
Refunding Bonds, Series A, 5.125% due 11/01/2026 (a) 2,860
5,950 California State, Various Purpose, GO, 5.50%
due 11/01/2033 6,471
4,100 California Statewide Communities Development
Authority, COP (Kaiser Permanente), 5.30%
due 12/01/2015 (e)(i) 4,239
3,685 California Statewide Communities Development
Authority, Health Facility Revenue Bonds (Memorial
Health Services), Series A, 6% due 10/01/2023 4,017
2,650 California Statewide Communities Development
Authority, Revenue Refunding Bonds (Kaiser
Permanente), Series A, 5% due 4/01/2031 2,740
8,155 Calleguas-Las Virgenes, California, Public Financing
Authority Revenue Bonds (Calleguas Municipal Water
District Project), Series A, 5% due 7/01/2013 (f)(g) 8,758
7,000 Capistrano, California, Unified School District,
Community Facility District, Special Tax Refunding
Bonds, 5% due 9/01/2029 (b) 7,395
Castaic Lake Water Agency, California, Revenue
Bonds, COP, Series C (f):
5,200 5% due 8/01/2030 5,500
3,900 5% due 8/01/2036 4,115
4,600 Ceres, California, Redevelopment Agency, Tax
Allocation Bonds (Ceres Redevelopment Project Area
Number 1), 5.75% due 11/01/2010 (f)(g) 5,009
6,000 Chaffey, California, Union High School District, GO,
Series C, 5.375% due 5/01/2023 (e) 6,454
3,000 Chino Valley, California, Unified School District, GO
(Election of 2002), Series C, 5.25% due 8/01/2030 (f) 3,250
5,910 Chula Vista, California, Elementary School District,
COP, 5% due 9/01/2029 (f) 6,209
Coachella Valley, California, Unified School District:
6,000 COP, 5% due 9/01/2031 (a) 6,344
3,275 GO, (Election of 2005), Series A, 5%
due 8/01/2025 (b) 3,482
2,540 Coalinga, California, Redevelopment Agency Tax
Allocation Bonds, 5.90% due 9/15/2025 (f) 2,767
4,135 Contra Costa, California, Water District, Water Revenue
Refunding Bonds, Series L, 5% due 10/01/2032 (e) 4,312
12,180 Contra Costa County, California, COP, Refunding
(Merrithew Memorial Hospital Project), 5.375%
due 11/01/2017 (f) 12,515
8,500 Corona, California, COP (Clearwater Cogeneration
Project), 5% due 9/01/2028 (f) 8,889
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield California Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California (continued)
$ 1,100 El Centro, California, Financing Authority, Water
Revenue Bonds, Series A, 5.25% due 10/01/2035 (e) $ 1,193
Fremont, California, Unified School District, Alameda
County, GO:
6,000 (Election of 2002), Series B, 5% due 8/01/2030 (e) 6,353
10,755 Series A, 5.50% due 8/01/2026 (b) 11,631
4,295 Fresno, California, Joint Powers Financing
Authority, Lease Revenue Bonds, Series A, 5.75%
due 6/01/2026 (e) 4,601
6,930 Fullerton, California, Public Financing Authority, Tax
Allocation Revenue Bonds, 5% due 9/01/2027 (a) 7,321
4,390 Glendale, California, Electric Revenue Bonds, 5%
due 2/01/2032 (f) 4,565
Glendora, California, Unified School District, GO
(Election of 2005), Series A (f):
1,350 5% due 8/01/2027 1,437
2,700 5.25% due 8/01/2030 2,941
5,710 Hanford, California, Joint Unified High School
District, GO (Election of 2004), Series A, 4.75%
due 8/01/2029 (e) 5,922
4,090 Imperial, California, Community College District, GO
(Election of 2004), 5% due 8/01/2029 (b) 4,334
2,500 La Quinta, California, Financing Authority, Local
Agency Revenue Bonds, Series A, 5.25%
due 9/01/2024 (a) 2,699
3,050 Little Lake, California, City School District, GO,
Refunding, 5.50% due 7/01/2025 (e) 3,393
10,260 Lodi, California, Unified School District, GO (Election
of 2002), 5% due 8/01/2029 (e) 10,730
8,890 Long Beach, California, Harbor Revenue Refunding
Bonds, AMT, Series B, 5.20% due 5/15/2027 (f) 9,400
10,000 Los Angeles, California, Community Redevelopment
Agency, Community Redevelopment Financing
Authority Revenue Bonds (Bunker Hill Project),
Series A, 5% due 12/01/2027 (e) 10,521
Los Angeles, California, Department of Airports,
Airport Revenue Bonds:
290 (Los Angeles International Airport), AMT,
Series D, 5.625% due 5/15/2012 (b) 290
5,275 Series A, 5.25% due 5/15/2019 (b) 5,630
Los Angeles, California, Unified School District, GO:
2,880 (Election of 2004), Series C, 5% due 7/01/2027 (b) 3,065
5,000 (Election of 2004), Series F, 5% due 7/01/2030 (b) 5,321
7,000 Series E, 5% due 7/01/2030 (a) 7,408
Los Angeles, California, Unified School District, GO,
Refunding, Series B (b):
6,015 4.75% due 7/01/2024 6,274
4,000 4.75% due 7/01/2025 4,166
5,000 Los Angeles, California, Wastewater System Revenue
Refunding Bonds, Series A, 4.75% due 6/01/2035 (f) 5,145
5,000 Los Angeles, California, Water and Power Revenue
Bonds (Power System), Sub-Series A-1, 5%
due 7/01/2031 (e) 5,288
Face
Amount Municipal Bonds Value
California (continued)
$ 3,165 Los Angeles, California, Water and Power Revenue
Refunding Bonds (Power System), Series A-A-2,
5.375% due 7/01/2021 (f) $ 3,370
3,000 Los Rios, California, Community College District, GO
(Election of 2002), Series B, 5% due 8/01/2027 (f) 3,158
Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue
Refunding Bonds:
5,240 Proposition A, First Tier Senior Series A, 5%
due 7/01/2027 (a) 5,557
6,500 Proposition A, First Tier Senior Series A, 5%
due 7/01/2035 (a) 6,875
2,000 Proposition C, Second Tier Senior Series A, 5.25%
due 7/01/2010 (b)(g) 2,118
8,735 Los Angeles County, California, Public Works Financing
Authority, Lease Revenue Refunding Bonds (Master
Refunding Project), Series A, 5% due 12/01/2028 (f) 9,234
2,010 Madera, California, Public Financing Authority, Water
and Wastewater Revenue Refunding Bonds, 5%
due 3/01/2036 (f) 2,126
6,865 Merced, California, Community College District,
GO (School Facilities District Number 1), 5%
due 8/01/2031 (f) 7,304
5,370 Metropolitan Water District of Southern California,
Waterworks Revenue Bonds, Series B-1, 5%
due 10/01/2033 (b) 5,622
8,000 Murrieta Valley, California, Unified School District,
Public Financing Authority, Special Tax Revenue Bonds,
Series A, 5.125% due 9/01/2026 (l) 8,598
6,015 Natomas Unified School District, California, GO
(Election of 2006), 5% due 8/01/2028 (b) 6,377
4,245 Nevada County, California, COP, Refunding, 5.25%
due 10/01/2019 (f) 4,502
2,000 New Haven, California, Unified School District, GO,
Refunding, 5.75% due 8/01/2020 (e) 2,195
4,270 Oakland, California, Sewer Revenue Bonds, Series A,
5% due 6/15/2029 (e) 4,494
2,000 Oakland, California, State Building Authority, Lease
Revenue Bonds (Elihu M. Harris State Office Building),
Series A, 5.50% due 4/01/2008 (a)(g) 2,056
1,245 Orange County, California, Airport Revenue Refunding
Bonds, AMT, 5.625% due 7/01/2012 (f) 1,273
6,360 Orange County, California, Public Financing Authority,
Lease Revenue Refunding Bonds (Juvenile Justice
Center Facility), 5.375% due 6/01/2018 (a) 6,896
10,000 Oxnard, California, Financing Authority, Wastewater
Revenue Bonds (Redwood Trunk Sewer and Headworks
Projects), Series A, 5.25% due 6/01/2034 (b) 10,724
9,645 Oxnard, California, Unified High School District, GO,
Refunding, Series A, 6.20% due 8/01/2030 (f) 11,275
1,275 Palm Springs, California, Financing Authority, Lease
Revenue Refunding Bonds (Convention Center
Project), Series A, 5.50% due 11/01/2035 (f) 1,411
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield California Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California (continued)
$ 4,640 Palmdale, California, Water District Public Facility
Corporation, COP, 5% due 10/01/2029 (b) $ 4,868
Placentia-Yorba Linda, California, Unified
School District:
5,000 COP, 5% due 10/01/2030 (b) 5,267
5,000 GO, (Election of 2002), Series C, 5%
due 8/01/2029 (f) 5,298
2 Port of Oakland, California, RIB, AMT, Series 1192,
6.58% due 11/01/2027 (b)(h)(p) 2
7,500 Port of Oakland, California, Revenue Bonds, AMT,
Series K, 5.75% due 11/01/2029 (b) 7,892
3,000 Riverside, California, COP, 5% due 9/01/2028 (a) 3,137
Riverside, California, Unified School District, GO
(Election of 2001):
6,000 Series A, 5.25% due 2/01/2023 (b) 6,407
7,515 Series B, 5% due 8/01/2030 (f) 8,001
4,500 Riverside County, California, Asset Leasing
Corporation, Leasehold Revenue Refunding Bonds
(Riverside County Hospital Project), Series B, 5.70%
due 6/01/2016 (f) 4,961
3,000 Sacramento, California, City Financing Authority,
Capital Improvement Revenue Bonds (Community Rein
Capital Program), Series A, 5% due 12/01/2036 (a) 3,176
2,565 Saddleback Valley, California, Unified School District,
GO, 5% due 8/01/2029 (e) 2,702
5,000 San Bernardino, California, City Unified School District,
GO, Series A, 5% due 8/01/2028 (e) 5,260
320 San Bernardino County, California, S/F Home
Mortgage Revenue Refunding Bonds, AMT, Series A-1,
6.25% due 12/01/2031 (d) 326
San Diego, California, Redevelopment Agency,
Subordinate Tax Allocation Bonds (Centre City
Redevelopment Project), Series A (a):
2,720 5.25% due 9/01/2024 2,965
2,860 5.25% due 9/01/2025 3,115
5,400 San Diego, California, Unified Port District,
Revenue Refunding Bonds, AMT, Series A, 5.25%
due 9/01/2019 (f) 5,786
San Diego County, California, COP (Salk Institute for
Bio Studies) (f):
3,570 5.75% due 7/01/2022 3,839
5,200 5.75% due 7/01/2031 5,582
San Diego County, California, Water Authority, Water
Revenue Bonds, COP, Series A (e):
7,350 5% due 5/01/2030 7,736
10,000 5% due 5/01/2031 10,518
9,630 San Francisco, California, Bay Area Rapid Transit
District, Sales Tax Revenue Refunding Bonds Series A,
5% due 7/01/2030 (f) 10,192
Face
Amount Municipal Bonds Value
California (continued)
San Francisco, California, City and County Airport
Commission, International Airport Revenue
Refunding Bonds:
$ 9,455 Second Series 28B, 5.25% due 5/01/2012 (f)(g) $ 10,159
5,000 Second Series, Issue 32G, 5% due 5/01/2026 (b) 5,320
San Francisco, California, City and County Airport
Commission, International Airport, Special Facilities
Lease Revenue Bonds (SFO Fuel Company LLC), AMT,
Series A (e):
1,000 6.10% due 1/01/2020 1,034
985 6.125% due 1/01/2027 1,019
San Francisco, California, Community College District,
GO, Refunding, Series A (b):
1,735 5.375% due 6/15/2019 1,853
1,730 5.375% due 6/15/2020 1,848
1,925 5.375% due 6/15/2021 2,056
4,135 San Jose, California, Airport Revenue Bonds, Series D,
5% due 3/01/2028 (f) 4,330
1,632 San Jose, California, Financing Authority, Lease
Revenue Refunding Bonds, DRIVERS, Series 1280Z,
5.799% due 12/01/2010 (a)(h)(p) 1,748
7,300 San Jose, California, Redevelopment Agency, Tax
Allocation Bonds (Housing Set-Aside Merged Area),
AMT, Series E, 5.85% due 8/01/2027 (f) 7,478
4,250 San Juan, California, Unified School District, GO
(Election of 2002), 5% due 8/01/2028 (f) 4,445
4,350 San Mateo County, California, Transit District, Sales
Tax Revenue Refunding Bonds, Series A, 5%
due 6/01/2029 (f) 4,605
2,595 Santa Clara, California, Redevelopment Agency, Tax
Allocation Bonds (Bayshore North Project), Series A,
5.25% due 6/01/2019 (a) 2,700
5,500 Santa Clara, California, Subordinated Electric Revenue
Bonds, Series A, 5% due 7/01/2028 (f) 5,749
1,100 Santa Clara Valley, California, Water District,
Water Utility System Revenue, Series A, 5.125%
due 6/01/2010 (b)(g) 1,148
Santa Rosa, California, High School District, GO:
2,500 (Election of 2002), 5% due 8/01/2028 (f) 2,614
3,000 5.375% due 8/01/2026 (e) 3,196
6,750 Shasta, California, Joint Powers Financing Authority,
Lease Revenue Bonds (County Administration Building
Project), Series A, 5% due 4/01/2033 (f) 7,023
1,645 South Tahoe, California, Joint Powers Financing
Authority, Revenue Refunding Bonds (South Tahoe
Redevelopment Project Area Number 1), Series A, 5%
due 10/01/2029 (e) 1,726
5,000 Southern California Public Power Authority, Power
Project Revenue Bonds (Magnolia Power Project),
Series A-1, 5% due 7/01/2033 (a) 5,210
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield California Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
California (concluded)
$ 2,600 Stockton, California, Public Financing Authority, Water
Revenue Bonds (Water System Capital Improvement
Projects), Series A, 5% due 10/01/2031 (f) $ 2,754
1,055 Stockton, California, Public Financing Revenue
Refunding Bonds, Series A, 5.875% due 9/02/2016 (e) 1,064
1,500 Tehachapi, California, COP, Refunding (Installment
Sale), 5.75% due 11/01/2016 (e) 1,635
6,000 Tracy, California, Community Development Agency,
Tax Allocation Refunding Bonds, Series A, 5%
due 3/01/2034 (a) 6,239
3,000 Turlock, California, Public Finance Authority, Sewer
Revenue Bonds, Series A, 5% due 9/15/2033 (b) 3,140
University of California Revenue Bonds (g):
14,830 (Multiple Purpose Projects), Series Q, 5%
due 9/01/2011 (e) 15,777
4,790 5.125% due 9/01/2010 (b) 5,065
3,395 Ventura County, California, Community College
District, GO, Refunding, Series A, 5%
due 8/01/2027 (f) 3,550
2,550 Vista, California, Unified School District, GO, Series B,
5% due 8/01/2028 (b) 2,667
2,185 Walnut, California, Public Financing Authority, Tax
Allocation Revenue Bonds (Walnut Improvement
Project), 5.375% due 9/01/2021 (a) 2,329
6,690 West Contra Costa, California, Unified School
District, GO (Election of 2002), Series B, 5%
due 8/01/2032 (e) 6,950
Puerto Rico--5.1%
5,000 Puerto Rico Commonwealth, GO, 4.875%
due 7/01/2023 (f) 5,099
4,335 Puerto Rico Commonwealth, Public Improvement, GO,
5.75% due 7/01/2017 (f) 4,601
5,250 Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series UU, 5% due 7/01/2024 (e) 5,662
10,000 Puerto Rico Municipal Finance Agency, GO, RIB,
Series 225, 7.31% due 8/01/2012 (e)(h) 11,096
Total Municipal Bonds
(Cost--$673,824)--135.8% 699,001
Face
Amount Municipal Bonds Value
California--29.1%
$19,870 California State, Veterans, GO, Refunding, AMT,
Series B, 5.70% due 12/01/2032 (a) $ 20,290
10,000 East Bay Municipal Utility District, California, Water
System Revenue Bonds, Sub-Series A, 5%
due 6/01/2035 (f) 10,557
15,150 Long Beach, California, Harbor Revenue Bonds, AMT,
Series A, 5.375% due 5/15/2024 15,862
16,000 Los Angeles, California, Department of Water and Power,
Power System Revenue Refunding Bonds, Series A,
Sub-Series A-2, 5% due 7/01/2027 (f) 16,724
9,180 Port of Oaklnad, California, Port Revenue Bonds, AMT,
Series K, 5.75% due 11/01/2012 (b) 9,664
10,820 Port of Oakland, California, Revenue Bonds, AMT,
Series K, 5.75% due 11/01/2013 (b) 11,390
19,035 Port of Oakland, California, Revenue Refunding Bonds,
AMT, Series L, 5.375% due 11/01/2027 (b) 20,210
24,710 San Diego, California, Certificates of Undivided
Interest Revenue Bonds (Water Utility Fund), 5.20%
due 8/01/2024 (b) 25,351
10,500 San Francisco, California, Bay Area Rapid Transit
District, Sales Tax Revenue Refunding Bonds, Series A,
5% due 7/01/2034 (f) 11,094
8,137 San Jose, California, Financing Authority, Lease Revenue
Refunding Bonds (Civic Center Project), Series B, 5%
due 6/01/2032 (a) 8,426
Total Municipal Bonds Held in Trust
(Cost--$147,476)--29.1% 149,568
Shares
Held Short-Term Securities
13,317 CMA California Municipal Money Fund, 3.29% (j)(k) 13,317
Total Short-Term Securities
(Cost--$13,317)--2.6% 13,317
Total Investments (Cost--$834,617*)--167.5% 861,886
Other Assets Less Liabilities--1.0% 5,067
Liability for Trust Certificates,
Including Interest Expense Payable--(15.0%) (77,276)
Preferred Stock, at Redemption Value--(53.5%) (275,197)
----------
Net Assets Applicable to Common Stock--100.0% $ 514,480
==========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield California Insured Fund, Inc. (In Thousands)
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 758,582
===============
Gross unrealized appreciation $ 27,512
Gross unrealized depreciation (489)
---------------
Net unrealized appreciation $ 27,023
===============
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHLMC Collateralized.
(d) FNMA/GNMA Collateralized.
(e) FSA Insured.
(f) MBIA Insured.
(g) Prerefunded.
(h) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(i) Escrowed to maturity.
(j) 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 12,193 $94
(k) Represents the current yield as of April 30, 2007.
(l) Assured Guaranty Insured.
(m) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(n) Represents a zero coupon bond; the interest rate shown is the effective
yield at the time of purchase.
(o) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds Held
in Trust.
(p) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield Florida Fund (In Thousands)
Face
Amount Municipal Bonds Value
California--0.5%
$ 1,000 Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Refunding
Bonds, Senior Series A-1, 5.75% due 6/01/2047 $ 1,070
District of Columbia--0.5%
1,000 Metropolitan Washington Airports Authority, D.C.,
Airport System Revenue Bonds, AMT, Series A, 5.25%
due 10/01/2032 (f) 1,050
Florida--132.7%
2,100 Alachua County, Florida, School Board, COP, 5.25%
due 7/01/2029 (b) 2,243
1,595 Arbor Greene Community Development District,
Florida, Special Assessment Revenue Refunding Bonds,
5% due 5/01/2019 1,693
2,420 Bay County, Florida, Sales Tax Revenue Bonds, 5%
due 9/01/2027 (b) 2,578
2,000 Beacon Tradeport Community Development District,
Florida, Special Assessment Revenue Refunding
Bonds (Commercial Project), Series A, 5.625%
due 5/01/2032 (o) 2,162
2,030 Brevard County, Florida, Local Option Fuel Tax
Revenue Bonds, 5% due 8/01/2024 (f) 2,149
2,870 Broward County, Florida, Airport System Revenue
Bonds, AMT, Series I, 5.75% due 10/01/2018 (b) 3,100
Broward County, Florida, Educational Facilities
Authority Revenue Bonds (Nova Southeastern
University):
2,750 5% due 4/01/2031 (c) 2,881
1,000 Series B, 5.625% due 4/01/2034 1,064
Cape Coral, Florida, Special Obligation Revenue
Bonds (m):
1,750 5% due 10/01/2023 1,866
2,060 5% due 10/01/2026 2,190
2,425 5% due 10/01/2033 2,567
Citrus County, Florida, Hospital Board Revenue
Refunding Bonds (Citrus Memorial Hospital):
2,305 6.25% due 8/15/2023 2,512
2,850 6.375% due 8/15/2032 3,122
460 Collier County, Florida, IDA, IDR, Refunding (Southern
States Utilities), AMT, 6.50% due 10/01/2025 464
Duval County, Florida, HFA, S/F Mortgage Revenue
Refunding Bonds, AMT (i):
945 5.40% due 10/01/2021 959
1,630 5.85% due 10/01/2027 (m) 1,673
1,400 Florida Housing Finance Corporation, Homeowner
Mortgage Revenue Bonds, AMT, Series 2, 4.80%
due 7/01/2032 (h)(g)(k) 1,403
450 Florida Housing Finance Corporation, Homeowner
Mortgage Revenue Refunding Bonds, AMT, Series 4,
6.25% due 7/01/2022 (j) 466
Face
Amount Municipal Bonds Value
Florida (continued)
Florida Municipal Loan Council Revenue Bonds (m):
$ 1,580 Series A-1, 5.125% due 7/01/2034 $ 1,666
4,250 Series B, 5.375% due 11/01/2030 4,478
2,500 Florida State Board of Education, GO (Public
Education Capital Outlay), Series J, 5% due 6/01/2031 2,623
1,000 Florida State Governmental Utility Authority, Utility
Revenue Bonds (Lehigh Utility System), 5.125%
due 10/01/2033 (b) 1,053
3,000 Halifax Hospital Medical Center, Florida, Hospital
Revenue Refunding and Improvement Bonds, Series A,
5.25% due 6/01/2026 3,143
5,000 Hernando County, Florida, School Board, COP, 5%
due 7/01/2035 (m) 5,264
Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System):
5,900 Series A, 6% due 11/15/2011 (n) 6,494
1,500 Series C, 5.25% due 11/15/2036 1,570
1,055 Hillsborough County, Florida, Court Facilities Revenue
Bonds, 5.40% due 11/01/2012 (b)(n) 1,144
Hillsborough County, Florida, IDA, Exempt Facilities
Revenue Bonds (National Gypsum Company), AMT:
2,500 Series A, 7.125% due 4/01/2030 2,710
3,750 Series B, 7.125% due 4/01/2030 4,065
1,000 Hillsborough County, Florida, IDA, Hospital Revenue
Bonds (H. Lee Moffitt Cancer Center Project), Series C,
5.50% due 7/01/2032 1,044
1,500 Hillsborough County, Florida, School Board, COP, 5%
due 7/01/2029 (m) 1,561
1,000 Jacksonville, Florida, Economic Development
Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series A, 5.50%
due 11/15/2036 (m) 1,072
Jacksonville, Florida, Economic Development
Commission, IDR (Metropolitan Parking Solutions
Project), AMT (a):
1,140 5.50% due 10/01/2030 1,227
2,800 5.875% due 6/01/2031 3,113
1,500 Jacksonville, Florida, Economic Development
Commission, Revenue Refunding Bonds (Anheuser
Busch Company Project), AMT, Series B, 4.75%
due 3/01/2047 1,471
1,500 Jacksonville, Florida, Excise Taxes Revenue Bonds,
Series B, 5.125% due 10/01/2032 (f) 1,576
2,315 Jacksonville, Florida, Guaranteed Entitlement
Revenue Refunding and Improvement Bonds, 5.25%
due 10/01/2032 (f) 2,451
3,145 Jacksonville, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Baptist Medical Center
Project), Series A, 5% due 8/15/2037 3,234
3,800 Jacksonville, Florida, Sales Tax Revenue Bonds, 5%
due 10/01/2027 (m) 3,978
3,500 Lakeland, Florida, Hospital System Revenue Bonds
(Lakeland Regional Health System), Series A, 5.50%
due 11/15/2009 (m)(n) 3,684
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield Florida Fund (In Thousands)
Face
Amount Municipal Bonds Value
Florida (continued)
$ 3,375 Lee County, Florida, Capital Revenue Bonds, 5.25%
due 10/01/2023 (b) $ 3,626
35 Lee County, Florida, HFA, S/F Mortgage Revenue
Bonds (Multi-County Program), AMT, Series A-1,
7.125% due 3/01/2028 (i) 35
Lee County, Florida, IDA, Health Care Facilities,
Revenue Refunding Bonds (Shell Point/Alliance
Obligor Group):
1,380 5% due 11/15/2032 1,392
1,610 5.125% due 11/15/2036 1,641
3,000 Lee Memorial Health System, Florida, Hospital
Revenue Bonds, Series A, 5% due 4/01/2032 (b) 3,170
105 Leon County, Florida, HFA, S/F Mortgage Revenue
Bonds (Multi-County Program), AMT, Series B, 7.30%
due 1/01/2028 (g)(k) 108
20 Manatee County, Florida, HFA, S/F Mortgage Revenue
Bonds, AMT, Sub-Series 2, 7.75% due 5/01/2026 (g)(k) 20
170 Manatee County, Florida, HFA, S/F Mortgage Revenue
Refunding Bonds, AMT, Sub-Series 1, 6.25%
due 11/01/2028 (k) 170
1,000 Marco Island, Florida, Utility System Revenue Bonds,
5% due 10/01/2033 (m) 1,046
2,200 Marion County, Florida, Hospital District, Revenue
Refunding Bonds (Monroe Regional Medical Center),
5% due 10/01/2029 2,247
Martin County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Martin Memorial Medical
Center), Series A (n):
1,350 5.75% due 11/15/2012 1,451
3,535 5.875% due 11/15/2012 3,820
3,000 Miami Beach, Florida, Water and Sewer Revenue
Bonds, 5.75% due 9/01/2025 (b) 3,205
2,435 Miami-Dade County, Florida, Aviation Revenue Bonds,
AMT, Series A, 5% due 10/01/2033 (j) 2,509
Miami-Dade County, Florida, Aviation Revenue Bonds
(Miami International Airport), AMT, Series A (f):
4,300 6% due 10/01/2029 4,604
7,000 5% due 10/01/2033 7,248
1,750 Miami-Dade County, Florida, Educational Facilities
Authority Revenue Bonds (University of Miami),
Series A, 5.75% due 4/01/2010 (n) 1,858
4,750 Miami-Dade County, Florida, Expressway Authority,
Toll System Revenue Bonds, Series B, 5%
due 7/01/2033 (f) 4,977
445 Miami-Dade County, Florida, HFA, Home Ownership
Mortgage Revenue Refunding Bonds, AMT, Series A-1,
6.30% due 10/01/2020 (i) 453
3 Miami-Dade County, Florida, Health Facilities
Authority, Hospital Revenue Refunding Bonds,
DRIVERS, Series 208, 6.972% due 8/15/2017 (b)(q)(s) 3
Miami-Dade County, Florida, School Board, COP:
3,200 Series A, 5.50% due 10/01/2009 (j)(n) 3,335
2,500 Series B, 5% due 11/01/2031 (b) 2,637
Face
Amount Municipal Bonds Value
Florida (continued)
$ 2,800 Miami-Dade County, Florida, Solid Waste System
Revenue Bonds, 5.25% due 10/01/2030 (m) $ 3,027
Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (n):
1,750 (Adventist Health System), 6.25% due 11/15/2012 1,957
5,140 (Orlando Regional Healthcare), 6%
due 12/01/2012 5,707
10,500 Orange County, Florida, School Board, COP, Series A,
5.25% due 8/01/2009 (m)(n) 10,954
Orlando and Orange County, Florida, Expressway
Authority Revenue Bonds, Series B (b):
3,000 5% due 7/01/2030 3,136
10,185 5% due 7/01/2035 10,646
Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding Bonds, Series C:
860 5.25% due 10/01/2012 (n) 925
140 5.25% due 10/01/2023 149
1,955 Osceola County, Florida, School Board, COP, Series A,
5.25% due 6/01/2027 (b) 2,074
1,760 Osceola County, Florida, Tourist Development Tax
Revenue Bonds, Series A, 5.50% due 10/01/2027 (f) 1,887
5,000 Palm Beach County, Florida, Airport System Revenue
Bonds, AMT, Series A, 5% due 10/01/2034 (m) 5,245
3,390 Palm Beach County, Florida, Criminal Justice Facilities
Revenue Bonds, 7.20% due 6/01/2015 (f) 4,178
Palm Beach County, Florida, School Board, COP,
Series A:
6,000 6.25% due 8/01/2010 (f)(n) 6,508
2,200 5% due 8/01/2031 (j) 2,318
1,435 Palm Coast, Florida, Utility System Revenue Bonds,
5% due 10/01/2027 (m) 1,500
3,500 Peace River/Manasota Regional Water Supply
Authority, Florida, Utility System Revenue Bonds,
Series A, 5% due 10/01/2025 (j) 3,707
Pinellas County, Florida, HFA, S/F Housing Revenue
Refunding Bonds (Multi-County Program), AMT,
Series A-1 (i):
380 6.30% due 9/01/2020 383
570 6.35% due 9/01/2025 575
3,000 Pinellas County, Florida, Health Facilities Authority
Revenue Bonds (BayCare Health System Inc.), 5.75%
due 5/15/2013 (n) 3,315
1,480 Polk County, Florida, Public Facilities Revenue Bonds,
5% due 12/01/2033 (m) 1,563
4,385 Polk County, Florida, School Board COP, Master Lease,
Series A, 5.50% due 1/01/2025 (j) 4,660
1,200 Port Everglades Authority, Florida, Port Revenue
Bonds, 7.125% due 11/01/2016 (e) 1,390
1,215 Port St. Lucie, Florida, Utility Revenue Bonds, 5.25%
due 9/01/2025 (m) 1,315
3,500 Port St. Lucie, Florida, Utility System Revenue
Refunding Bonds, Series A, 5% due 9/01/2029 (m) 3,714
2,045 Reedy Creek, Florida, Improvement District, Utilities
Revenue Bonds, Series 1, 5% due 10/01/2025 (b) 2,169
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield Florida Fund (In Thousands)
Face
Amount Municipal Bonds Value
Florida (concluded)
Saint Johns County, Florida, Ponte Vedra Utility System
Revenue Bonds (j):
$ 1,900 5% due 10/01/2030 $ 2,005
1,000 5% due 10/01/2035 1,053
Saint Johns County, Florida, Sales Tax Revenue
Bonds (b):
2,400 Series A, 5.25% due 10/01/2032 2,569
1,200 Series A, 5.25% due 10/01/2034 1,284
1,015 Series B, 5.25% due 10/01/2032 1,087
2,275 South Florida Water Management District, COP, 5%
due 10/01/2036 (b) 2,401
South Lake County, Florida, Hospital District Revenue
Bonds (South Lake Hospital Inc.):
1,000 5.80% due 10/01/2034 1,039
1,150 6.375% due 10/01/2034 1,267
Sumter County, Florida, Capital Improvement Revenue
Bonds (b):
2,190 5% due 6/01/2026 2,325
3,500 5% due 6/01/2030 3,701
5,000 Tampa Bay, Florida, Water Utility System Revenue
Bonds, 5.75% due 10/01/2011 (f)(n) 5,414
3,235 University of Central Florida (UCF) Athletics
Association Inc., COP, Series A, 5.25%
due 10/01/2034 (f) 3,458
Village Center Community Development District,
Florida, Recreational Revenue Bonds, Series A (m):
1,995 5.375% due 11/01/2034 2,170
1,000 5.125% due 11/01/2036 1,063
5,040 Village Center Community Development
District, Florida, Utility Revenue Bonds, 5.125%
due 10/01/2028 (m) 5,321
1,000 Volusia County, Florida, IDA, Student Housing Revenue
Bonds (Stetson University Project), Series A, 5%
due 6/01/2035 (d) 1,053
5,000 Volusia County, Florida, School Board, COP
(Master Lease Program), 5.50% due 8/01/2024 (j) 5,230
Georgia--1.7%
3,270 Atlanta, Georgia, Airport Passenger Facility Charge
and Subordinate Lien General Revenue Refunding
Bonds, Series C, 5% due 1/01/2033 (j) 3,416
New Jersey--3.6%
New Jersey EDA, Cigarette Tax Revenue Bonds:
3,500 5.50% due 6/15/2024 3,683
1,735 5.75% due 6/15/2029 1,877
505 5.50% due 6/15/2031 536
1,000 Tobacco Settlement Financing Corporation of
New Jersey, Asset-Backed Revenue Bonds, 7%
due 6/01/2013 (n) 1,175
Face
Amount Municipal Bonds Value
Puerto Rico--5.1%
$ 1,000 Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation Revenue
Refunding Bonds, Series M, 5% due 7/01/2037 $ 1,049
1,000 Puerto Rico Commonwealth, Public Improvement,
GO, Series A, 5.25% due 7/01/2026 1,075
2,000 Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series I, 5%
due 7/01/2036 2,074
Puerto Rico Public Finance Corporation,
Commonwealth Appropriation Revenue Bonds,
Series E:
1,715 5.70% due 2/01/2010 (n) 1,804
4,025 5.50% due 8/01/2029 4,252
Total Municipal Bonds
(Cost--$277,392)--144.1% 291,771
Municipal Bonds Held in Trust (r)
Florida--18.3%
6,595 Miami-Dade County, Florida, Expressway Authority,
Toll System Revenue Bonds, 6.375%
due 7/01/2010 (f)(n) 7,140
16,000 Miami-Dade County, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds (Miami Children's
Hospital), Series A, 5.625% due 8/15/2017 (b) 17,375
Santa Rosa County, Florida, School Board, COP, Revenue
Refunding Bonds, Series 2 (f):
1,180 5.25% due 2/01/2026 1,273
1,820 5.25% due 2/01/2031 1,964
8,500 South Broward, Florida, Hospital District, Hospital
Revenue Bonds, 5.625% due 5/01/2032 (m) 9,295
Total Municipal Bonds Held in Trust
(Cost--$34,321)--18.3% 37,047
Shares
Held Short-Term Securities
1,301 CMA Florida Municipal Money Fund, 3.39% (l)(p) 1,301
Total Short-Term Securities
(Cost--$1,301)--0.6% 1,301
Total Investments (Cost--$313,014*)--163.0% 330,119
Liabilities in Excess of Other Assets--(0.1%) (267)
Liability for Trust Certificates,
Including Interest Expense Payable--(8.5%) (17,261)
Preferred Shares, at Redemption Value--(54.4%) (110,055)
----------
Net Assets Applicable to Common Shares--100.0% $ 202,536
==========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield Florida Fund (In Thousands)
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 298,584
===============
Gross unrealized appreciation $ 14,870
Gross unrealized depreciation (382)
---------------
Net unrealized appreciation $ 14,488
===============
(a) ACA Insured.
(b) AMBAC Insured.
(c) Assured Guaranty Insured.
(d) CIFG Insured.
(e) Escrowed to maturity.
(f) FGIC Insured.
(g) FHLMC Collateralized.
(h) FNMA Collateralized.
(i) FNMA/GNMA Collateralized.
(j) FSA Insured.
(k) GNMA Collateralized.
(l) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Dividend
Affiliate Activity Income
CMA Florida Municipal Money Fund (6,158) $51
(m) MBIA Insured.
(n) Prerefunded.
(o) Radian Insured.
(p) Represents the current yield as of April 30, 2007.
(q) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(r) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds
held in Trust.
(s) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
o Forward interest rate swaps outstanding as of April 30, 2007
were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.627% and
receive a floating rate based on a
1-week Bond Market Association rate
Broker, JPMorgan Chase
Expires June 2017 $25,000 $50
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield Michigan Insured Fund II, Inc (In Thousands)
Face
Amount Municipal Bonds Value
Michigan--134.7%
$ 2,400 Adrian, Michigan, City School District, GO, 5%
due 5/01/2014 (d)(f) $ 2,582
Anchor Bay, Michigan, School District, School
Building and Site, GO (c)(f):
2,000 Series I, 6% due 5/01/2009 2,089
3,165 Series II, 5.75% due 5/01/2010 3,349
2,275 Bay City, Michigan, School District, School Building
and Site, GO, 5% due 5/01/2031 (d) 2,414
2,150 Bullock Creek, Michigan, School District, GO, 5.50%
due 5/01/2010 (e)(f) 2,260
1,000 Central Montcalm, Michigan, Public Schools, GO,
5.75% due 5/01/2009 (e)(f) 1,040
3,850 Charlotte, Michigan, Public School District, GO,
5.375% due 5/01/2009 (c)(f) 3,976
2,420 Delta County, Michigan, Economic Development
Corporation, Environmental Improvement Revenue
Refunding Bonds (Mead Westvaco-Escanaba), Series A,
6.25% due 4/15/2012 (f) 2,694
Detroit, Michigan, City School District, GO (School
Building and Site Improvement) (c):
2,000 Series A, 5% due 5/01/2013 (f) 2,136
1,480 Series A, 5.375% due 5/01/2013 (f) 1,610
1,900 Series B, 5% due 5/01/2028 1,975
2,000 Detroit, Michigan, City School District, GO (School
Building and Site Improvement), Refunding, Series A,
5% due 5/01/2021 (d) 2,120
Detroit, Michigan, Water Supply System Revenue Bonds:
1,780 Second Lien, Series B, 5% due 7/01/2013 (e)(f) 1,899
2,620 Second Lien, Series B, 5% due 7/01/2034 (e) 2,724
4,600 Senior Lien, Series A, 5% due 7/01/2034 (e) 4,783
2,500 Dickinson County, Michigan, Economic Development
Corporation, Environmental Improvement Revenue
Refunding Bonds (International Paper Company
Project), Series A, 5.75% due 6/01/2016 2,664
2,170 Dickinson County, Michigan, Healthcare System,
Hospital Revenue Refunding Bonds, 5.80%
due 11/01/2024 (h) 2,270
East Grand Rapids, Michigan, Public School District,
GO (d)(f):
1,610 5.75% due 5/01/2009 1,674
6,300 6% due 5/01/2009 6,581
Eaton Rapids, Michigan, Public Schools, School Building
and Site, GO (d):
880 5% due 5/01/2014 (f) 947
2,000 5.25% due 5/01/2023 2,158
1,000 5% due 5/01/2026 1,052
370 5% due 5/01/2029 389
Flint, Michigan, Hospital Building Authority, Revenue
Refunding Bonds (Hurley Medical Center), Series A (h):
385 5.375% due 7/01/2020 392
775 6% due 7/01/2020 844
1,800 Fowlerville, Michigan, Community Schools, School
District, GO, 5% due 5/01/2030 (c) 1,889
3,650 Gibraltar, Michigan, School District, School Building
and Site, GO, 5% due 5/01/2028 (c) 3,837
Face
Amount Municipal Bonds Value
Michigan (continued)
Grand Blanc, Michigan, Community Schools, GO (c):
$ 1,000 5.625% due 5/01/2017 $ 1,078
1,000 5.625% due 5/01/2018 1,076
1,100 5.625% due 5/01/2019 1,184
Grand Rapids, Michigan, Building Authority Revenue
Bonds, Series A (a):
665 5.50% due 10/01/2012 (f) 723
805 5.50% due 10/01/2018 872
190 5.50% due 10/01/2019 206
1,500 Grand Rapids, Michigan, Sanitation Sewer System
Revenue Refunding and Improvement Bonds, Series A,
5.50% due 1/01/2022 (c) 1,726
Harper Woods, Michigan, City School District, School
Building and Site, GO, Refunding (c):
215 5% due 5/01/2014 (f) 231
10 5% due 5/01/2034 10
4,500 Hartland, Michigan, Consolidated School District, GO,
6% due 5/01/2010 (c)(f) 4,793
1,275 Haslett, Michigan, Public School District, School
Building and Site, GO, 5.625% due 11/01/2011 (e)(f) 1,376
2,000 Howell, Michigan, Public Schools, GO, 5.875%
due 5/01/2009 (e)(f) 2,084
2,660 Hudsonville, Michigan, Public Schools, School Building
and Site, GO, 5% due 5/01/2029 (d) 2,795
3,975 Jackson, Michigan, Public Schools, GO, 5.375%
due 5/01/2010 (c)(f) 4,164
3,000 Kent, Michigan, Hospital Finance Authority
Revenue Bonds (Spectrum Health), Series A, 5.50%
due 7/15/2011 (e)(f) 3,227
1,440 Ludington, Michigan, Area School District, GO, 5.25%
due 5/01/2023 (e) 1,544
1,125 Michigan Higher Education Facilities Authority, Limited
Obligation Revenue Bonds (Hillsdale College Project),
5% due 3/01/2035 1,158
1,000 Michigan Higher Education Facilities Authority, Limited
Obligation Revenue Refunding Bonds (Hope College),
Series A, 5.90% due 4/01/2032 1,059
Michigan Higher Education Facilities Authority, Revenue
Refunding Bonds (College for Creative Studies):
550 5.85% due 12/01/2022 586
1,000 5.90% due 12/01/2027 1,063
3,000 Michigan Higher Education Student Loan Authority,
Student Loan Revenue Bonds, AMT, Series XVII-B,
5.40% due 6/01/2018 (a) 3,064
Michigan State Building Authority Revenue Bonds
(Facilities Program), Series II (a)(b)(j):
1,185 4.67% due 10/15/2009 1,081
1,675 4.77% due 10/15/2010 1,470
Michigan State Building Authority, Revenue Refunding
Bonds:
2,000 (Facilities Program), Series II, 5%
due 10/15/2029 (e) 2,094
4,600 (Facilities Program), Series II, 5%
due 10/15/2033 (a) 4,866
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield Michigan Insured Fund II, Inc (In Thousands)
Face
Amount Municipal Bonds Value
Michigan (continued)
$ 3,870 Michigan State, COP, 5.50% due 6/01/2010 (a)(f) $ 4,067
1,000 Michigan State, Comprehensive Transportation Revenue
Refunding Bonds, 5% due 5/15/2026 (d) 1,065
1,000 Michigan State, HDA, Limited Obligation M/F Housing
Revenue Bonds (Deaconess Towers Apartments), AMT,
5.25% due 2/20/2048 (l) 1,025
Michigan State, HDA, Rental Housing Revenue
Bonds, AMT:
285 Series A, 5.30% due 10/01/2037 (e) 290
1,500 Series D, 5.125% due 4/01/2031 (d) 1,554
1,000 Michigan State Hospital Finance Authority, Hospital
Revenue Bonds (Mid-Michigan Obligation Group),
Series A, 5.50% due 4/15/2018 (a) 1,064
Michigan State Hospital Finance Authority, Hospital
Revenue Refunding Bonds:
1,300 (Crittenton Hospital), Series A, 5.625%
due 3/01/2027 1,390
380 (Oakwood Obligated Group), Series A, 5%
due 7/15/2025 393
5,100 (Oakwood Obligated Group), Series A, 5%
due 7/15/2037 5,218
1,250 (Sparrow Obligation Group), 5.625%
due 11/15/2011 (f) 1,357
2,495 (Sparrow Obligated Group), 5% due 11/15/2031 2,578
Michigan State Hospital Finance Authority
Revenue Bonds:
2,000 (Mercy Health Services), Series R, 5.375%
due 8/15/2026 (a)(b) 2,022
5,670 (Mid-Michigan Obligor Group), Series A, 5%
due 4/15/2036 5,831
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds:
7,000 (Ascension Health Credit), Series A, 6.125%
due 11/15/2009 (e)(f) 7,472
3,760 (Ascension Health Credit), Series A, 6.25%
due 11/15/2009 (e)(f) 4,025
1,345 (Henry Ford Health System), Series A, 5.25%
due 11/15/2032 1,420
4,065 (Henry Ford Health System), Series A, 5%
due 11/15/2038 4,180
3,215 (Mercy Health Services), Series X, 6%
due 8/15/2009 (e)(f) 3,408
1,000 (Mercy-Mount Clemens), Series A, 6%
due 5/15/2014 (e) 1,049
2,000 (Mercy-Mount Clemens), Series A, 5.75%
due 5/15/2029 (e) 2,089
1,000 (Trinity Health Credit), Series C, 5.375%
due 12/01/2023 1,062
3,450 (Trinity Health Credit), Series C, 5.375%
due 12/01/2030 3,653
1,900 (Trinity Health Credit Group), Series D, 5%
due 8/15/2034 1,972
5,500 (Trinity Health), Series A, 6% due 12/01/2027 (a) 5,925
Face
Amount Municipal Bonds Value
Michigan (continued)
Michigan State Strategic Fund, Limited Obligation
Revenue Refunding Bonds:
$ 9,500 (Detroit Edison Company Pollution Control
Project), AMT, Series A, 5.55% due 9/01/2029 (e) $ 9,971
2,000 (Detroit Edison Company Pollution Control Project),
Series AA, 6.95% due 5/01/2011 (c) 2,228
1,375 (Dow Chemical Company Project), AMT, 5.50%
due 12/01/2028 1,431
6,500 Monroe County, Michigan, Economic Development
Corp., Limited Obligation Revenue Refunding Bonds
(Detroit Edison Co. Project), Series AA, 6.95%
due 9/01/2022 (c) 8,506
1,200 New Lothrop, Michigan, Area Public Schools, School
Building and Site, GO, 5% due 5/01/2035 (d) 1,266
600 Oak Park, Michigan, Street Improvement, GO, 5%
due 5/01/2030 (e) 637
1,000 Plainwell, Michigan, Community Schools, School
District, School Building and Site, GO, 5.50%
due 11/01/2012 (d)(f) 1,087
1,000 Pontiac, Michigan, Tax Increment Finance Authority,
Revenue Refunding Bonds (Development Area
Number 3), 5.375% due 6/01/2017 (h) 1,057
1,000 Reed, Michigan, City Public Schools, School Building
and Site, GO, 5% due 5/01/2014 (d)(f) 1,076
1,900 Rochester, Michigan, Community School District, GO,
Series II, 5.50% due 11/01/2011 (e)(f) 2,041
1,500 Romulus, Michigan, Community Schools, GO, 5.75%
due 5/01/2009 (c)(f) 1,560
1,050 Roseville, Michigan, School District, School Building
and Site, GO, Refunding, 5% due 5/01/2031 (d) 1,114
Saginaw Valley State University, Michigan, General
Revenue Refunding Bonds (c):
1,450 5% due 7/01/2024 1,529
1,000 5% due 7/01/2034 1,048
2,500 Saint Clair County, Michigan, Economic Revenue
Refunding Bonds (Detroit Edison Company), RIB,
Series 282, 8.55% due 8/01/2024 (a)(g)(n) 2,751
2,650 South Lyon, Michigan, Community Schools, GO,
Series A, 5.75% due 5/01/2010 (e)(f) 2,804
Southfield, Michigan, Public Schools, School Building
and Site, GO, Series A (d):
1,950 5.25% due 5/01/2027 2,091
1,000 5% due 5/01/2029 1,051
1,000 Sparta, Michigan, Area Schools, School Building and
Site, GO, 5% due 5/01/2014 (c)(f) 1,076
6,500 Wayne Charter County, Michigan, Airport Revenue
Bonds (Detroit Metropolitan Wayne County), AMT,
Series A, 5.375% due 12/01/2015 (e) 6,698
1,180 Wayne Charter County, Michigan, Detroit
Metropolitan Airport, GO, Airport Hotel, Series A, 5%
due 12/01/2030 (e) 1,229
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield Michigan Insured Fund II, Inc (In Thousands)
Face
Amount Municipal Bonds Value
Michigan (concluded)
Wayne County, Michigan, Airport Authority Revenue
Bonds, AMT (e):
$ 2 DRIVERS, Series 1081-Z, 6.198%
due 6/01/2013 (g)(n) $ 3
5,200 (Detroit Metropolitan Wayne County Airport), 5%
due 12/01/2034 5,432
5,300 Wyoming, Michigan, Sewage Disposal System Revenue
Bonds, 5% due 6/01/2030 (e) 5,595
1,330 Zeeland, Michigan, Public Schools, School Building and
Site, GO, 5% due 5/01/2029 (e) 1,397
Puerto Rico--4.3%
Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation Revenue
Refunding Bonds:
1,100 Series K, 5% due 7/01/2015 (f) 1,195
5,300 Series N, 5.25% due 7/01/2039 (c) 6,224
Total Municipal Bonds
(Cost--$227,452)--139.0% 242,084
Municipal Bonds Held in Trust (m)
Michigan--25.6%
2,700 Detroit, Michigan, Water Supply System, Senior Lien
Revenue Bonds, Series A, 5.75%, due 7/1/2011 (c)(f) 2,932
Michigan State Building Authority, Revenue Refunding
Bonds (Facilities Program), Series I, 5.50%:
5,350 due 10/15/2009 (b) 5,570
7,000 due 10/15/2010 (d) 7,464
Face
Amount Municipal Bonds Held in Trust (m) Value
Michigan (concluded)
Michigan State COP, Refunding (New Center
Development Inc.), 5.75% (b)(e):
$ 5,715 due 9/1/2010 $ 6,119
5,045 due 9/1/2011 5,402
8,000 Saint Clair County, Michigan, Economic Revenue
Refunding Bonds (Detroit Edison Co. Project), Series AA,
6.40%, due 8/1/2024 (a) 8,401
Wayne County, Michigan, Airport Authority Revenue
Bonds (Detroit Metropolitan Wayne County Airport),
AMT, 5.25% (e):
4,475 due 12/1/2025 4,778
3,700 due 12/1/2026 3,950
Puerto Rico--2.8%
4,540 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series HH, 5.75%, due 7/01/2010 (d)(f) 4,859
Total Municipal Bonds Held in Trust
(Cost--$49,833)--28.4% 49,475
Shares
Held Short-Term Securities
2,858 CMA Michigan Municipal Money Fund,
3.29% (i)(k) 2,858
Total Short-Term Securities
(Cost--$2,858)--1.7% 2,858
Total Investments (Cost--$280,143*)--169.1% 294,417
Other Assets Less Liabilities--1.5% 2,659
Liability for Trust Certificates,
Including Interest Expense Payable--(13.7%) (23,858)
Preferred Stock, at Redemption Value--(56.9%) (99,067)
----------
Net Assets Applicable to Common Stock--100.0% $ 174,151
==========
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 256,736
===============
Gross unrealized appreciation $ 14,068
Gross unrealized depreciation (60)
---------------
Net unrealized appreciation $ 14,008
===============
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FSA Insured.
(e) MBIA Insured.
(f) Prerefunded.
(g) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(h) ACA Insured.
(i) 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 (1,856) $43
(j) Represents a zero coupon bond; the interest rate shown is the effective
yield at the time of purchase.
(k) Represents the current yield as of April 30, 2007.
(l) GNMA Collateralized.
(m) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds
held in Trust.
(n) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments as of April 30, 2007 (Unaudited)
BlackRock MuniYield New York Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York--123.5%
$23,790 Albany County, New York, Airport Authority, Airport
Revenue Bonds, AMT, 6% due 12/15/2023 (c)(q) $ 24,556
Buffalo, New York, School, GO, Series D (b):
1,250 5.50% due 12/15/2014 1,347
1,500 5.50% due 12/15/2016 1,617
4,300 Buffalo, New York, Sewer Authority, Revenue Refunding
Bonds, Series F, 6% due 7/01/2013 (b) 4,707
1,700 Dutchess County, New York, Resource Recovery Agency
Revenue Bonds (Solid Waste System-Forward), Series A,
5.40% due 1/01/2013 (d) 1,804
Erie County, New York, IDA, School Facility Revenue
Bonds (City of Buffalo Project) (c):
1,900 5.75% due 5/01/2020 2,074
5,250 5.75% due 5/01/2024 5,550
12,325 Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series A, 4.50% due 2/15/2047 (d) 12,122
Huntington, New York, GO, Refunding (a):
485 5.50% due 4/15/2011 518
460 5.50% due 4/15/2012 500
455 5.50% due 4/15/2013 498
450 5.50% due 4/15/2014 497
450 5.50% due 4/15/2015 502
1,675 Ilion, New York, Central School District, GO, Series B,
5.50% due 6/15/2015 (b) 1,782
Long Island Power Authority, New York, Electric System
Revenue Bonds, Series A (a):
7,000 5% due 9/01/2029 7,368
8,500 5% due 9/01/2034 8,916
6,970 Long Island Power Authority, New York, Electric
System Revenue Refunding Bonds, Series F, 4.25%
due 5/01/2033 (d) 6,736
4,250 Madison County, New York, IDA, Civic Facility Revenue
Bonds (Colgate University Project), Series A, 5%
due 7/01/2035 (a) 4,492
2,000 Metropolitan Transportation Authority, New York,
Commuter Facilities Revenue Bonds, Series A, 5.75%
due 1/01/2008 (d)(e) 2,058
10,000 Metropolitan Transportation Authority, New York,
Commuter Facilities Revenue Refunding Bonds,
Series B, 4.875% due 7/01/2018 (b)(h) 10,240
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Revenue Bonds, Series A:
5,000 5% due 11/15/2011 (b)(e) 5,284
9,500 5% due 11/15/2035 (d) 10,100
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Revenue Refunding Bonds,
Series A:
10,600 5% due 11/15/2030 (d) 11,052
1,015 5% due 11/15/2032 (c) 1,059
Metropolitan Transportation Authority, New York,
Revenue Refunding Bonds:
3,900 RIB, Series 724X, 7.31% due 11/15/2032 (c)(g)(t) 4,609
1,740 Series A, 5.125% due 11/15/2022 (b) 1,847
16,105 Series A, 5% due 11/15/2030 (c) 16,792
2,500 Series A, 5.25% due 11/15/2031 (b) 2,654
1,500 Series B, 5% due 11/15/2028 (d) 1,574
Face
Amount Municipal Bonds Value
New York (continued)
$ 2,000 Metropolitan Transportation Authority, New York,
Service Contract Revenue Refunding Bonds, Series A,
5% due 7/01/2025 (b) $ 2,100
Metropolitan Transportation Authority, New York,
Transit Facilities Revenue Refunding Bonds,
Series C (c)(e):
860 5.125% due 1/01/2012 915
2,025 5.125% due 1/01/2012 2,154
1,640 5.125% due 7/01/2012 1,755
3,000 Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Series A, 5%
due 11/15/2032 (b) 3,148
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series F (d):
6,235 5.25% due 11/15/2012 (e) 6,725
5,000 5% due 11/15/2031 5,218
Monroe County, New York, IDA Revenue Bonds
(Southview Towers Project), AMT:
1,400 6.125% due 2/01/2020 1,488
1,125 6.25% due 2/01/2031 1,203
10,830 Nassau Health Care Corporation, New York, Health
System Revenue Bonds, 5.75% due 8/01/2009 (c)(e) 11,526
New York City, New York, City Housing Development
Corporation, M/F Housing Revenue Bonds, AMT:
1,500 Series C, 5% due 11/01/2026 1,539
2,000 Series C, 5.05% due 11/01/2036 2,087
1,340 Series H-1, 4.70% due 11/01/2040 1,348
1,000 Series J-2-A, 4.85% due 11/01/2040 1,003
1,275 New York City, New York, City IDA, Civic Facility
Revenue Refunding Bonds (Nightingale-Bamford
School), 5.25% due 1/15/2018 (a) 1,369
7,075 New York City, New York, City IDA, IDR (Japan Airlines
Company), AMT, 6% due 11/01/2015 (c) 7,086
New York City, New York, City IDA, PILOT
Revenue Bonds:
9,250 (Queens Baseball Stadium Project), 5%
due 1/01/2036 (a) 9,817
18,250 (Yankee Stadium Project), 5% due 3/01/2036 (d) 19,338
7,970 New York City, New York, City IDA, Parking Facility
Revenue Bonds (Royal Charter-New York Presbyterian),
5.75% due 12/15/2029 (c) 8,746
1,500 New York City, New York, City IDA, Special Facility
Revenue Refunding Bonds (Terminal One Group
Association Project), AMT, 5.50% due 1/01/2024 1,625
New York City, New York, City Municipal Financing
Authority, Water and Sewer Systems Revenue Bonds,
Series A:
6,750 4.25% due 6/15/2033 7,155
2,250 5% due 6/15/2036 (d) 2,157
6,950 4.25% due 6/15/2039 6,632
500 New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System, Crossover Revenue
Refunding Bonds, Series F, 5% due 6/15/2029 (c) 516
New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds:
2,850 Series A, 5.75% due 6/15/2009 (b)(e) 3,000
14,700 Series B, 5.75% due 6/15/2007 (d)(e) 14,882
1,700 VRDN, Series C, 4.07% due 6/15/2023 (b)(f) 1,700
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield New York Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System, Revenue
Refunding Bonds:
$ 5,000 5.50% due 6/15/2010 (d)(e) $ 5,317
1,250 Series A, 5.125% due 6/15/2034 (d) 1,312
5,500 Series A, 5% due 6/15/2035 (a) 5,753
1,250 Series C, 5% due 6/15/2035 (d) 1,312
1,020 New York City, New York, City Transit Authority,
Metropolitan Transportation Authority, Triborough,
COP, Series A, 5.625% due 1/01/2012 (a) 1,079
New York City, New York, City Transitional Finance
Authority, Future Tax Secured Revenue Bonds:
800 Series B, 6.25% due 5/15/2010 (e) 867
6,805 Series B, 6.25% due 5/15/2010 (b)(e) 7,373
16,195 Series C, 5% due 2/01/2033 (b) 16,968
2,500 Series E, 5.25% due 2/01/2022 (d) 2,667
3,000 New York City, New York, City Transitional Finance
Authority, Future Tax Secured, Revenue Refunding
Bonds, Series D, 5.25% due 2/01/2021 (d) 3,223
1,000 New York City, New York, City Transitional Finance
Authority, Revenue Refunding Bonds, Series A, 5%
due 11/15/2026 (b) 1,045
New York City, New York, GO:
3,000 Series A, 5.75% due 5/15/2010 (b)(e) 3,208
810 Series B, 5.75% due 8/01/2010 (d)(e) 869
1,690 Series B, 5.75% due 8/01/2013 (d) 1,808
3,750 Series D, 5.25% due 10/15/2023 3,999
8,000 Series J, 5% due 5/15/2023 8,406
9,500 Series M, 5% due 4/01/2035 9,948
1,150 Sub-Series C-1, 5.25% due 8/15/2026 1,232
1,165 VRDN, Sub-Series A-6, 3.95%
due 11/01/2026 (c)(f) 1,165
New York City, New York, GO, Refunding:
895 Series A, 6.375% due 5/15/2010 (b)(e) 973
70 Series B, 7% due 2/01/2018 (a) 70
1,200 VRDN, Series H, Sub-Series H-2, 4.05%
due 8/01/2013 (d)(f) 1,200
400 VRDN, Series H, Sub-Series H-2, 3.96%
due 8/01/2014 (d)(f) 400
11,700 New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A, 5%
due 10/15/2032 (a) 12,371
4,250 New York City, New York, Trust for Cultural Resources,
Revenue Refunding Bonds (American Museum of
Natural History), Series A, 5% due 7/01/2036 (d) 4,472
2,400 New York Convention Center Development
Corporation, New York, Revenue Bonds, (Hotel Unit
Fee Secured), 5% due 11/15/2030 (a) 2,540
1,000 New York State Dormitory Authority, Consolidated
Revenue Refunding Bonds (City University System),
Series 1, 5.625% due 1/01/2008 (c)(e) 1,033
Face
Amount Municipal Bonds Value
New York (continued)
New York State Dormitory Authority Revenue Bonds:
$ 3,450 (Eger Health Care and Rehabilitation Center),
6.10% due 8/01/2037 (i) $ 3,704
1,500 (Long Island University), Series B, 5.25%
due 9/01/2028 (k) 1,585
2,000 (New School for Social Research), 5.75%
due 7/01/2007 (d)(e) 2,046
1,180 (New York State Rehabilitation Association),
Series A, 5.25% due 7/01/2019 (j) 1,267
1,000 (New York State Rehabilitation Association),
Series A, 5.125% due 7/01/2023 (j) 1,051
6,900 (School Districts Financing Program), Series E,
5.75% due 10/01/2030 (d) 7,514
1,000 Series B, 6.50% due 2/15/2011 (d)(h) 1,100
3,560 (State University Adult Facilities), Series B, 5.75%
due 5/15/2010 (c)(e) 3,807
1,780 (Upstate Community Colleges), Series A, 6%
due 7/01/2010 (c)(e) 1,921
New York State Dormitory Authority, Revenue
Refunding Bonds:
3,155 (City University System), Series C, 7.50%
due 7/01/2010 (b) 3,342
1,370 (School District Financing Program), Series I,
5.75% due 10/01/2018 (d) 1,505
6,000 (Siena College), 5.75% due 7/01/2007 (d)(e) 6,139
New York State Dormitory Authority, Supported Debt
Revenue Bonds:
1,570 (Mental Health Facilities), Series B, 5.25%
due 2/15/2014 (e) 1,711
270 (Mental Health Facilities), Series B, 5.25%
due 2/15/2023 289
3,000 (State University Dormitory Facilities), Series A, 5%
due 7/01/2031 (d) 3,190
1,000 New York State Dormitory Authority, Supported Debt
Revenue Refunding Bonds (Department of Health),
Series A, 5% due 7/01/2025 (j) 1,055
14,250 New York State Energy Research and Development
Authority, Gas Facilities Revenue Refunding Bonds
(Brooklyn Union Gas Company/Keyspan), AMT,
Series A, 4.70% due 2/01/2024 (b) 14,559
3,500 New York State Environmental Facilities Corporation,
Special Obligation Revenue Refunding Bonds
(Riverbank State Park), 6.25% due 4/01/2012 (a) 3,782
2,000 New York State, GO, Series A, 4.125%
due 3/01/2037 (b) 1,879
3,750 New York State, HFA, M/F Housing Revenue Bonds
(Saint Philips Housing), AMT, Series A, 4.65%
due 11/15/2038 3,713
800 New York State Housing Finance Agency, State
Personal Income Tax Revenue Bonds (Economic
Development and Housing), Series A, 5%
due 9/15/2023 (d) 843
1,985 New York State Mortgage Agency, Homeowner
Mortgage Revenue Bonds, AMT, Series 130, 4.80%
due 10/01/2037 1,990
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield New York Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
$ 1,540 New York State Mortgage Agency, Homeowner
Mortgage Revenue Refunding Bonds, AMT, Series 133,
4.95% due 10/01/2021 $ 1,579
6,000 New York State Thruway Authority, General Revenue
Bonds, Series F, 5% due 1/01/2030 (a) 6,332
New York State Thruway Authority, General Revenue
Refunding Bonds, Series G (c):
8,000 4.75% due 1/01/2029 8,262
17,750 4.75% due 1/01/2030 18,307
2,820 New York State Thruway Authority, Highway and
Bridge Trust Fund Revenue Bonds, Series A, 6.25%
due 4/01/2011 (c) 3,044
New York State Thruway Authority, Local Highway and
Bridge Service Contract Revenue Bonds:
3,000 5.75% due 4/01/2010 (a)(e) 3,202
2,000 Series A-2, 5.375% due 4/01/2008 (d)(e) 2,051
4,380 New York State Thruway Authority, Second General
Highway and Bridge Trust Fund Revenue Bonds,
Series A, 5% due 4/01/2026 (a) 4,672
New York State Urban Development Corporation,
Personal Income Tax Revenue Bonds:
3,000 Series C-1, 5% due 3/15/2013 (d)(e) 3,209
5,000 (State Facilities), Series A-1, 5% due 3/15/2029 (b) 5,258
3,190 New York State Urban Development Corporation,
Revenue Refunding Bonds (Correctional Capital
Facilities), Series A, 6.50% due 1/01/2011 (c) 3,495
1,000 Niagara Falls, New York, City School District, COP,
Refunding (High School Facility), 5% due 6/15/2028 (c) 1,053
1,000 Niagara Falls, New York, GO (Water Treatment Plant),
AMT, 7.25% due 11/01/2010 (d) 1,111
2,705 Niagara, New York, Frontier Authority, Airport Revenue
Bonds (Buffalo Niagara International Airport), Series B,
5.50% due 4/01/2019 (d) 2,820
1,260 North Country, New York, Development Authority, Solid
Waste Management System, Revenue Refunding
Bonds, 6% due 5/15/2015 (c) 1,385
North Hempstead, New York, GO, Refunding,
Series B (b):
1,745 6.40% due 4/01/2013 1,988
555 6.40% due 4/01/2017 668
1,665 Oneida County, New York, IDA, Civic Facilities
Revenue Bonds (Mohawk Valley), Series A, 5.20%
due 2/01/2013 (c) 1,714
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, AMT:
2,500 137th Series, 5.125% due 7/15/2030 (c) 2,645
1,000 141st Series, 4.50% due 9/01/2035 987
15,000 Port Authority of New York and New Jersey,
Revenue Refunding Bonds, AMT, 120th Series, 6%
due 10/15/2032 (d) 15,296
Face
Amount Municipal Bonds Value
New York (continued)
Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds, AMT (d):
$ 3 DRIVERS, Series 278, 7.222%
due 12/01/2022 (g)(t) $ 3
14,750 (JFK International Air Terminal), Series 6, 6.25%
due 12/01/2010 15,905
7,175 (JFK International Air Terminal LLC), Series 6,
6.25% due 12/01/2011 7,871
3,500 (JFK International Air Terminal LLC), Series 6,
5.75% due 12/01/2025 3,537
4,425 (Special Project--JFK International Air Terminal),
Series 6, 6.25% due 12/01/2013 4,994
7,380 (Special Project--JFK International Air Terminal),
Series 6, 6.25% due 12/01/2014 8,458
1,255 Rensselaer County, New York, IDA, Civic Facility
Revenue Bonds (Rensselaer Polytechnic Institute),
Series B, 5.50% due 8/01/2022 (a) 1,315
2,500 Rensselaer, New York, City School District, COP, 5%
due 6/01/2036 (l) 2,644
1,500 Rochester, New York, Housing Authority, Mortgage
Revenue Bonds (Andrews Terrace Apartments Project),
AMT, 4.70% due 12/20/2038 (r) 1,483
1,000 Suffolk County, New York, IDA, Civic Facility Revenue
Refunding Bonds (Dowling College), Series A, 5%
due 6/01/2036 (n) 1,036
4,625 Suffolk County, New York, IDA, IDR (Keyspan-Port
Jefferson), AMT, 5.25% due 6/01/2027 4,853
Suffolk County, New York, IDA, Solid Waste Disposal
Facility, Revenue Refunding Bonds (Ogden Martin
System Huntington Project), AMT (a):
8,530 6% due 10/01/2010 9,128
9,170 6.15% due 10/01/2011 10,020
6,470 6.25% due 10/01/2012 7,208
1,750 Suffolk County, New York, Public Improvement, GO,
Series B, 4.50% due 11/01/2024 (d) 1,786
16,000 Syracuse, New York, IDA, PILOT Revenue Bonds
(Carousel Center Project), AMT, Series A, 5%
due 1/01/2036 (l) 16,710
Tobacco Settlement Financing Corporation of New York
Revenue Bonds:
5,000 Series A-1, 5.25% due 6/01/2020 (a) 5,368
2,000 Series A-1, 5.25% due 6/01/2022 (a) 2,140
2,000 Series C-1, 5.50% due 6/01/2021 2,164
1,900 Series C-1, 5.50% due 6/01/2022 2,051
Triborough Bridge and Tunnel Authority, New York,
General Purpose Revenue Refunding Bonds:
2,305 Series Y, 6% due 1/01/2012 (d)(h) 2,462
2,500 VRDN, Series C, 3.90% due 1/01/2032 (a)(f)(g) 2,500
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (continued)
BlackRock MuniYield New York Insured Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York (concluded)
Triborough Bridge and Tunnel Authority, New York,
Revenue Refunding Bonds (d):
$ 7,000 5.25% due 11/15/2023 $ 7,496
19,675 5% due 11/15/2032 20,554
2,265 Series A, 5% due 1/01/2012 (e) 2,397
1,500 Series B, 5% due 11/15/2032 1,567
Triborough Bridge and Tunnel Authority, New York,
Subordinate Revenue Bonds:
2,465 5% due 11/15/2028 (a) 2,587
6,000 Series A, 5.25% due 11/15/2030 (d) 6,410
1,050 Western Nassau County, New York, Water Authority,
Water System Revenue Refunding Bonds, 5%
due 5/01/2035 (a) 1,106
2,010 Yonkers, New York, GO, Series A, 5.75%
due 10/01/2017 (b) 2,164
Guam--0.8%
A.B. Won Guam International Airport Authority,
General Revenue Refunding Bonds, AMT, Series C (d):
2,240 5.25% due 10/01/2021 2,329
2,050 5.25% due 10/01/2022 2,132
Puerto Rico--10.4%
Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation Revenue Bonds:
655 Series G, 5.25% due 7/01/2013 (e) 710
2,265 Series G, 5.25% due 7/01/2019 (b) 2,445
345 Series G, 5.25% due 7/01/2021 374
1,250 Trust Receipts, Class R, Series B, 7.51%
due 7/01/2035 (d)(g)(t) 1,435
Puerto Rico Commonwealth Highway and
Transportation Authority, Transportation Revenue
Refunding Bonds:
3,000 Series D, 5.75% due 7/01/2012 (e) 3,293
4,100 Series N, 5.25% due 7/01/2039 (b) 4,815
Puerto Rico Commonwealth Infrastructure Financing
Authority, Special Tax and Capital Appreciation
Revenue Bonds, Series A (o):
22,030 4.62% due 7/01/2031 (b) 7,640
3,900 4.67% due 7/01/2035 (a) 1,124
8,000 4.77% due 7/01/2043 (a) 1,591
1,000 Puerto Rico Commonwealth, Public Improvement, GO,
Refunding, Series B, 5.25% due 7/01/2032 1,073
1,000 Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.25% due 7/01/2030 1,074
4,000 Puerto Rico Convention Center District Authority,
Hotel Occupancy Tax Revenue Bonds, Series A, 5%
due 7/01/2031 (a) 4,269
Face
Amount Municipal Bonds Value
Puerto Rico (concluded)
Puerto Rico Electric Power Authority, Power
Revenue Bonds:
$ 4,750 Series NN, 5.125% due 7/01/2029 $ 4,968
5,000 Series RR, 5% due 7/01/2029 (j) 5,288
7,095 Series RR, 5% due 7/01/2030 (l) 7,504
7,100 Series RR, 5% due 7/01/2035 (b) 7,519
Puerto Rico Public Finance Corporation,
Commonwealth Appropriation Revenue Bonds, Series E:
2,300 5.50% due 2/01/2012 (e) 2,479
700 5.50% due 8/01/2029 739
Total Municipal Bonds
(Cost--$729,782)--134.7% 757,485
Municipal Bonds Held in Trust (s)
New York--32.5%
50,000 Metropolitan Transportation Authority, New York,
Revenue Refunding Bonds, Series A, 5.75%,
due 11/15/2032 (c) 54,543
33,750 New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured), 5%,
due 11/15/2035 (a) 35,620
25,000 New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Series A, 5.75%, due 6/15/2011 (d)(e) 26,933
22,085 New York City, New York, GO, Series C, 5.75%,
due 3/15/2027 (c) 24,148
10,155 Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (JFK International Air Terminal),
AMT, Series 6, 5.75%, due 12/1/2022 (d) 10,462
New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A (a):
13,000 5.25%, due 10/15/2027 13,989
16,000 5%, due 10/15/2032 17,217
Total Municipal Bonds Held in Trust
(Cost--$177,724)--32.5% 182,912
Shares
Held Short-Term Securities
464 CMA New York Municipal Money Fund, 3.32% (m)(p) 464
Total Short-Term Securities
(Cost--$464)--0.1% 464
Total Investments (Cost--$907,970*)--167.3% 940,861
Other Assets Less Liabilities--2.1% 11,731
Liability for Trust Certificates,
Including Interest Expense Payable--(15.3%) (86,024)
Preferred Stock, at Redemption Value--(54.1%) (304,228)
----------
Net Assets Applicable to Common Stock--100.0% $ 562,340
==========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Schedule of Investments (concluded)
BlackRock MuniYield New York Insured Fund, Inc. (In Thousands)
* The cost and unrealized appreciation (depreciation) of investments
as of April 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 824,242
===============
Gross unrealized appreciation $ 32,354
Gross unrealized depreciation (730)
---------------
Net unrealized appreciation $ 31,624
===============
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) Prerefunded.
(f) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(g) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(h) Escrowed to maturity.
(i) FHA Insured.
(j) CIFG Insured.
(k) Radian Insured.
(l) XL Capital Insured.
(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 New York Municipal Money Fund (1,140) $58
(n) ACA Insured.
(o) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(p) Represents the current yield as of April 30, 2007.
(q) All or a portion of security held as collateral in connection with
open financial futures contracts.
(r) GNMA Collateralized.
(s) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of Municipal Bonds
held in Trust.
(t) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
o Financial futures contracts sold as of April 30, 2007 were as follows:
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
279 30-Year U.S.
Treasury Note June 2007 $31,616 $437
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Net Assets
BlackRock
BlackRock BlackRock MuniYield
MuniYield MuniYield California
Arizona California Insured
As of April 30, 2007 (Unaudited) Fund, Inc. Fund, Inc. Fund, Inc.
Assets
Investments in unaffiliated securities, at value* $ 111,128,999 $ 534,533,622 $ 848,569,121
Investments in affiliated securities, at value** 1,939,267 11,596,514 13,317,246
Cash -- 42,512 29,703
Receivable for securities sold 1,098,232 -- 537,420
Interest receivable 1,811,814 8,064,756 13,060,777
Prepaid expenses and other assets 9,309 13,668 32,482
--------------- --------------- ---------------
Total assets 115,987,621 554,251,072 875,546,749
--------------- --------------- ---------------
Liabilities
Trust certificates 6,430,000 56,897,500 76,281,845
Payable for securities purchased 3,611,658 -- 6,161,355
Interest expense payable 77,863 654,185 993,835
Bank overdraft 38,776 -- --
Dividends payable to Common Stock shareholders 257,860 1,171,239 1,924,227
Payable to investment adviser 42,345 199,037 320,257
Payable to other affiliates 1,190 5,586 8,918
Accrued expenses 84,887 159,322 179,731
--------------- --------------- ---------------
Total liabilities 10,544,579 59,176,869 85,870,168
--------------- --------------- ---------------
Preferred Stock
Preferred Stock, at redemption value of AMPS+++ at $25,000
per share liquidation preference*** 40,320,257 175,167,490 275,197,068
--------------- --------------- ---------------
Net Assets Applicable to Common Stock
Net assets applicable to Common Stock $ 65,122,785 $ 319,906,713 $ 514,479,513
=============== =============== ===============
Net Assets Consist of
Undistributed investment income--net $ 327,855 $ 1,142,477 $ 1,648,733
Undistributed (accumulated) realized capital gains (losses)--net 330,859 469,832 (12,099,550)
Unrealized appreciation--net 4,325,107 16,695,999 27,269,544
--------------- --------------- ---------------
Total accumulated earnings--net 4,983,821 18,308,308 16,818,727
Common Stock/Shares, par value $.10 per share++ 452,385 2,129,526 3,436,120
Paid-in capital in excess of par 59,686,579 299,468,879 494,224,666
--------------- --------------- ---------------
Net Assets $ 65,122,785 $ 319,906,713 $ 514,479,513
=============== =============== ===============
Net asset value per share of Common Stock $ 14.40 $ 15.02 $ 14.97
=============== =============== ===============
Market price $ 14.72 $ 14.42 $ 14.35
=============== =============== ===============
* Identified cost of unaffiliated securities $ 106,803,892 $ 517,837,623 $ 821,299,577
=============== =============== ===============
** Identified cost of affiliated securities $ 1,939,267 $ 11,596,514 $ 13,317,246
=============== =============== ===============
*** Preferred Stock authorized, issued and outstanding:
Series A Shares, par value $.10 per share 518 2,400 1,800
=============== =============== ===============
Series B Shares, par value $.10 per share 694 2,400 1,800
=============== =============== ===============
Series C Shares, par value $.10 per share 400 800 1,600
=============== =============== ===============
Series D Shares, par value $.10 per share -- 1,400 2,000
=============== =============== ===============
Series E Shares, par value $.10 per share -- -- 2,000
=============== =============== ===============
Series F Shares, par value $.10 per share -- -- 1,800
=============== =============== ===============
++ Common Stock issued and outstanding 4,523,854 21,295,255 34,361,200
=============== =============== ===============
+++ Auction Market Preferred Stock.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Net Assets (concluded)
BlackRock BlackRock
BlackRock MuniYield MuniYield New
MuniYield Michigan Insured York Insured
As of April 30, 2007 (Unaudited) Florida Fund Fund II, Inc. Fund, Inc.
Assets
Investments in unaffiliated securities, at value* $ 328,818,356 $ 291,558,297 $ 940,396,739
Investments in affiliated securities, at value** 1,300,874 2,858,016 464,047
Cash 48,741 87,668 96,802
Unrealized appreciation on forward interest rate swaps 50,425 -- --
Interest receivable 4,305,056 5,025,064 14,566,742
Prepaid expenses 13,380 12,795 23,541
--------------- --------------- ---------------
Total assets 334,536,832 299,541,840 955,547,871
--------------- --------------- ---------------
Liabilities
Trust certificates 17,047,500 23,672,595 84,995,000
Payable for securities purchased 3,637,356 1,535,460 --
Interest expense payable 213,329 185,637 1,028,719
Dividends payable to Common Shareholders/Common Stock shareholders 786,365 675,904 2,130,082
Variation margin payable -- -- 235,406
Payable to investment adviser 128,012 110,310 354,316
Payable to other affiliates 3,542 3,101 9,807
Accrued expenses 129,968 140,985 226,862
--------------- --------------- ---------------
Total liabilities 21,946,072 26,323,992 88,980,192
--------------- --------------- ---------------
Preferred Shares/Stock
Preferred Shares/Stock, at redemption value of AMPS+++ at
$25,000 per share liquidation preference*** 110,055,090 99,067,333 304,228,005
--------------- --------------- ---------------
Net Assets Applicable to Common Shares/Stock
Net assets applicable to Common Shares/Stock $ 202,535,670 $ 174,150,515 $ 562,339,674
=============== =============== ===============
Net Assets Consist of
Undistributed (accumulated distributions in excess of)
investment income--net $ (64,485) $ 866,593 $ 957,681
Undistributed (accumulated) realized capital gains (losses)--net (10,441,136) (6,361,431) (32,958,742)
Unrealized appreciation--net 17,155,490 14,273,670 33,328,080
--------------- --------------- ---------------
Total accumulated earnings--net 6,649,869 8,778,832 1,327,019
Common Shares/Stock, par value $.10 per share++ 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
--------------- --------------- ---------------
Net Assets $ 202,535,670 $ 174,150,515 $ 562,339,674
=============== =============== ===============
Net asset value per share of Common Shares/Stock $ 14.94 $ 14.43 $ 14.26
=============== =============== ===============
Market price $ 13.95 $ 13.63 $ 13.70
=============== =============== ===============
* Identified cost of unaffiliated securities $ 311,713,291 $ 277,284,627 $ 907,506,073
=============== =============== ===============
** Identified cost of affiliated securities $ 1,300,874 $ 2,858,016 $ 464,047
=============== =============== ===============
*** Preferred Shares/Stock authorized, issued and outstanding:
Series A Shares, par value $.05 per share 2,200 2,200 1,700
=============== =============== ===============
Series B Shares, par value $.05 per share 1,600 -- 1,700
=============== =============== ===============
Series B Shares, par value $.10 per share -- 1,360 --
=============== =============== ===============
Series C Shares, par value $.05 per share 600 -- 2,800
=============== =============== ===============
Series C Shares, par value $.10 per share -- 400 --
=============== =============== ===============
Series D Shares, par value $.05 per share -- -- 1,960
=============== =============== ===============
Series E Shares, par value $.05 per share -- -- 2,200
=============== =============== ===============
Series F Shares, par value $.05 per share -- -- 1,800
=============== =============== ===============
++ Common Shares/Stock issued and outstanding 13,558,024 12,069,721 39,445,962
=============== =============== ===============
+++ Auction Market Preferred Shares/Stock.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Operations
BlackRock
BlackRock BlackRock MuniYield
MuniYield MuniYield California
Arizona California Insured
For the Six Months Ended April 30, 2007 (Unaudited) Fund, Inc. Fund, Inc. Fund, Inc.
Investment Income
Interest and amortization of premium and discount earned $ 2,579,824 $ 12,017,671 $ 19,647,819
Dividends from affiliates 20,891 203,892 93,866
--------------- --------------- ---------------
Total income 2,600,715 12,221,563 19,741,685
--------------- --------------- ---------------
Expenses
Investment advisory fees 261,924 1,230,698 1,964,716
Interest expense and fees 123,433 1,093,532 1,533,905
Commission fees 50,864 219,593 346,068
Accounting services 32,730 82,385 116,512
Transfer agent fees 22,552 33,764 46,118
Professional fees 23,970 25,535 29,379
Printing and shareholder reports 3,988 16,075 24,953
Listing fees 537 4,648 5,938
Custodian fees 4,000 12,924 20,526
Pricing fees 4,476 8,580 12,220
Directors'/Trustees' fees and expenses 7,040 11,905 15,602
Other 14,374 29,064 30,849
--------------- --------------- ---------------
Total expenses before reimbursement 549,888 2,768,703 4,146,786
Reimbursement of expenses (3,400) (27,242) (12,030)
--------------- --------------- ---------------
Total expenses after reimbursement 546,488 2,741,461 4,134,756
--------------- --------------- ---------------
Investment income--net 2,054,227 9,480,102 15,606,929
--------------- --------------- ---------------
Realized & Unrealized Gain (Loss)--Net
Total realized gain (loss):
Investments 608,968 2,126,166 1,566,189
Forward interest rate swaps 5,067 -- --
--------------- --------------- ---------------
Total realized gain (loss)--net 614,035 2,126,166 1,566,189
--------------- --------------- ---------------
Change in unrealized appreciation/depreciation on:
Investments--net (712,650) (3,405,325) (5,085,291)
Future contracts and/or forward interest rate swaps--net 14,298 -- --
--------------- --------------- ---------------
Total change in unrealized appreciation/depreciation--net (698,352) (3,405,325) (5,085,291)
--------------- --------------- ---------------
Total realized and unrealized gain (loss)--net (84,317) (1,279,159) (3,519,102)
--------------- --------------- ---------------
Dividends & Distributions to Preferred Stock Shareholders
Dividends and distributions to Preferred Stock shareholders:
Investment income--net (621,242) (2,925,037) (4,592,668)
Realized gain--net (102,456) -- --
--------------- --------------- ---------------
Total dividends and distributions to Preferred Stock shareholders (723,698) (2,925,037) (4,592,668)
--------------- --------------- ---------------
Net Increase/Decrease in Net Assets Resulting from Operations $ 1,246,212 $ 5,275,906 $ 7,495,159
=============== =============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Operations (concluded)
BlackRock BlackRock
BlackRock MuniYield MuniYield
MuniYield Michigan New York
Florida Insured Insured
For the Six Months Ended April 30, 2007 (Unaudited) Fund Fund II, Inc. Fund, Inc.
Investment Income
Interest and amortization of premium and discount earned $ 6,990,616 $ 7,196,962 $ 20,468,255
Dividends from affiliates 51,116 43,490 57,877
--------------- --------------- ---------------
Total income 7,041,732 7,240,452 20,526,132
--------------- --------------- ---------------
Expenses
Investment advisory fees 778,089 680,045 2,156,510
Interest expense and fees 315,566 483,560 1,652,248
Commission fees 138,711 125,572 381,456
Accounting services 59,235 54,307 125,151
Transfer agent fees 30,567 31,059 57,338
Professional fees 25,314 26,314 29,015
Printing and shareholder reports 10,465 9,250 27,831
Listing fees 4,649 4,679 6,790
Custodian fees 9,545 8,053 21,617
Pricing fees 8,426 7,820 14,749
Directors'/Trustees' fees and expenses 9,646 9,153 16,525
Other 24,930 24,612 35,922
--------------- --------------- ---------------
Total expenses before reimbursement 1,415,143 1,464,424 4,525,152
Reimbursement of expenses (8,773) (7,195) (7,178)
--------------- --------------- ---------------
Total expenses after reimbursement 1,406,370 1,457,229 4,517,974
--------------- --------------- ---------------
Investment income--net 5,635,362 5,783,223 16,008,158
--------------- --------------- ---------------
Realized & Unrealized Gain (Loss)--Net
Realized gain (loss) on:
Investments--net 410,918 855,768 3,024,647
Financial futures contracts and/or forward interest rate
swaps--net (535,135) -- (551,092)
--------------- --------------- ---------------
Total realized gain (loss)--net (124,217) 855,768 2,473,555
--------------- --------------- ---------------
Change in unrealized appreciation/depreciation on:
Investments--net (1,576,415) (2,872,929) (6,853,087)
Financial futures contracts and/or forward interest rate
swaps--net 481,700 -- 787,711
--------------- --------------- ---------------
Total change in unrealized appreciation/depreciation--net (1,094,715) (2,872,929) (6,065,376)
--------------- --------------- ---------------
Total realized and unrealized loss--net (1,218,932) (2,017,161) (3,591,821)
--------------- --------------- ---------------
Dividends & Distributions to Preferred Shareholders/Preferred Common Stockholders
Investment income--net (1,946,673) (1,727,383) (5,013,042)
--------------- --------------- ---------------
Net Increase in Net Assets Resulting from Operations $ 2,469,757 $ 2,038,679 $ 7,403,295
=============== =============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Changes in Net Assets BlackRock MuniYield Arizona Fund, Inc.
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 2,054,227 $ 4,436,717
Realized gain--net 614,035 426,255
Change in unrealized appreciation/depreciation--net (698,352) 1,122,350
Dividends and distributions to Preferred Stock shareholders (723,698) (1,259,966)
--------------- ---------------
Net increase in net assets resulting from operations 1,246,212 4,725,356
--------------- ---------------
Dividends & Distributions to Common Stock Shareholders
Investment income--net (1,568,251) (3,599,489)
Realized gain--net (285,146) (523,554)
--------------- ---------------
Net decrease in net assets resulting from dividends and distributions to
Common Stock shareholders (1,853,397) (4,123,043)
--------------- ---------------
Stock Transactions
Value of shares issued to Common Stock shareholders in reinvestment of dividends 119,178 335,820
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Stock -- 42,343
--------------- ---------------
Net increase in net assets resulting from stock transactions 119,178 378,163
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to Common Stock (488,007) 980,476
Beginning of period 65,610,792 64,630,316
--------------- ---------------
End of period* $ 65,122,785 $ 65,610,792
=============== ===============
* Undistributed investment income--net $ 327,855 $ 463,121
=============== ===============
See Notes to Financial Statements.
BlackRock MuniYield California Fund, Inc.
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 9,480,102 $ 20,510,282
Realized gain--net 2,126,166 3,468,346
Change in unrealized appreciation/depreciation--net (3,405,325) 4,191,570
Dividends to Preferred Stock shareholders (2,925,037) (5,371,492)
--------------- ---------------
Net increase in net assets resulting from operations 5,275,906 22,798,706
--------------- ---------------
Dividends to Common Stock Shareholders
Investment income--net (7,070,025) (14,821,497)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Stock shareholders (7,070,025) (14,821,497)
--------------- ---------------
Stock Transactions
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Stock -- 15,461
--------------- ---------------
Net increase in net assets resulting from stock transactions -- 15,461
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to Common Stock (1,794,119) 7,992,670
Beginning of period 321,700,832 313,708,162
--------------- ---------------
End of period* $ 319,906,713 $ 321,700,832
=============== ===============
* Undistributed investment income--net $ 1,142,477 $ 1,657,437
=============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Changes in Net Assets (continued) BlackRock MuniYield California Insured Fund, Inc.
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 15,606,929 $ 32,879,584
Realized gain--net 1,566,189 4,037,090
Change in unrealized appreciation--net (5,085,291) 8,293,148
Dividends to Preferred Stock shareholders (4,592,668) (8,252,857)
--------------- ---------------
Net increase in net assets resulting from operations 7,495,159 36,956,965
--------------- ---------------
Dividends to Common Stock Shareholders
Investment income--net (11,682,808) (27,351,515)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Stock shareholders (11,682,808) (27,351,515)
--------------- ---------------
Stock Transactions
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Stock -- (4,270)
--------------- ---------------
Net decrease in net assets resulting from stock transactions -- (4,270)
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to Common Stock (4,187,649) 9,601,180
Beginning of period 518,667,162 509,065,982
--------------- ---------------
End of period* $ 514,479,513 $ 518,667,162
=============== ===============
* Undistributed investment income--net $ 1,648,733 $ 2,317,280
=============== ===============
See Notes to Financial Statements.
BlackRock MuniYield Florida Fund
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 5,635,362 $ 13,366,198
Realized gain (loss)--net (124,217) 1,571,029
Change in unrealized appreciation/depreciation--net (1,094,715) 2,303,608
Dividends to Preferred shareholders (1,946,673) (3,537,371)
--------------- ---------------
Net increase in net assets resulting from operations 2,469,757 13,703,464
--------------- ---------------
Dividends to Common Shareholders
Investment income--net (4,799,541) (10,968,155)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Shareholders (4,799,541) (10,968,155)
--------------- ---------------
Share Transactions
Value of shares issued to Common Shareholders in reinvestment of dividends -- 91,289
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Shares -- (3,184)
--------------- ---------------
Net increase (decrease) in net assets resulting from share transactions -- 88,105
--------------- ---------------
Net Assets Applicable to Common Shares
Total increase (decrease) in net assets applicable to Common Shares (2,329,784) 2,823,414
Beginning of period 204,865,454 202,042,040
--------------- ---------------
End of period* $ 202,535,670 $ 204,865,454
=============== ===============
* Undistributed (accumulated distributions in excess of) investment income--net $ (64,485) $ 1,046,367
=============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statements of Changes in Net Assets (concluded) BlackRock MuniYield Michigan Insured Fund II, Inc.
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 5,783,223 $ 11,701,357
Realized gain--net 855,768 488,405
Change in unrealized appreciation/depreciation--net (2,872,929) 956,523
Dividends to Preferred Stock shareholders (1,727,383) (3,095,027)
--------------- ---------------
Net increase in net assets resulting from operations 2,038,679 10,051,258
--------------- ---------------
Dividends to Common Stock Shareholders
Investment income--net (4,103,705) (9,351,799)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Stock shareholders (4,103,705) (9,351,799)
--------------- ---------------
Stock Transactions
Value of shares issued to Common Stock shareholders in reinvestment of dividends -- 227,419
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Stock -- 24,274
--------------- ---------------
Net increase in net assets resulting from stock transactions -- 251,693
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to Common Stock (2,065,026) 951,152
Beginning of period 176,215,541 175,264,389
--------------- ---------------
End of period* $ 174,150,515 $ 176,215,541
=============== ===============
* Undistributed investment income--net $ 866,593 $ 914,458
=============== ===============
See Notes to Financial Statements.
BlackRock MuniYield New York Insured Fund, Inc.
For the Six
Months Ended For the
April 30, 2007 Year Ended
Increase (Decrease) in Net Assets: (Unaudited) October 31, 2006
Operations
Investment income--net $ 16,008,158 $ 36,304,822
Realized gain (loss)--net 2,473,555 (243,082)
Change in unrealized appreciation/depreciation--net (6,065,376) 8,987,101
Dividends to Preferred Stock shareholders (5,013,042) (9,387,734)
--------------- ---------------
Net increase in net assets resulting from operations 7,403,295 35,661,107
--------------- ---------------
Dividends to Common Stock Shareholders
Investment income--net (13,017,167) (30,176,161)
--------------- ---------------
Net decrease in net assets resulting from dividends to Common Stock shareholders (13,017,167) (30,176,161)
--------------- ---------------
Stock Transactions
Offering and underwriting costs, including adjustments, resulting from the
issuance of Preferred Stock -- (5,720)
--------------- ---------------
Net decrease in net assets resulting from stock transactions -- (5,720)
--------------- ---------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to Common Stock (5,613,872) 5,479,226
Beginning of period 567,953,546 562,474,320
--------------- ---------------
End of period* $ 562,339,674 $ 567,953,546
=============== ===============
* Undistributed investment income--net $ 957,681 $ 2,979,732
=============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Statement of Cash Flows BlackRock MuniYield California Fund, Inc.
For the Six Months Ended April 30, 2007 (Unaudited)
Cash Provided by Operating Activities
Net increase in net assets resulting from operations 8,200,943
Adjustments to reconcile net increase in net assets resulting from operations to net cash
provided by operating activities:
Decrease in receivables 131,474
Increase in other liabilities 252,120
Decrease in dividends and distributions payable to Preferred Stock shareholders (28,822)
Realized and unrealized loss--net 1,279,159
Amortization of premium and discount 1,143,254
Proceeds from sales of long-term securities 77,363,651
Purchases of long-term securities (74,158,500)
Purchases of short-term investments (7,603,502)
---------------
Cash provided by operating activities 6,581,757
---------------
Cash Used for Financing Activities
Cash receipts from Trust Certificates 2,355,000
Dividends and distributions paid to Common Stock shareholders (6,055,023)
Dividends and distributions paid to Preferred Stock shareholders (2,925,037)
---------------
Cash used for financing activities (6,625,060)
---------------
Cash
Net decrease in cash (43,303)
Cash at beginning of period 85,815
---------------
Cash at end of period $ 42,512
===============
Cash Flow Information
Cash paid for interest $ 902,378
===============
Dividends and distributions paid to Preferred Stock shareholders $ 2,953,859
===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield Arizona Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 14.53 $ 14.39 $ 15.04 $ 14.64 $ 14.53 $ 14.19
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net .48++ .98++ .97++ .98++ 1.00++ .97
Realized and unrealized gain (loss)--net (.04) .36 (.49) .40 .05 .26
Less dividends and distributions to
Preferred Stock shareholders:
Investment income--net (.14) (.26) (.14) (.06) (.06) (.09)
Realized gain--net (.02) (.02) --++++ -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .28 1.06 .34 1.32 .99 1.14
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends and distributions to
Common Stock shareholders:
Investment income--net (.35) (.80) (.92) (.92) (.88) (.80)
Realized gain--net (.06) (.12) (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions to
Common Stock shareholders (.41) (.92) (.94) (.92) (.88) (.80)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting from
the issuance of Preferred Stock -- --*** (.05) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.40 $ 14.53 $ 14.39 $ 15.04 $ 14.64 $ 14.53
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 14.72 $ 14.79 $ 16.03 $ 15.10 $ 14.13 $ 13.25
============== =========== =========== =========== =========== ===========
Total Investment Return*
Based on net asset value per share 1.95%+++ 7.47% 1.91% 9.40% 7.19% 8.60%
============== =========== =========== =========== =========== ===========
Based on market price per share 2.39%+++ (1.80%) 13.07% 13.80% 13.45% 6.54%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of reimbursement and
excluding interest expense and fees** 1.31%+++++ 1.33% 1.20% 1.19% 1.18% 1.28%
============== =========== =========== =========== =========== ===========
Total expenses, net of reimbursement** 1.69%+++++ 1.70% 1.51% 1.39% 1.37% 1.61%
============== =========== =========== =========== =========== ===========
Total expenses** 1.70%+++++ 1.71% 1.52% 1.40% 1.38% 1.61%
============== =========== =========== =========== =========== ===========
Total investment income--net** 6.34%+++++ 6.90% 6.54% 6.65% 6.79% 6.86%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred
Stock shareholders 1.92%+++++ 1.83% .91% .42% .42% .61%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common
Stock shareholders 4.42%+++++ 5.07% 5.63% 6.23% 6.37% 6.25%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.11%+++++ 2.92% 1.90% .92% .91% 1.26%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield Arizona Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Stock,
end of period (in thousands) $ 65,123 $ 65,611 $ 64,630 $ 67,217 $ 65,234 $ 64,699
============== =========== =========== =========== =========== ===========
Preferred Stock outstanding at
liquidation preference, end of
period (in thousands) $ 40,300 $ 40,300 $ 40,300 $ 30,300 $ 30,300 $ 30,300
============== =========== =========== =========== =========== ===========
Portfolio turnover 14% 31% 28% 21% 24% 32%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,616 $ 2,628 $ 2,604 $ 3,218 $ 3,153 $ 3,135
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Stock Outstanding
Series A--Investment income--net $ 388 $ 716 $ 462 $ 222 $ 220 $ 305
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 382 $ 715 $ 473 $ 236 $ 237 $ 324
============== =========== =========== =========== =========== ===========
Series C++++++--Investment income--net $ 387 $ 770 $ 99 -- -- --
============== =========== =========== =========== =========== ===========
* 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.
** Do not reflect the effect of dividends to Preferred Stock shareholders.
*** Amount is less than $.01 per share.
++ Based on average shares outstanding.
++++ Amount is less than $(.01) per share.
++++++ Series C was issued on August 31, 2005.
+++ Aggregate total investment return.
+++++ Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield California Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 15.11 $ 14.73 $ 15.27 $ 15.17 $ 15.14 $ 15.22
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net* .47 .96 .93 1.02 1.06 1.07
Realized and unrealized gain (loss)--net (.09) .37 (.46) .12 .04 (.06)
Less dividends and distributions to
Preferred Stock shareholders:
Investment income--net (.14) (.25) (.13) (.07) (.10) (.12)
Realized gain--net -- -- -- -- --++ --++
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .24 1.08 .34 1.07 1.00 .89
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends and distributions to
Common Stock shareholders:
Investment income--net (.33) (.70) (.86) (.97) (.97) (.97)
Realized gain--net -- -- -- -- --++ --++
-------------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions to
Common Stock shareholders (.33) (.70) (.86) (.97) (.97) (.97)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting
from the issuance of Preferred Stock -- --++++++ (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 15.02 $ 15.11 $ 14.73 $ 15.27 $ 15.17 $ 15.14
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 14.42 $ 14.00 $ 13.37 $ 14.43 $ 14.15 $ 14.46
============== =========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 1.76%+++ 8.03% 2.59% 7.74% 7.14% 6.14%
============== =========== =========== =========== =========== ===========
Based on market price per share 5.44%+++ 10.28% (1.46%) 9.16% 4.64% 2.18%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of reimbursement and
excluding interest expense and fees*** 1.03%+++++ 1.06% .98% .96% .95% .99%
============== =========== =========== =========== =========== ===========
Expenses, net of reimbursement*** 1.72%+++++ 1.51% 1.13% 1.12% 1.16% 1.26%
============== =========== =========== =========== =========== ===========
Total expenses*** 1.74%+++++ 1.52% 1.13% 1.12% 1.17% 1.26%
============== =========== =========== =========== =========== ===========
Total investment income--net*** 5.95%+++++ 6.51% 6.16% 6.79% 6.93% 7.13%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred
Stock shareholders 1.84%+++++ 1.70% .84% .44% .63% .77%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common
Stock shareholders 4.11%+++++ 4.81% 5.32% 6.35% 6.30% 6.36%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.37%+++++ 3.07% 1.88% 1.02% 1.46% 1.76%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield California Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Stock,
end of period (in thousands) $ 319,907 $ 321,701 $ 313,708 $ 325,204 $ 323,155 $ 322,345
============== =========== =========== =========== =========== ===========
Preferred Stock outstanding at
liquidation preference, end of
period (in thousands) $ 175,000 $ 175,000 $ 175,000 $ 140,000 $ 140,000 $ 140,000
============== =========== =========== =========== =========== ===========
Portfolio turnover 11% 39% 53% 29% 18% 39%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,828 $ 2,838 $ 2,793 $ 3,323 $ 3,308 $ 3,302
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Stock Outstanding
Series A--Investment income--net $ 436 $ 808 $ 482 $ 270 $ 569 $ 607
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 413 $ 747 $ 451 $ 241 $ 217 $ 322
============== =========== =========== =========== =========== ===========
Series C--Investment income--net $ 403 $ 751 $ 453 $ 250 $ 207 $ 292
============== =========== =========== =========== =========== ===========
Series D++++--Investment income--net $ 404 $ 742 $ 70 -- -- --
============== =========== =========== =========== =========== ===========
* Based on average shares outstanding.
** 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.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Amount is less than $(.01) per share.
++++ Series D was issued on September 21, 2005.
++++++ Amount is less than $.01 per share.
+++ Aggregate total investment return.
+++++ Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield California Insured Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 15.09 $ 14.82 $ 15.23 $ 15.10 $ 15.26 $ 15.44
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net .46+++ .96+++ .95+++ .94+++ .95+++ .95
Realized and unrealized gain (loss)--net (.11) .35 (.33) .13 (.18) (.22)
Less dividends and distributions to
Preferred Stock shareholders:
Investment income--net (.13) (.24) (.13) (.06) (.06) (.09)
Realized gain--net -- -- -- -- -- --++++++
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .22 1.07 .49 1.01 .71 .64
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends and distributions to
Common Stock shareholders:
Investment income--net (.34) (.80) (.88) (.88) (.87) (.81)
Realized gain--net -- -- -- -- -- (.01)
-------------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions to
Common Stock shareholders (.34) (.80) (.88) (.88) (.87) (.82)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting
from the issuance of Preferred Stock -- --++++++ (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.97 $ 15.09 $ 14.82 $ 15.23 $ 15.10 $ 15.26
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 14.35 $ 14.64 $ 14.16 $ 13.73 $ 13.82 $ 13.68
============== =========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 1.58%+++++ 7.57% 3.55% 7.54% 5.29% 4.68%
============== =========== =========== =========== =========== ===========
Based on market price per share .36%+++++ 9.22% 9.75% 5.93% 7.50% .20%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of reimbursement and
excluding interest expense and fees*** 1.01%* 1.03% .96% .95% .94% .96%
============== =========== =========== =========== =========== ===========
Total expenses, net of reimbursement and
excluding reorganization expenses*** 1.61%* 1.59% 1.27% 1.08% 1.08% 1.15%
============== =========== =========== =========== =========== ===========
Total expenses, excluding reorganization
expenses*** 1.62%* 1.60% 1.27% 1.08% 1.08% 1.15%
============== =========== =========== =========== =========== ===========
Total expenses*** 1.62%* 1.60% 1.27% 1.08% 1.08% 1.19%
============== =========== =========== =========== =========== ===========
Total investment income--net*** 6.08%* 6.46% 6.29% 6.29% 6.20% 6.38%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred
Stock shareholders 1.79%* 1.62% .84% .43% .37% .56%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common
Stock shareholders 4.29%* 4.84% 5.45% 5.86% 5.83% 5.82%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.37%* 3.00% 1.86% .96% .85% 1.25%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield California Insured Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Stock,
end of period (in thousands) $ 514,480 $ 518,667 $ 509,066 $ 523,206 $ 518,786 $ 524,485
============== =========== =========== =========== =========== ===========
Preferred Stock outstanding at
liquidation preference, end of
period (in thousands) $ 275,000 $ 275,000 $ 275,000 $ 230,000 $ 230,000 $ 230,000
============== =========== =========== =========== =========== ===========
Portfolio turnover 12% 27% 39% 63% 47% 63%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,871 $ 2,886 $ 2,851 $ 3,275 $ 3,256 $ 3,280
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Stock Outstanding
Series A--Investment income--net $ 440 $ 744 $ 478 $ 246 $ 216 $ 359
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 416 $ 725 $ 463 $ 238 $ 212 $ 324
============== =========== =========== =========== =========== ===========
Series C--Investment income--net $ 411 $ 730 $ 441 $ 224 $ 204 $ 320
============== =========== =========== =========== =========== ===========
Series D++--Investment income--net $ 430 $ 800 $ 480 $ 249 $ 242 $ 203
============== =========== =========== =========== =========== ===========
Series E++--Investment income--net $ 401 $ 727 $ 448 $ 236 $ 196 $ 201
============== =========== =========== =========== =========== ===========
Series F++++--Investment income--net $ 407 $ 770 $ 62 -- -- --
============== =========== =========== =========== =========== ===========
* Annualized.
** 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.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Series D and E were issued on February 4, 2002.
++++ Series F was issued on September 21, 2005.
++++++ Amount is less than $(.01) per share.
+++ Based on average shares outstanding.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield Florida Fund
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 15.11 $ 14.91 $ 15.27 $ 14.97 $ 14.97 $ 14.81
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net .48+++ .99+++ .98+++ 1.00+++ 1.06+++ 1.03
Realized and unrealized gain (loss)--net (.16) .28 (.26) .29 (.07) .09
Less dividends and distributions to
Preferred Shareholders:
Investment income--net (.14) (.26) (.14) (.07) (.07) (.09)
Realized gain--net -- -- -- -- -- --++
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .18 1.01 .58 1.22 .92 1.03
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends and distributions to
Common Shareholders:
Investment income--net (.35) (.81) (.92) (.92) (.92) (.87)
Realized gain--net -- -- -- -- -- --++
-------------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions to
Common Shareholders (.35) (.81) (.92) (.92) (.92) (.87)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting
from the issuance of Preferred Shares -- --++ (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.94 $ 15.11 $ 14.91 $ 15.27 $ 14.97 $ 14.97
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 13.95 $ 14.35 $ 14.93 $ 14.28 $ 13.80 $ 13.34
============== =========== =========== =========== =========== ===========
Total Investment Return*
Based on net asset value per share 1.39%++++++++ 7.24% 3.98% 8.99% 6.76% 7.80%
============== =========== =========== =========== =========== ===========
Based on market price per share (.32%)++++++++ 1.71% 11.34% 10.57% 10.44% 1.77%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Shares
Total expenses, net of reimbursement and
excluding interest expense and fees** 1.08%+++++ 1.09% 1.05% 1.03% 1.04% 1.06%
============== =========== =========== =========== =========== ===========
Total expenses, net of reimbursement** 1.39%+++++ 1.42% 1.25% 1.18% 1.18% 1.24%
============== =========== =========== =========== =========== ===========
Total expenses** 1.40%+++++ 1.44% 1.25% 1.19% 1.19% 1.24%
============== =========== =========== =========== =========== ===========
Total investment income--net** 5.58%+++++ 6.63% 6.46% 6.67% 7.01% 7.00%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred
Shareholders 1.93%+++++ 1.75% .95% .48% .45% .64%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common
Shareholders 3.65%+++++ 4.88% 5.51% 6.19% 6.56% 6.36%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Shares
Dividends to Preferred Shareholders 3.57+++++ 3.22% 2.01% 1.03% .97% 1.34%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield Florida Fund
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Shares,
end of period (in thousands) $ 202,536 $ 204,865 $ 202,042 $ 206,895 $ 202,890 $ 202,919
============== =========== =========== =========== =========== ===========
Preferred Shares outstanding at
liquidation preference, end of period
(in thousands) $ 110,000 $ 110,000 $ 110,000 $ 95,000 $ 95,000 $ 95,000
============== =========== =========== =========== =========== ===========
Portfolio turnover 8% 46% 42% 33% 35% 36%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,841 $ 2,862 $ 2,837 $ 3,178 $ 3,136 $ 3,136
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Shares Outstanding
Series A--Investment income--net $ 443 $ 811 $ 507 $ 254 $ 247 $ 337
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 444 $ 796 $ 487 $ 263 $ 242 $ 333
============== =========== =========== =========== =========== ===========
Series C++++--Investment income--net $ 436 $ 800 $ 110 -- -- --
============== =========== =========== =========== =========== ===========
* 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.
** Do not reflect the effect of dividends to Preferred Shareholders.
++ Amount is less than $(.01) per share.
++++ Series C was issued on August 31, 2005.
+++ Based on average shares outstanding.
+++++ Annualized.
++++++++ Aggregate total investment return.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield Michigan Insured Fund II, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 14.60 $ 14.54 $ 15.21 $ 15.21 $ 14.91 $ 14.97
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net .48+++ .97+++ .99+++ 1.00+++ 1.02+++ 1.00
Realized and unrealized gain (loss)--net (.17) .13 (.58) --++++ .24 (.07)
Less dividends to Preferred Stock
shareholders from investment income (.14) (.26) (.15) (.07) (.07) (.10)
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .17 .84 .26 .93 1.19 .83
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends to Common Stock
shareholders from investment income (.34) (.78) (.91) (.93) (.89) (.89)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting
from the issuance of Preferred Stock -- --++++++ (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.43 $ 14.60 $ 14.54 $ 15.21 $ 15.21 $ 14.91
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 13.63 $ 13.97 $ 14.41 $ 14.54 $ 13.75 $ 13.45
============== =========== =========== =========== =========== ===========
Total Investment Return*
Based on net asset value per share 1.31%++++++++ 6.09% 1.73% 6.78% 8.82% 6.36%
============== =========== =========== =========== =========== ===========
Based on market price per share .00%++++++++ 2.42% 5.47% 12.91% 9.06% 3.70%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of reimbursement and
excluding interest expense and fees** 1.12%+++++ 1.13% 1.07% 1.05% 1.01% 1.12%
============== =========== =========== =========== =========== ===========
Total expenses, net of reimbursement** 1.68%+++++ 1.64% 1.46% 1.26% 1.20% 1.39%
============== =========== =========== =========== =========== ===========
Total expenses** 1.68%+++++ 1.65% 1.47% 1.28% 1.22% 1.39%
============== =========== =========== =========== =========== ===========
Total investment income--net** 6.65%+++++ 6.72% 6.57% 6.61% 6.73% 6.91%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred Stock
shareholders 1.99%+++++ 1.78% .97% .47% .47% .66%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common Stock
shareholders 4.66%+++++ 4.94% 5.60% 6.14% 6.26% 6.25%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.52%+++++ 3.13% 1.96% .96% .97% 1.36%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield Michigan Insured Fund II, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Stock,
end of period (in thousands) $ 174,151 $ 176,216 $ 175,264 $ 183,224 $ 183,237 $ 179,607
============== =========== =========== =========== =========== ===========
Preferred Stock outstanding at
liquidation preference, end of
period (in thousands) $ 99,000 $ 99,000 $ 99,000 $ 89,000 $ 89,000 $ 89,000
============== =========== =========== =========== =========== ===========
Portfolio turnover 6% 14% 19% 35% 27% 35%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,759 $ 2,780 $ 2,770 $ 3,059 $ 3,059 $ 3,018
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Stock Outstanding
Series A--Investment income--net $ 438 $ 779 $ 488 $ 236 $ 243 $ 343
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 434 $ 783 $ 494 $ 247 $ 245 $ 136
============== =========== =========== =========== =========== ===========
Series C++--Investment income--net $ 433 $ 791 $ 14 -- -- --
============== =========== =========== =========== =========== ===========
* 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.
** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Series C was issued on October 19, 2005.
++++ Amount is less than $(.01) per share.
++++++ Amount is less than $.01 per share.
+++ Based on average shares outstanding.
+++++ Annualized.
++++++++ Aggregate total investment return.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights BlackRock MuniYield New York Insured Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 14.40 $ 14.26 $ 14.81 $ 14.81 $ 14.83 $ 15.01
-------------- ----------- ----------- ----------- ----------- -----------
Investment income--net .45+++ .92+++ .94+++ .91+++ .97+++ .94
Realized and unrealized gain (loss)--net (.13) .23 (.50) (.01) (.09) (.19)
Dividends and distributions to Preferred
Stock shareholders:
Investment income--net (.13) (.24) (.13) (.06) (.07) (.10)
Realized gain--net -- -- -- -- -- --++
-------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .19 .91 .31 .84 .81 .65
-------------- ----------- ----------- ----------- ----------- -----------
Less dividends and distributions to
Common Stock shareholders:
Investment income--net (.33) (.77) (.84) (.84) (.83) (.83)
Realized gain--net -- -- -- -- -- --++
-------------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions to
Common Stock shareholders (.33) (.77) (.84) (.84) (.83) (.83)
-------------- ----------- ----------- ----------- ----------- -----------
Offering and underwriting costs,
including adjustments, resulting
from the issuance of Preferred Stock -- --++ (.02) -- -- --
-------------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.26 $ 14.40 $ 14.26 $ 14.81 $ 14.81 $ 14.83
============== =========== =========== =========== =========== ===========
Market price per share, end of period $ 13.70 $ 14.10 $ 13.17 $ 13.20 $ 13.25 $ 13.36
============== =========== =========== =========== =========== ===========
Total Investment Return*
Based on net asset value per share 1.43%++++++++ 6.71% 2.53% 6.53% 6.19% 4.97%
============== =========== =========== =========== =========== ===========
Based on market price per share (.48%)++++++++ 13.13% 6.24% 6.13% 5.45% 1.24%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of reimbursement and
excluding interest expense and fees** 1.02%+++++ 1.03% .96% .94% .94% .96%
============== =========== =========== =========== =========== ===========
Total expenses, net of reimbursement** 1.61%+++++ 1.56% 1.31% 1.13% 1.15% 1.08%
============== =========== =========== =========== =========== ===========
Total expenses** 1.61%+++++ 1.56% 1.31% 1.13% 1.16% 1.08%
============== =========== =========== =========== =========== ===========
Total investment income--net** 5.71%+++++ 6.50% 6.37% 6.23% 6.49% 6.37%
============== =========== =========== =========== =========== ===========
Amount of dividends to Preferred Stock
shareholders 1.79%+++++ 1.68% .87% .42% .50% .66%
============== =========== =========== =========== =========== ===========
Investment income--net, to Common Stock
shareholders 3.92%+++++ 4.82% 5.50% 5.81% 5.99% 5.71%
============== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.33%+++++ 3.09% 1.91% .95% 1.13% 1.49%
============== =========== =========== =========== =========== ===========
SEMI-ANNUAL REPORTS APRIL 30, 2007
Financial Highlights (concluded) BlackRock MuniYield New York Insured Fund, Inc.
For the Six
The following per share data and ratios Months Ended
have been derived from information April 30, 2007 For the Year Ended October 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Supplemental Data
Net assets applicable to Common Stock,
end of period (in thousands) $ 562,340 $ 567,954 $ 562,474 $ 584,248 $ 584,025 $ 584,793
============== =========== =========== =========== =========== ===========
Preferred Stock outstanding at
liquidation preference, end of
period (in thousands) $ 304,000 $ 304,000 $ 304,000 $ 259,000 $ 259,000 $ 259,000
============== =========== =========== =========== =========== ===========
Portfolio turnover 13% 43% 35% 18% 45% 72%
============== =========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,850 $ 2,868 $ 2,850 $ 3,256 $ 3,255 $ 3,258
============== =========== =========== =========== =========== ===========
Dividends Per Share on Preferred Stock Outstanding
Series A--Investment income--net $ 428 $ 820 $ 493 $ 254 $ 249 $ 334
============== =========== =========== =========== =========== ===========
Series B--Investment income--net $ 405 $ 727 $ 448 $ 203 $ 232 $ 305
============== =========== =========== =========== =========== ===========
Series C--Investment income--net $ 409 $ 759 $ 469 $ 240 $ 214 $ 356
============== =========== =========== =========== =========== ===========
Series D--Investment income--net $ 407 $ 735 $ 464 $ 231 $ 454 $ 503
============== =========== =========== =========== =========== ===========
Series E--Investment income--net $ 417 $ 824 $ 496 $ 251 $ 255 $ 356
============== =========== =========== =========== =========== ===========
Series F++++--Investment income--net $ 409 $ 766 $ 65 -- -- --
============== =========== =========== =========== =========== ===========
* 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.
** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Amount is less than $(.01) per share.
++++ Series F was issued on September 21, 2005.
+++ Based on average shares outstanding.
+++++ Annualized.
++++++++ Aggregate total investment return.
See Notes to Financial Statements.
SEMI-ANNUAL REPORTS APRIL 30, 2007
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,
as non-diversified, closed-end management investment companies. The Funds'
financial statements are prepared in conformity with U.S. generally accepted
accounting principles, which may require the use of management accruals and
estimates. Actual results may differ from these estimates. These unaudited
financial statements reflect all adjustments, which are, in the opinion of
management, necessary to present a fair statement of the results for the
interim period. All such adjustments are of a normal, recurring nature. The
Funds determine, and make available for publication, the net asset values of
their Common Stock/Shares on a daily basis. Common Stock shares and Common
Shares are listed on the New York Stock Exchange under the symbol MYC for
BlackRock MuniYield California Fund, Inc., MCA for BlackRock MuniYield
California Insured Fund, Inc., MYF for BlackRock MuniYield Florida Fund, MYM
for BlackRock MuniYield Michigan Insured Fund II, Inc. and MYN for BlackRock
MuniYield New York Insured Fund, Inc. Common Stock is listed on the American
Stock Exchange under the symbol MZA for BlackRock MuniYield Arizona Fund, Inc.
The following is a summary of significant accounting policies followed by the
Funds.
(a) Valuation of investments--Municipal bonds are traded primarily in the over-
the-counter ("OTC") markets and are valued at the last available bid price in
the OTC market or on the basis of values as obtained by a pricing service.
Pricing services use valuation matrixes that incorporate both dealer-supplied
valuations and valuation models. The procedures of the pricing service and its
valuations are reviewed by the officers of the Funds under the general
direction of each Fund's Board of Directors/Trustees. Such valuations and
procedures are reviewed periodically by each Fund's Board of Directors/
Trustees. Financial futures contracts and options thereon, which are traded on
exchanges, are valued at their closing prices as of the close of such
exchanges. Options written or purchased are valued at the last sale price in
the case of exchange-traded options. Options traded in the OTC market are
valued at the last asked price (options written) or the last bid price
(options purchased). Swap agreements are valued by quoted fair valuations
received daily by the Funds' pricing service. Short-term investments with a
remaining maturity of 60 days or less are valued at amortized cost, which
approximates market value under which method the investment is valued at cost
and any premium or discount is amortized on a straight-line basis to maturity.
Effective April 2, 2007, short-term securities purchased with a maturity of
greater than 60 days may be valued at amortized cost. Investments in open-end
investment companies are valued at their net asset value each business day.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of each Fund's Board of Directors/Trustees.
(b) Derivative financial instruments--Each Fund may engage in various
portfolio investment strategies both to increase the return of the Fund and to
hedge, or protect, its exposure to interest rate movements and movements in
the securities markets. Losses may arise due to changes in the value of the
contract due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform under the contract. The counterparty
for certain instruments may pledge cash or securities as collateral.
* Financial futures contracts--Each Fund 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, the Fund deposits, and maintains as collateral, such initial margin
as required by the exchange on which the transaction is effected. Pursuant to
the contract, the 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 the Fund as
unrealized gains or losses. When the contract is closed, the 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.
* Options--Each Fund may purchase and write call and put options. When the
Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability
is subsequently marked-to-market to reflect the current market value of the
option written. When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or deducted from)
the basis of the security acquired or deducted from (or added to) the proceeds
of the security sold. When an option expires (or the Fund enters into a
closing transaction), the Fund realizes a gain or loss on the option to the
extent of the premiums received or paid (or gain or loss to the extent the
cost of the closing transaction exceeds the premium paid or received).
SEMI-ANNUAL REPORTS APRIL 30, 2007
Notes to Financial Statements (continued)
* Forward interest rate swaps--Each Fund 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. When the
agreement is closed, the Fund records a realized gain or loss in an amount
equal to the value of the agreement.
* Swaps--Each Fund may enter into swap agreements, which are OTC contracts in
which each Fund and a counterparty agree to make periodic net payments on a
specified notional amount. The net payments can be made for a set period of
time or may be triggered by a predetermined credit event. The net periodic
payments may be based on a fixed or variable interest rate; the change in
market value of a specified security, basket of securities or index; or the
return generated by a security. These periodic payments received or made by
each 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). Risks
include changes in the returns of the underlying instruments, failure of the
counterparties to perform under the contracts' terms and the possible lack of
liquidity with respect to the swap agreements.
(c) Municipal Bonds Held in Trust--The Funds invest in leveraged residual
certificates ("TOB Residuals") issued by tender option bond trusts ("TOBs"). A
TOB is established by a third party sponsor forming a special purpose entity,
into which a Fund, or an agent on behalf of the Fund, transfers municipal
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, which are generally issued to the Fund which made the
transfer or to affiliates of the Fund. Each Fund's transfers of the municipal
securities to a TOB do not qualify for sale treatment under Statement of
Financial Accounting Standards No. 140 "Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities," therefore the
municipal securities deposited into a TOB are presented in the Funds'
schedules of investments and the proceeds from the transactions are reported
as a liability for trust certificates. Similarly, proceeds from residual
certificates issued to affiliates, if any, from the transaction are included
in the liability for trust certificates. Interest income from the underlying
security 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 a
Fund. 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. The residual interests held by the Funds
include the right of the Funds (1) to cause the holders of a proportional
share of floating rate certificates to tender their certificates at par, and
(2) to transfer a corresponding share of the municipal securities from the TOB
to the Funds. At April 30, 2007, the aggregate value of the underlying
municipal securities transferred to TOBs and the liability for trust
certificates were:
Underlying
Municipal
Liability for Range of Bonds
Trust Interest Transferred
Certificates Rates to TOBs
BlackRock MuniYield 3.95% -
Arizona Fund, Inc. $ 6,430,000 3.97% $ 13,862,904
BlackRock MuniYield 3.91% -
California Fund, Inc. $56,897,500 3.95% $120,380,847
BlackRock MuniYield
California Insured 3.91% -
Fund, Inc. $76,281,845 3.95% $149,567,855
BlackRock MuniYield
Florida Fund $17,047,500 3.90% $ 37,047,229
BlackRock MuniYield
Michigan Insured 3.95% -
Fund II, Inc. $23,672,595 4.02% $ 49,475,401
BlackRock MuniYield
New York Insured 3.96% -
Fund, Inc. $84,995,000 3.99% $182,912,339
Financial transactions executed through TOBs generally will underperform the
market for fixed rate municipal bonds in a rising interest rate environment,
but tend to outperform the market for fixed rate municipal bonds when interest
rates decline or remain relatively stable. Should short-term interest rates
rise, the Funds' investment in TOB Residuals likely will adversely affect the
Funds' investment income - net and distributions to shareholders. Fluctuations
in the market value of municipal securities deposited into the TOB may
adversely affect the Fund's net asset values per share.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Notes to Financial Statements (continued)
While the Funds' investment policies and restrictions expressly permit
investments in inverse floating rate securities such as TOB Residuals, they
generally do not allow the Funds to borrow money for purposes of making
investments. The Funds' management believes that the Funds' restrictions on
borrowings do not apply to the secured borrowings deemed to have occurred for
accounting purposes.
(d) Income taxes--It is each Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(e) Security transactions and investment income--Security transactions are
recorded on the dates the trans-actions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Interest income is recognized on the accrual basis. The Funds amortize all
premiums and discounts on debt securities.
(f) Dividends and distributions--Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend dates.
(g) Offering costs--Direct expenses relating to the public offering of each
Fund's Preferred Stock/Shares were charged to Common Stock/Shares capital at
the time of issuance of the shares. Any adjustments to estimates of offering
costs were recorded to capital.
(h) Bank overdraft--The BlackRock MuniYield Arizona Fund, Inc. recorded a bank
overdraft, which resulted from management estimates of available cash.
(i) Recent accounting pronouncements--In July 2006, the Financial Accounting
Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes--an interpretation of FASB Statement No. 109."
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 mutual funds, before being
measured and recognized in the financial statements. Adoption of FIN 48 is
required for the last net asset value calculation in the first required
financial statement reporting period for fiscal years beginning after December
15, 2006. The impact on each of the Fund's financial statements, if any, is
currently being assessed.
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
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS
157 and its impact on each of the Fund's financial statements, if any, has not
been determined.
In addition, in February 2007, FASB issued "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), which 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 presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is
evaluating the implications of FAS 159 and its impact on each of the Fund's
financial statements, if any, has not been determined.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Investment Advisory Agreement between each Fund and BlackRock Advisors,
LLC (the "Manager"), an indirect, wholly owned subsidiary of BlackRock, Inc.,
became effective on September 29, 2006. Prior to September 29, 2006, Fund
Asset Management, L.P. ("FAM") was the Funds' manager. The general partner of
FAM is Princeton Services, Inc. ("PSI"), an indirect, wholly owned subsidiary
of Merrill Lynch & Co. Inc. ("Merrill Lynch"), which is the limited partner.
Merrill Lynch and The PNC Financial Services Group, Inc. are principal owners
of BlackRock, Inc.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Notes to Financial Statements (continued)
The Manager is responsible for the management of each Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Fund. For such services, each Fund
pays a monthly fee at an annual rate of .50% of the Fund's average daily net
assets, including proceeds from the issuance of Preferred Stock/Shares. The
Manager has agreed to reimburse its management fee by the amount of management
fees each Fund pays to the Manager indirectly through its investments
described below:
For the Six
Months Ended
April 30, 2007
Reimbursement
Investment by Manager
BlackRock MuniYield CMA Arizona Municipal
Arizona Fund, Inc. Money Fund $ 3,400
BlackRock MuniYield CMA California Municipal
California Fund, Inc. Money Fund $27,242
BlackRock MuniYield
California Insured CMA California Municipal
Fund, Inc. Money Fund $12,030
BlackRock MuniYield CMA Florida Municipal
Florida Fund Money Fund $ 8,773
BlackRock MuniYield
Michigan Insured CMA Michigan Municipal
Fund II, Inc. Money Fund $ 7,195
BlackRock MuniYield
New York Insured CMA New York Municipal
Fund, Inc. Money Fund $ 7,178
In addition, the Manager has entered into separate sub-advisory agreements
with BlackRock Investment Management, LLC, an affiliate of the Manager, with
respect to each Fund, under which the Manager pays the Sub-Adviser, for
services it provides, a monthly fee that is a percentage of the management fee
paid by each Fund to the Manager.
For the six months ended April 30, 2007, the Funds reimbursed the Manager for
certain accounting services. The reimbursements were as follows:
Reimbursement
to the Manager
BlackRock MuniYield
Arizona Fund, Inc. $ 1,015
BlackRock MuniYield
California Fund, Inc. $ 4,752
BlackRock MuniYield
California Insured
Fund, Inc. $ 7,580
BlackRock MuniYield
Florida Fund $ 3,010
BlackRock MuniYield
Michigan Insured
Fund II, Inc. $ 2,640
BlackRock MuniYield
New York Insured
Fund, Inc. $ 8,596
Certain officers and/or directors/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, 2007 were as follows:
Total Total
Purchases Sales
BlackRock MuniYield Arizona
Fund, Inc. $ 17,747,463 $ 15,321,066
BlackRock MuniYield California
Fund, Inc. $ 68,119,182 $ 57,397,237
BlackRock MuniYield California
Insured Fund, Inc. $102,183,070 $109,496,053
BlackRock MuniYield
Florida Fund $ 34,133,904 $ 27,165,079
BlackRock MuniYield Michigan
Insured Fund II, Inc. $ 18,322,244 $ 17,300,691
BlackRock MuniYield New York
Insured Fund, Inc. $129,977,375 $120,339,215
4. Stock/Share 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, including Preferred
Stock, par value $.10 per share, except that Series A and Series B of
BlackRock MuniYield California Fund, Inc. and BlackRock MuniYield California
Insured Fund, Inc., BlackRock MuniYield Michigan Insured Fund II, Inc.
Preferred Stock, Series A and all series of BlackRock MuniYield New York
Insured Fund, Inc. Preferred Stock, which have a par value of $.05 per share,
and all of which were initially classified as Common Stock. The respective
Board of Directors is authorized, however, to reclassify any unissued shares
of stock without approval of holders of Common Stock.
BlackRock MuniYield Florida Fund is authorized to issue an unlimited number of
common shares of beneficial interest, including Preferred Shares, par value
$.05 per share, 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.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Notes to Financial Statements (continued)
Common Stock/Shares
BlackRock MuniYield Arizona Fund, Inc.
Shares issued and outstanding during the six months ended April 30, 2007 and
for the year ended October 31, 2006 increased by 8,235 and 22,850,
respectively, as a result of dividend reinvestment.
BlackRock MuniYield California Fund, Inc.
Shares issued and outstanding during the six months ended April 30, 2007 and
the year ended October 31, 2006 remained constant.
BlackRock MuniYield California Insured Fund, Inc.
Shares issued and outstanding during the six months ended April 30, 2007
and the year ended October 31, 2006 remained constant.
BlackRock MuniYield Florida Fund
Shares issued and outstanding during the six months ended April 30, 2007
remained constant. Shares issued and outstanding during the year ended
October 31, 2006 increased by 6,144 as a result of dividend reinvestments.
BlackRock MuniYield Michigan Insured Fund II, Inc.
Shares issued and outstanding during the six months ended April 30, 2007
remained constant. Shares issued and outstanding during the year ended
October 31, 2006 increased by 15,590 as a result of dividend reinvestments.
BlackRock MuniYield New York Insured Fund, Inc.
Shares issued and outstanding during the six months ended April 30, 2007 and
the year ended October 31, 2006 remained constant.
Preferred Stock/Shares
Auction Market Preferred Stock/Shares are redeemable Stock/Shares of the
Funds, with 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, 2007 were as follows:
BlackRock
BlackRock BlackRock MuniYield
MuniYield MuniYield California
Arizona California Insured
Fund, Inc. Fund, Inc. Fund, Inc.
Series A 3.75% 3.72% 3.75%
Series B 3.78% 3.85% 3.80%
Series C 3.75% 3.55% 3.80%
Series D -- 3.80% 3.70%
Series E -- -- 3.50%
Series F -- -- 3.75%
BlackRock BlackRock
BlackRock MuniYield MuniYield
MuniYield Michigan New York
Florida Insured Insured
Fund Fund II, Inc. Fund, Inc.
Series A 3.88% 3.85% 3.45%
Series B 3.75% 3.85% 3.78%
Series C 3.82% 3.80% 3.50%
Series D -- -- 3.85%
Series E -- -- 3.75%
Series F -- -- 3.80%
Shares issued and outstanding for each of the Funds during the six months
ended April 30, 2007 and the year ended October 31, 2006 remained constant.
The Funds pay commissions to certain broker-dealers at the end of each auction
at an annual rate ranging from .25% to .375%, calculated on the proceeds of
each auction. For the six months ended April 30, 2007, Merrill Lynch, Pierce,
Fenner & Smith Incorporated earned commissions as follows:
Commissions
BlackRock MuniYield Arizona Fund, Inc. $ 26,854
BlackRock MuniYield California Fund, Inc. $ 69,430
BlackRock MuniYield California Insured Fund, Inc. $103,519
BlackRock MuniYield Florida Fund $ 71,262
BlackRock MuniYield Michigan Insured Fund II, Inc. $ 59,693
BlackRock MuniYield New York Insured Fund, Inc. $166,203
SEMI-ANNUAL REPORTS APRIL 30, 2007
Notes to Financial Statements (concluded)
5. Capital Loss Carryforward:
BlackRock MuniYield California Fund, Inc.
On October 31, 2006, the Fund had a net capital loss carryforward of
$550,482, of which $196,636 expires in 2008 and $353,846 expires in 2011. This
amount will be available to offset like amounts of any future taxable gains.
BlackRock MuniYield California Insured Fund, Inc.
On October 31, 2006, the Fund had a net capital loss carryforward of
$10,603,976, of which $3,017,271 expires in 2008, $9,668 expires in 2009,
$4,901,089 expires in 2011 and $2,675,948 expires in 2012. This amount will be
available to offset like amounts of any future taxable gains.
BlackRock MuniYield Florida Fund
On October 31, 2006, the Fund had a net capital loss carryforward of
$7,873,840, of which $6,398,903 expires in 2008, and $1,474,937 expires in
2012. This amount will be available to offset like amounts of any future
taxable gains.
BlackRock MuniYield Michigan Insured Fund II, Inc.
On October 31, 2006, the Fund had a net capital loss carryforward of
$4,762,695, of which $2,423,591 expires in 2008, $1,050,253 expires in 2010
and $1,288,851 expires in 2012. This amount will be available to offset like
amounts of any future taxable gains.
BlackRock MuniYield New York Insured Fund, Inc.
On October 31, 2006, the Fund had a net capital loss carryforward of
$30,749,752 with $8,051,889 expiring in 2008, $3,007,157 expiring in 2010,
$16,583,200 expiring in 2012 and $3,107,506 expiring in 2014. This amount will
be available to offset like amounts of any future taxable gains.
6. Subsequent Event:
BlackRock MuniYield Arizona Fund, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock
in the amount of $.057000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
BlackRock MuniYield California Fund, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock
in the amount of $.055000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
BlackRock MuniYield California Insured Fund, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock
in the amount of $.056000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
BlackRock MuniYield Florida Fund
The Fund paid a tax-exempt income dividend to holders of Common Shares
in the amount of $.058000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
BlackRock MuniYield Michigan Insured Fund II, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock
in the amount of $.056000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
BlackRock MuniYield New York Insured Fund, Inc.
The Fund paid a tax-exempt income dividend to holders of Common Stock
in the amount of $.054000 per share on June 1, 2007 to shareholders of
record on May 15, 2007.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Investment Objectives
AMEX Symbol BlackRock MuniYield Arizona Fund, Inc. seeks to provide
MZA 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, investment grade municipal
obligations the interest on which, in the opinion of bond counsel
to the issuer, is exempt from federal and Arizona income taxes.
NYSE Symbol BlackRock MuniYield California Fund, Inc. seeks to provide
MYC 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 issuer,
is exempt from federal and California income taxes.
NYSE Symbol BlackRock MuniYield California Insured Fund, Inc. seeks to provide
MCA 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 issuer, is exempt from federal and California income taxes.
NYSE Symbol BlackRock MuniYield Florida Fund seeks to provide shareholders
MYF 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 issuer, is exempt from federal
income taxes and which enables shares of the Fund to be exempt
from Florida intangible personal property taxes.
NYSE Symbol BlackRock MuniYield Michigan Insured Fund II, Inc. seeks to
MYM 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 issuer,
is exempt from federal and Michigan income taxes.
NYSE Symbol BlackRock MuniYield New York Insured Fund, Inc. seeks to provide
MYN 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 management by investing primarily in a
portfolio of long-term municipal obligations the interest on
which, in the opinion of bond counsel to the issuer, is exempt
from federal income tax and New York State and New York City
personal income taxes.
SEMI-ANNUAL REPORTS APRIL 30, 2007
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 non-public personal information. The following information
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 non-public information from and about
you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on
applications, forms or other documents; (ii) information about your
transactions with us, our affiliates, or others; (iii) information we receive
from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to non-affiliated 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 non-affiliated 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 non-
public 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 non-public personal information of its Clients, including procedures
relating to the proper storage and disposal of such information.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third
quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are
available on the SEC's Web site at http://www.sec.gov. The Funds' Forms N-Q
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 1-800-SEC-0330.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Funds' Web site. Shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Funds' electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisers, banks or brokerages may offer this service.
SEMI-ANNUAL REPORTS APRIL 30, 2007
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this
semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to this
semi-annual report
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable to this semi-annual
report
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable to this semi-annual report
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating Committee will consider nominees to the
Board recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
which include biographical information and set forth the
qualifications of the proposed nominee to the registrant's
Secretary. There have been no material changes to these procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
11(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 second fiscal quarter
of the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield California Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.
Date: June 19, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock MuniYield California Fund, Inc.
Date: June 19, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Financial Officer of
BlackRock MuniYield California Fund, Inc.
Date: June 19, 2007