UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-06501

 

Name of Fund: BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)

 

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 II, Inc., 55 East 52nd Street, New York, NY 10055.

 

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

 

Date of fiscal year end: 07/31/2010

 

Date of reporting period: 04/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock MuniYield Michigan Insured Fund II Inc. (MYM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan — 137.2%

 

 

 

 

 

 

 

Corporate — 13.5%

 

 

 

 

 

 

 

Delta County EDC, Refunding RB, Mead
Westvaco-Escanaba, Series A, 6.25%,
4/15/12 (a)

 

$

2,420

 

$

2,675,310

 

Dickinson County EDC Michigan,
Refunding RB, International Paper Co.
Project, Series A, 5.75%, 6/01/16

 

 

2,500

 

 

2,567,475

 

Michigan Strategic Fund, Refunding RB,
Detroit Edison Co. Project, Series A,
AMT (NPFGC), 5.55%, 9/01/29

 

 

9,500

 

 

9,465,705

 

Monroe County EDC Michigan,
Refunding RB, Detroit Edison Co.
Project, Series AA (NPFGC), 6.95%,
9/01/22

 

 

6,500

 

 

7,570,940

 

 

 

 

 

 

 

 

 

 

 

 

22,279,430

 

County/City/Special District/School District — 43.1%

 

 

 

 

 

 

 

Adrian City School District Michigan, GO
(AGM), 5.00%, 5/01/14 (a)

 

 

2,400

 

 

2,737,200

 

Anchor Bay School District Michigan,
GO, School Building & Site, Series II
(Q-SBLF), 5.75%, 5/01/10 (a)

 

 

2,165

 

 

2,165,325

 

Bay City School District Michigan, GO,
School Building & Site (AGM), 5.00%,
5/01/36

 

 

2,915

 

 

2,967,907

 

Bullock Creek School District Michigan,
GO (NPFGC) (a):

 

 

 

 

 

 

 

5.50%, 5/01/10

 

 

50

 

 

50,008

 

5.50%, 5/01/10

 

 

2,100

 

 

2,100,315

 

Charter Township of Canton Michigan,
GO, Capital Improvement (AGM):

 

 

 

 

 

 

 

5.00%, 4/01/25

 

 

1,250

 

 

1,306,413

 

5.00%, 4/01/26

 

 

1,250

 

 

1,300,325

 

5.00%, 4/01/27

 

 

500

 

 

525,625

 

City of Oak Park Michigan, GO, Street
Improvement (NPFGC), 5.00%,
5/01/30

 

 

600

 

 

615,942

 

County of Genesee Michigan, GO, Water
Supply System (NPFGC), 5.13%,
11/01/33

 

 

500

 

 

504,700

 

County of Wayne Michigan, GO, Airport
Hotel, Detroit Metropolitan Airport,
Series A (NPFGC), 5.00%, 12/01/30

 

 

1,180

 

 

1,081,930

 

Dearborn Brownfield Redevelopment
Authority, GO, Limited Tax,
Redevelopment, Series A (AGC),
5.50%, 5/01/39

 

 

2,000

 

 

2,098,380

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (continued)

 

 

 

 

 

 

 

Detroit City School District Michigan,
GO, School Building & Site
Improvement (FGIC):

 

 

 

 

 

 

 

Series A, 5.38%, 5/01/13 (a)

 

$

1,480

 

$

1,656,904

 

Series B, 5.00%, 5/01/28

 

 

1,900

 

 

1,873,381

 

Eaton Rapids Public Schools Michigan,
GO, School Building & Site (AGM),
5.25%, 5/01/23

 

 

2,000

 

 

2,138,300

 

Gibraltar School District Michigan, GO,
School Building & Site:

 

 

 

 

 

 

 

(FGIC), 5.00%, 5/01/14 (a)

 

 

3,065

 

 

3,486,652

 

(NPFGC), 5.00%, 5/01/28

 

 

585

 

 

595,817

 

Grand Blanc Community Schools
Michigan, GO (NPFGC):

 

 

 

 

 

 

 

5.63%, 5/01/17

 

 

1,000

 

 

1,059,550

 

5.63%, 5/01/18

 

 

1,000

 

 

1,058,010

 

5.63%, 5/01/19

 

 

1,100

 

 

1,162,128

 

Grand Rapids Building Authority
Michigan, RB, Series A (AMBAC) (a):

 

 

 

 

 

 

 

5.50%, 10/01/12

 

 

535

 

 

593,764

 

5.50%, 10/01/12

 

 

130

 

 

144,279

 

Harper Creek Community School District
Michigan, GO, Refunding (AGM),
5.00%, 5/01/22

 

 

1,000

 

 

1,057,400

 

Harper Woods School District Michigan,
GO, Refunding, School Building & Site:

 

 

 

 

 

 

 

(FGIC), 5.00%, 5/01/14 (a)

 

 

215

 

 

245,208

 

(NPFGC), 5.00%, 5/01/34

 

 

10

 

 

10,090

 

Hartland Consolidated School District
Michigan, GO (Q-SBLF), 6.00%,
5/01/10 (a)

 

 

3,425

 

 

3,425,548

 

Haslett Public School District Michigan,
GO, Building & Site (NPFGC), 5.63%,
11/01/11 (a)

 

 

1,275

 

 

1,370,026

 

Jackson Public Schools Michigan, GO
(FGIC), 5.38%, 5/01/10 (a)

 

 

3,975

 

 

3,975,556

 

Jonesville Community Schools Michigan,
GO, Refunding (NPFGC), 5.00%,
5/01/29

 

 

1,085

 

 

1,100,331

 

 

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.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDC

Economic Development Corp.

FGIC

Financial Guaranty Insurance Co.

GAN

Grant Anticipation Notes

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

HDA

Housing Development Authority

NPFGC

National Public Finance Guarantee Corp.

Q-SBLF

Qualified School Bond Loan Fund

RB

Revenue Bonds

 

 

 

 

 

BLACKROCK MUNIYIELD MICHIGAN INSURED FUND II, INC.

APRIL 30, 2010

1


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (continued)

 

 

 

 

 

 

 

L’Anse Creuse Public Schools Michigan,
GO, School Building & Site (AGM):

 

 

 

 

 

 

 

5.00%, 5/01/12

 

$

400

 

$

428,152

 

5.00%, 5/01/25

 

 

1,000

 

 

1,038,040

 

5.00%, 5/01/26

 

 

1,050

 

 

1,085,154

 

5.00%, 5/01/35

 

 

2,000

 

 

2,038,080

 

Lincoln Consolidated School District
Michigan, GO, Refunding (NPFGC),
4.63%, 5/01/28

 

 

2,325

 

 

2,329,231

 

Livonia Public Schools School District
Michigan, GO, Refunding, Series A
(NPFGC), 5.00%, 5/01/24

 

 

500

 

 

517,070

 

Ludington Area School District Michigan,
GO (NPFGC), 5.25%, 5/01/23

 

 

1,440

 

 

1,530,835

 

Michigan State Building Authority, RB,
Facilities Program, Series H (AGM),
5.00%, 10/15/26

 

 

3,000

 

 

3,047,400

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGM):

 

 

 

 

 

 

 

5.50%, 10/15/10

 

 

4,110

 

 

4,203,626

 

5.50%, 10/15/10 (b)

 

 

390

 

 

399,337

 

New Haven Community Schools
Michigan, GO, Refunding, School
Building & Site (AGM), 5.00%,
5/01/23

 

 

500

 

 

524,085

 

New Lothrop Area Public Schools
Michigan, GO, School Building & Site
(AGM), 5.00%, 5/01/35

 

 

1,200

 

 

1,216,116

 

Pontiac Tax Increment Finance Authority
Michigan, Tax Allocation Bonds,
Refunding, Tax Increment
Development (ACA), 5.38%,
6/01/12 (a)

 

 

640

 

 

704,064

 

Reed City Public Schools Michigan, GO,
School Building & Site (AGM), 5.00%,
5/01/14 (a)

 

 

1,000

 

 

1,140,500

 

South Lyon Community Schools
Michigan, GO, Series A (NPFGC),
5.75%, 5/01/10 (a)

 

 

2,650

 

 

2,650,397

 

Southfield Public Schools Michigan, GO,
School Building & Site, Series B
(AGM), 5.00%, 5/01/14 (a)

 

 

1,000

 

 

1,132,980

 

Sparta Area Schools Michigan, GO,
School Building & Site (FGIC), 5.00%,
5/01/14 (a)

 

 

1,000

 

 

1,135,480

 

Thornapple Kellogg School District
Michigan, GO, School Building & Site
(NPFGC), 5.00%, 5/01/32

 

 

1,500

 

 

1,528,380

 

Van Dyke Public Schools Michigan, GO,
School Building & Site (AGM), 5.00%,
5/01/28

 

 

750

 

 

780,083

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (concluded)

 

 

 

 

 

 

 

Zeeland Public Schools Michigan, GO,
School Building & Site (NPFGC),
5.00%, 5/01/29

 

$

1,230

 

$

1,250,947

 

 

 

 

 

 

 

 

 

 

 

 

71,086,971

 

Education — 5.7%

 

 

 

 

 

 

 

Michigan Higher Education Facilities
Authority, RB, Limited Obligation,
Hillsdale College Project, 5.00%,
3/01/35

 

 

1,125

 

 

1,072,643

 

Michigan Higher Education Facilities
Authority, Refunding RB, Limited
Obligation, Creative Studies (a):

 

 

 

 

 

 

 

5.85%, 6/01/12

 

 

550

 

 

605,050

 

5.90%, 6/01/12

 

 

1,000

 

 

1,101,120

 

Michigan Higher Education Student
Loan Authority, RB, AMT Student Loan
(AMBAC):

 

 

 

 

 

 

 

Series XVII-B, 5.40%, 6/01/18

 

 

3,000

 

 

3,001,590

 

Series XVII-Q, 5.00%, 3/01/31

 

 

500

 

 

468,595

 

Michigan State Building Authority, RB,
Facilities Program, Series II (AMBAC),
4.83%, 10/15/10 (b)(c)

 

 

1,675

 

 

1,671,633

 

Saginaw Valley State University
Michigan, Refunding RB, General
(NPFGC), 5.00%, 7/01/24

 

 

1,450

 

 

1,487,163

 

 

 

 

 

 

 

 

 

 

 

 

9,407,794

 

Health — 23.9%

 

 

 

 

 

 

 

Dickinson County Healthcare System,
Refunding RB, Series A (ACA), 5.80%,
11/01/24

 

 

2,170

 

 

2,114,014

 

Flint Hospital Building Authority
Michigan, Refunding RB, Hurley
Medical Center (ACA):

 

 

 

 

 

 

 

6.00%, 7/01/20

 

 

755

 

 

740,315

 

Series A, 5.38%, 7/01/20

 

 

385

 

 

359,505

 

Kent Hospital Finance Authority
Michigan, RB, Spectrum Health,
Series A (NPFGC), 5.50%, 7/15/11 (a)

 

 

3,000

 

 

3,205,950

 

Michigan State Hospital Finance
Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior Credit
Group, 5.00%, 11/15/25

 

 

2,300

 

 

2,392,000

 

Hospital, MidMichigan Obligation
Group, Series A (AMBAC), 5.50%,
4/15/18

 

 

1,000

 

 

1,021,720

 

McLaren Health Care, Series C,
5.00%, 8/01/35

 

 

1,585

 

 

1,477,379

 

Mercy Health Services, Series R
(AMBAC), 5.38%, 8/15/26 (b)

 

 

2,000

 

 

2,008,060

 

 

 

 

2

BLACKROCK MUNIYIELD MICHIGAN INSURED FUND II, INC.

APRIL 30, 2010


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

Hospital, Crittenton, Series A,
5.63%, 3/01/27

 

$

1,300

 

$

1,288,040

 

Hospital, Oakwood Obligation
Group, Series A, 5.00%, 7/15/25

 

 

2,870

 

 

2,768,746

 

Hospital, Oakwood Obligation
Group, Series A, 5.00%, 7/15/37

 

 

3,340

 

 

2,943,141

 

Hospital, Sparrow Obligated, 5.00%,
11/15/31

 

 

1,595

 

 

1,504,611

 

McLaren Health Care, 5.75%,
5/15/38

 

 

1,500

 

 

1,535,805

 

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

 

 

1,950

 

 

1,948,694

 

Trinity Health Credit, Series D,
5.00%, 8/15/34

 

 

1,650

 

 

1,600,220

 

Trinity Health, Series A, 6.00%,
12/01/20

 

 

1,400

 

 

1,429,680

 

Trinity Health, Series A, 6.13%,
12/01/23

 

 

940

 

 

1,036,491

 

Trinity Health, Series A, 6.25%,
12/01/28

 

 

570

 

 

630,528

 

Trinity Health, Series A, 6.50%,
12/01/33

 

 

1,400

 

 

1,560,580

 

Trinity Health, Series A, (AMBAC),
6.00%, 12/01/10 (a)

 

 

65

 

 

67,615

 

Trinity Health, Series A, (AMBAC),
6.00%, 12/01/27

 

 

5,435

 

 

5,534,950

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,000

 

 

1,180,330

 

 

 

 

 

 

 

 

 

 

 

 

39,362,154

 

Housing — 3.3%

 

 

 

 

 

 

 

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

 

 

4,280

 

 

4,422,439

 

Series A, AMT (NPFGC), 5.30%,
10/01/37

 

 

20

 

 

20,027

 

 

 

 

 

 

 

 

 

 

 

 

5,448,146

 

State — 14.2%

 

 

 

 

 

 

 

Michigan Municipal Bond Authority,
Refunding RB, Local Government,
Charter County Wayne, Series B
(AGC):

 

 

 

 

 

 

 

5.00%, 11/01/14

 

 

1,500

 

 

1,652,715

 

5.00%, 11/01/15

 

 

1,000

 

 

1,088,320

 

5.00%, 11/01/16

 

 

500

 

 

549,075

 

5.38%, 11/01/24

 

 

125

 

 

135,189

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (continued)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

Michigan State Building Authority,
Refunding RB:

 

 

 

 

 

 

 

Facilities Program, Series I, 6.25%,
10/15/38

 

$

2,350

 

$

2,586,269

 

Facilities Program, Series I (AGC),
5.25%, 10/15/24

 

 

2,000

 

 

2,134,160

 

Facilities Program, Series I (AGC),
5.25%, 10/15/25

 

 

1,500

 

 

1,589,415

 

Facilities Program, Series I (AGC),
5.25%, 10/15/26

 

 

400

 

 

421,320

 

Facilities Program, Series II
(NPFGC), 5.00%, 10/15/29

 

 

2,000

 

 

2,009,400

 

Series IA (NPFGC), 5.00%,
10/15/32

 

 

2,500

 

 

2,502,675

 

State of Michigan, COP, Refunding, New
Center Development Inc. (NPFGC),
5.75%, 9/01/11 (b)

 

 

5,045

 

 

5,390,835

 

State of Michigan, RB, GAN (AGM),
5.25%, 9/15/27

 

 

3,250

 

 

3,405,512

 

 

 

 

 

 

 

 

 

 

 

 

23,464,885

 

Transportation — 15.7%

 

 

 

 

 

 

 

County of Wayne Michigan, RB, Detroit
Metropolitan, Wayne County, Series A,
AMT (NPFGC), 5.38%, 12/01/15

 

 

6,500

 

 

6,577,545

 

Wayne County Airport Authority, RB,
Detroit Metropolitan Wayne County
Airport, AMT (NPFGC):

 

 

 

 

 

 

 

5.25%, 12/01/25

 

 

4,475

 

 

4,281,949

 

5.25%, 12/01/26

 

 

3,700

 

 

3,477,371

 

5.00%, 12/01/34

 

 

5,200

 

 

4,400,240

 

Wayne County Airport Authority,
Refunding RB, AMT (AGC):

 

 

 

 

 

 

 

5.75%, 12/01/26

 

 

3,060

 

 

3,080,410

 

5.38%, 12/01/32

 

 

4,300

 

 

3,994,743

 

 

 

 

 

 

 

 

 

 

 

 

25,812,258

 

Utilities — 17.8%

 

 

 

 

 

 

 

City of Detroit Michigan, RB,
Second Lien:

 

 

 

 

 

 

 

Series A (AGM), 5.00%, 7/01/25

 

 

3,460

 

 

3,492,662

 

Series A (FGIC), 5.75%, 7/01/11 (a)

 

 

1,000

 

 

1,065,930

 

Series A (NPFGC), 5.00%, 7/01/34

 

 

4,600

 

 

4,461,586

 

Series B (AGM), 7.00%, 7/01/36

 

 

2,000

 

 

2,303,860

 

Series B (NPFGC), 5.00%,
7/01/13 (a)

 

 

1,780

 

 

1,984,397

 

Series B (NPFGC), 5.00%, 7/01/34

 

 

2,620

 

 

2,541,164

 

City of Detroit Michigan, Refunding RB,
Second Lien, Series C (AGM), 5.00%,
7/01/29

 

 

6,475

 

 

6,501,807

 

 

 

 

 

 

BLACKROCK MUNIYIELD MICHIGAN INSURED FUND II, INC.

APRIL 30, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

City of Grand Rapids Michigan,
Refunding RB, Series A (NPFGC),
5.50%, 1/01/22

 

$

1,500

 

$

1,693,125

 

City of Wyoming Michigan, RB (NPFGC),
5.00%, 6/01/30

 

 

5,300

 

 

5,370,967

 

 

 

 

 

 

 

 

 

 

 

 

29,415,498

 

Total Municipal Bonds in Michigan

 

 

 

 

 

226,277,136

 

Puerto Rico — 7.8%

 

 

 

 

 

 

 

State — 5.8%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Government Facilities,
Series M-3 (NPFGC), 6.00%, 7/01/27

 

 

4,200

 

 

4,438,140

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB,
Series A (NPFGC) (c):

 

 

 

 

 

 

 

5.19%, 8/01/43

 

 

12,500

 

 

1,719,125

 

4.99%, 8/01/46

 

 

30,000

 

 

3,354,000

 

 

 

 

 

 

 

 

 

 

 

 

9,511,265

 

Transportation — 2.0%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB, Series CC
(AGC), 5.50%, 7/01/31

 

 

3,000

 

 

3,264,420

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

12,775,685

 

Total Municipal Bonds – 145.0%

 

 

 

 

 

239,052,821

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

 

 

 

 

 

 

Michigan — 10.8%

 

 

 

 

 

 

 

Corporate — 4.9%

 

 

 

 

 

 

 

Wayne State University, Refunding RB,
General (AGM), 5.00%, 11/15/35

 

 

7,790

 

 

8,052,367

 

County/City/Special District/School District — 2.6%

 

 

 

 

 

 

 

Lakewood Public Schools Michigan, GO,
School Building & Site (AGM), 5.00%,
5/01/37

 

 

3,970

 

 

4,270,450

 

Education — 3.3%

 

 

 

 

 

 

 

Portage Public Schools Michigan, GO,
School Building & Site (AGM), 5.00%,
5/01/31

 

 

2,850

 

 

2,948,752

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

Saginaw Valley State University,
Refunding RB, General (AGM), 5.00%,
7/01/31

 

$

2,500

 

$

2,581,050

 

 

 

 

 

 

 

 

 

 

 

 

5,529,802

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 10.8%

 

 

 

 

 

17,852,619

 

Total Long-Term Investments
(Cost – $254,459,972) – 155.8%

 

 

 

 

 

256,905,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

CMA Michigan Municipal
Money Fund, 0.00% (e)(f)

 

 

811,875

 

 

811,875

 

Total Short-Term Securities
(Cost – $811,875) – 0.5%

 

 

 

 

 

811,875

 

Total Investments
(Cost – $255,271,847*) – 156.3%

 

 

 

 

 

257,717,315

 

Other Assets Less Liabilities –2.2%

 

 

 

 

 

3,567,594

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (5.5)%

 

 

 

 

 

(9,040,797

)

Preferred Shares, at Redemption Value – (53.0)%

 

 

 

 

 

(87,357,303

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

164,886,809

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

247,907,626

 

 

 

Gross unrealized appreciation

 

$

7,925,699

 

Gross unrealized depreciation

 

 

(7,146,010

)

 

 

Net unrealized appreciation

 

$

779,689

 

 

 

 

 

(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.

 

 

 

4

BLACKROCK MUNIYIELD MICHIGAN INSURED FUND II, INC.

APRIL 30, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Michigan Insured Fund II Inc. (MYM)

 

 

(e)

Investment 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2009

 

Net
Activity

 

Shares
Held at
April 30,
2010

 

Income

 

CMA Michigan Municipal Money Fund

 

 

4,115,561

 

 

(3,303,686

)

 

811,875

 

$

607

 

 

 

 

(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 Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s 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 Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

256,905,440

 

 

—

 

$

256,905,440

 

Short-Term
Securities

 

$

811,875

 

 

—

 

 

—

 

 

811,875

 

Total

 

$

811,875

 

$

256,905,440

 

 

—

 

$

257,717,315

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

BLACKROCK MUNIYIELD MICHIGAN INSURED FUND II, 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 II, Inc.
   
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniYield Michigan Insured Fund II, 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 II, 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 II, Inc.
   
  Date: June 28, 2010