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: 10/31/2006
Date of reporting period: 11/01/05 - 01/31/06
Item 1 - Schedule of Investments
MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
Alaska - 1.6% $ 3,695 Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth
Series, 6% due 7/01/2018 (g) $ 4,329
11,845 Civic Ventures of Anchorage, Alaska, Revenue Bonds (Anchorage Convention Center),
5% due 9/01/2034 (b) 12,227
Arizona - 2.8% 18,730 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5%
due 7/01/2036 (c) 19,366
9,000 Maricopa County, Arizona, Hospital Revenue Refunding Bonds (Sun Health Corporation),
5% due 4/01/2035 8,890
California - 34.9% 5,000 Alameda County, California, Redevelopment Agency, Tax Allocation Bonds (Eden Area
Redevelopment Project), Series A, 5% due 8/01/2036 (b) 5,182
10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.40%* due 10/01/2012 (a) 7,629
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (b) 5,336
10,000 California Infrastructure and Economic Development Bank, Bay Area Toll Bridges
Revenue Bonds, First Lien, Series A, 5% due 7/01/2025 (c) 10,536
7,450 California State, GO, DRIVERS, Series 556, 7.664% due 11/01/2011 (b)(k) 8,845
6,450 California State, GO, DRIVERS, Series 557, 7.664% due 4/01/2012 (b)(k) 7,589
5,500 California State Public Works Board, Lease Revenue Bonds (Department of Corrections),
Series C, 5.25% due 6/01/2028 5,769
3,755 California State Public Works Board, Lease Revenue Bonds (Department of General
Services), Series D, 5.25% due 6/01/2028 3,939
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)
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 January 31, 2006 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 5,250 California State Public Works Board, Lease Revenue Bonds (Department of Mental
(concluded) Health - Coalinga State Hospital), Series A, 5.125% due 6/01/2029 $ 5,439
8,250 California State University, Systemwide Revenue Bonds, Series A, 5% due
11/01/2035 (c) 8,507
12,000 California State, Various Purpose, GO, 5.25% due 11/01/2029 12,760
32,000 California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 (d) 33,003
7,740 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 8,539
4,205 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled
Financing Program), Series C, 5.25% due 10/01/2034 (g) 4,433
4,500 Coronado, California, Community Development Agency, Tax Allocation Bonds (Coronado
Community Development Project), 5% due 9/01/2035 (a) 4,638
7,500 Desert Sands, California, Unified School District, GO (Election of 2001), 5% due
6/01/2029 (g) 7,821
8,025 East Bay Municipal Utility District, California, Water System Revenue Bonds,
Sub-Series A, 5% due 6/01/2035 (b) 8,359
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002), 5.50%
due 8/01/2028 (b) 6,365
5,015 Gavilan, California, Joint Community College District, GO, DRIVERS, Series 587-Z,
7.664% due 8/01/2012 (a)(k) 5,992
15,900 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Series A, 5% due 6/01/2035 (c) 16,414
13,155 Huntington Beach, California, Union High School District, GO (Election of 2004), 5%
due 8/01/2029 (g) 13,729
1,000 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20% due
5/15/2027 (b) 1,043
5,000 Los Angeles, California, Harbor Department Revenue Bonds, RITR, AMT, Series RI-7,
9.065% due 11/01/2026 (b)(k) 5,300
38,800 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (b) 40,489
12,775 Los Angeles, California, Water and Power Revenue Bonds (Power System), Series B, 5%
due 7/01/2035 (g) 13,165
29,360 Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1,
5% due 7/01/2035 (g) 30,590
10,000 Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-2,
5% due 7/01/2029 (g) 10,474
4,730 Port of Oakland, California, DRIVERS, AMT, Series 839Z, 7.397% due 11/01/2010 (c)(k) 5,326
145 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 155
7,000 Port of Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R, Series K,
8.163% due 11/01/2021 (c)(k) 7,925
10,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (e) 10,261
7,090 San Diego, California, Unified School District, GO (Election of 1998), Series F, 5%
due 7/01/2029 (g) 7,396
6,505 Santa Monica, California, Community College District, GO (Election of 2002),
Refunding, Series C, 4.97%* due 8/01/2022 (b) 2,955
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.25% due 9/01/2034 (c) 8,806
5,800 University of California, Limited Project Revenue Bonds, Series B, 5% due 5/15/2033 (g) 6,015
12,515 University of California Revenue Bonds, Series G, 4.75% due 5/15/2035 (c) 12,574
Florida - 6.2% 15,955 Florida State Department of Transportation, GO (Right-of-Way Acquisition and Bridge
Construction), Series A, 5% due 7/01/2031 (g) 16,648
8,700 Jacksonville Electric Authority, Florida, Electric System Revenue Bonds, Series 3-A,
4.75% due 10/01/2036 (g) 8,707
5,375 Miami-Dade County, Florida, Aviation Revenue Bonds, RIB, AMT, Series 1054-X, 7.43%
due 10/01/2025 (c)(k) 5,922
1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2027 (c) 1,046
7,300 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2030 (e) 7,423
10,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5% due 10/01/2035 (e) 10,153
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2032 5,326
2,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), 5.75% due 12/01/2012 (f) 2,242
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Orlando Regional Healthcare), Series B, 4.75% due 11/15/2036 4,880
Georgia - 4.1% 26,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, AMT, Series A, 5.125%
due 1/01/2030 (g) 27,291
12,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25% due
1/01/2033 (g) 13,249
500 Burke County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation), VRDN, 3.03% due 1/01/2021 (a)(h) 500
Hawaii - 0.2% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) 2,167
Illinois - 9.5% 13,115 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT,
Series 368, 8.624% due 7/01/2011 (b)(k) 16,098
8,600 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT,
Series 369, 8.624% due 7/01/2011 (e)(k) 10,495
16,685 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 5.25% due 1/01/2027 (b) 17,307
8,200 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, DRIVERS,
AMT, Series 653-Z, 7.124% due 1/01/2012 (g)(k) 8,702
1,500 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, Third Lien,
AMT, Series C-2, 5.25% due 1/01/2034 (e) 1,544
7,865 Chicago, Illinois, Second Lien Water Revenue Refunding Bonds, VRDN, 3.01% due
11/01/2031 (b)(h) 7,865
500 Illinois Health Facilities Authority, Revenue Refunding Bonds (University of Chicago
Hospitals), VRDN, 3.06% due 8/01/2026 (b)(h) 500
5,000 Illinois State, GO, 5% due 4/01/2028 (a) 5,220
12,600 Illinois State, GO, 5% due 4/01/2030 (a) 13,116
2,000 Illinois State Sales Tax Revenue Bonds, 6.125% due 6/15/2016 2,204
6,035 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (g) 6,873
4,800 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds (McCormick Place Expansion Project), Series B, 5.75% due 6/15/2023 (b) 5,337
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75% due
6/01/2020 (c) 1,373
Indiana - 5.3% 2,250 Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess
Hospital Obligated Group), Series A, 5.375% due 3/01/2034 (a) 2,381
3,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2026 (c) 3,227
14,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2028 (c) 14,953
20,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2029 (c) 21,318
2,705 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Bonds (Waterworks
Project), Series A, 5.125% due 7/01/2027 (b) 2,819
2,000 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds
(Indianapolis Airport Authority Project), AMT, Series B, 5.25% due 1/01/2028 (b) 2,088
6,525 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds
(Indianapolis Airport Authority Project), AMT, Series B, 5.25% due 1/01/2030 (b) 6,791
Louisiana - 3.5% 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) 4,130
6,615 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 6,769
7,500 Louisiana Public Facilities Authority, Revenue Refunding Bonds, DRIVERS, Series
1025, 7.155% due 7/01/2012 (b)(k) 8,184
11,900 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 5% due 5/01/2022 (c) 12,492
3,545 New Orleans, Louisiana, GO (Public Improvements), 5% due 10/01/2033 (b) 3,609
Maryland - 1.1% 5,000 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5%
due 9/01/2032 (e) 5,187
5,615 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25%
due 9/01/2039 (e) 6,000
Massachusetts - 6.1% 12,000 Massachusetts Bay Transportation Authority, Special Assessment Revenue Refunding
Bonds, Series A, 5% due 7/01/2031 12,531
2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B,
5.40% due 12/01/2028 (b) 2,555
15,000 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A,
5.15% due 7/01/2026 (g) 15,099
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (b) 7,795
11,160 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due
1/01/2014 (c)(f) 12,225
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.75% due
1/01/2014 (c)(f) 11,293
Michigan - 3.9% 9,360 Clarkston, Michigan, Community Schools, GO, 5.25% due 5/01/2029 (g) 9,932
1,475 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien, VRDN, Series B,
3.05% due 7/01/2033 (g)(h) 1,475
2,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 857Z, 7.924% due 3/01/2010 (e)(k) 2,778
4,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 858Z, 7.625% due 12/01/2011 (e)(k) 4,474
20,000 Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan Wayne
County Airport), AMT, 5% due 12/01/2029 (b) 20,451
Missouri - 0.0% 170 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeowner
Loan), AMT, Series C-1, 7.15% due 3/01/2032 (l) 177
Nebraska - 0.7% 6,780 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First
Tier, Series A, 5.125% due 4/01/2032 (a) 7,044
Nevada - 8.9% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2030 (c) 25,796
6,338 Clark County, Nevada, IDR, RIB, AMT, Series 1181, 7.19% due 7/01/2034 (a)(k) 6,808
12,000 Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series D, 5.25%
due 3/01/2038 (c) 12,345
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare West),
Series A, 5.625% due 7/01/2024 6,408
5,000 Humboldt County, Nevada, PCR, Refunding (Sierra Pacific Project), 6.55% due
10/01/2013 (a) 5,136
1,165 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 1,268
15,000 Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 12/01/2017 (a) 15,114
5,000 Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.55% due 9/01/2020 (b) 5,011
6,550 Washoe County, Nevada, Water and Sewer, GO, 5% due 1/01/2031 (b) 6,815
5,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 6/01/2017 (b) 5,231
New Jersey - 7.0% 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) 19,266
3,060 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 3,228
2,610 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 2,698
14,135 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 14,852
14,830 New Jersey EDA, Revenue Bonds, DRIVERS, Series 785-Z, 7.173% due 7/01/2012 (b)(k) 16,813
7,500 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O, 5.125%
due 3/01/2030 7,801
3,250 New Jersey EDA, School Facilities Construction Revenue Bonds, Series P, 5% due
9/01/2030 3,345
1,500 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects),
5.50% due 1/01/2027 (b) 1,652
1,380 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects), 5.50%
due 1/01/2028 (b) 1,520
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 1,630
485 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2,
6.95% due 9/01/2031 (l) 486
New York - 23.8% 10,250 Long Island Power Authority, New York, Electric System Revenue Bonds, Series A,
5.10% due 9/01/2029 10,616
12,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(i) 13,044
11,250 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding
Bonds, Series F, 5% due 11/15/2030 11,586
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) 67,497
1,880 New York City, New York, GO, Series B, 5.875% due 8/01/2016 (b) 2,069
10,000 New York City, New York, GO, Series J, 5.25% due 5/15/2024 10,613
1,000 New York City, New York, GO, Series J, 5.25% due 5/15/2025 1,065
20,000 New York City, New York, GO, Series M, 5% due 4/01/2030 (m) 20,835
6,000 New York City, New York, GO, Sub-Series C-1, 5.25% due 8/15/2026 6,377
10,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2032 (a) 10,437
10,750 New York State Dormitory Authority, State Personal Income Tax Revenue Bonds
(Education), Series F, 5% due 3/15/2030 11,156
6,865 New York State Dormitory Authority, Supported Debt Revenue Bonds (Mental Health
Services Facilities Improvement), Series E, 5% due 2/15/2035 7,076
10,000 New York State Mortgage Agency Revenue Bonds, AMT, Series 109, 4.90% due 10/01/2028 10,037
10,000 New York State Thruway Authority, General Revenue Refunding Bonds, Series G, 5%
due 1/01/2028 (g) 10,482
20,000 New York State Thruway Authority, General Revenue Refunding Bonds, Series G, 5%
due 1/01/2030 (g) 20,948
6,645 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds,
Series B, 5% due 3/15/2030 (g) 6,926
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th
Series, 5.125% due 7/15/2030 (g) 20,307
Oklahoma - 1.4% 7,500 Oklahoma State IDR, Refunding, DRIVERS, Series 455, 8.154% due 2/15/2008 (b)(k) 8,587
5,650 Oklahoma State Industries Authority, Revenue Refunding Bonds (Integris Baptist),
VRDN, Series B, 3.06% due 8/15/2029 (b)(h) 5,650
Pennsylvania - 3.9% 7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS, Series
460-Z, 7.654% due 6/01/2012 (a)(k) 9,331
5,175 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due 8/01/2012 (c)(f) 5,786
12,115 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due 6/01/2034 (c) 12,614
6,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.25% due 6/01/2034 (c) 6,361
5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 5,917
South Carolina - 4.6% 3,895 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2028 (m) 4,160
3,465 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2029 (m) 3,692
1,160 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2030 (m) 1,235
1,325 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 1,399
5,000 South Carolina State Public Service Authority, Revenue Refunding Bonds (Santee Cooper
Project), Series A, 5% due 1/01/2030 (b) 5,231
12,000 South Carolina State Public Service Authority, Revenue Refunding Bonds (Santee Cooper
Project), Series A, 5% due 1/01/2036 (b) 12,514
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A, 5% due
10/01/2029 (a) 18,648
Tennessee - 1.3% 2,000 Blount County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series A3A, 3.06% due 6/01/2026 (a)(h) 2,000
535 Sevier County, Tennessee, Public Building Authority Revenue Bonds, Local Government
Public Improvement IV, VRDN, Series F-1, 3.06% due 6/01/2025 (a)(h) 535
1,795 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.05%
due 7/01/2012 1,809
2,250 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.15%
due 7/01/2014 2,268
3,535 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.25%
due 7/01/2022 (g) 3,651
2,505 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%
due 1/01/2026 (g) 2,578
Texas - 10.6% 15,820 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Scott & White Memorial Hospital), VRDN, Series B-1, 3.06% due 8/15/2029 (b)(h) 15,820
1,880 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding Bonds,
6.35% due 5/01/2025 (b) 1,922
10,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series
353, 7.624% due 5/01/2011 (b)(k) 11,649
7,500 Dallas-Fort Worth, Texas, International Airport Revenue Refunding Bonds, DRIVERS,
AMT, Series 336Z, 7.885% due 11/01/2026 (c)(k) 8,383
1,665 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2019 (b) 1,818
3,500 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2020 (b) 3,833
10,000 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior Lien,
Series G, 5.25% due 11/15/2030 (b) 10,399
15,000 Houston, Texas, Airport System Revenue Refunding Bonds, RIB, Series 845X, 7.72%
due 7/01/2030 (g)(k) 16,860
5,450 Houston, Texas, Independent School District, GO, 5% due 2/15/2030 (g) 5,643
4,825 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds,
AMT, Series A, 5.45% due 9/01/2023 (b)(l) 5,012
10,000 Texas State Transportation Commission, GO (Mobility Fund), Series A, 5% due 4/01/2030 10,410
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 10,826
4,000 Texas Technical University, Financing System Revenue Bonds, Seventh Series, 5.50%
due 8/15/2019 (b) 4,346
Vermont - 0.1% 720 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 724
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) 2,709
Washington - 15.3% 2,545 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2026 (b) 2,723
2,455 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2027 (b) 2,627
2,850 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2028 (b) 3,043
3,000 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2029 (b) 3,196
17,600 Bellevue, Washington, GO, Refunding, 5% due 12/01/2034 (b) 18,157
16,150 Central Puget Sound Regional Transportation Authority, Washington, Sales and Use
Tax Revenue Bonds, Series A, 5% due 11/01/2030 (a) 16,754
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) 3,219
6,595 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT, Series B, 6.35% due 7/01/2026 (b) 6,965
6,000 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT, Series C, 5.65% due 7/01/2032 (b) 6,459
10,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project Number 1),
Series B, 6% due 7/01/2017 (b) 11,278
5,000 King County, Washington, Sewer, GO, 5% due 1/01/2030 (c) 5,189
3,500 Port of Seattle, Washington, Revenue Bonds, Series A, 5.50% due 2/01/2026 (b) 3,719
9,782 Port of Seattle, Washington, Revenue Refunding Bonds, RIB, AMT, Series 1169, 7.09%
due 7/01/2029 (b)(k) 10,355
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75% due
6/01/2032 (b) 10,852
1,720 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75% due
11/01/2029 (b) 1,853
4,945 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25% due
12/01/2025 (b) 5,302
5,450 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25% due
12/01/2026 (b) 5,831
7,250 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series B, 5.50%
due 12/01/2019 (a) 7,561
10,000 Washington State, GO, DRIVERS, Series 438Z, 7.904% due 1/01/2009 (b)(k) 11,416
10,075 Washington State, GO, Series D, 5% due 1/01/2030 (a) 10,515
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence Health
System), Series A, 5.25% due 10/01/2021 (b) 7,391
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) 6,000
Wisconsin - 0.4% 3,395 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2032 3,627
Total Municipal Bonds (Cost - $1,549,026) - 158.3% 1,600,721
Shares
Held Short-Term Securities
1,300 Merrill Lynch Institutional Tax-Exempt Fund (j) 1,300
Total Short-Term Securities (Cost - $1,300) - 0.1% 1,300
Total Investments (Cost - $1,550,326**) - 158.4% 1,602,021
Liabilities in Excess of Other Assets - (2.0%) (20,239)
Preferred Stock, at Redemption Value - (56.4%) (570,217)
------------
Net Assets Applicable to Common Stock - 100.0% $ 1,011,565
============
* Represents a zero coupon bond; the interest rate shown reflects the effective
yield at the time of purchase.
** The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2006, as computed for federal income tax purposes, were
as follows:
Aggregate cost $ 1,550,534
==============
Gross unrealized appreciation $ 53,770
Gross unrealized depreciation (2,283)
--------------
Net unrealized appreciation $ 51,487
==============
(a) AMBAC Insured.
(b) MBIA Insured.
(c) FGIC Insured.
(d) CIFG Insured.
(e) XL Capital Insured.
(f) Prerefunded.
(g) FSA Insured.
(h) Security may have a maturity of more than one year at time of issuance, but has
variable rate and demand features that qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(i) Escrowed to maturity.
(j) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net Dividend
Affiliate Activity Income
Merrill Lynch Institutional Tax-Exempt Fund 1,300 $ 5
(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) Assured Guaranty Insured.
o Forward interest rate swaps outstanding as of January 31, 2006 were as follows:
Notional Unrealized
Amount Appreciation
Pay a fixed rate of 3.977% and receive a
floating rate equal to a 7-Day Bond
Market Association Municipal Swap
Index Rate
Broker, JPMorgan Chase Bank
Expires April 2026 $ 119,000 $ 902
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: March 20, 2006
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: March 20, 2006
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
MuniYield Insured Fund, Inc.
Date: March 20, 2006