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: 07/31/2009
Date of reporting period: 08/01/2008 - 10/31/2008
Item 1 - Schedule of Investments
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.6% Alaska Energy Authority, Power Revenue Refunding Bonds
(Bradley Lake), Fourth Series, 6%, 7/01/18 (a) $ 3,695 $ 3,978,148
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Arizona - 2.6% Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds,
Senior Series A, 5%, 7/01/36 (b) 21,355 13,576,868
Maricopa County and Phoenix, Arizona, IDA, S/F Mortgage
Revenue Bonds, AMT, Series A-2, 5.80%, 7/01/40 (c)(d)(e) 5,740 5,037,883
--------------
18,614,751
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California - 17.3% Alameda Corridor Transportation Authority, California, Capital
Appreciation Revenue Refunding Bonds, Subordinate Lien,
Series A, 5.40%, 10/01/24 (f)(g) 10,000 8,015,200
Antioch, California, Public Finance Authority, Lease Revenue
Refunding Bonds (Municipal Facilities Project), Series A,
5.50%, 1/01/32 (h) 5,000 4,853,100
California State, GO, 5.50%, 4/01/30 (h) 10 9,925
California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series C, 5.25%, 6/01/28 5,500 5,117,970
California State University, Revenue Refunding Bonds, DRIVERS,
Series 2646Z, 7.216%, 5/01/15 (a)(i) 3 1,942
California Statewide Communities Development Authority Revenue
Bonds (Kaiser Permanente), Series B, 5%, 3/01/41 10,000 8,719,400
California Statewide Communities Development Authority Revenue
Bonds (Saint Joseph Home Care), Series E, 5.25%, 7/01/47 (a) 12,000 10,682,520
California Statewide Communities Development Authority Revenue
Bonds (Sutter Health), Series D, 5.05%, 8/15/38 (a) 7,500 6,686,700
Fairfield-Suisun, California, Unified School District, GO
(Election of 2002), 5.50%, 8/01/28 (h) 5,800 5,751,164
Los Angeles, California, Municipal Improvement Corporation,
Lease Revenue Bonds, Series B1, 4.75%, 8/01/37 (b) 15,000 12,182,400
Mendocino-Lake Community College District, California, GO
(Election of 2006), Series A, 5%, 8/01/31 (h) 1,485 1,372,853
Monterey Peninsula Community College District, California, GO,
CABS, Series C, 5.13%, 8/01/30 (a)(g) 13,020 3,294,581
Monterey Peninsula Community College District, California, GO,
CABS, Series C, 5.17%, 8/01/33 (a)(g) 13,350 2,739,153
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments,
the names and descriptions of many of the securities have been abbreviated
according to the list below.
AMT Alternative Minimum Tax (subject to)
CABS Capital Appreciation Bonds
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
PCR Pollution Control Revenue Bonds
S/F Single-Family
SIFMA Securities Industry and Financial Markets
Association
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Port of Oakland, California, Revenue Refunding Bonds, AMT,
Series L, 5.375%, 11/01/27 (b)(h) $ 8,465 $ 7,019,940
Redding, California, Electric System, COP, Series A, 5%,
6/01/30 (a) 2,900 2,673,249
Riverside County, California, Public Financing Authority, Tax
Allocation Revenue Bonds (Redevelopment Projects),
5%, 10/01/35 (j) 10,000 8,169,400
Sacramento County, California, Airport System Revenue Bonds,
AMT, Senior Series A, 5%, 7/01/41 (a) 18,000 15,780,780
San Jose, California, Airport Revenue Refunding Bonds, AMT,
Series A, 5.50%, 3/01/32 (f) 11,965 9,761,765
San Mateo, California, Union High School District, COP
(Phase One Projects), Series B, 4.486%, 12/15/43 (f)(g) 3,250 1,328,373
Stockton, California, Public Financing Authority, Lease
Revenue Bonds (Parking & Capital Projects),
5.25%, 9/01/34 (b)(h) 8,310 7,328,007
--------------
121,488,422
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Colorado - 1.6% Colorado HFA, S/F Mortgage Revenue Refunding Bonds, AMT,
Series A-3, Class III, 4.80%, 11/01/37 (h) 7,000 4,754,820
Colorado Health Facilities Authority, Revenue Refunding Bonds
(Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (a) 7,000 6,261,640
--------------
11,016,460
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District of Columbia - 1.1% Metropolitan Washington Airports Authority, D.C., Airport
System Revenue Bonds, AMT, Series B, 5%, 10/01/32 (f) 10,000 7,712,500
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Florida - 11.8% Broward County, Florida, School Board, COP, Series A,
5.25%, 7/01/33 (a) 15,000 13,649,550
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds,
DRIVERS, AMT, Series 2586Z, 7.50%, 10/01/15 (i)(j)(k) 37 17,737
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, 5.375%, 10/01/25 (b)(h) 10,750 8,990,977
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, 5.375%, 10/01/27 (b)(h) 1,000 825,050
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5%,
10/01/35 (j)(k) 10,000 7,296,900
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5%, 10/01/39 (h) 25,000 17,720,250
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5.50%, 10/01/41 (a) 15,000 11,756,250
Miami-Dade County, Florida, School Board, COP, Refunding,
Series B, 5.25%, 5/01/26 (k) 5,000 4,833,400
Miami-Dade County, Florida, School Board, COP, Refunding,
Series B, 5.25%, 5/01/31 (k) 4,125 3,901,301
Orlando, Florida, Senior Tourist Development Tax Revenue Bonds
(6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (k) 15,000 13,597,350
--------------
82,588,765
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Georgia - 2.0% Atlanta, Georgia, Airport General Revenue Refunding Bonds,
Series B, 5.25%, 1/01/33 (a) 12,500 11,734,750
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue
Bonds, Series A, 6.25%, 7/15/33 (l)(m) $13,170 $ 2,041,350
--------------
13,776,100
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Hawaii - 0.3% Hawaii State, GO, Series CX, 5.50%, 2/01/21 (a) 2,000 2,027,700
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Illinois - 17.5% Chicago, Illinois, GO, Refunding, Series A, 5.25%, 1/01/24 (k) 11,000 10,863,380
Chicago, Illinois, O'Hare International Airport, General
Airport Revenue Bonds, Third Lien, AMT, Series B-2,
5.25%, 1/01/27 (h) 16,685 13,662,846
Chicago, Illinois, O'Hare International Airport, General
Airport Revenue Bonds, Third Lien, AMT, Series B-2,
6%, 1/01/27 (h) 26,230 23,703,002
Chicago, Illinois, O'Hare International Airport Revenue
Refunding Bonds, Third Lien, AMT, Series C-2,
5.25%, 1/01/30 (a) 16,400 13,177,236
Illinois Health Facilities Authority Revenue Bonds
(Delnor Hospital), Series B, 5.25%, 5/15/32 (a) 6,150 5,522,331
Illinois Health Facilities Authority Revenue Bonds
(Delnor Hospital), Series D, 5.25%, 5/15/32 (a) 10,000 8,979,400
Illinois Municipal Electric Agency, Power Supply Revenue Bonds,
Series A, 5%, 2/01/35 (b)(h) 25,000 21,247,500
Illinois Municipal Electric Agency, Power Supply Revenue Bonds,
Series A, 5.25%, 2/01/35 (b) 15,000 13,162,800
McLean and Woodford Counties, Illinois, Community Unit School
District Number 005, GO, Refunding, 6.375%, 12/01/16 (a) 1,215 1,310,426
Northern Illinois Municipal Power Agency, Power Project Revenue
Refunding Bonds (Prairie State Project), Series A, 5%, 1/01/37 (h) 12,000 9,765,840
Regional Transportation Authority, Illinois, Revenue Bonds,
Series C, 7.75%, 6/01/20 (b)(h) 1,000 1,171,650
--------------
122,566,411
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.4% Indiana Health Facilities Financing Authority, Hospital Revenue
Bonds (Deaconess Hospital Obligated Group), Series A,
5.375%, 3/01/34 (f) 2,250 1,972,665
Indianapolis, Indiana, Gas Utility Revenue Refunding Bonds,
Second Lien, Series B, 5.25%, 8/15/27 (k) 8,500 8,089,790
--------------
10,062,455
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Kentucky - 2.6% Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer
District, Sewer and Drain System Revenue Bonds, Series A,
5.25%, 5/15/37 (b)(h) 20,005 18,400,399
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Louisiana - 5.6% Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds (Capital
Projects and Equipment Acquisition Program), Series A, 6.30%,
7/01/30 (f) 3,750 3,253,275
Louisiana Public Facilities Authority, Mortgage Revenue)
Refunding Bonds (Baton Rouge General Medical Center Project),
5.25%, 7/01/33 (h) 15,000 13,056,750
Louisiana State Gas and Fuels Tax Revenue Bonds,
Series A, 5%, 5/01/36 (a) 10,000 8,807,500
New Orleans, Louisiana, Aviation Board Revenue Bonds, AMT,
Series A, 5.25%, 1/01/32 14,030 10,914,638
New Orleans, Louisiana, GO (Public Improvements), 5%,
10/01/33 (h) 3,545 3,036,505
--------------
39,068,668
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 6.2% Boston, Massachusetts, Housing Authority, Capital Program
Revenue Bonds, 5%, 4/01/23 (a) $ 2,000 $ 1,920,480
Boston, Massachusetts, Housing Authority, Capital Program
Revenue Bonds, 5%, 4/01/27 (a) 2,000 1,869,640
Boston, Massachusetts, Housing Authority, Capital Program
Revenue Bonds, 5%, 4/01/28 (a) 2,720 2,516,027
Massachusetts State, HFA, Housing Development Revenue Refunding
Bonds, Series B, 5.40%, 12/01/28 (h) 2,500 2,558,700
Massachusetts State, HFA, Rental Housing Mortgage Revenue
Bonds, AMT, Series A, 5.15%, 7/01/26 (a) 11,910 11,390,248
Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT,
Series 128, 4.875%, 12/01/38 (a) 12,900 9,074,118
Massachusetts State Port Authority, Special Facilities Revenue
Refunding Bonds (BOSFUEL Project), AMT, 5%, 7/01/38 (b) 19,755 14,069,906
--------------
43,399,119
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Michigan - 3.5% Michigan Higher Education Student Loan Authority, Student Loan
Revenue Bonds, AMT, Series XVII-Q, 5%, 3/01/31 (f) 4,325 3,183,676
Michigan State, HDA, Rental Housing Revenue Bonds, AMT,
Series B, 4.95%, 4/01/44 (a) 10,000 7,015,500
Michigan State Strategic Fund, Limited Obligation Revenue
Refunding Bonds (Detroit Edison Company Pollution Control
Project), AMT, Series A, 5.50%, 6/01/30 (j) 8,000 6,558,560
Michigan State Strategic Fund, Limited Obligation Revenue
Refunding Bonds (Detroit Edison Company Pollution Control
Project), AMT, Series C, 5.65%, 9/01/29 (j) 5,000 4,250,650
Wayne County, Michigan, Airport Authority, Revenue Refunding
Bonds, AMT, 5.375%, 12/01/32 (k) 5,000 4,013,650
--------------
25,022,036
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Missouri - 1.4% Missouri State Health and Educational Facilities Authority,
Health Facilities Revenue Bonds (Saint Luke's Health System),
Series A, 5.50%, 11/15/35 (a)(i) 10,000 9,540,300
Missouri State Housing Development Commission, S/F Mortgage
Revenue Bonds (Homeownership Loan Program), AMT, Series C-1,
7.15%, 3/01/32 (c)(d) 95 94,860
--------------
9,635,160
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Nevada - 5.3% Clark County, Nevada, Airport System Subordinate Lien Revenue
Bonds, Series A-2, 5%, 7/01/30 (b)(h) 20,000 17,308,000
Clark County, Nevada, IDR (Southwest Gas Corporation Project),
AMT, Series A, 5.25%, 7/01/34 (f) 12,675 8,111,873
Las Vegas, Nevada, Convention and Visitors Authority Revenue
Bonds, 5%, 7/01/37 (f) 11,950 10,323,127
Reno, Nevada, Capital Improvement Revenue Bonds,
5.50%, 6/01/19 (b) 1,165 1,162,262
--------------
36,905,262
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New Jersey - 1.8% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29 3,060 2,374,866
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 14,135 10,548,244
--------------
12,923,110
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.3% New Mexico Educational Assistance Foundation, Student Loan
Revenue Refunding Bonds (Student Loan Program), AMT, First
Sub-Series A-2, 6.65%, 11/01/25 $ 1,605 $ 1,576,688
New Mexico Mortgage Finance Authority, S/F Mortgage Revenue
Bonds, AMT, Series C-2, 6.95%, 9/01/31 (c)(d) 315 314,858
--------------
1,891,546
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New York - 5.4% New York City, New York, GO, Series A-1, 5.25%, 8/15/24 6,650 6,502,902
New York City, New York, GO, Series J, 5.25%, 5/15/24 10,000 9,781,700
New York City, New York, GO, Series J, 5.25%, 5/15/25 1,000 973,050
New York City, New York, GO, Series M, 5%, 4/01/30 (k) 10,000 9,362,900
New York State Dormitory Authority, Non-State Supported Debt
Revenue Bonds (Presbyterian Hospital of New York),
5%, 8/15/36 (a)(n) 10,000 8,666,900
New York State Dormitory Authority, State Supported Debt
Revenue Bonds (Mental Health Services Facilities), Series B,
5%, 2/15/28 (a) 2,700 2,543,562
--------------
37,831,014
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Ohio - 1.9% Lorain County, Ohio, Hospital Revenue Refunding Bonds (Catholic
Healthcare Partners), Series C-2, 5%, 4/01/33 (a) 15,000 13,442,550
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Pennsylvania - 3.6% Pennsylvania State Turnpike Commission, Oil Franchise Tax
Revenue Bonds, Series C, 5%, 12/01/32 (h) 16,000 14,541,920
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds,
Series A1, 5%, 6/01/38 (k) 12,000 10,742,400
--------------
25,284,320
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Rhode Island - 0.3% Rhode Island State Economic Development Corporation, Airport
Revenue Bonds, AMT, Series A, 5.25%, 7/01/38 (k) 3,000 2,246,100
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South Carolina - 2.1% Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25%, 12/01/28 (k) 3,895 3,777,293
Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25%, 12/01/29 (k) 3,465 3,319,990
Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25%, 12/01/30 (k) 1,160 1,097,615
Kershaw County, South Carolina, Public Schools Foundation,
Installment Power Revenue Refunding Bonds, 5%, 12/01/30 (o) 2,775 2,416,304
Kershaw County, South Carolina, Public Schools Foundation,
Installment Power Revenue Refunding Bonds, 5%, 12/01/31 (o) 3,690 3,190,632
South Carolina Housing Finance and Development Authority,
Mortgage Revenue Refunding Bonds, AMT, Series A-2,
6.35%, 7/01/19 (a) 705 710,478
--------------
14,512,312
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.4% Tennessee HDA, Revenue Refunding Bonds (Homeownership Program),
AMT, Series A, 5.25%, 7/01/22 (a) 1,475 1,293,752
Tennessee HDA, Revenue Refunding Bonds (Homeownership Program),
AMT, Series A, 5.35%, 1/01/26 (a) 2,105 1,794,933
--------------
3,088,685
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BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 21.1% Canyon, Texas, Regional Water Authority, Contract Revenue Bonds
(Wells Ranch Project), 5%, 8/01/32 (f) $ 8,185 $ 7,453,588
Dallas-Fort Worth, Texas, International Airport, Joint Revenue
Bonds, AMT, Series A, 5%, 11/01/35 (a) 1,000 741,580
Dallas-Fort Worth, Texas, International Airport Revenue
Refunding and Improvement Bonds, AMT, Series A, 5.625%,
11/01/26 (b)(h) 15,000 12,812,100
Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Senior Lien, Series G, 5.75%, 11/15/19 (h) 1,665 1,666,282
Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Senior Lien, Series G, 5.75%, 11/15/20 (h) 3,500 3,460,450
Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Senior Lien, Series G, 5.25%, 11/15/30 (h) 10,000 8,577,500
Harris County, Texas, Hospital District, Senior Lien Revenue
Refunding Bonds, Series A, 5.25%, 2/15/37 (h) 10,000 8,481,600
Houston, Texas, Combined Utility System, First Lien Revenue
Refunding Bonds, Series A, 5%, 11/15/36 (a) 10,695 9,570,742
Judson, Texas, Independent School District, School Building,
GO, 5%, 2/01/37 (k) 10,000 8,894,100
Matagorda County, Texas, Navigation District Number 1, PCR,
Refunding (Central Power and Light Company Project), AMT,
5.20%, 5/01/30 (h) 6,250 4,942,562
North Texas Tollway Authority, System Revenue Refunding Bonds,
First Tier, Series A, 6%, 1/01/25 6,250 6,135,375
North Texas Tollway Authority, System Revenue Refunding Bonds,
First Tier, Series A, 5.125%, 1/01/28 (h) 22,300 20,234,797
North Texas Tollway Authority, System Revenue Refunding Bonds,
First Tier, Series B, 5.75%, 1/01/40 (h) 10,000 9,277,900
Texas State Department of Housing and Community Affairs,
S/F Mortgage Revenue Bonds, AMT, Series A,
5.45%, 9/01/23 (c)(d)(h) 4,670 4,136,919
Texas State Turnpike Authority, Central Texas Turnpike System
Revenue Bonds, First Tier, Series A, 5.50%, 8/15/39 (f) 10,000 8,746,700
Texas State Turnpike Authority, Central Texas Turnpike System
Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (f) 10,000 8,006,100
Texas State University, System Financing Revenue Refunding
Bonds, 5.25%, 3/15/24 5,000 5,018,050
Texas State University, System Financing Revenue Refunding
Bonds, 5.25%, 3/15/25 9,000 9,012,600
Texas State University, System Financing Revenue Refunding
Bonds, 5.25%, 3/15/26 10,000 9,999,400
Texas State University, System Financing Revenue Refunding
Bonds, 5.25%, 3/15/27 1,350 1,342,048
--------------
148,510,393
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Vermont - 0.4% Vermont HFA, Revenue Refunding Bonds, AMT, Series C, 5.50%,
11/01/38 (a) 3,000 2,385,690
Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B,
6.30%, 11/01/19 (a) 375 378,113
--------------
2,763,803
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.3% Halifax County, Virginia, IDA, Exempt Facility Revenue
Refunding Bonds (Old Dominion Electric Cooperative Project),
AMT, 5.625%, 6/01/28 (f) $ 2,500 $ 2,138,775
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Washington - 7.3% Chelan County, Washington, Public Utility District Number 001,
Consolidated Revenue Bonds (Chelan Hydro System), AMT,
Series A, 5.45%, 7/01/37 (f) 3,030 2,361,309
Chelan County, Washington, Public Utility District Number 001,
Consolidated Revenue Refunding Bonds (Chelan Hydro System),
AMT, Series C, 5.65%, 7/01/32 (h) 6,000 5,026,980
King County, Washington, Public Hospital District Number 001,
GO, Refunding, Series A, 5%, 12/01/37 (k) 15,000 13,322,550
Port of Seattle, Washington, Revenue Bonds, DRIVERS, AMT,
Series 2553, 7.667%, 1/01/12 (h)(i) 3 1,490
Radford Court Properties, Washington, Student Housing Revenue
Bonds, 5.75%, 6/01/32 (h) 10,000 9,772,400
Seattle, Washington, Housing Authority Revenue Bonds (High Rise
Rehabilitation Program - Phase 3), AMT, 5.15%, 11/01/27 (a) 6,255 5,145,926
Skagit County, Washington, Public Hospital District, GO,
Series A, 5.25%, 12/01/25 (h) 4,945 4,626,938
Skagit County, Washington, Public Hospital District, GO,
Series A, 5.25%, 12/01/26 (h) 5,450 5,059,072
Washington State Health Care Facilities Authority Revenue Bonds
(Providence Health System), Series A, 5.25%, 10/01/21 (h) 6,150 5,745,453
--------------
51,062,118
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West Virginia - 0.8% Harrison County, West Virginia, County Commission for Solid
Waste Disposal Revenue Bonds (Monongahela Power), AMT,
Series C, 6.75%, 8/01/24 (f) 5,925 5,925,948
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Wisconsin - 0.4% Wisconsin State Health and Educational Facilities Authority
Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/32 3,395 2,847,964
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.7% Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series M-3, 6%, 7/01/26 (h)(p) 5,240 5,111,463
Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (h)(p) 4,235 4,127,981
Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series M-3, 6%, 7/01/28 (h)(p) 2,750 2,669,480
--------------
11,908,924
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 128.6% 902,639,918
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Municipal Bonds Transferred to
Tender Option Bond Trusts (q)
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California - 11.0% Alameda County, California, Joint Powers Authority, Lease
Revenue Refunding Bonds, 5%, 12/01/34 (a) 6,990 6,277,929
California State University, Systemwide Revenue Refunding
Bonds, Series A, 5%, 11/01/16 (f) 18,435 16,376,732
Orange County, California, Sanitation District, COP, Series B,
5%, 2/01/37 (a) 10,780 9,587,840
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Municipal Bonds Transferred to Par
State Tender Option Bond Trusts (q) (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Riverside, California, Electric Revenue Bonds, Series D,
5%, 10/01/38 (a) $20,000 $ 17,739,000
San Diego County, California, Water Authority, Water Revenue
Refunding Bonds, COP, Series A, 5%, 5/01/33 (a) 9,370 8,532,697
San Francisco, California, Bay Area Rapid Transit District,
Sales Tax Revenue Bonds, 5%, 7/01/36 (a) 10,000 9,153,275
Las Virgenes, California, Unified School District, GO,
Series A, 5%, 8/1/31 (a) 10,000 9,280,838
--------------
76,948,311
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Connecticut - 0.7% Connecticut State Health and Educational Facilities Authority
Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29 5,010 4,671,825
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.5% Miami-Dade County, Florida, Aviation Revenue Refunding
Bonds (Miami International Airport), AMT, 5%, 10/01/40 (j)(k) 15,000 10,814,537
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.3% Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax Revenue Refunding Bonds, Third Indenture, Series B,
5%, 7/01/37 (a) 10,000 8,976,987
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 0.7% Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Refunding Bonds (McCormick Place
Expansion Project), Series B, 5.75%, 6/15/23 (h) 4,798 4,912,624
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 1.5% Garden State Preservation Trust of New Jersey, Open Space and
Farmland Preservation Revenue Bonds, Series A,
5.75%, 11/01/28 (a) 10,000 10,848,500
-----------------------------------------------------------------------------------------------------------------------------------
New York - 4.7% New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System, Revenue Refunding Bonds,
Series DD, 5%, 6/15/37 17,568 15,863,171
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, AMT, 137th Series, 5.125%, 7/15/30 (a) 19,500 16,971,630
--------------
32,834,801
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.6% Montgomery County, Ohio, Revenue Bonds (Catholic Health
Initiatives), Series C-1, 5%, 10/01/41 (a)(i) 4,990 4,334,364
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 2.2% Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds,
Series A, 5.50%, 12/01/31 (f) 15,600 15,607,176
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 3.0% Friendswood, Texas, Independent School District, GO, 5%, 2/15/37 12,954 11,856,378
Houston, Texas, Independent School District, GO, 5%, 2/15/33 10,000 9,358,900
--------------
21,215,278
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.5% University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40 3,950 3,728,721
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 6.6% Central Puget Sound Regional Transportation Authority,
Washington, Sales and Use Tax Revenue Bonds,
Series A, 5%, 11/01/34 (a) 17,000 15,417,835
King County, Washington, Sewer Revenue Bonds, 5%, 1/01/37 (a) 15,785 14,161,625
Port of Seattle, Washington, Revenue Refunding Bonds, AMT,
Series B, 5.20%, 7/01/29 (h) 20,565 16,410,047
--------------
45,989,507
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 34.3% 240,882,631
-----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (Cost - $1,332,158,184) - 162.9% 1,143,522,549
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Short-Term Securities Shares Value
-----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 1.63% (r)(s) 65,200,000 $ 65,200,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $65,200,000) - 9.3% 65,200,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,397,358,184*) - 172.2% 1,208,722,549
Other Assets Less Liabilities - 2.4% 17,067,733
Liability for Trust Certificates,
Including Interest Expense and Fees Payable - (20.8)% (146,104,544)
Preferred Shares, at Redemption Value - (53.8)% (377,658,875)
--------------
Net Assets Applicable to Common Shares - 100.0% $ 702,026,863
==============
* The cost and unrealized appreciation (depreciation) of investments as of
October 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,239,814,414
===============
Gross unrealized appreciation $ 3,340,186
Gross unrealized depreciation (179,142,731)
---------------
Net unrealized depreciation $ (175,802,545)
===============
(a) FSA Insured.
(b) FGIC Insured.
(c) FNMA Collateralized.
(d) GNMA Collateralized.
(e) FHLMC Collateralized.
(f) AMBAC Insured.
(g) Represents a zero-coupon bond. Rate shown reflects the effective yield at
the time of purchase.
(h) MBIA Insured.
(i) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(j) XL Capital Insured.
(k) Assured Guaranty Insured.
(l) Non-income producing security.
(m) Issuer filed for bankruptcy and/or in default of interest payments.
(n) FHA Insured.
(o) CIFG Insured.
(p) Commonwealth Guaranteed.
(q) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in financing transactions.
(r) Represents the current yield as of report date.
(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
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 39,045,594 $ 207,591
--------------------------------------------------------------------------
BlackRock MuniYield Insured Fund, Inc.
Schedule of Investments October 31, 2008 (Unaudited)
o Forward interest rate swaps outstanding as of October 31, 2008 were as
follows:
------------------------------------------------------------------------------------
Notional
Amount Unrealized
(000) Depreciation
------------------------------------------------------------------------------------
Pay a fixed rate of 3.804% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index Rate
Broker, JPMorgan Chase
Expires January 2029 $ 80,000 $ (227,520)
------------------------------------------------------------------------------------
o Effective August 1, 2008, the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are
used in determining the fair value of investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for
identical securities
o Level 2 - other observable inputs (including, but not limited
to: quoted prices for similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks, and default rates) or other
market-corroborated inputs)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs
are not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of October 31, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------------
Valuation Investments in Other Financial
Inputs Securities Instruments*
--------------------------------------------------------------------------
Level 1 $ 65,200,000 --
Level 2 1,143,522,549 $ (227,520)
Level 3 -- --
--------------------------------------------------------------------------
Total $ 1,208,722,549 $ (227,520)
=====================================
* Other financial instruments are swaps.
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: December 19, 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: December 19, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Insured Fund, Inc.
Date: December 19, 2008