N-CSRS 1 mft.htm MFT mft.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07156

Name of Fund: BlackRock MuniYield Insured Investment Fund (MFT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield Insured Investment Fund, 55 East 52nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2010

Date of reporting period: 01/31/2010

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

JANUARY 31, 2010 I (UNAUDITED)

BlackRock MuniHoldings California Insured Fund, Inc. (MUC)

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)

BlackRock MuniYield Insured Investment Fund (MFT)

BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)

BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)

BlackRock MuniYield Pennsylvania Insured Fund (MPA)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

Table of Contents   
  Page 
Dear Shareholder  3 
Semi-Annual Report:   
Fund Summaries  4 
The Benefits and Risks of Leveraging  10 
Derivative Financial Instruments  10 
Financial Statements:   
   Schedules of Investments  11 
   Statements of Assets and Liabilities  32 
   Statements of Operations  33 
   Statements of Changes in Net Assets  34 
   Statements of Cash Flows  37 
Financial Highlights  38 
Notes to Financial Statements  44 
Officers and Directors  51 
Additional Information  52 

2 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Dear Shareholder

Over the past year, investors worldwide witnessed a seismic shift in market sentiment as guarded optimism replaced the fear and pessimism that had domi-

nated since late 2007. The single most important reason for this change was the swing from a severe economic recession to an emergent global recovery.

At the start of 2009, markets were reeling from the virtually unprecedented global financial and economic meltdown. The looming threat of further collapse in

global markets prompted stimulus packages and central bank interventions on an extraordinary scale. By period end, these actions had helped stabilize the

financial system, and the economic contraction abated.

After reaching a trough in March 2009, stocks galloped higher as the massive, coordinated global monetary and fiscal stimulus began to re-inflate world

economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. Still, the rally has not

been without interruption, as mixed economic data, global challenges regarding sovereign credit risk and proposed fees and levies on banks had begun to

dampen investor conviction toward period end. The experience in international markets generally mirrored that seen in the United States; notably, emerging

markets firmly reclaimed their leadership status.

The easing of investor risk aversion was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major

themes over the past year was the reversal of the flight-to-quality trade. High yield finished the period as the strongest-performing fixed income sector in both

the taxable and tax-exempt space. Overall, the municipal market made a strong showing as technical conditions remained supportive of the asset class. The

Build America Bond program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009 and $4 billion so far this

year. The program continues to alleviate tax-exempt supply pressure and attract the attention of a global audience. However, fundamental concerns are moving

to the fore in the municipal space, and bear close watching as the year progresses. At the same time, yields on money market securities declined throughout

the reporting period and remain near all-time lows, with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate

an accommodative interest rate stance for an “extended period.” Investor assets in money market funds declined from the peak registered in early 2009, but

remain well above pre-crisis levels.

All told, the rebound in sentiment and global market conditions resulted in positive 6- and 12-month returns for nearly every major benchmark index, with the

most dramatic improvement seen among risk assets.

Total Returns as of January 31, 2010  6-month  12-month 
US equities (S&P 500 Index)   9.87%  33.14% 
Small cap US equities (Russell 2000 Index)   8.86  37.82 
International equities (MSCI Europe, Australasia, Far East Index)   6.93  39.68 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)   0.10  0.22 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)   0.62  (3.31) 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)   3.87  8.51 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)   4.90  9.49 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  15.90  50.80 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

The market environment continues to improve, but questions about the strength and sustainability of the recovery abound. Through periods of market

uncertainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight,

visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly

companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your

continued partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary as of January 31, 2010

BlackRock MuniHoldings California Insured Fund, Inc.

Investment Objective

BlackRock MuniHoldings California Insured Fund, Inc. (MUC) (the “Fund”) seeks to provide shareholders with current income exempt from federal and
California income taxes. The Fund seeks to achieve this objective by investing primarily in a portfolio of long-term, investment-grade municipal obligations,
the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and California income taxes.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 6.10% based on market price, and 9.76% based on net asset value (“NAV”). For the same
period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 8.47% based on market price, and 8.71%
on a NAV basis. All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund,
as the Lipper group comprises funds representing various states and not California alone. The Fund’s discount to NAV, which widened during the period,
accounts for the difference between performance based on price and performance based on NAV. The Fund maintains a relatively generous degree of
income accrual, which was a positive factor. The tightening of credit quality spreads in the uninsured basket of the Fund’s holdings also aided results. A
fully-invested posture and a slightly longer relative duration posture were additive, too, as rates declined in the second half of 2009. Throughout this period,
the municipal market benefited from the Build America Bond Program, which effectively moved supply to the taxable market and, thus, alleviated supply
pressure in the tax-exempt space. Conversely, downgrades of monoline insurers detracted from performance in all funds investing in bonds utilizing insur-
ance wraps. In addition, secondary market demand for insured municipals has decreased, limiting liquidity and widening spreads on insured bonds.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on New York Stock Exchange (“NYSE”)  MUC 
  Initial Offering Date  February 27, 1998 
  Yield on Closing Market Price as of January 31, 2010 ($12.55)1  6.02% 
  Tax Equivalent Yield2  9.26% 
  Current Monthly Distribution per Common Share3  $0.063 
  Current Annualized Distribution per Common Share3  $0.756 
  Leverage as of January 31, 20104  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0705. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets,
which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:

      1/31/10  7/31/09  Change  High  Low 
Market Price      $12.55  $12.18  3.04%  $13.63  $11.95 
Net Asset Value      $14.08  $13.21  6.59%  $14.82  $13.20 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     
     Sector Allocations                   Credit Quality Allocations5     
  1/31/10  7/31/09        1/31/10  7/31/09 
County/City/Special District/             AAA/Aaa        43%    43% 
   School District    42%   46%         AA/Aa      29  23 
Utilities  27  24         A      27  33 
Transportation  10  13         BBB/Baa      1  1 
Education  10  9  5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors 
Corporate  5  —               Service (“Moody’s”) ratings.     
State  4  4           
Health  2  4           

4 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Fund Summary as of January 31, 2010

BlackRock MuniHoldings New Jersey Insured Fund, Inc.

Investment Objective

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ) (the “Fund”) seeks to provide shareholders with current income exempt from federal income
tax and New Jersey personal income taxes by investing in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opin-
ion of bond counsel to the issuer, is exempt from federal income tax and New Jersey personal income taxes.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 8.51% based on market price, and 6.55% based on NAV. For the same period, the closed-
end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 8.47% based on market price, and 8.71% on a NAV basis. All
returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group com-
prises funds representing various states and not New Jersey alone. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference
between performance based on price and performance based on NAV. The Fund’s allocations to the industrial development revenue/pollution control revenue
and health sectors aided performance, as these represented two of the best-performing sectors for the six months. In contrast, pre-refunded and escrowed
issues lagged. The Fund’s overweight in this sector, coupled with a shorter duration, restricted upward price movement in a declining rate environment.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on NYSE  MUJ 
  Initial Offering Date  March 11, 1998 
  Yield on Closing Market Price as of January 31, 2010 ($14.09)1  5.88% 
  Tax Equivalent Yield2  9.05% 
  Current Monthly Distribution per Common Share3  $0.069 
  Current Annualized Distribution per Common Share3  $0.828 
  Leverage as of January 31, 20104  37% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.073. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:       
  1/31/10  7/31/09  Change  High  Low 
Market Price  $14.09  $13.38  5.31%  $14.76  $13.28 
Net Asset Value  $14.89  $14.40  3.40%  $15.51  $14.38 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     

     Sector Allocations     
  1/31/10  7/31/09 
State     35%  35% 
Transportation  17  15 
County/City/Special District/     
   School District  14  17 
Education  11  10 
Health  10  9 
Housing  6  7 
Utilities  5  5 
Tobacco  1  1 
Corporate  1  1 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa   39%   41% 
AA/Aa  22  20 
A  29  27 
BBB/Baa  7  9 
Not Rated6  3  3 

5 Using the higher of S&P’s and Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities was
$15,767,734, representing 3% and $15,862,145, representing 3%,
respectively, of the Fund’s long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

5

Fund Summary as of January 31, 2010

BlackRock MuniYield Insured Investment Fund, Inc.

Investment Objective

BlackRock MuniYield Insured Investment Fund (MFT) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from
regular federal income taxes as is consistent with its investment policies and prudent investment management. The Fund, which was formerly named
BlackRock MuniYield Florida Insured Fund, also seeks to provide shareholders with shares the value of which is exempt from Florida intangible personal
property tax.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 13.01% based on market price, and 8.52% based on NAV. For the same period, the closed-
end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of 10.18% based on market price, and 9.18% on a NAV basis. All
returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The Fund held a higher concentration in healthcare and housing bonds with maturities of 20 years and
longer, which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, the lack of availability in the national
insured market made it difficult to fully transition the Fund away from its holdings in Florida names. Many of these issues have weaker underlying credits,
thus also reducing their liquidity at current market prices. As these Florida names have underperformed the national market, this has detracted from
recent performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on NYSE  MFT 
  Initial Offering Date  October 30, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($12.93)1  6.13% 
  Tax Equivalent Yield2  9.43% 
  Current Monthly Distribution per Common Share3  $0.066 
  Current Annualized Distribution per Common Share3  $0.792 
  Leverage as of January 31, 20104  39% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.071. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $12.93  $11.80  9.58%  $13.38  $11.80 
Net Asset Value  $13.50  $12.83  5.22%  $14.20  $12.81 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     

     Sector Allocations     
  1/31/10  7/31/09 
Utilities    27%    28% 
County/City/Special District/     
   School District  26  22 
Health  17  15 
Transportation  14  17 
State  8  10 
Education  4  5 
Housing  4  3 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa       63%     55% 
AA/Aa    12   13 
A    21    27 
Not Rated6     4     5 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities was
$5,531,899, representing 3% and $7,910,411, representing 5%,
respectively, of the Fund’s long-term investments.

6 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Fund Summary as of January 31, 2010

BlackRock MuniYield Michigan Insured Fund, Inc.

Investment Objective

BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from fed-
eral income tax and Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a
portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and
Michigan income taxes.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 10.44% based on market price, and 8.33% based on NAV. For the same period, the
closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 8.47% based on market price, and 8.71% on a NAV
basis. All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper
group comprises funds representing various states and not Michigan alone. The Fund’s discount to NAV, which narrowed during the period, accounts for the
difference between performance based on price and performance based on NAV. The Fund’s allocations to the industrial development revenue/pollution
control revenue and health sectors aided performance, as these represented two of the best-performing sectors for the six months. In contrast, pre-refunded
and escrowed issues lagged. The Fund’s overweight in this sector, coupled with a shorter duration, restricted upward price movement in a declining
rate environment.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on NYSE  MIY 
  Initial Offering Date  October 30, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($13.09)1  6.88% 
  Tax Equivalent Yield2  10.58% 
  Current Monthly Distribution per Common Share3  $0.075 
  Current Annualized Distribution per Common Share3  $0.900 
  Leverage as of January 31, 20104  38% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $13.09  $12.25  6.86%  $13.58  $12.18 
Net Asset Value  $14.60  $13.93  4.81%  $15.16  $13.91 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     

     Sector Allocations     
  1/31/10  7/31/09 
County/City/Special District/     
   School District    33%    22% 
Health  13  14 
Utilities  12  14 
Transportation  12  11 
Corporate  11  14 
State  8  12 
Education  7  10 
Housing  4  3 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa    42%   32% 
AA/Aa  20  22 
A  34  42 
BBB/Baa  2  2 
Not Rated  2   26 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of July 31, 2009, the
market value of these securities was $3,021,972, representing 1% of
the Fund’s long-term investments.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

7

Fund Summary as of January 31, 2010

BlackRock MuniYield New Jersey Insured Fund, Inc.

Investment Objective

BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from fed-
eral income tax and New Jersey personal income taxes as is consistent with its investment policies and prudent investment management by investing primarily
in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income tax and New
Jersey personal income taxes.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 11.70% based on market price, and 7.75% based on NAV. For the same period, the closed-
end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 8.47% based on market price, and 8.71% on a NAV basis. All
returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group
comprises funds representing various states and not New Jersey alone. The Fund’s discount to NAV, which narrowed during the period, accounts for the
difference between performance based on price and performance based on NAV. The Fund’s allocations to the industrial development revenue/pollution
control revenue and health sectors aided performance, as these represented two of the best-performing sectors for the six months. In contrast, pre-refunded
and escrowed issues lagged. The Fund’s overweight allocation to this sector, coupled with a shorter duration, restricted upward price movement
in a declining rate environment.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on NYSE  MJI 
  Initial Offering Date  October 30, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($13.80)1  6.04% 
  Tax Equivalent Yield2  9.29% 
  Current Monthly Distribution per Common Share3  $0.0695 
  Current Annualized Distribution per Common Share3  $0.8340 
  Leverage as of January 31, 20104  35% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.072. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:       
  1/31/10  7/31/09  Change  High  Low 
Market Price  $13.80  $12.82  7.64%  $14.66  $12.82 
Net Asset Value  $14.61  $14.07  3.84%  $15.38  $14.04 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     

     Sector Allocations     
  1/31/10  7/31/09 
State       25%     26% 
Education  16  15 
County/City/Special District/     
   School District  15  18 
Utilities  12  12 
Transportation  11  10 
Health  10  10 
Housing  7  7 
Corporate  3  1 
Tobacco  1  1 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa    31%    32% 
AA/Aa  19  22 
A  38  34 
BBB/Baa  6  8 
Not Rated6  6  4 

5 Using the higher of S&P’s and Moody’s ratings.
6 The investment advisor has deemed certain of these non-rated
securities to be of investment grade quality. As of January 31,
2010 and July 31, 2009, the market value of these securities was
$11,852,771, representing 6% and $7,777,159, representing 4%,
respectively, of the Fund’s long-term investments.

8 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Fund Summary as of January 31, 2010

BlackRock MuniYield Pennsylvania Insured Fund

Investment Objective

BlackRock MuniYield Pennsylvania Insured Fund (MPA) (the “Fund”) seeks to provide shareholders with as high a level of current income exempt from federal
and Pennsylvania income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term
municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and Pennsylvania income taxes.

No assurance can be given that the Fund’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Fund returned 6.80% based on market price, and 7.72% based on NAV. For the same period, the closed-
end Lipper Single-State Insured Municipal Debt Funds category posted an average return of 8.47% based on market price, and 8.71% on a NAV basis.
All returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group
comprises funds representing various states and not Pennsylvania alone. The Fund’s discount to NAV, which widened during the period, accounts for the
difference between performance based on price and performance based on NAV. The Fund benefited from our effort to increase the portfolio weighting in
interest-rate-sensitive bonds as tax-exempt, 30-year interest rates rallied 43 basis points lower for the six months. Conversely, relative Fund performance
was negatively affected by its exposure to zero-coupon bonds, which remained out of favor with investors and underperformed current coupon bonds
throughout the period. The Fund was fully invested at period end due to the historically low yields earned on cash and cash equivalents; this will improve
the income generation component of the Fund’s total return.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.

Fund Information     
  Symbol on NYSE  MPA 
  Initial Offering Date  October 30, 1992 
  Yield on Closing Market Price as of January 31, 2010 ($13.35)1  5.89% 
  Tax Equivalent Yield2  9.06% 
  Current Monthly Distribution per Common Share3  $0.0655 
  Current Annualized Distribution per Common Share3  $0.7860 
  Leverage as of January 31, 20104  36% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0705. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributa-
ble to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:

  1/31/10  7/31/09  Change  High  Low 
Market Price  $13.35  $12.87  3.73%  $14.08  $12.80 
Net Asset Value  $14.94  $14.28  4.62%  $15.64  $14.25 
The following charts show the sector and credit quality allocations of the Fund’s long-term investments:     

     Sector Allocations     
  1/31/10  7/31/09 
County/City/Special District/     
   School District   31%    38% 
State  23  15 
Transportation  11  11 
Utilities  11  11 
Health  11  9 
Education  6  6 
Housing  4  4 
Corporate  3  6 

     Credit Quality Allocations5     
  1/31/10  7/31/09 
AAA/Aaa  40%    39% 
AA/Aa  40   42 
A  19  18 
BBB/Baa  1  1 
 5 Using the higher of S&P’s or Moody’s ratings.   

SEMI-ANNUAL REPORT

JANUARY 31, 2010

9

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.

To leverage, the Funds issue Preferred Shares, which pay dividends at
prevailing short-term interest rates, and invests the proceeds in long-term
municipal bonds. In general, the concept of leveraging is based on the
premise that the cost of assets to be obtained from leverage will be based
on short-term interest rates, which normally will be lower than the income
earned by each Fund on its longer-term portfolio investments. To the extent
that the total assets of each Fund (including the assets obtained from
leverage) are invested in higher-yielding portfolio investments, each Fund’s
Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Fund’s Common Shares capital-
ization is $100 million and it issues Preferred Shares for an additional
$50 million, creating a total value of $150 million available for investment
in long-term municipal bonds. If prevailing short-term interest rates are
3% and long-term interest rates are 6%, the yield curve has a strongly
positive slope. In this case, the Fund pays dividends on the $50 million of
Preferred Shares based on the lower short-term interest rates. At the same
time, the securities purchased by the Fund with assets received from the
Preferred Shares issuance earn the income based on long-term interest
rates. In this case, the dividends paid to Preferred Shareholders are signifi-
cantly lower than the income earned on the Fund’s long-term investments,
and therefore the Common Shareholders are the beneficiaries of the incre-
mental net income.

If short-term interest rates rise, narrowing the differential between short-
term and long-term interest rates, the incremental net income pickup on
the Common Shares will be reduced or eliminated completely. Furthermore,
if pervailing short-term interest rates rise above long-term interest rates of
6%, the yield curve has a negative slope. In this case, the Fund pays divi-
dends on the higher short-term interest rates whereas the Fund’s total port-
folio earns income based on lower long-term interest rates.

Furthermore, the value of the Fund’s portfolio investments generally varies
inversely with the direction of long-term interest rates, although other
factors can influence the value of portfolio investments. In contrast, the
redemption value of the Fund’s Preferred Shares does not fluctuate in
relation to interest rates. As a result, changes in interest rates can influence
the Fund’s NAV positively or negatively in addition to the impact on Fund
performance from leverage from Preferred Shares discussed above.

The Funds may also leverage their assets through the use of tender option
bond (“TOB”) programs, as described in Note 1 of the Notes to Financial
Statements. TOB investments generally will provide the Funds with

economic benefits in periods of declining short-term interest rates, but
expose the Funds to risks during periods of rising short-term interest rates
similar to those associated with Preferred Shares issued by the Funds, as
described above. Additionally, fluctuations in the market value of municipal
bonds deposited into the TOB trust may adversely affect each Fund’s NAV
per share.

The use of leverage may enhance opportunities for increased returns to the
Funds and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Funds’ NAV, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Funds’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, the Funds’ net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Fund
may be required to sell portfolio securities at inopportune times or at dis-
tressed values in order to comply with regulatory requirements applicable
to the use of leverage or as required by the terms of leverage instruments,
which may cause a Fund to incur losses. The use of leverage may limit each
Fund’s ability to invest in certain types of securities or use certain types
of hedging strategies, such as in the case of certain restrictions imposed
by ratings agencies that rate preferred shares issued by the Funds. Each
Fund will incur expenses in connection with the use of leverage, all of
which are borne by Common Shareholders and may reduce income to the
Common Shares.

Under the Investment Company Act of 1940, the Funds are permitted to
issue Preferred Shares in an amount of up to 50% of its total managed
assets at the time of issuance. Under normal circumstances, each Fund
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of January 31, 2010, the Funds had economic
leverage from Preferred Shares and/or TOBs as a percentage of their total
managed assets as follows:

  Percent of 
  Leverage 
MUC  38% 
MUJ  37% 
MFT  39% 
MIY  38% 
MJI  35% 
MPA  36% 

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including finan-
cial futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset,
possible default of the counterparty to the transaction or illiquidity of the
derivative instrument. Each Fund’s ability to successfully use a derivative

instrument depends on the investment advisor’s ability to accurately pre-
dict pertinent market movements, which cannot be assured. The use of
derivative instruments may result in losses greater than if they had not
been used, may require a Fund to sell or purchase portfolio securities at
inopportune times or for distressed values, may limit the amount of appre-
ciation a Fund can realize on an investment or may cause a Fund to hold
a security that it might otherwise sell. The Funds’ investments in these
instruments are discussed in detail in the Notes to Financial Statements.

10 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments January 31, 2010 (Unaudited) 

BlackRock MuniHoldings California Insured Fund, Inc. (MUC)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     California — 125.4%       
Corporate — 0.5%       
City of Chula Vista California, Refunding RB, San Diego     
 Gas & Electric, Series A, 5.88%, 2/15/34  $ 2,435  $ 2,666,447 
County/City/Special District/School District — 54.8%     
Alameda County Joint Powers Authority, Refunding RB,     
 Lease (AGM), 5.00%, 12/01/34    13,150  13,388,147 
Banning Unified School District, California, GO, Election     
 of 2006, Series A (NPFGC), 5.00%, 8/01/27    2,825  2,872,714 
Bonita Unified School District, California, GO, Election       
 of 2004, Series B:       
     (BHAC), 5.00%, 8/01/31    5,000  5,114,150 
(NPFGC), 5.00%, 8/01/29    8,350  8,540,630 
Cajon Valley Union School District, California, GO,       
 Series B (NPFGC), 5.50%, 8/01/27 (a)    2,925  3,016,640 
Central Unified School District, GO, Election of 2008,       
 Series A (AGC), 5.63%, 8/01/33    2,600  2,762,188 
City of Garden Grove California, COP, Series A, Financing     
 Project (AMBAC), 5.50%, 3/01/26    4,040  4,223,012 
City of Lodi California, COP, Refunding, Series A (AGM),     
 5.00%, 10/01/32    2,000  1,986,440 
Coachella Valley Unified School District, California, GO,     
 Series A (NPFGC), 5.00%, 8/01/27    2,400  2,431,080 
Colton Joint Unified School District, GO, Series A (NPFGC),     
 5.38%, 8/01/26    2,500  2,572,900 
Corona Department of Water & Power, COP (NPFGC),       
 5.00%, 9/01/29    5,910  5,969,987 
Corona-Norca Unified School District, California, GO,       
 Election of 2006, Series A (AGM), 5.00%, 8/01/31  5,000  5,037,300 
County of Kern California, COP, Capital Improvements       
 Projects, Series A (AGC), 6.00%, 8/01/35    3,500  3,852,555 
County of San Joaquin California, COP, Refunding, County     
 Administration Building (NPFGC), 5.00%, 11/15/30  5,505  5,399,910 
Covina-Valley Unified School District, California, GO,       
 Refunding, Series A (AGM), 5.50%, 8/01/26    2,395  2,525,575 
Culver City Redevelopment Finance Authority, California,     
 Tax Allocation Bonds, Refunding, Series A (AGM),       
 5.60%, 11/01/25    3,750  3,832,088 
Desert Community College District, California, GO,       
 Series C (AGM), 5.00%, 8/01/37    13,600  13,667,592 
East Side Union High School District-Santa Clara County,     
 California, GO, CAB, Election of 2002, Series E       
 (Syncora), 5.13%, 8/01/28 (b)    11,000  3,313,640 
Fullerton Joint Union High School District, California, GO,     
 Election of 2002, Series B (NPFGC), 5.00%, 8/01/29  5,200  5,295,056 
Hemet Unified School District, California, GO, Election       
 of 2006, Series B (AGC), 5.13%, 8/01/37    4,500  4,516,920 
Los Angeles Community College District, California, GO,     
 Election of 2001, Series A (NPFGC), 5.00%, 8/01/32  11,750  11,859,745 
Los Angeles Community Redevelopment Agency,       
 California, RB, Bunker Hill Project, Series A (AGM),       
 5.00%, 12/01/27    10,000  10,089,100 

    Par   
Municipal Bonds    (000)  Value 
     California (continued)       
County/City/Special District/School District (continued)     
Los Angeles County Metropolitan Transportation Authority,     
 Refunding RB, Proposition A, First Tier, Senior Series A     
 (AMBAC), 5.00%, 7/01/35  $ 9,000  $ 9,183,690 
Los Angeles Unified School District, California, GO,       
 Election of 2004, Series H (AGM), 5.00%, 7/01/32  4,750  4,782,015 
Los Gatos Union School District, California, GO, Election     
 of 2001, Series B (AGM), 5.00%, 8/01/30    2,735  2,774,466 
Marysville Joint Unified School District, California, GO,     
 Election of 2008 (AGC), 5.13%, 8/01/34    6,915  6,979,724 
Merced Community College District, California, GO,       
 School Facilities Improvement District No. 1 (NPFGC),     
 5.00%, 8/01/31    6,340  6,340,000 
Natomas Unified School District, California, GO, Election     
 of 2006 (BHAC), 5.00%, 8/01/32    2,500  2,524,925 
Ohlone Community College District, GO, Ohlone,       
 Series B (AGM), 5.00%, 8/01/30    5,000  5,108,500 
Poway Unified School District, Special Tax Bonds       
 (AMBAC), 5.00%, 9/15/31    9,055  8,798,019 
Redlands Unified School District, California, GO, Election     
 of 2008 (AGM), 5.25%, 7/01/33    5,000  5,102,100 
Redwoods Community College District, GO, Election       
 of 2004 (NPFGC), 5.00%, 8/01/31    4,630  4,630,000 
Richmond Joint Powers Financing Authority, California,     
 Refunding LRB, Civic Center Project (AGC),       
 5.88%, 8/01/37    2,075  2,142,853 
Riverside Unified School District, California, GO, Election     
 of 2001, Series B (NPFGC), 5.00%, 8/01/30    10,735  10,782,234 
Saddleback Valley Unified School District, California, GO     
 (AGM), 5.00%, 8/01/29    4,115  4,206,476 
Salinas Union High School District, California, GO,       
 Election of 2002, Series B (NPFGC), 5.00%, 6/01/26  3,490  3,556,170 
San Bernardino Community College District, California,     
 GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31  17,770  18,115,626 
San Francisco Bay Area Transit Financing Authority,       
 Refunding RB, Series A (NPFGC), 5.00%, 7/01/34    2,500  2,521,150 
San Francisco Community College District, California,       
 GO, Election of 2001, Series C (AGM), 5.00%, 6/15/31  4,195  4,274,999 
San Jose Evergreen Community College District,       
 California, GO, Refunding, CAB, Election of 2004,       
 Series A (NPFGC)(b):       
     5.17%, 9/01/24    10,410  4,725,932 
     5.34%, 9/01/29    7,250  2,075,603 
San Jose Financing Authority, Refunding RB, Civic Center     
 Project, Series B (AMBAC), 5.00%, 6/01/32    14,800  14,899,604 
San Juan Unified School District, California, GO, Election     
 of 2002 (NPFGC), 5.00%, 8/01/28    4,250  4,275,755 
San Mateo County Transportation District, California,       
 Refunding RB, Series A (NPFGC), 5.00%, 6/01/29    5,650  5,888,543 
Sanger Unified School District, California, GO, Election     
 of 2006, Series A (AGM), 5.00%, 8/01/27    7,345  7,565,497 

     Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the  BHAC  Berkshire Hathaway Assurance Corp.  GNMA  Government National Mortgage Association 
Schedules of Investments, the names and descriptions of  CAB  Capital Appreciation Bonds  GO  General Obligation Bonds 
many of the securities have been abbreviated according  CIFG  CDC IXIS Financial Guaranty  HDA  Housing Development Authority 
to the following list:  COP  Certificates of Participation  HFA  Housing Finance Agency 
    EDA  Economic Development Authority  HRB  Housing Revenue Bonds 
ACA  American Capital Access Corp.  EDC  Economic Development Corp.  IDA  Industrial Development Authority 
AGC  Assured Guaranty Corp.  ERB  Education Revenue Bonds  ISD  Independent School District 
AGM  Assured Guaranty Municipal Corp.  FGIC  Financial Guaranty Insurance Co.  LRB  Lease Revenue Bonds 
AMBAC  American Municipal Bond Assurance Corp.  FSA  Financial Security Assurance Inc.  NPFGC  National Public Finance Guarantee Corp. 
AMT  Alternative Minimum Tax (subject to)  GAN  Grant Anticipation Notes  RB  Revenue Bonds 
    GARB  General Airport Revenue Bonds  S/F  Single-Family 
See Notes to Financial Statements.         

SEMI-ANNUAL REPORT

JANUARY 31, 2010

11

Schedule of Investments (continued)

BlackRock MuniHoldings California Insured Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     California (continued)       
County/City/Special District/School District (concluded)     
Santa Clara Redevelopment Agency, California, Tax       
 Allocation Bonds, Bayshore North Project, Series A       
 (AMBAC), 5.50%, 6/01/23  $ 10,000  $ 10,047,300 
Santa Monica-Malibu Unified School District,       
 California, GO, Election of 2006, Series A (NPFGC),       
 5.00%, 8/01/32    5,000  5,027,950 
Santa Rosa High School District, California, GO, Election     
 of 2002 (NPFGC), 5.00%, 8/01/28    2,855  2,872,301 
Sierra Joint Community College District, California, GO,     
 Improvement District No. 2-Western Nevada County       
 Campus, Series A (NPFGC), 5.00%, 8/01/28    1,550  1,561,796 
Snowline Joint Unified School District, COP, Refunding,     
 Refining Project (AGC), 5.75%, 9/01/38    5,635  6,160,069 
Tracy Area Public Facilities Financing Agency, California,     
 Special Tax Bonds, Refunding, Community Facilities       
 District No. 87-1, Series H (NPFGC), 5.88%, 10/01/19  4,125  4,136,385 
Vista Unified School District California, GO, Series B       
 (NPFGC), 5.00%, 8/01/28    2,550  2,565,453 
Walnut Valley Unified School District, California, GO,       
 Election of 2007, Measure S, Series A (AGM),       
 5.00%, 2/01/33    2,000  2,027,660 
Washington Unified School District-Yolo County,       
 California, GO, CAB, Election of 2004, Series A       
 (NPFGC), 5.08%, 8/01/29 (b)    6,075  1,698,995 
West Contra Costa Unified School District, California, GO:     
     CAB, Election of 2002, Series C (NPFGC),       
     5.08%, 8/01/29 (b)    5,825  1,530,752 
     Election of 2002, Series B (AGM), 5.00%, 8/01/32  6,690  6,681,035 
     Election of 2005, Series A (AGM), 5.00%, 8/01/26  2,595  2,638,674 
Westminster Redevelopment Agency, California, Tax       
 Allocation Bonds, Subordinate, Commercial       
 Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39  4,300  4,829,631 
      315,299,251 
Education — 7.5%       
California State Public Works Board, RB, University of       
 California, Institute Project, Series C (AMBAC),       
 5.00%, 4/01/30    5,000  5,004,150 
California State University, RB, Systemwide, Series A       
 (AGM), 5.00%, 11/01/39    8,320  8,217,747 
California State University, Refunding RB, Systemwide,     
 Series A (AGM), 5.00%, 11/01/29    5,000  5,114,950 
University of California, RB, Limited Project,       
 Series D (AGM):       
     5.00%, 5/15/37    5,950  5,953,154 
     5.00%, 5/15/41    8,000  7,862,720 
University of California, Refunding RB, General, Series A     
 (AMBAC), 5.00%, 5/15/27    10,500  10,939,005 
      43,091,726 
Health — 3.2%       
ABAG Finance Authority for Nonprofit Corps,       
 Refunding RB, Sharp Healthcare, 6.25%, 8/01/39    5,000  5,378,150 
California Health Facilities Financing Authority,       
 Refunding RB, Catholic Healthcare West, Series A,       
 6.00%, 7/01/34    3,700  3,867,647 
California Statewide Communities Development       
 Authority, RB:       
     Adventist, Series B (AGC), 5.00%, 3/01/37    3,150  3,085,740 
     Health Facility, Memorial Health Services, Series A,     
     6.00%, 10/01/23    4,915  5,095,036 
     Los Angeles Orthopedic Hospital Foundation       
     (AMBAC), 5.50%, 6/01/19    1,090  1,090,120 
      18,516,693 
See Notes to Financial Statements.       

    Par   
Municipal Bonds    (000)  Value 
     California (continued)       
Housing — 0.1%       
California HFA, RB, AMT, Class II (NPFGC):       
     S/F Mortgage, Series C-2, 5.63%, 8/01/20  $ 155  $ 155,020 
     Series A1, 6.00%, 8/01/20    160  160,170 
      315,190 
State — 5.7%       
California Community College Financing Authority,       
 RB, Grossmont-Palomar-Shasta, Series A (NPFGC),       
 5.63%, 4/01/26    2,180  2,206,203 
California State Public Works Board, RB, Department       
 of Education, Riverside Campus Project, Series B,       
 6.50%, 4/01/34    3,500  3,586,975 
California State University, Refunding RB, Systemwide,     
 Series C (NPFGC), 5.00%, 11/01/28    16,215  16,571,406 
State of California, GO, Various Purpose,       
 6.50%, 4/01/33    10,000  10,682,100 
      33,046,684 
Transportation — 16.7%       
City of Fresno, California, RB, Series B, AMT (AGM),       
 5.50%, 7/01/20    4,455  4,487,744 
City of Long Beach, California, Refunding RB, Series B,     
 AMT (NPFGC), 5.20%, 5/15/27    16,000  16,086,080 
County of Orange, California, RB, Series B,       
 5.75%, 7/01/34    6,345  6,859,199 
County of Sacramento, California, RB, Senior Series B,     
 5.75%, 7/01/39    2,650  2,820,713 
Port of Oakland, RB, Series K, AMT (NPFGC),       
 5.75%, 11/01/29    19,660  19,671,010 
Port of Oakland, Refunding RB, Series L, AMT (NPFGC),     
 5.38%, 11/01/27    25,265  23,868,098 
San Francisco City & County Airports Commission, RB:     
     Second Series, Issue 24A, AMT (AGM),       
     5.50%, 5/01/24    6,430  6,501,823 
     Series E, 6.00%, 5/01/39    9,650  10,335,053 
San Francisco City & County Airports Commission,       
 Refunding RB, Second Series 34E, AMT (AGM),       
 5.75%, 5/01/24    5,000  5,278,350 
      95,908,070 
Utilities — 36.9%       
City of Escondido, California, COP, Refunding, Series A     
 (NPFGC), 5.75%, 9/01/24    465  478,755 
City of Glendale, California, RB (AGC), 5.00%, 2/01/31  5,000  5,132,650 
City of Napa, California, RB (AMBAC), 5.00%, 5/01/35  9,100  9,204,195 
City of Santa Clara, California, RB, Sub-Series A (NPFGC),     
 5.00%, 7/01/28    6,050  6,085,634 
East Bay Municipal Utility District, RB, Sub-Series A       
 (NPFGC), 5.00%, 6/01/35    11,920  12,199,405 
East Bay Municipal Utility District, Refunding RB,       
 Sub-Series A (AMBAC):       
     5.00%, 6/01/33    6,545  6,697,891 
     5.00%, 6/01/37    14,515  14,745,643 
Los Angeles Department of Water & Power, RB, System:     
     Sub-Series A-1 (AMBAC), 5.00%, 7/01/36    4,385  4,432,797 
     Sub-Series A-2 (AGM), 5.00%, 7/01/35    7,500  7,635,675 
     Sub-Series A-2 (AMBAC), 5.00%, 7/01/35    1,150  1,170,804 
Metropolitan Water District of Southern California, RB:     
     Series A (AGM), 5.00%, 7/01/35    13,550  13,892,002 
     Series B-1 (NPFGC), 5.00%, 10/01/33    9,000  9,159,300 
Oxnard Financing Authority, RB (NPFGC):       
     Project, 5.00%, 6/01/31    10,000  9,921,600 
     Redwood Trunk Sewer & Headworks, Series A,       
     5.25%, 6/01/34    13,000  13,039,000 
Sacramento City Financing Authority, California,       
 Refunding RB (NPFGC), 5.00%, 12/01/29    8,775  8,654,958 

12 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock MuniHoldings California Insured Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     California (concluded)     
Utilities (concluded)     
Sacramento Municipal Utility District, RB, Cosumnes     
 Project (NPFGC), 5.13%, 7/01/29  $ 36,760  $ 36,071,485 
Sacramento Regional County Sanitation District, RB     
 (NPFGC), 5.00%, 12/01/36  4,500  4,536,180 
San Diego County Water Authority, COP, Refunding RB,     
 Series A (NPFGC), 5.00%, 5/01/32  10,000  10,097,900 
San Francisco City & County Public Utilities     
 Commission, RB:     
     Series A (NPFGC), 5.00%, 11/01/32  15,000  15,160,350 
     Series B, 5.00%, 11/01/30  16,705  17,397,756 
Turlock Public Financing Authority, California, RB,     
 Series A (NPFGC), 5.00%, 9/15/33  6,655  6,722,748 
    212,436,728 
Total Municipal Bonds in California    721,280,789 
     Puerto Rico — 0.9%     
County/City/Special District/School District — 0.9%     
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 6.50%, 8/01/44  5,000  5,335,800 
Total Municipal Bonds — 126.3%    726,616,589 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (c)     
     California — 33.0%     
Corporate — 7.1%     
San Francisco Bay Area Transit Financing Authority,     
 Refunding RB, Series A (NPFGC), 5.00%, 7/01/30  23,100  23,627,142 
University of California, RB, Limited Project, Series B     
 (AGM), 5.00%, 5/15/33  17,397  17,428,649 
    41,055,791 
County/City/Special District/School District — 11.8%     
Contra Costa Community College District, California, GO,     
 Election of 2002 (NPFGC), 5.00%, 8/01/28  7,800  7,986,186 
Los Angeles Community College District, California, GO,     
 Election of 2008, Series A, 6.00%, 8/01/33  9,596  10,644,542 
Peralta Community College District, California, GO,     
 Election of 2000, Series D (FSA), 5.00%, 8/01/35  15,490  15,571,323 
Poway Unified School District, GO, Election of 2002,     
 Improvement District 02, Series 1-B (FSA),     
 5.00%, 8/01/30  10,000  10,166,500 
San Diego Community College District, California, GO,     
 Election of 2002 (AGM), 5.00%, 5/01/30  12,549  12,768,140 
Vista Unified School District, California, GO, Series A     
 (FSA), 5.25%, 8/01/25  10,016  10,411,665 
    67,548,356 
Education — 8.7%     
Chaffey Community College District, GO, Election     
 of 2002, Series B (NPFGC), 5.00%, 6/01/30  9,905  10,113,809 
Los Angeles Community College District, California, GO,     
 Election of 2003, Series E (FSA), 5.00%, 8/01/31  11,216  11,377,772 
Peralta Community College District, California, GO,     
 Peralta Community College (FSA), 5.00%, 8/01/32  6,980  7,093,495 
Riverside Community College District, GO, Election     
 of 2004, Series C (NPFGC), 5.00%, 8/01/32  8,910  8,970,944 
University of California, RB, Series O, 5.75%, 5/15/34  11,190  12,448,763 
    50,004,783 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (c)  (000)  Value 
California (concluded)     
Utilities — 5.4%     
Los Angeles Department of Water & Power, RB, Power     
 System Sub-Series A-1 (FSA), 5.00%, 7/01/31  $ 4,993  $ 5,128,217 
Rancho Water District Financing Authority, California,     
 Refunding RB, Series A (FSA), 5.00%, 8/01/34  5,008  5,070,571 
San Diego County Water Authority, COP:     
     Series A (FSA), 5.00%, 5/01/31  4,000  4,069,921 
     Refunding, Series 2008-A (AGM), 5.00%, 5/01/33  16,740  16,998,968 
    31,267,677 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 33.0%    189,876,607 
Total Long-Term Investments     
(Cost — $920,380,089) — 159.3%    916,493,196 
Short-Term Securities  Shares   
CMA California Municipal Money Fund,     
 0.04% (d)(e)  7,863,872  7,863,872 
Total Short-Term Securities     
(Cost — $7,863,872) — 1.3%    7,863,872 
Total Investments (Cost — $928,243,961*) — 160.6%    924,357,068 
Other Assets Less Liabilities — 1.8%    10,481,066 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (18.3)%    (105,295,184) 
Preferred Shares, at Redemption Value — (44.1)%    (254,011,754) 
Net Assets Applicable to Common Shares — 100.0%    $575,531,196 

* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $823,610,657 
Gross unrealized appreciation  $ 10,575,306 
Gross unrealized depreciation  (15,028,432) 
Net unrealized depreciation  $ (4,453,126) 

(a) US Government securities, held in escrow, are used to pay interest on this security
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(d) 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   
     Affiliate  Activity  Income 
     CMA California Municipal Money Fund  $(12,636,942)  $2,772 
(e) Represents the current yield as of report date.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

13

Schedule of Investments (concluded)

BlackRock MuniHoldings California Insured Fund, Inc. (MUC)

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1 — Short-Term Securities  $ 7,863,872 
Level 2 — Long-Term Investments1    916,493,196 
Level 3    — 
Total  $ 924,357,068 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New Jersey — 140.1%       
Corporate — 1.6%       
New Jersey EDA, RB, Disposal, Waste M Management       
 of New Jersey, Series A, AMT, 5.30%, 6/01/15  $ 2,500  $ 2,658,850 
New Jersey EDA, Refunding RB, New Jersey American       
 Water Co., Series A, AMT, 5.70%, 10/01/39    2,500  2,462,125 
      5,120,975 
County/City/Special District/School District — 22.4%     
Borough of Hopatcong New Jersey, GO, Refunding,       
 Sewer (AMBAC), 4.50%, 8/01/33    2,690  2,699,038 
Camden County Improvement Authority, RB (AGM),       
 5.50%, 9/01/10 (a)    1,540  1,588,125 
City of Perth Amboy New Jersey, GO, CAB (AGM) (b):       
     5.65%, 7/01/32    4,605  4,166,512 
     5.64%, 7/01/33    1,395  1,257,076 
     5.08%, 7/01/37    1,470  1,310,432 
County of Middlesex New Jersey, COP (NPFGC),       
 5.25%, 6/15/23    1,550  1,566,260 
County of Middlesex New Jersey, COP, Refunding (NPFGC),     
 5.50%, 8/01/16    1,375  1,467,098 
East Orange Board Of Education, COP (AGM),       
 5.50%, 8/01/12    6,715  7,079,692 
Essex County Improvement Authority, LRB, County       
 Correctional Facility Project, Series A (FGIC),       
 5.00%, 10/01/13 (a)    4,400  5,017,584 
Essex County Improvement Authority, RB,       
 County Correctional Facility Project (FGIC),       
 6.00%, 10/01/10 (a)    4,000  4,153,520 
Essex County Improvement Authority, Refunding RB,       
 Project Consolidation (NPFGC), 5.50%, 10/01/27    250  283,190 
Hudson County Improvement Authority, RB,       
 Harrison Parking Facility Project, Series C (AGC),       
 5.38%, 1/01/44    3,600  3,791,376 
Lafayette Yard Community Development Corp.       
 New Jersey, RB, Hotel/Conference Center Project,       
 Trenton (NPFGC), 6.00%, 4/01/10 (a)    5,250  5,351,587 
Middlesex County Improvement Authority, RB,       
 Senior Citizens Housing Project, AMT (AMBAC),       
 5.50%, 9/01/30    500  500,490 
Monmouth County Improvement Authority, Refunding RB,     
 Governmental Loan (AMBAC):       
     5.35%, 12/01/10 (a)    695  724,836 
     5.38%, 12/01/10 (a)    535  558,080 
     5.35%, 12/01/17    845  870,646 
     5.38%, 12/01/18    935  963,489 
Morristown Parking Authority, RB (NPFGC):       
     5.00%, 8/01/30    1,830  1,917,401 
     5.00%, 8/01/33    3,000  3,104,310 
New Jersey State Transit Corp., COP, Subordinate,       
 Federal Transit Administration Grants, Series A (AGM),     
 5.00%, 9/15/21    2,000  2,110,120 
Newark Housing Authority, Refunding RB, Newark       
 Redevelopment Project (NPFGC), 4.38%, 1/01/37    620  572,117 
North Bergen Township Board Of Education, COP       
 (AGM) (a):       
     6.00%, 12/15/10    1,000  1,060,540 
     6.25%, 12/15/10    3,260  3,464,499 
Salem County Improvement Authority, RB, Finlaw Street     
 Office Building (AGM), 5.38%, 8/15/28    500  542,690 

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (continued)       
County/City/Special District/School District (concluded)     
South Jersey Port Corp., Refunding RB:       
     4.50%, 1/01/15  $ 3,750  $ 3,928,688 
     4.50%, 1/01/16    1,920  1,990,157 
Township of West Deptford New Jersey, GO (FGIC),       
 5.63%, 9/01/10 (a)    8,580  8,854,474 
      70,894,027 
Education — 17.5%       
New Jersey EDA, RB, International Center For Public       
Health Project, University of Medicine and Dentistry     
 (AMBAC), 6.00%, 6/01/32    5,000  4,999,200 
New Jersey Educational Facilities Authority, RB:       
     Montclair State University, Series A (AMBAC),       
     5.00%, 7/01/21    1,200  1,263,864 
     Montclair State University, Series A (AMBAC),       
     5.00%, 7/01/22    2,880  3,019,162 
     Rowan University, Series C (NPFGC),       
     5.00%, 7/01/14 (a)    3,260  3,763,018 
     Rowan University, Series C (NPFGC),       
     5.13%, 7/01/14 (a)    3,615  4,192,135 
New Jersey Educational Facilities Authority,       
Refunding RB:       
     College of New Jersey, Series D (AGM),       
     5.00%, 7/01/35    9,540  9,796,912 
     Montclair State University, Series J (NPFGC),       
     4.25%, 7/01/30    3,775  3,554,351 
     Ramapo College, Series I (AMBAC) 4.25%, 7/01/31  1,250  1,171,950 
     Ramapo College, Series I (AMBAC),       
     4.25%, 7/01/36    900  813,312 
     Rowan University, Series C (FGIC),       
     5.25%, 7/01/11 (a)    790  850,956 
     Rowan University, Series C (NPFGC),       
     5.25%, 7/01/17    2,135  2,272,665 
     Rowan University, Series C (NPFGC),       
     5.25%, 7/01/18    2,535  2,694,350 
     Rowan University, Series C (NPFGC),       
     5.25%, 7/01/19    2,370  2,507,199 
     Stevens Institute of Technology, Series A,       
     5.00%, 7/01/27    2,800  2,856,420 
     Stevens Institute of Technology, Series A,       
     5.00%, 7/01/34    900  877,662 
     William Paterson University, Series C (AGC),       
     4.75%, 7/01/34    4,000  3,991,240 
University of Medicine & Dentistry of New Jersey, COP     
 (NPFGC), 5.00%, 6/15/29    2,000  1,923,060 
University of Medicine & Dentistry of New Jersey, RB,       
 Series A (AMBAC), 5.50%, 12/01/27    4,740  4,760,619 
      55,308,075 
Health — 14.8%       
New Jersey Health Care Facilities Financing Authority, RB:     
     Greystone Park Psychiatric Hospital (AMBAC),       
     5.00%, 9/15/23    10,775  10,991,362 
     Hackensack University Medical Center (AGC),       
     5.13%, 1/01/27    1,500  1,543,710 
     Meridian Health, Series I (AGC), 5.00%, 7/01/38  780  775,281 
     Meridian Health, Series II (AGC), 5.00%, 7/01/38  7,400  7,355,230 
     Meridian Health, Series V (AGC), 5.00%, 7/01/38  3,960  3,936,042 
     Society of The Valley Hospital (AMBAC),       
     5.38%, 7/01/25    2,820  2,663,095 
     Somerset Medical Center, 5.50%, 7/01/33    2,135  1,588,269 
     South Jersey Hospital, 6.00%, 7/01/12 (a)    5,440  6,106,019 
     Virtua Health (AGC), 5.50%, 7/01/38    1,000  1,043,270 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

15

Schedule of Investments (continued)

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
Health (concluded)     
New Jersey Health Care Facilities Financing Authority,     
 Refunding RB:     
     AHS Hospital Corp., Series A (AMBAC),     
     6.00%, 7/01/13 (c)  $ 4,000  $ 4,636,000 
     Atlantic City Medical Center, 5.75%, 7/01/12 (a)  1,525  1,689,761 
     Atlantic City Medical Center, 6.25%, 7/01/12 (a)  530  593,568 
     Atlantic City Medical System, 6.25%, 7/01/17  925  974,525 
     Atlantic City Medical System, 5.75%, 7/01/25  1,975  2,020,050 
     Meridian Health System Obligation Group (AGM),     
     5.38%, 7/01/24  1,000  1,002,420 
    46,918,602 
Housing — 5.2%     
New Jersey State Housing & Mortgage Finance     
 Agency, RB:     
     Capital Fund Program, Series A (AGM),     
     4.70%, 11/01/25  10,840  10,919,566 
     Series AA, 6.50%, 10/01/38  3,115  3,389,961 
New Jersey State Housing & Mortgage Finance Agency,     
 Refunding RB, S/F Housing, Series T, AMT,     
 4.70%, 10/01/37  800  731,432 
Newark Housing Authority, RB, South Ward Police     
 Facility (AGC):     
     5.75%, 12/01/30  850  909,236 
     6.75%, 12/01/38  500  561,100 
    16,511,295 
State — 50.2%     
Garden State Preservation Trust, RB (AGM):     
     CAB, Series B, 5.11%, 11/01/23 (d)  9,000  4,888,260 
     CAB, Series B, 5.19%, 11/01/25 (d)  10,000  4,836,500 
     Election 2005, Series A, 5.80%, 11/01/21  1,960  2,268,210 
     Election 2005, Series A, 5.80%, 11/01/23  2,730  3,157,846 
Garden State Preservation Trust, Refunding RB,     
 Series C (AGM):     
     5.25%, 11/01/20  5,000  5,928,800 
     5.25%, 11/01/21  7,705  9,186,132 
New Jersey EDA, RB:     
     Cigarette Tax, 5.63%, 6/15/19  2,700  2,694,951 
     Cigarette Tax (Radian), 5.75%, 6/15/29  2,000  1,963,220 
     Cigarette Tax (Radian), 5.50%, 6/15/31  585  544,658 
     Cigarette Tax (Radian), 5.75%, 6/15/34  1,180  1,120,681 
     Liberty State Park Project, Series C (AGM),     
     5.00%, 3/01/22  2,670  2,842,082 
     Motor Vehicle Surcharge, Series A (NPFGC),     
     5.25%, 7/01/26  7,500  7,767,750 
     Motor Vehicle Surcharge, Series A (NPFGC),     
     5.25%, 7/01/33  11,105  11,266,245 
     Motor Vehicle Surcharge, Series A (NPFGC),     
     5.00%, 7/01/34  2,000  1,892,080 
     School Facilities Construction, Series L (AGM),     
     5.00%, 3/01/30  9,000  9,288,990 
     School Facilities Construction, Series O,     
     5.25%, 3/01/23  4,420  4,740,494 
     School Facilities Construction, Series Z (AGC),     
     6.00%, 12/15/34  2,800  3,133,788 
     School Facilities, Series U (AMBAC),     
     5.00%, 9/01/37  2,500  2,514,000 
     State Office Buildings Projects (AMBAC),     
     6.00%, 6/15/10 (a)  3,000  3,065,550 
     State Office Buildings Projects (AMBAC),     
     6.25%, 6/15/10 (a)  4,620  4,725,290 

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (continued)     
State (concluded)     
New Jersey EDA, Refunding RB, School Facilities     
 Construction, Series N-1 (NPFGC), 5.50%, 9/01/27  $ 1,000  $ 1,127,110 
New Jersey Educational Facilities Authority, RB (a):     
     Capital Improvement Fund, Series A (AGM),     
     5.75%, 9/01/10  9,420  9,728,222 
     Higher Education Capital Improvement, Series A     
     (AMBAC), 5.13%, 9/01/12  5,500  6,108,245 
New Jersey Sports & Exposition Authority, RB, Series A     
 (NPFGC), 6.00%, 3/01/13  2,400  2,411,280 
New Jersey Sports & Exposition Authority,     
 Refunding RB (NPFGC):     
     5.50%, 3/01/21  5,890  6,613,056 
     5.50%, 3/01/22  3,000  3,366,030 
New Jersey Transportation Trust Fund Authority, RB:     
     CAB, Transportation System, Series C (AGM),     
     4.72%, 12/15/32 (d)  4,050  1,086,696 
     CAB, Transportation System, Series C (AMBAC),     
     5.05%, 12/15/35 (d)  1,400  282,618 
     CAB, Transportation System, Series C (AMBAC),     
     5.05%, 12/15/36 (d)  5,500  1,040,985 
     Transportation System, Series A,     
     6.00%, 6/15/10 (a)  5,000  5,109,850 
     Transportation System, Series A (AGC),     
     5.63%, 12/15/28  2,000  2,228,100 
     Transportation System, Series D (AGM),     
     5.00%, 6/15/10  7,800  8,330,868 
New Jersey Transportation Trust Fund Authority,     
 Refunding RB, Transportation System:     
     Series A (AGM), 5.25%, 12/15/20  10,750  11,977,543 
     Series B (NPFGC), 5.50%, 12/15/21  9,165  10,519,770 
State of New Jersey, COP, Equipment Lease Purchase,     
 Series A, 5.25%, 6/15/27  1,080  1,122,077 
    158,877,977 
Tobacco — 1.8%     
Tobacco Settlement Financing Corp. New Jersey, RB,     
 7.00%, 6/01/13 (a)  4,755  5,665,250 
Transportation — 22.3%     
Delaware River Port Authority, RB, Port District Project,     
 Series B (AGM), 5.63%, 1/01/26  2,425  2,427,255 
Delaware River Port Authority Pennsylvania     
 & New Jersey, RB (AGM):     
     5.50%, 1/01/12  5,000  5,018,850 
     5.63%, 1/01/13  6,000  6,023,520 
     5.75%, 1/01/15  500  502,025 
     6.00%, 1/01/18  4,865  4,886,503 
     6.00%, 1/01/19  5,525  5,546,271 
New Jersey State Turnpike Authority, RB, Growth     
 & Income Securities, Series B (AMBAC),     
 6.27%, 1/01/35 (d)  7,615  5,980,593 
New Jersey State Turnpike Authority, Refunding RB:     
     Series A (AGM), 5.25%, 1/01/29  2,000  2,252,580 
     Series A (AGM), 5.25%, 1/01/30  4,000  4,482,000 
     Series A (BHAC), 5.25%, 1/01/29  500  579,480 
     Series C (NPFGC), 6.50%, 1/01/16  910  1,081,071 
     Series C (NPFGC), 6.50%, 1/01/16 (c)  4,355  5,080,151 
     Series C-2005 (NPFGC), 6.50%, 1/01/16 (c)  255  317,975 
New Jersey Transportation Trust Fund Authority, RB,     
 Transportation System:     
     Series A (AMBAC), 5.00%, 12/15/32  1,425  1,449,040 
     Series C, 5.50%, 6/15/13 (a)  780  895,861 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     New Jersey (concluded)     
Transportation (concluded)     
Port Authority of New York & New Jersey, RB, Special     
 Project, JFK International Air Terminal, Series 6,     
 AMT (NPFGC):     
     6.25%, 12/01/11  $ 13,500  $ 14,047,155 
     6.25%, 12/01/15  1,500  1,571,400 
     5.75%, 12/01/25  3,000  2,995,080 
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  5,175  5,466,715 
    70,603,525 
Utilities — 4.3%     
Atlantic Highlands Highland Regional Sewage Authority,     
 Refunding RB (NPFGC), 5.50%, 1/01/20  1,875  1,956,413 
Essex County Utilities Authority, Refunding RB (AGC),     
 4.13%, 4/01/22  2,000  2,030,940 
New Jersey EDA, RB, Series A, American Water AMT     
 (AMBAC), 5.25%, 11/01/32  3,000  2,810,670 
North Hudson Sewerage Authority, Refunding RB,     
 Series A (NPFGC), 5.13%, 8/01/20  4,335  4,456,293 
Rahway Valley Sewerage Authority, RB, CAB, Series A     
 (NPFGC), 4.79%, 9/01/28 (d)  6,600  2,252,316 
    13,506,632 
Total Municipal Bonds in New Jersey    443,406,358 
     Puerto Rico — 8.9%     
Health — 1.1%     
Puerto Rico Industrial Tourist Educational Medical     
 & Environmental Control Facilities Financing     
 Authority, RB:     
     Hospital Auxilio Mutuo Obligation Group, Series A     
     (NPFGC), 6.25%, 7/01/24  1,780  1,781,495 
     Hospital De La Concepcion, Series A,     
     6.50%, 11/15/20  1,750  1,809,658 
    3,591,153 
Housing — 2.0%     
Puerto Rico Housing Finance Authority, Refunding RB,     
 Subordinate, Capital Fund Modernization,     
 5.13%, 12/01/27  6,285  6,291,222 
State — 0.9%     
Puerto Rico Commonwealth Infrastructure     
 Financing Authority, RB, CAB, Series A (AMBAC),     
 4.36%, 7/01/37 (d)  4,000  563,240 
Puerto Rico Public Buildings Authority, Refunding RB,     
 Government Facilities, Series M-3 (NPFGC),     
 6.00%, 7/01/27  2,125  2,194,296 
    2,757,536 
Transportation — 1.7%     
Puerto Rico Highway & Transportation Authority,     
 Refunding RB, Series CC (AGC), 5.50%, 7/01/31  5,000  5,395,000 
Utilities — 3.2%     
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
 Series A (AGC), 5.13%, 7/01/47  6,120  5,968,530 
Puerto Rico Electric Power Authority, RB, Series RR     
 (CIFG), 5.00%, 7/01/28  4,100  4,036,778 
    10,005,308 
Total Municipal Bonds in Puerto Rico    28,040,219 
Total Municipal Bonds — 149.0%    471,446,577 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (e)  (000)  Value 
New Jersey — 7.2%     
Housing — 1.6%     
New Jersey State Housing & Mortgage Finance Agency,     
 RB, Capital Fund Progtram, Series A (FSA),     
 5.00%, 5/01/27  $ 4,790  $ 5,152,699 
State — 3.7%     
Garden State Preservation Trust, RB, Election 2005,     
 Series A (AGM), 5.75%, 11/01/28  9,160  11,525,570 
Transportation — 1.9%     
Port Authority of New York & New Jersey, RB,     
 Consolidated, 152nd Series, AMT 5.25%, 11/01/35  5,998  6,069,570 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 7.2%    22,747,839 
Total Long-Term Investments     
(Cost — $480,608,509) — 156.2%    494,194,416 
Short-Term Securities  Shares   
CMA New Jersey Municipal Money Fund,     
 0.04% (f)(g)  5,286,259  5,286,259 
Total Short-Term Securities     
(Cost — $5,286,259) — 1.7%    5,286,259 
Total Investments (Cost — $485,894,768*) — 157.9%    499,480,675 
Other Assets Less Liabilities — 0.9%    2,858,200 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (4.2)%    (13,272,846) 
Preferred Shares, at Redemption Value — (54.6)%    (172,707,795) 
Net Assets Applicable to Common Shares — 100.0%    $316,358,234 

* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $473,405,710 
Gross unrealized appreciation  $ 18,817,234 
Gross unrealized depreciation  (6,005,199) 
Net unrealized appreciation  $ 12,812,035 

(a) U.S. government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Represents a step-up bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods. Rate shown reflects the
current yield.
(c) Security is collateralized by Municipal or US Treasury Obligations.
(d) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(e) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(f) 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   
     Affiliate  Activity  Income 
     CMA New Jersey Municipal Money Fund  $1,974,316  $ 699 
(g) Represents the current yield as of report date.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

17

Schedule of Investments (concluded)

BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ)

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 5,286,259 
Level 2 — Long-Term Investments1  494,194,416 
Level 3  — 
Total  $ 499,480,675 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield Insured Investment Fund (MFT)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 4.2%       
Birmingham Special Care Facilities Financing Authority,     
 RB, Children's Hospital (AGC):       
     6.13%, 6/01/34  $ 1,500  $ 1,612,980 
     6.00%, 6/01/39    2,985  3,165,533 
      4,778,513 
Arizona — 0.5%       
State of Arizona, COP, Department of Administration,       
 Series A (AGM):       
     5.25%, 10/01/28    480  496,147 
     5.00%, 10/01/29    125  126,234 
      622,381 
California — 9.4%       
California State Public Works Board, RB, Various Capital     
 Projects, Series G-1 (AGC), 5.25%, 10/01/24    2,000  1,987,720 
County of Sacramento California, RB, Senior Series A       
 (AGC), 5.50%, 7/01/41    1,400  1,454,404 
Los Angeles Community College District California, GO,     
 Election 2001, Series A (NPFGC), 5.00%, 8/01/32  2,780  2,805,965 
San Diego Public Facilities Financing Authority,       
 Refunding RB, Series B (AGC), 5.38%, 8/01/34    1,020  1,065,931 
State of California, GO, Various Purpose (AGC),       
 5.50%, 11/01/39    3,450  3,491,227 
      10,805,247 
Colorado — 1.3%       
Colorado Health Facilities Authority, RB, Hospital,       
 NCMC Inc. Project, Series B (AGM), 6.00%, 5/15/26  1,300  1,434,212 
Florida — 45.1%       
Broward County Educational Facilities Authority, RB,       
 Educational Facilities, Nova Southeastern University     
 (AGC), 5.00%, 4/01/31    1,720  1,732,590 
City of Boynton Beach Florida, Refunding RB (FGIC),       
 6.25%, 11/01/20 (a)    700  855,344 
City of Jacksonville Florida, Refunding RB (NPFGC),       
 5.25%, 10/01/32    1,455  1,473,318 
City of Lakeland Florida, Refunding RB, Series A (NPFGC),     
 5.00%, 10/01/28    1,075  1,083,675 
City of Miami Beach Florida, RB, Water and Sewer       
 (AMBAC), 5.75%, 9/01/25    2,000  2,048,360 
City of Port St. Lucie Florida, RB (NPFGC),       
 5.25%, 9/01/24    1,055  1,083,031 
County of Lee Florida, RB, Series A, AMT (AGM),       
 6.00%, 10/01/29    1,000  1,012,250 
County of Miami-Dade Florida, RB:       
     CAB, Sub-Series A (NPFGC), 5.18%, 10/01/31 (b)  4,375  1,033,988 
     CAB, Sub-Series A (NPFGC), 5.20%, 10/01/33 (b)  5,735  1,137,251 
     Miami International Airport, Series A, AMT (AGM),     
     5.25%, 10/01/41    1,200  1,181,688 
     Miami International Airport, Series A, AMT (AGM),     
     5.50%, 10/01/41    2,400  2,424,528 
     Series A, AMT (AGM), 5.00%, 10/01/33    4,505  4,353,046 
County of Orange Florida, Refunding RB:       
     (AMBAC), 5.00%, 10/01/29    2,190  2,245,254 
     Series A (NPFGC), 5.13%, 1/01/23    1,000  1,038,810 
County of Osceola Florida, RB, Series A (NPFGC),       
 5.50%, 10/01/27    1,100  1,123,991 
County of St. John's Florida, RB (AGM),       
 5.00%, 10/01/31    2,425  2,479,077 
Emerald Coast Utilities Authority, RB, System (NPFGC),     
 5.25%, 1/01/36    1,000  1,004,500 
Florida Housing Finance Corp., HRB, Brittany       
 Rosemont Apartments, Series C-1, AMT (AMBAC),       
 6.75%, 8/01/14    715  716,437 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Florida Housing Finance Corp., RB, Homeowner     
 Mortgage, Series 11, AMT (AGM), 5.95%, 1/01/32 $  1,465  $ 1,465,762 
Florida Housing Finance Corp., Refunding RB,     
 Homeowner Mortgage, Series 4, AMT (AGM),     
 6.25%, 7/01/22  235  244,612 
Hillsborough County Aviation Authority Florida,     
 Refunding RB, Series C, AMT (AGC), 5.75%, 10/01/26  1,000  1,045,020 
Jacksonville Economic Development Commission, RB,     
 Mayo Clinic, Series B (NPFGC), 5.50%, 11/15/36  750  764,303 
Miami-Dade County Expressway Authority Florida, RB,     
 Series B (NPFGC), 5.25%, 7/01/27  1,000  1,025,700 
Miami-Dade County IDA, RB, BAC Funding Corp. Project,     
 Series A (AMBAC), 5.38%, 10/01/30  1,655  1,708,308 
Orange County Educational Facilities Authority,     
 Refunding RB, Rollins College Project (AMBAC),     
 5.50%, 12/01/32  4,765  4,815,461 
Palm Beach County School District, COP, Refunding,     
 Series D (AGM), 5.25%, 8/01/21  2,000  2,121,860 
Santa Rosa County School Board, COP, Refunding,     
 Series 2 (NPFGC), 5.25%, 2/01/26  2,000  2,089,940 
St. Lucie West Services District, RB (NPFGC),     
 5.25%, 10/01/34  1,000  1,009,680 
Village Center Community Development District,     
 RB (NPFGC):     
     5.25%, 10/01/23  430  423,868 
     5.13%, 10/01/28  2,980  2,761,804 
     Series A, 5.38%, 11/01/34  1,640  1,387,637 
     Series A, 5.13%, 11/01/36  1,000  804,080 
Volusia County IDA, RB, Student Housing, Stetson     
 University Project, Series A (CIFG):     
     5.00%, 6/01/25  1,000  892,250 
     5.00%, 6/01/35  1,000  838,630 
    51,426,053 
Georgia — 4.0%     
County of Fulton Georgia, RB (NPFGC), 5.25%, 1/01/35  1,000  1,022,690 
Gwinnett County Hospital Authority, Refunding RB,     
 Gwinnett Hospital System, Series D (AGM),     
 5.50%, 7/01/41  1,375  1,379,950 
Metropolitan Atlanta Rapid Transit Authority, RB, Third     
 Indenture, Series B (AGM), 5.00%, 7/01/34  2,100  2,177,637 
    4,580,277 
Illinois — 8.8%     
Chicago Board of Education Illinois, GO, Refunding,     
 Chicago School Reform Board, Series A (NPFGC),     
 5.50%, 12/01/26  825  914,389 
Chicago Transit Authority, RB, Federal Transit     
 Administration Section 5309, Series A (AGC),     
 6.00%, 6/01/26  1,400  1,591,030 
City of Chicago Illinois, Refunding RB, Second Lien     
 (NPFGC), 5.50%, 1/01/30  895  983,256 
City of Chicago, Illinois, GO, Refunding, Projects,     
 Series A (AGM):     
     5.00%, 1/01/28  945  991,711 
     5.00%, 1/01/29  1,465  1,524,245 
     5.00%, 1/01/30  585  603,925 
Illinois Municipal Electric Agency, RB, Series A (NPFGC),     
 5.25%, 2/01/28  1,565  1,626,285 
State of Illinois, RB, Build Illinois, Series B,     
 5.25%, 6/15/28  1,750  1,850,800 
    10,085,641 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

19

Schedule of Investments (continued)

BlackRock MuniYield Insured Investment Fund (MFT)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Indiana — 3.4%       
Indiana Municipal Power Agency, RB, Series A (NPFGC),     
 5.00%, 1/01/42  $ 1,485  $ 1,441,163 
Indianapolis Local Public Improvement Bond Bank,       
 Refunding RB, Waterworks Project, Series A (AGC),       
 5.50%, 1/01/38    2,310  2,478,122 
      3,919,285 
Iowa — 1.1%       
Iowa Finance Authority, Refunding RB, Iowa Health       
 System (AGC), 5.25%, 2/15/29    1,190  1,218,358 
Kentucky — 1.8%       
Kentucky Municipal Power Agency, RB, Prairie State       
 Project, Series A (BHAC), 5.25%, 9/01/42    2,000  2,061,720 
Louisiana — 1.9%       
Louisiana State Citizens Property Insurance Corp., RB,       
 Series C-3 (AGC), 6.13%, 6/01/25    1,405  1,575,567 
New Orleans Aviation Board Louisiana, Refunding RB,       
 Restructuring GARB (AGC):       
     Series A-1, 6.00%, 1/01/23    375  423,889 
     Series A-2, 6.00%, 1/01/23    160  180,859 
      2,180,315 
Michigan — 17.3%       
City of Detroit Michigan, RB:       
     Second Lien, Series A (BHAC), 5.50%, 7/01/36    2,265  2,340,402 
     Second Lien, Series B (NPFGC), 5.50%, 7/01/29    1,640  1,618,614 
     Second Lien, Series B (AGM), 6.25%, 7/01/36    1,800  1,949,058 
     Second Lien, Series B (AGM), 7.00%, 7/01/36    200  228,460 
     Senior Lien, Series B (AGM), 7.50%, 7/01/33    1,000  1,186,800 
     Senior Lien, Series B (BHAC), 5.50%, 7/01/35    3,750  3,864,450 
City of Detroit Michigan, Refunding RB:       
     Second Lien, Series E (BHAC), 5.75%, 7/01/31    2,270  2,421,091 
     Senior Lien, Series C-1 (AGM), 7.00%, 7/01/27    1,650  1,897,484 
Michigan State Building Authority, RB, Facilities Program,     
 Series H (AGM), 5.00%, 10/15/26    375  381,030 
Michigan State Building Authority, Refunding RB,       
 Facilities Program, Series I (AGC):       
     5.25%, 10/15/22    1,350  1,460,430 
     5.25%, 10/15/24    615  654,108 
     5.25%, 10/15/25    310  327,407 
Royal Oak Hospital Finance Authority Michigan,       
 Refunding RB, William Beaumont Hospital,       
 8.25%, 9/01/39    1,265  1,466,666 
      19,796,000 
Minnesota — 2.9%       
City of Minneapolis Minnesota, Refunding RB, Fairview     
 Health Services, Series B (AGC), 6.50%, 11/15/38    3,000  3,332,550 
Nevada — 2.1%       
County of Clark, Nevada, RB, Las Vegas-McCarran       
 International Airport, Series A (AGC),       
 5.25%, 7/01/39 (c)    2,355  2,344,402 
New Jersey — 2.3%       
New Jersey EDA, RB, School Facilities Construction,       
 Series Z (AGC), 6.00%, 12/15/34    1,000  1,119,210 
New Jersey Health Care Facilities Financing Authority,       
 RB, Virtua Health (AGC), 5.50%, 7/01/38    1,400  1,460,578 
      2,579,788 

  Par   
Municipal Bonds  (000)  Value 
New York — 5.8%     
New York City Transitional Finance Authority, RB,     
 Fiscal 2009:     
     Series S-3, 5.25%, 1/15/39  $ 1,000  $ 1,042,800 
     Series S-4 (AGC), 5.50%, 1/15/29  2,000  2,190,900 
New York State Dormitory Authority, ERB, Series B,     
 5.25%, 3/15/38  3,250  3,423,160 
    6,656,860 
Oregon — 0.6%     
Medford Hospital Facilities Authority, RB, Asante Health     
 System, Series A (AGC), 5.00%, 8/01/40 (c)  710  691,561 
Pennsylvania — 1.3%     
Pennsylvania Turnpike Commission, RB, Sub-Series B     
 (AGM), 5.25%, 6/01/39  1,455  1,475,268 
Puerto Rico — 1.3%     
Puerto Rico Sales Tax Financing Corp., RB,     
 1st Sub-Series A, 6.38%, 8/01/39  1,425  1,516,343 
Texas — 15.6%     
City of Dallas Texas, Refunding RB (AGC),     
 5.25%, 8/15/38  850  864,662 
City of Houston Texas, Refunding RB, Combined,     
 First Lien, Series A (AGC):     
     6.00%, 11/15/35  2,700  3,048,435 
     6.00%, 11/15/36  2,055  2,315,163 
     5.38%, 11/15/38  1,000  1,054,910 
County of Bexar, Texas, RB, Venue Project, Motor Vehicle     
 Rental (BHAC):     
     5.00%, 8/15/27  1,040  1,094,621 
     5.00%, 8/15/28  1,090  1,141,677 
     5.00%, 8/15/39  880  895,286 
Frisco ISD Texas, GO, School Building (AGC),     
 5.50%, 8/15/41  700  751,002 
Harris County Health Facilities Development Corp.,     
 Refunding RB, Memorial Hermann Healthcare     
 System, B, 7.25%, 12/01/35  500  560,180 
Lower Colorado River Authority, Refunding RB,     
 LCRA Transmission Services Project (AGC),     
 5.50%, 5/15/36  1,155  1,203,521 
Lubbock Cooper ISD Texas, GO, School Building (AGC),     
 5.75%, 2/15/42  500  530,740 
North Texas Tollway Authority, RB, System, First Tier,     
 Series K-1 (AGC), 5.75%, 1/01/38  1,400  1,493,450 
North Texas Tollway Authority, Refunding RB, System,     
 First Tier, Series A (AGC), 5.75%, 1/01/40  1,500  1,590,900 
Tarrant County Cultural Education Facilities Finance     
 Corp., Refunding RB, Christus Health, Series A (AGC),     
 6.50%, 7/01/37  1,100  1,207,580 
    17,752,127 
Utah — 1.5%     
City of Riverton Utah, RB, IHC Health Services Inc.,     
 5.00%, 8/15/41  1,670  1,667,328 
Virginia — 1.1%     
Virginia Public School Authority, RB, School Financing,     
 6.50%, 12/01/35  1,100  1,260,633 
Total Municipal Bonds — 133.3%    152,184,862 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock MuniYield Insured Investment Fund (MFT)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (d)  (000)  Value 
District of Columbia — 0.7%     
District of Columbia Water & Sewer Authority, RB,     
 Series A, 6.00%, 10/01/35  $ 750  $ 837,527 
Florida — 17.3%     
City of Jacksonville, Florida, RB, Better Jacksonville     
 (NPFGC), 5.00%, 10/01/27  1,320  1,349,647 
Hillsborough County Aviation Authority. Florida, RB,     
 Series A, AMT (AGC), 5.50%, 10/01/38  2,499  2,524,827 
Jacksonville Electric Authority, RB, Issue Three Series     
 Two River Power Pike, 5.00%, 10/01/37  1,290  1,293,173 
Lee County Housing Finance Authority, RB, Multi-County     
 Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40  1,455  1,573,772 
Manatee County Housing Finance Authority, RB,     
 Series A, AMT (GNMA), 5.90%, 9/01/40  911  948,225 
Miami Dade County Health Facilities Authority. Florida,     
 Refunding RB, Miami Childrens Hospital Series A     
 (AMBAC), 5.63%, 8/15/18  6,960  7,573,037 
South Broward Hospital District. Florida, RB (NPFGC),     
 5.63%, 5/01/32  4,000  4,449,400 
    19,712,081 
Kentucky — 0.9%     
Kentucky State Property & Buildings Commission,     
 Kentucky, Refunding RB, Project No. 93 (AGC),     
 5.25%, 2/01/27  1,002  1,081,728 
Nevada — 3.9%     
Clark County Water Reclamation District, GO:     
Limited Tax, 6.00%, 7/01/38  2,010  2,228,246 
Series B, 5.50%, 7/01/29  1,994  2,176,554 
    4,404,800 
New Jersey — 1.5%     
New Jersey State Housing & Mortgage Finance Agency,     
 RB, S/F Housing, Series CC, 5.25%, 10/01/29  1,620  1,661,830 
New York — 2.8%     
New York City Municipal Water Finance Authority, RB,     
 Series FF-2, 5.50%, 6/15/40  1,095  1,197,823 
New York State Thruway Authority, RB, Series G (AGM),     
 5.00%, 1/01/32  2,000  2,043,700 
    3,241,523 
Texas — 2.5%     
City of San Antonio, Texas, Refunding RB, Series A,     
 5.25%, 2/01/31  2,609  2,825,359 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 29.6%    33,764,848 
Total Long-Term Investments     
(Cost — $181,785,055) — 162.9%    185,949,710 

Short-Term Securities  Shares  Value 
FFI Institutional Tax-Exempt Fund, 0.16% (e)(f)  2,906,241  2,906,241 
Total Short-Term Securities     
(Cost — $2,906,241) — 2.5%    2,906,241 
Total Investments (Cost — $184,691,296*) — 165.4%    188,855,951 
Liabilities in Excess of Other Assets — (0.9)%    (1,054,556) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (15.0)%    (17,132,442) 
Preferred Shares, at Redemption Value — (49.5)%    (56,529,045) 
Net Assets Applicable to Common Shares — 100.0%    $114,139,908 

* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $167,455,840 
Gross unrealized appreciation  $ 6,572,060 
Gross unrealized depreciation  (2,288,340) 
Net unrealized appreciation  $ 4,283,720 

(a) Security is collateralized by Municipal or US Treasury Obligations.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
Citigroup Global Markets, Inc.  $2,344,402  $(10,598) 
Merrill Lynch & Co., Inc.  $ 691,561  — 

(d) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(e) 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   
   Affiliate  Activity  Income 
   FFI Institutional Tax-Exempt Fund  $604,691  $7,746 
(f) Represents the current yield as of report date.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

21

Schedule of Investments (concluded)

BlackRock MuniYield Insured Investment Fund (MFT)

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 2,906,241 
Level 2 — Long-Term Investments1  185,949,710 
Level 3  — 
Total  $ 188,855,951 

1 See above Schedule of Investments for values in each state or political
subdivision.

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     Michigan — 139.6%       
Corporate — 12.5%       
Delta County EDC, Refunding RB, Mead Westvaco-       
 Escanaba, Series B, AMT, 6.45%, 4/15/23 (a)  $ 1,500  $ 1,675,455 
Dickinson County EDC Michigan, Refunding RB,       
 International Paper Co. Project, Series A,       
 5.75%, 6/01/16    3,900  3,963,531 
Michigan Strategic Fund, Refunding RB, Detroit       
 Edison Co. Project, Series A, AMT (NPFGC),       
 5.55%, 9/01/29    10,250  10,188,910 
Monroe County EDC Michigan, Refunding RB, Detroit       
 Edison Co. Project, Series AA (NPFGC),       
 6.95%, 9/01/22    15,000  17,386,800 
      33,214,696 
County/City/Special District/School District — 49.4%     
Adrian City School District Michigan, GO (AGM) (a):       
     5.00%, 5/01/29    2,000  2,303,020 
     5.00%, 5/01/34    1,600  1,842,416 
Avondale School District Michigan, GO (AGC):       
     4.00%, 5/01/20    1,000  970,670 
     4.30%, 5/01/22    400  391,764 
Bay City School District Michigan, GO, School Building     
 & Site (AGM), 5.00%, 5/01/36    9,000  9,047,340 
Birmingham City School District Michigan, GO, School     
 Building & Site (AGM), 5.00%, 11/01/33    1,000  1,017,700 
Charter Township of Canton Michigan, GO, Capital       
 Improvement (AGM), 5.00%, 4/01/27    500  525,470 
City of Oak Park Michigan, GO, Street Improvement       
 (NPFGC), 5.00%, 5/01/30    500  512,370 
County of Genesee Michigan, GO, Water Supply System     
 (NPFGC), 5.13%, 11/01/33    1,000  1,005,510 
County of Wayne Michigan, GO Series A (NPFGC):       
     Airport Hotel, Detroit Metropolitan Airport,       
     5.00%, 12/01/30    1,750  1,595,615 
     Building Authority, Capital Improvement,       
     5.25%, 6/01/16    1,000  1,003,710 
Dearborn Brownfield Redevelopment Authority, GO,       
 Limited Tax, Redevelopment, Series A (AGC),       
 5.50%, 5/01/39    3,300  3,415,830 
Detroit City School District Michigan, GO,       
 School Building & Site Improvement (FGIC):       
     Series A, 5.38%, 5/01/24 (a)    1,300  1,476,332 
     Series B, 5.00%, 5/01/28    3,100  2,995,313 
Detroit City School District Michigan, GO, Refunding,       
 School Building & Site Improvement, Series A (AGM),     
 5.00%, 5/01/21    3,000  3,060,870 
Eaton Rapids Public Schools Michigan, GO, School       
 Building & Site (AGM):       
     5.25%, 5/01/20    1,325  1,429,556 
     5.25%, 5/01/21    1,675  1,800,206 
Ecorse Public School District Michigan, GO, Refunding     
 (AGM), 5.00%, 5/01/27    1,000  1,029,710 
Frankenmuth School District Michigan, GO (FGIC),       
 5.75%, 5/01/20 (a)    1,000  1,014,220 
Gibraltar School District Michigan, GO, School Building     
 & Site:       
     (FGIC), 5.00%, 5/01/28 (a)    2,940  3,385,439 
     (NPFGC), 5.00%, 5/01/28    710  722,737 
Grand Blanc Community Schools Michigan, GO (NPFGC),     
 5.63%, 5/01/20    1,100  1,171,918 
Grand Rapids Building Authority Michigan, RB, Series A     
 (AMBAC) (a):       
     5.50%, 10/01/19    435  488,696 
     5.50%, 10/01/20    600  674,064 
Grand Rapids Public Schools Michigan, GO, School       
 Building & Site (AGM), 4.13%, 5/01/11    500  521,650 

    Par   
Municipal Bonds    (000)  Value 
     Michigan (continued)       
County/City/Special District/School District (concluded)     
Gull Lake Community School District Michigan, GO,       
 School Building & Site (AGM) (a):       
     5.00%, 5/01/28  $ 2,000  $ 2,303,020 
     5.00%, 5/01/30    3,625  4,174,224 
Harper Creek Community School District Michigan, GO,     
 Refunding (AGM), 5.00%, 5/01/22    1,125  1,181,801 
Harper Woods School District Michigan, GO, Refunding,     
 School Building & Site:       
     (FGIC), 5.00%, 5/01/34 (a)    4,345  5,003,311 
     (NPFGC), 5.00%, 5/01/34    430  431,109 
Jenison Public Schools Michigan, GO, Building and Site     
 (NPFGC), 5.50%, 5/01/19    1,575  1,687,628 
L’Anse Creuse Public Schools Michigan, GO, School       
 Building & Site (AGM):       
     5.00%, 5/01/12    650  701,974 
     5.00%, 5/01/25    1,525  1,581,684 
     5.00%, 5/01/26    1,600  1,653,600 
     5.00%, 5/01/35    3,000  3,035,700 
Lansing Building Authority Michigan, GO, Series A       
 (NPFGC), 5.38%, 6/01/23 (a)    1,510  1,725,839 
Lincoln Consolidated School District Michigan, GO,       
 Refunding (NPFGC), 4.63%, 5/01/28    5,500  5,449,455 
Livonia Public Schools School District Michigan, GO,       
 Refunding, Series A (NPFGC), 5.00%, 5/01/24    1,000  1,033,690 
Michigan State Building Authority, Facilities, Series I,       
 5.50%, 10/15/18    2,500  2,635,771 
Michigan State Building Authority, RB, Facilities Program,     
 Series H (AGM), 5.00%, 10/15/26    4,500  4,572,360 
Michigan State Building Authority, Refunding RB,       
 Facilities Program, Series I (AGM):       
     5.50%, 10/15/10 (b)    420  435,813 
     5.50%, 10/15/10    6,830  7,054,434 
     5.50%, 10/15/11 (b)    855  926,435 
     5.50%, 10/15/11    14,175  15,134,648 
Montrose Community Schools, GO (NPFGC),       
 6.20%, 5/01/17    1,000  1,174,070 
New Haven Community Schools Michigan, GO,       
 Refunding, School Building & Site (AGM),       
 5.00%, 5/01/23    1,500  1,553,880 
Orchard View Schools Michigan, GO, School Building       
 & Site (NPFGC), 5.00%, 5/01/29 (a)    5,320  6,080,334 
Pennfield School District Michigan, GO, School Building     
 & Site (a):       
     (FGIC), 5.00%, 5/01/29    765  876,805 
     (NPFGC), 5.00%, 5/01/29    605  693,421 
Reed City Public Schools Michigan, GO, School Building     
 & Site (AGM), 5.00%, 5/01/26 (a)    1,425  1,640,902 
Southfield Library Building Authority Michigan, GO       
 (NPFGC), 5.50%, 5/01/18 (a)    1,300  1,317,654 
Southfield Public Schools Michigan, GO, School       
 Building & Site, Series B (AGM), 5.00%, 5/01/29 (a)  3,500  4,002,180 
Thornapple Kellogg School District Michigan, GO,       
 School Building & Site (NPFGC), 5.00%, 5/01/32    2,500  2,525,575 
Van Dyke Public Schools Michigan, GO, School Building     
 & Site (AGM), 5.00%, 5/01/28    1,250  1,298,738 
Waverly Community School, GO (FGIC),       
 5.50%, 5/01/21 (a)    1,100  1,114,685 
West Bloomfield School District Michigan, GO,       
 Refunding (NPFGC):       
     5.50%, 5/01/17    1,710  1,843,141 
     5.50%, 5/01/18    1,225  1,314,756 
Zeeland Public Schools Michigan, GO, School Building     
 & Site (NPFGC), 5.00%, 5/01/29    1,600  1,637,408 
      131,198,171 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

23

Schedule of Investments (continued)

BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     Michigan (continued)       
Education — 6.8%       
Eastern Michigan University, RB, General, Series B       
 (FGIC) (a):       
     5.60%, 6/01/25  $ 1,500  $ 1,527,210 
     5.63%, 6/01/30    1,310  1,333,881 
Eastern Michigan University, Refunding RB,       
 General (AMBAC):       
     6.00%, 6/01/20 (a)    590  607,523 
     6.00%, 6/01/20    435  444,836 
Grand Valley State University Michigan, RB, General       
 (NPFGC), 5.50%, 2/01/18    2,070  2,271,473 
Michigan Higher Education Facilities Authority, RB,       
 Limited Obligation, Hillsdale College Project,       
 5.00%, 3/01/35    1,875  1,757,831 
Michigan Higher Education Facilities Authority,       
 Refunding RB, Limited Obligation, Creative Studies (a):     
     5.85%, 12/01/22    1,235  1,374,419 
     5.90%, 12/01/27    1,145  1,275,576 
Michigan Higher Education Student Loan Authority, RB,     
 Student Loan, AMT (AMBAC):       
     Series XVII-B, 5.40%, 6/01/18    2,500  2,503,150 
     Series XVII-Q, 5.00%, 3/01/31    3,000  2,706,600 
Saginaw Valley State University Michigan, Refunding RB,     
 General (NPFGC), 5.00%, 7/01/24    2,100  2,157,708 
      17,960,207 
Health — 20.2%       
Dickinson County Healthcare System, Refunding RB,       
 Series A (ACA), 5.80%, 11/01/24    3,100  2,966,483 
Flint Hospital Building Authority Michigan, Hurley Medical     
 Center, Refunding RB (ACA):       
     6.00%, 7/01/20    1,305  1,214,968 
     Series A, 5.38%, 7/01/20    615  542,971 
Kent Hospital Finance Authority Michigan, RB, Spectrum     
 Health, Series A (NPFGC), 5.50%, 1/15/31 (a)    3,000  3,242,460 
Kent Hospital Finance Authority Michigan, Refunding RB,     
 Butterworth, Series A (NPFGC), 7.25%, 1/15/13 (b)  1,955  2,147,587 
Michigan State Hospital Finance Authority, RB:       
     Hospital, MidMichigan Obligation Group, Series A     
     (AMBAC), 5.50%, 4/15/18    2,530  2,583,029 
     McLaren Health Care, Series C, 5.00%, 8/01/35  1,000  915,250 
     MidMichigan Obligation Group, Series A,       
     5.00%, 4/15/36    1,750  1,624,560 
Michigan State Hospital Finance Authority, Refunding RB:     
     Henry Ford Health System, Series A,       
     5.25%, 11/15/46    2,500  2,185,000 
     Hospital, Crittenton, Series A, 5.63%, 3/01/27    2,050  2,015,662 
     Hospital, Oakwood Obligation Group, Series A,       
     5.00%, 7/15/25    4,100  3,787,334 
     Hospital, Oakwood Obligation Group, Series A,       
     5.00%, 7/15/37    630  535,973 
     Hospital, Sparrow Obligated, 5.00%, 11/15/31    3,100  2,878,319 
     McLaren Health Care, 5.75%, 5/15/38    4,500  4,570,695 
     Trinity Health, Series A, 6.00%, 12/01/20    2,200  2,255,418 
     Trinity Health, Series A, 6.25%, 12/01/28    930  1,025,427 
     Trinity Health, Series A, 6.50%, 12/01/33    1,000  1,109,800 
     Trinity Health, Series A (AMBAC), 6.00%, 12/01/27  6,400  6,537,216 
     Trinity Health Credit, Series C, 5.38%, 12/01/23    1,000  1,016,350 
     Trinity Health Credit, Series C, 5.38%, 12/01/30    3,755  3,775,803 
     Trinity Health Credit, Series D, 5.00%, 8/15/34    3,100  2,964,840 
Royal Oak Hospital Finance Authority Michigan,       
 Refunding RB, William Beaumont Hospital,       
 8.25%, 9/01/39    1,000  1,159,420 
Saginaw Hospital Finance Authority Michigan,       
 Refunding RB, Covenant Medical Center, Series E       
 (NPFGC), 5.63%, 7/01/13    2,500  2,518,400 
      53,572,965 

  Par   
Municipal Bonds  (000)  Value 
     Michigan (concluded)     
Housing — 4.5%     
Michigan State HDA, RB:     
     Deaconess Tower, AMT (GNMA), 5.25%, 2/20/48 $  1,000  $ 985,700 
     Series A, 6.00%, 10/01/45  6,990  7,169,713 
     Series A, AMT (NPFGC), 5.30%, 10/01/37  200  199,408 
     Williams Pavilion, AMT (GNMA), 4.75%, 4/20/37  3,960  3,690,799 
    12,045,620 
State — 10.6%     
Michigan Municipal Bond Authority, RB, Local     
 Government Loan Program, Group A (AMBAC),     
 5.50%, 11/01/20  1,065  1,068,046 
Michigan Municipal Bond Authority, Refunding RB, Local     
 Government, Charter County Wayne, Series B (AGC):     
     5.00%, 11/01/14  2,400  2,681,640 
     5.00%, 11/01/15  1,500  1,673,805 
     5.00%, 11/01/16  500  554,775 
     5.38%, 11/01/24  125  135,503 
Michigan State Building Authority, Facilities Program,     
 Refunding RB:     
     Series I, 6.25%, 10/15/38  3,900  4,243,395 
     Series I (AGC), 5.25%, 10/15/24  4,000  4,254,360 
     Series I (AGC), 5.25%, 10/15/25  2,000  2,112,300 
     Series I (AGC), 5.25%, 10/15/26  600  631,188 
     Series II (NPFGC), 5.00%, 10/15/29  3,500  3,524,465 
State of Michigan, COP (AMBAC),     
 5.53%, 6/01/22 (b)(c)  3,000  1,844,520 
State of Michigan, RB, GAN,     
 (AGM), 5.25%, 9/15/27  5,250  5,511,922 
    28,235,919 
Transportation — 16.7%     
County of Wayne Michigan, RB, Detroit Metropolitan,     
 Wayne County, Series A, AMT (NPFGC),     
 5.38%, 12/01/15  10,660  10,724,493 
Wayne County Airport Authority, RB, Detroit Metropolitan     
 Wayne County Airport, AMT (NPFGC):     
     5.25%, 12/01/25  7,525  7,166,659 
     5.25%, 12/01/26  6,300  5,878,845 
     5.00%, 12/01/34  9,160  7,714,369 
Wayne County Airport Authority, Refunding RB,     
 AMT (AGC):     
     5.75%, 12/01/25  4,000  4,046,600 
     5.75%, 12/01/26  1,000  1,002,660 
     5.38%, 12/01/32  8,700  7,997,562 
    44,531,188 
Utilities — 18.9%     
City of Detroit Michigan, RB:     
     Second Lien, Series B (AGM), 7.00%, 7/01/36  3,000  3,426,900 
     Second Lien, Series B (NPFGC), 5.00%, 7/01/34 (a)  1,550  1,746,897 
     Second Lien, Series B (NPFGC), 5.00%, 7/01/34  2,420  2,209,896 
     Senior Lien, Series A (AGM), 5.00%, 7/01/25  4,000  4,010,720 
     Senior Lien, Series A (FGIC), 5.75%, 7/01/28 (a)  5,250  5,642,070 
     Senior Líen, Series A (NPFGC), 5.00%, 7/01/34  6,900  6,300,942 
     Series B (NPFGC), 5.25%, 7/01/32 (a)  11,790  13,386,130 
City of Detroit Michigan, Refunding RB:     
     (FGIC), 6.25%, 7/01/12 (c)  860  917,534 
     Second Lien, Series C (AGM), 5.00%, 7/01/29  10,570  10,592,620 
City of Muskegon Heights Michigan, RB, Series A     
 (NPFGC), 5.63%, 11/01/25 (a)  1,830  1,904,810 
    50,138,519 
Total Municipal Bonds in Michigan    370,897,285 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (concluded)

BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     Puerto Rico — 4.6%     
Housing — 0.8%     
Puerto Rico Housing Finance Authority, Refunding RB,     
 Subordinate, Capital Fund Modernization,     
 5.13%, 12/01/27  $ 2,000  $ 2,001,980 
State — 2.2%     
Puerto Rico Public Buildings Authority, Refunding RB,     
 Government Facilities, Series M-3 (NPFGC),     
 6.00%, 7/01/27  2,100  2,168,481 
Puerto Rico Sales Tax Financing Corp., Refunding RB,     
 CAB, Series A (NPFGC)(c):     
     5.12%, 8/01/43  12,500  1,628,625 
     4.99%, 8/01/46  20,000  2,104,600 
    5,901,706 
Transportation — 1.6%     
Puerto Rico Highway & Transportation Authority,     
 Refunding RB, Series CC (AGC), 5.50%, 7/01/31  4,000  4,316,000 
Total Municipal Bonds in Puerto Rico    12,219,686 
Total Municipal Bonds — 144.2%    383,116,971 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (d)     
     Michigan — 12.0%     
Corporate — 4.7%     
Wayne State University, Refunding RB:     
     (FSA), 5.00%, 11/15/35  6,210  6,346,993 
     General (AGM), 5.00%, 5/15/16  6,000  6,132,359 
    12,479,352 
County/City/Special District/School District — 2.6%     
Lakewood Public Schools, Michigan, GO, School     
 Building & Site (FSA), 5.00%, 5/01/37  6,470  6,889,580 
Education — 4.7%     
Portage Public Schools Michigan, GO, School Building     
 & Site (FSA), 5.00%, 5/01/31  4,650  4,798,800 
Saginaw Valley State University Michigan, Refunding RB     
 (FSA), 5.00%, 7/01/31  7,500  7,675,650 
    12,474,450 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 12.0%    31,843,382 
Total Long-Term Investments     
(Cost — $408,279,369) — 156.2%    414,960,353 
Short-Term Securities  Shares   
CMA Michigan Municipal Money Fund     
 0.00% (e)(f)  9,295,968  9,295,968 
Total Short-Term Securities     
(Cost — $9,295,968) — 3.5%    9,295,968 
Total Investments (Cost — $417,575,337*) — 159.7%    424,256,321 
Other Assets Less Liabilities — 0.8%    2,339,329 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (6.1)%    (16,198,425) 
Preferred Shares, at Redemption Value — (54.4)%    (144,661,268) 
Net Assets Applicable to Common Shares — 100.0%    $265,735,957 

* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $401,282,197 
Gross unrealized appreciation  $ 15,835,224 
Gross unrealized depreciation  (9,051,100) 
Net unrealized appreciation  $ 6,784,124 

(a) U.S. government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Security is collateralized by Municipal or U.S. Treasury obligations.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(e) 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   
Affiliate  Activity  Income 
CMA Michigan Municipal Money Fund  $1,765,645  $958 

(f) Represents the current yield as of report date.

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 9,295,968 
Level 2 — Long-Term Investments1  414,960,353 
Level 3  — 
Total  $ 424,256,321 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

25

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New Jersey — 125.3%       
Corporate — 3.8%       
New Jersey EDA, Refunding RB, New Jersey American       
 Water Co., Series A, AMT, 5.70%, 10/01/39  $ 5,000  $ 4,924,250 
County/City/Special District/School District — 22.5%     
Borough of Hopatcong New Jersey, GO, Refunding,       
 Sewer (AMBAC), 4.50%, 8/01/33    750  752,520 
City of Perth Amboy New Jersey, GO, CAB (AGM),       
 5.62%, 7/01/35 (a)    1,250  1,118,837 
County of Hudson New Jersey, COP, Refunding (NPFGC),     
 6.25%, 12/01/16    1,000  1,145,950 
County of Middlesex New Jersey, COP, Refunding (NPFGC),     
 5.00%, 8/01/22    3,000  3,017,700 
Essex County Improvement Authority, Refunding RB, AMT     
 (NPFGC), 4.75%, 11/01/32    1,000  909,260 
Hudson County Improvement Authority, RB:       
     CAB, Series A-1 (NPFGC), 4.50%, 12/15/32 (b)    1,000  268,320 
     Harrison Parking Facility Project, Series C (AGC),       
     5.38%, 1/01/44    1,400  1,474,424 
Hudson County Improvement Authority, Refunding RB,     
 Hudson County Lease Project (NPFGC),       
 5.38%, 10/01/24    7,500  7,559,100 
Monmouth County Improvement Authority, RB,       
 Governmental Loan (AMBAC):       
     5.00%, 12/01/17    605  619,284 
     5.00%, 12/01/18    545  555,240 
     5.00%, 12/01/18 (c)    975  1,053,331 
     5.00%, 12/01/19    560  568,882 
     5.00%, 12/01/19 (c)    980  1,058,733 
Monmouth County Improvement Authority, Refunding RB,     
 Governmental Loan (AMBAC):       
     5.20%, 12/01/14    240  245,081 
     5.25%, 12/01/15    765  778,495 
Morristown Parking Authority, RB (NPFGC),       
 4.50%, 8/01/37    1,355  1,305,299 
New Jersey State Transit Corp., COP, Subordinate,       
 Federal Transit Administration Grants, Series A (AGM),     
 5.00%, 9/15/21    1,000  1,055,060 
Newark Housing Authority, Refunding RB, Newark       
 Redevelopment Project (NPFGC), 4.38%, 1/01/37    3,600  3,321,972 
Salem County Improvement Authority, RB, Finlaw Street     
 Office Building (AGM):       
     5.38%, 8/15/28    1,250  1,356,725 
     5.25%, 8/15/38    700  730,982 
      28,895,195 
Education — 22.4%       
New Jersey Educational Facilities Authority, RB:       
     Montclair State University, Series A (AMBAC),       
     5.00%, 7/01/21    1,600  1,685,152 
     Rowan University, Series C (NPFGC),       
     5.00%, 7/01/34 (c)    1,185  1,367,846 
New Jersey Educational Facilities Authority, Refunding RB:     
     College of New Jersey, Series D (AGM),       
     5.00%, 7/01/35    3,725  3,825,314 
     Montclair State University, Series J (NPFGC),       
     4.25%, 7/01/30    2,895  2,725,787 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/31  1,250  1,171,950 
     Ramapo College, Series I (AMBAC), 4.25%, 7/01/36  3,890  3,515,315 
     Rowan University, Series B (AGC), 5.00%, 7/01/26  2,575  2,761,301 
     Stevens Institute of Technology, Series A,       
     5.00%, 7/01/34    1,500  1,462,770 
     William Paterson University, Series C (AGC),       
     4.75%, 7/01/34    1,115  1,112,558 
     William Paterson University, Series E (Syncora),       
     5.00%, 7/01/21    1,725  1,773,352 

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (continued)       
Education (concluded)       
New Jersey State Higher Education Assistance Authority,     
 RB, Series A, AMT (AMBAC), 5.30%, 6/01/17  $ 3,565  $ 3,578,975 
University of Medicine & Dentistry of New Jersey, RB,       
 Series A (AMBAC):       
     5.50%, 12/01/18    570  583,013 
     5.50%, 12/01/19    1,145  1,167,786 
     5.50%, 12/01/20    1,130  1,149,786 
     5.50%, 12/01/21    865  878,537 
      28,759,442 
Health — 11.8%       
New Jersey Health Care Facilities Financing Authority, RB:     
     Meridian Health, Series I (AGC), 5.00%, 7/01/38  750  745,462 
     Meridian Health, Series II (AGC), 5.00%, 7/01/38  3,000  2,981,850 
     Meridian Health, Series V (AGC), 5.00%, 7/01/38  750  745,463 
     Somerset Medical Center, 5.50%, 7/01/33    1,125  836,910 
     South Jersey Hospital, 6.00%, 7/01/26 (c)    4,000  4,489,720 
     Virtua Health (AGC), 5.50%, 7/01/38    1,000  1,043,270 
New Jersey Health Care Facilities Financing Authority,       
 Refunding RB:       
     Atlantic City Medical Center, 6.25%, 7/01/17 (c)  290  324,783 
     Atlantic City Medical Center, 5.75%, 7/01/25 (c)  525  581,721 
     Atlantic City Medical System, 6.25%, 7/01/17    325  342,401 
     Atlantic City Medical System, 5.75%, 7/01/25    790  808,020 
     Meridian Health System Obligation Group (AGM),     
     5.25%, 7/01/19    2,250  2,256,502 
      15,156,102 
Housing — 8.1%       
New Jersey State Housing & Mortgage Finance       
 Agency, RB:       
     Capital Fund Program, Series A (AGM),       
     4.70%, 11/01/25    4,325  4,356,746 
     Home Buyer, Series CC, AMT (NPFGC),       
     5.80%, 10/01/20    2,640  2,744,729 
     Series A, AMT (FGIC), 4.90%, 11/01/35    820  767,577 
     Series AA, 6.50%, 10/01/38    1,260  1,371,220 
New Jersey State Housing & Mortgage Finance       
 Agency, Refunding RB, S/F Housing, Series T, AMT,       
 4.70%, 10/01/37    500  457,145 
Newark Housing Authority, RB, South Ward Police       
 Facility (AGC):       
     5.75%, 12/01/30    400  427,876 
     6.75%, 12/01/38    250  280,550 
      10,405,843 
State — 33.3%       
Garden State Preservation Trust, RB (AGM):       
     CAB, Series B, 5.12%, 11/01/23 (b)    6,840  3,715,078 
     Election of 2005, Series A, 5.80%, 11/01/22    2,605  3,018,778 
New Jersey EDA, RB:       
     CAB, Motor Vehicle Surcharge, Series R (NPFGC),       
     4.95%, 7/01/21 (b)    2,325  1,396,186 
     Cigarette Tax, 5.63%, 6/15/19    1,060  1,058,018 
     Cigarette Tax (Radian) 5.75%, 6/15/29    785  770,564 
     Cigarette Tax (Radian) 5.50%, 6/15/31    225  209,484 
     Motor Vehicle Surcharge, Series A (NPFGC),       
     5.00%, 7/01/29    3,900  3,847,389 
     Motor Vehicle Surcharge, Series A (NPFGC),       
     5.25%, 7/01/33    8,500  8,623,420 
     Motor Vehicle Surcharge, Series A (NPFGC),       
     5.00%, 7/01/34    1,765  1,669,761 
     School Facilities Construction, Series Z (AGC),       
     6.00%, 12/15/34    1,200  1,343,052 
     School Facilities, Series U (AMBAC),       
     5.00%, 9/01/37    1,000  1,005,600 

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)

(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (continued)       
State (concluded)       
New Jersey EDA, Refunding RB, School Facilities       
 Construction, Series K (NPFGC), 5.25%, 12/15/17  $ 750  $ 827,408 
New Jersey Sports & Exposition Authority,       
 Refunding RB (NPFGC):       
     5.50%, 3/01/21    1,540  1,729,050 
     5.50%, 3/01/22    1,000  1,122,010 
New Jersey Transportation Trust Fund Authority, RB:       
     CAB, Transportation System, Series C (AGM),       
     4.84%, 12/15/32 (b)    4,750  1,274,520 
     CAB, Transportation System, Series C (AMBAC),       
     5.05%, 12/15/35 (b)    2,760  557,161 
     Transportation System, Series A (AGC),       
     5.63%, 12/15/28    780  868,959 
     Transportation System, Series D (AGM),       
     5.00%, 6/15/19    3,240  3,460,514 
New Jersey Transportation Trust Fund Authority,       
 Transportation System, Refunding RB:       
     Series A (AGM), 5.25%, 12/15/20    4,250  4,735,307 
     Series B (NPFGC), 5.50%, 12/15/21    1,000  1,147,820 
State of New Jersey, COP, Equipment Lease Purchase,       
 Series A, 5.25%, 6/15/27    500  519,480 
      42,899,559 
Tobacco — 1.6%       
Tobacco Settlement Financing Corp. New Jersey, RB,       
 7.00%, 6/01/41 (c)    1,715  2,043,302 
Transportation — 6.7%       
New Jersey State Turnpike Authority, RB, Growth       
 & Income Securities, Series B (AMBAC),       
 6.27%, 1/01/35 (b)    3,005  2,360,037 
New Jersey State Turnpike Authority, Refunding RB,       
 Series A (AGM), 5.25%, 1/01/29    2,000  2,252,580 
New Jersey Transportation Trust Fund Authority,       
 RB, Transportation System, Series A (AMBAC),       
 5.00%, 12/15/32    730  742,315 
Port Authority of New York & New Jersey, RB,       
 Consolidated, 93rd Series, 6.13%, 6/01/94    1,000  1,162,180 
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  2,000  2,112,740 
      8,629,852 
Utilities — 15.1%       
Essex County Utilities Authority, Refunding RB (AGC),       
 4.13%, 4/01/22    1,000  1,015,470 
Jersey City Municipal Utilities Authority, Refunding RB       
 (AMBAC), 6.25%, 1/01/14    3,750  4,129,350 
New Jersey EDA, RB, AMT:       
     New Jersey American Water Co., Inc. Project,       
     Series A (FGIC), 6.88%, 11/01/34    5,070  5,072,231 
     Series A, American Water (AMBAC),       
     5.25%, 11/01/32    1,000  936,890 
New Jersey EDA, Refunding RB, United Water of       
 New Jersey, Inc., Series B (AMBAC), 4.50%, 11/01/25  1,000  1,033,770 
North Hudson Sewerage Authority, Refunding RB,       
 Series A (NPFGC), 5.13%, 8/01/20    1,710  1,757,846 
Rahway Valley Sewerage Authority, RB, CAB, Series A       
 (NPFGC)(b):       
     4.74%, 9/01/26    4,100  1,612,571 
     4.40%, 9/01/33    2,350  568,465 

    Par   
Municipal Bonds    (000)  Value 
     New Jersey (concluded)       
Utilities (concluded)       
Union County Utilities Authority, Refunding RB, Senior       
 Lease, Ogden Martin, Series A, AMT (AMBAC):       
     5.38%, 6/01/17  $ 1,590  $ 1,593,196 
     5.38%, 6/01/18    1,670  1,671,837 
      19,391,626 
Total Municipal Bonds in New Jersey      161,105,171 
     New York — 3.4%       
Transportation — 3.4%       
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 155th Series, AMT (AGM),       
 4.25%, 12/01/32    5,000  4,417,850 
     Pennsylvania — 3.9%       
Transportation — 3.9%       
Delaware River Port Authority Pennsylvania       
 & New Jersey, RB (AGM), 6.00%, 1/01/18    5,000  5,022,100 
     Puerto Rico — 10.9%       
Education — 2.2%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,     
 RB, University Plaza Project, Series A (NPFGC),       
 5.00%, 7/01/33    3,000  2,781,330 
Health — 3.3%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing       
 Authority, RB, Hospital De La Concepcion, Series A,       
 6.13%, 11/15/30    4,220  4,307,649 
Housing — 0.8%       
Puerto Rico Housing Finance Authority, Refunding RB,       
 Subordinate, Capital Fund Modernization,       
 5.13%, 12/01/27    1,000  1,000,990 
State — 1.5%       
Puerto Rico Commonwealth Infrastructure Financing       
 Authority, RB, CAB, Series A (b):       
     (AMBAC), 4.36%, 7/01/37    2,250  316,823 
     (FGIC), 4.49%, 7/01/30    2,750  682,468 
Puerto Rico Public Buildings Authority, Refunding RB,       
 Government Facilities, Series M-3 (NPFGC),       
 6.00%, 7/01/27    850  877,718 
      1,877,009 
Transportation — 1.0%       
Puerto Rico Highway & Transportation Authority,       
 Refunding RB, Series CC (AGC), 5.50%, 7/01/31    1,185  1,278,615 
Utilities — 2.1%       
Puerto Rico Aqueduct & Sewer Authority, RB, Senior       
 Lien, Series A (AGC), 5.13%, 7/01/47    1,750  1,706,687 
Puerto Rico Electric Power Authority, RB, Series RR       
 (CIFG), 5.00%, 7/01/28    1,000  984,580 
      2,691,267 
Total Municipal Bonds in Puerto Rico      13,936,860 
Total Municipal Bonds — 143.5%      184,481,981 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

27

Schedule of Investments (concluded)

BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)

(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (d)  (000)  Value 
New Jersey — 6.3%     
Housing — 1.7%     
New Jersey State Housing & Mortgage Finance     
 Agency, RB, Capital Fund Program, Series A (FSA),     
 5.00%, 5/01/27  $ 1,980  $ 2,129,926 
State — 3.2%     
Garden State Preservation Trust, RB, Election of 2005,     
 Series A (AGM), 5.75%, 11/01/28  3,300  4,152,225 
Transportation — 1.4%     
Port Authority of New York & New Jersey, RB,     
 Consolidated One Hundred Fifty Second, AMT,     
 5.25%, 11/01/35  1,829  1,851,219 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 6.3%    8,133,370 
Total Long-Term Investments     
(Cost — $190,348,356) — 149.8%    192,615,351 
Short-Term Securities  Shares   
CMA New Jersey Municipal Money Fund,     
 0.04% (e)(f)  4,148,151  4,148,151 
Total Short-Term Securities     
(Cost — $4,148,151) — 3.2%    4,148,151 
Total Investments (Cost — $194,496,507*) — 153.0%    196,763,502 
Other Assets Less Liabilities — 0.8%    985,171 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (3.7)%    (4,687,171) 
Preferred Shares, at Redemption Value — (50.1)%    (64,479,909) 
Net Assets Applicable to Common Shares — 100.0%    $128,581,593 

* •The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $189,759,130 
Gross unrealized appreciation  $ 6,966,257 
Gross unrealized depreciation  (4,646,254) 
Net unrealized appreciation  $ 2,320,003 

(a) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(d) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(e) 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   
     Affiliate  Activity  Income 
     CMA New Jersey Municipal Money Fund  $2,822,804  $377 
(f) Represents the current yield as of report date.     

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 4,148,151 
Level 2 — Long-Term Investments1  192,615,351 
Level 3  — 
Total  $ 196,763,502 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield Pennsylvania Insured Fund (MPA)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     Pennsylvania — 121.2%     
Corporate — 5.2%     
Delaware County IDA Pennsylvania, Refunding RB,     
 Water Facilities, Aqua Pennsylvania Inc. Project,     
 Series B, AMT (NPFGC), 5.00%, 11/01/36  $ 2,520  $ 2,344,331 
Northumberland County IDA, Refunding RB,     
 Aqua Pennsylvania Inc. Project, AMT (NPFGC),     
 5.05%, 10/01/39  6,000  5,476,320 
Pennsylvania Economic Development Financing     
 Authority, RB, Waste Management Inc. Project,     
 Series A, AMT, 5.10%, 10/01/27  1,200  1,159,236 
    8,979,887 
County/City/Special District/School District — 44.3%     
Chambersburg Area School District, GO (NPFGC):     
     5.25%, 3/01/26  2,115  2,199,938 
     5.25%, 3/01/27  2,500  2,590,400 
City of Philadelphia Pennsylvania, GO, Refunding,     
 Series A (AGM), 5.25%, 12/15/32  7,000  7,133,840 
Connellsville Area School District, GO, Series B (AGM),     
 5.00%, 11/15/37  1,000  1,008,170 
Delaware Valley Regional Financial Authority, RB,     
 Series A (AMBAC), 5.50%, 8/01/28  2,230  2,346,986 
East Stroudsburg Area School District, GO, Series A     
 (NPFGC), 7.75%, 9/01/27  2,000  2,433,960 
Erie County Conventional Center Authority, RB (NPFGC),     
 5.00%, 1/15/36  8,850  8,911,596 
Marple Newtown School District, GO (AGM),     
 5.00%, 6/01/31  3,500  3,637,445 
North Allegheny School District, GO, Series C (AGM),     
 5.25%, 5/01/27  2,175  2,272,483 
Northeastern School District York County, GO, Series B     
 (NPFGC), 5.00%, 4/01/32  1,585  1,627,161 
Philadelphia Authority for Industrial Development, RB     
 Series B (AGM), 5.50%, 10/01/11 (a)  1,000  1,090,060 
Philadelphia Redevelopment Authority, RB (NPFGC):     
     Neighborhood Transformation, Series A,     
     5.50%, 4/15/22  1,750  1,805,913 
     Quality Redevelopment Neighborhood, Series B,     
     AMT, 5.00%, 4/15/27  4,645  4,393,241 
Philadelphia School District, GO:     
     Series B (FGIC), 5.63%, 8/01/12 (a)  10,000  11,181,300 
     Series E, 6.00%, 9/01/38  4,800  5,114,352 
Reading School District, GO (AGM), 5.00%, 1/15/29  6,000  6,193,200 
Scranton School District Pennsylvania, GO, Series A     
 (AGM), 5.00%, 7/15/38  3,500  3,541,160 
Shaler Area School District Pennsylvania, GO, CAB     
 (Syncora) 4.80%, 9/01/30 (b)  6,145  2,080,513 
Township of North Londonderry, Pennsylvania, GO     
 (AGM), 4.75%, 9/01/40 (c)  5,360  5,342,794 
York City School District, GO, Series A (Syncora),     
 5.25%, 6/01/22  1,040  1,100,154 
    76,004,666 
Education — 7.5%     
Gettysburg Municipal Authority, Refunding RB (NPFGC),     
 5.00%, 8/15/23  4,000  4,010,560 
Pennsylvania Higher Educational Facilities Authority, RB,     
 Series AE (NPFGC), 4.75%, 6/15/32  8,845  8,858,975 
    12,869,535 
Health — 13.2%     
Allegheny County Hospital Development Authority,     
 RB, Health Center, UPMC Health, Series B (NPFGC),     
 6.00%, 7/01/26  2,000  2,270,460 
County of Lehigh Pennsylvania, RB, Lehigh Valley Health     
 Network, Series A (AGM), 5.00%, 7/01/33  7,995  7,886,108 

  Par   
Municipal Bonds  (000)  Value 
     Pennsylvania (continued)     
Health (concluded)     
Cumberland County Municipal Authority, RB, Diakon     
 Lutheran, 6.38%, 1/01/39  $ 500  $ 488,045 
Lycoming County Authority, Refunding RB, Susquehanna     
 Health System Project, Series A, 5.75%, 7/01/39  1,160  1,127,891 
Monroe County Hospital Authority Pennsylvania,     
 Refunding RB, Hospital, Pocono Medical Center,     
 5.13%, 1/01/37  1,265  1,173,629 
Montgomery County Higher Education & Health     
 Authority, Refunding RB, Abington Memorial Hospital,     
 Series A, 5.13%, 6/01/33  1,760  1,732,791 
Montgomery County IDA Pennsylvania, RB, Acts     
 Retirement Life Community:     
     Series A, 4.50%, 11/15/36  400  316,464 
     Series A-1, 6.25%, 11/15/29  235  248,005 
Pennsylvania Higher Educational Facilities Authority, RB,     
 UPMC Health System, Series A, 6.00%, 1/15/22  3,000  3,092,880 
Philadelphia Hospitals & Higher Education Facilities     
 Authority, Refunding RB, Presbyterian Medical Center,     
 6.65%, 12/01/19 (d)  3,000  3,709,560 
Sayre Health Care Facilities Authority, Refunding RB,     
 Guthrie Health, Series A, 5.88%, 12/01/31  590  598,472 
    22,644,305 
Housing — 6.8%     
Pennsylvania HFA, RB, S/F, Series 72A, AMT (NPFGC),     
 5.25%, 4/01/21  5,000  5,019,450 
Pennsylvania HFA, Refunding RB, AMT:     
     Series 96-A, 4.70%, 10/01/37  2,985  2,701,097 
     Series 99A, 5.15%, 4/01/38  800  795,232 
Philadelphia New Public Housing Authority, RB, Series A     
 (AGM), 5.50%, 12/01/18  3,000  3,163,320 
    11,679,099 
State — 11.3%     
Pennsylvania Turnpike Commission, RB, Series C     
 of 2003 Pennsylvania Turnpike (NPFGC),     
 5.00%, 12/01/32  13,600  13,921,096 
State Public School Building Authority, RB, CAB, Corry     
 Area School District (AGM)(b):     
     4.85%, 12/15/22  1,980  1,127,748 
     4.87%, 12/15/23  1,980  1,063,082 
     4.89%, 12/15/24  1,980  1,000,217 
     4.92%, 12/15/25  1,980  943,846 
State Public School Building Authority, Refunding RB,     
 Harrisburg School District Project, Series A (AGC),     
 5.00%, 11/15/33  1,200  1,228,596 
    19,284,585 
Transportation — 15.8%     
City of Philadelphia Pennsylvania, RB, Series A, AMT     
 (AGM), 5.00%, 6/15/37  7,500  7,145,175 
Pennsylvania Turnpike Commission, RB:     
     Series A (AMBAC), 5.50%, 12/01/31  7,800  7,998,900 
     Series A (AMBAC), 5.25%, 12/01/32  350  352,051 
     Sub-Series B (AGM), 5.25%, 6/01/39  3,500  3,548,755 
Philadelphia Authority for Industrial Development,     
 Refunding RB, Philadelphia Airport System Project,     
 Series A, AMT (NPFGC):     
     5.50%, 7/01/17  4,000  4,163,560 
     5.50%, 7/01/18  3,655  3,799,592 
    27,008,033 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

29

Schedule of Investments (continued)

BlackRock MuniYield Pennsylvania Insured Fund (MPA)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
     Pennsylvania (concluded)     
Utilities — 17.1%     
Allegheny County Sanitation Authority, Refunding RB,     
 Series A (NPFGC), 5.00%, 12/01/30  $ 5,000  $ 5,024,800 
City of Philadelphia Pennsylvania, RB:     
     1998 General Ordinance, 4th Series (AGM),     
     5.00%, 8/01/32  4,500  4,515,750 
     Series A, 5.25%, 1/01/36  700  712,446 
Delaware County IDA Pennsylvania, RB, Pennsylvania     
 Suburban Water Co. Project, Series A, AMT (AMBAC),     
 5.15%, 9/01/32  5,500  5,356,505 
Montgomery County IDA Pennsylvania, RB, Aqua     
 Pennsylvania Inc. Project, Series A, AMT     
 5.25%, 7/01/42  1,800  1,698,498 
Northampton Boro Municipal Authority, RB (NPFGC),     
 5.00%, 5/15/34  935  945,004 
Pennsylvania Economic Development Financing     
 Authority, RB, Philadelphia Biosolids Facility,     
 6.25%, 1/01/32  900  921,312 
Pennsylvania IDA, Refunding RB, Economic     
 Development (AMBAC), 5.50%, 7/01/20  7,000  7,371,560 
Reading Area Water Authority Pennsylvania, RB (AGM),     
 5.00%, 12/01/27  2,680  2,803,709 
    29,349,584 
Total Municipal Bonds in Pennsylvania    207,819,694 
     Guam — 1.4%     
Transportation — 1.4%     
Guam International Airport Authority, Refunding RB,     
 General, Series C, AMT (NPFGC), 5.00%, 10/01/23  2,500  2,437,000 
     Puerto Rico — 0.8%     
State — 0.8%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series A-4 (AGM), 5.25%, 7/01/30  1,270  1,307,199 
     Virgin Islands — 0.0%     
State — 0.0%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Capital Projects, Series A-1, 5.00%, 10/01/39  100  88,856 
Total Municipal Bonds — 123.4%    211,652,749 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (e)     
     Pennsylvania — 33.6%     
County/City/Special District/School District — 4.4%     
East Stroudsburg Area School District, GO (FSA),     
 5.00%, 9/01/25  7,000  7,450,730 
Education — 1.4%     
University of Pittsburgh Pennsylvania, RB, Capital     
 Project, Series B, 5.00%, 9/15/28  2,202  2,375,641 
Health — 3.3%     
Geisinger Authority, RB, Series A:     
     5.13%, 6/01/34  $ 2,500  $ 2,554,750 
     5.25%, 6/01/39  3,000  3,077,730 
    5,632,480 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (e)  (000)  Value 
     Pennsylvania (concluded)     
State — 24.5%     
Commonwealth of Pennsylvania, GO, First Series,     
 5.00%, 3/15/28  5,203  5,651,835 
State Public School Building Authority, RB (FSA):     
     Lease Philadelphia School District Project,     
     5.25%, 6/01/13 (a)  15,000  17,119,950 
     School District Philadelphia Project, Series B,     
     5.00%, 6/01/26  19,025  19,276,572 
    42,048,357 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 33.6%    57,507,208 
Total Long-Term Investments     
(Cost — $265,051,425) — 157.0%    269,159,957 
Short-Term Securities  Shares   
CMA Pennsylvania Municipal Money Fund,     
 0.00% (f)(g)  225,480  225,480 
Total Short-Term Securities     
(Cost — $225,480) — 0.1%    225,480 
Total Investments (Cost — $265,276,905*) — 157.1%    269,385,437 
Liabilities in Excess of Other Assets — (1.9)%    (3,333,523) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (16.5)%    (28,217,129) 
Preferred Shares, at Redemption Value — (38.7)%    (66,353,969) 
Net Assets Applicable to Common Shares — 100.0%    $171,480,816 

* The cost and unrealized appreciation (depreciation) of investments as of January 31,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $238,240,607 
Gross unrealized appreciation  $ 7,640,811 
Gross unrealized depreciation  (4,691,038) 
Net unrealized appreciation  $ 2,949,773 

(a) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
RBC Capital  $5,342,794  — 

(d) Security is collateralized by Municipal or US Treasury obligations.
(e) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Fund acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(f) 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   
     Affiliate  Activity  Income 
     CMA Pennsylvania Municipal Money Fund  $(1,329,751)  $133 
(g) Represents the current yield as of report date.     

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Schedule of Investments (concluded)

BlackRock MuniYield Pennsylvania Insured Fund (MPA)

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2010 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 225,480 
Level 2 — Long-Term Investments1  269,159,957 
Level 3  — 
Total  $ 269,385,437 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

31

Statements of Assets and Liabilities           
    BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  BlackRock 
    MuniHoldings  MuniHoldings  MuniYield  MuniYield  MuniYield  MuniYield 
    California  New Jersey  Insured  Michigan  New Jersey  Pennsylvania 
    Insured  Insured  Investment  Insured  Insured  Insured 
    Fund, Inc.  Fund, Inc.  Fund  Fund, Inc.  Fund, Inc.  Fund 
January 31, 2010 (Unaudited)    (MUC)  (MUJ)  (MFT)  (MIY)  (MJI)  (MPA) 
     Assets               
Investments at value — unaffiliated1  $ 916,493,196  $ 494,194,416  $ 185,949,710  $ 414,960,353  $ 192,615,351  $ 269,159,957 
Investments at value — affiliated2    7,863,872  5,286,259  2,906,241  9,295,968  4,148,151  225,480 
Interest receivable    13,593,763  4,944,682  2,369,213  4,912,298  1,694,115  2,873,447 
Investments sold receivable    190,000  1,180,000  272,050  —  —  — 
Prepaid expenses    61,416  44,173  18,213  37,357  19,705  26,360 
Other assets    77,528  —  —  —  —  — 
Total assets    938,279,775  505,649,530  191,515,427  429,205,976  198,477,322  272,285,244 
     Accrued Liabilities               
Bank overdraft    —  —  —  —  4,587  — 
Income dividends payable — Common Shares    2,575,091  1,465,934  557,820  1,365,473  611,746  751,977 
Investment advisory fees payable    386,519  222,614  79,704  178,478  83,254  113,005 
Investments purchased payable    251,558  1,553,071  3,046,561  1,019,652  —  5,342,794 
Interest expense and fees payable    95,647  9,916  16,051  8,425  2,802  22,072 
Officer's and Directors' fees payable    79,722  652  1,467  396  194  2,196 
Other affiliates payable    5,424  3,288  1,112  2,656  1,296  1,728 
Other accrued expenses payable    143,327  65,096  27,368  43,671  27,572  21,630 
Total accrued liabilities    3,537,288  3,320,571  3,730,083  2,618,751  731,451  6,255,402 
     Other Liabilities               
Trust certificates3    105,199,537  13,262,930  17,116,391  16,190,000  4,684,369  28,195,057 
Total Liabilities    108,736,825  16,583,501  20,846,474  18,808,751  5,415,820  34,450,459 
     Preferred Shares at Redemption Value               
$25,000 per share liquidation preference, plus               
unpaid dividends4,5    254,011,754  172,707,795  56,529,045  144,661,268  64,479,909  66,353,969 
Net Assets Applicable to Common Shareholders  $ 575,531,196  $ 316,358,234  $ 114,139,908  $ 265,735,957  $ 128,581,593  $ 171,480,816 
     Net Assets Applicable to Common Shareholders Consist of             
Paid-in capital6,7  $ 585,680,722  $ 298,669,716  $ 117,826,735  $ 263,576,016  $ 124,136,774  $ 170,023,959 
Undistributed net investment income    8,562,522  5,113,974  1,685,853  4,361,637  2,819,150  2,495,476 
Accumulated net realized loss    (14,825,155)  (1,011,363)  (9,537,335)  (8,882,680)  (641,326)  (5,147,151) 
Net unrealized appreciation/depreciation    (3,886,893)  13,585,907  4,164,655  6,680,984  2,266,995  4,108,532 
Net Assets Applicable to Common Shareholders  $ 575,531,196  $ 316,358,234  $ 114,139,908  $ 265,735,957  $ 128,581,593  $ 171,480,816 
Net asset value per Common Share  $ 14.08  $ 14.89  $ 13.50  $ 14.60  $ 14.61  $ 14.94 
     1 Investments at cost — unaffiliated  $ 920,380,089  $ 480,608,509  $ 181,785,055  $ 408,279,369  $ 190,348,356  $ 265,051,425 
     2 Investments at cost — affiliated  $ 7,863,872  $ 5,286,259  $ 2,906,241  $ 9,295,968  $ 4,148,151  $ 225,480 
     3 Represents short-term floating rate certificates               
         issued by tender option bond trusts.               
     4 Preferred Shares outstanding:               
         Par value $0.05 per share    —  —  2,261  4,909  1,965  2,654 
         Par value $0.10 per share    10,160  6,908  —  877  614  — 
     5 Preferred Shares authorized    15,600  8,120  1 million  6,600  2,940  1 million 
     6 Common Shares outstanding, $0.10 par value    40,874,458  21,245,413  8,451,814  18,206,301  8,802,099  11,480,567 
     7 Common Shares authorized    200 million  200 million  unlimited  200 million  200 million  unlimited 

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Statements of Operations               
    BlackRock  BlackRock  BlackRock  BlackRock  BlackRock  BlackRock 
             MuniHoldings  MuniHoldings  MuniYield  MuniYield  MuniYield  MuniYield 
    California  New Jersey  Insured  Michigan  New Jersey  Pennsylvania 
     Insured  Insured  Investment  Insured  Insured  Insured 
    Fund, Inc.  Fund, Inc.  Fund  Fund, Inc.  Fund, Inc.  Fund 
Six Months Ended January 31, 2010 (Unaudited)     (MUC)  (MUJ)  (MFT)  (MIY)  (MJI)  (MPA) 
     Investment Income               
Interest  $ 22,160,151  $ 11,858,625  $ 4,586,726  $ 10,272,086  $ 4,793,333  $ 6,133,520 
Income — affiliated    5,894  699  7,746  958  377  133 
Total income    22,166,045  11,859,324  4,594,472  10,273,044  4,793,710  6,133,653 
     Expenses               
Investment advisory    2,561,874  1,378,337  465,088  1,060,992  494,281  660,601 
Commissions for Preferred Shares    206,643  131,753  43,135  107,297  48,445  48,897 
Accounting services    152,196  62,660  27,126  56,127  24,615  30,704 
Professional    41,679  28,139  26,946  28,153  22,852  22,995 
Officer and Directors    41,088  18,943  7,257  16,565  7,686  10,735 
Printing    39,158  20,477  6,968  16,399  9,855  9,621 
Transfer agent    38,842  30,998  19,304  30,071  18,599  22,999 
Custodian    21,012  12,849  5,890  10,823  5,735  8,152 
Registration    7,528  4,649  4,624  4,573  4,539  4,568 
Miscellaneous    68,101  53,462  27,211  39,574  29,182  32,065 
Total expenses excluding interest expense and fees    3,178,121  1,742,267  633,549  1,370,574  665,789  851,337 
Interest expense and fees1    345,442  45,411  58,079  53,023  7,192  112,172 
Total expenses    3,523,563  1,787,678  691,628  1,423,597  672,981  963,509 
Less fees waived by advisor    (309,530)  (68,465)  (3,877)  (8,885)  (3,460)  (1,180) 
Total expenses after fees waived    3,214,033  1,719,213  687,751  1,414,712  669,521  962,329 
Net investment income    18,952,012  10,140,111  3,906,721  8,858,332  4,124,189  5,171,324 
     Realized and Unrealized Gain (Loss)               
Net realized gain (loss) from:               
   Investments    (371,041)  272,859  293,773  1,419,410  641,538  190,609 
   Financial futures contracts    122,664  224,417  7,965  188,172  92,553  102,006 
    (248,377)  497,276  301,738  1,607,582  734,091  292,615 
Net change in unrealized               
appreciation/depreciation on investments    32,682,530  9,272,564  5,016,458  9,970,935  4,701,810  6,802,515 
Total realized and unrealized gain    32,434,153  9,769,840  5,318,196  11,578,517  5,435,901  7,095,130 
     Dividends and Distributions to Preferred Shareholders From             
Net investment income    (548,785)  (356,008)  (172,150)  (429,545)  (163,379)  (192,000) 
Net realized gain    —  (30,004)  —  —  (96,051)  — 
Total dividends and distributions to               
   Preferred Shareholders    (548,785)  (386,012)  (172,150)  (429,545)  (259,430)  (192,000) 
Net Increase in Net Assets Applicable to               
   Common Shareholders Resulting from Operations  $ 50,837,380  $ 19,523,939  $ 9,052,767  $ 20,007,304  $ 9,300,660  $ 12,074,454 
   1 Related to tender option bond trusts.               

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

33

Statements of Changes in Net Assets  BlackRock MuniHoldings California Insured Fund, Inc. (MUC) 
  Six Months     
  Ended  Period   
  January 31,  July 1, 2009  Year Ended 
  2010  to July 31,  June 30, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)  2009  2009 
     Operations       
Net investment income  $ 18,952,012  $ 3,111,119  $ 36,958,531 
Net realized gain (loss)  (248,377)  333,937  (7,708,517) 
Net change in unrealized appreciation/depreciation  32,682,530  6,127,212  (29,358,960) 
Dividends to Preferred Shareholders from net investment income  (548,785)  (108,541)  (5,987,846) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  50,837,380  9,463,727  (6,096,792) 
     Dividends to Common Shareholders From       
Net investment income  (15,450,545)  (2,575,091)  (26,404,900) 
     Net Assets Applicable to Common Shareholders       
Total increase (decrease) in net assets applicable to Common Shareholders  35,386,835  6,888,636  (32,501,692) 
Beginning of period  540,144,361  533,255,725  565,757,417 
End of period  $575,531,196  $540,144,361  $533,255,725 
Undistributed net investment income  $ 8,562,522  $ 5,609,840  $ 5,182,353 
  BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ) 
    Six Months   
    Ended   
    January 31,  Year Ended 
    2010   July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:    (Unaudited)       2009 
     Operations       
Net investment income    $ 10,140,111  $ 20,763,269 
Net realized gain    497,276  1,281,894 
Net change in unrealized appreciation/depreciation    9,272,564  (3,750,895) 
Dividends and distributions to Preferred Shareholders from:       
Net investment income    (356,008)  (3,341,606) 
Net realized gain    (30,004)  — 
Net increase in net assets applicable to Common Shareholders resulting from operations    19,523,939  14,952,662 
     Dividends and Distributions to Common Shareholders From       
Net investment income    (8,721,243)  (14,043,218) 
Net realized gain    (300,750)  — 
Decrease in net assets resulting from dividends and distributions to Common Shareholders    (9,021,993)  (14,043,218) 
     Net Assets Applicable to Common Shareholders       
Total increase in net assets applicable to Common Shareholders    10,501,946  909,444 
Beginning of period    305,856,288  304,946,844 
End of period    $316,358,234  $305,856,288 
Undistributed net investment income    $ 5,113,974  $ 4,051,114 

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Statements of Changes in Net Assets  BlackRock MuniYield Insured Investment Fund (MFT) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2010   July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)       2009 
     Operations     
Net investment income  $ 3,906,721  $ 7,920,874 
Net realized gain  301,738  (6,860,292) 
Net change in unrealized appreciation/depreciation  5,016,458  919,422 
Dividends to Preferred Shareholders from net investment income  (172,150)  (1,287,734) 
Net increase in net assets applicable to Common Shareholders resulting from operations  9,052,767  692,270 
     Dividends to Common Shareholders From     
Net investment income  (3,346,918)  (5,707,468) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  5,705,849  (5,015,198) 
Beginning of period  108,434,059  113,449,257 
End of period  $114,139,908  $108,434,059 
Undistributed net investment income  $ 1,685,853  $ 1,298,200 
  BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2010   July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)       2009 
     Operations     
Net investment income  $ 8,858,332  $ 18,189,609 
Net realized gain (loss)  1,607,582  (964,623) 
Net change in unrealized appreciation/depreciation  9,970,935  (6,206,801) 
Dividends to Preferred Shareholders from net investment income  (429,545)  (2,941,361) 
Net increase in net assets applicable to Common Shareholders resulting from operations  20,007,304  8,076,824 
     Dividends to Common Shareholders From     
Net investment income  (7,901,535)  (12,252,841) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  12,105,769  (4,176,017) 
Beginning of period  253,630,188  257,806,205 
End of period  $265,735,957  $253,630,188 
Undistributed net investment income  $ 4,361,637  $ 3,834,385 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

35

Statements of Changes in Net Assets  BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2010   July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)       2009 
     Operations     
Net investment income  $ 4,124,189  $ 8,438,803 
Net realized gain  734,091  369,858 
Net change in unrealized appreciation/depreciation  4,701,810  (2,778,653) 
Dividends and distributions to Preferred Shareholders from:     
   Net investment income  (163,379)  (1,331,483) 
Net realized gain  (96,051)  (95,182) 
Net increase in net assets applicable to Common Shareholders resulting from operations  9,300,660  4,603,343 
     Dividends and Distributions to Common Shareholders From     
Net investment income  (3,622,064)  (5,879,803) 
Net realized gain  (903,447)  (150,243) 
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (4,525,511)  (6,030,046) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  4,775,149  (1,426,703) 
Beginning of period  123,806,444  125,233,147 
End of period  $128,581,593  $123,806,444 
Undistributed net investment income  $ 2,819,150  $ 2,480,404 
  BlackRock MuniYield Pennsylvania Insured Fund (MPA) 
  Six Months   
  Ended   
  January 31,  Year Ended 
  2010   July 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  (Unaudited)       2009 
     Operations     
Net investment income  $ 5,171,324  $ 10,633,795 
Net realized gain (loss)  292,615  (4,324,778) 
Net change in unrealized appreciation/depreciation  6,802,515  2,634,266 
Dividends to Preferred Shareholders from net investment income  (192,000)  (1,555,575) 
Net increase in net assets applicable to Common Shareholders resulting from operations  12,074,454  7,387,708 
     Dividends to Common Shareholders From     
Net investment income  (4,511,863)  (7,588,655) 
     Net Assets Applicable to Common Shareholders     
Total increase (decrease) in net assets applicable to Common Shareholders  7,562,591  (200,947) 
Beginning of period  163,918,225  164,119,172 
End of period  $171,480,816  $163,918,225 
Undistributed net investment income  $ 2,495,476  $ 2,028,015 

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Statements of Cash Flows     
  Muniholdings  MuniYield 
  California  Pennsylvania 
  Insured Fund,  Insured Fund 
January 31, 2010 (Unaudited)  Inc. (MUC)         (MPA) 
     Cash Provided by Operating Activities     
Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders  $ 51,386,165  $ 12,266,454 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:     
   Increase in interest receivable  (957,616)  (18,122) 
   Decrease in other assets  (22,085)  — 
   Decrease in income receivable — affiliated  243  — 
   Increase (decrease) in investment advisory fees payable  13,350  (319) 
   Decrease in interest expense and fees payable  (30,151)  (26,106) 
   Decrease in other affiliates payable  (122)  (24) 
   Decrease in other accrued expenses payable  (1,298)  (15,752) 
   Increase in Officer's and Directors' fees payable  22,381  1,833 
Net realized and unrealized gain  (32,311,489)  (7,326,983) 
Amortization of premium and discount on investments  572,593  270,540 
Proceeds from sales of long-term investments  124,265,909  9,868,443 
Purchases of long-term investments  (139,587,191)  (13,186,650) 
Net proceeds from sales of short-term securities  12,636,942  1,329,751 
Cash provided by operating activities  15,987,631  3,163,065 
     Cash Used for Financing Activities     
Cash receipts from trust certificates  —  1,466,689 
Cash payments from trust certificates  (3,367)  — 
Cash dividends paid to Common Shareholders  (15,450,545)  (4,511,863) 
Cash dividends paid to Preferred Shareholders  (556,215)  (193,941) 
Cash used for financing activities  (16,010,127)  (3,239,115) 
     Cash     
Net decrease in cash  (22,496)  (76,050) 
Cash at beginning of period  22,496  76,050 
Cash at end of period  —  — 
     Cash Flow Information     
Cash paid during the period for interest  $ 375,593  $ 138,278 

A Statement of Cash Flows is presented when a Fund had a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average
total assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

37

Financial Highlights        BlackRock MuniHoldings California Insured Fund, Inc. (MUC) 
    Six Months                   
    Ended  Period                 
    January 31,  July 1, 2009                 
    2010  to July 31,    Year Ended June 30,       
    (Unaudited)  2009  2009  2008    2007    2006    2005 
     Per Share Operating Performance                       
Net asset value, beginning of period  $ 13.21  $ 13.05  $ 13.84  $ 14.48  $ 14.44  $ 15.40  $ 14.73 
Net investment income1    0.46  0.08  0.90  0.96    1.01    1.05    1.07 
Net realized and unrealized gain (loss)    0.80  0.14  (0.89)  (0.60)    0.07    (0.85)    0.69 
Dividends to Preferred Shareholders from                       
   net investment income    (0.01)  (0.00)2  (0.15)  (0.32)    (0.31)    (0.25)    (0.14) 
Net increase (decrease) from investment operations    1.25  0.22  (0.14)  0.04    0.77    (0.05)    1.62 
Dividends to Common Shareholders from                       
   net investment income    (0.38)  (0.06)  (0.65)  (0.68)    (0.73)    (0.91)    (0.95) 
Net asset value, end of period  $ 14.08  $ 13.21  $ 13.05  $ 13.84  $ 14.48  $ 14.44  $ 15.40 
Market price, end of period  $ 12.55  $ 12.18  $ 11.07  $ 12.24  $ 13.92  $ 13.94  $ 14.97 
     Total Investment Return3                       
Based on net asset value    9.76%4  1.75%4  0.21%  0.64%    5.46%    (0.29)%   11.56% 
Based on market price    6.10%4  10.59%4  (3.88)%  (7.41)%    5.02%    (0.98)%   19.56% 
     Ratios to Average Net Assets Applicable to Common Shares                     
Total expenses5    1.23%6  1.34%6,7  1.59%  1.58%    1.66%    1.41%    1.22% 
Total expenses after fees waived5    1.12%6  1.19%6,7  1.40%  1.50%    1.60%    1.35%    1.16% 
Total expenses after fees waived and                       
   excluding interest expense and fees5,8    1.00%6  1.06%6,7  1.02%  1.14%    1.12%    1.10%    1.11% 
Net investment income5    6.61%6  6.59%6,7  7.08%  6.72%    6.81%    7.01%    6.99% 
Dividends to Preferred Shareholders    0.19%6  0.23%6  1.15%  2.22%    2.11%    1.68%    0.93% 
Net investment income to Common Shareholders    6.42%6  6.36%6,7  5.93%  4.50%    4.70%    5.33%    6.06% 
     Supplemental Data                       
Net assets applicable to Common Shareholders,                       
   end of period (000)  $ 575,531  $ 540,144  $ 533,256  $ 565,757  $ 592,053  $ 589,404  $ 626,109 
Preferred Shares outstanding at $25,000 liquidation                       
   preference, end of period (000)  $ 254,000  $ 254,000  $ 287,375  $ 287,375  $ 390,000  $ 390,000  $ 390,000 
Portfolio turnover    14%  1%  19%  43%    35%    34%    47% 
Asset coverage per Preferred Share at $25,000                       
   liquidation preference, end of period  $ 81,648  $ 78,166  $ 71,392       $ 74,2259   $62,9659  $ 62,7959  $ 65,1409 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees
waived, total expenses after fees waived and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been
1.43%, 1.28%, 1.15%, 6.50% and 6.27%, respectively.
8 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
9 Amounts have been recalculated to conform with current period presentation.

See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Financial Highlights    BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ) 
  Six Months             
  Ended             
  January 31,             
  2010      Year Ended July 31,     
  (Unaudited)  2009  2008  2007    2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 14.40  $ 14.35  $ 14.86  $ 14.91  $ 15.62  $ 15.03 
Net investment income1  0.48  0.98  0.93  1.03    1.03  1.04 
Net realized and unrealized gain (loss)  0.45  (0.11)  (0.47)  (0.03)    (0.61)  0.66 
Dividends to Preferred Shareholders from:               
   Net investment income  (0.02)  (0.16)  (0.31)  (0.31)    (0.26)  (0.16) 
   Net realized gain  (0.00)2  —  —  —    —  — 
Net increase from investment operations.  0.91  0.71  0.15  0.69    0.16  1.54 
Dividends to Common Shareholders from:               
   Net investment income  (0.41)  (0.66)  (0.66)  (0.74)    (0.87)  (0.95) 
   Net realized gain  (0.01)  —  —  —    —  — 
Total dividends and distributions to Common Shareholders  (0.42)  (0.66)  (0.66)  (0.74)    (0.87)  (0.95) 
Net asset value, end of period  $ 14.89  $ 14.40  $ 14.35  $ 14.86  $ 14.91  $ 15.62 
Market price, end of period  $ 14.09  $ 13.38  $ 12.93  $ 14.40  $ 14.98  $ 15.89 
     Total Investment Return3               
Based on net asset value  6.55%4  6.13%  1.35%  4.71%    1.09%  10.63% 
Based on market price  8.51%4  9.45%  (5.76)%  0.99%    (0.16)%  19.37% 
     Ratios to Average Net Assets Applicable to Common Shares               
Total expenses5  1.13%6  1.30%  1.30%  1.45%    1.45%  1.31% 
Total expenses after fees waived5  1.09%6  1.21%  1.23%  1.40%    1.39%  1.25% 
Total expenses after fees waived and excluding interest expense and fees5,7  1.06%6  1.10%  1.15%  1.17%    1.15%  1.14% 
Net investment income5  6.42%6  7.04%  6.22%  6.77%    6.80%  6.69% 
Dividends to Preferred Shareholders  0.22%6  1.13%  2.11%  2.03%    1.72%  1.02% 
Net investment income to Common Shareholders  6.20%6  5.91%  4.11%  4.74%    5.08%  5.67% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 316,358  $ 305,856  $ 304,947  $ 315,769  $ 315,649  $ 328,853 
Preferred Shares outstanding at $25,000 liquidation preference,               
   end of period (000)  $ 172,700  $ 172,700  $ 176,700  $ 203,000  $ 203,000  $ 203,000 
Portfolio turnover  6%  9%  12%  17%    16%  29% 
Asset coverage, end of period per $1,000  $ 2,8328  $ 2,7718  $ 2,7268  $ 2,5568  $ 2,5558  $ 2,620 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
8 Asset coverage per Preferred Share at $25,000 liquidation preference for the six months ended January 31, 2010 and the years ended 2009, 2008, 2007, 2006 and 2005 were
$70,797, $69,278, $68,152, $63,898 and $63,884, respectively.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

39

Financial Highlights            BlackRock MuniYield Insured Investment Fund (MFT) 
    Six Months                 
    Ended    Period             
    January 31,  Year Ended November 1, 2007           
    2010  July 31,  to July 31,      Year Ended October 31,     
    (Unaudited)  2009  2008    2007  2006  2005    2004 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 12.83  $ 13.42  $ 14.38  $ 14.91  $ 14.72  $ 15.22  $ 15.04 
Net investment income1    0.46  0.94  0.71    0.95  0.97  0.98    0.98 
Net realized and unrealized gain (loss)    0.63  (0.70)  (0.97)    (0.49)  0.24  (0.38)    0.20 
Dividends to Preferred Shareholders from                     
   net investment income    (0.02)  (0.15)  (0.22)    (0.31)  (0.27)  (0.17)    (0.07) 
Net increase (decrease)                     
   from investment operations    1.07  0.09  (0.48)    0.15  0.94  0.43    1.11 
Dividends to Common Shareholders from                     
   net investment income    (0.40)  (0.68)  (0.48)    (0.68)  (0.75)  (0.90)    (0.93) 
Capital charges resulting from issuance of                     
   Preferred Shares         —  —               —    —  —  (0.03)    — 
Net asset value, end of period  $ 13.50  $ 12.83  $ 13.42  $ 14.38  $ 14.91  $ 14.72  $ 15.22 
Market price, end of period  $ 12.93  $ 11.80  $ 11.75  $ 12.74  $ 14.21  $ 14.18  $ 14.98 
     Total Investment Return2                     
Based on net asset value    8.52%3  1.94%  (2.97)%3    1.39%  6.87%  2.72%    7.98% 
Based on market price    13.01%3  7.08%  (4.11)%3    (5.75)%  5.73%  0.54%    12.73% 
     Ratios to Average Net Assets Applicable to Common Shares                   
Total expenses4    1.22%5  1.40%  1.51%5    1.54%  1.46%  1.38%    1.28% 
Total expenses after fees waived4    1.21%5  1.37%  1.49%5    1.52%  1.45%  1.38%    1.27% 
Total expenses after fees waived and excluding                     
   interest expense and fees4,6    1.11%5  1.19%  1.18%5    1.20%  1.17%  1.20%    1.09% 
Net investment income4    6.87%5  7.54%  6.60%5    6.53%  6.58%  6.50%    6.54% 
Dividends to Preferred Shareholders    0.30%5  1.23%  2.07%5    2.13%  1.87%  1.13%    0.48% 
Net investment income to Common Shareholders    6.57%5  6.35%  4.53%5    4.40%  4.71%  5.37%    6.06% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 114,140  $ 108,434  $ 113,449  $ 121,574  $ 126,042  $ 124,422  $ 128,455 
Preferred Shares outstanding at $25,000                     
   liquidation preference, end of period (000)  $ 56,525  $ 56,525  $ 62,250  $ 72,000  $ 72,000  $ 72,000  $ 60,000 
Portfolio turnover.    22%  43%  21%    26%  34%  52%    28% 
Asset coverage per Preferred Shares at $25,000                     
   liquidation preference, end of period  $ 75,484  $ 72,961  $ 70,5697  $ 67,2207  $ 68,7697  $ 68,2127 $  78,5287 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
7 Amounts have been recalculated to conform with current period presentation.

See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Financial Highlights          BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) 
    Six Months                 
    Ended    Period             
    January 31,  Year Ended November 1, 2007           
    2010  July 31,  to July 31,        Year Ended October 31,   
    (Unaudited)  2009  2008    2007    2006  2005  2004 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 13.93  $ 14.16  $ 15.03  $ 15.45  $ 15.32  $ 15.96  $ 15.94 
Net investment income1    0.49  1.00  0.70    1.06    1.04  1.08  1.06 
Net realized and unrealized gain (loss)    0.64  (0.40)  (0.82)    (0.45)    0.22  (0.54)  0.03 
Dividends to Preferred Shareholders                     
   from net investment income    (0.03)  (0.16)  (0.23)    (0.32)    (0.29)  (0.18)  (0.07) 
Net increase (decrease) from investment operations    1.10  0.44  (0.35)    0.29    0.97  0.36  1.02 
Dividends to Common Shareholders                     
   from net investment income    (0.43)  (0.67)  (0.52)    (0.71)    (0.84)  (0.98)  (1.00) 
Capital charges with respect to the                     
   issuance of Preferred Shares         —  —               —    —    —  (0.02)  — 
Net asset value, end of period  $ 14.60  $ 13.93  $ 14.16  $ 15.03  $ 15.45  $ 15.32  $ 15.96 
Market price, end of period  $ 13.09  $ 12.25  $ 12.30  $ 13.40  $ 14.67  $ 15.31  $ 15.37 
     Total Investment Return2                     
Based on net asset value    8.33%3  4.66%  (2.02)%3    2.30%    6.64%  2.24%  7.04% 
Based on market price    10.44%3  5.95%  (4.54)%3    (3.95)%    1.32%  6.10%  11.85% 
     Ratios to Average Net Assets Applicable to Common Shares                   
Total expenses4    1.08%5  1.27%  1.42%5    1.55%    1.62%  1.42%  1.22% 
Total expenses after fees waived4    1.07%5  1.25%  1.40%5    1.55%    1.61%  1.42%  1.19% 
Total expenses after fees waived and excluding                     
   interest expense and fees4,6    1.03%5  1.09%  1.13%5    1.12%    1.11%  1.10%  1.00% 
Net investment income4    6.71%5  7.37%  6.19%5    6.95%    6.84%  6.84%  6.69% 
Dividends to Preferred Shareholders    0.33%5  1.19%  2.05%5    2.12%    1.87%  1.13%  0.46% 
Net investment income to Common Shareholders    6.38%5  6.18%  4.14%5    4.83%    4.97%  5.71%  6.23% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 265,736  $ 253,630  $ 257,806  $ 273,593  $ 281,350  $ 278,250  $ 289,695 
Preferred Shares outstanding at $25,000                     
   liquidation preference, end of period (000)  $ 144,650  $ 144,650  $ 144,650  $ 165,000  $ 165,000  $ 165,000  $ 140,000 
Portfolio turnover    12%  9%  21%    10%    15%  25%  32% 
Asset coverage end of period per $1,000  $ 2,8377  $ 2,7537  $ 2,7827  $ 2,6587 $  2,7057  $ 2,686  $ 3,069 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
7 Asset coverage per Preferred Share at $25,000 liquidation preference for the six months ended January 31, 2010 and the periods ended 2009, 2008, 2007 and 2006 were
$70,929, $68,838, $69,563, $66,461 and $67,638, respectively.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

41

Financial Highlights        BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) 
    Six Months                 
    Ended    Period             
    January 31,  Year Ended November 1, 2007           
    2010  July 31,  to July 31,        Year Ended October 31,   
    (Unaudited)  2009  2008    2007    2006  2005  2004 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 14.07  $ 14.23  $ 15.02  $ 15.42  $ 15.07  $ 15.46  $ 15.25 
Net investment income1    0.47  0.96  0.69    0.96    0.97  0.96  1.03 
Net realized and unrealized gain (loss)    0.61  (0.27)  (0.76)    (0.42)    0.36  (0.27)  0.21 
Dividends and distributions to                     
   Preferred Shareholders from:                     
       Net investment income    (0.02)  (0.15)  (0.21)    (0.28)    (0.25)  (0.16)  (0.06) 
       Net realized gain    (0.01)  (0.01)  (0.01)         (0.00)2    —  —  — 
Net increase (decrease) from investment operations    1.05  0.53  (0.29)    0.26    1.08  0.53  1.18 
Dividends and distributions to                     
   Common Shareholders from:                     
       Net investment income    (0.41)  (0.67)  (0.49)    (0.65)    (0.73)  (0.92)  (0.94) 
       Net realized gain    (0.10)  (0.02)  (0.01)    (0.01)    —  —  — 
Total dividends and distributions to                     
   Common Shareholders    (0.51)  (0.69)  (0.50)    (0.66)    (0.73)  (0.92)  (0.94) 
Capital charges with respect to the issuance                     
   of Preferred Shares         —  —               —         —    —  0.003  (0.03) 
Net asset value, end of period  $ 14.61  $ 14.07  $ 14.23  $ 15.02  $ 15.42  $ 15.07  $ 15.46 
Market price, end of period  $ 13.80  $ 12.82  $ 12.81  $ 13.70  $ 14.96  $ 14.65  $ 15.16 
     Total Investment Return4                     
Based on net asset value    7.75%5  4.94%  (1.67)%5    2.00%    7.50%  3.49%  7.99% 
Based on market price    11.70%5  6.22%  (2.95)%5    (4.10)%    7.28%  2.60%  12.23% 
     Ratios to Average Net Assets Applicable to Common Shares                   
Total expenses6    1.05%7  1.22%  1.24%7    1.37%    1.59%  1.52%  1.35% 
Total expenses after fees waived6    1.04%7  1.21%  1.24%7    1.37%    1.59%  1.52%  1.33% 
Total expenses after fees waived and                     
   excluding interest expense and fees6,8    1.03%7  1.11%  1.18%7    1.17%    1.15%  1.16%  1.06% 
Net investment income6    6.41%7  7.10%  6.18%7    6.30%    6.46%  6.21%  6.79% 
Dividends to Preferred Shareholders    0.25%7  1.12%  1.87%7    1.81%    1.63%  1.03%  0.42% 
Net investment income to Common Shareholders    6.16%7  5.98%  4.31%7    4.49%    4.83%  5.18%  6.37% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 128,582  $ 123,806  $ 125,233  $ 132,174  $ 135,767  $ 132,622  $ 135,370 
Preferred Shares outstanding at $25,000                     
   liquidation preference, end of period (000)  $ 64,475  $ 64,475  $ 65,700  $ 73,500  $ 73,500  $ 73,500  $ 73,500 
Portfolio turnover    5%  8%  13%    23%    11%  29%  16% 
Asset coverage per Preferred Share at $25,000                     
   liquidation preference, end of period  $ 74,859  $ 73,008  $ 72,6669  $ 69,9659 $  71,1859  $ 70,1109  $ 71,0509 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Amount is less than $0.01 per share.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
5 Aggregate total investment return.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.
8 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
9 Amounts have been recalculated to conform with current period presentation.

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Financial Highlights          BlackRock MuniYield Pennsylvania Insured Fund (MPA) 
    Six Months                 
    Ended    Period             
    January 31,  Year Ended November 1, 2007           
    2010  July 31,  to July 31,        Year Ended October 31,   
    (Unaudited)  2009  2008    2007    2006  2005  2004 
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 14.28  $ 14.30  $ 15.49  $ 15.89  $ 15.57  $ 16.04  $ 15.56 
Net investment income1    0.45  0.93  0.71    1.01    1.01  1.05  1.08 
Net realized and unrealized gain (loss)    0.62  (0.15)  (1.18)    (0.40)    0.36  (0.35)  0.48 
Dividends to Preferred Shareholders from                     
   net investment income    (0.02)  (0.14)  (0.22)    (0.32)    (0.27)  (0.19)  (0.08) 
Net increase (decrease) from investment operations    1.05  0.64  (0.69)    0.29    1.10  0.51  1.48 
Dividends to Common Shareholders from                     
   net investment income    (0.39)  (0.66)  (0.50)    (0.69)    (0.78)  (0.96)  (1.00) 
Capital charges with respect to the                     
   issuance of Preferred Shares         —  —               —    —           (0.00)2  (0.02)  — 
Net asset value, end of period  $ 14.94  $ 14.28  $ 14.30  $ 15.49  $ 15.89  $ 15.57  $ 16.04 
Market price, end of period  $ 13.35  $ 12.87  $ 12.43  $ 13.67  $ 14.60  $ 14.91  $ 15.61 
     Total Investment Return3                     
Based on net asset value    7.72%4  5.88%  (4.18)%4    2.19%    7.52%  3.16%  10.15% 
Based on market price    6.80%4  9.78%  (5.62)%4    (1.85)%    3.16%  1.51%  12.63% 
     Ratios to Average Net Assets Applicable to Common Shares                   
Total expenses5    1.13%6  1.27%  1.50%6    1.72%    1.70%  1.70%  1.33% 
Total expenses after fees waived5    1.13%6  1.25%  1.48%6    1.72%    1.69%  1.69%  1.32% 
Total expenses after fees waived and                     
   excluding interest expense and fees5,7    1.00%6  1.06%  1.13%6    1.13%    1.13%  1.13%  1.05% 
Net investment income5    6.06%6  6.82%  6.18%6    6.44%    6.49%  6.56%  6.89% 
Dividends to Preferred Shareholders    0.23%6  1.00%  1.93%6    2.02%    1.76%  1.17%  0.51% 
Net investment income to Common Shareholders    5.83%6  5.82%  4.25%6    4.42%    4.73%  5.39%  6.38% 
     Supplemental Data                     
Net assets applicable to Common Shareholders,                     
   end of period (000)  $ 171,481  $ 163,918  $ 164,119  $ 177,807  $ 182,402  $ 178,771  $ 183,877 
Preferred Shares outstanding at $25,000                     
   liquidation preference, end of period (000)  $ 66,350  $ 66,350  $ 77,400  $ 102,000  $ 102,000  $ 102,000  $ 88,000 
Portfolio turnover    3%  18%  24%    35%    25%  42%  41% 
Asset coverage per Preferred Share at $25,000                     
   liquidation preference, end of period  $ 89,614  $ 86,765  $ 78,0188  $ 68,5858 $  69,7178  $ 68,8278  $ 77,2418 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude effects of sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
8 Amounts have been recalculated to conform with current period presentation.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

43

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock MuniHoldings California Insured Fund, Inc. (“MUC”), BlackRock
MuniHoldings New Jersey Insured Fund, Inc. (“MUJ”), BlackRock MuniYield
Insured Investment Fund (“MFT”), BlackRock MuniYield Michigan Insured
Fund, Inc. (“MIY”), BlackRock MuniYield New Jersey Insured Fund, Inc.
(“MJI”) and BlackRock MuniYield Pennsylvania Insured Fund (“MPA”)
(collectively, the “Funds” or individually, as the “Fund”), are registered under
the Investment Company Act of 1940, as amended (the “1940 Act”), as
non-diversified, closed-end management investment companies. MUC, MUJ,
MIY and MJI are organized as Maryland corporations. MFT and MPA are
organized as Massachusetts business trusts. The Funds’ financial state-
ments are prepared in conformity with accounting principles generally
accepted in the United States of America, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates. The Boards of Directors and the Boards of Trustees of the Funds
are referred to throughout this report as the “Board of Directors” or the
“Board.” The Funds determine and make available for publication the net
asset value of their Common Shares on a daily basis.

The following is a summary of significant accounting policies followed
by the Funds:

Valuation: The Funds’ policy is to fair value their financial instruments at
market value. Municipal investments (including commitments to purchase
such investments on a “when-issued” basis) are valued on the basis of
prices provided by dealers or pricing services selected under the super-
vision of each Fund’s Board. In determining the value of a particular
investment, pricing services may use certain information with respect
to transactions in such investments, quotations from dealers, pricing
matrixes, market transactions in comparable investments and information
with respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-
term securities with remaining maturities of 60 days or less may be valued
at amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will
be valued by a method approved by each Fund’s Board as reflecting fair
value. When determining the price for such investments, the investment
advisor and/or the sub-advisor seeks to determine the price that each
Fund might reasonably expect to receive from the current sale of that asset
in an arm’s-length transaction. Fair value determinations shall be based
upon all available factors that the investment advisor and/or sub-advisor
deems relevant.

Forward Commitments and When-Issued Delayed Delivery Securities:
Each Fund may purchase securities on a when-issued basis and may pur-
chase or sell securities on a forward commitment basis. Settlement of such
transactions normally occurs within a month or more after the purchase or
sale commitment is made. The Funds may purchase securities under such

conditions with the intention of actually acquiring them, but may enter into
a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement,
the Funds may be required to pay more at settlement than the security is
worth. In addition, the purchaser is not entitled to any of the interest
earned prior to settlement. When purchasing a security on a delayed de-
livery basis, the Funds assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Funds’ maximum amount of loss is the
unrealized gain of the commitment, which is shown on the Schedules of
Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Fund has con-
tributed bonds. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
a Fund include the right of the Fund (1) to cause the holders of a propor-
tional share of the floating rate certificates to tender their certificates at
par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Funds. The TOB may also be termi-
nated without the consent of the Fund upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to the Fund, which typically
invests the cash in additional municipal bonds. Each Fund’s transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Funds’
Schedules of Investments and the proceeds from the issuance of the short-
term floating rate certificates are shown as trust certificates in the
Statements of Assets and Liabilities.

Interest income from the underlying security is recorded by the Funds on
an accrual basis. Interest expense incurred on the secured borrowing and
other expenses related to remarketing, administration and trustee services
to a TOB are reported as expenses of the Funds. The floating rate certifi-
cates have interest rates that generally reset weekly and their holders have
the option to tender certificates to the TOB for redemption at par at each
reset date. At January 31, 2010, the aggregate value of the underlying
municipal bonds transferred to TOBs, the related liability for trust

44 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Notes to Financial Statements (continued)

certificates and the range of interest rates on the liability for trust certifi-
cates were as follows:

  Underlying  Liability   
  Municipal Bonds  for Trust  Range of 
  Transferred to TOBs  Certificates  Interest Rates 
MUC  $189,876,607  $105,199,537  0.19% – 0.34% 
MUJ  $ 22,747,839  $ 13,262,930  0.19% – 0.32% 
MFT  $ 33,764,848  $ 17,116,391  0.21% – 0.53% 
MIY  $ 31,843,382  $ 16,190,000  0.21% – 0.36% 
MJI  $ 8,133,370  $ 4,684,369  0.19% – 0.27% 
MPA  $ 57,507,208  $ 28,195,057  0.21% – 0.65% 

For the six months ended January 31, 2010, the Funds’ average trust cer-
tificates outstanding and the daily weighted average interest rate, including
fees, were as follows:

  Average Trust  Daily Weighted 
  Certificates  Average 
  Outstanding  Interest Rate 
MUC  $105,202,663  0.66% 
MUJ  $ 13,262,930  0.69% 
MFT  $ 15,977,649  0.73% 
MIY  $ 16,190,000  0.66% 
MJI  $ 4,684,369  0.31% 
MPA  $ 27,518,124  0.82% 

Should short-term interest rates rise, the Funds’ investments in TOBs may
adversely affect the Funds’ investment income and distributions to
Common Shareholders. Also, fluctuations in the market value of municipal
bonds deposited into the TOB may adversely affect the Funds’ net asset
value per share.

Zero-Coupon Bonds: Each Fund may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do not
provide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that the Funds either deliver collateral or segregate assets in con-
nection with certain investments (e.g., financial futures contracts), each
Fund will, consistent with SEC rules and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on its books and
records cash or other liquid securities having a market value at least
equal to the amount that would otherwise be required to be physically
segregated. Furthermore, based on requirements and agreements with
certain exchanges and third party broker-dealers, each party has require-
ments to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Interest income is
recognized on the accrual basis. Each Fund amortizes all premiums and
discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 6.

Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.

Each Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statutes of limita-
tions on the Funds’ US federal tax returns remain open for the period
ended July 31, 2009 and the four years ended June 30, 2009 for MUC,
the four years ended July 31, 2009 for MUJ and the periods ended July
31, 2009 and 2008 and October 31, 2007 and 2006 for MFT, MIY,
MJI and MPA. The statutes of limitations on the Funds’ state and local
tax returns may remain open for an additional year depending upon
the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board (“FASB”) for transfers
of financial assets. This guidance is intended to improve the relevance, rep-
resentational faithfulness and comparability of the information that a
reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement, if
any, in transferred financial assets. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
November 15, 2009. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance. The
impact of this guidance on the Funds’ financial statements and disclo-
sures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance to improve disclo-
sure about fair value measurements which will require additional disclosure
about transfers into and out of Levels 1 and 2 and separate disclosures
about purchases, sales, issuances and settlements in the reconciliation for
fair value measurements using significant unobservable inputs (Level 3). It
also clarifies existing disclosure requirements relating to the levels of disag-
gregation for fair value measurement and inputs and valuation techniques
used to measure fair value. The amended guidance is effective for financial
statements for fiscal years and interim periods beginning after December
15, 2009 except for disclosures about purchases, sales, issuances and
settlements in the rollforward of activity in Level 3 fair value measurements,
which are effective for fiscal years beginning after December 15, 2010 and
for interim periods within those fiscal years. The impact of this guidance
on the Funds’ financial statements and disclosures is currently
being assessed.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

45

Notes to Financial Statements (continued)

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by each
Fund’s Board, non-interested Directors (“Independent Directors”) may defer
a portion of their annual complex-wide compensation. Deferred amounts
earn an approximate return as though equivalent dollar amounts had been
invested in common shares of other certain BlackRock Closed-End Funds
selected by the Independent Directors. This has approximately the same
economic effect for the Independent Directors as if the Independent
Directors had invested the deferred amounts directly in other certain
BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations there under
represent general unsecured claims against the general assets of each
Fund. Each Fund may, however, elect to invest in common shares of other
certain BlackRock Closed-End Funds selected by the Independent Directors
in order to match its deferred compensation obligations. Investments to
cover each Fund’s deferred compensation liability, if any, are included in
other assets in the Statements of Assets and Liabilities. Dividends and dis-
tributions from the BlackRock Closed-End Funds investments under the
plan are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a Fund are charged to that Fund. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods. Each
Fund has an arrangement with its custodian whereby fees may be reduced
by credits earned on uninvested cash balances, which if applicable are
shown as fees paid indirectly in the Statements of Operations. The cust-
odians impose fees on overdrawn cash balances, which can be offset by
accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

Each Fund may engage in various portfolio investment strategies both to
increase the return of the Funds and to economically hedge, or protect,
exposure to certain risks such as interest rate risk. Losses may arise if the
value of the contract decreases due to an unfavorable change in the price
of the underlying instrument or if the counterparty does not perform under
the contract. To the extent amounts due to the Fund from its counterparties
are not fully collateralized contractually or otherwise, the Fund bears the
risk of loss from counterparty non-performance. See Note 1 “Segregation
and Collateralization” for information with respect to collateral practices.
Counterparty risk related to exchange-traded financial futures contracts is
minimal because of the protection against default provided by the
exchanges on which they trade.

Financial Futures Contracts: The Funds may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in interest rates (interest
rate risk). Financial futures contracts are contracts for delayed delivery of
securities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Funds agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as margin variation and are recognized by
the Funds as unrealized gains or losses. When the contract is closed, the
Funds record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time
it was closed. The use of financial futures transactions involves the risk of

an imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

The Effect of Derivative Instruments on the Statement of Operations

Six Months Ended January 31, 20101

         Net Realized Gain from   
  MUC  MUJ     MFT  MIY  MJI  MPA 
Interest rate             
contracts:             
   Financial             
   futures             
   contracts  $122,664  $224,417  $ 7,965  $188,172  $ 92,553  $102,006 

1 As of January 31, 2010, there were no financial futures contracts outstanding.
During the six months ended January 31, 2010, the Funds had limited activity in
these transactions.

3. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate for 1940 Act purposes, but BAC and
Barclays are not.

Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.

The Manager is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such services,
each Fund pays the Manager a monthly fee of the Fund’s average daily net
assets at the following annual rates:

MUC  0.55% 
MUJ  0.55% 
MFT  0.50% 
MIY  0.50% 
MJI  0.50% 
MPA  0.50% 

Average daily net assets is the average daily value of each fund’s total
assets minus the sum of its accrued liabilities.

The Manager has voluntarily agreed to waive its advisory fees by the
amount of investment advisory fees each Fund pays to the Manager indi-
rectly through its investment in affiliated money market funds, however the
Manager does not waive its advisory fees by the amount of investment
advisory fees through its investment in other affiliated investment compa-
nies. These amounts are included in fees waived by advisor in the
Statements of Operations. For the six months ended January 31, 2010 the
amounts waived were as follows:

  Fees Waived 
  by Manager 
MUC  $18,107 
MUJ  $ 6,451 
MFT  $ 3,877 
MIY  $ 8,885 
MJI  $ 3,460 
MPA  $ 1,180 

46 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Notes to Financial Statements (continued)

In addition, the Manager has agreed to waive its advisory fee on the pro-
ceeds of Preferred Shares and TOBs that exceed 35% of MUC and MUJ’s
average daily net assets. These amounts are included in fees waived by
advisor in the Statement of Operations. For the six months ended January
31, 2010, the amounts waived were as follows:

  Fees Waived 
  by Manager 
MUC  $291,423 
MUJ  $ 62,014 

The Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Manager, under which the Manager pays BIM for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid by the
Fund to the Manager.

For the six months ended January 31, 2010, the Funds reimbursed the
Manager for certain accounting services, which are included in accounting
services in the Statements of Operations.

  Reimbursement 
MUC  $ 9,293 
MUJ  $ 4,983 
MFT  $ 1,749 
MIY  $ 4,003 
MJI  $ 1,941 
MPA  $ 2,580 

Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock or its affiliates. The Funds reimburse the Manager for com-
pensation paid to the Funds’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the
six months ended January 31, 2010 were as follows:

  Purchases  Sales 
MUC  $143,122,737  $121,701,318 
MUJ  $ 28,704,648  $ 27,102,308 
MFT  $ 49,805,933  $ 37,445,896 
MIY  $ 52,069,825  $ 49,414,851 
MJI  $ 9,679,659  $ 12,562,053 
MPA  $ 20,194,216  $ 6,433,749 

5. Concentration, Market and Credit Risk:

MUC, MUJ, MIY, MJI, and MPA invest a substantial amount of their assets in
issuers located in a single state or limited number of states. Please see the
Schedules of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce the
potential for loss due to credit risk. The market value of these bonds may
fluctuate for other reasons, including market perception of the value of
such insurance, and there is no guarantee that the insurer will meet
its obligation.

In the normal course of business, the Funds invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Funds may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Funds may be exposed to counterparty risk, or the
risk that an entity with which the Funds have unsettled or open transac-
tions may default. Financial assets, which potentially expose the Funds to
credit and counterparty risks, consist principally of investments and cash
due from counterparties. The extent of the Funds’ exposure to credit and
counterparty risks with respect to these financial assets is generally
approximated by their value recorded in the Funds’ Statements of Assets
and Liabilities, less any collateral held by the Fund.

6. Capital Share Transactions:

MFT and MPA are authorized to issue an unlimited number of Common
Shares of beneficial interest, par value $0.10 per share together with 1
million Preferred Shares of beneficial interest, par value $ 0.05 per share.
Each Fund’s Board is authorized, however, to reclassify any unissued shares
of Common Shares without approval of Common Shareholders.

MUC, MUJ, MIY, and MJI are authorized to issue 200 million shares, includ-
ing Preferred Shares, par value $0.10 per share or $0.05 per share, all of
which were initially classified as Common Shares. Each Fund’s Board is
authorized, however, to reclassify any unissued shares of Common Shares
without approval of Common Shareholders.

Common Shares

Shares issued and outstanding remained constant during the six months
ended January 31, 2010 and the year ended July 31, 2009.

Preferred Shares

The Preferred Shares are redeemable at the option of each Fund, in whole
or in part, on any dividend payment date at their liquidation preference per
share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition
of the assets and liabilities of a Fund, as set forth in each Fund’s Articles
Supplementary/Certificates of Designation (the “Governing Instrument”)
are not satisfied.

From time to time in the future, each Fund that has issued Preferred
Shares may effect repurchases of such shares at prices below their liqui-
dation preference as agreed upon by the Fund and seller. Each Fund also
may redeem such shares from time to time as provided in the applicable
Governing Instrument. Each Fund intends to effect such redemptions
and/or repurchases to the extent necessary to maintain applicable
asset coverage requirements or for such other reasons as the Board
may determine.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

47

Notes to Financial Statements (continued)

The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with the hold-
ers of Common Shares (one vote per share) as a single class. However, the
holders of Preferred Shares, voting as a separate class, are also entitled to
elect two Directors for each Fund. In addition, the 1940 Act requires that
along with approval by shareholders that might otherwise be required, the
approval of the holders of a majority of any outstanding Preferred Shares,
voting separately as a class would be required to (a) adopt any plan of
reorganization that would adversely affect the Preferred Shares, (b) change
a Fund’s sub-classification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as to
cease to be an investment company.

The Funds had the following series of Preferred Shares outstanding,
effective yields and reset frequency at January 31, 2010:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares  Yield  Days 
MUC     A  1,2511  0.34%  7 
     B  2,5271  0.34%  7 
     C  2,0841  0.32%  7 
     D  1,9281  0.34%  7 
     E  2,3701  0.35%  7 
MUJ     A  1,1571  0.34%  7 
     B  1,1571  0.32%  7 
     C  2,0421  0.35%  7 
     D  1,5991  0.34%  7 
     E  9531  0.34%  7 
MFT     A  1,8441  0.34%  7 
     B  3772  1.41%  7 
MIY     A  1,7531  0.35%  7 
     B  1,7531  0.34%  7 
     C  1,4031  0.34%  7 
     D  8772  1.41%  7 
MJI     A  1,9651  0.34%  7 
     B  6142  1.39%  7 
MPA     A  1,0411  0.34%  7 
     B  1,2491  0.35%  7 
     C  3642  1.39%  7 

1 The maximum applicable rate on this series of Preferred Shares is the higher of
110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day
High Grade Index rate divided by 1.00 minus the marginal tax rate.
2 The maximum applicable rate on this series of Preferred Shares is the higher of
100% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of the Kenny S&P 30-day
High Grade Index rate divided by 1.00 minus the marginal tax rate.

Dividends on seven-day and 28-day Preferred Shares are cumulative at a
rate which is reset every seven or 28 days based on the results of an auc-
tion. If the Preferred Shares fail to clear the auction on an auction date, the
affected Fund is required to pay the maximum applicable rate on the
Preferred Shares to holders of such shares for successive dividend periods
until such time as the shares are successfully auctioned. The maximum
applicable rate on the Preferred Shares is as footnoted applicable on the
above chart. The low, high and average dividend rates on the Preferred
Shares for each Fund for the six months ended January 31, 2010
were as follows:

  Series  Low  High  Average 
MUC     A  0.24%  0.58%  0.43% 
     B  0.24%  0.56%  0.42% 
     C  0.24%  0.56%  0.42% 
     D  0.26%  0.55%  0.43% 
     E  0.26%  0.55%  0.44% 
MUJ     A  0.24%  0.60%  0.43% 
     B  0.24%  0.56%  0.42% 
     C  0.26%  0.55%  0.44% 
     D  0.26%  0.55%  0.43% 
     E  0.24%  0.58%  0.41% 
MFT     A  1.34%  1.59%  1.49% 
     B  0.24%  0.58%  0.43% 
MIY     A  0.26%  0.55%  0.44% 
     B  0.24%  0.56%  0.42% 
     C  0.26%  0.55%  0.43% 
     D  1.32%  1.63%  1.49% 
MJI     A  0.24%  0.56%  0.42% 
     B  1.32%  1.61%  1.48% 
MPA     A  0.24%  0.58%  0.43% 
     B  0.26%  0.55%  0.44% 
     C  1.32%  1.61%  1.48% 

Since February 13, 2008, the Preferred Shares of each Fund failed to clear
any of their auctions. As a result, the Preferred Shares dividend rates were
reset to the maximum applicable rate, which ranged from 0.24% to 1.63%
for the six months ended January 31, 2010. A failed auction is not an
event of default for the Funds, but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers of
a fund’s auction rate preferred shares than buyers. A successful auction for
each Funds’ Preferred Shares may not occur for some time, if ever, and
even if liquidity does resume, Preferred Shareholders may not have the
ability to sell the Preferred Shares at their liquidation preference.

The Funds may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the declara-
tion, distribution or purchase, asset coverage with respect to the outstand-
ing Preferred Shares is less than 200%.

The Funds pay commissions of 0.25% on the aggregate principal amount
of all shares that successfully clear their auctions and 0.15% on the aggre-
gate principal amount of all shares that fail to clear their auctions. Certain
broker dealers have individually agreed to reduce commissions for
failed auctions.

During the year ended July 31, 2009, certain Funds announced the follow-
ing redemptions of Preferred Shares at a price of $25,000 per share plus
any accrued and unpaid dividends through the redemption date:

48 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Notes to Financial Statements (continued) 
    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
MUC     A  7/07/09  164  $4,100,000 
     B  7/06/09  332  $8,300,000 
     C  7/06/09  274  $6,850,000 
     D  7/09/09  253  $6,325,000 
     E  7/08/09  312  $7,800,000 
MUJ     A  7/07/09  27  $ 675,000 
     B  7/06/09  27  $ 675,000 
     C  7/08/09  47  $1,175,000 
     D  7/09/09  37  $ 925,000 
     E  7/06/09  22  $ 550,000 
MFT     A  7/14/09  191  $4,775,000 
     B  7/09/09  38  $ 950,000 
MJI     A  7/06/09  37  $ 925,000 
     B  7/06/09  12  $ 300,000 
MPA     A  7/14/09  173  $4,325,000 
     B  7/08/09  208  $5,200,000 
     C  7/06/09  61  $1,525,000 

The Funds financed the Preferred Share redemptions with cash received
from TOB transactions.

Preferred Shares issued and outstanding remained constant for the six
months ended January 31, 2010 for all Funds.

7. Capital Loss Carryforwards:

As of July 31, 2009, the Funds had capital carry loss carryforwards avail-
able to offset future realized capital gains through the indicated expiration
dates:

Expires July 31,  MUC     MUJ  MFT  MIY  MPA 
2010  —    —       —              $1,124,652  — 
2011  $ 3,107,367    $ 235,894  —  —  — 
2012  —           —           $2,081,725  3,953,220  — 
2016  2,097,897    —  659,619  1,689,814  — 
2017  8,756,104    34,511  993,919       2,031,132     $2,948,179 
Total  $13,961,368 $    270,405      $3,735,263       $8,798,818     $2,948,179

8. Restatement Information:

Subsequent to the initial issuance of the October 31, 2006 financial state-
ments for MIY and July 31, 2006 financial statements for MUJ, the Funds
determined that the criteria for sale accounting in FAS 140 had not been
met for certain transfers of municipal bonds related to investments in TOB
Residuals, and that these transfers should have been accounted for as
secured borrowings rather than as sales. As a result, certain financial high-
lights for each of the two years in the period ended October 31, 2005 (for
MIY) and for the year ended July 31, 2005 (for MUJ) have been restated to
give effect to recording the transfers of the municipal bonds as secured
borrowings, including recording interest on the bonds as interest income
and interest on the secured borrowings as interest expense.

Financial Highlights for MUJ         
Year Ended July 31, 2005         
      2005   
      Previously   
      Reported  Restated 
Total expenses1      1.20%  1.31% 
Total expenses after fees waived1    1.14%  1.25% 
Portfolio turnover      29.61%  29% 
   1 Do not reflect the effect of dividends to Preferred Shareholders.   
Financial Highlights for MIY         
Years Ended October 31, 2005 and 2004       
  2005    2004   
  Previously    Previously   
  Reported  Restated  Reported  Restated 
Total expenses2  1.10%  1.42%  1.02%  1.22% 
Total expenses         
   after fees waived2  1.10%  1.42%  1.00%  1.19% 
Portfolio turnover  30.16%  25%  36.63%  32% 
   2 Do not reflect the effect of dividends to Preferred Shareholders.   

SEMI-ANNUAL REPORT

JANUARY 31, 2010

49

Notes to Financial Statements (concluded)

9. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the
Funds’ financial statements was completed through the date the financial
statements were issued and the following items were noted:

Each Fund paid a net investment income dividend on March 1, 2010 to
Common Shareholders of record on February 12, 2010 as follows:

  Common Dividend Per Share 
MUC  $0.0630 
MUJ  $0.0690 
MFT  $0.0660 
MIY  $0.0750 
MJI  $0.0695 
MPA  $0.0655 

The dividends declared on Preferred Shares for the period February 1,
2010 to February 28, 2010 were as follows:

    Dividends 
  Series  Declared 
MUC       A  $ 1,882 
       B  $ 4,434 
       C  $ 5,027 
       D  $ 1,690 
       E  $ 2,841 
MUJ       A  $ 1,740 
       B  $ 2,791 
       C  $ 2,448 
       D  $ 1,402 
       E  $ 1,672 
MFT       A  $ 2,834 
       B  $ 1,437 
MIY       A  $ 2,101 
       B  $ 3,076 
       C  $ 1,230 
       D  $ 5,161 
MJI       A  $ 5,971 
       B  $ 3,448 
MPA       A  $ 1,566 
       B  $ 1,497 
       C  $ 3,540 

The Funds' distribution rates declared on March 1, 2010 were as follows:

  Per Common Share Amount 
MUC  $0.0705 
MUJ  $0.0730 
MFT  $0.0710 
MJI  $0.0720 
MPA  $0.0705 

50 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Officers and Directors

Richard E. Cavanagh, Chairman of the Board and Director
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee
and Director
G. Nicholas Beckwith, III, Director
Richard S. Davis, Fund President1 and Director
Frank J. Fabozzi, Director and Member of the Audit Committee
Kathleen F. Feldstein, Director
James T. Flynn, Director and Member of the Audit Committee
Henry Gabbay, Director
Jerrold B. Harris, Director

R. Glenn Hubbard, Director
W. Carl Kester, Director and Member of the Audit Committee

Anne Ackerley, Fund President2 and Chief Executive Officer
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
Howard Surloff, Secretary

1 Fund President for MFT and MPA
2 Fund President for MUC, MUJ, MIY and MJI

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodians
State Street Bank and Trust Company3
Boston, MA 02111

The Bank of New York Mellon4
New York, NY 10286

Transfer Agent
Common Shares
Computershare Trust Company, N.A.3
Providence, RI 02940

BNY Mellon Shareowner Services4
Jersey City, NJ 07310

Auction Agent
Preferred Shares
BNY Mellon Shareowner Services
Jersey City, NJ 07310

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

3 For MPA
4 For MUC, MUJ, MFT, MIY and MJI

Effective January 1, 2010, Kent Dixon, a Director of the Funds, retired. The Funds’
Board wishes Mr. Dixon well in his retirement.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

51

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director or trustee nominees of
each Fund:

  G. Nicholas Beckwith, III  Richard E. Cavanagh  Richard S. Davis 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MUC  35,091,283  2,134,321  35,098,540  2,127,064  35,038,195  2,187,409 
MUJ  19,460,450  697,096  19,569,213  588,333  19,528,582  628,964 
MFT  7,174,448  721,287  7,183,794  711,941  7,183,794  711,941 
MIY  16,092,041  935,194  16,092,441  934,794  16,101,010  926,225 
MJI  7,882,407  267,499  7,836,117  313,789  7,897,881  252,025 
MPA  10,499,871  673,433  10,552,397  620,907  10,551,171  622,133 
  Kent Dixon           Frank J. Fabozzi1  Kathleen F. Feldstein 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MUC  35,087,178  2,138,426  5,283  115  35,090,079  2,135,525 
MUJ  19,557,627  599,919  2,828  17  19,421,552  735,994 
MFT  7,183,794  711,941  2,154  —  7,174,448  721,287 
MIY  16,102,926  924,309  4,062  10  16,095,878  931,357 
MJI  7,836,117  313,789  1,922  67  7,823,143  326,763 
MPA  10,537,907  635,397  2,590  —  10,577,036  596,268 
  James T. Flynn             Henry Gabbay  Jerrold B. Harris 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MUC  35,014,112  2,211,492  35,019,745  2,205,859  35,058,189  2,167,415 
MUJ  19,558,987  598,559  19,543,342  614,204  19,573,795  583,751 
MFT  7,183,794  711,941  7,183,794  711,941  7,183,794  711,941 
MIY  16,104,296  922,939  16,106,023  921,212  16,108,729  918,506 
MJI  7,896,881  253,025  7,897,881  252,025  7,898,248  251,658 
MPA  10,540,784  632,520  10,548,154  625,150  10,542,039  631,265 
  R. Glenn Hubbard             W. Carl Kester1  Karen P. Robards 
    Votes    Votes    Votes 
  Votes For  Withheld  Votes For  Withheld  Votes For  Withheld 
MUC  35,016,971  2,208,633  5,283  115  34,897,130  2,328,474 
MUJ  19,539,024  618,522  2,828  17  19,477,252  680,294 
MFT  7,165,225  730,510  2,154  —  7,174,448  721,287 
MIY  16,103,638  923,597  4,062  10  16,113,517  913,718 
MJI  7,807,706  342,200  1,922  67  7,822,522  327,384 
MPA  10,546,133  627,171  2,590  —  10,584,999  588,305 
     1Voted on by holders of Preferred Shares only             

52 SEMI-ANNUAL REPORT

JANUARY 31, 2010

Additional Information (continued)

Dividend Policy

The Funds’ dividend policy is to distribute all or a portion of their net
investment income to its shareholders on a monthly basis. In order to pro-
vide shareholders with a more stable level of dividend distributions, the
Trusts may at times pay out less than the entire amount of net investment
income earned in any particular month and may at times in any particular
month pay out such accumulated but undistributed income in addition to

net investment income earned in that month. As a result, the dividends
paid by the Trusts for any particular month may be more or less than the
amount of net investment income earned by the Funds during such month.
The Funds’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.

General Information

Electronic Delivery

Electronic copies of most financial reports are available on the Funds’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Funds’ electronic
delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder
documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please
call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Fund files its complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Funds’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling (202) 551-8090. Each Fund’s Forms N-
Q may also be obtained upon request and without charge by calling (800)
441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762; (2) at
www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities
held in the Funds’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.

SEMI-ANNUAL REPORT

JANUARY 31, 2010

53

Additional Information (concluded)

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not provided for tax reporting purposes. The actual amounts and sources for tax
reporting purposes wll depend upon each Fund’s investment results during the year and may be subject to changes based on tax regulations. Each Fund will
provide a Form 1099-DIV for the calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

January 31, 2010                 
    Total Cumulative Distributions    % Breakdown of the Total Cumulative 
    for the Fiscal Year      Distributions for the Fiscal Year   
  Net  Net Realized    Total Per  Net  Net Realized    Total Per 
  Investment  Capital  Return of  Common  Investment  Capital  Return of  Common 
  Income  Gains  Capital  Share  Income  Gains  Capital  Share 
MUJ  $0.410500  $0.014156  —  $0.424656  97%  3%  0%  100% 
MJI  $0.413809  $0.100331  —  $0.514140  80%  20%  0%  100% 

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

54 SEMI-ANNUAL REPORT

JANUARY 31, 2010


This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation
of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are
as dated and are subject to change.


Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to
this semi-annual report

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

11(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock MuniYield Insured Investment Fund

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield Insured Investment Fund

Date: March 19, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Insured Investment Fund

Date: March 19, 2010

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Insured Investment Fund

Date: March 19, 2010