UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act file number 811-07080 Name of Fund: BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniYield Michigan Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrants telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 10/31/2008 Date of reporting period: 11/01/2007 04/30/2008 Item 1 Report to Stockholders |
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS Semi-Annual Report APRIL 30, 2008 | (UNAUDITED) |
BlackRock MuniYield Florida Insured 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 | ||
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Page | ||
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A Letter to Shareholders | 3 | |
Semi-Annual Report: | ||
Fund Summaries | 4 | |
The Benefits and Risks of Leveraging | 8 | |
Swap Agreements | 8 | |
Financial Statements: | ||
Schedules of Investments | 9 | |
Statements of Assets and Liabilities | 22 | |
Statements of Operations | 23 | |
Statements of Changes in Net Assets | 24 | |
Financial Highlights | 26 | |
Notes to Financial Statements | 30 | |
Officers and Trustees or Directors | 36 | |
Additional Information | 37 |
2 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
A Letter to Shareholders |
Dear Shareholder
Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling
and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export
activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the Fed) intervened with a series of moves to bolster liquidity and
ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis
points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Feds other policy
decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping
the unprecedented rescue of Bear Stearns.
The Feds response to the financial crisis helped to improve credit conditions and investor mood. After hitting a low point
on March 17 (coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the
S&P 500 Index of U.S. stocks posted positive monthly performance for the first time since October 2007. International
markets, which outpaced those of the U.S. for much of 2007, saw a reversal in that trend, as effects of the credit crisis and
downward pressures on growth were far-reaching.
In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad flight-
toquality theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level
in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April,
however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.
Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the
municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more
recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.
Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:
Total Returns as of April 30, 2008 | 6-month | 12-month | ||||||
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U.S. equities (S&P 500 Index) | 9.64% | 4.68% | ||||||
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Small cap U.S. equities (Russell 2000 Index) | 12.92 | 10.96 | ||||||
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International equities (MSCI Europe, Australasia, Far East Index) | 9.21 | 1.78 | ||||||
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Fixed income (Lehman Brothers U.S. Aggregate Index) | + 4.08 | + 6.87 | ||||||
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Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) | + 1.47 | + 2.79 | ||||||
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High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) | 0.73 | 0.80 | ||||||
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. As you navigate todays volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. |
THIS PAGE NOT PART OF YOUR FUND REPORT
Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield Florida Insured Fund
Investment Objective BlackRock MuniYield Florida Insured Fund (MFT) seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management 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 issuers, is exempt from federal income taxes and which enables shares of the Fund to be exempt from Florida intangible personal property taxes. Performance For the six months ended April 30, 2008, the Fund returned 0.79% based on market price, with dividends reinvested. The Funds return based on net asset value (NAV) was 1.26%, with dividends reinvested. For the same period, the closed-end Lip- per Florida Municipal Debt Funds category posted an average return of 1.18% on a NAV basis. Problems within the monoline insurance industry had a negative impact on the entire insured municipal market, detracting from Fund performance for the period. Exposure to uninsured hospital and single-family housing bonds also hindered results. Conversely, the Funds overweight in pre-refunded bonds benefited performance, as the yield curve steepened and shorter-maturity issues outperformed. Fund Information |
Symbol on New York Stock Exchange | MFT | |
Initital Offering Date | October 30, 1992 | |
Yield on Closing Market Price as of April 30, 2008 ($12.32)* | 5.21% | |
Tax Equivalent Yield** | 8.02% | |
Current Monthly Distribution per Common Share*** | $0.0535 | |
Current Annualized Distribution per Common Share*** | $0.642 | |
Leverage as of April 30, 2008**** | 42% | |
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* 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.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred
Shares (Preferred Stock) and Tender Option Bond Trusts (TOBs) that may be outstanding) minus the sum of accrued liabilities (other
than debt representing financial leverage).
The table below summarizes the changes in the Funds market price and net asset value per share:
4/30/08 | 10/31/07 | Change | High | Low | ||||||
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Market Price | $12.32 | $12.74 | (3.30%) | $13.08 | $11.74 | |||||
Net Asset Value | $13.84 | $14.38 | (3.76%) | $14.67 | $13.06 | |||||
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The following charts show the portfolio composition and credit quality allocations of the Funds long-term investments:
Portfolio Composition | ||||
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4/30/08 | 10/31/07 | |||
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Lease Revenue | 18% | 18% | ||
Transportation | 17 | 18 | ||
Water & Sewer | 14 | 13 | ||
Hospital | 14 | 13 | ||
City, County & State | 11 | 9 | ||
Education | 10 | 11 | ||
Housing | 6 | 6 | ||
Power | 5 | 5 | ||
Tax Revenue | 4 | 6 | ||
Industrial & Pollution Control | 1 | 1 | ||
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Credit Quality Allocations* | ||||
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Credit Rating | 4/30/08 | 10/31/07 | ||
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AAA/Aaa | 75% | 91% | ||
AA/Aa | 6 | 2 | ||
A/A | 15 | 5 | ||
BBB/Baa | 4 | 2 | ||
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* Using the higher of Standard & Poors or Moodys Investor
Service ratings.
4 SEMI-ANNUAL REPORT APRIL 30, 2008
Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield Michigan Insured Fund, Inc.
Investment Objective BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) seeks to provide shareholders with as high a level of current income exempt from federal 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 issuers, is exempt from federal income tax and Michigan income taxes. Performance For the six months ended April 30, 2008, the Fund returned +2.50% based on market price, with dividends reinvested. The Funds return based on NAV was +0.27%, with dividends reinvested. For the same period, the closed-end Lipper Michigan Municipal Debt Funds category posted an average return of 1.11% on a NAV basis. During the period, the Fund maintained an overweight position in uninsured issues, which underperformed amid continued widening in credit spreads. However, the incremental income generated by these holdings continued to enhance the Funds above-average dividend yield, which had an overall positive impact on performance for the period. Fund Information |
Symbol on New York Stock Exchange | MIY | |
Initital Offering Date | October 30, 1992 | |
Yield on Closing Market Price as of April 30, 2008 ($13.38)* | 5.29% | |
Tax Equivalent Yield** | 8.14% | |
Current Monthly Distribution per share of Common Stock*** | $0.059 | |
Current Annualized Distribution per share of Common Stock*** | $0.708 | |
Leverage as of April 30, 2008**** | 41% | |
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* 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.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Stock was decreased to $0.054.
The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in the future.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs
that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).
The table below summarizes the changes in the Funds market price and net asset value per share:
4/30/08 | 10/31/07 | Change | High | Low | ||||||
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Market Price | $13.38 | $13.40 | (0.15%) | $14.15 | $12.53 | |||||
Net Asset Value | $14.68 | $15.03 | (2.33%) | $15.45 | $13.99 | |||||
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The following charts show the portfolio composition and credit quality allocations of the Funds long-term investments: |
Portfolio Composition | ||||
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4/30/08 | 10/31/07 | |||
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City, County & State | 19% | 19% | ||
Industrial & Pollution Control | 14 | 13 | ||
Education | 14 | 10 | ||
Transportation | 13 | 12 | ||
Hospital | 12 | 22 | ||
Water & Sewer | 12 | 8 | ||
Lease Revenue | 8 | 4 | ||
Resource Recovery | 3 | 7 | ||
Housing | 2 | 2 | ||
Tax Revenue | 2 | 2 | ||
Power | 1 | 1 | ||
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Credit Quality Allocations* | ||||
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Credit Rating | 4/30/08 | 10/31/07 | ||
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AAA/Aaa | 68% | 86% | ||
AA/Aa | 15 | 3 | ||
A/A | 11 | 9 | ||
BBB/Baa | 5 | 2 | ||
Not Rated | 1 | | ||
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* Using the higher of Standard & Poors or Moodys Investor Service ratings. |
SEMI-ANNUAL REPORT APRIL 30, 2008 5
Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield New Jersey Insured Fund, Inc.
Investment Objective BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) seeks to provide shareholders with as high a level of current income exempt from federal 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 issuers, is exempt from federal income tax and New Jersey personal income taxes. Performance For the six months ended April 30, 2008, the Fund returned 0.76% based on market price, with dividends reinvested. The Funds return based on NAV was 0.61%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 1.91% on a NAV basis. The Funds relatively neutral duration position during a period of rising interest rates in the municipal market benefited performance versus the Lipper peer group. Additionally, the Funds overall high credit quality profile enhanced performance, as credit spreads remained wide during the period. Fund Information |
Symbol on New York Stock Exchange | MJI | |
Initital Offering Date | October 30, 1992 | |
Yield on Closing Market Price as of April 30, 2008 ($13.26)* | 4.89% | |
Tax Equivalent Yield** | 7.52% | |
Current Monthly Distribution per share of Common Stock*** | $0.054 | |
Current Annualized Distribution per share of Common Stock*** | $0.648 | |
Leverage as of April 30, 2008**** | 37% | |
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* 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.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Stock and TOBs
that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).
The table below summarizes the changes in the Funds market price and net asset value per share:
4/30/08 | 10/31/07 | Change | High | Low | ||||||
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Market Price | $13.26 | $13.70 | (3.21%) | $14.20 | $12.66 | |||||
Net Asset Value | $14.56 | $15.02 | (3.06%) | $15.47 | $13.64 | |||||
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The following charts show the portfolio composition and credit quality allocations of the Funds long-term investments: |
Portfolio Composition | ||||
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4/30/08 | 10/31/07 | |||
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City, County & State | 19% | 18% | ||
Education | 18 | 18 | ||
Transportation | 17 | 19 | ||
Hospital | 11 | 6 | ||
Lease Revenue | 10 | 10 | ||
Water & Sewer | 10 | 9 | ||
Industrial & Pollution Control | 8 | 8 | ||
Housing | 3 | 5 | ||
Tax Revenue | 2 | 5 | ||
Tobacco | 1 | 1 | ||
Power | 1 | 1 | ||
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Credit Quality Allocations* | ||||
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Credit Rating | 4/30/08 | 10/31/07 | ||
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AAA/Aaa | 74% | 87% | ||
AA/Aa | 6 | 2 | ||
A/A | 9 | 6 | ||
BBB/Baa | 8 | 4 | ||
BB/Baa | 1 | 1 | ||
Not Rated | 2 | | ||
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* Using the higher of Standard & Poors or Moodys Investors
Service ratings.
6 SEMI-ANNUAL REPORT APRIL 30, 2008
Fund Summary as of April 30, 2008 (Unaudited) BlackRock MuniYield Pennsylvania Insured Fund
Investment Objective BlackRock MuniYield Pennsylvania Insured Fund (MPA) 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 issuers, is exempt from federal and Pennsylvania income taxes. Performance For the six months ended April 30, 2008, the Fund returned +0.18% based on market price, with dividends reinvested. The Funds return based on NAV was 2.12%, with dividends reinvested. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 2.28% on a NAV basis. The comparative performance was hindered by the Funds relatively longer duration, as management anticipated lower yields amid economic weakness and did not anticipate the liquidity problems caused by the subprime mortgage crisis early in 2008. In contrast, a relatively higher yield and an overweight in higher-quality issues benefited Fund performance. Fund Information |
Symbol on New York Stock Exchange | MPA | |
Initital Offering Date | October 30, 1992 | |
Yield on Closing Market Price as of April 30, 2008 ($13.36)* | 5.03% | |
Tax Equivalent Yield** | 7.74% | |
Current Monthly Distribution per Common Share*** | $0.056 | |
Current Annualized Distribution per Common Share*** | $0.672 | |
Leverage as of April 30, 2008**** | 40% | |
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* 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.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Stock was decreased to $0.053.
The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate.
The new distribution rate is not constant and is subject to further change in the future.
**** As a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and TOBs
that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).
The table below summarizes the changes in the Funds market price and net asset value per share:
4/30/08 | 10/31/07 | Change | High | Low | ||||||
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Market Price | $13.36 | $13.67 | (2.27%) | $14.28 | $12.73 | |||||
Net Asset Value | $14.79 | $15.49 | (4.52%) | $15.96 | $13.93 | |||||
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The following charts show the portfolio composition and credit quality allocations of the Funds long-term investments:
Portfolio Composition | ||||
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4/30/08 | 10/31/07 | |||
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City, County & State | 30% | 24% | ||
Education | 16 | 20 | ||
Transportation | 14 | 14 | ||
Water & Sewer | 11 | 10 | ||
Lease Revenue | 10 | 6 | ||
Housing | 6 | 7 | ||
Power | 4 | 6 | ||
Hospital | 4 | 7 | ||
Industrial & Pollution Control | 3 | 5 | ||
Sales Tax | 2 | 1 | ||
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Credit Quality Allocations* | ||||
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Credit Rating | 4/30/08 | 10/31/07 | ||
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AAA/Aaa | 65% | 84% | ||
AA/Aa | 14 | 5 | ||
A/A | 15 | 3 | ||
BBB/Baa | 6 | 8 | ||
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* Using the higher of Standard & Poors or Moodys Investors
Service ratings.
SEMI-ANNUAL REPORT APRIL 30, 2008 7
The Benefits and Risks of Leveraging BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured Fund, Inc., and BlackRock MuniYield Pennsylvania Insured Fund (each a Fund and, collectively, the Funds) utilize leverage to seek to enhance the yield and NAV of their Common Shares or Common Stock. However, these objectives cannot be achieved in all interest rate environments. To leverage, the Funds issue Preferred Shares or Stock, which pay divi- dends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders or Common Stock Shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share net asset value of each Funds Common Shares or Stock. However, in order to benefit Common Shareholders or Common Stock shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders or Common Stock shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits. To illustrate these concepts, assume a funds Common Shares or Stock capitalization of $100 million and the issuance of Preferred Shares or Stock for an additional $50 million, creating a total value of $150 mil- lion available for investment in long-term municipal bonds. If prevailing short-term interest rates are approximately 3% and long-term interest rates are approximately 6%, the yield curve has a strongly positive slope. The fund pays dividends on the $50 million of Preferred Shares or Stock based on the lower short-term interest rates. At the same time, the funds total portfolio of $150 million earns the income based on long- term interest rates. In this case, the dividends paid to Preferred Shareholders or Preferred Stock shareholders are significantly lower than the income earned on the funds long-term investments, and therefore the Common Shareholders or Common Stock shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, nar- rowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares or Stock will be reduced or eliminated completely. At the same time, the market value of |
the funds Common Shares or Stock (that is, its price as listed on the New York Stock Exchange) may, as a result, decline. Furthermore, if long- term interest rates rise, the Common Shares or Stocks NAV will reflect the full decline in the price of the portfolios investments, since the value of the funds Preferred Shares or Stock does not fluctuate. In addition to the decline in NAV, the market value of the funds Common Shares or Stock may also decline. In addition, the Funds may from time to time leverage their assets through the use of tender option bond (TOB) programs. In a typical TOB program, the Fund transfers one or more municipal bonds to a TOB trust which issues short-term variable rate securities to third-party investors and a residual interest to the Fund. The cash received by the TOB trust from the issuance of the short-term securities (less transaction expenses) is paid to the Fund, which invests the cash in additional port- folio securities. The distribution rate on the short-term securities is reset periodically (typically every seven days) through a remarketing of the short-term securities. Any income earned on the bonds in the TOB trust, net of expenses incurred by the TOB trust, that is not paid to the holders of the short-term securities is paid to the Fund. In connection with man- aging the Funds assets, the Funds investment advisor may at any time retrieve the bonds out of the TOB trust typically within seven days. TOB investments generally will provide the Fund with economic benefits in periods of declining short-term interest rates, but expose the Fund to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares or Stock issued by the Fund, as described above. Additionally, fluctuations in the market value of municipal securities deposited into the TOB trust may adversely affect the Funds NAVs per share. (See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOB trusts.) Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares or Stock in an amount of up to 50% of their total managed assets at the time of issuance. Each Fund also antici- pates that its total economic leverage will not exceed 50% of its total managed assets. Economic leverage includes Preferred Shares or Stock and TOBs. As of April 30, 2008, BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured Fund, Inc. and BlackRock MuniYield Pennsylvania Insured Fund, had economic leverage of 42%, 41%, 37% and 40% of managed assets, respectively. |
Swap Agreements The Funds may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds, or index in return for periodic payments based on a fixed or variable inter- est rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a |
bond or market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Fund has entered into a swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligation to pay the other party to the agreement. |
8 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Florida Insured Fund
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
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Florida 142.2% | ||||
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Alachua County, Florida, School Board, COP, | ||||
5.25%, 7/01/29 (a) | $ 1,300 | $ 1,311,479 | ||
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Boynton Beach, Florida, Utility System Revenue | ||||
Refunding Bonds, 6.25%, 11/01/20 (b)(c) | 700 | 817,915 | ||
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Brevard County, Florida, Health Facilities Authority, | ||||
Healthcare Facilities Revenue Bonds (Health | ||||
First Inc. Project), 5%, 4/01/36 | 2,000 | 1,863,440 | ||
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Broward County, Florida, Educational Facilities | ||||
Authority Revenue Bonds (Nova Southeastern | ||||
University), 5%, 4/01/31 (d) | 1,720 | 1,748,036 | ||
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Broward County, Florida, HFA, S/F Mortgage | ||||
Revenue Refunding Bonds, AMT, Series E, | ||||
5.90%, 10/01/39 (e)(f) | 1,100 | 1,115,345 | ||
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Daytona Beach, Florida, Utility System Revenue | ||||
Refunding Bonds, Series B, 5%, 11/15/27 (c) | 1,000 | 1,016,420 | ||
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Deltona, Florida, Transportation Capital Improvement | ||||
Revenue Bonds, 5.125%, 10/01/26 (g) | 1,000 | 1,023,640 | ||
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Emerald Coast, Florida, Utilities Authority, System | ||||
Revenue Bonds, 5.25%, 1/01/36 (c) | 1,000 | 1,024,010 | ||
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Flagler County, Florida, Capital Improvement Revenue | ||||
Bonds, 5%, 10/01/35 (g) | 1,000 | 1,007,350 | ||
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Florida HFA, Housing Revenue Bonds (Brittany | ||||
Rosemont Apartments), AMT, Series C-1, | ||||
6.75%, 8/01/14 (a) | 975 | 976,238 | ||
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Florida Housing Finance Corporation, Homeowner | ||||
Mortgage Revenue Bonds, AMT: | ||||
Series 1, 6%, 7/01/39 | 500 | 506,275 | ||
Series 11, 5.95%, 1/01/32 (h) | 1,530 | 1,539,256 | ||
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Florida Housing Finance Corporation, Homeowner | ||||
Mortgage Revenue Refunding Bonds, AMT, Series 4, | ||||
6.25%, 7/01/22 (h) | 315 | 329,263 | ||
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Florida State Board of Education, Capital Outlay, GO, | ||||
Public Education, Series B, 5%, 6/01/31 (c) | 1,000 | 1,014,750 | ||
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Florida State Board of Education, Lottery Revenue | ||||
Bonds, Series A, 6%, 7/01/10 (c)(i) | 6,190 | 6,714,107 | ||
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Florida State Governmental Utility Authority, | ||||
Utility Revenue Bonds (Lehigh Utility System), | ||||
5.125%, 10/01/33 (a) | 1,000 | 1,010,320 | ||
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Florida State Turnpike Authority, Turnpike Revenue | ||||
Bonds (Department of Transportation), Series B, | ||||
5%, 7/01/30 | 1,860 | 1,874,508 | ||
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Par | ||||
Municipal Bonds | (000) | Value | ||
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Florida (continued) | ||||
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Highlands County, Florida, Health Facilities Authority, | ||||
Hospital Revenue Bonds (Adventist Health System), | ||||
Series C, 5.25%, 11/15/36 | $ 1,250 | $ 1,219,275 | ||
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| ||
Hillsborough County, Florida, Aviation | ||||
Authority Revenue Bonds, AMT, Series A, | ||||
5.50%, 10/01/38 (d) | 2,510 | 2,527,696 | ||
|
|
| ||
Hillsborough County, Florida, HFA, S/F | ||||
Mortgage Revenue Bonds, AMT, Series 1, | ||||
5.375%, 10/01/49 (e)(f) | 1,340 | 1,292,671 | ||
|
|
| ||
Hillsborough County, Florida, IDA, Hospital Revenue | ||||
Bonds (H. Lee Moffitt Cancer Center Project), | ||||
Series A, 5.25%, 7/01/37 | 1,750 | 1,676,868 | ||
|
|
| ||
Hillsborough County, Florida, IDA, PCR, Refunding | ||||
(Tampa Electric Company Project), Series B, | ||||
5.15%, 9/01/25 | 500 | 507,415 | ||
|
|
| ||
Hillsborough County, Florida, School Board, COP (g): | ||||
5.375%, 7/01/09 (i) | 6,000 | 6,200,160 | ||
5%, 7/01/29 | 1,000 | 1,008,080 | ||
|
|
| ||
Jacksonville Electric Authority, Florida, Saint Johns | ||||
River Power Park System Revenue Bonds, Issue | ||||
Three, Series 2, 5%, 10/01/37 | 1,300 | 1,318,486 | ||
|
|
| ||
Jacksonville, Florida, Economic Development | ||||
Commission, Health Care Facilities Revenue Bonds | ||||
(Mayo Clinic-Jacksonville) (g): | ||||
Series A, 5.50%, 11/15/36 | 1,000 | 1,035,690 | ||
Series B, 5.50%, 11/15/36 | 750 | 776,768 | ||
|
|
| ||
Jacksonville, Florida, Economic Development | ||||
Commission, IDR (Metropolitan Parking Solutions | ||||
Project), AMT, 5.50%, 10/01/30 (j) | 1,140 | 1,023,652 | ||
|
|
| ||
Jacksonville, Florida, Guaranteed Entitlement | ||||
Revenue Refunding and Improvement Bonds, | ||||
5.25%, 10/01/32 (c) | 1,455 | 1,476,679 | ||
|
|
| ||
Jacksonville, Florida, HFA, Homeowner Mortgage | ||||
Revenue Refunding Bonds, AMT, Series A-1, | ||||
5.625%, 10/01/39 (e)(f) | 1,000 | 994,890 | ||
|
|
| ||
Jacksonville, Florida, Health Facilities Authority, | ||||
Hospital Revenue Bonds (Baptist Medical Center | ||||
Project), 5%, 8/15/37 (h) | 2,875 | 2,887,506 | ||
|
|
| ||
Jacksonville, Florida, Port Authority Revenue Bonds, | ||||
AMT, 6% 11/01/38 (d) | 400 | 412,376 | ||
|
|
| ||
Jacksonville, Florida, Port Authority, Seaport Revenue | ||||
Bonds, AMT, 5.625%, 11/01/26 (g) | 1,225 | 1,235,070 | ||
|
|
| ||
Jacksonville, Florida, Sales Tax Revenue Bonds, | ||||
5%, 10/01/27 (g) | 1,310 | 1,339,881 | ||
|
|
|
Portfolio Abbreviations To simplify the listings of portfolio holdings in the Schedules of Investments, we have abbreviated the names and descriptions of many of the securities according to the list on the right. |
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
CABS | Capital Appreciation Bonds | IDR | Industrial Development Revenue Bonds | |||
COP | Certificates of Participation | M/F | Multi-Family | |||
DRIVERS | Derivative Inverse Tax-Exempt Receipts | PCR | Pollution Control Revenue Bonds | |||
EDA | Economic Development Authority | RIB | Residual Interest Bonds | |||
EDR | Economic Development Revenue Bonds | S/F | Single Family | |||
GO | General Obligation Bonds | SIFMA | Securities and Financial | |||
HDA | Housing Development Authority | Markets Association | ||||
HFA | Housing Finance Agency | VRDN | Variable Rate Demand Notes |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
9 |
Schedule of Investments (continued) BlackRock MuniYield Florida Insured Fund
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Florida (continued) | ||||
|
|
| ||
Lakeland, Florida, Electric and Water Revenue | ||||
Refunding Bonds, Series A, 5%, 10/01/28 (g) | $ 2,000 | $ 2,013,020 | ||
|
|
| ||
Lee County, Florida, Airport Revenue Bonds, AMT, | ||||
Series A, 6%, 10/01/29 (h) | 1,000 | 1,031,760 | ||
|
|
| ||
Lee County, Florida, Capital Revenue Bonds, | ||||
5.25%, 10/01/23 (a) | 2,285 | 2,372,607 | ||
|
|
| ||
Lee County, Florida, HFA, S/F Mortgage Revenue | ||||
Bonds (Multi-County Program), AMT, Series A-2, | ||||
6%, 9/01/40 (e)(f) | 1,800 | 1,869,498 | ||
|
|
| ||
Lee Memorial Health System, Florida, Hospital | ||||
Revenue Bonds, Series A, 5%, 4/01/32 (a) | 2,000 | 2,002,760 | ||
|
|
| ||
Leesburg, Florida, Capital Improvement Revenue | ||||
Bonds, 5.25%, 10/01/34 (c) | 1,000 | 1,011,350 | ||
|
|
| ||
Manatee County, Florida, HFA, Homeowner Revenue | ||||
Bonds, AMT, Series A, 5.90%, 9/01/40 (e)(f) | 1,000 | 997,710 | ||
|
|
| ||
Martin County, Florida, Utilities System Revenue | ||||
Bonds, 5.125%, 10/01/33 (a) | 1,000 | 1,004,650 | ||
|
|
| ||
Miami Beach, Florida, Water and Sewer Revenue | ||||
Bonds, 5.75%, 9/01/25 (a) | 2,000 | 2,093,600 | ||
|
|
| ||
Miami-Dade County, Florida, Aviation Revenue Bonds | ||||
(Miami International Airport), AMT, Series A, | ||||
6%, 10/01/24 (c) | 5,000 | 5,102,500 | ||
|
|
| ||
Miami-Dade County, Florida, Educational Facilities | ||||
Authority Revenue Bonds (University of Miami), | ||||
Series A, 5.75%, 4/01/10 (a)(i) | 2,000 | 2,144,400 | ||
|
|
| ||
Miami-Dade County, Florida, Expressway Authority, | ||||
Toll System Revenue Bonds, Series B (c): | ||||
5.25%, 7/01/27 | 1,000 | 1,012,530 | ||
5%, 7/01/33 | 3,875 | 3,836,405 | ||
|
|
| ||
Miami-Dade County, Florida, HFA, Home Ownership | ||||
Mortgage Revenue Bonds, AMT, Series A, | ||||
5.55%, 10/01/49 (e)(f) | 1,200 | 1,187,280 | ||
|
|
| ||
Miami-Dade County, Florida, IDA, IDR (BAC | ||||
Funding Corporation Project), Series A, | ||||
5.375%, 10/01/30 (a) | 1,655 | 1,689,126 | ||
|
|
| ||
Miami-Dade County, Florida, School Board, COP, | ||||
Series A, 5.50%, 10/01/09 (h)(i) | 2,000 | 2,090,560 | ||
|
|
| ||
Miami-Dade County, Florida, Solid Waste System | ||||
Revenue Bonds, 5.25%, 10/01/30 (g) | 1,865 | 1,893,535 | ||
|
|
| ||
Miami-Dade County, Florida, Special Obligation | ||||
Revenue Bonds, Sub-Series A (g)(k): | ||||
5.186%, 10/01/31 | 4,375 | 1,200,150 | ||
5.203%, 10/01/33 | 5,735 | 1,406,623 | ||
|
|
| ||
Orange County, Florida, Educational Facilities | ||||
Authority, Educational Facilities Revenue | ||||
Refunding Bonds (Rollins College Project), | ||||
5.50%, 12/01/32 (a) | 4,765 | 4,928,868 | ||
|
|
| ||
Orange County, Florida, Health Facilities Authority, | ||||
Hospital Revenue Bonds (Orlando Regional | ||||
Healthcare), 6%, 12/01/12 (i) | 1,835 | 2,061,641 | ||
|
|
| ||
Orange County, Florida, Sales Tax Revenue Refunding | ||||
Bonds, Series A, 5.125%, 1/01/23 (c) | 1,000 | 1,036,010 | ||
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Florida (continued) | ||||
|
|
| ||
Orange County, Florida, School Board, COP, Series A, | ||||
5.25%, 8/01/09 (g)(i) | $ 6,500 | $ 6,808,815 | ||
|
|
| ||
Orange County, Florida, Tourist Development, Tax | ||||
Revenue Refunding Bonds, 5%, 10/01/29 (a) | 2,190 | 2,202,045 | ||
|
|
| ||
Orlando and Orange County, Florida, Expressway | ||||
Authority Revenue Bonds, Series B (a): | ||||
5%, 7/01/30 | 4,000 | 4,021,440 | ||
5%, 7/01/35 | 6,815 | 6,839,125 | ||
|
|
| ||
Orlando, Florida, Senior Tourist Development Tax | ||||
Revenue Bonds (6th Cent Contract Payments), | ||||
Series A, 5.25%, 11/01/38 (d) | 2,000 | 2,066,480 | ||
|
|
| ||
Orlando-Orange County Expressway Authority, Florida, | ||||
Expressway Revenue Bonds, VRDN, Sub-Series D, | ||||
3.34%, 7/01/40 (a)(l) | 3,000 | 3,000,000 | ||
|
|
| ||
Osceola County, Florida, Tourist Development Tax | ||||
Revenue Bonds, Series A, 5.50%, 10/01/27 (c) | 1,100 | 1,138,621 | ||
|
|
| ||
Palm Beach County, Florida, Criminal Justice | ||||
Facilities Revenue Bonds, 7.20%, 6/01/15 (c) | 1,500 | 1,839,975 | ||
|
|
| ||
Palm Beach County, Florida, School Board, COP, | ||||
Refunding, Series D, 5.25%, 8/01/21 (h) | 2,000 | 2,101,540 | ||
|
|
| ||
Palm Beach County, Florida, School Board, COP, | ||||
Series A: | ||||
6%, 8/01/10 (c)(i) | 5,000 | 5,416,100 | ||
5%, 8/01/29 (c)(g) | 2,470 | 2,482,968 | ||
5%, 8/01/31 (h) | 1,300 | 1,319,214 | ||
|
|
| ||
Panama City, Florida, Water and Sewer Revenue | ||||
Bonds, Series B, 5.25%, 10/01/22 (g) | 1,500 | 1,580,805 | ||
|
|
| ||
Pembroke Pines, Florida, Public Improvement | ||||
Revenue Bonds, Series A, 5%, 10/01/34 (a) | 1,000 | 995,600 | ||
|
|
| ||
Polk County, Florida, Utility System Revenue Bonds, | ||||
5.25%, 10/01/22 (c) | 1,000 | 1,046,440 | ||
|
|
| ||
Port St. Lucie, Florida, Utility Revenue Bonds, | ||||
5.25%, 9/01/24 (g) | 1,055 | 1,085,827 | ||
|
|
| ||
Saint Johns County, Florida, Ponte Vedra Utility | ||||
System Revenue Bonds (h): | ||||
5%, 10/01/31 | 2,425 | 2,453,979 | ||
5%, 10/01/35 | 1,000 | 1,016,070 | ||
|
|
| ||
Saint Johns County, Florida, Sales Tax Revenue | ||||
Bonds, Series A, 5.25%, 10/01/31 (a) | 1,400 | 1,432,060 | ||
|
|
| ||
Saint Lucie, Florida, West Services District, Utility | ||||
Revenue Bonds, 5.25%, 10/01/34 (g) | 1,000 | 1,027,900 | ||
|
|
| ||
Santa Rosa County, Florida, School Board, COP, | ||||
Refunding, Series 2, 5.25%, 2/01/26 (c) | 2,000 | 2,038,080 | ||
|
|
| ||
South Lake County, Florida, Hospital District | ||||
Revenue Bonds (South Lake Hospital Inc.), | ||||
5.80%, 10/01/34 | 1,000 | 1,008,460 | ||
|
|
| ||
Tallahassee, Florida, Capital Revenue Bonds, | ||||
5%, 10/01/24 (h) | 1,000 | 1,033,770 | ||
|
|
| ||
University of Central Florida Athletics Association Inc., | ||||
COP, Series A, 5.25%, 10/01/34 (c) | 2,280 | 2,279,886 | ||
|
|
| ||
University of Central Florida, COP (UCF Convocation | ||||
Center), Series A, 5%, 10/01/35 (c) | 2,820 | 2,613,914 | ||
|
|
|
See Notes to Financial Statements. |
10 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments (concluded) BlackRock MuniYield Florida Insured Fund
(Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Florida (concluded) | ||||||
|
|
|
| |||
Village Center Community Development District, | ||||||
Florida, Recreational Revenue Bonds, Series A (g): | ||||||
5.375%, 11/01/34 | $ 1,640 | $ 1,699,040 | ||||
5.125%, 11/01/36 | 1,000 | 1,021,540 | ||||
|
|
|
| |||
Village Center Community Development District, | ||||||
Florida, Utility Revenue Bonds (g): | ||||||
5.25%, 10/01/23 | 2,585 | 2,722,160 | ||||
5.125%, 10/01/28 | 4,030 | 4,128,292 | ||||
|
|
|
| |||
Volusia County, Florida, IDA, Student Housing | ||||||
Revenue Bonds (Stetson University Project), | ||||||
Series A (m): | ||||||
5%, 6/01/25 | 1,000 | 1,019,670 | ||||
5%, 6/01/35 | 1,000 | 1,004,100 | ||||
| ||||||
166,256,014 | ||||||
|
|
|
| |||
Puerto Rico 1.8% | ||||||
|
|
|
| |||
Puerto Rico Public Buildings Authority, Government | ||||||
Facilities Revenue Refunding Bonds, Series I, | ||||||
5%, 7/01/36 (n) | 1,000 | 938,240 | ||||
|
|
|
| |||
Puerto Rico Public Finance Corporation, | ||||||
Commonwealth Appropriation Revenue Bonds, | ||||||
Series E, 5.70%, 2/01/10 (i) | 1,145 | 1,202,158 | ||||
| ||||||
2,140,398 | ||||||
|
|
|
| |||
Total Municipal Bonds (Cost $166,389,038) 144.0% | 168,396,412 | |||||
|
|
| ||||
Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts (o) | ||||||
|
|
|
| |||
Florida 15.3% | ||||||
|
|
|
| |||
Miami-Dade County, Florida, Aviation Revenue | ||||||
Bonds, Airport and Marina Imports, Series A, | ||||||
5%, 10/01/33 (h) | 6,212 | 5,871,263 | ||||
|
|
|
| |||
Miami-Dade County, Florida, Health Facilities | ||||||
Authority, Hospital Revenue Refunding | ||||||
Bonds (Miami Childrens Hospital), Series A, | ||||||
5.625%, 8/15/18 (a) | 6,960 | 7,635,050 | ||||
|
|
|
| |||
South Broward, Florida, Hospital District, Hospital | ||||||
Revenue Bonds, 5.625%, 5/1/32 (g) | 4,000 | 4,430,840 | ||||
| ||||||
17,937,153 | ||||||
|
|
|
| |||
Puerto Rico 6.5% | ||||||
|
|
|
| |||
Puerto Rico Public Finance Corporation, | ||||||
Commonwealth Appropriation Revenue Bonds, | ||||||
Series A, 5.375%, 8/1/11 (g)(i) | 7,100 | 7,592,811 | ||||
|
|
|
| |||
Total Municipal Bonds Transferred to Tender Option | ||||||
Bond Trusts (Cost $24,807,670) 21.8% | 25,529,964 | |||||
|
|
|
|
Short-Term Securities | Shares | Value | ||
|
|
| ||
CMA Florida Municipal Money Fund, 2.01% (p)(q) | 8,383,168 | $ 8,383,168 | ||
|
|
| ||
Total Short-Term Securities (Cost $8,383,168) 7.2% | 8,383,168 | |||
|
| |||
Total Investments (Cost $199,579,876*) 173.0% | 202,309,544 | |||
Liabilities in Excess of Other Assets (0.9%) | (1,028,021) | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable (10.5%) | (12,312,207) | |||
Preferred Shares, at Redemption Value (61.6%) | (72,021,645) | |||
| ||||
Net Assets Applicable to Common Shares 100.0% | $116,947,671 | |||
|
|
* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ 187,494,476 | |
| ||
Gross unrealized appreciation | $ 4,974,546 | |
Gross unrealized depreciation | (2,390,741) | |
| ||
Net unrealized appreciation | $ 2,583,805 | |
|
(a) AMBAC Insured. (b) Security is collateralized by municipal or U.S. Treasury obligations. (c) FGIC Insured. (d) Assured Guaranty Insured. (e) FHLMC Collateralized. (f) FNMA/GNMA Collateralized. (g) MBIA Insured. (h) FSA Insured. (i) 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. (j) ACA Insured. (k) Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. (l) Variable rate security. Rate shown is interest rate as of report date. Maturity shown is the final maturity date. (m) CIFG Insured. (n) Commonwealth Guaranteed. (o) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as a collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. (p) Represents the current yield as of report date. (q) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Net | Dividend | |||
Affiliate | Activity | Income | ||
|
|
| ||
CMA Florida Municipal Money Fund | 6,537,677 | $38,375 | ||
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
11 |
Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Michigan Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Michigan 143.7% | ||||
|
|
| ||
Adrian, Michigan, City School District, GO, | ||||
5%, 5/01/14 (a)(b) | $ 3,600 | $ 3,948,660 | ||
|
|
| ||
Bay City, Michigan, School District, School Building | ||||
and Site, GO, 5%, 5/01/31 (a) | 3,725 | 3,808,775 | ||
|
|
| ||
Birmingham, Michigan, City School District, School | ||||
Building and Site, GO, 5%, 11/01/33 (a) | 1,000 | 1,020,010 | ||
|
|
| ||
Central Montcalm, Michigan, Public Schools, GO, | ||||
5.90%, 5/01/09 (b)(c) | 1,000 | 1,037,310 | ||
|
|
| ||
Delta County, Michigan, Economic Development | ||||
Corporation, Environmental Improvement Revenue | ||||
Refunding Bonds (Mead Westvaco-Escanaba), AMT, | ||||
Series B, 6.45%, 4/15/12 (b) | 1,500 | 1,666,545 | ||
|
|
| ||
Detroit, Michigan, City School District, GO (School | ||||
Building and Site Improvement): | ||||
Refunding, Series A, 5%, 5/01/21 (a) | 3,000 | 3,141,900 | ||
Series A, 5.375%, 5/01/13 (b)(d) | 2,300 | 2,544,122 | ||
Series B, 5%, 5/01/28 (d) | 3,100 | 3,147,926 | ||
|
|
| ||
Detroit, Michigan, Water Supply System Revenue | ||||
Bonds: | ||||
6.25%, 7/01/12 (d)(e) | 1,415 | 1,503,777 | ||
DRIVERS, Series 200, | ||||
5.75%, 7/01/11 (b)(d)(f) | 1,025 | 1,225,880 | ||
Second Lien, Series B, 5%, 7/01/13 (b)(c) | 1,550 | 1,691,158 | ||
Second Lien, Series B, 5%, 7/01/34 (c) | 2,420 | 2,426,389 | ||
Second Lien, Series C, 5%, 7/01/29 (a) | 10,570 | 10,847,357 | ||
Senior Lien, Series A, 5.875%, 1/01/10 (b)(d) | 1,250 | 1,333,275 | ||
Senior Lien, Series A, 5%, 7/01/13 (b)(c) | 3,750 | 4,091,512 | ||
Senior Lien, Series A, 5%, 7/01/25 (a) | 4,000 | 4,151,840 | ||
Senior Lien, Series A, 5%, 7/01/34 (c) | 6,900 | 6,918,216 | ||
Series B, 5.25%, 7/01/13 (b)(c) | 11,790 | 13,003,545 | ||
|
|
| ||
Dickinson County, Michigan, Economic Development | ||||
Corporation, Environmental Improvement Revenue | ||||
Refunding Bonds (International Paper Company | ||||
Project), Series A, 5.75%, 6/01/16 | 3,900 | 3,956,355 | ||
|
|
| ||
Dickinson County, Michigan, Healthcare | ||||
System, Hospital Revenue Refunding Bonds, | ||||
5.80%, 11/01/24 (g) | 3,100 | 3,088,282 | ||
|
|
| ||
East Grand Rapids, Michigan, Public School District, | ||||
GO, 5%, 5/01/31 (a) | 1,575 | 1,611,493 | ||
|
|
| ||
Eastern Michigan University, General Revenue | ||||
Refunding Bonds (h): | ||||
6%, 6/01/10 (b) | 590 | 638,315 | ||
6%, 6/01/20 | 435 | 460,273 | ||
|
|
| ||
Eastern Michigan University Revenue Bonds, | ||||
Series B (b)(d): | ||||
5.60%, 6/01/10 | 1,500 | 1,594,230 | ||
5.625%, 6/01/10 | 1,310 | 1,392,949 | ||
|
|
| ||
Eaton Rapids, Michigan, Public Schools, School | ||||
Building and Site, GO (a): | ||||
5%, 5/01/14 (b) | 2,425 | 2,659,861 | ||
5.25%, 5/01/20 | 1,325 | 1,424,030 | ||
5.25%, 5/01/21 | 1,675 | 1,789,135 | ||
5%, 5/01/26 | 1,700 | 1,746,070 | ||
5%, 5/01/29 | 1,175 | 1,198,794 | ||
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Michigan (continued) | ||||
|
|
| ||
Flint, Michigan, Hospital Building Authority, Revenue | ||||
Refunding Bonds (Hurley Medical Center), | ||||
Series A (g): | ||||
5.375%, 7/01/20 | $ 615 | $ 564,884 | ||
6%, 7/01/20 | 1,375 | 1,334,479 | ||
|
|
| ||
Frankenmuth, Michigan, School District, GO, | ||||
5.75%, 5/01/10 (b)(d) | 1,000 | 1,064,920 | ||
|
|
| ||
Gibraltar, Michigan, School District, GO (School | ||||
Building and Site) (d): | ||||
5%, 5/01/14 (b) | 2,940 | 3,224,739 | ||
5%, 5/01/28 | 710 | 722,141 | ||
|
|
| ||
Grand Blanc, Michigan, Community Schools, GO, | ||||
5.625%, 5/01/20 (d) | 1,100 | 1,157,882 | ||
|
|
| ||
Grand Rapids, Michigan, Building Authority Revenue | ||||
Bonds, Series A (h): | ||||
5.50%, 10/01/12 (b) | 1,035 | 1,143,582 | ||
5.50%, 10/01/19 | 665 | 708,903 | ||
5.50%, 10/01/20 | 900 | 959,418 | ||
|
|
| ||
Grand Valley State University, Michigan, Revenue | ||||
Bonds, 5.50%, 2/01/18 (d) | 2,070 | 2,210,242 | ||
|
|
| ||
Greater Detroit Resource Recovery Authority, | ||||
Michigan, Revenue Refunding Bonds, Series A, | ||||
6.25%, 12/13/08 (h) | 11,250 | 11,528,437 | ||
|
|
| ||
Gull Lake, Michigan, Community School District, | ||||
School Building and Site, GO, 5%, 5/01/14 (a)(b) | 5,625 | 6,169,781 | ||
|
|
| ||
Harper Woods, Michigan, City School District, School | ||||
Building and Site, GO, Refunding (d): | ||||
5%, 5/01/14 (b) | 4,345 | 4,765,813 | ||
5%, 5/01/34 | 430 | 436,678 | ||
|
|
| ||
Hartland, Michigan, Consolidated School District, GO, | ||||
6%, 5/01/10 (b)(d) | 6,825 | 7,301,249 | ||
|
|
| ||
Hudsonville, Michigan, Public Schools, School | ||||
Building and Site, GO, 5%, 5/01/29 (a) | 3,990 | 4,070,797 | ||
|
|
| ||
Jenison, Michigan, Public Schools, School Building | ||||
and Site, GO, 5.50%, 5/01/19 (d) | 1,575 | 1,657,420 | ||
|
|
| ||
Kent, Michigan, Hospital Finance Authority, Hospital | ||||
Revenue Refunding Bonds (Butterworth Hospital), | ||||
Series A, 7.25%, 1/15/13 (c) | 3,365 | 3,711,225 | ||
|
|
| ||
Kent, Michigan, Hospital Finance Authority | ||||
Revenue Bonds (Spectrum Health), Series A, | ||||
5.50%, 7/15/11 (b)(c) | 3,000 | 3,266,850 | ||
|
|
| ||
Lansing, Michigan, Building Authority, GO, Series A, | ||||
5.375%, 6/01/13 (b)(c) | 1,510 | 1,672,325 | ||
|
|
| ||
Lapeer, Michigan, Community Schools, School | ||||
Building and Site, GO, 5%, 5/01/37 (a) | 2,015 | 2,064,408 | ||
|
|
| ||
Michigan Higher Education Facilities Authority, Limited | ||||
Obligation Revenue Bonds (Hillsdale College | ||||
Project), 5%, 3/01/35 | 1,875 | 1,810,425 | ||
|
|
| ||
Michigan Higher Education Facilities Authority, Limited | ||||
Obligation Revenue Refunding Bonds (Hope | ||||
College), Series A, 5.90%, 4/01/32 | 2,250 | 2,255,310 | ||
|
|
|
See Notes to Financial Statements. |
12 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments (continued) BlackRock MuniYield Michigan Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Michigan (continued) | ||||
|
|
| ||
Michigan Higher Education Facilities Authority, | ||||
Revenue Refunding Bonds (College for Creative | ||||
Studies): | ||||
5.85%, 12/01/22 | $ 1,235 | $ 1,259,601 | ||
5.90%, 12/01/27 | 1,145 | 1,161,912 | ||
|
|
| ||
Michigan Higher Education Student Loan Authority, | ||||
Student Loan Revenue Bonds, AMT (h): | ||||
Series XVII-B, 5.40%, 6/01/18 | 2,500 | 2,515,175 | ||
Series XVII-Q, 5%, 3/01/31 | 3,000 | 2,776,680 | ||
|
|
| ||
Michigan Municipal Bond Authority Revenue Bonds | ||||
(Local Government Loan Program), Group A, | ||||
5.50%, 11/01/20 (i) | 1,065 | 1,113,798 | ||
|
|
| ||
Michigan State Building Authority, Revenue Refunding | ||||
Bonds (Facilities Program): | ||||
RIB, Series 517X, 8.29%, 10/15/10 (a) | 1,250 | 1,447,900 | ||
Series I, 5.50%, 10/15/18 (c) | 2,500 | 2,646,450 | ||
Series II, 5%, 10/15/29 (c) | 3,500 | 3,531,500 | ||
|
|
| ||
Michigan State, COP (h): | ||||
5.50%, 6/01/10 (b) | 3,000 | 3,186,810 | ||
5.40%, 6/01/22 (e)(i) | 3,000 | 1,567,890 | ||
|
|
| ||
Michigan State, Comprehensive Transportation | ||||
Revenue Refunding Bonds, 5%, 5/15/26 (a) | 3,740 | 3,872,583 | ||
|
|
| ||
Michigan State, HDA, Limited Obligation M/F Housing | ||||
Revenue Bonds (Deaconess Towers Apartments), | ||||
AMT (j): | ||||
4.75%, 4/20/37 | 4,050 | 3,580,362 | ||
5.25%, 2/20/48 | 1,000 | 934,290 | ||
|
|
| ||
Michigan State, HDA, Rental Housing Revenue | ||||
Bonds, AMT: | ||||
Series A, 5.30%, 10/01/37 (c) | 200 | 191,108 | ||
Series D, 5%, 4/01/26 (a) | 3,310 | 3,184,750 | ||
|
|
| ||
Michigan State Hospital Finance Authority Revenue | ||||
Bonds: | ||||
(McLaren Health Care Corporation), Series C, | ||||
5%, 8/01/35 | 1,000 | 935,080 | ||
(Mid-Michigan Obligor Group), Series A, | ||||
5%, 4/15/36 | 1,750 | 1,647,152 | ||
|
|
| ||
Michigan State Hospital Finance Authority, Hospital | ||||
Revenue Bonds (Mid-Michigan Obligation Group), | ||||
Series A, 5.50%, 4/15/18 (h) | 2,530 | 2,641,801 | ||
|
|
| ||
Michigan State Hospital Finance Authority, Hospital | ||||
Revenue Refunding Bonds: | ||||
(Crittenton Hospital), Series A, 5.625%, 3/01/27 | 2,200 | 2,240,304 | ||
(Oakwood Obligated Group), Series A, | ||||
5%, 7/15/25 | 1,125 | 1,117,215 | ||
(Oakwood Obligated Group), Series A, | ||||
5%, 7/15/37 | 630 | 591,368 | ||
(Sparrow Obligated Group), 5%, 11/15/31 | 4,100 | 3,983,888 | ||
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Michigan (continued) | ||||
|
|
| ||
Michigan State Hospital Finance Authority, Revenue | ||||
Refunding Bonds: | ||||
(Ascension Health Credit), Series A, | ||||
5.75%, 11/15/09 (b)(c) | $ 2,715 | $ 2,879,936 | ||
(Ascension Health Credit), Series A, | ||||
6.25%, 11/15/09 (b)(c) | 2,500 | 2,670,700 | ||
(Henry Ford Health System), Series A, | ||||
5.25%, 11/15/46 | 2,500 | 2,407,300 | ||
(Mercy Health Services), Series X, | ||||
6%, 8/15/09 (b)(c) | 2,000 | 2,094,360 | ||
(Saint John Hospital), Series A, | ||||
6%, 5/15/13 (e)(h) | 3,000 | 3,043,260 | ||
(Trinity Health Credit Group), Series D, | ||||
5%, 8/15/34 | 3,100 | 3,059,576 | ||
(Trinity Health Credit), Series C, | ||||
5.375%, 12/01/23 | 1,000 | 1,025,030 | ||
(Trinity Health Credit), Series C, | ||||
5.375%, 12/01/30 | 3,755 | 3,813,428 | ||
(Trinity Health), Series A, 6%, 12/01/27 (h) | 6,400 | 6,788,480 | ||
|
|
| ||
Michigan State Strategic Fund, Limited Obligation | ||||
Revenue Refunding Bonds: | ||||
(Detroit Edison Company Pollution Control | ||||
Project), AMT, Series A, 5.55%, 9/01/29 (c) | 10,250 | 10,292,435 | ||
(Detroit Edison Company Pollution Control | ||||
Project), Series AA, 6.95%, 5/01/11 (d) | 6,000 | 6,602,640 | ||
(Dow Chemical Company Project), AMT, | ||||
5.50%, 12/01/28 | 2,175 | 2,169,650 | ||
|
|
| ||
Monroe County, Michigan, Economic Development | ||||
Corporation, Limited Obligation Revenue | ||||
Refunding Bonds (Detroit Edison Co. Project), | ||||
Series AA, 6.95%, 9/01/22 (d) | 15,000 | 18,949,200 | ||
|
|
| ||
Montrose Township, Michigan, School District, GO, | ||||
6.20%, 5/01/17 (c) | 1,000 | 1,177,950 | ||
|
|
| ||
Muskegon Heights, Michigan, Water System Revenue | ||||
Bonds, Series A, 5.625%, 11/01/10 (b)(c) | 1,830 | 1,966,793 | ||
|
|
| ||
Northview, Michigan, Public School District, GO, | ||||
Refunding, 5.80%, 5/01/21 (c) | 235 | 235,024 | ||
|
|
| ||
Norway Vulcan, Michigan, Area Schools, GO, | ||||
5.90%, 5/01/09 (b)(d) | 1,100 | 1,142,042 | ||
|
|
| ||
Oak Park, Michigan, Street Improvement, GO, | ||||
5%, 5/01/30 (c) | 500 | 505,585 | ||
|
|
| ||
Orchard View, Michigan, Schools, School Building | ||||
and Site, GO, 5%, 11/01/13 (b)(c) | 5,320 | 5,831,412 | ||
|
|
| ||
Pennfield, Michigan, School District, School | ||||
Building and Site, GO, 5%, 5/01/14 (b)(d) | 1,370 | 1,502,684 | ||
|
|
| ||
Plainwell, Michigan, Community Schools, | ||||
School District, School Building and Site, GO, | ||||
5.50%, 11/01/12 (a)(b) | 1,000 | 1,106,790 | ||
|
|
| ||
Plymouth-Canton, Michigan, Community School | ||||
District, GO, 5%, 5/01/29 (d) | 3,905 | 3,975,876 | ||
|
|
| ||
Portage, Michigan, Public Schools, School Building | ||||
and Site, GO, 5%, 5/01/31 (a) | 4,650 | 4,786,524 | ||
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
13 |
Schedule of Investments (continued) BlackRock MuniYield Michigan Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Michigan (concluded) | ||||||
|
|
|
| |||
Reed, Michigan, City Public Schools, School | ||||||
Building and Site, GO, 5%, 5/01/14 (a)(b) | $ 1,425 | $ 1,563,011 | ||||
|
|
| ||||
Roseville, Michigan, School District, School | ||||||
Building and Site, GO, Refunding, | ||||||
5%, 5/01/31 (a) | 1,500 | 1,533,735 | ||||
|
|
|
| |||
Saginaw, Michigan, Hospital Finance Authority, | ||||||
Revenue Refunding Bonds (Covenant Medical | ||||||
Center), Series E, 5.625%, 7/01/13 (c) | 2,500 | 2,598,600 | ||||
|
|
|
| |||
Saginaw Valley State University, Michigan, General | ||||||
Revenue Refunding Bonds, 5%, 7/01/24 (d) | 2,100 | 2,110,920 | ||||
|
|
|
| |||
Saint Clair County, Michigan, Economic Revenue | ||||||
Refunding Bonds (Detroit Edison Co. Project), | ||||||
Series AA, 6.40%, 8/01/24 (h) | 17,800 | 18,265,826 | ||||
|
|
|
| |||
South Haven, Michigan, Public Schools, GO, | ||||||
5%, 5/01/22 (a)(b) | 1,350 | 1,469,975 | ||||
|
|
|
| |||
Southfield, Michigan, Library Building Authority, GO, | ||||||
5.50%, 5/01/10 (b)(c) | 1,300 | 1,378,078 | ||||
|
|
|
| |||
Southfield, Michigan, Public Schools, School Building | ||||||
and Site, GO, Series A (a)(b): | ||||||
5%, 5/01/14 | 3,500 | 3,838,975 | ||||
5.25%, 5/01/14 | 2,900 | 3,220,160 | ||||
|
|
|
| |||
Sparta, Michigan, Area Schools, School Building and | ||||||
Site, GO, 5%, 5/01/14 (b)(d) | 1,325 | 1,453,326 | ||||
|
|
|
| |||
Thornapple Kellogg School District, Michigan, GO, | ||||||
Refunding, 5%, 5/01/32 (c) | 2,500 | 2,563,775 | ||||
|
|
|
| |||
Waverly, Michigan, Community School, GO, | ||||||
5.50%, 5/01/10 (b)(d) | 1,100 | 1,162,524 | ||||
|
|
|
| |||
Wayne Charter County, Michigan, Airport Revenue | ||||||
Bonds (Detroit Metropolitan Wayne County), AMT, | ||||||
Series A, 5.375%, 12/01/15 (c) | 10,660 | 10,805,509 | ||||
|
|
|
| |||
Wayne Charter County, Michigan, Detroit Metropolitan | ||||||
Airport, GO, Airport Hotel, Series A, 5%, 12/01/30 (c) | 1,750 | 1,762,040 | ||||
|
|
| ||||
Wayne County, Michigan, Airport Authority Revenue | ||||||
Bonds (Detroit Metropolitan Wayne County Airport), | ||||||
AMT (c): | ||||||
5.25%, 12/01/25 | 7,525 | 7,481,957 | ||||
5.25%, 12/01/26 | 6,300 | 6,262,767 | ||||
5%, 12/01/34 | 9,160 | 8,523,655 | ||||
|
|
|
| |||
Wayne County, Michigan, Airport Authority, Revenue | ||||||
Refunding Bonds, AMT (k): | ||||||
5.75%, 12/01/25 | 4,000 | 4,170,560 | ||||
5.75%, 12/01/26 | 1,000 | 1,038,510 | ||||
5.375%, 12/01/32 | 8,700 | 8,623,353 | ||||
|
|
|
| |||
West Bloomfield, Michigan, School District, GO, | ||||||
Refunding (d): | ||||||
5.50%, 5/01/17 | 1,710 | 1,830,110 | ||||
5.50%, 5/01/18 | 1,225 | 1,299,321 | ||||
|
|
|
| |||
West Branch-Rose City, Michigan, Area School | ||||||
District, GO, 5.50%, 5/01/09 (b)(d) | 2,405 | 2,485,231 | ||||
|
|
|
| |||
Zeeland, Michigan, Public Schools, School Building | ||||||
and Site, GO, 5%, 5/01/29 (c) | 1,600 | 1,632,400 | ||||
|
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Puerto Rico 4.5% | ||||
|
|
| ||
Puerto Rico Commonwealth Highway and | ||||
Transportation Authority, Transportation Revenue | ||||
Refunding Bonds, Series N, 5.25%, 7/01/39 (d) | $ 5,200 | $ 5,156,216 | ||
|
|
| ||
Puerto Rico Electric Power Authority, Power Revenue | ||||
Bonds, Trust Receipts, Class R, Series 16 HH, | ||||
8.731%, 7/01/13 (a)(f) | 3 | 2,854 | ||
|
|
| ||
Puerto Rico Municipal Finance Agency Revenue | ||||
Bonds, Series A, 5%, 8/01/27 (a) | 2,790 | 2,824,931 | ||
|
|
| ||
Puerto Rico Sales Tax Financing Corporation, Sales | ||||
Tax Revenue Refunding Bonds, Series A (c)(j): | ||||
5.20%, 8/01/43 | 12,500 | 1,735,500 | ||
4.99%, 8/01/46 | 20,000 | 2,333,400 | ||
|
|
| ||
Total Municipal Bonds (Cost $385,330,982) 148.2% | 396,151,403 | |||
|
| |||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (l) | ||||
|
|
| ||
Michigan 18.4% | ||||
|
|
| ||
Detroit, Michigan, Water Supply System, Senior Lien | ||||
Revenue Bonds, Series A, 5.75%, 7/01/11 (b)(d) | 6,700 | 7,356,533 | ||
|
|
| ||
Lakewood, Michigan Public Schools, GO, | ||||
5.00%, 5/01/37 (a) | 6,775 | 6,620,686 | ||
|
|
| ||
Michigan State Building Authority, Revenue Refunding | ||||
Bonds (Facilities Program), Series I (a): | ||||
5.50%, 10/15/10 | 4,750 | 5,126,010 | ||
5.50%, 10/15/11 | 15,030 | 16,219,775 | ||
|
|
| ||
Saginaw Valley State University, Michigan Revenue | ||||
Bonds, 5.00%, 7/01/31 (a) | 7,500 | 7,673,700 | ||
|
|
| ||
Wayne State University, Michigan, University Revenue | ||||
Refunding Bonds, 5.0%, 11/15/35 (a) | 6,000 | 6,163,260 | ||
| ||||
49,159,964 | ||||
|
|
| ||
Puerto Rico 1.0% | ||||
|
|
| ||
Puerto Rico Electric Power Authority, Power Revenue | ||||
Bonds, Series HH, 5.75%, 7/01/10 (a) | 2,535 | 2,714,554 | ||
|
|
| ||
Total Municipal Bonds Transferred to Tender Option | ||||
Bond Trusts (Cost $50,612,859) 19.4% | 51,874,518 | |||
|
|
| ||
Short-Term Securities | Shares | |||
|
|
| ||
CMA Michigan Municipal Money Fund, 2.15% (m)(n) | 2,724,014 | 2,724,014 | ||
|
|
| ||
Total Short-Term Securities (Cost $2,724,014) 1.0% | 2,724,014 | |||
|
| |||
Total Investments (Cost $438,667,855*) 168.6% | 450,749,935 | |||
Other Assets Less Liabilities 2.3% | 6,243,327 | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable (9.2%) | (24,596,678) | |||
Preferred Stock, at Redemption Value (61.7%) | (165,052,682) | |||
| ||||
Net Assets Applicable to Common Stock 100.0% | $267,343,902 | |||
|
See Notes to Financial Statements. |
14 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments (concluded) BlackRock MuniYield Michigan Insured Fund, Inc.
* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2008, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 414,606,852 | |
| ||
Gross unrealized appreciation | $ 17,311,299 | |
Gross unrealized depreciation | (5,660,716) | |
| ||
Net unrealized appreciation | $ 11,650,583 | |
|
(a) FSA Insured.
(b) 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.
(c) MBIA Insured.
(d) FGIC Insured.
(e) Security is collateralized by municipal or U.S. Treasury obligations.
(f) Variable rate security. Rate shown is as of report date. Maturity shown is the final
maturity date.
(g) ACA Insured.
(h) AMBAC Insured.
(i) Represents a zero coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(j) GNMA Collateralized.
(k) Assured Guaranty Insured.
(l) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Fund acquired residual interest certificates. These securities
serve as a collateral in a financing transaction. See Note 1 of the Notes to
Financial Statements for details of municipal bonds transferred to tender
option bond trusts.
(m) Represents the current yield as of report date.
(n) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net | Dividend | |||
Affiliate | Activity | Income | ||
|
|
| ||
CMA Michigan Municipal Money Fund | (1,197,542) | $110,209 | ||
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
15 |
Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield New Jersey Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
New Jersey 142.8% | ||||
|
|
| ||
Delaware River and Bay Authority Revenue Bonds, | ||||
5%, 1/01/33 (b) | $ 1,000 | $ 1,005,720 | ||
|
|
| ||
Delaware River Joint Toll Bridge Commission of New | ||||
Jersey and Pennsylvania, Bridge Revenue Refunding | ||||
Bonds, 5%, 7/01/23 | 1,875 | 1,909,031 | ||
|
|
| ||
Delaware River Port Authority of Pennsylvania and | ||||
New Jersey Revenue Bonds, 6%, 1/01/18 (a) | 5,000 | 5,221,400 | ||
|
|
| ||
Essex County, New Jersey, Improvement Authority, | ||||
Airport Revenue Refunding Bonds, AMT, | ||||
4.75%, 11/01/32 (b) | 1,000 | 904,700 | ||
|
|
| ||
Garden State Preservation Trust of New Jersey, | ||||
Capital Appreciation Revenue Bonds, Series B, | ||||
5.12%, 11/01/23 (a)(c) | 6,925 | 3,289,444 | ||
|
|
| ||
Garden State Preservation Trust of New Jersey, Open | ||||
Space and Farmland Preservation Revenue Bonds, | ||||
Series A (a): | ||||
5.80%, 11/01/22 | 2,605 | 2,909,707 | ||
5.75%, 11/01/28 | 3,300 | 3,726,591 | ||
|
|
| ||
Gloucester County, New Jersey, Improvement Authority, | ||||
Solid Waste Resource Recovery, Revenue Refunding | ||||
Bonds (Waste Management Inc. Project), Series A, | ||||
6.85%, 12/01/29 | 2,000 | 2,083,120 | ||
|
|
| ||
Hopatcong, New Jersey, GO, Sewer Refunding Bonds, | ||||
4.50%, 8/01/33 (d) | 750 | 738,818 | ||
|
|
| ||
Hudson County, New Jersey, COP, Refunding, | ||||
6.25%, 12/01/16 (b) | 1,000 | 1,172,740 | ||
|
|
| ||
Hudson County, New Jersey, Improvement Authority, | ||||
Capital Appreciation Revenue Bonds, Series A-1, | ||||
4.46%, 12/15/32 (b)(c) | 1,000 | 270,280 | ||
|
|
| ||
Hudson County, New Jersey, Improvement Authority, | ||||
Facility Lease Revenue Refunding Bonds (Hudson | ||||
County Lease Project), 5.375%, 10/01/24 (e) | 7,500 | 7,564,725 | ||
|
|
| ||
Jackson Township, New Jersey, School District, GO, | ||||
5%, 4/15/12 (e)(f) | 5,200 | 5,604,300 | ||
|
|
| ||
Jersey City, New Jersey, Sewer Authority, Sewer | ||||
Revenue Refunding Bonds, 6.25%, 1/01/14 (d) | 3,750 | 4,113,150 | ||
|
|
| ||
Middlesex County, New Jersey, COP, Refunding, | ||||
5%, 8/01/22 (b) | 3,000 | 3,084,930 | ||
|
|
| ||
Monmouth County, New Jersey, Improvement Authority, | ||||
Governmental Loan Revenue Refunding Bonds (d): | ||||
5%, 12/01/11 (f) | 2,070 | 2,228,707 | ||
5%, 12/01/11 (f)(g) | 975 | 1,049,753 | ||
5.20%, 12/01/14 | 240 | 251,390 | ||
5.25%, 12/01/15 | 765 | 802,554 | ||
5%, 12/01/17 | 605 | 634,566 | ||
5%, 12/01/18 | 545 | 564,309 | ||
5%, 12/01/19 | 560 | 579,841 | ||
|
|
| ||
Morristown, New Jersey, Parking Authority Revenue | ||||
Bonds, 4.50%, 8/01/37 (b) | 1,355 | 1,283,226 | ||
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
New Jersey (continued) | ||||
|
|
| ||
New Jersey EDA, Cigarette Tax Revenue Bonds: | ||||
5.625%, 6/15/19 | $ 1,060 | $ 1,059,491 | ||
5.75%, 6/15/29 | 785 | 767,118 | ||
5.50%, 6/15/31 | 225 | 211,545 | ||
5.75%, 6/15/34 | 465 | 445,000 | ||
|
|
| ||
New Jersey EDA, First Mortgage Revenue | ||||
Bonds (Fellowship Village Project), Series C, | ||||
5.50%, 1/01/28 | 1,000 | 958,200 | ||
|
|
| ||
New Jersey EDA, First Mortgage Revenue | ||||
Refunding Bonds (Fellowship Village), Series A, | ||||
5.50%, 1/01/18 | 1,700 | 1,703,876 | ||
|
|
| ||
New Jersey EDA, Motor Vehicle Surcharge Revenue | ||||
Bonds, Series A (b): | ||||
4.95%, 7/01/21 (c) | 2,325 | 1,219,556 | ||
5%, 7/01/29 | 3,900 | 3,936,816 | ||
5.25%, 7/01/33 | 8,500 | 8,719,810 | ||
5%, 7/01/34 | 1,765 | 1,776,984 | ||
|
|
| ||
New Jersey EDA, School Facilities Construction | ||||
Revenue Bonds, Series U, 5%, 9/01/37 (d) | 1,000 | 1,019,370 | ||
|
|
| ||
New Jersey EDA, School Facilities Construction, | ||||
Revenue Refunding Bonds, Series K, | ||||
5.25%, 12/15/17 (e) | 1,500 | 1,620,885 | ||
|
|
| ||
New Jersey EDA, Water Facilities Revenue Bonds | ||||
(New Jersey-American Water Company, Inc. | ||||
Project), AMT, Series A: | ||||
5.25%, 11/01/32 (d) | 1,000 | 969,190 | ||
6.875%, 11/01/34 (e) | 5,070 | 5,127,747 | ||
|
|
| ||
New Jersey EDA, Water Facilities Revenue Refunding | ||||
Bonds (United Water of New Jersey, Inc.), | ||||
Series B, 4.50%, 11/01/25 (d) | 1,000 | 990,440 | ||
|
|
| ||
New Jersey Health Care Facilities Financing Authority | ||||
Revenue Bonds: | ||||
(Meridian Health), Series I, 5%, 7/01/38 (h) | 750 | 755,302 | ||
(Somerset Medical Center), 5.50%, 7/01/33 | 1,125 | 934,526 | ||
(South Jersey Hospital), 6%, 7/01/12 (f) | 4,000 | 4,456,880 | ||
|
|
| ||
New Jersey Health Care Facilities Financing Authority, | ||||
Revenue Refunding Bonds: | ||||
(Atlantic City Medical Center), | ||||
5.75%, 7/01/12 (f) | 525 | 579,862 | ||
(Atlantic City Medical Center), | ||||
6.25%, 7/01/12 (f) | 290 | 327,152 | ||
(Atlantic City Medical Center), 6.25%, 7/01/17 | 325 | 351,637 | ||
(Atlantic City Medical Center), 5.75%, 7/01/25 | 790 | 810,493 | ||
(Hackensack University Medical Center), | ||||
5.25%, 1/01/36 (h) | 3,500 | 3,601,360 | ||
(Meridian Health System Obligation Group), | ||||
5.25%, 7/01/19 (a) | 2,250 | 2,316,757 | ||
|
|
| ||
New Jersey Sports and Exposition Authority, Luxury | ||||
Tax Revenue Refunding Bonds (Convention | ||||
Center) (b): | ||||
5.50%, 3/01/21 | 1,540 | 1,731,776 | ||
5.50%, 3/01/22 | 1,000 | 1,121,880 | ||
|
|
|
See Notes to Financial Statements. |
16 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments (continued) BlackRock MuniYield New Jersey Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
New Jersey (continued) | ||||
|
|
| ||
New Jersey State Educational Facilities Authority | ||||
Revenue Bonds: | ||||
(Montclair State University), Series A, | ||||
5%, 7/01/21 (d) | $ 1,600 | $ 1,680,320 | ||
(Rowan University), Series C, | ||||
5%, 7/01/14 (b)(f) | 1,185 | 1,303,512 | ||
(Rowan University), Series C, | ||||
5.125%, 7/01/14 (b)(f) | 1,315 | 1,455,652 | ||
|
|
| ||
New Jersey State Educational Facilities Authority, | ||||
Revenue Refunding Bonds: | ||||
(College of New Jersey), Series D, | ||||
5%, 7/01/35 (a) | 3,725 | 3,820,360 | ||
(Montclair State University), Series J, | ||||
4.25%, 7/01/30 (b) | 2,895 | 2,650,894 | ||
(Montclair State University), Series L, | ||||
5%, 7/01/14 (b)(f) | 3,185 | 3,503,532 | ||
(Ramapo College), Series I, 4.25%, 7/01/31 (d) | 1,250 | 1,134,900 | ||
(Ramapo College), Series I, 4.25%, 7/01/36 (d) | 3,890 | 3,472,992 | ||
(Rowan University), Series B, 5%, 7/01/26 (h) | 2,575 | 2,689,665 | ||
(Rowan University), Series C, 5%, 7/01/31 (e) | 325 | 323,651 | ||
(Stevens Institute of Technology), Series A, | ||||
5%, 7/01/34 | 1,500 | 1,330,125 | ||
(William Paterson University), Series E, | ||||
5%, 7/01/21 (i) | 1,725 | 1,747,856 | ||
|
|
| ||
New Jersey State, GO, Refunding, Series H, | ||||
5.25%, 7/01/15 (a) | 3,500 | 3,906,385 | ||
|
|
| ||
New Jersey State Higher Education Assistance | ||||
Authority, Student Loan Revenue Bonds, AMT, | ||||
Series A, 5.30%, 6/01/17 (d) | 3,565 | 3,602,646 | ||
|
|
| ||
New Jersey State Housing and Mortgage Finance | ||||
Agency, Capital Fund Program Revenue Bonds, | ||||
Series A, 5%, 5/01/27 (a) | 1,970 | 2,031,641 | ||
|
|
| ||
New Jersey State Housing and Mortgage Finance | ||||
Agency, Home Buyer Revenue Bonds, AMT, | ||||
Series CC, 5.80%, 10/01/20 (b) | 2,640 | 2,709,986 | ||
|
|
| ||
New Jersey State Housing and Mortgage Finance | ||||
Agency, M/F Revenue Bonds, AMT, Series A, | ||||
4.90%, 11/01/35 (e) | 1,000 | 899,780 | ||
|
|
| ||
New Jersey State Housing and Mortgage Finance | ||||
Agency, S/F Housing Revenue Refunding Bonds, | ||||
AMT, Series T, 4.70%, 10/01/37 | 500 | 440,010 | ||
|
|
| ||
New Jersey State Transportation Trust Fund Authority, | ||||
Transportation System Revenue Bonds: | ||||
Series A, 5%, 12/15/32 (d) | 730 | 744,549 | ||
Series C, 4.83%, 12/15/32 (a)(c) | 4,750 | 1,311,855 | ||
Series C, 5.05%, 12/15/35 (c)(d) | 2,760 | 639,161 | ||
Series D, 5%, 6/15/19 (a) | 3,240 | 3,439,001 | ||
|
|
| ||
New Jersey State Transportation Trust Fund Authority, | ||||
Transportation System Revenue Refunding Bonds: | ||||
Series A, 5.25%, 12/15/20 (a) | 4,250 | 4,754,475 | ||
Series B, 5.50%, 12/15/21 (b) | 3,600 | 4,065,624 | ||
|
|
|
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
New Jersey (concluded) | ||||||
|
|
|
| |||
New Jersey State Turnpike Authority, Turnpike Revenue | ||||||
Bonds: | ||||||
Series B, 5.15%, 1/01/35 (c)(d) | $ 3,005 | $ 2,160,565 | ||||
VRDN, Series C-1, 2.10%, 1/01/24 (a)(j) | 2,650 | 2,650,000 | ||||
|
|
|
| |||
Newark, New Jersey, Housing Authority, Port Authority- | ||||||
Port Newark Marine Terminal, Additional Rent-Backed | ||||||
Revenue Refunding Bonds (City of Newark | ||||||
Redevelopment Projects), 4.375%, 1/01/37 (b) | 3,600 | 3,359,160 | ||||
|
|
|
| |||
North Hudson Sewage Authority, New Jersey, Sewer | ||||||
Revenue Refunding Bonds, 5.125%, 8/01/20 (b) | 1,710 | 1,867,730 | ||||
|
|
| ||||
Perth Amboy, New Jersey, GO (Convertible CABS), | ||||||
Refunding, 4.75%, 7/01/35 (a)(c) | 1,250 | 1,022,550 | ||||
|
|
|
| |||
Port Authority of New York and New Jersey, Consolidated | ||||||
Revenue Bonds, 93rd Series, 6.125%, 6/01/94 | 1,000 | 1,134,000 | ||||
|
|
|
| |||
Port Authority of New York and New Jersey, | ||||||
Consolidated Revenue Refunding Bonds, AMT (a): | ||||||
138th Series, 4.75%, 12/01/34 | 1,000 | 937,030 | ||||
146th Series, 4.25%, 12/01/32 | 5,000 | 4,264,050 | ||||
|
|
|
| |||
Rahway Valley Sewerage Authority, New Jersey, Sewer | ||||||
Revenue Bonds, CABS, Series A (b)(c): | ||||||
4.74%, 9/01/26 | 4,100 | 1,613,268 | ||||
4.36%, 9/01/33 | 2,350 | 616,781 | ||||
|
|
|
| |||
Salem County, New Jersey, Improvement Authority | ||||||
Revenue Bonds (Finlaw State Office Building | ||||||
Project)(a): | ||||||
5.375%, 8/15/28 | 1,250 | 1,333,200 | ||||
5.25%, 8/15/38 | 700 | 731,346 | ||||
|
|
|
| |||
Tobacco Settlement Financing Corporation of | ||||||
New Jersey, Asset-Backed Revenue Bonds, | ||||||
7%, 6/01/13 (f) | 1,715 | 2,014,628 | ||||
|
|
|
| |||
Union County, New Jersey, Utilities Authority, Senior | ||||||
Lease Revenue Refunding Bonds (Ogden Martin | ||||||
System of Union, Inc.), AMT, Series A (d): | ||||||
5.375%, 6/01/17 | 1,590 | 1,603,658 | ||||
5.375%, 6/01/18 | 1,670 | 1,680,638 | ||||
|
|
|
| |||
University of Medicine and Dentistry of New Jersey, | ||||||
Revenue Bonds, Series A (d): | ||||||
5.50%, 12/01/18 | 570 | 602,547 | ||||
5.50%, 12/01/19 | 1,145 | 1,210,380 | ||||
5.50%, 12/01/20 | 1,130 | 1,194,523 | ||||
5.50%, 12/01/21 | 865 | 914,392 | ||||
| ||||||
183,075,673 | ||||||
|
|
|
| |||
Puerto Rico 9.4% | ||||||
|
|
|
| |||
Puerto Rico Commonwealth Aqueduct and Sewer | ||||||
Authority, Senior Lien Revenue Bonds, Series A, | ||||||
5.125%, 7/01/47 (h) | 3,425 | 3,499,117 | ||||
|
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
17 |
Schedule of Investments (concluded) BlackRock MuniYield New Jersey Insured Fund, Inc.
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Puerto Rico (concluded) | ||||
|
|
| ||
Puerto Rico Commonwealth Infrastructure Financing | ||||
Authority, Special Tax and Capital Appreciation | ||||
Revenue Bonds, Series A (c): | ||||
4.48%, 7/01/30 (e) | $ 2,750 | $ 767,883 | ||
4.34%, 7/01/37 (d) | 2,250 | 439,448 | ||
|
|
| ||
Puerto Rico Electric Power Authority, Power Revenue | ||||
Bonds, Series RR, 5%, 7/01/28 (k) | 2,000 | 1,930,860 | ||
|
|
| ||
Puerto Rico Industrial, Tourist, Educational, Medical | ||||
and Environmental Control Facilities Revenue Bonds: | ||||
(Ascension Health), RIB, Series 377, | ||||
10.26%, 11/15/30 (j) | 2,110 | 2,373,223 | ||
(University Plaza Project), Series A, | ||||
5%, 7/01/33 (b) | 3,000 | 3,013,260 | ||
| ||||
12,023,791 | ||||
|
|
| ||
Total Municipal Bonds (Cost $191,758,830) 152.2% | 195,099,464 | |||
|
| |||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (l) | ||||
|
|
| ||
New Jersey 3.4% | ||||
|
|
| ||
New Jersey State Housing and Mortgage Finance | ||||
Agency, Capital Fund Program Revenue Bonds, | ||||
Series A, 4.70%, 11/01/25 (a) | 4,425 | 4,377,394 | ||
|
|
| ||
Total Municipal Bonds Transferred to Tender Option | ||||
Bond Trusts (Cost $4,250,882) 3.4% | 4,377,394 | |||
|
|
| ||
Short-Term Securities | Shares | |||
|
|
| ||
CMA New Jersey Municipal Money Fund, | ||||
2.12% (m)(n) | 1,992,919 | 1,992,919 | ||
|
|
| ||
Total Short-Term Securities (Cost $1,992,919) 1.6% | 1,992,919 | |||
|
| |||
Total Investments (Cost $198,002,631*) 157.2% | 201,469,777 | |||
Other Assets Less Liabilities 1.9% | 2,411,171 | |||
Liability for Trust Certificates, Including Interest | ||||
Expense Payable (1.7%) | (2,197,942) | |||
Preferred Stock, at Redemption Value (57.4%) | (73,529,108) | |||
| ||||
Net Assets Applicable to Common Stock 100.0% | $128,153,898 | |||
|
* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2008, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 195,634,729 | |
| ||
Gross unrealized appreciation | $ 6,787,680 | |
Gross unrealized depreciation | (3,142,632) | |
| ||
Net unrealized appreciation | $ 3,645,048 | |
|
(a) FSA Insured.
(b) MBIA Insured.
(c) Represents a zero coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(d) AMBAC Insured.
(e) FGIC Insured.
(f) 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.
(g) Represents a pay-in-kind security which may pay interest/dividends in additional
face/shares.
(h) Assured Guaranty Insured.
(i) XL Capital Insured.
(j) Variable rate security. Rate shown is as of report date. Maturity shown is the
final maturity date.
(k) CIFG Insured.
(l) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Fund acquired redual interest certificates. These securities serve as
a collateral in a financing transaction. See Note 1 of the Notes to Financial
Statements for details of Municipal bonds transferred to tender option bond
trusts.
(m) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net | Dividend | |||
Affiliate | Activity | Income | ||
|
|
| ||
CMA New Jersey Municipal Money Fund | 1,903,726 | $3,848 | ||
|
|
| ||
(n) Represents the current yield as of report date. |
See Notes to Financial Statements. |
18 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments April 30, 2008 (Unaudited) BlackRock MuniYield Pennsylvania Insured Fund
(Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Pennsylvania 136.7% | ||||||
|
|
|
| |||
Allegheny County, Pennsylvania, GO, Series C-60, | ||||||
5%, 11/01/32 (a) | $ 4,650 | $ 4,770,249 | ||||
|
|
| ||||
Allegheny County, Pennsylvania, Hospital Development | ||||||
Authority, Health Center Revenue Bonds (University | ||||||
of Pittsburgh Medical Center Health System), | ||||||
Series B, 6%, 7/01/26 (b) | 2,000 | 2,315,200 | ||||
|
|
|
| |||
Allegheny County, Pennsylvania, Residential Finance | ||||||
Authority, S/F Mortgage Revenue Bonds, AMT, | ||||||
Series TT, 5%, 5/01/35 (c) | 955 | 880,691 | ||||
|
|
|
| |||
Allegheny County, Pennsylvania, Sanitation Authority, | ||||||
Sewer Revenue Refunding Bonds, Series A, | ||||||
5%, 12/01/30 (b) | 5,000 | 5,050,100 | ||||
|
|
|
| |||
Chambersburg, Pennsylvania, Area School District, | ||||||
GO (d): | ||||||
5.25%, 3/01/26 | 2,115 | 2,186,339 | ||||
5.25%, 3/01/27 | 2,500 | 2,578,075 | ||||
5.25%, 3/01/29 | 4,000 | 4,112,440 | ||||
|
|
|
| |||
Connellsville, Pennsylvania, Area School District, GO, | ||||||
Series B, 5%, 11/15/37 | 1,000 | 1,013,980 | ||||
|
|
|
| |||
Delaware County, Pennsylvania, IDA Revenue Bonds | ||||||
(Pennsylvania Suburban Water Company Project), | ||||||
AMT, Series A, 5.15%, 9/01/32 (e) | 5,500 | 5,257,230 | ||||
|
|
|
| |||
Delaware County, Pennsylvania, IDA, Water Facilities | ||||||
Revenue Refunding Bonds (Aqua Pennsylvania, Inc. | ||||||
Project), AMT, Series B, 5%, 11/01/36 (d) | 4,770 | 4,377,477 | ||||
|
|
| ||||
Delaware Valley Regional Finance Authority, | ||||||
Pennsylvania, Local Government Revenue Bonds, | ||||||
5.75%, 7/01/32 | 1,500 | 1,704,750 | ||||
|
|
|
| |||
East Stroudsburg, Pennsylvania, Area School | ||||||
District, GO: | ||||||
Refunding, 5%, 9/01/25 (a) | 7,000 | 7,307,440 | ||||
Series A, 7.75%, 9/01/27 (d) | 2,000 | 2,416,100 | ||||
|
|
|
| |||
Erie County, Pennsylvania, Convention Center | ||||||
Authority, Convention Center Hotel Revenue Bonds, | ||||||
5%, 1/15/36 (d) | 8,850 | 8,744,685 | ||||
|
|
|
| |||
Erie, Pennsylvania, Water Authority, Revenue Refunding | ||||||
Bonds, VRDN, Series A, 2.60%, 12/01/36 (a)(i) | 8,000 | 8,000,000 | ||||
|
|
| ||||
Gettysburg, Pennsylvania, Municipal Authority, College | ||||||
Revenue Refunding Bonds, 5%, 8/15/23 (b) | 4,000 | 4,050,640 | ||||
|
|
| ||||
Harrisburg, Pennsylvania, Authority, School Revenue | ||||||
Refunding Bonds (The School District of Harrisburg | ||||||
Project), VRDN, 2.43%, 12/01/27 (e)(i) | 700 | 700,000 | ||||
|
|
|
| |||
Monroe County, Pennsylvania, Hospital Authority | ||||||
Revenue Refunding Bonds (Pocono Medical | ||||||
Center), 5.125%, 1/01/37 | 1,265 | 1,122,156 | ||||
|
|
|
| |||
Montgomery County, Pennsylvania, IDA, Water | ||||||
Facilities Revenue Bonds (Aqua Pennsylvania, Inc. | ||||||
Project), Series A, 5.25%, 7/01/42 | 1,800 | 1,740,258 | ||||
|
|
|
| |||
North Allegheny, Pennsylvania, School District, GO, | ||||||
Series C, 5.25%, 5/01/27 (a) | 2,675 | 2,783,792 | ||||
|
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Pennsylvania (continued) | ||||
|
|
| ||
Northampton Borough, Pennsylvania, Municipal | ||||
Authority, Water Revenue Bonds, 5%, 5/15/34 (b) | $ 935 | $ 950,568 | ||
|
|
| ||
Northeastern York School District, Pennsylvania, GO, | ||||
Series B, 5%, 4/01/32 (d) | 1,585 | 1,582,733 | ||
|
|
| ||
Northumberland County, Pennsylvania, IDA, | ||||
Water Facilities Revenue Refunding Bonds | ||||
(Aqua Pennsylvania Inc. Project), AMT, | ||||
5.05%, 10/01/39 (d) | 6,000 | 5,520,120 | ||
|
|
| ||
Pennsylvania Economic Development Financing | ||||
Authority, Solid Waste Disposal Revenue Bonds | ||||
(Waste Management Inc. Project), AMT, Series A, | ||||
5.10%, 10/01/27 | 1,200 | 1,014,696 | ||
|
|
| ||
Pennsylvania HFA, Revenue Bonds, DRIVERS, VRDN, | ||||
AMT, Series 1248Z, 7.549%, 10/01/09 (i) | 2,500 | 2,511,350 | ||
|
|
| ||
Pennsylvania HFA, S/F Mortgage Revenue Refunding | ||||
Bonds, AMT, Series 96A, 4.70%, 10/01/37 | 3,000 | 2,604,930 | ||
|
|
| ||
Pennsylvania State Higher Educational Facilities | ||||
Authority Revenue Bonds: | ||||
(Drexel University), Series A, 5%, 5/01/37 (b) | 5,000 | 5,037,600 | ||
(UPMC Health System), Series A, 6%, 1/15/22 | 3,000 | 3,194,430 | ||
(York College of Pennsylvania Project), | ||||
Series EE1, 5%, 11/01/33 (g) | 4,305 | 4,274,305 | ||
|
|
| ||
Pennsylvania State Higher Educational Facilities | ||||
Authority, State System Revenue Bonds, | ||||
Series AE, 4.75%, 6/15/32 (b) | 8,845 | 8,819,349 | ||
|
|
| ||
Pennsylvania State, IDA, EDR, Refunding, | ||||
5.50%, 7/01/20 (e) | 7,000 | 7,472,080 | ||
|
|
| ||
Pennsylvania State Public School Building Authority, | ||||
School and Capital Appreciation Revenue Bonds | ||||
(Corry Area School District) (a)(h): | ||||
4.85%, 12/15/22 | 1,980 | 974,853 | ||
4.87%, 12/15/23 | 1,980 | 919,175 | ||
4.89%, 12/15/24 | 1,980 | 868,329 | ||
4.92%, 12/15/25 | 1,980 | 819,265 | ||
|
|
| ||
Pennsylvania State Turnpike Commission, Oil | ||||
Franchise Tax Revenue Bonds, Series C, | ||||
5%, 12/01/32 | 13,600 | 13,948,024 | ||
|
|
| ||
Pennsylvania State Turnpike Commission, Turnpike | ||||
Revenue Bonds, Series A, 5.50%, 12/01/31 | 7,800 | 8,169,954 | ||
|
|
| ||
Philadelphia, Pennsylvania, Authority for Industrial | ||||
Development, Airport Revenue Refunding Bonds | ||||
(Philadelphia Airport System Project), AMT, | ||||
Series A (d): | ||||
5.50%, 7/01/17 | 4,000 | 4,059,120 | ||
5.50%, 7/01/18 | 3,655 | 3,693,962 | ||
|
|
| ||
Philadelphia, Pennsylvania, Authority for | ||||
Industrial Development, Lease Revenue Bonds, | ||||
Series B, 5.50%, 10/01/11 (a)(f) | 7,680 | 8,431,872 | ||
|
|
| ||
Philadelphia, Pennsylvania, GO, Refunding, Series A, | ||||
5.25%, 12/15/32 | 7,000 | 7,271,180 | ||
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
19 |
Schedule of Investments (continued) BlackRock MuniYield Pennsylvania Insured Fund
(Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Pennsylvania (concluded) | ||||
|
|
| ||
Philadelphia, Pennsylvania, Gas Works Revenue | ||||
Bonds, 1998 General Ordinance, 4th Series, | ||||
5%, 8/01/32 (a) | $ 10,000 | $ 10,091,200 | ||
|
|
| ||
Philadelphia, Pennsylvania, Gas Works | ||||
Revenue Refunding Bonds, VRDN, Series 6, | ||||
2.85%, 8/01/31 (a)(i) | 1,300 | 1,300,000 | ||
|
|
| ||
Philadelphia, Pennsylvania, Hospitals and Higher | ||||
Education Facilities Authority, Hospital Revenue | ||||
Refunding Bonds (Presbyterian Medical Center), | ||||
6.65%, 12/01/19 (n) | 3,000 | 3,566,610 | ||
|
|
| ||
Philadelphia, Pennsylvania, Housing Authority | ||||
Revenue Bonds (Capital Fund Program), Series A, | ||||
5.50%, 12/01/18 (a) | 3,000 | 3,221,280 | ||
|
|
| ||
Philadelphia, Pennsylvania, Qualified | ||||
Redevelopment Authority Revenue Bonds, AMT, | ||||
Series B, 5%, 4/15/27 (d) | 4,645 | 4,410,242 | ||
|
|
| ||
Philadelphia, Pennsylvania, Redevelopment Authority | ||||
Revenue Bonds (Neighborhood Transformation), | ||||
Series A, 5.50%, 4/15/22 (d) | 1,750 | 1,783,548 | ||
|
|
| ||
Philadelphia, Pennsylvania, School District, GO (d)(f): | ||||
Series B, 5.625%, 8/01/12 | 10,000 | 11,065,500 | ||
Series D, 5.125%, 6/01/14 | 2,500 | 2,763,125 | ||
|
|
| ||
Philadelphia, Pennsylvania, Water and Wastewater | ||||
Revenue Bonds, Series A, 5%, 7/01/27 (a) | 3,000 | 3,089,010 | ||
|
|
| ||
Pittsburgh, Pennsylvania, Water and Sewer Authority, | ||||
Water and Sewer System Revenue Refunding Bonds, | ||||
First Lien, VRDN, Series B-1, 3.10%, 9/01/33 (a)(i) | 2,035 | 2,035,000 | ||
|
|
| ||
Reading, Pennsylvania, Area Water Authority, Water | ||||
Revenue Bonds, 5%, 12/01/27 (a) | 3,680 | 3,815,829 | ||
|
|
| ||
Reading, Pennsylvania, School District, GO, | ||||
5%, 1/15/29 (a) | 6,000 | 6,153,840 | ||
|
|
| ||
Sayre, Pennsylvania, Health Care Facilities Authority, | ||||
Revenue Refunding Bonds (Guthrie Healthcare | ||||
System), Series A, 5.875%, 12/01/31 | 590 | 603,381 | ||
|
|
| ||
Scranton, Pennsylvania, School District, GO, Series A, | ||||
5%, 7/15/38 (a) | 10,000 | 10,215,400 | ||
|
|
| ||
Shaler Area School District, Pennsylvania, Capital | ||||
Appreciation, GO, 4.765%, 9/01/30 (g)(h) | 6,145 | 1,770,313 | ||
|
|
| ||
Southcentral General Authority, Pennsylvania, Revenue | ||||
Bonds (York College of Pennsylvania Project), | ||||
5%, 5/01/37 (g) | 2,000 | 1,972,860 | ||
|
|
| ||
York, Pennsylvania, City School District, GO, Series A, | ||||
5.25%, 6/01/22 (g) | 1,040 | 1,072,084 | ||
| ||||
232,178,719 | ||||
|
|
| ||
Guam 1.5% | ||||
|
|
| ||
A.B. Won Guam International Airport Authority, | ||||
General Revenue Refunding Bonds, AMT, Series C, | ||||
5%, 10/01/23 (b) | 2,500 | 2,439,550 | ||
|
|
|
Par | ||||
Municipal Bonds | (000) | Value | ||
|
|
| ||
Puerto Rico 11.7% | ||||
|
|
| ||
Puerto Rico Commonwealth, Public Improvement, GO, | ||||
Series A, 5%, 7/01/14 (f) | $ 6,790 | $ 7,469,068 | ||
|
|
| ||
Puerto Rico Public Buildings Authority, Government | ||||
Facilities Revenue Refunding Bonds, Series I (i)(j): | ||||
5.375%, 7/01/14 | 5,000 | 5,455,050 | ||
5.50%, 7/01/14 | 2,500 | 2,744,600 | ||
|
|
| ||
Puerto Rico Sales Tax Financing Corporation, Sales | ||||
Tax Revenue Refunding Bonds, Series A: | ||||
5.01%, 8/01/43 (b)(h) | 7,000 | 971,880 | ||
5.25%, 8/01/57 | 3,250 | 3,249,708 | ||
| ||||
19,890,306 | ||||
|
|
| ||
Total Municipal Bonds | ||||
(Cost $253,209,015) 149.9% | 254,508,575 | |||
|
|
| ||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (k) | ||||
|
|
| ||
Pennsylvania 13.8% | ||||
|
|
| ||
Pennsylvania State Public School Building Authority, | ||||
School Lease Revenue Bonds (The School District | ||||
of Philadelphia Project), 5.25%, 6/1/13 (a)(f) | 15,000 | 16,487,850 | ||
|
|
| ||
Philadelphia Pennsylvania Airport Revenue Bonds, | ||||
5%, 6/15/37 (a) | 7,500 | 7,035,600 | ||
|
|
| ||
Total Municipal Bonds Transferred to Tender Option | ||||
Bond Trusts (Cost $22,732,496) 13.8% | 23,523,450 | |||
|
|
| ||
Short-Term Securities | Shares | |||
|
|
| ||
CMA Pennsylvania Municipal Money Fund, | ||||
1.90% (l)(m) | 15,222,273 | 15,222,273 | ||
|
|
| ||
Total Short-Term Securities (Cost $15,222,273) 9.0% | 15,222,273 | |||
|
| |||
Total Investments (Cost $291,163,784*) 172.7% | 293,254,298 | |||
Liabilities in Excess of Other Assets (5.9%) | (10,048,281) | |||
Liability for Trust Certificates, Including Interest | ||||
Expense Payable (6.7%) | (11,379,635) | |||
Preferred Shares, at Redemption Value (60.1%) | (102,022,895) | |||
| ||||
Net Assets Applicable to Common Shares 100.0% | $169,803,487 | |||
|
See Notes to Financial Statements. |
20 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Schedule of Investments (concluded) BlackRock MuniYield Pennsylvania Insured Fund
* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2008, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 279,980,670 | |
| ||
Gross unrealized appreciation | $ 6,791,679 | |
Gross unrealized depreciation | (4,768,051) | |
| ||
Net unrealized appreciation | $ 2,023,628 | |
| ||
(a) FSA Insured. | ||
(b) MBIA Insured. | ||
(c) FNMA/GNMA Collateralized. | ||
(d) FGIC Insured. | ||
(e) AMBAC Insured. |
(f) 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.
(g) XL Capital Insured.
(h) Represents a zero coupon bond. Rate shown reflects the effective yield at the
time of purchase.
(i) Variable rate security. Rate shown is as of report date. Maturity shown is the final
maturity date.
(j) Commonwealth Guaranteed
(k) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Fund acquired residual interest certificates. These securities serve as
a collateral in a financing transaction. See Note 1 of the Notes to Financial State-
ments for details of municipal bonds transferred to tender option bond trusts.
(l) Represents the current yield as of report date.
(m) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
Net | Dividend | |||
Affiliate | Activity | Income | ||
|
|
| ||
CMA Pennsylvania Municipal Money Fund | 15,136,011 | $36,677 | ||
|
|
|
(n) Security is collateralized by municipal or U.S. Treasury obligations.
Forward interest rate swaps outstanding as of April 30,2008 were as follows:
Notional | Unrealized | |||
Amount | (Depreciation) | |||
|
|
| ||
Pay a fixed rate of 3.326% and receive | ||||
a floating rate based on 1-week | ||||
SIFMA Municipal Swap Index Rate | ||||
Broker, JPMorgan Chase | ||||
Expires July 2018 | $17,000,000 | $ (54,349) | ||
Pay a fixed rate of 3.896% and receive | ||||
a floating rate based on 1-week | ||||
SIFMA Municipal Swap Index | ||||
Broker, JPMorgan Chase | ||||
Expires May 2028 | $90,000,000 | (303,381) | ||
|
|
| ||
Total | $(357,730) | |||
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
21 |
Statements of Assets and Liabilities | ||||||||
BlackRock | BlackRock | BlackRock | BlackRock | |||||
MuniYield | MuniYield | MuniYield | MuniYield | |||||
Florida | Michigan | New Jersey | Pennsylvania | |||||
April 30, 2008 (Unaudited) | Insured Fund | Insured Fund, Inc. | Insured Fund, Inc. | Insured Fund | ||||
|
|
|
|
|
||||
Assets | ||||||||
|
|
|
|
|
||||
Investments at value unaffiliated1 | $193,926,376 | $448,025,921 | $199,476,858 | $278,032,025 | ||||
Investments at value affiliated2 | 8,383,168 | 2,724,014 | 1,992,919 | 15,222,273 | ||||
Cash | 409,325 | 91,037 | 16,791 | | ||||
Interest receivable | 2,178,779 | 7,478,576 | 3,005,045 | 3,744,185 | ||||
Investments sold receivable | | | | 32,882,638 | ||||
Prepaid expenses | 1,513 | 2,234 | 1,298 | 1,656 | ||||
|
|
|
|
|||||
Total assets | 204,899,161 | 458,321,782 | 204,492,911 | 329,882,777 | ||||
|
|
|
|
|
||||
Accrued Liabilities | ||||||||
|
|
|
|
|
||||
Unrealized depreciation on forward interest rate swaps | | | | 357,730 | ||||
Investments purchased payable | 3,030,415 | | | 45,491,199 | ||||
Income dividends payable Common Stock shareholders/Common Shareholders | 452,172 | 1,074,172 | 475,313 | 642,912 | ||||
Interest expense and fees payable | 80,944 | 104,178 | 7,942 | 129,635 | ||||
Investment advisory fees payable | 74,168 | 168,193 | 81,813 | 107,233 | ||||
Other affiliates payable | 1,633 | 2,411 | 1,178 | 2,400 | ||||
Officer payable | 168 | 382 | 216 | 2,935 | ||||
Bank overdraft | | | | 23,496 | ||||
Other accrued expenses payable | 59,082 | 83,362 | 53,443 | 48,855 | ||||
|
|
|
|
|||||
Total accrued liabilities | 3,698,582 | 1,432,698 | 619,905 | 46,806,395 | ||||
|
|
|
|
|
||||
Other Liabilities | ||||||||
|
|
|
|
|
||||
Trust certificates3 | 12,231,263 | 24,492,500 | 2,190,000 | 11,250,000 | ||||
|
|
|
|
|||||
Total Liabilities | 15,929,845 | 25,925,198 | 2,809,905 | 58,056,395 | ||||
|
|
|
|
|
||||
Preferred Stock/Shares | ||||||||
|
|
|
|
|
||||
Preferred Stock/Shares, at redemption value, at $25,000 per share liquidation preference4,5 | 72,021,645 | 165,052,682 | 73,529,108 | 102,022,895 | ||||
|
|
|
|
|
||||
Net Assets Applicable to Common Stock/Shares | ||||||||
|
|
|
|
|
||||
Net assets applicable to Common Stock/Shares | $116,947,671 | $267,343,902 | $128,153,898 | $169,803,487 | ||||
|
|
|
|
|
||||
Net Assets Applicable to Common Stock/Shares Consist of | ||||||||
|
|
|
|
|
||||
Common Stock/Shares, par value $0.10 per share6 | $ 845,181 | $ 1,820,630 | $ 880,210 | $ 1,148,057 | ||||
Paid-in capital in excess of par | 117,576,408 | 268,787,335 | 123,256,564 | 169,933,802 | ||||
Undistributed net investment income | 208,293 | 678,403 | 1,203,320 | 518,092 | ||||
Accumulated net realized loss | (4,411,879) | (16,024,546) | (653,342) | (3,529,248) | ||||
Net unrealized appreciation/depreciation | 2,729,668 | 12,082,080 | 3,467,146 | 1,732,784 | ||||
|
|
|
|
|||||
Net assets applicable to Common Stock Shareholders/Common Shareholders | $116,947,671 | $267,343,902 | $128,153,898 | $169,803,487 | ||||
|
|
|
|
|||||
Net asset value per share of Common Stock/Shares | $ 13.84 | $ 14.68 | $ 14.56 | $ 14.79 | ||||
|
|
|
|
|||||
1 Investments at cost unaffiliated | $191,196,708 | $435,943,841 | $196,009,712 | $275,941,511 | ||||
|
|
|
|
|||||
2 Investments at cost affiliated | $ 8,383,168 | $ 2,724,014 | $ 1,992,919 | $ 15,222,273 | ||||
|
|
|
|
|||||
3 Represents short-term floating rate certificates issued by tender option bond trusts. | ||||||||
4 Preferred Stock/Shares issued and outstanding: | ||||||||
Series A, par value of $0.05 per share | 2,400 | 2,000 | 2,240 | 1,600 | ||||
|
|
|
|
|||||
Series B, par value of $0.05 per share | 480 | 2,000 | | 1,920 | ||||
|
|
|
|
|||||
Series B, par value of $0.10 per share | | | 700 | | ||||
|
|
|
|
|||||
Series C, par value of $0.05 per share | | 1,600 | | 560 | ||||
|
|
|
|
|||||
Series D, par value of $0.10 per share | | 1,000 | | | ||||
|
|
|
|
|||||
5 Preferred Stock/Shares authorized | 1,000,000 | 6,600 | 2,940 | 1,000,000 | ||||
|
|
|
|
|||||
6 Common Stock/Shares issued and outstanding | 8,451,814 | 18,206,301 | 8,802,099 | 11,480,567 | ||||
|
|
|
|
|||||
See Notes to Financial Statements. | ||||||||
|
|
|
|
22 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Statements of Operations | ||||||||
BlackRock | BlackRock | BlackRock | BlackRock | |||||
MuniYield | MuniYield | MuniYield | MuniYield | |||||
Florida | Michigan | New Jersey | Pennsylvania | |||||
Six Months Ended April 30, 2008 (Unaudited) | Insured Fund | Insured Fund, Inc. Insured Fund, Inc. | Insured Fund | |||||
|
|
|
| |||||
Investment Income | ||||||||
|
|
|
|
| ||||
Interest | $ 4,806,261 | $ 10,135,418 | $ 4,796,078 | $ 6,863,963 | ||||
Dividends from affiliates | 38,375 | 110,209 | 3,848 | 36,677 | ||||
|
|
|
| |||||
Total income | 4,844,636 | 10,245,627 | 4,799,926 | 6,900,640 | ||||
|
|
|
|
| ||||
Expenses | ||||||||
|
|
|
|
| ||||
Investment advisory | 475,485 | 1,083,483 | 506,249 | 686,976 | ||||
Commissions for Preferred Stock/Shares | 92,941 | 207,880 | 93,866 | 131,135 | ||||
Accounting services | 43,808 | 72,995 | 42,664 | 43,875 | ||||
Professional | 30,726 | 40,332 | 32,048 | 31,021 | ||||
Transfer agent | 16,538 | 25,637 | 16,115 | 23,508 | ||||
Printing | 6,700 | 18,054 | 9,158 | 12,257 | ||||
Trustees/Directors | 6,398 | 13,098 | 6,972 | 7,897 | ||||
Custodian | 6,289 | 11,907 | 6,081 | 9,218 | ||||
Registration | 4,468 | 4,355 | 4,416 | 4,452 | ||||
Miscellaneous | 26,828 | 39,027 | 28,883 | 30,510 | ||||
|
|
|
| |||||
Total expenses excluding interest expense and fees | 710,181 | 1,516,768 | 746,452 | 980,849 | ||||
Interest expense and fees1 | 184,624 | 404,464 | 23,285 | 366,433 | ||||
|
|
|
| |||||
Total expenses | 894,805 | 1,921,232 | 769,737 | 1,347,282 | ||||
Less fees waived by advisor | (9,850) | (29,029) | (1,005) | (10,031) | ||||
|
|
|
| |||||
Total expenses after waiver | 884,955 | 1,892,203 | 768,732 | 1,337,251 | ||||
|
|
|
| |||||
Net investment income | 3,959,681 | 8,353,424 | 4,031,194 | 5,563,389 | ||||
|
|
|
|
| ||||
Realized and Unrealized Gain (Loss) | ||||||||
|
|
|
|
| ||||
Net realized gain (loss) from: | ||||||||
Investments | (1,048,045) | (722,560) | (158,052) | 752,217 | ||||
Swaps | (191,322) | | (10,031) | (2,350,759) | ||||
|
|
|
| |||||
(1,239,367) | (722,560) | (168,083) | (1,598,542) | |||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments | (3,322,390) | (4,409,179) | (3,585,021) | (6,421,689) | ||||
Swaps | 66,960 | | | 176,133 | ||||
|
|
|
| |||||
(3,255,430) | (4,409,179) | (3,585,021) | (6,245,556) | |||||
|
|
|
| |||||
Total realized and unrealized loss | (4,494,797) | (5,131,739) | (3,753,104) | (7,844,098) | ||||
|
|
|
|
| ||||
Dividends and Distributions to Preferred Stock Shareholders/Preferred Shareholders From | ||||||||
|
|
|
|
| ||||
Net investment income | (1,356,583) | (3,026,247) | (1,283,508) | (1,865,208) | ||||
Net realized gain | | | (47,170) | | ||||
|
|
|
| |||||
Total dividends and distributions to Preferred Stock shareholders/Preferred Shareholders | (1,356,583) | (3,026,247) | (1,330,678) | (1,865,208) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets to Common Stock Shareholders/Common Shareholders | ||||||||
Resulting from Operations | $ (1,891,699) | $ 195,438 | $ (1,052,588) | $ (4,145,917) | ||||
|
|
|
| |||||
1 Related to tender option bond trusts. |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
23 |
Statements of Changes in Net Assets | ||||||||
BlackRock MuniYield | BlackRock MuniYield | |||||||
Florida Insured Fund | Michigan Insured Fund, Inc. | |||||||
|
|
|||||||
Six Months Ended | Six Months Ended | |||||||
April 30, 2008 | Year Ended | April 30, 2008 | Year Ended | |||||
Increase (Decrease) in Net Assets: | (Unaudited) | October 31, 2007 | (Unaudited) | October 31, 2007 | ||||
|
|
|
|
|
||||
Operations | ||||||||
|
|
|
|
|
||||
Net investment income | $ 3,959,681 | $ 8,056,928 | $ 8,353,424 | $ 19,208,577 | ||||
Net realized gain (loss) | (1,239,367) | 176,914 | (722,560) | 1,570,157 | ||||
Net change in unrealized appreciation/depreciation | (3,255,430) | (4,348,589) | (4,409,179) | (9,721,365) | ||||
Dividends to Preferred Stock shareholders/Preferred Shareholders from | ||||||||
net investment income | (1,356,583) | (2,631,621) | (3,026,247) | (5,850,606) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets applicable to Common Stock shareholders/ | ||||||||
Common Shareholders resulting from operations | (1,891,699) | 1,253,632 | 195,438 | 5,206,763 | ||||
|
|
|
|
|
||||
Dividends to Common Stock Shareholders/Common Shareholders From | ||||||||
|
|
|
|
|
||||
Net investment income | (2,734,162) | (5,721,878) | (6,445,030) | (12,962,886) | ||||
|
|
|
|
|
||||
Net Assets Applicable to Common Stock/Shares | ||||||||
|
|
|
|
|
||||
Total decrease in net assets | (4,625,861) | (4,468,246) | (6,249,592) | (7,756,123) | ||||
Beginning of period | 121,573,532 | 126,041,778 | 273,593,494 | 281,349,617 | ||||
|
|
|
|
|||||
End of period | $ 116,947,671 | $ 121,573,532 | $ 267,343,902 | $ 273,593,494 | ||||
|
|
|
|
|||||
End of period undistributed net investment income | $ 208,293 | $ 339,357 | $ 678,403 | $ 1,796,256 | ||||
|
|
|
|
See Notes to Financial Statements. |
24 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Statements of Changes in Net Assets (concluded) | ||||||||
BlackRock MuniYield | BlackRock MuniYield | |||||||
New Jersey Insured Fund, Inc. | Pennsylvania Insured Fund | |||||||
|
|
|||||||
Six Months Ended | Six Months Ended | |||||||
April 30, 2008 | Year Ended | April 30, 2008 | Year Ended | |||||
Increase (Decrease) in Net Assets: | (Unaudited) | October 31, 2007 | (Unaudited) | October 31, 2007 | ||||
|
|
|
|
|
||||
Operations | ||||||||
|
|
|
|
|
||||
Net investment income | $ 4,031,194 | $ 8,403,981 | $ 5,563,389 | $ 11,615,514 | ||||
Net realized gain (loss) | (168,083) | 588,462 | (1,598,542) | 2,337,245 | ||||
Net change in unrealized appreciation/depreciation | (3,585,021) | (4,321,927) | (6,245,556) | (6,999,004) | ||||
Dividends and distributions to Preferred Stock shareholders/Preferred | ||||||||
Shareholders from: | ||||||||
Net investment income | (1,283,508) | (2,420,847) | (1,865,208) | (3,638,710) | ||||
Net realized gain | (47,170) | (23,780) | | | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets applicable to Common Stock shareholders/ | ||||||||
Common Shareholders resulting from operations | (1,052,588) | 2,225,889 | (4,145,917) | 3,315,045 | ||||
|
|
|
|
|
||||
Dividends and Distributions to Common Stock Shareholders/Common Shareholders From: | ||||||||
|
|
|
|
|||||
Net investment income | (2,851,880) | (5,747,771) | (3,857,470) | (7,910,111) | ||||
Net realized gain | (115,598) | (70,742) | | | ||||
|
|
|
|
|||||
Decrease in net assets resulting from dividends and distributions to | ||||||||
Common Stock shareholders/Common Shareholders | (2,967,478) | (5,818,513) | (3,857,470) | (7,910,111) | ||||
|
|
|
|
|
||||
Net Assets Applicable to Common Stock/Shares | ||||||||
|
|
|
|
|
||||
Total decrease in net assets | (4,020,066) | (3,592,624) | (8,003,387) | (4,595,066) | ||||
Beginning of period | 132,173,964 | 135,766,588 | 177,806,874 | 182,401,940 | ||||
|
|
|
|
|||||
End of period | $ 128,153,898 | $ 132,173,964 | $ 169,803,487 | $ 177,806,874 | ||||
|
|
|
|
|||||
End of period undistributed net investment income | $ 1,203,320 | $ 1,307,514 | $ 518,092 | $ 677,381 | ||||
|
|
|
|
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
25 |
Financial Highlights | BlackRock MuniYield Florida Insured Fund | |||||||||||||
Six Months Ended | ||||||||||||||
April 30, 2008 | Year Ended October 31, | |||||||||||||
(Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
Per Share Operating Performance | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Net asset value, beginning of period | $ 14.38 | $ 14.91 | $ 14.72 | $ 15.22 | $ 15.04 | $ 15.04 | ||||||||
Net investment income1 | 0.47 | 0.95 | 0.97 | 0.98 | 0.98 | 1.05 | ||||||||
Net realized and unrealized gain (loss) | (0.53) | (0.49) | 0.24 | (0.38) | 0.20 | (0.06) | ||||||||
Dividends to Preferred shareholders from net investment income | (0.16) | (0.31) | (0.27) | (0.17) | (0.07) | (0.07) | ||||||||
|
|
|
|
|
|
| ||||||||
Net increase (decrease) from investment operations | (0.22) | 0.15 | 0.94 | 0.43 | 1.11 | 0.92 | ||||||||
|
|
|
|
|
|
| ||||||||
Dividends to Common shareholders from net investment income | (0.32) | (0.68) | (0.75) | (0.90) | (0.93) | (0.92) | ||||||||
|
|
|
|
|
|
| ||||||||
Capital charges with respect to the issuance of Preferred Shares | | | | (0.03) | | | ||||||||
|
|
|
|
|
|
| ||||||||
Net asset value, end of period | $ 13.84 | $ 14.38 | $ 14.91 | $ 14.72 | $ 15.22 | $ 15.04 | ||||||||
|
|
|
|
|
| |||||||||
Market price, end of period | $ 12.32 | $ 12.74 | $ 14.21 | $ 14.18 | $ 14.98 | $ 14.18 | ||||||||
|
|
|
|
|
|
| ||||||||
Total Investment Return2 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Based on net asset value | (1.26%)3 | 1.39% | 6.87% | 2.72% | 7.98% | 6.45% | ||||||||
|
|
|
|
|
|
| ||||||||
Based on market price | (0.79%)3 | (5.75%) | 5.73% | 0.54% | 12.73% | 5.56% | ||||||||
|
|
|
|
|
|
|
| |||||||
Ratios to Average Net Assets Applicable to Common Shares | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Total expenses, after waiver and excluding interest expense and fees4,5 | 1.18%6 | 1.20% | 1.17% | 1.20% | 1.09% | 1.08% | ||||||||
|
|
|
|
|
|
| ||||||||
Total expenses, after waiver4 | 1.49%6 | 1.52% | 1.45% | 1.38% | 1.27% | 1.25% | ||||||||
|
|
|
|
|
|
| ||||||||
Total expenses4 | 1.50%6 | 1.54% | 1.46% | 1.38% | 1.28% | 1.25% | ||||||||
|
|
|
|
|
|
| ||||||||
Net investment income4 | 6.66%6 | 6.53% | 6.58% | 6.50% | 6.54% | 6.86% | ||||||||
|
|
|
|
|
|
| ||||||||
Dividends to Preferred Shareholders | 2.28%6 | 2.13% | 1.87% | 1.13% | 0.48% | 0.47% | ||||||||
|
|
|
|
|
|
| ||||||||
Net investment income to Common Shareholders | 4.38%6 | 4.40% | 4.71% | 5.37% | 6.06% | 6.39% | ||||||||
|
|
|
|
|
|
|
| |||||||
Supplemental Data | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Net assets applicable to Common Shares, | ||||||||||||||
end of period (000) | $ 116,948 | $121,574 | $126,042 | $124,422 | $ 128,455 | $ 126,915 | ||||||||
|
|
|
|
|
| |||||||||
Preferred Shares outstanding at liquidation preference, | ||||||||||||||
end of period (000) | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 60,000 | $ 60,000 | ||||||||
|
|
|
|
|
| |||||||||
Portfolio turnover | 11% | 26% | 34% | 52% | 28% | 40% | ||||||||
|
|
|
|
|
|
| ||||||||
Asset coverage, end of period (000) | $ 2,624 | $ 2,689 | $ 2,751 | $ 2,728 | $ 3,141 | $ 3,115 | ||||||||
|
|
|
|
|
|
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. Total investment returns exclude the effects of sales charges. 3 Aggregate total investment return. 4 Do not reflect the effect of dividends to Preferred Shareholders. 5 Interest expense and fees related 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. 6 Annualized. |
See Notes to Financial Statements. |
26 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Financial Highlights | BlackRock MuniYield Michigan Insured Fund, Inc. | |||||||||||||
Six Months Ended | ||||||||||||||
April 30, 2008 | Year Ended October 31, | |||||||||||||
(Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||
Per Share Operating Performance | ||||||||||||||
Net asset value, beginning of period | $ 15.03 | $ 15.45 | $ 15.32 | $ 15.96 | $ 15.94 | $ 15.74 | ||||||||
Net investment income1 | 0.46 | 1.06 | 1.04 | 1.08 | 1.06 | 1.10 | ||||||||
Net realized and unrealized gain (loss) | (0.29) | (0.45) | 0.22 | (0.54) | 0.03 | 0.15 | ||||||||
Dividends to Preferred Stock Holders from net investment income | (0.17) | (0.32) | (0.29) | (0.18) | (0.07) | (0.07) | ||||||||
|
|
|
|
|
|
| ||||||||
Net increase (decrease) from investment operations | | (0.29) | 0.97 | 0.36 | 1.02 | 1.18 | ||||||||
|
|
|
|
|
|
| ||||||||
Dividends to Common Stock shareholders from net investment | ||||||||||||||
income | (0.35) | (0.71) | (0.84) | (0.98) | (1.00) | (0.98) | ||||||||
|
|
|
|
|
|
| ||||||||
Capital charges with respect to the issuance of Preferred Stock | | | | (0.02) | | | ||||||||
|
|
|
|
|
|
| ||||||||
Net asset value, end of period | $ 14.68 | $ 15.03 | $ 15.45 | $ 15.32 | $ 15.96 | $ 15.94 | ||||||||
|
|
|
|
|
| |||||||||
Market price, end of period | $ 13.38 | $ 13.40 | $ 14.67 | $ 15.31 | $ 15.37 | $ 14.69 | ||||||||
|
|
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|
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|
| ||||||||
Total Investment Return2 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Based on net asset value | 0.27%3 | 2.30% | 6.64% | 2.24% | 7.04% | 8.26% | ||||||||
|
|
|
|
|
|
| ||||||||
Based on market price | 2.50%3 | (3.95%) | 1.32% | 6.10% | 11.85% | 12.57% | ||||||||
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| |||||||
Ratios to Average Net Assets Applicable to Common Stock | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
Total expenses, after waiver and excluding interest expense and fees4,5 | 1.10%6 | 1.12% | 1.11% | 1.10% | 1.00% | 1.01% | ||||||||
|
|
|
|
|
|
| ||||||||
Total expenses, after waiver4 | 1.40%6 | 1.55% | 1.61% | 1.42% | 1.19% | 1.20% | ||||||||
|
|
|
|
|
|
| ||||||||
Total expenses4 | 1.42%6 | 1.55% | 1.62% | 1.42% | 1.22% | 1.21% | ||||||||
|
|
|
|
|
|
| ||||||||
Net investment income4 | 6.19%6 | 6.95% | 6.84% | 6.84% | 6.69% | 6.83% | ||||||||
|
|
|
|
|
|
| ||||||||
Dividends to Preferred Stock Holders | 2.24%6 | 2.12% | 1.87% | 1.13% | 0.46% | 0.45% | ||||||||
|
|
|
|
|
|
| ||||||||
Net investment income to Common Stock Holders | 3.95%6 | 4.83% | 4.97% | 5.71% | 6.23% | 6.38% | ||||||||
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| |||||||
Supplemental Data | ||||||||||||||
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| |||||||
Net assets applicable to Common Stock, end of period (000) | $ 267,344 | $273,593 | $281,350 | $278,250 | $289,695 | $289,364 | ||||||||
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| |||||||||
Preferred Stock outstanding at liquidation preference, end of | ||||||||||||||
period (000) | $ 165,000 | $165,000 | $165,000 | $165,000 | $140,000 | $140,000 | ||||||||
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| |||||||||
Portfolio turnover | 17% | 10% | 15% | 25% | 32% | 29% | ||||||||
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|
|
|
| ||||||||
Asset coverage, end of period (000) | $ 2,620 | $ 2,658 | $ 2,705 | $ 2,686 | $ 3,069 | $ 3,067 | ||||||||
|
|
|
|
|
|
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. Total investment returns exclude the effects of sales charges. 3 Aggregate total investment return. 4 Do not reflect the effect of dividends to Preferred Stock shareholders. 5 Interest expense and fees related 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. 6 Annualized. |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
27 |
Financial Highlights | BlackRock MuniYield New Jersey Insured Fund, Inc. | |||||||||||
Six Months Ended | ||||||||||||
April 30, 2008 | Year Ended October 31, | |||||||||||
(Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||
Per Share Operating Performance | ||||||||||||
Net asset value, beginning of period | $ 15.02 | $ 15.42 | $ 15.07 | $ 15.46 | $ 15.25 | $ 15.14 | ||||||
Net investment income1 | 0.46 | 0.96 | 0.97 | 0.96 | 1.03 | 1.06 | ||||||
Net realized and unrealized gain (loss) | (0.43) | (0.42) | 0.36 | (0.27) | 0.21 | 0.06 | ||||||
Dividends and distributions to Preferred Stock shareholders from: | ||||||||||||
Net investment income | (0.15) | (0.28) | (0.25) | (0.16) | (0.06) | (0.06) | ||||||
Net realized gain | (0.01) | 2 | | | | 2 | ||||||
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|
|
|
|
| |||||||
Net increase (decrease) from investment operations | (0.13) | 0.26 | 1.08 | 0.53 | 1.18 | 1.06 | ||||||
|
|
|
|
|
| |||||||
Dividends and distributions to Common Stock Holders from: | ||||||||||||
Net investment income | (0.32) | (0.65) | (0.73) | (0.92) | (0.94) | (0.94) | ||||||
Net realized gain | (0.01) | (0.01) | | | | (0.01) | ||||||
|
|
|
|
|
| |||||||
Total dividends and distributions to Common Stock shareholders | (0.33) | (0.66) | (0.73) | (0.92) | (0.94) | (0.95) | ||||||
|
|
|
|
|
| |||||||
Capital charges with respect to the issuance of Preferred Stock | | | | 3 | (0.03) | | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ 14.56 | $ 15.02 | $ 15.42 | $ 15.07 | $ 15.46 | $ 15.25 | ||||||
|
|
|
|
|
| |||||||
Market price, end of period | $ 13.26 | $ 13.70 | $ 14.96 | $ 14.65 | $ 15.16 | $ 14.39 | ||||||
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|
|
|
|
|
| ||||||
Total Investment Return4 | ||||||||||||
|
|
|
|
|
|
| ||||||
Based on net asset value | (0.61%)5 | 2.00% | 7.50% | 3.49% | 7.99% | 7.24% | ||||||
|
|
|
|
|
| |||||||
Based on market price | (0.76%)5 | (4.10%) | 7.28% | 2.60% | 12.23% | 6.02% | ||||||
|
|
|
|
|
|
| ||||||
Ratios to Average Net Assets Applicable to Common Stock | ||||||||||||
|
|
|
|
|
|
| ||||||
Total expense, after waiver and excluding interest expense and fees6,8 | 1.15%7 | 1.17% | 1.15% | 1.16% | 1.06% | 1.03% | ||||||
|
|
|
|
|
| |||||||
Total expenses, after waiver6 | 1.18%7 | 1.37% | 1.59% | 1.52% | 1.33% | 1.29% | ||||||
|
|
|
|
|
| |||||||
Total expenses6 | 1.19%7 | 1.37% | 1.59% | 1.52% | 1.35% | 1.30% | ||||||
|
|
|
|
|
| |||||||
Total net investment income6 | 6.21%7 | 6.30% | 6.46% | 6.21% | 6.79% | 6.89% | ||||||
|
|
|
|
|
| |||||||
Dividends to Preferred Stock Holders | 1.98%7 | 1.81% | 1.63% | 1.03% | 0.42% | 0.38% | ||||||
|
|
|
|
|
| |||||||
Net investment income to Common Stock Holders | 4.23%7 | 4.49% | 4.83% | 5.18% | 6.37% | 6.51% | ||||||
|
|
|
|
|
|
| ||||||
Supplemental Data | ||||||||||||
|
|
|
|
|
|
| ||||||
Net assets applicable to Common Stock, end of period (000) | $ 128,154 | $132,174 | $135,767 | $132,622 | $135,370 | $133,240 | ||||||
|
|
|
|
|
| |||||||
Preferred Stock outstanding at liquidation preference, end of | ||||||||||||
period (000) | $ 73,500 | $ 73,500 | $ 73,500 | $ 73,500 | $ 73,500 | $ 56,000 | ||||||
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|
|
| |||||||
Portfolio turnover | 9% | 23% | 11% | 29% | 16% | 21% | ||||||
|
|
|
|
|
| |||||||
Asset coverage, end of period (000) | $ 2,744 | $ 2,798 | $ 2,847 | $ 2,804 | $ 2,842 | $ 3,379 | ||||||
|
|
|
|
|
|
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. Total investment returns exclude the effects of sales charges. 5 Aggregate total investment return. 6 Do not reflect the effect of dividends to Preferred Stock shareholders. 7 Annualized. 8 Interest expense and fees related 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. |
See Notes to Financial Statements. |
28 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Financial Highlights | BlackRock MuniYield Pennsylvania Insured Fund | |||||||||||
Six Months Ended | ||||||||||||
April 30, 2008 | Year Ended October 31, | |||||||||||
(Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||
Per Share Operating Performance | ||||||||||||
Net asset value, beginning of period | $ 15.49 | $ 15.89 | $ 15.57 | $ 16.04 | $ 15.56 | $ 15.34 | ||||||
Net investment income1 | 0.48 | 1.01 | 1.01 | 1.05 | 1.08 | 1.11 | ||||||
Net realized and unrealized gain (loss) | (0.68) | (0.40) | 0.36 | (0.35) | 0.48 | 0.16 | ||||||
Dividends to Preferred Shareholders from net investment income | (0.16) | (0.32) | (0.27) | (0.19) | (0.08) | (0.07) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) from investment operations | (0.36) | 0.29 | 1.10 | 0.51 | 1.48 | 1.20 | ||||||
|
|
|
|
|
| |||||||
Dividends to Common Shareholders from net investment income | (0.34) | (0.69) | (0.78) | (0.96) | (1.00) | (0.98) | ||||||
|
|
|
|
|
| |||||||
Capital charges with respect to the issuance of Preferred Shares | | | 2 | (0.02) | | | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ 14.79 | $ 15.49 | $ 15.89 | $ 15.57 | $ 16.04 | $ 15.56 | ||||||
|
|
|
|
|
| |||||||
Market price, end of period | $ 13.36 | $ 13.67 | $ 14.60 | $ 14.91 | $ 15.61 | $ 14.81 | ||||||
|
|
|
|
|
|
| ||||||
Total Investment Return3 | ||||||||||||
|
|
|
|
|
|
| ||||||
Based on net asset value | (2.12%)4 | 2.19% | 7.52% | 3.16% | 10.15% | 8.33% | ||||||
|
|
|
|
|
| |||||||
Based on market price | 0.18%4 | (1.85%) | 3.16% | 1.51% | 12.63% | 10.07% | ||||||
|
|
|
|
|
|
| ||||||
Ratios to Average Net Assets Applicable to Common Shares | ||||||||||||
|
|
|
|
|
|
| ||||||
Total expenses, after waiver and excluding interest expense and fees5,7 | 1.12%6 | 1.13% | 1.13% | 1.13% | 1.05% | 1.07% | ||||||
|
|
|
|
|
| |||||||
Total expenses, after waiver5 | 1.54%6 | 1.72% | 1.69% | 1.69% | 1.32% | 1.29% | ||||||
|
|
|
|
|
| |||||||
Total expenses5 | 1.55%6 | 1.72% | 1.70% | 1.70% | 1.33% | 1.30% | ||||||
|
|
|
|
|
| |||||||
Total net investment income5 | 6.40%6 | 6.44% | 6.49% | 6.56% | 6.89% | 7.08% | ||||||
|
|
|
|
|
| |||||||
Dividends to Preferred Shareholders | 2.15%6 | 2.02% | 1.76% | 1.17% | 0.51% | 0.47% | ||||||
|
|
|
|
|
| |||||||
Net investment income to Common Shareholders | 4.25%6 | 4.42% | 4.73% | 5.39% | 6.38% | 6.61% | ||||||
|
|
|
|
|
|
| ||||||
Supplemental Data | ||||||||||||
|
|
|
|
|
|
| ||||||
Net assets applicable to Common Shares, end of period (000) | $ 169,803 | $177,807 | $182,402 | $178,771 | $183,877 | $178,337 | ||||||
|
|
|
|
|
| |||||||
Preferred Shares outstanding at liquidation preference, end of | ||||||||||||
period (000) | $ 102,000 | $102,000 | $102,000 | $102,000 | $ 88,000 | $ 88,000 | ||||||
|
|
|
|
|
| |||||||
Portfolio turnover | 17% | 35% | 25% | 42% | 41% | 41% | ||||||
|
|
|
|
|
| |||||||
Asset coverage, end of period (000) | $ 2,665 | $ 2,743 | $ 2,788 | $ 2,753 | $ 3,090 | $ 3,027 | ||||||
|
|
|
|
|
|
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. Total investment returns exclude the effects of sales charges. 4 Aggregate total investment return. 5 Do not reflect the effect of dividends to Preferred Shareholders. 6 Annualized. 7 Interest expense and fees related 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. |
See Notes to Financial Statements. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
29 |
Notes to Financial Statements (Unaudited) 1. Significant Accounting Policies: BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured Fund Inc. and BlackRock MuniYield Pennsylvania Insured Fund (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. The Funds financial statements are prepared in conformity with accounting principles gener- ally 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 Funds determine, and make available for publication, the net asset value of their Common Shares/Stock on a daily basis. The Funds Common Shares/Stock are listed on the New York Stock Exchange under the symbol MFT for BlackRock MuniYield Florida Insured Fund, MIY for BlackRock MuniYield Michigan Insured Fund, Inc., MJI for BlackRock MuniYield New Jersey Insured Fund, Inc. and MPA for BlackRock MuniYield Pennsylvania Insured Fund. The following is a summary of significant accounting policies followed by the Funds: Valuation of Investments: 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 supervision of each Funds Board of Trustees or Directors (the Boards). In determining the value of a particular investment, pric- ing services may use certain information with respect to transactions in such investments, quotations from bond dealers, pricing matrixes, market transactions in comparable investments and various relationships between investments. Short-term securities are valued at amortized cost. Swap agreements are valued by quoted fair values received daily by the Funds pricing service. 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, the investment will be valued by a method approved by the Boards as reflecting fair value (Fair Value Assets). When determining the price for Fair Value Assets, the invest- ment advisor and/or sub-advisor seeks to determine the price that the Fund might reasonably expect to receive from the current sale of that asset in an arms-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is sub- sequently reported to the Boards or a committee thereof. Derivative Financial Instruments: The Funds may engage in various portfolio investment strategies to increase the return of the Fund and to hedge, or protect, its exposure to interest rate movements and move- |
ments in the securities markets. Losses may arise if the value of the con- tract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract. |
Forward interest rate swaps The Funds may enter into forward interest rate swaps. In a forward interest rate swap, the Fund and the counterparty agree to make periodic net payments on a specified notional contract amount, commencing on a specified future effective date, unless terminated earlier. When the agreement is closed, the Fund records a realized gain or loss in an amount equal to the value of the agreement. |
Forward Commitments and When-Issued Delayed Delivery Securities: Each Fund may purchase securities on a when-issued basis and may purchase 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. Each Fund may purchase securi- ties under such conditions only 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. Upon making a commitment to purchase a security on a when-issued basis, the Fund will hold liquid assets worth at least the equivalent of the amount due. 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 securities. Other funds managed by the investment advisor may also contribute municipal securities to a TOB into which the Funds have contributed securities. 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 or to affiliates of the Fund. The TOB Residuals held by a Fund include the right of the Fund (1) to cause the holders of a pro- portional 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 securities from the TOB to the Fund. 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 securities. Each Funds transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented in the Funds Schedule of Investments and the proceeds from the trans- action are reported as a liability of the Fund. |
30 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Notes to Financial Statements (continued) Interest income from the underlying securities 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 certificates 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. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in liability for trust certificates. As of April 30, 2008, the aggregate value of the underlying municipal securities transferred to TOBs, the related liability for trust certificates and the range of interest rates on trust certificates during the period were as follows: |
Underlying | ||||||
Municipal | ||||||
Securities | Liability for | Range of | ||||
Transferred | Trust | Interest | ||||
to TOBs | Certificates | Rates | ||||
|
|
|
|
|||
BlackRock MuniYield | ||||||
Florida Insured | 2.61% | |||||
Fund | $25,529,964 | $12,231,263 | 2.907% | |||
|
|
|
|
|||
Blackrock MuniYield | ||||||
Michigan Insured | 2.166% | |||||
Fund, Inc | $51,874,518 | $24,492,500 | 2.842% | |||
|
|
|
|
|||
BlackRock MuniYield | ||||||
New Jersey Insured | ||||||
Fund, Inc | $ 4,377,394 | $ 2,190,000 | 2.415% | |||
|
|
|
|
|||
BlackRock MuniYield | ||||||
Pennsylvania | 2.835% | |||||
Insured Fund | $23,523,450 | $11,250,000 | 2.897% | |||
|
|
|
|
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate envi- ronment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, the Funds net investment in TOBs likely will adversely affect the Funds investment income and dividends to common share/ stock shareholders. Fluctuations in the market value of municipal securi- ties deposited into the TOB may adversely affect the Funds net asset values per share. Segregation: In cases in which the 1940 Act and the interpretive posi- tions of the Securities and Exchange Commission (SEC) require that each Fund segregate assets in connection with certain investments (e.g., when-issued securities or swaps), each Fund will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. |
Zero-Coupon Bonds: The Funds 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 experi- ence greater volatility in market value than similar maturity debt obliga- tions which provide for regular interest payments. Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are deter- mined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. The Funds amortize all premiums and discounts on debt securities. Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to holders of Preferred Stock Holders are accrued and determined as described in Note 4. Income Taxes: It is each Funds policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment com- panies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Effective April 30, 2008, the Funds implemented Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109 (FIN 48). FIN 48 prescribes the minimum recognition thresh- old a tax position must meet in connection with accounting for uncer- tainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evalu- ated the application of FIN 48 to the Funds, and has determined that the adoption of FIN 48 does not have a material impact on the Funds financial statements. The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds U.S. federal tax returns remain open for the years ended October 31, 2004 through October 31, 2006. 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 Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
31 |
Notes to Financial Statements (continued) November 15, 2007. FAS 157 defines fair value, establishes a frame- work for measuring fair value and expands disclosures about fair value measurements. The impact on the Funds financial statement disclo- sures, if any, is currently being assessed. In addition, in February 2007, Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (FAS 159), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presen- tation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Funds financial state- ment disclosures, if any, is currently being assessed. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133 (FAS 161) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entitys results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Funds financial state- ment disclosures, if any, is currently being assessed. Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Funds Boards, non-interested Trustees or Directors (Independent Trustees or 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 the other certain BlackRock Closed-End Funds selected by the Independent Trustees or Directors. This has approximately the same economic effect for the Independent Trustees or Directors as if the Independent Trustees or Directors had invested the deferred amounts directly in the 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 stock of the other certain BlackRock Closed-End Funds selected by the Independent Trustees or Directors in order to match its deferred compensation obligations. Investments to cover the Funds deferred compensation liability, if any, are included in other assets on the Statements of Assets and Liabilities. |
Other: Expenses directly related to one of the Funds is 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 appro- priate methods. 2. Investment Advisory Agreement and Other Transactions with Affiliates: The Funds have entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the Advisor), an indirect, wholly owned sub- sidiary of BlackRock, Inc., to provide investment advisory and adminis- tration services. Merrill Lynch & Co., Inc. (Merrill Lynch) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. The Advisor is responsible for the management of each Funds portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Funds. For such services, each Fund pays a monthly fee at an annual rate of 0.50% of each Funds average daily net assets, including proceeds from the issuance of Preferred Shares/Stock and TOBs. The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Fund pays to the Advisor indirectly through its investment in affiliated money market funds. These amounts are included in fees waived by advisor on the Statements of Operations. For the six months ended April 30, 2008, the amounts were as follows: |
Waiver for the | ||
Six Months Ended | ||
April 30, 2008 | ||
|
|
|
BlackRock MuniYield Florida Insured Fund | $ 9,850 | |
BlackRock MuniYield Michigan Insured Fund, Inc | $29,029 | |
BlackRock MuniYield New Jersey Insured Fund, Inc | $ 1,005 | |
BlackRock MuniYield Pennsylvania Insured Fund | $10,031 | |
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The Advisor has entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (BIM), an affiliate of the Advisor, with respect to each Fund, under which the Advisor pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Fund to the Advisor. For the six months ended April 30, 2008, each of the Funds reimbursed the Advisor for certain accounting services expenses which are included in accounting services in the Statements of Operations. The reimburse- ments were as follows: |
Reimbursement | ||
|
|
|
BlackRock MuniYield Florida Insured Fund | $1,651 | |
BlackRock MuniYield Michigan Insured Fund, Inc | $3,639 | |
BlackRock MuniYield New Jersey Insured Fund, Inc | $1,802 | |
BlackRock MuniYield Pennsylvania Insured Fund | $2,437 | |
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Certain officers and/or trustees or directors of each Fund are officers and/or directors of BlackRock, Inc. or its affiliates. |
32 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Notes to Financial Statements (continued) 3. Investments: Purchases and sales of investments, excluding short-term securities, for the six months ended April 30, 2008, were as follows: |
Total | Total | |||
Purchases | Sales | |||
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|
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BlackRock MuniYield Florida | ||||
Insured Fund | $22,316,760 | $32,258,695 | ||
BlackRock MuniYield Michigan | ||||
Insured Fund, Inc | $76,029,329 | $78,523,396 | ||
BlackRock MuniYield New Jersey | ||||
Insured Fund, Inc | $19,122,652 | $18,252,274 | ||
BlackRock MuniYield Pennsylvania | ||||
Insured Fund, Inc | $49,555,739 | $75,271,107 | ||
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4. Capital Share/Stock Transactions: |
BlackRock MuniYield Florida Insured Fund and BlackRock MuniYield Pennsylvania Insured Fund are authorized to issue an unlimited number of Common Shares of beneficial interest, par value $0.10 per share together with 1,000,000 Preferred Shares of beneficial interest, par value of $0.05 per share. Each Fund's Board is authorized, however, to classify and reclassify any unissued shares of capital stock without approval of the holders of Common Shares. BlackRock MuniYield Michigan Insured Fund, Inc. and BlackRock MuniYield New Jersey Insured Fund, Inc. are authorized to issue 200,000,000 shares of stock, including Preferred Stock, par value $0.10 per share or $0.05 per share, all of which were initially classified as Common Stock. Each Fund's Board is authorized, however, to classify and reclassify any unissued shares of capital stock without approval of holders of Common Stock. Common Shares/Stock Shares issued and outstanding for each of the Funds during the six months ended April 30, 2008 and the year ended October 31, 2007 remained constant. Preferred Shares/Stock Preferred Shares/Stock of the Funds have a liquidation preference of $25,000 per share plus accrued and unpaid dividends, that entitles their holders to receive cash dividends at varying annualized rates for each dividend period. BlackRock MuniYield Florida Insured Fund and BlackRock MuniYield Pennsylvania Insured Fund has a par value of $0.05 per share. BlackRock MuniYield Michigan Insured Fund, Inc. has a par value of $0.05 per share on Series A Shares, Series B Shares and Series C Shares, and $0.10 per share on Series D Shares. BlackRock MuniYield New Jersey Insured Fund, Inc. has a par value of $0.05 per share for Series A Shares and $0.10 per share for Series B Shares. The yields in effect at April 30, 2008 were as follows: |
BlackRock | ||||
BlackRock | MuniYield | |||
MuniYield Florida | Michigan Insured | |||
Insured Fund | Fund, Inc. | |||
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Series A | 3.594%1 | 3.797%1 | ||
Series B | 4.271%2 | 3.594%1 | ||
Series C | | 3.488%1 | ||
Series D | | 4.368%2 | ||
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BlackRock | BlackRock | |||
MuniYield | MuniYield | |||
New Jersey Insured | Pennsylvania | |||
Fund, Inc. | Insured Fund | |||
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Series A | 3.594%1 | 3.594%1 | ||
Series B | 4.368%2 | 3.777%1 | ||
Series C | | 4.368%2 | ||
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1 The maximum applicable rate on this series of Preferred Shares/Stock 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/Stock is the higher of 110% of the Telerate/BBA LIBOR or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. Shares of Preferred Stock/Shares issued and outstanding for each of the Funds during the six months ended April 30, 2008 and the year ended October 31, 2007 remained constant. Each Fund pays commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. For the six months ended April 30, 2008, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, earned commissions as follows: |
Commissions | ||
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BlackRock MuniYield Florida Insured Fund | $ 60,031 | |
BlackRock MuniYield Michigan Insured Fund, Inc | $101,710 | |
BlackRock MuniYield New Jersey Insured Fund, Inc | $ 55,559 | |
BlackRock MuniYield Pennsylvania Insured Fund | $ 76,827 | |
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Dividends on seven-day Preferred Shares/Stock are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares/Stock fails to clear the auction on an auction date, each Fund is required to pay the maximum applicable rate on the Preferred Shares/Stock to holders of such shares for each successive dividend period until such time as the stock is successfully auctioned. The maximum applicable rate on the Preferred Shares/Stock is footnoted as applicable on the above chart. During the six months ended April 30, 2008, the Preferred Shares/Stock of each Fund was successfully auc- tioned at each auction date until February 13, 2008. The low, high and average dividend rates on the Preferred Shares/Stock for each Fund for the six months ended April 30, 2008 were as follows: |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
33 |
Notes to Financial Statements (continued)
BlackRock MuniYield Florida Insured Fund | ||||||
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Low | High | Average | ||||
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Series A | 2.756% | 4.750% | 3.720% | |||
Series B | 3.200% | 5.060% | 4.003% | |||
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BlackRock MuniYield Michigan Insured Fund, Inc. | ||||||
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Low | High | Average | ||||
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Series A | 2.833% | 4.600% | 3.684% | |||
Series B | 2.778% | 4.508% | 3.583% | |||
Series C | 3.000% | 4.500% | 3.653% | |||
Series D | 3.000% | 5.198% | 3.956% | |||
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BlackRock MuniYield New Jersey Insured Fund, Inc. | ||||||
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Low | High | Average | ||||
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Series A | 2.778% | 4.508% | 3.499% | |||
Series B | 2.700% | 5.198% | 3.831% | |||
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BlackRock MuniYield Pennsylvania Insured Fund | ||||||
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Low | High | Average | ||||
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Series A | 2.756% | 4.508% | 3.586% | |||
Series B | 2.681% | 4.400% | 3.606% | |||
Series C | 2.900% | 5.198% | 3.988% | |||
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Since February 13, 2008, the Preferred Stock/Shares of each Fund failed to clear any auctions. As a result, the Preferred Stock/Shares divi- dend rates were reset to the maximum applicable rate, which ranged from 2.756% to 5.198% . A failed auction is not an event of default for the Fund but it is a liquidity event for the holders of the Preferred Shares/Stock. A failed auction occurs when there are more sellers of a funds auction rate preferred stock than buyers. It is impossible to predict how long this imbalance will last. An auction for each Funds Preferred Shares/Stock may not occur for some time, if ever, and even if liquidity does resume, holders of Preferred Shares/Stock may not have the ability to sell the Preferred Shares/Stock at its liquidation preference. The Funds may not declare dividends or make other distributions on Common Shares/Stock or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares/Stock would be less than 200%. The Preferred Shares/Stock is redeemable at the option of each Fund, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The Preferred Shares/Stock is also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether |
or not declared, if certain requirements relating to the composition of the assets and liabilities of the Fund, as set forth in each Funds Certificates of Designation/Articles Supplementary, are not satisfied. The holders of Preferred Shares/Stock have voting rights equal to the holders of Common Shares/Stock (one vote per share) and will vote together with holders of Common Shares/Stock (one vote per share) as a single class. However, holders of Preferred Shares/Stock, voting as a separate class, are also entitled to elect two Trustees or 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/Stock, voting separately as a class would be required to (a) adopt any plan of reor- ganization that would adversely affect the Preferred Shares/Stock, (b) change each Funds subclassification as a closed-end investment com- pany or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company. 5. Capital Loss Carryforward: BlackRock MuniYield Florida Insured Fund As of October 31, 2007, the Fund had a capital loss carryforward of $2,587,527, of which $505,802 expires in 2008 and $2,081,725 expires in 2012. This amount will be available to offset future realized capital gains. BlackRock MuniYield Michigan Insured Fund, Inc. As of October 31, 2007, the Fund had a capital loss carryforward of $11,763,462, of which $6,685,590 expires in 2008, $1,124,652 expires in 2010 and $3,953,220 expires in 2012. This amount will be available to offset future realized capital gains. BlackRock MuniYield Pennsylvania Insured Fund As of October 31, 2007, the Fund had a capital loss carryforward of $1,135,911, all of which expires in 2008. This amount will be available to offset future realized capital gains. 6. Concentration Risk: Each Funds investments are concetrated in certain states, which may be affected by adverse financial, social, environmental, economic, regulatory and political factors. Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons and there is no assurance that the insurer will meet its obligation. |
34 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
Notes to Financial Statements (concluded) 7. Subsequent Events: BlackRock MuniYield Florida Insured Fund The Fund paid a tax-exempt income dividend to holders of its Common Shares in the amount of $0.053500 per share on June 2, 2008 to shareholders of record on May 15, 2008. BlackRock MuniYield Michigan Insured Fund, Inc. The Fund paid a tax-exempt income dividend to holders of its Common Stock in the amount of $0.05900 per share on June 2, 2008 to shareholders of record on May 15, 2008. BlackRock MuniYield New Jersey Insured Fund, Inc. The Fund paid a tax-exempt income dividend to holders of its Common Stock in the amount of $0.054000 per share on June 2, 2008 to shareholders of record on May 15, 2008. BlackRock MuniYield Pennsylvania Insured Fund The Fund paid a tax-exempt income dividend to holders of its Common Shares in the amount of $0.056000 per share on June 2, 2008 to shareholders of record on May 15, 2008. The dividends declared on Preferred Shares/Stock for the period May 1, 2008 to May 31, 2008 were as follows: |
BlackRock | ||||
BlackRock | MuniYield | |||
MuniYield Florida | Michigan Insured | |||
Insured Fund | Fund, Inc. | |||
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Series A | $173,703 | $140,341 | ||
Series B | $41,982 | $143,710 | ||
Series C | | $111,340 | ||
Series D | | $ 89,911 | ||
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BlackRock | BlackRock | |||
MuniYield | MuniYield | |||
New Jersey Insured | Pennsylvania | |||
Fund, Inc. | Insured Fund | |||
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Series A | $165,558 | $ 98,944 | ||
Series B | $ 65,933 | $111,725 | ||
Series C | | $ 52,746 | ||
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On June 2, 2008, the Funds announced the following redemptions of Preferred Shares/Stock at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date: |
Shares | ||||||
BlackRock MuniYield | Redemption | to be | Aggregate | |||
Florida Insured Fund: | Date | Redeemed | Price | |||
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Series A | 6/24/2008 | 325 | $8,125,000 | |||
Series B | 6/26/2008 | 65 | $1,625,000 | |||
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Shares | ||||||
BlackRock MuniYield | Redemption | to be | Aggregate | |||
Michigan Insured Fund, Inc.: | Date | Redeemed | Price | |||
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Series A | 6/25/2008 | 247 | $6,175,000 | |||
Series B | 6/23/2008 | 247 | $6,175,000 | |||
Series C | 6/26/2008 | 197 | $4,925,000 | |||
Series D | 6/24/2008 | 123 | $3,075,000 | |||
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Shares | ||||||
BlackRock MuniYield | Redemption | to be | Aggregate | |||
New Jersey Insured Fund, Inc.: | Date | Redeemed | Price | |||
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|
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Series A | 6/23/2008 | 238 | $5,950,000 | |||
Series B | 6/27/2008 | 74 | $1,850,000 | |||
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Shares | ||||||
BlackRock MuniYield | Redemption | to be | Aggregate | |||
Pennsylvania Insured Fund: | Date | Redeemed | Price | |||
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Series A | 6/24/2008 | 386 | $ 9,650,000 | |||
Series B | 6/25/2008 | 463 | $11,575,000 | |||
Series C | 6/27/2008 | 135 | $ 3,375,000 | |||
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The Funds will finance the Preferred Shares/Stock redemptions with cash received from TOB transactions. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
35 |
Officers and Trustees or Directors G. Nicholas Beckwith, III, Trustee or Director Richard E. Cavanagh, Trustee or Director Richard S. Davis, Fund President (MFT & MPA), Trustee or Director Kent Dixon, Trustee or Director Frank J. Fabozzi, Trustee or Director Kathleen F. Feldstein, Trustee or Director James T. Flynn, Trustee or Director Henry Gabbay, Trustee or Director Jerrold B. Harris, Trustee or Director R. Glenn Hubbard, Trustee or Director W. Carl Kester, Trustee or Director Karen . Robards, Trustee or Director Robert S. Salomon, Jr., Trustee or Director Donald C. Burke, Fund President (MIY & MJI) and Chief Executive Officer Anne F. Ackerley, Vice President Neal J. Andrews, Chief Financial Officer Jay M. Fife, Treasurer Brian . Kindelan, Chief Compliance Officer of the Funds Howard Surloff, Secretary |
BlackRock MuniYield Florida Insured Fund BlackRock MuniYield Michigan Insured Fund, Inc. BlackRock MuniYield New Jersey Insured Fund, Inc.: Transfer Agents Common Shares/Stock and Preferred Shares/Stock: BNY Mellon Shareowner Services Jersey City, NJ 07310 Custodian The Bank of New York Mellon New York, NY 10286 BlackRock MuniYield Pennsylvania Insured Fund: Custodian State Street Bank and Trust Company Boston, MA 02101 |
Transfer Agents Common Shares: Computershare Trust Company, N.A. Providence, RI 02940 |
Preferred Shares: BNY Mellon Shareowner Services Jersey City, NJ 07310 |
For All Funds: 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 |
We are pleased to announce that, effective March 1, 2008, Fred
Stuebe assumed responsibility for the day-to-day management
of BlackRock MuniYield New Jersey Insured Fund, Inc.s portfolio.
Mr. Stuebe is a Director of BlackRock, Inc. He joined the firm
following the merger with Merrill Lynch Investment Managers
(MLIM) in 2006. Previously, he was a Director and Portfolio
Manager in the Municipal Tax-Exempt Fund Management group
of MLIM from 1989 to 2006. Prior to joining MLIM, Mr. Stuebe
was a Portfolio Manager in the Municipal Tax-Exempt Investments
group of Old Republic Insurance Company in Chicago from 1984
to 1989.
36 SEMI-ANNUAL REPORT APRIL 30, 2008
Additional Information Dividend Policy The Funds dividend policy is to distribute all or a portion of their net invest- ment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Funds 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 Funds 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. |
Availability of Quarterly Schedule of Investments The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quar- ters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the SECs website at http://www.sec.gov and may also be reviewed |
and copied at the SECs Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762. |
Electronic Delivery Electronic copies of most financial reports are available on the Funds websites or shareholders can sign up for e-mail notifications of quarterly statements, 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. |
General Information 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 it is intended to reduce expenses and elmi- nate duplicate mailings of shareholder documents. Mailings of you share- holder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be com- bined with those for other members of your household, please contact the Funds at (800) 441-7762. |
Quarterly performance, semi-anual and annual reports and other infor- mation regarding the Funds may be found on BlackRocks website, which can be accessed at http://www.blackrock.com. This reference to BlackRocks website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRocks website into this report. |
Deposit Securities Effective May 30, 2008, following approval by the Funds Board and the applicable ratings agencies, the definition of Deposited Securities in the Funds Certificates of Designation/Articles Supplementary was amended in order to facilitate the redemption of the Funds Preferred Stock. The following phrase was added to the definition of Deposit Securities found in Funds Certificates of Designation/Articles Supplementary: ; provided, however, that solely in connection with any redemption of AMPS, the term Deposit Securities shall include (i) any committed financing pursuant to a credit agreement, reverse repurchase agree- ment facility or similar credit arrangement, in each case which makes |
available to the Corporation, no later than the day preceding the applicable redemption date, cash in an amount not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date; and (ii) cash amounts due and payable to the Corporation out of a sale of its securities if such cash amount is not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date and such sale will be settled not later than the day preceding the applicable redemption date. |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
37 |
Additional Information (concluded)
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former 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 appli- cations, forms or other documents; (ii) information about your transac- tions 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 nonpublic 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 nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information. |
38 SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
This report is transmitted to shareholders only. It is not a prospec- tus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares or Stock. Leverage creates risks for Common Shareholders or Common Stock shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares or Stock, and the risk that fluctuations in the short-term dividend rates of the Preferred Shares or Stock, currently set at the maximum reset rate as a result of failed auc- tions, may affect the yield to Common Shareholders or Common Stock shareholders. Statements and other information herein are as dated and are subject to change. 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 toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Secu- rities and Exchange Commissions website at http://www.sec.gov. 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 Securities and Exchange Commissions website at http://www.sec.gov. BlackRock MuniYield Florida Insured Fund BlackRock MuniYield Michigan Insured Fund, Inc. BlackRock MuniYield New Jersey Insured Fund, Inc. BlackRock MuniYield Pennsylvania Insured Fund 100 Bellevue Parkway Wilmington, DE 19809 |
#MYFLMINJPA-4/08
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 registrants 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 registrants Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrants Secretary. There have been no material changes to these procedures. Item 11 Controls and Procedures 11(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 13a-15(b) under the Securities Exchange Act of 1934, as amended. 11(b) There were no changes in the registrants 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 registrants 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 Michigan Insured Fund, Inc. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer of BlackRock MuniYield Michigan Insured Fund, Inc. Date: June 23, 2008 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/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock MuniYield Michigan Insured Fund, Inc. Date: June 23, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniYield Michigan Insured Fund, Inc. Date: June 23, 2008 |