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: 04/30/2009

 

Item 1 – Schedule of Investments


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 









State

 

Municipal Bonds

 

Par
(000)

 

Value

 









Alabama - 0.5%

 

Alabama Special Care Facilities Financing Authority of Mobile, Revenue Refunding Bonds (Ascension Health Credit), Series D, 5%, 11/15/39 (a)

 

$

4,150

 

$

3,978,854

 











Alaska - 0.5%

 

Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth Series, 6%, 7/01/18 (b)

 

 

3,495

 

 

3,861,556

 











Arizona - 2.3%

 

Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5%, 7/01/36 (c)

 

 

21,355

 

 

14,024,256

 

 

 

Maricopa County and Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds, AMT, Series A-2, 5.80%, 7/01/40 (d)(e)(f)

 

 

4,970

 

 

5,078,793

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

19,103,049

 











California - 16.7%

 

Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue Refunding Bonds, Subordinate Lien, Series A, 5.473%, 10/01/24 (g)(h)(i)

 

 

10,000

 

 

7,432,100

 

 

 

Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds (Municipal Facilities Project), Series A, 5.50%, 1/01/32 (a)

 

 

5,000

 

 

5,016,150

 

 

 

California HFA, Home Mortgage Revenue Bonds, AMT, Series K, 5.50%, 2/01/42

 

 

7,880

 

 

7,700,336

 

 

 

California State, GO, 5.50%, 4/01/30 (a)

 

 

10

 

 

10,021

 

 

 

California State Public Works Board, Lease Revenue Bonds (Department of Corrections), Series C, 5.25%, 6/01/28

 

 

5,400

 

 

5,035,986

 

 

 

California State University, Revenue Refunding Bonds, DRIVERS, Series 2646Z, 8.654%, 5/01/15 (b)(j)

 

 

3

 

 

2,360

 

 

 

California Statewide Communities Development Authority Revenue Bonds (Saint Joseph Home Care), Series E, 5.25%, 7/01/47 (b)

 

 

11,800

 

 

11,220,502

 

 

 

California Statewide Communities Development Authority Revenue Bonds (Sutter Health), Series D, 5.05%, 8/15/38 (b)

 

 

7,200

 

 

6,760,368

 

 

 

Fairfield-Suisun, California, Unified School District, GO (Election of 2002), 5.50%, 8/01/28 (a)

 

 

5,800

 

 

5,942,796

 

 

 

Los Angeles, California, Community College District, GO, Refunding (Election of 2008), Series A, 6%, 8/01/33

 

 

5,250

 

 

5,610,150

 

 

 

Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Series B1, 4.75%, 8/01/37 (a)(c)

 

 

15,000

 

 

13,838,550

 

 

 

Mendocino-Lake Community College District, California, GO (Election of 2006), Series A, 5%, 8/01/31 (a)

 

 

1,485

 

 

1,417,729

 

 

 

Oceanside, California, Unified School District, GO, Series A, 5.25%, 8/01/33 (c)

 

 

2,500

 

 

2,507,050

 

 

 

Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/29 (a)(k)

 

 

3,645

 

 

3,276,928

 


 


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

GAN

Grant Anticipation Notes

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

IDA

Industrial Development Authority

IDR

Industrial Development Revenue Bonds

M/F

Multi-Family

PCR

Pollution Control Revenue Bonds

S/F

Single-Family

VRDN

Variable Rate Demand Notes

1


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 









State

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (a)(c)

 

$

8,465

 

$

7,407,298

 

 

 

Redding, California, Electric System, COP, Series A, 5%, 6/01/30 (b)

 

 

1,900

 

 

1,861,126

 

 

 

Riverside County, California, Public Financing Authority, Tax Allocation Revenue Bonds (Redevelopment Projects), 5%, 10/01/35 (l)

 

 

10,000

 

 

7,865,900

 

 

 

Sacramento County, California, Airport System Revenue Bonds, AMT, Senior Series A, 5%, 7/01/41 (b)

 

 

18,000

 

 

16,724,520

 

 

 

San Diego, California, Community College District, GO (Election of 2002), 5.25%, 8/01/33

 

 

1,050

 

 

1,059,860

 

 

 

San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A, 5.50%, 3/01/32 (g)

 

 

11,965

 

 

10,934,455

 

 

 

San Mateo, California, Union High School District, COP (Phase One Projects), Series B, 4.712%, 12/15/43 (g)(h)

 

 

3,250

 

 

1,445,925

 

 

 

Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking & Capital Projects), 5.25%, 9/01/34 (a)(c)

 

 

8,310

 

 

7,403,961

 

 

 

University of California Revenue Bonds, Series O, 5.75%, 5/15/34

 

 

2,200

 

 

2,305,952

 

 

 

West Valley Mission Community College District, California, GO (Election of 2004), Series A, 5%, 8/01/30 (b)

 

 

3,600

 

 

3,567,168

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

136,347,191

 











Colorado - 0.8%

 

Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (b)

 

 

6,600

 

 

6,175,026

 











District of Columbia - 1.4%

 

District of Columbia, Income Tax Revenue Bonds, Series A, 5.50%, 12/01/30

 

 

2,600

 

 

2,753,998

 

 

 

Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT, Series B, 5%, 10/01/32 (g)

 

 

10,000

 

 

8,958,200

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

11,712,198

 











Florida - 14.2%

 

Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (b)

 

 

15,000

 

 

14,677,350

 

 

 

Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series A, 5.25%, 10/01/34

 

 

2,250

 

 

2,248,335

 

 

 

Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, 5.375%, 10/01/25 (a)(c)

 

 

10,650

 

 

10,141,782

 

 

 

Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, 5.375%, 10/01/27 (a)(c)

 

 

1,000

 

 

930,840

 

 

 

Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, 5%, 10/01/40 (l)(k)

 

 

15,000

 

 

12,934,650

 

 

 

Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5%, 10/01/35 (l)(k)

 

 

10,000

 

 

8,778,200

 

 

 

Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5.50%, 10/01/41 (b)

 

 

15,000

 

 

13,967,400

 

 

 

Miami-Dade County, Florida, GO (Building Better Communities Program), Series B, 6.375%, 7/01/28

 

 

6,000

 

 

6,656,280

 

 

 

Miami-Dade County, Florida, GO (Building Better Communities Program), Series B-1, 5.75%, 7/01/33

 

 

3,700

 

 

3,762,937

 

 

 

Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/31 (k)

 

 

4,125

 

 

4,119,637

 

2


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 









State

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Miami-Dade County, Florida, Water and Sewer Revenue Refunding Bonds, Series C, 6%, 10/01/23 (m)

 

$

20,095

 

$

22,634,405

 

 

 

Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (k)

 

 

15,000

 

 

15,112,500

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

115,964,316

 











Georgia - 2.0%

 

Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25%, 1/01/33 (b)

 

 

12,500

 

 

12,583,375

 

 

 

Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A, 6.25%, 7/15/33 (n)(o)

 

 

9,335

 

 

3,477,381

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

16,060,756

 











Hawaii - 0.3%

 

Hawaii State, GO, Series CX, 5.50%, 2/01/21 (b)

 

 

2,000

 

 

2,119,640

 











Illinois - 15.9%

 

Chicago, Illinois, GO, Refunding, Series A, 5.25%, 1/01/24 (k)

 

 

11,000

 

 

11,521,730

 

 

 

Chicago, Illinois, O’Hare International Airport, General Airport Revenue Bonds, Third Lien, AMT, Series B-2, 5.25%, 1/01/27 (a)

 

 

16,685

 

 

15,179,512

 

 

 

Chicago, Illinois, O’Hare International Airport, General Airport Revenue Bonds, Third Lien, AMT, Series B-2, 6%, 1/01/27 (a)

 

 

26,230

 

 

25,973,995

 

 

 

Chicago, Illinois, O’Hare International Airport Revenue Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (b)

 

 

16,400

 

 

15,395,500

 

 

 

Illinois Health Facilities Authority Revenue Bonds (Delnor Hospital), Series B, 5.25%, 5/15/32 (b)

 

 

6,150

 

 

5,880,753

 

 

 

Illinois Health Facilities Authority Revenue Bonds (Delnor Hospital), Series D, 5.25%, 5/15/32 (b)

 

 

10,000

 

 

9,562,200

 

 

 

Illinois Municipal Electric Agency, Power Supply Revenue Bonds, Series A, 5%, 2/01/35 (a)(c)

 

 

25,000

 

 

23,984,750

 

 

 

Illinois Municipal Electric Agency, Power Supply Revenue Bonds, Series A, 5.25%, 2/01/35 (a)(c)

 

 

15,000

 

 

14,914,800

 

 

 

Northern Illinois Municipal Power Agency, Power Project Revenue Refunding Bonds (Prairie State Project), Series A, 5%, 1/01/37 (a)

 

 

5,900

 

 

5,627,715

 

 

 

Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%, 6/01/20 (a)(c)

 

 

1,000

 

 

1,282,090

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

129,323,045

 











Indiana - 1.0%

 

Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess Hospital Obligated Group), Series A, 5.375%, 3/01/34 (g)

 

 

2,150

 

 

1,791,552

 

 

 

Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series B, 5.75%, 1/01/34

 

 

1,050

 

 

1,055,449

 

 

 

Indianapolis, Indiana, Gas Utility Revenue Refunding Bonds, Second Lien, Series B, 5.25%, 8/15/27 (k)

 

 

5,000

 

 

5,114,000

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

7,961,001

 











Kentucky - 3.0%

 

Kentucky State Property and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%, 2/01/27 (k)

 

 

6,000

 

 

6,255,360

 

 

 

Kentucky State Property and Buildings Commission, Revenue Refunding Bonds (Project Number 93), 5.25%, 2/01/28 (k)

 

 

4,000

 

 

4,138,560

 

 

 

Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System Revenue Bonds, Series A, 5.25%, 5/15/37 (a)(c)

 

 

13,695

 

 

13,814,968

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

24,208,888

 











3


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 









State

 

Municipal Bonds

 

Par
(000)

 

Value

 









Louisiana - 4.6%

 

East Baton Rouge, Louisiana, Sewerage Commission, Revenue Refunding Bonds, Series A, 5.25%, 2/01/39

 

$

700

 

$

680,141

 

 

 

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds (Capital Projects and Equipment Acquisition Program), Series A, 6.30%, 7/01/30 (g)

 

 

3,750

 

 

3,385,650

 

 

 

Louisiana Public Facilities Authority, Mortgage Revenue Refunding Bonds (Baton Rouge General Medical Center Project), 5.25%, 7/01/33 (a)(p)

 

 

11,000

 

 

10,807,060

 

 

 

Louisiana State Gas and Fuels Tax Revenue Bonds, Series A, 5%, 5/01/36 (b)

 

 

10,000

 

 

10,023,400

 

 

 

New Orleans, Louisiana, Aviation Board Revenue Bonds, AMT, Series A, 5.25%, 1/01/32 (b)

 

 

14,030

 

 

12,863,967

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

37,760,218

 











Massachusetts - 5.8%

 

Boston, Massachusetts, Housing Authority, Capital Program Revenue Bonds, 5%, 4/01/23 (b)

 

 

1,570

 

 

1,653,383

 

 

 

Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B, 5.40%, 12/01/28 (a)

 

 

2,500

 

 

2,259,100

 

 

 

Massachusetts State, HFA, M/F Housing Revenue Bonds, Series B, 7%, 12/01/38

 

 

3,440

 

 

3,732,159

 

 

 

Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15%, 7/01/26 (b)

 

 

11,910

 

 

12,373,418

 

 

 

Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 128, 4.875%, 12/01/38 (b)

 

 

12,860

 

 

11,264,846

 

 

 

Massachusetts State Port Authority, Special Facilities Revenue Refunding Bonds (BOSFUEL Project), AMT, 5%, 7/01/38 (a)(c)

 

 

19,655

 

 

16,082,507

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

47,365,413

 











Michigan - 7.1%

 

Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien, Series B, 6.25%, 7/01/36 (b)

 

 

1,075

 

 

1,121,741

 

 

 

Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien, Series B, 7%, 7/01/36 (b)

 

 

500

 

 

552,435

 

 

 

Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, Senior Lien, Series D, 5%, 7/01/23 (b)

 

 

9,085

 

 

8,930,555

 

 

 

Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, Series C, 5%, 7/01/22 (a)(c)

 

 

5,540

 

 

5,227,876

 

 

 

Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT, Series XVII-Q, 5%, 3/01/31 (g)

 

 

4,325

 

 

3,142,458

 

 

 

Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program), Series I, 6.25%, 10/15/38

 

 

3,125

 

 

3,371,969

 

 

 

Michigan State Revenue Bonds, GAN, 5.25%, 9/15/21 (b)

 

 

2,485

 

 

2,593,271

 

 

 

Michigan State Revenue Bonds, GAN, 5.25%, 9/15/22 (b)

 

 

10,000

 

 

10,335,300

 

 

 

Michigan State Revenue Bonds, GAN, 5.25%, 9/15/26 (b)

 

 

6,650

 

 

6,680,922

 

 

 

Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT, Series A, 5.50%, 6/01/30 (l)

 

 

8,000

 

 

6,964,240

 

4


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

 

 

State

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT, Series C,5.65%, 9/01/29 (l)

 

$

5,000

 

$

4,492,550

 

 

 

Wayne County, Michigan, Airport Authority, Revenue Refunding Bonds, AMT, 5.375%, 12/01/32 (k)

 

 

5,000

 

 

4,673,700

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

58,087,017

 











Minnesota - 0.9%

 

Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services), Series B, 6.50%, 11/15/38 (k)

 

 

6,500

 

 

7,047,690

 











Missouri - 0.3%

 

Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds (Saint Luke’s Health System), Series A, 5.50%,11/15/35 (b)

 

 

2,740

 

 

2,758,111

 

 

 

Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeownership Loan Program), AMT, Series C-1, 7.15%,3/01/32 (e)(f)

 

 

90

 

 

96,102

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

2,854,213

 











Nevada - 5.9%

 

Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%, 7/01/30 (a)(c)

 

 

20,000

 

 

18,900,200

 

 

 

Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series A, 5.25%, 7/01/34 (g)

 

 

12,675

 

 

9,242,863

 

 

 

Clark County, Nevada, Water Reclamation District, GO, Series B, 5.50%, 7/01/29

 

 

500

 

 

522,545

 

 

 

Clark County, Nevada, Water Reclamation District, GO, Series B, 5.75%, 7/01/34

 

 

4,820

 

 

5,109,007

 

 

 

Las Vegas, Nevada, Convention and Visitors Authority Revenue Bonds, 5%, 7/01/37 (g)

 

 

11,950

 

 

10,767,428

 

 

 

Las Vegas, Nevada, Limited Tax, GO (Performing Arts Center), 6%, 4/01/34

 

 

2,250

 

 

2,315,947

 

 

 

Reno, Nevada, Capital Improvement Revenue Bonds, 5.50%, 6/01/19 (a)(c)

 

 

1,165

 

 

1,164,849

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

48,022,839

 











New Jersey - 1.5%

 

New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29

 

 

3,060

 

 

2,259,718

 

 

 

New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34

 

 

13,960

 

 

9,933,657

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

12,193,375

 











New Mexico - 0.2%

 

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

 

 

1,605,482

 

 

 

New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2, 6.95%, 9/01/31 (e)(f)

 

 

285

 

 

300,054

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

1,905,536

 











New York - 3.6%

 

New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-4, 5.50%, 1/15/34

 

 

7,250

 

 

7,358,315

 

 

 

New York City, New York, GO, Series A-1, 5.25%, 8/15/24

 

 

6,650

 

 

6,886,341

 

 

 

New York City, New York, GO, Series J, 5.25%, 5/15/24

 

 

10,000

 

 

10,218,000

 

 

 

New York City, New York, GO, Series J, 5.25%, 5/15/25

 

 

150

 

 

152,873

 

 

 

New York City, New York, GO, Series M, 5%, 4/01/30 (k)

 

 

5,000

 

 

5,031,100

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

29,646,629

 











Ohio - 1.7%

 

Lorain County, Ohio, Hospital Revenue Refunding Bonds (Catholic Healthcare Partners), Series C-2, 5%, 4/01/33 (b)

 

 

14,200

 

 

13,889,304

 











5


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

 

 

State

 

Municipal Bonds

 

Par
(000)

 

Value

 









Pennsylvania - 3.3%

 

Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series 70A, 5.80%, 4/01/27

 

$

4,740

 

$

4,591,022

 

 

 

Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Series A, 5.50%, 12/01/31 (g)

 

 

15,600

 

 

15,929,628

 

 

 

Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, Sub-Series C, 6.25%, 6/01/38 (k)

 

 

5,695

 

 

6,336,940

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

26,857,590

 











Rhode Island - 0.3%

 

Rhode Island State Economic Development Corporation, Airport Revenue Bonds, AMT, Series A, 5.25%, 7/01/38 (k)

 

 

3,000

 

 

2,706,810

 











South Carolina - 1.9%

 

Charleston Educational Excellence Financing Corporation, South Carolina, Revenue Bonds (Charleston County School District), 5.25%, 12/01/28 (k)

 

 

3,895

 

 

3,924,991

 

 

 

Charleston Educational Excellence Financing Corporation, South Carolina, Revenue Bonds (Charleston County School District), 5.25%, 12/01/29 (k)

 

 

3,215

 

 

3,223,713

 

 

 

Charleston Educational Excellence Financing Corporation, South Carolina, Revenue Bonds (Charleston County School District), 5.25%, 12/01/30 (k)

 

 

1,160

 

 

1,155,488

 

 

 

Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue Refunding Bonds, 5%, 12/01/30 (q)

 

 

2,775

 

 

2,685,895

 

 

 

Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue Refunding Bonds, 5%, 12/01/31 (q)

 

 

3,690

 

 

3,554,466

 

 

 

South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.35%, 7/01/19 (b)

 

 

645

 

 

647,715

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

15,192,268

 











Tennessee - 0.2%

 

Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%, 1/01/26 (b)

 

 

1,845

 

 

1,823,414

 











Texas - 19.9%

 

Canyon, Texas, Regional Water Authority, Contract Revenue Bonds (Wells Ranch Project), 5%, 8/01/32 (g)

 

 

5,550

 

 

5,364,463

 

 

 

Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series A, 5%, 11/01/35 (b)

 

 

1,000

 

 

877,700

 

 

 

Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.625%, 11/01/26 (a)(c)

 

 

15,000

 

 

14,958,600

 

 

 

Dallas, Texas, Independent School District, GO, 6.375%, 2/15/34

 

 

10,000

 

 

11,352,100

 

 

 

Harris County, Texas, Hospital District, Senior Lien Revenue Refunding Bonds, Series A, 5.25%, 2/15/37 (a)

 

 

9,900

 

 

9,126,414

 

 

 

Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series G, 5.75%, 11/15/19 (a)

 

 

1,665

 

 

1,643,755

 

 

 

Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series G, 5.75%, 11/15/20 (a)

 

 

3,500

 

 

3,397,730

 

 

 

Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series G, 5.25%, 11/15/30 (a)

 

 

10,000

 

 

8,299,300

 

 

 

Houston, Texas, Combined Utility System, First Lien Revenue Refunding Bonds, Series A, 6%, 11/15/35 (k)

 

 

5,700

 

 

6,066,795

 

 

 

Houston, Texas, Combined Utility System, First Lien Revenue Refunding Bonds, Series A, 5%, 11/15/36 (b)

 

 

10,695

 

 

10,709,438

 

 

 

Judson, Texas, Independent School District, School Building, GO, 5%, 2/01/37 (k)

 

 

10,000

 

 

10,005,600

 

 

 

Matagorda County, Texas, Navigation District Number 1, PCR, Refunding (Central Power and Light Company Project), AMT, 5.20%, 5/01/30 (a)

 

 

6,250

 

 

4,889,937

 

6


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

 

 

State

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series A, 6%, 1/01/25

 

$

6,250

 

$

6,568,125

 

 

 

North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series A, 5.125%, 1/01/28 (a)

 

 

21,750

 

 

21,050,303

 

 

 

North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series B, 5.75%, 1/01/40 (a)

 

 

10,000

 

 

10,032,900

 

 

 

Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds, AMT, Series A, 5.45%, 9/01/23 (a)(e)(f)

 

 

4,625

 

 

4,653,583

 

 

 

Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5.50%, 8/15/39 (g)

 

 

10,000

 

 

9,548,700

 

 

 

Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (g)

 

 

10,000

 

 

8,785,600

 

 

 

Texas State University, System Financing Revenue Refunding Bonds, 5.25%, 3/15/24

 

 

5,000

 

 

5,368,500

 

 

 

Texas State University, System Financing Revenue Refunding Bonds, 5.25%, 3/15/25

 

 

9,000

 

 

9,582,480

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

162,282,023

 











Utah - 1.1%

 

Utah Transit Authority, Sales Tax Revenue Refunding Bonds, CABS, Sub-Series A, 5.341%, 6/15/20 (p)

 

 

15,930

 

 

9,066,400

 











Vermont - 0.4%

 

Vermont HFA, Revenue Refunding Bonds, AMT, Series C, 5.50%, 11/01/38 (b)

 

 

2,965

 

 

2,864,368

 

 

 

Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30%, 11/01/19 (b)

 

 

375

 

 

381,630

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

3,245,998

 











Washington - 7.1%

 

Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45%,7/01/37 (g)

 

 

3,030

 

 

2,706,729

 

 

 

Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Refunding Bonds (Chelan Hydro System), AMT, Series C, 5.65%, 7/01/32 (a)

 

 

6,000

 

 

5,631,480

 

 

 

King County, Washington, Public Hospital District Number 001, GO, Refunding, Series A, 5%, 12/01/37 (l)

 

 

11,850

 

 

11,602,335

 

 

 

Port of Seattle, Washington, Revenue Bonds, DRIVERS, AMT, Series 2553, 8.855%, 1/01/12 (a)(j)

 

 

3

 

 

2,046

 

 

 

Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75%, 6/01/32 (a)

 

 

10,000

 

 

10,009,100

 

 

 

Seattle, Washington, Housing Authority Revenue Bonds (High Rise Rehabilitation Program - Phase 3), AMT, 5.15%, 11/01/27 (b)

 

 

6,255

 

 

5,964,393

 

 

 

Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%, 12/01/25 (a)

 

 

4,945

 

 

4,896,193

 

 

 

Skagit County, Washington, Public Hospital District, GO, Series A, 5.25%, 12/01/26 (a)

 

 

5,450

 

 

5,321,380

 

 

 

Washington State Health Care Facilities Authority Revenue Bonds (Providence Health System), Series A, 5.25%, 10/01/21 (a)

 

 

6,150

 

 

6,216,851

 

 

 

Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Catholic Health Initiatives), Series D, 6.375%, 10/01/36

 

 

5,500

 

 

5,742,935

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

58,093,442

 











7


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

 

 

State

 

Municipal Bonds

 

Par
(000)

 

Value

 









Wisconsin - 0.4%

 

Wisconsin State Health and Educational Facilities Authority Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/32

 

$

3,395

 

$

3,419,919

 











Puerto Rico - 1.5%

 

Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/26 (a)(r)

 

 

5,140

 

 

5,101,450

 

 

 

Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (a)(r)

 

 

4,235

 

 

4,183,884

 

 

 

Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/28 (a)(r)

 

 

2,750

 

 

2,694,560

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

11,979,894

 











 

 

Total Municipal Bonds - 126.3%

 

 

 

 

 

1,030,255,512

 











 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (s)

 

 

 

 

 

 

 











California - 10.2%

 

Alameda County, California, Joint Powers Authority, Lease Revenue Refunding Bonds, 5%, 12/01/34 (b)

 

 

6,990

 

 

6,567,455

 

 

 

California State University, Systemwide Revenue Refunding Bonds, Series A, 5%, 11/01/16 (g)

 

 

18,435

 

 

17,916,792

 

 

 

Las Virgenes, California, Unified School District, GO, Series A, 5%, 8/01/31 (b)

 

 

10,000

 

 

9,827,812

 

 

 

Orange County, California, Sanitation District, COP, Series B, 5%, 2/01/37 (b)

 

 

10,780

 

 

10,572,916

 

 

 

Riverside, California, Electric Revenue Bonds, Series D, 5%, 10/01/38 (b)

 

 

20,000

 

 

19,399,800

 

 

 

San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (b)

 

 

9,370

 

 

9,215,676

 

 

 

San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds, 5%, 7/01/36 (b)

 

 

10,000

 

 

9,940,468

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

83,440,919

 











Connecticut - 0.6%

 

Connecticut State Health and Educational Facilities Authority Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29

 

 

5,010

 

 

5,150,030

 











District of Columbia - 0.6%

 

District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, 6%, 10/01/35

 

 

4,281

 

 

4,618,906

 











Georgia - 1.2%

 

Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Third Indenture, Series B, 5%, 7/01/37 (b)

 

 

10,000

 

 

10,039,218

 











Illinois - 2.0%

 

Illinois Finance Authority, Revenue Bonds (University of Chicago), Series B, 6.25%, 7/01/38

 

 

10,000

 

 

11,119,500

 

 

 

Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Refunding Bonds (McCormick Place Expansion Project), Series B,5.75%, 6/15/23 (a)

 

 

4,798

 

 

5,052,544

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

16,172,044

 











New Jersey - 1.4%

 

Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation Revenue Bonds, Series A, 5.75%, 11/01/28 (b)

 

 

10,000

 

 

11,625,800

 











New York - 4.4%

 

New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, Series DD, 5%, 6/15/37

 

 

17,567

 

 

17,279,488

 

 

 

Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th Series, 5.125%, 7/15/30 (b)

 

 

19,500

 

 

18,262,725

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

35,542,213

 











Ohio - 0.6%

 

Montgomery County, Ohio, Revenue Bonds (Catholic Health Initiatives), Series C-1, 5%, 10/01/41 (b)

 

 

4,990

 

 

4,558,215

 











8


 

 

BlackRock MuniYield Insured Fund, Inc.

 

 

 

Schedule of Investments April 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)



 

 

 

 

 

 

 

 

 

 

State

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (s)

 

Par
(000)

 

Value

 









Texas - 4.2%

 

Friendswood, Texas, Independent School District, GO, 5%, 2/15/37

 

$

12,955

 

$

13,147,453

 

 

 

Houston, Texas, Independent School District, GO, 5%, 2/15/33

 

 

10,000

 

 

10,193,100

 

 

 

Texas State University, System Financing Revenue Refunding Bonds, 5.25%,3/15/26

 

 

10,000

 

 

10,573,300

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

33,913,853

 











Virginia - 0.5%

 

University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40

 

 

3,950

 

 

4,077,941

 











Washington - 6.3%

 

Central Puget Sound Regional Transportation Authority, Washington, Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/34 (b)

 

 

17,000

 

 

17,105,232

 

 

 

King County, Washington, Sewer Revenue Bonds, 5%, 1/01/37 (b)

 

 

15,785

 

 

15,815,470

 

 

 

Port of Seattle, Washington, Revenue Refunding Bonds, AMT, Series B, 5.20%, 7/01/29 (a)

 

 

20,565

 

 

18,698,109

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

51,618,811

 











 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 32.0%

 

 

 

 

 

260,757,950

 











 

 

Total Long-Term Investments
(Cost - $1,344,456,664) - 158.3%

 

 

 

 

 

1,291,013,462

 











 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 











California - 0.5%

 

Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 5/07/09 (a)(t)

 

 

4,000

 

 

4,000,000

 











Pennsylvania - 1.2%

 

Philadelphia, Pennsylvania, GO, Refunding, VRDN, Series B, 3.50%, 5/07/09 (b)(t)

 

 

10,000

 

 

10,000,000

 











 

 

 

 

Shares

 

 

 

 











Money Market Fund - 2.9%

 

FFI Institutional Tax-Exempt Fund, 0.72% (u)(v)

 

 

23,300,000

 

 

23,300,000

 











 

 

Total Short-Term Securities
(Cost - $37,300,000) - 4.6%

 

 

 

 

 

37,300,000

 











 

 

Total Investments
(Cost - $1,381,756,664*) - 162.9%

 

 

 

 

 

1,328,313,462

 

 

 

Other Assets Less Liabilities - 0.8%

 

 

 

 

 

6,455,923

 

 

 

Liability for Trust Certificates,
Including Interest Expense and Fees Payable - (17.4)%

 

 

 

 

 

(142,058,448

)

 

 

Preferred Shares, at Redemption Value - (46.3)%

 

 

 

 

 

(377,278,968

)

 

 

 

 

 

 

 




 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

815,431,969

 

 

 

 

 

 

 

 





 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

1,240,126,699

 

 

 




Gross unrealized appreciation

 

$

28,184,944

 

Gross unrealized depreciation

 

 

(81,660,710

)

 

 




Net unrealized depreciation

 

$

(53,475,766

)

 

 





 

 

(a)

NPFGC Insured.

 

 

(b)

FSA Insured.

 

 

(c)

FGIC Insured.

 

 

(d)

FHLMC Collateralized.

 

 

(e)

FNMA Collateralized.

 

 

(f)

GNMA Collateralized.

9


 

BlackRock MuniYield Insured Fund, Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)



 

 

(g)

AMBAC Insured.

 

 

(h)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the effective yield as of report date.

 

 

(i)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(j)

Variable rate security. Rate shown is as of report date.

 

 

(k)

Assured Guaranty Insured.

 

 

(l)

XL Capital Insured.

 

 

(m)

BHAC Insured.

 

 

(n)

Non-income producing security.

 

 

(o)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(p)

FHA Insured.

 

 

(q)

CIFG Insured.

 

 

(r)

Commonwealth Guaranteed.

 

 

(s)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(t)

Rate shown is as of report date and maturity shown is the final maturity date or the date the principal owed can be recovered through demand.

 

 

(u)

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:


 

 

 

 

 

 

 

 









Affiliate

 

Net Activity

 

Income

 







FFI Institutional Tax-Exempt Fund

 

 

(2,854,406

)

$

451,433

 










 

 

(v)

Represents the current yield as of report date.

10


 

BlackRock MuniYield Insured Fund, Inc.

 

Schedule of Investments April 30, 2009 (Unaudited)



 

 

 

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:

 

 

 

 

Level 1 - price quotations in active markets/exchanges for identical securities

 

 

 

 

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets 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)

 

 

 

 

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 semi-annual report.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of the Fund’s investments:


 

 

 

 

 






Valuation
Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1

 

$

23,300,000

 

Level 2

 

 

1,305,013,462

 

Level 3

 

 

 






Total

 

$

1,328,313,462

 

 

 




11


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 13(a)-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: June 19, 2009
   
  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: June 19, 2009
   
 

By:

/s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Insured Fund, Inc.
   
  Date: June 19, 2009