UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-6540
Name of Fund: MuniYield Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniYield Insured Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/05
Date of reporting period: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
Alaska - 1.5% $ 3,695 Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth
Series, 6% due 7/01/2018 (g) $ 4,369
11,280 Alaska State Housing Finance Corporation, Revenue Refunding Bonds, Series A,
5.875% due 12/01/2024 (d)(i)(j) 11,597
Arizona - 0.9% 9,000 Maricopa County, Arizona, Hospital Revenue Refunding Bonds (Sun Health Corporation),
5% due 4/01/2035 9,061
California - 38.1% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.735%* due 10/01/2012 (a) 7,455
13,025 Alhambra, California, Unified School District, GO (Election of 2004), Series A, 5%
due 8/01/2029 (c) 13,836
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (i) 5,428
10,000 California Health Facilities Financing Authority, Revenue Refunding Bonds
(Cedars-Sinai Medical Center), 5% due 11/15/2034 10,258
10,000 California Infrastructure and Economic Development Bank, Bay Area Toll Bridges
Revenue Bonds, First Lien, Series A, 5% due 7/01/2025 (c) 10,572
California State Department of Water Resources, Power Supply Revenue Bonds, Series A:
5,750 5.125% due 5/01/2018 (i) 6,235
10,000 5.25% due 5/01/2020 (i) 10,909
3,675 5.375% due 5/01/2021 3,977
12,010 5.375% due 5/01/2022 (i) 13,270
California State, GO, DRIVERS (i)(k):
7,450 Series 556, 8.36% due 11/01/2011 8,898
6,450 Series 557, 8.36% due 4/01/2012 7,766
5,000 California State, GO, Refunding, RIB, Series 471x, 8.44% due 9/01/2024 (i)(k) 6,030
Portfolio Abbreviations
To simplify the listings of MuniYield Insured Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of
many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
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
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2005 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California California State Public Works Board, Lease Revenue Bonds:
(concluded) $ 5,500 (Department of Corrections), Series C, 5.25% due 6/01/2028 $ 5,839
3,755 (Department of General Services), Series D, 5.25% due 6/01/2028 3,986
5,250 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125%
due 6/01/2029 5,495
12,000 California State, Various Purpose, GO, 5.25% due 11/01/2029 12,732
32,000 California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 (n) 33,531
7,740 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 8,602
4,205 California Statewide Communities Development Authority, Water Revenue Bonds
(Pooled Financing Program), Series C, 5.25% due 10/01/2034 (g) 4,499
7,500 Desert Sands, California, Unified School District, GO (Election of 2001), 5% due
6/01/2029 (g) 7,922
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002), 5.50%
due 8/01/2028 (i) 6,452
5,015 Gavilan, California, Joint Community College District, GO, DRIVERS, Series 587-Z,
8.36% due 8/01/2012 (a)(k) 6,127
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds:
6,000 DRIVERS, Series 726, 8.61% due 12/01/2010 (c)(k) 7,565
13,500 RIB, Series 920X, 8.44% due 6/01/2033 (c)(k) 16,793
4,000 Series B, 5.50% due 6/01/2013 (f) 4,485
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Series A:
10,000 4.88%* due 6/01/2027 (a) 3,475
25,000 5% due 6/01/2035 (c) 26,227
12,155 Huntington Beach, California, Union High School District, GO (Election of 2004),
5% due 8/01/2029 (g) 12,850
1,000 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20% due
5/15/2027 (i) 1,059
5,000 Los Angeles, California, Harbor Department Revenue Bonds, RITR, AMT, Series RI-7,
9.785% due 11/01/2026 (i)(k) 5,471
28,800 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (i) 30,398
12,775 Los Angeles, California, Water and Power Revenue Bonds (Power System), Series B, 5%
due 7/01/2035 (g) 13,378
4,650 Madera, California, Unified School District, Capital Appreciation, GO (Election 2002),
5.23%* due 8/01/2029 (c) 1,455
Napa Valley, California, Community College District, Capital Appreciation, GO
(Election of 2002), Series B (i):
9,295 5.019%* due 8/01/2026 3,439
5,000 5.279%* due 8/01/2027 1,757
11,725 5.222%* due 8/01/2028 3,902
12,135 Peralta, California, Community College District, GO (Election of 2000), Series D, 5%
due 8/01/2030 (g) 12,881
4,730 Port of Oakland, California, DRIVERS, AMT, Series 839Z, 7.821% due 11/01/2010 (c)(k) 5,387
145 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 156
7,000 Port of Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R, Series K,
8.793% due 11/01/2021 (c)(k) 8,063
10,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (e) 10,387
25,000 San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A,
5% due 5/01/2031 (g) 26,422
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.25% due 9/01/2034 (c) 8,944
District of 15,000 Metropolitan Washington, D.C. Airports Authority, Airport System Revenue Refunding
Columbia - 1.5% Bonds, AMT, Series A, 5% due 10/01/2035 (i) 15,510
Florida - 4.6% 400 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 403
5,375 Miami-Dade County, Florida, Aviation Revenue Bonds, RIB, AMT, Series 1054-X, 8.11%
due 10/01/2025 (c)(k) 6,046
1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2027 (c) 1,061
17,085 Miami-Dade County, Florida, GO (Building Better Communities Program), 5% due
7/01/2029 (c) 18,127
10,000 Miami-Dade County, Florida, Subordinate Special Obligation Revenue Bonds, Series A,
5.23%* due 10/01/2036 (i) 2,010
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
5,000 (Adventist Health System), 5.625% due 11/15/2032 5,334
2,000 (Orlando Regional Healthcare), 5.75% due 12/01/2032 2,138
9,600 Sarasota County, Florida, Public Hospital Board, Hospital Revenue Bonds (Sarasota
Memorial Hospital), VRDN, Series A, 2.25% due 7/01/2037 (a)(h) 9,600
4,315 Tallahassee, Florida, Consolidated Utility Systems, Revenue Refunding Bonds, 5% due
10/01/2029 (a) 4,583
Georgia - 4.7% Atlanta, Georgia, Airport General Revenue Refunding Bonds (g):
26,500 AMT, Series A, 5.125% due 1/01/2030 27,763
12,500 Series B, 5.25% due 1/01/2033 13,420
Burke County, Georgia, Development Authority, PCR, Refunding:
7,150 (Georgia Power Company Vogtle Project), Second Series, 4.625% due 5/01/2034 (c) 7,163
1,200 (Oglethorpe Power Corporation-Vogtle), VRDN, 2.25% due 1/01/2022 (a)(h) 1,200
Hawaii - 0.2% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) 2,199
Illinois - 8.0% 2,000 Chicago, Illinois, Board of Education, GO, VRDN, Series C-1, 2.23% due 3/01/2031 (g)(h) 2,000
Chicago, Illinois, O'Hare International Airport Revenue Bonds, AMT:
13,115 DRIVERS, Series 368, 9.319% due 7/01/2011 (i)(k) 16,534
8,600 DRIVERS, Series 369, 9.319% due 7/01/2011 (e)(k) 10,764
16,685 Third Lien, Series B-2, 5.25% due 1/01/2027 (i) 17,602
Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, AMT:
8,200 DRIVERS, Series 653-Z, 8.32% due 1/01/2012 (g)(k) 9,065
1,500 Third Lien, Series C-2, 5.25% due 1/01/2034 (e) 1,576
10,000 Illinois State, GO, First Series, 5.50% due 4/01/2016 (g) 11,049
2,000 Illinois State Sales Tax Revenue Bonds, 6.125% due 6/15/2016 2,244
6,035 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (g) 7,017
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 (i) 5,417
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75% due
6/01/2020 (c) 1,394
Indiana - 4.8% 2,250 Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess
Hospital Obligated Group), Series A, 5.375% due 3/01/2034 (a) 2,420
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A (c):
3,000 5.25% due 6/01/2026 3,230
14,000 5.25% due 6/01/2028 15,075
20,000 5.25% due 6/01/2029 21,521
8,000 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds (Waterworks
Project), Series A, 5.125% due 7/01/2027 (i) 8,412
Kansas - 0.9% 8,500 Burlington, Kansas, PCR, Refunding (Kansas Gas and Electric Company Project),
Series A, 5.30% due 6/01/2031 (i) 9,200
Louisiana - 1.9% 3,750 Louisiana Local Government, Environmental Facilities, Community Development Authority
Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30% due
7/01/2030 (a) 4,081
15,000 Louisiana Public Facilities Authority, Mortgage Revenue Refunding Bonds
(Baton Rouge General Medical Center Project), 5.25% due 7/01/2033 (d)(i) 15,853
Maine - 0.7% 6,955 Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series A,
5% due 7/01/2035 (i) 7,322
Massachusetts - 9.1% 2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B,
5.40% due 12/01/2028 (i) 2,587
15,000 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A,
5.15% due 7/01/2026 (g) 15,216
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (i) 7,896
29,330 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (g) 31,113
Massachusetts State Special Obligation Dedicated Tax Revenue Bonds (c)(f):
10,000 5% due 1/01/2014 10,873
14,620 5.25% due 1/01/2014 16,158
10,000 5.75% due 1/01/2014 11,394
1,500 Massachusetts State Water Resource Authority, General Revenue Refunding Bonds,
Series A, 5% due 8/01/2028 (i) 1,603
Michigan - 5.5% 9,360 Clarkston, Michigan, Community Schools, GO, 5.25% due 5/01/2029 (g) 10,011
12,500 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien, VRDN, Series A, 2.22%
due 7/01/2033 (g)(h) 12,500
1,000 Eastern Michigan University Revenue Refunding Bonds, VRDN, 2.23% due 6/01/2027 (c)(h) 1,000
6,500 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, 5% due
11/15/2036 (i) 6,797
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT (e)(k):
2,500 Series 857Z, 8.378% due 3/01/2010 2,852
4,000 Series 858Z, 8.079% due 12/01/2011 4,614
20,000 Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan Wayne
County Airport), AMT, 5% due 12/01/2029 (i) 20,818
Minnesota - 2.9% 10,000 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport
Revenue Bonds, Series A, 5.90% due 1/01/2010 (c)(f) 11,183
Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport
Revenue Refunding Bonds, Sub-Series A (a):
4,875 5% due 1/01/2029 5,137
13,700 5% due 1/01/2035 14,414
Missouri - 0.3% 195 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeowner
Loan), AMT, Series C-1, 7.15% due 3/01/2032 (l) 204
2,800 Saint Louis, Missouri, Airport Revenue Bonds (Airport Development Program), Series A,
5.625% due 7/01/2011 (f)(i) 3,128
Nevada - 10.6% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2030 (c) 26,096
Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT:
12,675 Series A, 5.25% due 7/01/2034 (a) 13,344
12,000 Series D, 5.25% due 3/01/2038 (c) 12,535
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare West),
Series A, 5.625% due 7/01/2024 6,428
5,000 Humboldt County, Nevada, PCR, Refunding (Sierra Pacific Project), 6.55% due
10/01/2013 (a) 5,235
20,375 Nevada State, Nevada Municipal Bond Bank, GO, Series A, 5.50% due 11/01/2025 (c) 20,725
3,130 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 3,458
Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power Company), AMT:
15,000 6.65% due 12/01/2017 (a) 15,121
5,000 6.55% due 9/01/2020 (i) 5,092
5,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 6/01/2017 (i) 5,167
New Jersey - 6.1% 16,000 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.75% due 11/01/2028 (g) 19,352
New Jersey EDA, Cigarette Tax Revenue Bonds:
3,060 5.75% due 6/15/2029 3,279
2,610 5.50% due 6/15/2031 2,737
14,135 5.75% due 6/15/2034 15,064
14,830 New Jersey EDA, Revenue Bonds, DRIVERS, Series 785-Z, 7.861% due 7/01/2012 (i)(k) 17,270
3,250 New Jersey EDA, School Facility Construction Revenue Bonds, Series I, 5.25% due
9/01/2014 (f) 3,628
Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects) (i):
1,500 5.50% due 1/01/2027 1,658
1,380 5.50% due 1/01/2028 1,522
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 1,636
755 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2,
6.95% due 9/01/2031 (l) 769
New York - 17.6% 10,250 Long Island Power Authority, New York, Electric System Revenue Bonds, Series A,
5.10% due 9/01/2029 10,757
12,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(b) 13,075
65,000 New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System, Revenue Refunding Bonds, Series B, 5% due 6/15/2036 (g) 68,401
New York City, New York, GO:
8,500 Series A, 5% due 8/01/2030 8,888
4,735 Series B, 5.875% due 8/01/2010 (f)(i) 5,349
9,105 Series B, 5.875% due 8/01/2016 (i) 10,198
10,000 Series J, 5.25% due 5/15/2024 10,712
1,000 Series J, 5.25% due 5/15/2025 1,075
20,000 Series M, 5% due 4/01/2030 20,888
10,000 Series O, 5% due 6/01/2033 10,431
6,000 Sub-Series C-1, 5.25% due 8/15/2026 6,371
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th
Series, 5.125% due 7/15/2030 (g) 20,698
Oklahoma - 0.8% 7,500 Oklahoma State, IDR, Refunding, DRIVERS, Series 455, 8.85% due 2/15/2008 (i)(k) 8,851
Oregon - 1.6% 15,000 Portland, Oregon, Sewer System Revenue Bonds, Series A, 5.75% due 8/01/2010 (c)(f) 16,678
Pennsylvania - 3.8% 7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS, Series 460-Z,
8.35% due 6/01/2012 (a)(k) 9,595
Philadelphia, Pennsylvania, School District, GO (c):
5,175 Series B, 5.625% due 8/01/2012 (f) 5,838
12,115 Series D, 5.125% due 6/01/2034 12,801
6,000 Series D, 5.25% due 6/01/2034 6,447
5,000 Sayre, Pennsylvania, Health Care Facilities Authority Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 5,939
South Carolina - 2.3% 1,325 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 1,419
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A, 5% due
10/01/2029 (a) 18,835
4,200 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue Bonds
(BMW Project), AMT, 7.55% due 11/01/2024 4,367
Tennessee - 1.2% Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement
Revenue Bonds, VRDN (h):
1,400 Series IV-1, 2.25% due 6/01/2023 (g) 1,400
690 Series IV-E-1, 2.25% due 6/01/2030 (a) 690
Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C:
1,795 6.05% due 7/01/2012 1,826
2,250 6.15% due 7/01/2014 2,269
Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A (g):
3,745 5.25% due 7/01/2022 3,887
2,655 5.35% due 1/01/2026 2,755
Texas - 10.8% 9,800 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN, Series 2001-2, 2.26% due
8/15/2031 (h)(i) 9,800
1,880 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding Bonds,
6.35% due 5/01/2025 (i) 1,923
10,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT,
Series 353, 8.32% due 5/01/2011 (i)(k) 12,023
7,500 Dallas-Fort Worth, Texas, International Airport Revenue Refunding Bonds, DRIVERS,
AMT, Series 336Z, 8.58% due 11/01/2026 (c)(k) 8,594
Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior Lien,
Series G (i):
1,665 5.75% due 11/15/2019 1,839
3,500 5.75% due 11/15/2020 3,864
10,000 5.25% due 11/15/2030 10,530
4,600 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 2.23% due 10/01/2029 (h)(i) 4,600
15,000 Houston, Texas, Airport System Revenue Refunding Bonds, RIB, Series 845X, 8.41%
due 7/01/2030 (g)(k) 17,325
4,835 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds,
AMT, Series A, 5.45% due 9/01/2023 (i)(l) 5,050
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 11,016
4,000 Texas Technical University, Financing System Revenue Bonds, Seventh Series, 5.50%
due 8/15/2019 (i) 4,403
10,000 Travis County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds, RITR, Series 4, 8.983% due 11/15/2024 (a)(k) 12,253
11,240 University of Houston, Texas, University Revenue Bonds, 5.50% due 2/15/2030 (i) 12,074
Vermont - 0.1% 900 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 905
Virginia - 0.3% 2,500 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds
(Old Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,751
Washington - 16.8% Bellevue, Washington, GO, Refunding (i):
2,545 5.25% due 12/01/2026 2,745
2,455 5.25% due 12/01/2027 2,650
2,850 5.25% due 12/01/2028 3,074
3,000 5.25% due 12/01/2029 3,234
17,600 5% due 12/01/2034 18,442
16,150 Central Puget Sound Regional Transportation Authority, Washington, Sales and Use
Tax Revenue Bonds, Series A, 5% due 11/01/2030 (a) 16,989
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) 3,208
Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT (i):
6,595 Series B, 6.35% due 7/01/2026 7,101
6,000 Series C, 5.65% due 7/01/2032 6,526
10,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project Number 1),
Series B, 6% due 7/01/2017 (i) 11,459
5,000 King County, Washington, Sewer, GO, 5% due 1/01/2030 (c) 5,261
3,500 Port Seattle, Washington, Revenue Bonds, Series A, 5.50% due 2/01/2026 (i) 3,779
19,565 Port Seattle, Washington, Revenue Refunding Bonds, Series B, AMT, 5.20% due
7/01/2029 (i) 20,558
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75% due
6/01/2032 (i) 11,040
1,720 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75% due
11/01/2029 (i) 1,884
2,000 Seattle, Washington, Water System Revenue Bonds, Series B, 6% due 7/01/2029 (c) 2,197
Skagit County, Washington, Public Hospital District, GO, Series A (i):
4,945 5.25% due 12/01/2025 5,358
5,450 5.25% due 12/01/2026 5,879
7,250 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series B, 5.50%
due 12/01/2019 (a) 7,688
2,000 University of Washington, University Revenue Bonds (Student Facilities Fee), 5.75%
due 6/01/2010 (f)(g) 2,231
Washington State, GO:
10,000 DRIVERS, Series 438Z, 8.60% due 1/01/2009 (i)(k) 11,736
15,930 Series B, 6% due 1/01/2010 (f)(g) 17,727
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence Health
System), Series A, 5.25% due 10/01/2021 (i) 7,449
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) 6,003
Wisconsin - 0.3% 3,395 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2032 3,654
Total Municipal Bonds (Cost - $1,594,378) - 158.7% 1,684,549
Shares Held Short-Term Securities
13,700 Merrill Lynch Institutional Tax-Exempt Fund (m) 13,700
Total Short-Term Securities (Cost - $13,700) - 1.3% 13,700
Total Investments (Cost - $1,608,079**) - 160.0% 1,698,249
Liabilities in Excess of Other Assets - (6.3%) (67,066)
Preferred Stock, at Redemption Value - (53.7%) (570,079)
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Net Assets Applicable to Common Stock - 100.0% $ 1,061,104
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* Represents a zero coupon bond; the interest rate shown reflects the effective yield at
the time of purchase by the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of July 31, 2005,
as computed for federal income tax purposes, were as follows:
(in Thousands)
Aggregate cost $ 1,608,079
===============
Gross unrealized appreciation $ 90,960
Gross unrealized depreciation (790)
---------------
Net unrealized appreciation $ 90,170
===============
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHA Insured.
(e) XL Capital Insured.
(f) Prerefunded.
(g) FSA Insured.
(h) Security may have a maturity of more than one year at time of issuance, but has
variable rate and demand features that qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(i) MBIA Insured.
(j) FNMA Collateralized.
(k) The rate disclosed is that currently in effect. This rate changes periodically and
inversely based upon prevailing market rates.
(l) FNMA/GNMA Collateralized.
(m) Investments in companies considered to be an affiliate of the Fund, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
(in Thousands)
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional
Tax-Exempt Fund 13,569 $ 62
(n) CIFG Insured.
Forward interest rate swaps outstanding as of July 31, 2005 were as follows:
(in Thousands)
Unrealized
Notional Appreciation
Amount (Depreciation)
Receive a variable rate equal to a 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed rate
equal to 3.647%
Broker, JPMorgan Chase Bank
Expires October 2015 $ 226,000 $ 360
Receive a variable rate equal to a 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed rate
equal to 4.042%
Broker, JPMorgan Chase Bank
Expires August 2026 $ 15,555 (172)
---------
Total $ 188
=========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected, or
is 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.
MuniYield Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Insured Fund, Inc.
Date: September 23, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Insured Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Insured Fund, Inc.
Date: September 23, 2005