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 811-06540
Name of Fund: BlackRock MuniYield Insured Fund, Inc. (MYI)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, 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: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 - 01/31/2008
Item 1 - Schedule of Investments
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alaska - 0.5% $ 3,695 Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth
Series, 6% due 7/01/2018 (g) $ 4,419
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Arizona - 6.6% 21,355 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A,
5% due 7/01/2036 (c) 21,099
5,000 Glendale, Arizona, Transportation Excise Tax Revenue Bonds,
4.50% due 7/01/2032 (b) 4,863
7,750 Maricopa County and Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds, AMT,
Series A-2, 5.80% due 7/01/2040 (k)(l) 8,423
13,000 Phoenix, Arizona, Civic Improvement Corporation, Wastewater System Revenue
Refunding Bonds, 5% due 7/01/2037 (b) 13,363
2,625 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5.50%
due 12/01/2029 2,631
5,535 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%
due 12/01/2032 5,155
7,750 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%
due 12/01/2037 7,121
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California - 32.2% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation
Revenue Refunding Bonds, Subordinate Lien, Series A, 5.40%
due 10/01/2024 (a)(m)(p) 8,434
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (b) 5,220
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) 11,192
10 California State, GO, 5.50% due 4/01/2030 (b) 10
10,000 California State, GO, 5% due 9/01/2035 10,020
5,000 California State, GO, 5% due 11/01/2037 5,007
5,000 California State, GO, Refunding, 5% due 6/01/2037 5,007
10,000 California State, GO, Refunding, 5% due 12/01/2037 10,015
5,500 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.25% due 6/01/2028 5,560
3,755 California State Public Works Board, Lease Revenue Bonds (Department of
General Services), Series D, 5.25% due 6/01/2028 3,796
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 5,246
18,435 California State University, Systemwide Revenue Refunding Bonds, Series A, 5%
due 11/01/2037 (g) 19,253
12,000 California State, Various Purpose, GO, 5.25% due 11/01/2029 12,322
25,000 California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 (d) 25,523
7,740 California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 8,280
4,205 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2034 (g) 4,390
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)
CABS Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
PUTTERS Puttable Tax-Exempt Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,850 Chino Basin, California, Regional Financing Authority, Revenue Refunding Bonds
(Inland Empire Utility Agency), Series A, 5% due 11/01/2038 (a) $ 2,894
10,000 Fairfield, California, COP (Fairfield Water Financing), Series A, 5%
due 4/01/2042 (e) 9,918
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002),
5.50% due 8/01/2028 (b) 6,247
10,030 Gavilan, California, Joint Community College District, GO (Election of 2004),
Series A, 5.50% due 8/01/2028 (a) 10,706
10,000 Las Virgenes, California, Unified School District, GO, Series A, 5%
due 8/01/2031 (g) 10,451
16,000 Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds,
Sub-Series A-2, 5% due 7/01/2044 (a) 16,440
10,000 Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds,
Series B1, 4.75% due 8/01/2032 (c) 10,007
15,000 Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds,
Series B1, 4.75% due 8/01/2037 (c) 14,929
7,500 Modesto, California, Irrigation District, COP, Refunding and Capital Improvements,
Series A, 5% due 10/01/2036 (a) 7,557
13,020 Monterey Peninsula Community College District, California, GO, CABS, Series C,
5.13% due 8/01/2030 (g)(p) 4,022
13,350 Monterey Peninsula Community College District, California, GO, CABS, Series C,
5.17% due 8/01/2033 (g)(p) 3,491
10,780 Orange County, California, Sanitation District, COP, Series B, 5% due 2/01/2037 (g) 11,047
10,365 Pasadena, California, Area Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2031 (a) 10,735
145 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 149
2,500 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Refunding
Bonds (Rancho Redevelopment Project), Series A, 5% due 9/01/2034 (b) 2,505
10,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (e) 9,970
10,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds,
5% due 7/01/2036 (g) 10,332
5,045 San Francisco, California, Community College District, GO (Election of 2001),
Series C, 5% due 6/15/2029 (g) 5,284
3,250 San Mateo, California, Union High School District, COP (Phase One Projects),
Series B, 4.486% due 12/15/2043 (a)(p) 1,719
10,000 Simi Valley, California, Unified School District, GO (Election of 2004),
Series C, 4.79% due 8/01/2032 (g)(p) 2,994
8,000 Southern California Public Power Authority, Natural Gas Project Number 1,
Revenue Bonds, Series A, 5% due 11/01/2033 7,708
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds
(Parking & Capital Projects), 5.25% due 9/01/2034 (c) 8,467
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Colorado - 0.8% 8,000 Colorado HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series A-3, Class III,
4.80% due 11/01/2037 (b) 7,440
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District of Columbia 10,000 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds,
- 1.0% AMT, Series B, 5% due 10/01/2032 (a) 9,929
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Florida - 3.7% 1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2027 (c) 1,017
15,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5% due 10/01/2040 (e)(n) 14,870
10,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2038 (d) 9,665
10,000 Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds,
5% due 7/01/2039 (a) 10,011
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Georgia - 1.4% 12,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25%
due 1/01/2033 (g) 12,925
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Hawaii - 0.5% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) 2,173
3,000 Hawaii State Harbor System Revenue Bonds, AMT, Series A, 5% due 1/01/2031 (g) 3,014
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Idaho - 0.0% $ 5 Idaho Housing and Financing Association, S/F Mortgage Revenue Bonds, AMT,
Series G-1, Class III, 5.125% due 1/01/2029 $ 5
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Illinois - 12.1% 15,400 Chicago, Illinois, GO, Series C, 5% due 1/01/2035 (b) 15,763
2,300 Chicago, Illinois, Midway Airport Revenue Bonds, Second Lien, AMT, Series B, 2.60%
due 1/01/2029 (b) 2,300
14,200 Chicago, Illinois, Midway Airport Revenue Bonds, Second Lien, VRDN, AMT, Series A,
2.60% due 1/01/2029 (b)(h) 14,200
8,600 Chicago, Illinois, O'Hare International Airport Revenue Bonds, PUTTERS, Series 369,
3.55% due 7/01/2011 (e)(h) 8,600
1,500 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds,
Third Lien, AMT, Series C-2, 5.25% due 1/01/2034 (e) 1,494
25,000 Illinois Municipal Electric Agency, Power Supply Revenue Bonds, Series A,
5% due 2/01/2035 (c) 25,198
15,000 Illinois Municipal Electric Agency, Power Supply Revenue Bonds, Series A,
5.25% due 2/01/2035 (c) 15,500
1,215 McLean and Woodford Counties, Illinois, Community Unit School District
Number 005, GO, Refunding, 6.375% due 12/01/2016 (g) 1,376
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) 5,214
12,000 Northern Illinois Municipal Power Agency, Power Project Revenue Refunding
Bonds (Prairie State Project), Series A, 5% due 1/01/2037 (b) 12,000
12,350 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 4.50%
due 7/01/2035 (b) 12,027
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%
due 6/01/2020 (c) 1,328
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Indiana - 4.9% 1,900 Daviess County, Indiana, EDR (Daviess Community Hospital Project), Refunding,
VRDN, 6.50% due 1/01/2029 (h)(o) 1,900
25,955 Indiana Bond Bank, Special Program Gas Revenue Bonds, Series A, 5.25%
due 10/15/2020 27,547
2,250 Indiana Health Facilities Financing Authority, Hospital Revenue Bonds
(Deaconess Hospital Obligated Group), Series A, 5.375% due 3/01/2034 (a) 2,296
13,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
5.25% due 6/01/2014 (c)(f) 14,758
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Kentucky - 2.2% 20,005 Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer
and Drain System Revenue Bonds, Series A, 5.25% due 5/15/2037 (c) 20,868
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Louisiana - 3.0% 3,750 Louisiana Local Government Environmental Facilities and Community Development
Authority, Revenue Bonds (Capital Projects and Equipment Acquisition),
Series A, 6.30% due 7/01/2030 (a) 4,250
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 6,656
4,270 Louisiana Public Facilities Authority Revenue Bonds (Nineteenth Judicial
District Court Building Project), 5.50% due 6/01/2041 (c) 4,418
10,000 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5% due 5/01/2036 (g) 10,285
3,545 New Orleans, Louisiana, GO (Public Improvements), 5% due 10/01/2033 (b) 3,435
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Maryland - 1.2% 11,110 Maryland State Transportation Authority, Transportation Facilities Projects
Revenue Bonds, 4.50% due 7/01/2037 (g) 11,025
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Massachusetts - 4.4% 2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds,
Series B, 5.40% due 12/01/2028 (b) 2,615
12,365 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT,
Series A, 5.15% due 7/01/2026 (g) 12,798
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (b) 7,682
7,000 Massachusetts State School Building Authority, Dedicated Sales Tax
Revenue Bonds, Series A, 4.50% due 8/15/2035 (a) 6,806
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds,
5.75% due 1/01/2014 (c)(f) 11,533
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Michigan - 3.9% $ 4,325 Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds,
AMT, Series XVII-Q, 5% due 3/01/2031 (a) $ 4,307
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) 8,179
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) 5,124
20,000 Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan
Wayne County Airport), AMT, 5% due 12/01/2029 (b) 19,404
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Missouri - 1.1% 10,000 Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds
(Prairie State Project), Series A, 5% due 1/01/2042 (a) 10,000
115 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeownership Loan Program), AMT, Series C-1, 7.15% due 3/01/2032 (k) 125
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Nevada - 6.0% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2,
5% due 7/01/2030 (c) 25,080
12,675 Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series A,
5.25% due 7/01/2034 (a) 12,722
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare
West), Series A, 5.625% due 7/01/2024 6,291
11,950 Las Vegas, Nevada, Convention and Visitors Authority Revenue Bonds, 5%
due 7/01/2037 (a) 12,015
1,165 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 1,222
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New Jersey - 4.2% 10,000 Garden State Preservation Trust of New Jersey, Open Space and Farmland
Preservation Revenue Bonds, Series A, 5.75% due 11/01/2028 (g) 12,167
3,060 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 3,044
2,610 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 2,528
14,135 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 14,060
20,000 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 4.96% due 12/15/2035 (a)(p) 4,769
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) 3,291
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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 1,657
365 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT,
Series C-2, 6.95% due 9/01/2031 (k) 378
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New York - 12.8% 19,500 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series A,
5% due 2/15/2047 (c) 19,539
10,250 Long Island Power Authority, New York, Electric System Revenue Bonds, Series A,
5.10% due 9/01/2029 10,591
5,335 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(i) 5,449
1,880 New York City, New York, GO, Series B, 5.875% due 8/01/2016 (b) 2,038
10,000 New York City, New York, GO, Series J, 5.25% due 5/15/2024 10,524
1,000 New York City, New York, GO, Series J, 5.25% due 5/15/2025 1,048
15,000 New York City, New York, GO, Series M, 5% due 4/01/2030 (n) 15,557
6,000 New York City, New York, GO, Sub-Series C-1, 5.25% due 8/15/2026 6,280
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$20,000 New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds
(Presbyterian Hospital of New York), 5.25% due 2/15/2031 (g)(r) $ 20,933
10,000 New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds
(Presbyterian Hospital of New York), 5% due 8/15/2036 (g)(r) 10,235
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT,
137th Series, 5.125% due 7/15/2030 (g) 20,018
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Oregon - 1.0% 10,000 Clackamas County, Oregon, School District Number 12, GO (North Clackamas),
Series A, 4.50% due 6/15/2030 (g) 9,986
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Pennsylvania - 1.4% 8,000 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 99A,
5.20% due 10/01/2027 8,060
4,800 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 99A,
5.25% due 10/01/2032 4,813
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South Carolina - 6.1% 5,000 Berkeley County, South Carolina, School District, Installment Lease Revenue
Bonds (Securing Assets for Education Project), 5.125% due 12/01/2030 5,058
3,895 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2028 (n) 4,107
3,465 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2029 (n) 3,651
1,160 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2030 (n) 1,220
3,775 Kershaw County, South Carolina, Public Schools Foundation, Installment Power
Revenue Refunding Bonds, 5% due 12/01/2030 (d) 3,785
3,690 Kershaw County, South Carolina, Public Schools Foundation, Installment Power
Revenue Refunding Bonds, 5% due 12/01/2031 (d) 3,698
790 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 823
9,350 South Carolina Jobs EDA, Hospital Revenue Bonds (Oconee Memorial Hospital
Project), VRDN, Series A, 6% due 10/01/2036 (h)(o) 9,350
8,000 South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A,
5% due 1/01/2037 (a) 8,226
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A, 5%
due 10/01/2029 (a) 18,359
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Tennessee - 1.8% 3,000 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A-1-G, 6% due 6/01/2017 (a)(h) 3,000
1,630 Sevier County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series IV-E-5, 6% due 6/01/2020 (a)(h) 1,630
7,500 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series A, 5.25%
due 9/01/2026 7,423
2,975 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A,
5.25% due 7/01/2022 (g) 3,022
2,105 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A,
5.35% due 1/01/2026 (g) 2,128
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Texas - 13.9% 5,000 Amarillo, Texas, GO, 5.25% due 5/15/2027 (b) 5,348
8,435 Canyon, Texas, Regional Water Authority, Contract Revenue Bonds (Wells Ranch
Project), 5% due 8/01/2032 (a) 8,712
1,000 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT,
Series A, 5% due 11/01/2035 (g) 994
21,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A,
5.50% due 11/01/2033 (b) 21,360
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,665 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior
Lien, Series G, 5.75% due 11/15/2019 (b) $ 1,806
3,500 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior
Lien, Series G, 5.75% due 11/15/2020 (b) 3,796
10,000 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior
Lien, Series G, 5.25% due 11/15/2030 (b) 10,323
10,000 Harris County, Texas, Hospital District, Senior Lien Revenue Refunding Bonds,
Series A, 5.25% due 2/15/2037 (b) 10,275
10,695 Houston, Texas, Combined Utility System, First Lien Revenue Refunding Bonds,
Series A, 5% due 11/15/2036 (g) 11,071
6,250 Matagorda County, Texas, Navigation District Number 1, PCR, Refunding (Central
Power and Light Company Project), AMT, 5.20% due 5/01/2030 (b) 6,302
5,890 North Texas Thruway Authority, Dallas North Thruway System Revenue Bonds,
Series A, 5% due 1/01/2035 (g) 6,070
6,000 SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue
Bonds, 5.50% due 8/01/2027 6,082
4,775 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue
Bonds, AMT, Series A, 5.45% due 9/01/2023 (b)(k) 4,858
15,000 Texas State Transportation Commission, GO (Mobility Fund), 5% due 4/01/2029 15,756
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5.50% due 8/15/2039 (a) 10,229
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5% due 8/15/2042 (a) 9,838
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Vermont - 0.4% 3,000 Vermont HFA, Revenue Refunding Bonds, AMT, Series C, 5.50% due 11/01/2038 (g) 3,045
490 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 497
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Virginia - 0.5% 2,750 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2042 2,568
2,500 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old
Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,625
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Washington - 13.6% 2,545 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2026 (b) 2,688
2,455 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2027 (b) 2,590
2,850 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2028 (b) 3,003
3,000 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2029 (b) 3,158
17,600 Bellevue, Washington, GO, Refunding, 5% due 12/01/2034 (b) 18,070
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) 3,083
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) 6,281
15,785 King County, Washington, Sewer Revenue Bonds, 5% due 1/01/2037 (g) 16,397
20,565 Port of Seattle, Washington, Revenue Refunding Bonds, AMT, Series B, 5.20% due
7/01/2029 (b) 20,749
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75% due
6/01/2032 (b) 10,532
6,255 Seattle, Washington, Housing Authority Revenue Bonds (High Rise Rehabilitation
Program - Phase 3), AMT, 5.15% due 11/01/2027 (g) 6,285
4,945 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%
due 12/01/2025 (b) 5,256
5,450 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%
due 12/01/2026 (b) 5,770
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (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) $ 5,414
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence
Health System), Series A, 5.25% due 10/01/2021 (b) 7,332
12,035 Washington State, Motor Vehicle Fuel Tax, GO, Series B, 5% due 7/01/2031 (g) 12,538
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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 3,425
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.3% 20,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds,
Series A, 5.01% due 8/01/2043 (b)(p) 3,006
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $1,337,452) - 142.7% 1,358,826
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (j)
-----------------------------------------------------------------------------------------------------------------------------------
California - 6.6% 14,900 California State, Various Purpose, GO, 5.50% due 11/01/2033 (b) 16,108
14,000 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%
due 11/01/2021 (c) 14,432
9,460 Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%
due 11/01/2027 (c) 9,691
7,965 San Jose, California, Airport Revenue Refunding Bonds, Series A, 5.50%
due 3/01/2032 (a) 7,953
14,300 San Jose, California, Airport Revenue Refunding Bonds, Series A, 5%
due 3/01/2037 (a) 14,279
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.7% 10,750 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, 5.375% due 10/01/2025 (c) 10,982
25,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5% due 10/01/2039 (b) 24,200
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 8.4% 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) 16,674
16,680 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 5.25% due 1/01/2027 (b) 16,865
26,230 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2027 (b) 27,847
17,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (e) 18,161
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 3.1% 15,000 Louisiana Public Facilities Authority, Mortgage Revenue Refunding Bonds (Baton
Rouge General Medical Center Project), 5.25% due 7/01/2033 (b) 15,368
14,030 New Orleans, Louisiana, Aviation Board Revenue Bonds, Airport and Marina
Imports, AMT, Series A, 5.25% due 1/01/2032 (g) 14,323
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.3% 12,400 Massachusetts State HFA, S/F Housing Revenue Bonds, AMT, Series 128, 4.875%
due 12/01/2038 (g) 11,987
19,755 Massachusetts State Port Authority Special Facilities Revenue Refunding Bonds,
5% due 7/01/2038 (c) 19,239
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 1.0% 9,480 Michigan State, HDA, Rental Housing Revenue Bonds, AMT, Series B, 4.95%
due 4/01/2044 (g) 9,551
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 1.0% 8,680 Oklahoma State Industries Authority Revenue Refunding Bonds (Health System-
Obligation Group), Series A, 5.75% due 8/15/2029 (b) 9,237
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 3.8% 20,000 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 100A,
5.35% due 10/01/2033 20,189
15,600 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Series A,
5.50% due 12/01/2031 (a) 16,476
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 1.6% 15,000 Dallas-Fort Worth, Texas, International Airport, Revenue Refunding and
Improvement Bonds, AMT, Series A, 5.625% due 11/01/2026 (c) 15,560
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $310,372) - 32.5% 309,122
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Shares
State Held Short-Term Securities Value
-----------------------------------------------------------------------------------------------------------------------------------
22,300 Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (q)(s) $ 22,300
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $22,300) - 2.3% 22,300
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,670,124*) - 177.5% 1,690,248
Liabilities in Excess of Other Assets - (1.6%) (14,781)
Liability for Trust Certificates, Including Interest Expense Payable - (16.0%) (152,164)
Preferred Stock, at Redemption Value - (59.9%) (570,875)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 952,428
===========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,519,749
===========
Gross unrealized appreciation $ 31,606
Gross unrealized depreciation (12,402)
-----------
Net unrealized appreciation $ 19,204
===========
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) CIFG Insured.
(e) XL Capital Insured.
(f) Prerefunded.
(g) FSA Insured.
(h) Variable rate security. Rate shown is interest rate as of report date.
(i) Escrowed to maturity.
(j) 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.
(k) FNMA/GNMA Collateralized.
(l) FHLMC Collateralized.
(m) All or a portion of security held as collateral in connection with open
forward interest rate swaps.
(n) Assured Guaranty Insured.
(o) Radian Insured.
(p) Represents a zero coupon or step-up bond; the interest rate shown reflects
the effective yield at the time of purchase.
(q) Represents the current yield as of January 31, 2008.
(r) FHA Insured.
(s) 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 17,398 $ 41
---------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
o Forward interest rate swaps outstanding as of January 31, 2008 were as
follows:
---------------------------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
---------------------------------------------------------------------------------------------------------------------------
Pay a fixed rate of 3.5838% and receive a floating rate based on 1-week (SIFMA) Municipal
Swap Index rate
Broker, UBS Warburg
Expires January 2016 $43,000 $ (784)
Pay a fixed rate of 4.348% and receive a floating rate based on 3-month USD LIBOR
Broker, JPMorgan Chase
Expires May 2018 $45,000 (277)
Pay a fixed rate of 3.5878% and receive a floating rate based on 1-week (SIFMA) Municipal
Swap Index rate
Broker, UBS Warburg
Expires May 2023 $53,000 (293)
Pay a fixed rate of 3.687% and receive a floating rate based on 1-week (SIFMA) Municipal
Swap Index rate
Broker, JPMorgan Chase
Expires April 2028 $155,000 (77)
---------------------------------------------------------------------------------------------------------------------------
Total $(1,431)
=======
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield Insured Fund, Inc.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield Insured Fund, Inc.
Date: March 24, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Insured Fund, Inc.
Date: March 24, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Insured Fund, Inc.
Date: March 24, 2008