UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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: Anne F. Ackerley, Chief Executive Officer, BlackRock
MuniYield Michigan Insured Fund, Inc., 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2010
Date of reporting period: 04/30/2010
Item 1 Schedule of Investments
Schedule of Investments April 30, 2010 (Unaudited)
BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Michigan 140.5% | |||
Corporate 12.5% | |||
Delta County EDC, Refunding RB, Mead | |||
Westvaco-Escanaba, Series B, AMT, | |||
6.45%, 4/15/23 (a) | $ 1,500 | $ 1,664,055 | |
Dickinson County EDC Michigan, | |||
Refunding RB, International Paper Co. | |||
Project, Series A, 5.75%, 6/01/16 | 3,900 | 4,005,261 | |
Michigan Strategic Fund, Refunding RB, | |||
Detroit Edison Co. Project, Series A, | |||
AMT (NPFGC), 5.55%, 9/01/29 | 10,250 | 10,212,998 | |
Monroe County EDC Michigan, | |||
Refunding RB, Detroit Edison Co. | |||
Project, Series AA (NPFGC), 6.95%, | |||
9/01/22 | 15,000 | 17,471,400 | |
33,353,714 | |||
County/City/Special District/School District 48.5% | |||
Adrian City School District Michigan, GO | |||
(AGM) (a): | |||
5.00%, 5/01/29 | 2,000 | 2,281,000 | |
5.00%, 5/01/34 | 1,600 | 1,824,800 | |
Avondale School District Michigan, GO | |||
(AGC): | |||
4.00%, 5/01/20 | 1,000 | 985,410 | |
4.30%, 5/01/22 | 400 | 398,032 | |
Bay City School District Michigan, GO, | |||
School Building & Site (AGM), 5.00%, | |||
5/01/36 | 9,000 | 9,163,350 | |
Birmingham City School District | |||
Michigan, GO, School Building & Site | |||
(AGM), 5.00%, 11/01/33 | 1,000 | 1,023,450 | |
Charter Township of Canton Michigan, | |||
GO, Capital Improvement (AGM): | |||
5.00%, 4/01/25 | 1,840 | 1,923,039 | |
5.00%, 4/01/26 | 2,000 | 2,080,520 | |
5.00%, 4/01/27 | 500 | 525,625 | |
City of Oak Park Michigan, GO, Street | |||
Improvement (NPFGC), 5.00%, | |||
5/01/30 | 500 | 513,285 | |
County of Genesee Michigan, GO, Water | |||
Supply System (NPFGC), 5.13%, | |||
11/01/33 | 1,000 | 1,009,400 | |
County of Wayne Michigan, GO (NPFGC): | |||
Airport Hotel, Detroit Metropolitan | |||
Airport, Series A, 5.00%, 12/01/30 | 1,750 | 1,604,558 | |
Building Authority, Capital | |||
Improvement, Series A, 5.25%, | |||
6/01/16 | 1,000 | 1,003,610 |
Par | |||
Municipal Bonds | (000) | Value | |
Michigan (continued) | |||
County/City/Special District/School District (continued) | |||
Dearborn Brownfield Redevelopment | |||
Authority, GO, Limited Tax, | |||
Redevelopment, Series A (AGC), | |||
5.50%, 5/01/39 | $ 3,300 | $ 3,462,327 | |
Detroit City School District Michigan, GO | |||
(FGIC), School Building & Site | |||
Improvement: | |||
Series A, 5.38%, 5/01/24 (a) | 1,300 | 1,455,389 | |
Series B, 5.00%, 5/01/28 | 3,100 | 3,056,569 | |
Detroit City School District Michigan, | |||
GO, Refunding, School Building & Site | |||
Improvement, Series A (AGM), 5.00%, | |||
5/01/21 | 3,000 | 3,062,880 | |
Eaton Rapids Public Schools Michigan, | |||
GO, School Building & Site (AGM): | |||
5.25%, 5/01/20 | 1,325 | 1,429,476 | |
5.25%, 5/01/21 | 1,675 | 1,808,749 | |
Ecorse Public School District Michigan, | |||
GO, Refunding (AGM), 5.00%, | |||
5/01/27 | 1,000 | 1,029,850 | |
Gibraltar School District Michigan, GO, | |||
School Building & Site: | |||
(FGIC), 5.00%, 5/01/28 (a) | 2,940 | 3,344,456 | |
(NPFGC), 5.00%, 5/01/28 | 710 | 723,128 | |
Grand Blanc Community Schools | |||
Michigan, GO (NPFGC), 5.63%, | |||
5/01/20 | 1,100 | 1,160,434 | |
Grand Rapids Building Authority, | |||
Michigan, RB, Series A (AMBAC) (a): | |||
5.50%, 10/01/19 | 435 | 482,780 | |
5.50%, 10/01/20 | 600 | 665,904 | |
Grand Rapids Public Schools, Michigan, | |||
GO, School Building & Site (AGM), | |||
4.13%, 5/01/11 | 500 | 516,605 | |
Gull Lake Community School District | |||
Michigan, GO, School Building & Site | |||
(AGM) (a): | |||
5.00%, 5/01/28 | 2,000 | 2,281,000 | |
5.00%, 5/01/30 | 3,625 | 4,134,313 | |
Harper Creek Community School District | |||
Michigan, GO, Refunding (AGM), | |||
5.00%, 5/01/22 | 1,125 | 1,189,575 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:
ACA | American Capital Access Corp. | FGIC | Financial Guaranty Insurance Co. |
AGC | Assured Guaranty Corp. | GAN | Grant Anticipation Notes |
AGM | Assured Guaranty Municipal Corp. | GNMA | Government National Mortgage Association |
AMBAC | American Municipal Bond Assurance Corp. | GO | General Obligation Bonds |
AMT | Alternative Minimum Tax (subject to) | HDA | Housing Development Authority |
CAB | Capital Appreciation Bonds | NPFGC | National Public Finance Guarantee Corp. |
COP | Certificates of Participation | RB | Revenue Bonds |
EDC | Economic Development Corp. |
BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
APRIL 30, 2010
1
Schedule of Investments (continued)
BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Michigan (continued) | |||
County/City/Special District/School District (continued) | |||
Harper Woods School District Michigan, | |||
GO, Refunding, School Building & | |||
Site: | |||
(FGIC), 5.00%, 5/01/34 (a) | $ 4,345 | $ 4,955,472 | |
(NPFGC), 5.00%, 5/01/34 | 430 | 433,874 | |
Jenison Public Schools Michigan, GO, | |||
Building & Site (NPFGC), 5.50%, | |||
5/01/19 | 1,575 | 1,683,880 | |
L'Anse Creuse Public Schools, Michigan, | |||
GO, School Building & Site (AGM): | |||
5.00%, 5/01/12 | 650 | 695,747 | |
5.00%, 5/01/24 | 1,000 | 1,040,930 | |
5.00%, 5/01/25 | 1,525 | 1,583,011 | |
5.00%, 5/01/26 | 1,600 | 1,653,568 | |
5.00%, 5/01/35 | 3,000 | 3,057,120 | |
Lansing Building Authority, Michigan, | |||
GO, Series A (NPFGC), 5.38%, | |||
6/01/23 (a) | 1,510 | 1,705,470 | |
Lincoln Consolidated School District | |||
Michigan, GO, Refunding (NPFGC), | |||
4.63%, 5/01/28 | 5,500 | 5,510,010 | |
Livonia Public Schools School District | |||
Michigan, GO, Refunding, Series A | |||
(NPFGC), 5.00%, 5/01/24 | 1,000 | 1,034,140 | |
Michigan State Building Authority, | |||
Facilities, Series I: | |||
5.50%, 10/15/18 | 2,355 | 2,466,533 | |
5.50%, 10/15/18 (a) | 145 | 155,082 | |
Michigan State Building Authority, RB, | |||
Facilities Program, Series H (AGM), | |||
5.00%, 10/15/26 | 4,500 | 4,571,100 | |
Michigan State Building Authority, | |||
Refunding RB, Facilities Program, | |||
Series I (AGM): | |||
5.50%, 10/15/10 (b) | 420 | 430,055 | |
5.50%, 10/15/10 | 4,330 | 4,428,637 | |
5.50%, 10/15/11 (b) | 855 | 916,192 | |
5.50%, 10/15/11 | 14,175 | 15,076,672 | |
Montrose Community Schools, GO | |||
(NPFGC), 6.20%, 5/01/17 | 1,000 | 1,166,940 | |
New Haven Community Schools, | |||
Michigan, GO, Refunding, School | |||
Building & Site (AGM), 5.00%, | |||
5/01/23 | 1,500 | 1,572,255 | |
Orchard View Schools, Michigan, GO, | |||
School Building & Site (NPFGC), | |||
5.00%, 5/01/29 (a) | 5,320 | 6,011,440 | |
Pennfield School District Michigan, GO, | |||
School Building & Site (a): | |||
(FGIC), 5.00%, 5/01/29 | 765 | 868,642 | |
(NPFGC), 5.00%, 5/01/29 | 605 | 686,965 | |
Reed City Public Schools, Michigan, GO, | |||
School Building & Site (AGM), 5.00%, | |||
5/01/26 (a) | 1,425 | 1,625,213 |
Par | |||
Municipal Bonds | (000) | Value | |
Michigan (continued) | |||
County/City/Special District/School District (concluded) | |||
Southfield Public Schools, Michigan, GO, | |||
School Building & Site, Series B | |||
(AGM), 5.00%, 5/01/29 (a) | $ 3,500 | $ 3,965,430 | |
Thornapple Kellogg School District, | |||
Michigan, GO, School Building & Site | |||
(NPFGC), 5.00%, 5/01/32 | 2,500 | 2,547,300 | |
Van Dyke Public Schools, Michigan, GO, | |||
School Building & Site (AGM), 5.00%, | |||
5/01/28 | 1,250 | 1,300,138 | |
West Bloomfield School District, | |||
Michigan, GO, Refunding (NPFGC): | |||
5.50%, 5/01/17 | 1,710 | 1,828,212 | |
5.50%, 5/01/18 | 1,225 | 1,309,684 | |
Zeeland Public Schools Michigan, GO, | |||
School Building & Site (NPFGC), | |||
5.00%, 5/01/29 | 1,600 | 1,627,248 | |
130,046,474 | |||
Education 6.5% | |||
Eastern Michigan University, RB, | |||
General, Series B (FGIC) (a): | |||
5.60%, 6/01/25 | 1,000 | 1,004,530 | |
5.63%, 6/01/30 | 1,310 | 1,315,961 | |
Eastern Michigan University, Refunding | |||
RB, General (AMBAC): | |||
6.00%, 6/01/20 | 435 | 440,803 | |
6.00%, 6/01/20 (a) | 590 | 598,803 | |
Grand Valley State University, Michigan, | |||
RB, General (NPFGC), 5.50%, | |||
2/01/18 | 2,070 | 2,268,679 | |
Michigan Higher Education Facilities | |||
Authority, RB, Limited Obligation, | |||
Hillsdale College Project, 5.00%, | |||
3/01/35 | 1,875 | 1,787,737 | |
Michigan Higher Education Facilities | |||
Authority, Refunding RB, Limited | |||
Obligation, Creative Studies (a): | |||
5.85%, 12/01/22 | 1,235 | 1,358,611 | |
5.90%, 12/01/27 | 1,145 | 1,260,782 | |
Michigan Higher Education Student | |||
Loan Authority, RB, AMT (AMBAC), | |||
Student Loan: | |||
Series XVII-B, 5.40%, 6/01/18 | 2,500 | 2,501,325 | |
Series XVII-Q, 5.00%, 3/01/31 | 3,000 | 2,811,570 | |
Saginaw Valley State University, | |||
Michigan, Refunding RB, General | |||
(NPFGC), 5.00%, 7/01/24 | 2,100 | 2,153,823 | |
17,502,624 | |||
Health 21.5% | |||
Dickinson County Healthcare System, | |||
Refunding RB, Series A (ACA), 5.80%, | |||
11/01/24 | 3,100 | 3,020,020 |
2 BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
APRIL 30, 2010
Schedule of Investments (continued)
BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Michigan (continued) | |||
Health (continued) | |||
Flint Hospital Building Authority | |||
Michigan, Refunding RB (ACA), Hurley | |||
Medical Center: | |||
6.00%, 7/01/20 | $ 1,305 | $ 1,279,618 | |
Series A, 5.38%, 7/01/20 | 615 | 574,275 | |
Kent Hospital Finance Authority, | |||
Michigan, RB, Spectrum Health, | |||
Series A (NPFGC), 5.50%, | |||
1/15/31 (a) | 3,000 | 3,205,950 | |
Kent Hospital Finance Authority | |||
Michigan, Refunding RB, Butterworth, | |||
Series A (NPFGC), 7.25%, | |||
1/15/13 (b) | 1,955 | 2,118,555 | |
Michigan State Hospital Finance | |||
Authority, RB: | |||
Ascension Health Senior Credit | |||
Group, 5.00%, 11/15/25 | 3,700 | 3,848,000 | |
Hospital, MidMichigan Obligation | |||
Group, Series A (AMBAC), 5.50%, | |||
4/15/18 | 2,530 | 2,584,952 | |
McLaren Health Care, Series C, | |||
5.00%, 8/01/35 | 1,000 | 932,100 | |
MidMichigan Obligation Group, | |||
Series A, 5.00%, 4/15/36 | 1,750 | 1,655,167 | |
Michigan State Hospital Finance | |||
Authority, Refunding RB: | |||
Henry Ford Health System, Series A, | |||
5.25%, 11/15/46 | 2,500 | 2,280,275 | |
Hospital, Crittenton, Series A, | |||
5.63%, 3/01/27 | 2,050 | 2,031,140 | |
Hospital, Oakwood Obligation | |||
Group, Series A, 5.00%, 7/15/25 | 3,860 | 3,723,819 | |
Hospital, Oakwood Obligation | |||
Group, Series A, 5.00%, 7/15/37 | 630 | 555,143 | |
Hospital, Sparrow Obligated, 5.00%, | |||
11/15/31 | 3,100 | 2,924,323 | |
McLaren Health Care, 5.75%, | |||
5/15/38 | 4,500 | 4,607,415 | |
Trinity Health Credit, Series C, | |||
5.38%, 12/01/23 | 1,000 | 1,013,780 | |
Trinity Health Credit, Series C, | |||
5.38%, 12/01/30 | 3,755 | 3,752,484 | |
Trinity Health Credit, Series D, | |||
5.00%, 8/15/34 | 3,100 | 3,006,473 | |
Trinity Health, Series A, 6.00%, | |||
12/01/20 | 2,200 | 2,246,640 | |
Trinity Health, Series A, 6.25%, | |||
12/01/28 | 930 | 1,028,757 | |
Trinity Health, Series A, 6.50%, | |||
12/01/33 | 1,000 | 1,114,700 | |
Trinity Health, Series A (AMBAC), | |||
6.00%, 12/01/27 (a) | 6,310 | 6,426,041 | |
Trinity Health, Series A (AMBAC), | |||
6.00%, 12/01/27 | 90 | 93,621 |
Par | ||
Municipal Bonds | (000) | Value |
Michigan (continued) | ||
Health (concluded) | ||
Royal Oak Hospital Finance Authority | ||
Michigan, Refunding RB, William | ||
Beaumont Hospital, 8.25%, 9/01/39 $ | 1,000 | $ 1,180,330 |
Saginaw Hospital Finance Authority | ||
Michigan, Refunding RB, Covenant | ||
Medical Center, Series E (NPFGC), | ||
5.63%, 7/01/13 | 2,500 | 2,511,025 |
57,714,603 | ||
Housing 4.5% | ||
Michigan State HDA, RB: | ||
Deaconess Tower, AMT (GNMA), | ||
5.25%, 2/20/48 | 1,000 | 1,005,680 |
Series A, 6.00%, 10/01/45 | 6,990 | 7,222,627 |
Series A, AMT (NPFGC), 5.30%, | ||
10/01/37 | 130 | 130,178 |
Williams Pavilion, AMT (GNMA), | ||
4.75%, 4/20/37 | 3,925 | 3,758,070 |
12,116,555 | ||
State 11.5% | ||
Michigan Municipal Bond Authority, RB, | ||
Local Government Loan Program, | ||
Group A (AMBAC), 5.50%, 11/01/20 | 1,065 | 1,062,902 |
Michigan Municipal Bond Authority, | ||
Refunding RB, Local Government, | ||
Charter County Wayne, Series B | ||
(AGC): | ||
5.00%, 11/01/14 | 2,400 | 2,644,344 |
5.00%, 11/01/15 | 1,500 | 1,632,480 |
5.00%, 11/01/16 | 500 | 549,075 |
5.38%, 11/01/24 | 125 | 135,189 |
Michigan State Building Authority, | ||
Refunding RB: | ||
Facilities Program, Series I, 6.25%, | ||
10/15/38 | 3,900 | 4,292,106 |
Facilities Program, Series I (AGC), | ||
5.25%, 10/15/24 | 4,000 | 4,268,320 |
Facilities Program, Series I (AGC), | ||
5.25%, 10/15/25 | 2,000 | 2,119,220 |
Facilities Program, Series I (AGC), | ||
5.25%, 10/15/26 | 600 | 631,980 |
Facilities Program, Series II | ||
(NPFGC), 5.00%, 10/15/29 | 3,500 | 3,516,450 |
Series IA (NPFGC), 5.00%, | ||
10/15/32 | 2,500 | 2,502,675 |
State of Michigan, COP (AMBAC), 5.53%, | ||
6/01/22 (b)(c) | 3,000 | 1,873,860 |
State of Michigan, RB, GAN (AGM), | ||
5.25%, 9/15/27 | 5,250 | 5,501,212 |
30,729,813 | ||
Transportation 16.7% | ||
County of Wayne Michigan, RB, Detroit | ||
Metropolitan, Wayne County, Series A, | ||
AMT (NPFGC), 5.38%, 12/01/15 | 10,660 | 10,787,174 |
BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
APRIL 30, 2010
3
Schedule of Investments (continued)
BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Michigan (concluded) | ||
Transportation (concluded) | ||
Wayne County Airport Authority, RB, | ||
Detroit Metropolitan Wayne County | ||
Airport, AMT (NPFGC): | ||
5.25%, 12/01/25 | $ 7,525 | $ 7,200,371 |
5.25%, 12/01/26 | 6,300 | 5,920,929 |
5.00%, 12/01/34 | 9,160 | 7,751,192 |
Wayne County Airport Authority, | ||
Refunding RB, AMT (AGC): | ||
5.75%, 12/01/25 | 4,000 | 4,056,560 |
5.75%, 12/01/26 | 1,000 | 1,006,670 |
5.38%, 12/01/32 | 8,700 | 8,082,387 |
44,805,283 | ||
Utilities 18.8% | ||
City of Detroit Michigan, RB: | ||
Second Lien, Series B (AGM), | ||
7.00%, 7/01/36 | 3,000 | 3,455,790 |
Second Lien, Series B (NPFGC), | ||
5.00%, 7/01/34 | 2,420 | 2,347,182 |
Second Lien, Series B (NPFGC), | ||
5.00%, 7/01/34 (a) | 1,550 | 1,727,986 |
Senior Lien, Series A (AGM), 5.00%, | ||
7/01/25 | 4,000 | 4,037,760 |
Senior Lien, Series A (FGIC), 5.75%, | ||
7/01/28 (a) | 5,250 | 5,596,133 |
Senior Lien, Series A (NPFGC), | ||
5.00%, 7/01/34 | 6,900 | 6,692,379 |
Series B (NPFGC), 5.25%, | ||
7/01/32 (a) | 11,790 | 13,235,100 |
City of Detroit Michigan, Refunding RB: | ||
(FGIC), 6.25%, 7/01/12 (b) | 860 | 906,758 |
Second Lien, Series C (AGM), | ||
5.00%, 7/01/29 | 10,570 | 10,613,760 |
City of Muskegon Heights Michigan, RB, | ||
Series A (NPFGC), 5.63%, | ||
11/01/25 (a) | 1,830 | 1,879,209 |
50,492,057 | ||
Total Municipal Bonds in Michigan | 376,761,123 | |
Puerto Rico 4.7% | ||
Housing 0.8% | ||
Puerto Rico Housing Finance Authority, | ||
Refunding RB, Subordinate, Capital | ||
Fund Modernization, 5.13%, | ||
12/01/27 | 2,000 | 1,996,460 |
State 2.3% | ||
Puerto Rico Public Buildings Authority, | ||
Refunding RB, Government Facilities, | ||
Series M-3 (NPFGC), 6.00%, 7/01/27 | 2,100 | 2,219,070 |
Puerto Rico Sales Tax Financing Corp., | ||
Refunding RB, CAB, Series A | ||
(NPFGC) (c): | ||
5.19%, 8/01/43 | 12,500 | 1,719,125 |
Par | ||
Municipal Bonds | (000) | Value |
Puerto Rico (concluded) | ||
State (concluded) | ||
Puerto Rico Sales Tax Financing Corp., | ||
Refunding RB (concluded): | ||
4.99%, 8/01/46 | $ 20,000 | $ 2,236,000 |
6,174,195 | ||
Transportation 1.6% | ||
Puerto Rico Highway & Transportation | ||
Authority, Refunding RB, Series CC | ||
(AGC), 5.50%, 7/01/31 | 4,000 | 4,352,560 |
Total Municipal Bonds in Puerto Rico | 12,523,215 | |
Total Municipal Bonds 145.2% 389,284,338 | ||
Municipal Bonds Transferred to Tender | ||
Option Bond Trusts (d) | ||
Michigan 12.0% | ||
Corporate 4.7% | ||
Wayne State University, Refunding RB, | ||
General (AGM), 5.00%, 11/15/35 | 12,210 | 12,621,233 |
County/City/Special District/School District 2.6% | ||
Lakewood Public Schools Michigan, GO, | ||
School Building & Site (AGM), 5.00%, | ||
5/01/37 | 6,470 | 6,959,650 |
Education 4.7% | ||
Portage Public Schools Michigan, GO, | ||
School Building & Site (AGM), 5.00%, | ||
5/01/31 | 4,650 | 4,811,122 |
Saginaw Valley State University, | ||
Refunding RB, General (AGM), 5.00%, | ||
7/01/31 | 7,500 | 7,743,150 |
12,554,272 | ||
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts 12.0% | 32,135,155 | |
Total Long-Term Investments | ||
(Cost $412,472,453) 157.2% 421,419,493 | ||
Short-Term Securities | Shares | |
CMA Michigan Municipal Money Fund, | ||
0.00% (e)(f) | 1,839,237 | 1,839,237 |
Total Short-Term Securities | ||
(Cost $1,839,237) 0.7% | 1,839,237 |
4 BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
APRIL 30, 2010
Schedule of Investments (concluded)
BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Value | |
Total Investments | |
(Cost $414,311,690*) 157.9% | $ 423,258,730 |
Other Assets Less Liabilities 2.1% | 5,614,944 |
Liability for Trust Certificates, Including Interest | |
Expense and Fees Payable (6.0)% | (16,209,238) |
Preferred Shares, at Redemption Value (54.0)% | (144,664,302) |
Net Assets Applicable to Common Shares 100.0% | $ 268,000,134 |
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2010, as computed for federal income tax purposes, were as
Aggregate follows: cost | $ 401,073,918 |
Gross unrealized appreciation | $ 15,718,104 |
Gross unrealized depreciation | (9,723,292) |
Net unrealized appreciation | $ 5,994,812 |
(a) US government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically
at a premium to par.
(b) Security is collateralized by Municipal or US Treasury obligations.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(d) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
(e) Investments in companies considered to be an affiliate of the Fund during
the period, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, were as follows:
______________________________________________________________________________________________________________________________________________________________________________________________________________
Shares Held | Shares Held | ||
at July 31, | Net | at April 30, | |
Affiliate 2009 Activity 2010 Income | |||
CMA Michigan | |||
Municipal | |||
Money Fund 7,530,323 (5,691,086) 1,839,237 $958 | |||
(f) | Represents the current yield as of report date. |
Fair Value Measurements Various inputs are used in determining the fair
value of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical
assets and liabilities
Level 2 other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)
Level 3 unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Funds own assumptions used in determining the fair
value of investments)
The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Funds policy regarding valuation of investments and
other significant accounting policies, please refer to the Funds most recent
financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of April 30, 2010 in
determining the fair valuation of the Funds investments:
Investments in Securities
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Long-Term | ||||
Investments1 | $ 421,419,493 | $ 421,419,493 | ||
Short-Term | ||||
Securities | $ 1,839,237 | | | 1,839,237 |
Total | $ 1,839,237 $ 421,419,493 | $ 423,258,730 |
1 See above Schedule of Investments for values in each sector.
BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
APRIL 30, 2010
5
Item 2 Controls and Procedures
2(a) The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
1940 Act)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 3 Exhibits
Certifications Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
BlackRock MuniYield Michigan Insured Fund, Inc.
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock MuniYield Michigan Insured Fund, Inc.
Date: June 28, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Michigan Insured Fund, Inc.
Date: June 28, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Michigan Insured Fund, Inc.
Date: June 28, 2010