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: 05/01/06 - 07/31/06
Item 1 - Schedule of Investments
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alaska - 0.4% $ 3,695 Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth
Series, 6% due 7/01/2018 (g) $ 4,250
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Arizona - 3.2% 21,355 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5% due
7/01/2036 (c) 21,870
10,000 Salt River Project, Arizona, Agriculture Improvement and Power District, Electric
System Revenue Refunding Bonds, Series A, 5% due 1/01/2035 10,357
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California - 36.4% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.40% due 10/01/2024 (a)(o) 7,757
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (b) 5,249
5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.25% due 4/01/2039 5,157
10,000 California Infrastructure and Economic Development Bank, Bay Area Toll Bridges
Revenue Bonds, First Lien, Series A, 5% due 7/01/2025 (c)(i) 10,859
10,000 California State, GO, 5% due 2/01/2033 10,169
7,450 California State, GO, DRIVERS, Series 556, 7.039% due 11/01/2011 (b)(k) 8,594
6,450 California State, GO, DRIVERS, Series 557, 7.039% due 4/01/2012 (b)(k) 7,437
5,500 California State Public Works Board, Lease Revenue Bonds (Department of Corrections),
Series C, 5.25% due 6/01/2028 5,710
3,755 California State Public Works Board, Lease Revenue Bonds (Department of General
Services), Series D, 5.25% due 6/01/2028 3,898
5,250 California State Public Works Board, Lease Revenue Bonds (Department of Mental
Health - Coalinga State Hospital), Series A, 5.125% due 6/01/2029 5,391
12,000 California State, Various Purpose, GO, 5.25% due 11/01/2029 12,513
32,000 California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 (d) 32,800
7,740 California Statewide Communities Development Authority, Health Facility Revenue Bonds
(Memorial Health Services), Series A, 6% due 10/01/2023 8,431
4,205 California Statewide Communities Development Authority, Water Revenue Bonds (Pooled
Financing Program), Series C, 5.25% due 10/01/2034 (g) 4,407
4,500 Coronado, California, Community Development Agency, Tax Allocation Bonds (Coronado
Community Development Project), 5% due 9/01/2035 (a) 4,615
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002), 5.50%
due 8/01/2028 (b) 6,271
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
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 5,015 Gavilan, California, Joint Community College District, GO, DRIVERS, Series 587-Z,
7.039% due 8/01/2012 (a)(k) $ 5,830
13,155 Huntington Beach, California, Union High School District, GO (Election of 2004), 5%
due 8/01/2029 (g) 13,593
1,000 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20% due
5/15/2027 (b) 1,036
10,390 Los Angeles, California, Harbor Department Revenue Bonds, AMT, Series B, 6.25% due
11/01/2026 (b) 10,552
42,750 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (b) 44,117
12,775 Los Angeles, California, Water and Power Revenue Bonds (Power System), Series B, 5%
due 7/01/2035 (g) 13,120
35,200 Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series
A-1, 5% due 7/01/2035 (g) 36,375
7,500 Modesto, California, Irrigation District, COP, Refunding and Capital Improvements,
Series A, 5% due 10/01/2036 (a) 7,735
10,365 Pasadena, California, Area Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2031 (a) 10,762
4,730 Port of Oakland, California, DRIVERS, AMT, Series 839Z, 6.771% due 11/01/2010 (c)(k) 5,241
145 Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 153
7,000 Port of Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R, Series K,
7.483% due 11/01/2021 (c)(k) 7,755
10,000 Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects), 5% due 10/01/2035 (e) 10,221
10,000 Sacramento County, California, Sanitation District Financing Authority, Revenue Bonds
(Sacramento Regional County Sanitation District), 5% due 12/01/2036 (c) 10,385
7,500 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds,
5% due 7/01/2031 (g) 7,737
10,000 San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds,
5% due 7/01/2036 (g) 10,303
8,170 San Francisco, California, Community College District, GO (Election of 2001), Series
C, 5% due 6/15/2029 (g) 8,492
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.25% due 9/01/2034 (c) 8,713
12,000 West Valley Mission Community College District, California, GO (Election of 2004),
Series A, 5% due 8/01/2030 (g) 12,440
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Colorado - 1.0% 10,000 Denver, Colorado, Convention Center Hotel Authority, Senior Revenue Refunding Bonds,
5% due 12/01/2030 (e) 10,290
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District of 25,000 District of Columbia, Ballpark Revenue Bonds, Series B-1, 5% due 2/01/2031 (c) 25,685
Columbia - 2.6%
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Florida - 2.3% 4,715 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 4,870
5,375 Miami-Dade County, Florida, Aviation Revenue Bonds, RIB, AMT, Series 1054-X, 6.81%
due 10/01/2025 (c)(k) 5,846
1,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5.375% due 10/01/2027 (c) 1,042
5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2032 5,297
6,300 Sarasota County, Florida, Public Hospital Board, Hospital Revenue Bonds (Sarasota
Memorial Hospital), VRDN, Series A, 3.74% due 7/01/2037 (a)(h) 6,300
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Georgia - 4.7% 26,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, AMT, Series A, 5.125% due
1/01/2030 (g) 27,147
12,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25% due
1/01/2033 (g) 13,084
1,220 Burke County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Vogtle), VRDN, 3.60% due 1/01/2022 (a)(h) 1,220
4,500 Burke County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Vogtle), VRDN, Series C, 3.60% due 1/01/2018 (b)(h) 4,500
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,040 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Scherer), VRDN, Series A, 3.60% due 1/01/2020 (a)(h) $ 1,040
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Hawaii - 0.5% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) 2,135
3,000 Hawaii State Harbor System Revenue Bonds, AMT, Series A, 5% due 1/01/2031 (g) 3,047
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Idaho - 0.4% 3,585 Twin Falls County, Idaho, School District Number 411, GO, 5% due 9/15/2023 (b) 3,774
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Illinois - 8.2% 15,400 Chicago, Illinois, GO, Series C, 5% due 1/01/2035 (b) 15,725
13,115 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series
368, 7.998% due 7/01/2011 (b)(k) 15,815
8,600 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series
369, 7.998% due 7/01/2011 (e)(k) 10,348
8,340 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series
1364Z, 6.511% due 1/01/2012 (b)(k) 8,856
8,200 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, DRIVERS,
AMT, Series 653-Z, 6.499% due 1/01/2012 (g)(k) 8,666
1,500 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, Third Lien,
AMT, Series C-2, 5.25% due 1/01/2034 (e) 1,537
2,500 Illinois Health Facilities Authority Revenue Refunding Bonds (University of Chicago
Hospitals), VRDN, 3.66% due 8/01/2026 (b)(h) 2,500
5,000 Illinois State, GO, 5% due 4/01/2028 (a) 5,159
6,035 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (g) 6,751
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) 5,242
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75% due
6/01/2020 (c) 1,342
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Indiana - 5.7% 2,250 Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess
Hospital Obligated Group), Series A, 5.375% due 3/01/2034 (a) 2,370
3,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25% due
6/01/2026 (c) 3,183
3,750 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5% due
6/01/2028 (g) 3,848
14,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25% due
6/01/2028 (c) 14,752
20,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25% due
6/01/2029 (c) 21,034
2,705 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Bonds (Waterworks
Project), Series A, 5.125% due 7/01/2027 (b) 2,788
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) 2,091
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) 6,810
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Louisiana - 2.3% 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) 4,216
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 6,809
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,500 Louisiana Public Facilities Authority, Revenue Refunding Bonds, DRIVERS, Series 1025,
6.53% due 7/01/2012 (b)(k) $ 8,140
3,545 New Orleans, Louisiana, GO (Public Improvements), 5% due 10/01/2033 (b) 3,597
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Massachusetts - 4.7% 2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B,
5.40% due 12/01/2028 (b) 2,574
14,525 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15%
due 7/01/2026 (g) 14,762
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (b) 7,749
10,160 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due
1/01/2014 (c)(f) 10,995
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.75% due
1/01/2014 (c)(f) 11,140
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Michigan - 4.9% 11,250 Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Bonds, Series B, 5%
due 7/01/2036 (c) 11,569
5,000 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien, VRDN, Series B, 3.72%
due 7/01/2033 (g)(h) 5,000
4,325 Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT,
Series XVII-Q, 5% due 3/01/2031 (a) 4,355
2,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 857Z, 7.299% due 3/01/2010 (e)(k) 2,758
4,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS,
AMT, Series 858Z, 7% due 12/01/2011 (e)(k) 4,459
20,000 Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan Wayne
County Airport), AMT, 5% due 12/01/2029 (b) 20,357
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Missouri - 0.5% 155 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeownership Loan Program), AMT, Series C-1, 7.15% due 3/01/2032 (l) 159
5,000 Missouri State Housing Development Commission, S/F Mortgage Revenue Refunding Bonds
(Homeownership Loan Program), AMT, Series C-1, 5% due 9/01/2037 (l) 5,003
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Nebraska - 2.8% 10,435 Nebraska Public Power District Revenue Bonds, Series A, 5% due 1/01/2035 (a) 10,704
6,780 Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, First
Tier, Series A, 5.125% due 4/01/2032 (a) 7,001
10,000 Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 5%
due 2/01/2034 10,258
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Nevada - 8.3% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2030 (c) 25,540
6,338 Clark County, Nevada, IDR, RIB, AMT, Series 1181, 6.56% due 7/01/2034 (a)(k) 6,760
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare West),
Series A, 5.625% due 7/01/2024 6,335
5,000 Humboldt County, Nevada, PCR, Refunding (Sierra Pacific Project), 6.55% due
10/01/2013 (a) 5,107
1,165 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 1,247
12,500 Truckee Meadows, Nevada, Water Authority, Water Revenue Refunding Bonds, 4.75% due
7/01/2032 (g) 12,519
15,000 Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 12/01/2017 (a) 15,033
5,000 Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.55% due 9/01/2020 (b) 5,072
5,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 6/01/2017 (b) 5,143
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New Hampshire - 1.0% 10,000 New Hampshire State Business Finance Authority, PCR, Refunding (Public Service
Company Project), AMT, Series B, 4.75% due 5/01/2021 (b) 9,999
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New Jersey - 7.3% 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) 18,817
3,060 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 3,240
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,610 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 $ 2,704
14,135 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 14,874
14,830 New Jersey EDA, Revenue Bonds, DRIVERS, Series 785-Z, 6.551% due 7/01/2012 (b)(k) 16,449
12,645 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 5.01% due 12/15/2030 (c)(o) 3,942
20,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 4.96% due 12/15/2035 (a)(o) 4,856
20,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 5.03% due 12/15/2036 (a)(o) 4,627
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) 1,627
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) 1,497
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New Mexico - 0.2% 1,605 New Mexico Educational Assistance Foundation, Student Loan Revenue Refunding Bonds
(Student Loan Program), AMT, First Sub-Series A-2, 6.65% due 11/01/2025 1,612
485 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2,
6.95% due 9/01/2031 (l) 486
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New York - 20.0% 10,250 Long Island Power Authority, New York, Electric System Revenue Bonds, Series A, 5.10%
due 9/01/2029 10,577
12,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(i) 12,879
11,250 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding
Bonds, Series F, 5% due 11/15/2030 11,543
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) 66,923
1,880 New York City, New York, GO, Series B, 5.875% due 8/01/2016 (b) 2,034
10,000 New York City, New York, GO, Series J, 5.25% due 5/15/2024 10,501
1,000 New York City, New York, GO, Series J, 5.25% due 5/15/2025 1,053
20,000 New York City, New York, GO, Series M, 5% due 4/01/2030 (n) 20,623
7,200 New York City, New York, GO, Series O, 5% due 6/01/2030 7,373
6,000 New York City, New York, GO, Sub-Series C-1, 5.25% due 8/15/2026 6,305
11,865 New York State Dormitory Authority, Supported Debt Revenue Bonds (Mental Health
Services Facilities Improvement), Series E, 5% due 2/15/2035 12,121
10,000 New York State Thruway Authority, General Revenue Refunding Bonds, Series G, 5% due
1/01/2028 (g) 10,356
6,645 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds,
Series B, 5% due 3/15/2030 (g) 6,861
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, One
Hundred Thirty-Seventh Series, 5.125% due 7/15/2030 (g) 20,182
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Oklahoma - 0.5% 4,340 Oklahoma State IDR, Refunding, DRIVERS, Series 455, 7.527% due 2/15/2008 (b)(k) 4,852
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Pennsylvania - 3.4% 7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS, Series
460-Z, 7.029% due 6/01/2012 (a)(k) 9,065
12,115 Philadelphia, Pennsylvania, School District, GO, Series D, 5.125% due 6/01/2034 (c) 12,507
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 6,000 Philadelphia, Pennsylvania, School District, GO, Series D, 5.25% due 6/01/2034 (c) $ 6,282
5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 5,894
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South 5,000 Berkeley County, South Carolina, School District, Installment Lease Revenue Bonds
Carolina - 4.1% (Securing Assets for Education Project), 5.125% due 12/01/2030 5,147
3,895 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2028 (n) 4,097
3,465 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2029 (n) 3,637
1,160 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2030 (n) 1,216
3,775 Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue
Refunding Bonds, 5% due 12/01/2030 (d) 3,851
3,690 Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue
Refunding Bonds, 5% due 12/01/2031 (d) 3,761
1,185 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 1,237
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A, 5% due
10/01/2029 (a) 18,480
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Tennessee - 4.9% 900 Sevier County, Tennessee, Public Building Authority, Local Government Public
Improvement Revenue Bonds, VRDN, Series IV-A-2, 3.66% due 6/01/2025 (g)(h) 900
35,000 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series A, 5.25% due
9/01/2026 37,960
1,795 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.05% due
7/01/2012 1,839
2,250 Tennessee HDA, Revenue Bonds (Homeownership Program), AMT, Series 2C, 6.15% due
7/01/2014 2,291
3,340 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.25%
due 7/01/2022 (g) 3,415
2,365 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%
due 1/01/2026 (g) 2,419
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Texas - 10.6% 1,880 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding Bonds,
6.35% due 5/01/2025 (b) 1,902
1,000 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series A,
5% due 11/01/2035 (g) 1,003
10,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series
353, 6.99% due 5/01/2011 (b)(k) 11,652
7,500 Dallas-Fort Worth, Texas, International Airport Revenue Refunding Bonds, DRIVERS,
AMT, Series 336Z, 7.26% due 11/01/2026 (c)(k) 8,424
1,665 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2019 (b) 1,786
3,500 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2020 (b) 3,753
10,000 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.25% due 11/15/2030 (b) 10,358
8,150 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 3.67% due 10/01/2029 (b)(h) 8,150
MuniYield Insured Fund, Inc.
Schedule of Investments as of Jul 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 15,000 Houston, Texas, Airport System Revenue Refunding Bonds, RIB, Series 845X, 7.09% due
7/01/2030 (g)(k) $ 16,405
5,450 Houston, Texas, Independent School District, GO, 5% due 2/15/2030 (g) 5,598
15,000 North Texas Municipal Water District, Texas, Water System Revenue Bonds, 5% due
9/01/2031 (b) 15,504
5,890 North Texas Thruway Authority, Dallas North Thruway System Revenue Bonds, Series A,
5% due 1/01/2035 (g) 6,028
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) 4,966
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 10,678
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Vermont - 0.1% 640 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 649
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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) 2,688
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Washington - 15.9% 2,545 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2026 (b) 2,687
2,455 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2027 (b) 2,587
2,850 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2028 (b) 3,001
3,000 Bellevue, Washington, GO, Refunding, 5.25% due 12/01/2029 (b) 3,153
17,600 Bellevue, Washington, GO, Refunding, 5% due 12/01/2034 (b) 18,033
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) 3,180
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) 6,865
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) 6,390
10,000 King County, Washington, School District Number 401 (Highline), GO, 5.25% due
12/01/2025 (g) 10,716
10,282 Port of Seattle, Washington, Revenue Refunding Bonds, RIB, AMT, Series 1169, 6.46%
due 7/01/2029 (b)(k) 10,833
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75% due
6/01/2032 (b) 10,683
1,720 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75% due 11/01/2029
(b) 1,826
7,380 Seattle, Washington, Water System Revenue Bonds, 5% due 9/01/2034 (b) 7,557
4,945 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25% due
12/01/2025 (b) 5,232
5,450 Skagit County, Washington, Public Hospital District, GO, Series A, 5.25% due
12/01/2026 (b) 5,754
5,300 Tacoma, Washington, Regional Water Supply System, Water Revenue Bonds, 5% due
12/01/2032 (b) 5,406
7,250 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series B, 5.50% due
12/01/2007 (a)(f) 7,489
5,280 Washington State EDA, Lease Revenue Bonds (Washington Biomedical Research Properties
II), 5% due 6/01/2034 (b) 5,406
10,000 Washington State, GO, DRIVERS, Series 438Z, 7.279% due 1/01/2009 (b)(k) 11,070
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence Health
System), Series A, 5.25% due 10/01/2021 (b) 7,282
10,885 Washington State, Motor Vehicle Fuel Tax, GO, Series B, 5% due 7/01/2029 (g) 11,272
12,035 Washington State, Motor Vehicle Fuel Tax, GO, Series B, 5% due 7/01/2031 (g) 12,443
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.6% 5,925 Harrison County, West Virginia, County Commission for Solid Waste Disposal Revenue
Bonds (Monongahela Power), AMT, Series C, 6.75% due 8/01/2024 (a) 5,939
-----------------------------------------------------------------------------------------------------------------------------------
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.4% $ 3,395 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2032 $ 3,641
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.3% 3,000 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2024 3,095
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $1,541,208) - 158.5% 1,582,745
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
16,500 Merrill Lynch Institutional Tax-Exempt Fund, 3.45% (j)(m) 16,500
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $16,500) - 1.6% 16,500
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $1,557,708*) - 160.1% 1,599,245
Liabilities in Excess of Other Assets - (3.0%) (30,017)
Preferred Stock, at Redemption Value - (57.1%) (570,620)
----------
Net Assets Applicable to Common Stock - 100.0% $ 998,608
==========
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,557,916
===========
Gross unrealized appreciation $ 42,762
Gross unrealized depreciation (1,433)
-----------
Net unrealized appreciation $ 41,329
===========
(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 16,500 $ 80
--------------------------------------------------------------------------
(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) Represents the current yield as of July 31, 2006.
(n) Assured Guaranty Insured.
(o) Represents a step or zero coupon bond; the interest rate shown is the
effective yield at the time of purchase.
MuniYield Insured Fund, Inc.
Schedule of Investments as of July 31, 2006 (in Thousands)
o Forward interest rate swaps outstanding as of July 31, 2006 were as
follows:
-------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
-------------------------------------------------------------------------------------
Pay a fixed rate of 5.676% and receive a floating rate
based on 3-month LIBOR
Broker, JPMorgan Chase Bank
Expires October 2016 $ 7,800 $ (100)
Pay a fixed rate of 4.444% and receive a floating rate
based on 1-week Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires August 2026 $ 20,500 (407)
Pay a fixed rate of 4.439% and receive a floating rate
based on 1-week Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires October 2026 $119,000 (2,154)
-------------------------------------------------------------------------------------
Total $ (2,661)
============
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 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: September 20, 2006
By: /s/ Donald C. Burke
---------------------------
Donald C. Burke
Chief Financial Officer
MuniYield Insured Fund, Inc.
Date: September 20, 2006