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.,
President, 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: 11/01/04 - 01/31/05
Item 1 - Schedule of Investments
MuniYield Insured Fund, Inc.
Schedule of Investments as of January 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 0.8% Jefferson County, Alabama, Limited Obligation School Warrants, Series A:
$4,500 5.50% due 1/01/2021 $ 4,959
3,000 5% due 1/01/2024 3,136
Alaska - 1.6% Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake),
Fourth Series (g):
3,695 6% due 7/01/2018 4,456
1,150 6% due 7/01/2020 1,402
11,280 Alaska State Housing Finance Corporation, Revenue Refunding Bonds, Series A,
5.875% due 12/01/2024 (d)(i)(j) 11,680
California - 33.6% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation
Revenue Refunding Bonds, Subordinate Lien, Series A, 5.473% due 10/01/2012 (a)(f) 7,321
5,000 Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds
(Municipal Facilities Project), Series A, 5.50% due 1/01/2032 (i) 5,526
10,000 California Infrastructure and Economic Development Bank, Bay Area Toll Bridges
Revenue Bonds, First Lien, Series A, 5% due 7/01/2025 (c) 10,649
California State Department of Water Resources, Power Supply Revenue Bonds:
10,000 Series A, 5.25% due 5/01/2020 (i) 11,054
3,675 Series A, 5.375% due 5/01/2021 4,020
12,010 Series A, 5.375% due 5/01/2022 (i) 13,225
1,500 VRDN, Series C-3, 1.82% due 5/01/2022 (a)(h) 1,500
California State, GO, DRIVERS (i)(k):
7,450 Series 556, 8.854% due 11/01/2011 8,912
6,450 Series 557, 8.854% due 4/01/2012 7,787
5,000 California State, GO, Refunding, RIB, Series 471x, 8.91% due 9/01/2024 (i)(k) 6,079
California State Public Works Board, Lease Revenue Bonds:
5,500 (Department of Corrections), Series C, 5.25% due 6/01/2028 5,802
3,755 (Department of General Services), Series D, 5.25% due 6/01/2028 3,961
5,250 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125%
due 6/01/2029 5,449
California State, Various Purpose, GO:
12,000 5.25% due 11/01/2029 12,715
32,000 Refunding, 5% due 6/01/2034 32,976
California Statewide Communities Development Authority:
7,740 Health Facility Revenue Bonds (Memorial Health Services), Series A, 6%
due 10/01/2023 8,763
4,205 Water Revenue Bonds (Pooled Financing Program), Series C, 5.25% due
10/01/2034 (g) 4,489
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
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
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, 2005 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
California $ 7,500 Desert Sands, California, Unified School District, GO (Election of 2001),
(concluded) 5% due 6/01/2029 (g) $ 7,876
5,800 Fairfield-Suisun, California, Unified School District, GO (Election of 2002),
5.50% due 8/01/2028 (i) 6,458
5,015 Gavilan, California, Joint Community College District, GO, DRIVERS, Series 587-Z,
8.854% due 8/01/2012 (a)(k) 6,152
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds:
13,500 RIB, Series 920X, 8.91% due 6/01/2033 (c)(k) 16,084
1,500 Series B, 5.50% due 6/01/2033 1,610
12,000 Series B, 5.625% due 6/01/2038 (c) 13,209
2,500 Series B, 5.50% due 6/01/2043 2,672
1,000 Long Beach, California, Harbor Revenue Refunding Bonds, AMT, Series B, 5.20% due
5/15/2027 (i) 1,051
10,000 Los Angeles, California, Community College District, GO, Series A, 5.50% due
8/01/2018 (i) 11,284
5,000 Los Angeles, California, Harbor Department Revenue Bonds, RITR, AMT, Series RI-7,
10.225% due 11/01/2026 (i)(k) 5,689
Los Angeles, California, Unified School District, GO:
6,265 DRIVERS, Series 261, 8.657% due 7/01/2022 (c)(k) 7,482
13,800 Series A, 5% due 1/01/2028 (i) 14,496
11,775 Los Angeles, California, Water and Power Revenue Bonds (Power System), Series B,
5% due 7/01/2035 (g) 12,284
3,000 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2029 (i) 3,362
145 Port Oakland, California, Revenue Bonds, AMT, Series K, 5.75% due 11/01/2021 (c) 159
9,465 Port Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375% due
11/01/2027 (c) 10,032
7,000 Port Oakland, California, Trust Receipts, Revenue Bonds, AMT, Class R,
Series K, 9.324% due 11/01/2021 (c)(k) 8,385
Riverside County, California, Public Financing Authority, Tax Allocation Revenue
Bonds (Redevelopment Projects) (e):
10,000 5% due 10/01/2035 10,364
15,350 5% due 10/01/2037 15,821
25,000 Sacramento County, California, Sanitation District Financing Authority Revenue
Bonds, Series A, 5% due 12/01/2035 (a) 26,226
10,000 San Diego County, California, Water Authority, Water Revenue Bonds, COP,
Series A, 5% due 5/01/2031 (g) 10,482
6,895 San Jose, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Merged Area Redevelopment Project), 5.60% due 8/01/2019 (i) 7,513
8,310 Stockton, California, Public Financing Authority, Lease Revenue Bonds
(Parking & Capital Projects), 5.25% due 9/01/2034 (c) 8,920
Colorado - 0.6% 6,050 Regional Transportation District of Colorado, Sales Tax Revenue Bonds,
Series A, 5% due 11/01/2015 (a) 6,690
Florida - 6.6% 3,500 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue
Bonds (Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 3,553
13,745 Florida State Board of Education, Public Education, Capital Outlay, GO,
Refunding, Series A, 5% due 6/01/2016 (c) 15,412
14,175 Florida State Turnpike Authority, Turnpike Revenue Refunding Bonds (Department
of Transportation), Series A, 5% due 7/01/2015 (g) 15,731
4,500 Miami-Dade County, Florida, Aviation Revenue Bonds (Miami International Airport),
Series B, 5% due 10/01/2031 (c) 4,710
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT (c):
10,750 5.375% due 10/01/2025 11,432
1,000 5.375% due 10/01/2027 1,057
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds:
5,000 Adventist Health System, 5.625% due 11/15/2032 5,330
2,000 Orlando Regional Healthcare, 5.75% due 12/01/2032 2,138
10,000 Orlando and Orange County, Florida, Expressway Authority Revenue Bonds,
Series B, 5% due 7/01/2035 (a) 10,432
Georgia - 6.9% Atlanta, Georgia, Airport General Revenue Refunding Bonds (g):
26,500 AMT, Series A, 5.125% due 1/01/2030 27,548
12,500 Series B, 5.25% due 1/01/2033 13,391
27,000 Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien
General Revenue Bonds, Series J, 5% due 1/01/2034 (g) 28,113
1,200 Atlanta, Georgia, Water and Wastewater Revenue Bonds, VRDN, Series C, 1.84%
due 11/01/2041 (g)(h) 1,200
3,600 Monroe County, Georgia, Development Authority, PCR (Oglethorpe Power
Corporation-Scherer), VRDN, Series B, 1.83% due 1/01/2020 (a)(h) 3,600
Hawaii - 0.3% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (g) 2,241
1,100 Hawaii State Highway Revenue Bonds, 5.50% due 7/01/2020 (g) 1,216
Illinois - 9.0% Chicago, Illinois, O'Hare International Airport, General Revenue Refunding
Bonds, Third Lien (i):
3,000 AMT, Series C, 5.25% due 1/01/2024 3,198
5,000 Series A, 5% due 1/01/2029 5,194
4,690 Series A, 5% due 1/01/2030 4,868
Chicago, Illinois, O'Hare International Airport Revenue Bonds, AMT:
13,115 DRIVERS, Series 368, 9.813% due 7/01/2011 (i)(k) 16,491
8,600 DRIVERS, Series 369, 10.378% due 7/01/2011 (e)(k) 10,732
16,685 Third Lien, Series B-2, 5.25% due 1/01/2027 (i) 17,520
Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, AMT:
8,200 DRIVERS, Series 653-Z, 8.814% due 1/01/2012 (g)(k) 8,972
1,500 Third Lien, Series C-2, 5.25% due 1/01/2034 (e) 1,568
10,000 Illinois State, GO, First Series, 5.50% due 4/01/2016 (g) 11,231
2,000 Illinois State Sales Tax Revenue Bonds, 6.125% due 6/15/2016 2,295
6,035 Mc Lean and Woodford Counties, Illinois, Community Unit, School District
Number 005, GO, Refunding, 6.375% due 12/01/2016 (g) 7,166
4,800 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Refunding Bonds (McCormick Place Expansion), Series B, 5.75% due
6/15/2023 (i) 5,540
1,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%
due 6/01/2020 (c) 1,424
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) 2,418
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A (c):
3,000 5.25% due 6/01/2026 3,275
14,000 5.25% due 6/01/2028 15,158
20,000 5.25% due 6/01/2029 21,590
8,000 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds
(Waterworks Project), Series A, 5.125% due 7/01/2027 (i) 8,459
Kansas - 0.9% 8,500 Burlington, Kansas, PCR, Refunding (Kansas Gas and Electric Company Project),
Series A, 5.30% due 6/01/2031 (i) 9,196
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) 4,113
15,000 Louisiana Public Facilities Authority, Revenue Refunding Bonds (Baton Rouge
General Medical Center Project), 5.25% due 7/01/2033 (d)(i) 15,938
Massachusetts - 4.5% 2,500 Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B,
5.40% due 12/01/2028 (i) 2,580
7,550 Massachusetts State Port Authority Revenue Bonds, Series A, 5% due 7/01/2033 (i) 7,866
Massachusetts State Special Obligation Dedicated Tax Revenue Bonds (c):
8,460 5.25% due 1/01/2025 9,253
6,160 5.25% due 1/01/2028 6,641
10,000 5.75% due 1/01/2032 11,317
10,000 5% due 1/01/2034 10,446
Michigan - 4.8% 9,360 Clarkston, Michigan, Community Schools, GO, 5.25% due 5/01/2029 (g) 10,052
19,900 Detroit, Michigan, Sewer Disposal Revenue Bonds, Senior Lien, VRDN, Series A,
1.84% due 7/01/2033 (g)(h) 19,900
2,845 Eastern Michigan University, Revenue Refunding Bonds, VRDN, 1.84% due
6/01/2027 (c)(h) 2,845
1,400 Michigan State Revenue Bonds, GAN, Series B, 1.83% due 9/15/2008 (g) 1,400
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds
(Detroit Edison Company Project), AMT (e):
8,000 Series A, 5.50% due 6/01/2030 8,577
5,000 Series C, 5.65% due 9/01/2029 5,347
2,945 Northern Michigan University Revenue Bonds, VRDN, 1.84% due 6/01/2031 (c)(h) 2,945
Minnesota - 1.1% 10,000 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission,
Airport Revenue Bonds, Series A, 5.90% due 1/01/2029 (c) 11,202
Missouri - 0.3% 230 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series C-1, 7.15% due 3/01/2032 (l) 241
2,800 Saint Louis, Missouri, Airport Revenue Bonds (Airport Development Program),
Series A, 5.625% due 7/01/2019 (i) 3,158
Nevada - 11.0% 25,000 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2,
5% due 7/01/2030 (c) 25,989
Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT:
12,675 Series A, 5.25% due 7/01/2034 (a) 13,274
12,000 Series D, 5.25% due 3/01/2038 (c) 12,444
6,000 Henderson, Nevada, Health Care Facilities Revenue Bonds (Catholic Healthcare
West), Series A, 5.625% due 7/01/2024 6,369
5,000 Humboldt County, Nevada, PCR, Refunding (Sierra Pacific Project), 6.55% due
10/01/2013 (a) 5,244
3,000 Las Vegas New Convention and Visitors Authority Revenue Bonds, 6% due
7/01/2019 (a) 3,407
20,375 Nevada State, Nevada Municipal Bond Bank, GO, Series A, 5.50% due
11/01/2025 (c) 20,984
3,130 Reno, Nevada, Capital Improvement Revenue Bonds, 5.50% due 6/01/2019 (c) 3,510
Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific Power
Company), AMT:
15,000 6.65% due 12/01/2017 (a) 15,196
5,000 6.55% due 9/01/2020 (i) 5,142
5,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power
Company), AMT, 6.65% due 6/01/2017 (i) 5,190
New Jersey - 11.6% 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) 19,152
New Jersey EDA, Cigarette Tax Revenue Bonds:
3,060 5.75% due 6/15/2029 3,249
2,610 5.50% due 6/15/2031 2,714
14,135 5.75% due 6/15/2034 14,909
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (i):
14,665 5.25% due 7/01/2031 15,852
15,000 5.25% due 7/01/2033 16,202
New Jersey EDA, School Facilities Construction Revenue Bonds, Series I:
5,500 5.25% due 9/01/2028 5,884
3,250 5.25% due 9/01/2029 3,467
23,960 New Jersey EDA, School Facilities Construction Revenue Refunding Bonds,
Series K, 5.25% due 12/15/2014 (a) 27,181
10,000 New Jersey State, GO, Refunding, Series L, 5.25% due 7/15/2016 (a) 11,416
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 1,657
1,380 5.50% due 1/01/2028 1,521
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 1,609
895 New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2,
6.95% due 9/01/2031 (l) 916
New York - 13.2% Long Island Power Authority, New York, Electric System Revenue Bonds, Series A:
10,250 5.10% due 9/01/2029 10,711
12,500 5% due 9/01/2034 (a) 13,071
12,500 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series B, 5.125% due 7/01/2024 (a)(b) 13,285
40,000 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) 41,874
New York City, New York, GO:
13,840 Series B, 5.875% due 8/01/2016 (i) 15,900
10,000 Series J, 5.25% due 5/15/2024 10,752
1,000 Series J, 5.25% due 5/15/2025 1,076
6,000 Sub-Series C-1, 5.25% due 8/15/2026 6,452
7,000 New York State Urban Development Corporation, Personal Income Tax Revenue
Bonds (State Facilities), Series A-1, 5% due 3/15/2029 (c) 7,345
19,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT,
137th Series, 5.125% due 7/15/2030 (g) 20,478
North Dakota - 0.1% 1,230 North Dakota State Housing Finance Agency, Home Mortgage Revenue Refunding
Bonds (Housing Finance Program), AMT, Series A, 6.40% due 7/01/2020 1,321
Ohio - 0.6% 1,500 Franklin County, Ohio, Hospital Improvement Revenue Bonds (Children's Hospital
Project), 5.50% due 5/01/2028 (a) 1,655
5,020 Montgomery County, Ohio, Revenue Bonds (Catholic Health Initiatives), Series A,
5% due 5/01/2032 5,184
Oklahoma - 0.9% 7,500 Oklahoma State, IDR, Refunding, DRIVERS, Series 455, 9.344% due 2/15/2008 (i)(k) 9,153
Oregon - 2.4% Multnomah-Clackamas Counties, Oregon, Gresham-Barlo School District Number 10JT,
GO (g):
2,625 5.50% due 6/15/2016 2,950
2,525 5.50% due 6/15/2017 2,837
3,035 5.50% due 6/15/2018 3,410
Portland, Oregon, Sewer System Revenue Bonds, Series A (c):
5,000 5.75% due 8/01/2019 5,633
10,000 5.75% due 8/01/2020 11,222
Pennsylvania - 3.8% 7,800 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, DRIVERS,
Series 460-Z, 8.864% due 6/01/2012 (a)(k) 9,525
Philadelphia, Pennsylvania, School District, GO (c):
5,175 Series B, 5.625% due 8/01/2021 5,786
12,115 Series D, 5.125% due 6/01/2034 12,784
6,000 Series D, 5.25% due 6/01/2034 6,439
5,000 Sayre, Pennsylvania, Health Care Facilities Authority Revenue Bonds
(Guthrie Health Issue), Series B, 7.125% due 12/01/2031 (a) 5,934
South Carolina - 2.3% 1,435 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 6.35% due 7/01/2019 (g) 1,483
18,030 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A,
5% due 10/01/2029 (a) 18,786
4,200 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue
Bonds (BMW Project), AMT, 7.55% due 11/01/2024 4,403
Tennessee - 1.0% Tennessee HDA Revenue Bonds (Homeownership Program), Series 2B, AMT:
1,795 6.05% due 7/01/2012 1,849
2,250 6.15% due 7/01/2014 2,298
Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT,
Series A (g):
3,940 5.25% due 7/01/2022 4,132
2,790 5.35% due 1/01/2026 2,898
Texas - 12.2% 7,500 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
Trust Certificates, Second Tier, Series B, 5.75% due 1/01/2032 7,779
Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN (h)(i):
4,010 Series B-1, 1.84% due 8/15/2029 4,010
3,000 Series B-2, 1.84% due 8/15/2029 3,000
1,880 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding
Bonds, 6.35% due 5/01/2025 (i) 1,935
10,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT,
Series 353, 8.814% due 5/01/2011 (i)(k) 11,972
7,500 Dallas-Fort Worth, Texas, International Airport Revenue Refunding Bonds,
DRIVERS, AMT, Series 336Z, 9.639% due 11/01/2026 (c)(k) 8,587
Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds,
Senior Lien, Series G (i):
1,665 5.75% due 11/15/2019 1,890
3,500 5.75% due 11/15/2020 3,972
10,000 5.25% due 11/15/2030 10,523
3,000 Harris County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Texas Children's Hospital), VRDN, Series B-1, 1.84% due
10/01/2029 (h)(i) 3,000
Houston, Texas, Airport System Revenue Refunding Bonds (g):
15,000 RIB, Series 845X, 8.87% due 7/01/2030 (k) 17,782
9,500 Sub-Lien, AMT, Series A, 5.70% due 7/01/2030 9,601
4,875 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue
Bonds, AMT, Series A, 5.45% due 9/01/2023 (i)(l) 5,122
10,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5.50% due 8/15/2039 (a) 11,041
4,000 Texas Technical University, Financing System Revenue Bonds, Seventh Series,
5.50% due 8/15/2019 (i) 4,474
10,000 Travis County, Texas, Health Facilities Development Corporation Revenue
Refunding Bonds, RITR, Series 4, 9.514% due 11/15/2024 (a)(k) 12,792
11,240 University of Houston, Texas, University Revenue Bonds, 5.50% due 2/15/2030 (i) 12,238
Vermont - 0.1% 1,095 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30% due 11/01/2019 (g) 1,097
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) 2,744
Washington - 15.8% Bellevue, Washington, GO, Refunding (i):
2,545 5.25% due 12/01/2026 2,775
2,455 5.25% due 12/01/2027 2,665
2,850 5.25% due 12/01/2028 3,082
3,000 5.25% due 12/01/2029 3,234
17,600 5% due 12/01/2034 18,320
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) 3,195
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 7,253
6,000 Series C, 5.65% due 7/01/2032 6,460
10,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project
Number 1), Series B, 6% due 7/01/2017 (i) 11,599
3,500 Port Seattle, Washington, Revenue Bonds, Series A, 5.50% due 2/01/2026 (i) 3,826
19,565 Port Seattle, Washington, Revenue Refunding Bonds, Series B, AMT, 5.20%
due 7/01/2029 (i) 20,438
10,000 Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75%
due 6/01/2032 (i) 11,205
1,720 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75% due
11/01/2029 (i) 1,923
9,250 Seattle, Washington, Municipal Light and Power Revenue Bonds, 6% due
10/01/2009 (i)(m) 10,595
2,000 Seattle, Washington, Water System Revenue Bonds, Series B, 6% due 7/01/2029 (c) 2,246
Skagit County, Washington, Public Hospital District, GO, Series A (i):
4,945 5.25% due 12/01/2025 5,414
5,450 5.25% due 12/01/2026 5,943
7,250 Tacoma, Washington, Solid Waste Utility, Revenue Refunding Bonds, Series B,
5.50% due 12/01/2019 (a) 7,845
2,000 University of Washington, University Revenue Bonds (Student Facilities Fee),
5.75% due 6/01/2025 (g) 2,241
Washington State, GO:
10,000 DRIVERS, Series 438Z, 9.094% due 1/01/2009 (i)(k) 12,059
10,235 Series B, 6% due 1/01/2015 (g) 11,549
5,695 Series B, 6% due 1/01/2017 (g) 6,426
7,000 Washington State Health Care Facilities Authority Revenue Bonds (Providence
Health System), Series A, 5.25% due 10/01/2021 (i) 7,551
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) 6,062
Wisconsin - 0.3% 3,395 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2033 3,573
Puerto Rico - 1.1% 11,000 Puerto Rico Public Buildings Authority, Government Facilities, Revenue
Refunding Bonds, Series I, 5.25% due 7/01/2030 11,767
Total Investments (Cost - $1,550,939*) - 155.2% 1,653,291
Liabilities in Excess of Other Assets - (1.7%) (17,669)
Preferred Stock, at Redemption Value - (53.5%) (570,041)
------------
Net Assets Applicable to Common Stock - 100.0% $ 1,065,581
============
*The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2005, computed for federal
income tax purposes, were as follows:
(in Thousands)
Aggregate cost $1,550,939
==========
Gross unrealized appreciation $ 102,581
Gross unrealized depreciation (229)
----------
Net unrealized appreciation $ 102,352
==========
(a)AMBAC Insured.
(b)Escrowed to maturity.
(c)FGIC Insured.
(d)FHA Insured.
(e)XL Capital Insured.
(f)Represents a zero coupon; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
(g)FSA Insured.
(h)Security has a maturity of more than one year, but has variable
rate and demand features, which 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)Prerefunded.
Investments in companies considered to be an affiliate of the Fund
(such companies are defined as "Affiliated Companies" in
Section 2(a)(3) of the Investment Company Act of 1940) were as
follows:
(in Thousands)
Affiliate Net Dividend
Activity Income
Merrill Lynch
Institutional Tax-Exempt Fund (131) $34
Forward interest rate swaps outstanding as of January 31, 2005 were as follows:
(in Thousands)
Notional Unrealized
Amount Depreciation
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 4.774%
Broker, Morgan Stanley Capital Services Inc.
Expires March 2015 $ 21 $ (461)
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 3.615%
Broker, JPMorgan Chase Bank
Expires April 2015 $ 226 (1,461)
Receive a variable rate equal to
7-Day Bond Market Association
Municipal Swap Index Rate and
pay a fixed rate of 4.128%
Broker, JPMorgan Chase Bank
Expires August 2026 $ 15 (469)
----------
Total $ (1,930)
==========
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.,
President
MuniYield Insured Fund, Inc.
Date: March 21, 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.,
President
MuniYield Insured Fund, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
Donald C. Burke,
Chief Financial Officer
MuniYield Insured Fund, Inc.
Date: March 21, 2005