UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File number 811-6540
Name of Fund: BlackRock MuniYield Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniYield Insured Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ
08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.5% $ 5,000 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 4.75%
due 1/01/2025 $ 5,070
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Alaska - 0.4% 3,694 Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth
Series, 6% due 7/01/2018 (g) 4,303
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Arizona - 2.2% 21,355 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5%
due 7/01/2036 (c) 22,307
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California - 28.1% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation
Revenue Refunding Bonds, Subordinate Lien, Series A, 5.40% due 10/01/2012 (a)(j) 8,121
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (b) 5,266
10,000 California Infrastructure and Economic Development Bank, Bay Area Toll Bridges
Revenue Bonds, First Lien, Series A, 5% due 7/01/2025 (c)(i) 11,128
5,500 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.25% due 6/01/2028 5,810
3,755 California State Public Works Board, Lease Revenue Bonds (Department of General
Services), Series D, 5.25% due 6/01/2028 3,966
5,250 California State Public Works Board, Lease Revenue Bonds (Department of Mental
Health - Coalinga State Hospital), Series A, 5.125% due 6/01/2029 5,499
12,000 California State, Various Purpose, GO, 5.25% due 11/01/2029 12,748
32,000 California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 (d) 33,540
7,740 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 8,538
6,600 California Statewide Communities Development Authority, Revenue Refunding Bonds
(Kaiser Permanente), Series A, 5% due 4/01/2031 6,839
4,205 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2034 (g) 4,467
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002),
5.50% due 8/01/2028 (b) 6,355
13,155 Huntington Beach, California, Union High School District, GO (Election of 2004),
5% due 8/01/2029 (g) 13,835
Portfolio Abbreviations
To simplify the listings of BlackRock MuniYield Insured Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of many
of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DATES Daily Adjustable Tax-Exempt Securities
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
PILOT Payment in Lieu of Taxes
PCR Pollution Control Revenue Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20%
due 5/15/2027 (b) $ 1,053
22,750 Los Angeles, California, Unified School District, GO, Series A, 5%
due 7/01/2013 (b)(f) 24,385
12,775 Los Angeles, California, Water and Power Revenue Bonds (Power System), Series B,
5% due 7/01/2035 (g) 13,344
35,200 Los Angeles, California, Water and Power Revenue Bonds (Power System),
Sub-Series A-1, 5% due 7/01/2035 (g) 37,127
7,500 Modesto, California, Irrigation District, COP, Refunding and Capital Improvements,
Series A, 5% due 10/01/2036 (a) 7,917
10,365 Pasadena, California, Area Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2031 (a) 10,992
145 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 153
10,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (e) 10,413
3,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Refunding Bonds (Jurupa Valley Project and Interstate 215 Corridor Project), 5%
due 10/01/2023 (b) 3,189
10,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds,
5% due 7/01/2036 (g) 10,492
8,170 San Francisco, California, Community College District, GO (Election of 2001),
Series C, 5% due 6/15/2029 (g) 8,678
10,760 San Jose, California, Financing Authority, Lease Revenue Refunding Bonds (Civic
Center Project), Series A, 5% due 6/01/2037 (a) 11,342
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.25% due 9/01/2034 (c) 8,866
12,000 West Valley Mission Community College District, California, GO (Election of 2004),
Series A, 5% due 8/01/2030 (g) 12,707
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District of 25,000 District of Columbia, Ballpark Revenue Bonds, Series B-1, 5% due 2/01/2031 (c) 26,276
Columbia - 3.6% 10,000 District of Columbia, Ballpark Revenue Bonds, Series B-1, 5% due 2/01/2035 (c) 10,487
8,500 Washington, D.C., Convention Center Authority, Dedicated Tax Revenue Refunding Bonds,
Senior Lien, Series A, 5% due 10/01/2026 (a) 8,980
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Florida - 3.8% 10,000 Florida State Board of Education, Public Education, Capital Outlay, GO, Series A,
4.50% due 6/01/2036 (g) 9,887
4,715 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 4,981
8,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds (Adventist Health System), Series G, 5.125% due 11/15/2032 9,056
1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2027 (c) 1,053
2,875 Pinellas County, Florida, Health Facilities Authority, Revenue Refunding Bonds
(Pooled Hospital Loan Program), DATES, VRDN, 3.68% due 12/01/2015 (a)(h) 2,875
10,900 Sunshine State Governmental Financing Commission, Florida, Revenue Bonds, VRDN, 3.72%
due 7/01/2016 (a)(h) 10,900
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Georgia - 4.0% 26,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, AMT, Series A, 5.125%
due 1/01/2030 (g) 27,617
12,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25%
due 1/01/2033 (g) 13,337
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 0.5% $ 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) $ 2,142
3,000 Hawaii State Harbor System Revenue Bonds, AMT, Series A, 5% due 1/01/2031 (g) 3,116
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Illinois - 3.5% 15,400 Chicago, Illinois, GO, Series C, 5% due 1/01/2035 (b) 16,029
1,500 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, Third Lien,
AMT, Series C-2, 5.25% due 1/01/2034 (e) 1,570
5,000 Illinois State, GO, 5% due 4/01/2028 (a) 5,263
6,035 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (g) 6,706
4,800 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds (McCormick Place Expansion Project), Series B, 5.75%
due 6/15/2023 (b) 5,234
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%
due 6/01/2020 (c) 1,361
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Indiana - 5.3% 2,250 Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess
Hospital Obligated Group), Series A, 5.375% due 3/01/2034 (a) 2,401
3,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2026 (c) 3,228
14,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2028 (c) 14,983
20,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2029 (c) 21,404
2,705 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Bonds (Waterworks
Project), Series A, 5.125% due 7/01/2027 (b) 2,828
2,000 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds
(Indianapolis Airport Authority Project), AMT, Series B, 5.25% due 1/01/2028 (b) 2,127
6,525 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds
(Indianapolis Airport Authority Project), AMT, Series B, 5.25% due 1/01/2030 (b) 6,935
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Kansas - 0.4% 4,100 Sedgwick County, Kansas, Unified School District Number 261, GO, Refunding, 5%
due 11/01/2032 (g) 4,363
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Louisiana - 2.6% 3,750 Louisiana Local Government, Environmental Facilities, Community Development Authority
Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30%
due 7/01/2030 (a) 4,454
6,615 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 6,939
4,500 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5% due 5/01/2025 (e) 4,749
3,545 New Orleans, Louisiana, GO (Public Improvements), 5% due 10/01/2033 (b) 3,665
6,690 New Orleans, Louisiana, GO, Refunding, 5% due 12/01/2029 (b) 6,991
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Massachusetts - 3.4% 2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B,
5.40% due 12/01/2028 (b) 2,564
12,805 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15%
due 7/01/2026 (g) 13,028
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (b) 7,886
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.75%
due 1/01/2014 (c)(f) 11,144
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Michigan - 5.8% 28,600 Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Bonds, Series B,
5% due 7/01/2036 (c) 30,068
4,150 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien, VRDN, Series B, 3.68%
due 7/01/2033 (g)(h) 4,150
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,325 Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT,
Series XVII-Q, 5% due 3/01/2031 (a) $ 4,461
20,000 Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan Wayne
County Airport), AMT, 5% due 12/01/2029 (b) 20,780
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Missouri - 3.3% 7,930 Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds
(Latan 2 Project), Series A, 5% due 1/01/2027 (a) 8,397
8,325 Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds
(Latan 2 Project), Series A, 5% due 1/01/2028 (a) 8,816
145 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeownership Loan Program), AMT, Series C-1, 7.15% due 3/01/2032 (k) 155
5,000 Missouri State Housing Development Commission, S/F Mortgage Revenue Refunding Bonds
(Homeownership Loan Program), AMT, Series D-1, 5% due 9/01/2037 (k)(l) 5,102
10,435 Saint Louis, Missouri, Airport Revenue Refunding Bonds (Lambert International
Airport), Series A, 5% due 7/01/2025 (g) 11,070
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Nebraska - 4.5% 1,300 Lancaster County, Nebraska, Hospital Authority Number 1, Hospital Revenue Bonds
(BryanLGH Medical Center Project), VRDN, 3.73% due 6/01/2018 (a)(h) 1,300
15,435 Nebraska Public Power District Revenue Bonds, Series A, 5% due 1/01/2035 (a) 16,123
6,780 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First
Tier, Series A, 5.125% due 4/01/2032 (a) 7,068
10,000 Public Power Generation Agency, Nebraska, Revenue Bonds (Whelan Energy Center
Unit 2), Series A, 5% due 1/01/2032 (a) 10,560
10,000 Public Power Generation Agency, Nebraska, Revenue Bonds (Whelan Energy Center
Unit 2), Series A, 5% due 1/01/2037 (a) 10,543
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Nevada - 5.9% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2030 (c) 26,052
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare West),
Series A, 5.625% due 7/01/2024
6,445
1,165 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 1,249
26,250 Truckee Meadows, Nevada, Water Authority, Water Revenue Refunding Bonds, 4.50%
due 7/01/2030 (g) 26,174
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New Hampshire - 1.0% 10,000 New Hampshire State Business Finance Authority, PCR, Refunding (Public Service
Company Project), AMT, Series B, 4.75% due 5/01/2021 (b) 10,159
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New Jersey - 5.3% 16,000 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.75% due 11/01/2028 (g) 19,435
3,060 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 3,288
2,610 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 2,747
14,135 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 15,098
20,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 4.96% due 12/15/2035 (a)(j) 5,487
20,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 5.03% due 12/15/2036 (a)(j) 5,247
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,880 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects), 5.50%
due 1/01/2014 (b)(f) $ 3,133
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New Mexico - 0.2% 1,605 New Mexico Educational Assistance Foundation, Student Loan Revenue Refunding Bonds
(Student Loan Program), AMT, First Sub-Series A-2, 6.65% due 11/01/2025 1,609
445 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2,
6.95% due 9/01/2031 (k) 451
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New York - 17.1% 10,250 Long Island Power Authority, New York, Electric System Revenue Bonds, Series A, 5.10%
due 9/01/2029 10,785
12,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(i) 12,815
26,540 New York City, New York, City IDA, PILOT Revenue Bonds (Yankee Stadium Project), 5%
due 3/01/2036 (b) 28,071
30,000 New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System, Revenue Refunding Bonds, Series B, 5% due 6/15/2036 (g) 31,470
1,880 New York City, New York, GO, Series B, 5.875% due 8/01/2016 (b) 2,018
10,000 New York City, New York, GO, Series J, 5.25% due 5/15/2024 10,659
1,000 New York City, New York, GO, Series J, 5.25% due 5/15/2025 1,069
20,000 New York City, New York, GO, Series M, 5% due 4/01/2030 (m) 21,039
6,000 New York City, New York, GO, Sub-Series C-1, 5.25% due 8/15/2026 6,403
9,000 New York Liberty Development Corporation, Revenue Bonds (Goldman Sachs Headquarters),
5.25% due 10/01/2035 10,303
11,865 New York State Dormitory Authority, Supported Debt Revenue Bonds (Mental Health
Services Facilities Improvement), Series E, 5% due 2/15/2035 12,375
6,645 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds,
Series B, 5% due 3/15/2030 (g) 6,998
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, One
Hundred Thirty-Seventh Series, 5.125% due 7/15/2030 (g) 20,542
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Pennsylvania - 2.4% 12,115 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due 6/01/2034 (c) 12,740
6,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.25% due 6/01/2034 (c) 6,386
5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 5,918
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South 5,000 Berkeley County, South Carolina, School District, Installment Lease Revenue Bonds
Carolina - 4.1% (Securing Assets for Education Project), 5.125% due 12/01/2030 5,270
3,895 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2028 (m) 4,188
3,465 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2029 (m) 3,726
1,160 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2030 (m) 1,246
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,775 Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue
Refunding Bonds, 5% due 12/01/2030 (d) $ 3,957
3,690 Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue
Refunding Bonds, 5% due 12/01/2031 (d) 3,865
1,000 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 1,037
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A, 5%
due 10/01/2029 (a) 18,740
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Tennessee - 4.7% 1,620 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A-1-D 3.69% due 6/01/2025 (a)(h) 1,620
3,000 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A-1G 3.69% due 6/01/2017 (a)(h) 3,000
1,000 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A-2F 3.69% due 6/01/2021(a)(h) 1,000
2,000 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A3A, 3.69% due 6/01/2026 (a)(h) 2,000
1,200 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series D-1-A, 3.69% due 6/01/2030(a)(h) 1,200
2,175 Sevier County, Tennessee, Public Building Authority , Local Government Public
Improvement Revenue Bonds VI, VRDN, Series D-4, 3.69% due 6/01/2025(a)(h) 2,175
4,255 Sevier County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series IV-E-1, 3.71% due 6/01/2030 (a)(h) 4,255
500 Sevier County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series IV-E-5, 3.69% due 6/01/2020 (a)(h) 500
100 Sevier County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series VI-E-1, 3.69% due 6/01/2020 (a)(h) 100
20,000 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series A, 5.25%
due 9/01/2026 22,327
1,795 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.05%
due 7/01/2012 1,840
2,250 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.15%
due 7/01/2014 2,290
3,110 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.25%
due 7/01/2022 (g) 3,199
2,205 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%
due 1/01/2026 (g) 2,269
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Texas - 9.4% 10,100 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Scott & White Memorial Hospital), VRDN, Series 2001-2, 3.68% due 8/15/2031 (b)(h) 10,100
1,880 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding Bonds,
6.35% due 5/01/2025 (b) 1,890
1,000 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series A,
5% due 11/01/2035 (g) 1,008
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,665 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2019 (b) $ 1,785
3,500 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2020 (b) 3,752
10,000 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.25% due 11/15/2030 (b) 10,508
27,075 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 3.72% due 10/01/2029 (b)(h) 27,075
2,320 North Central Texas, Health Facility Development Corporation Revenue Bonds (Methodist
Hospitals-Dallas), VRDN, Series B, 3.72% due 10/01/2015 (b)(h) 2,320
15,000 North Texas Municipal Water District, Texas, Water System Revenue Bonds, 5%
due 9/01/2031 (b) 15,829
5,890 North Texas Thruway Authority, Dallas North Thruway System Revenue Bonds, Series A,
5% due 1/01/2035 (g) 6,148
4,825 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds,
AMT, Series A, 5.45% due 9/01/2023 (b)(k) 5,001
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 10,698
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Vermont - 0.1% 565 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 568
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Virginia - 1.0% 2,500 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion
Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,721
7,695 Virginia Port Authority, Port Facilities Revenue Bonds, AMT, 5% due 7/01/2036 (c) 7,959
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Washington - 18.5% 2,545 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2026 (b) 2,740
2,455 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2027 (b) 2,630
2,850 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2028 (b) 3,055
3,000 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2029 (b) 3,217
17,600 Bellevue, Washington, GO, Refunding, 5% due 12/01/2034 (b) 18,399
3,030 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Bonds (Chelan Hydro System), AMT, Series A, 5.45% due 7/01/2037 (a) 3,203
6,595 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT, Series B, 6.35% due 7/01/2026 (b) 6,789
6,000 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT, Series C, 5.65% due 7/01/2032 (b) 6,402
10,000 King County, Washington, School District Number 401 (Highline), GO, 5.25%
due 12/01/2025 (g) 10,872
20,625 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT,
Series B, 5% due 10/01/2032 (c) 21,557
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75%
due 6/01/2032 (b) 10,641
1,720 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75%
due 11/01/2009 (b)(f) 1,825
4,945 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%
due 12/01/2025 (b) 5,302
5,450 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%
due 12/01/2026 (b) 5,843
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 5,300 Tacoma, Washington, Regional Water Supply System, Water Revenue Bonds, 5%
due 12/01/2032 (b) $ 5,492
7,250 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series B, 5.50%
due 12/01/2007 (a)(f) 7,429
20,875 Washington State, GO, Refunding, Series R-A, 5% due 1/01/2026 (a) 22,183
21,365 Washington State, GO, Series C, 5% due 1/01/2029 (c) 22,668
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence Health
System), Series A, 5.25% due 10/01/2021 (b) 7,302
12,035 Washington State, Motor Vehicle Fuel Tax, GO, Series B, 5% due 7/01/2031 (g) 12,719
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.6% 5,925 Harrison County, West Virginia, County Commission for Solid Waste Disposal Revenue
Bonds (Monongahela Power), AMT, Series C, 6.75% due 8/01/2024 (a) 5,938
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.4% 3,395 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth Inc.), 6% due 11/15/2032 3,672
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $1,402,218) - 142.6% 1,456,811
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (p)
-----------------------------------------------------------------------------------------------------------------------------------
California - 6.5% 12,900 California State, GO, 5.50% due 4/01/2030 (b) 14,058
14,900 California State, Various Purpose, GO, 5.50% due 11/01/2033 (b) 16,100
10,030 Gavilan, California, Joint Community College District, GO (Election of 2004),
Series A, 5.50% due 8/01/2028 (a) 10,990
14,000 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 14,761
9,460 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%
due 11/01/2027 (c) 10,017
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.1% 10,750 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2025 (c) 11,324
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 8.1% 16,400 Chicago, Illinois, O'Hare International Airport, General Airport Revenue Refunding
Bonds, Third Lien, AMT, Series C-2, 5.25% due 1/01/2030 (g) 17,173
16,680 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 5.25% due 1/01/2027 (b) 17,477
26,230 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2027 (b) 29,187
17,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (e) 19,161
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.5% 15,000 Louisiana Public Facilities Authority, Mortgage Revenue Refunding Bonds (Baton Rouge
General Medical Center Project), 5.25% due 7/01/2033 (b) 15,877
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 1.4% 8,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series A, 5.50% due 6/01/2030 (e) 8,577
5,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series C, 5.65% due 9/01/2029 (e) 5,297
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 1.3% 12,675 Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series A, 5.25%
due 7/01/2034 (a) 13,338
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Held in Trust (p) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.1% $14,665 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2031 (b) $ 15,663
15,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2033 (b) 16,021
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 0.9% 8,680 Oklahoma State Industries Authority Revenue Refunding Bonds (Health System-Obligation
Group), Series A, 5.75% due 8/15/2029 (b) 9,143
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.7% 15,600 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Series A, 5.50%
due 12/01/2031 (a) 17,115
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 6.8% 21,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A, 5.50%
due 11/01/2033 (b) 22,487
15,000 Dallas-Fort Worth, Texas, International Airport, Revenue Refunding and Improvement
Bonds, AMT, Series A, 5.625% due 11/01/2026 (c) 15,917
30,000 Houston, Texas, Airport System Revenue Refunding Bonds, Sub-Lien, Series B, 5.50%
due 7/01/2030 (g) 31,413
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 4.2% 20,565 Port Seattle, Washington, Revenue Refunding Bonds, Series B, AMT, 5.20%
due 7/01/2029 (b) 21,463
20,000 Washington State, Various Purpose, GO, Series A, 5.625% due 7/01/2010 (b)(f) 21,178
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $354,370) - 36.6% 373,737
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
22,600 Merrill Lynch Institutional Tax-Exempt Fund, 3.46% (n)(o) 22,600
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $22,600) - 2.2% 22,600
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,779,188*) - 181.4% 1,853,148
Liabilities in Excess of Other Assets - (8.3%) (85,258)
Liability for Trust Certificates, Including Interest Expense Payable - (17.2%) (175,842)
Preferred Stock, at Redemption Value - (55.9%) (570,554)
----------
Net Assets Applicable to Common Stock - 100.0% $1,021,494
==========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,609,430
===========
Gross unrealized appreciation $ 62,567
Gross unrealized depreciation (1,321)
-----------
Net unrealized appreciation $ 61,246
===========
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) CIFG Insured.
(e) XL Capital Insured.
(f) Prerefunded.
(g) FSA Insured.
(h) 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.
(i) Escrowed to maturity.
(j) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
(k) FNMA/GNMA Collateralized.
(l) FHLMC Collateralized.
(m) Assured Guaranty Insured.
(n) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund 22,600 $48
--------------------------------------------------------------------------
(o) Represents the current yield as of January 31, 2007.
(p) 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.
o Forward interest rate swaps outstanding as of January 31, 2007 were as
follows:
--------------------------------------------------------------------------
Unrealized
Notional Appreciation
Amount (Depreciation)
--------------------------------------------------------------------------
Pay a fixed rate of 5.339% and receive a
floating rate based on 3 month LIBOR
Broker JPMorgan Chase
Expires May 2016 $ 55,000 $ (214)
Pay a fixed rate of 5.30% and receive a
floating rate based on 3 month LIBOR
Broker, Citibank NA
Expires April 2017 $ 10,000 4
Pay a fixed rate of 5.211% and receive a
floating rate based on 3 month LIBOR
Broker, JPMorgan Chase
Expires April 2017 $ 28,000 202
Pay a fixed rate of 3.842% and receive a
floating rate based on 1-week Bond Market
Association Rate
Broker, JPMorgan Chase
Expires May 2017 $ 250,000 (938)
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Forward interest rate swaps outstanding as of January 31, 2007 were as
follows (concluded):
--------------------------------------------------------------------------
Unrealized
Notional Appreciation
Amount (Depreciation)
--------------------------------------------------------------------------
Pay a fixed rate of 5.323% and receive a
floating rate based on 3 month LIBOR
Broker, JPMorgan Chase
Expires April 2022 $ 9,000 $ 54
--------------------------------------------------------------------------
Total $ (892)
======
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrants internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal half-year of
the period covered by this report that has materially affected, or is
reasonably likely to affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniYield Insured Fund, Inc.
Date: March 26, 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
BlackRock MuniYield Insured Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniYield Insured Fund, Inc.
Date: March 26, 2007