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: 10/31/2009

Item 1 – Schedule of Investments



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Michigan - 137.4%

 

 

 

 

 

 

 

 

 











Corporate - 21.5%

 

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

 

$

2,420

 

$

2,722,573

 

 

 

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

 

 

2,500

 

 

2,512,225

 

 

 

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

 

 

9,500

 

 

9,276,085

 

 

 

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

 

 

6,500

 

 

7,443,150

 

 

 

Saint Clair County EDC, Michigan, Refunding RB, Detroit Edison,
Series AA (AMBAC), 6.40%, 8/01/24

 

 

13,000

 

 

13,172,900

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

35,126,933

 











County/City/Special District/School District - 39.8%

 

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

 

 

2,400

 

 

2,727,744

 

 

 

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

 

 

3,165

 

 

3,250,993

 

 

 

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

 

 

2,915

 

 

2,924,619

 

 

 

Bullock Creek School District, Michigan, GO (MBIA), 5.50%,
5/01/10 (a)

 

 

2,150

 

 

2,206,050

 

 

 

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

 

 

600

 

 

610,320

 

 

 

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

 

 

2,000

 

 

2,066,800

 

 

 

Detroit City School District, Michigan, GO, School Building & Site
Improvement, Series A (FGIC), 5.38%, 5/01/13 (a)

 

 

1,480

 

 

1,672,814

 

 

 

Detroit City School District, Michigan, GO, School Building & Site
Improvement, Series B (FGIC), 5.00%, 5/01/28

 

 

1,900

 

 

1,803,252

 

 

 

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

 

 

2,000

 

 

2,121,400

 


 


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.

 

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.

 

FSA

Financial Security Assurance Inc.

 

GNMA

Government National Mortgage Association

 

GO

General Obligation Bonds

 

HDA

Housing Development Authority

 

MBIA

Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)

 

RB

Revenue Bonds

 

TAN

Tax Anticipation Notes

1



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Gibraltar School District, Michigan, GO, School Building & Site
(FGIC), 5.00%, 5/01/14 (a)

 

$

3,065

 

$

3,483,556

 

 

 

Gibraltar School District, Michigan, GO, School Building & Site
(MBIA), 5.00%, 5/01/28

 

 

585

 

 

595,372

 

 

 

Grand Blanc Community Schools, Michigan, GO (MBIA), 5.63%,
5/01/17

 

 

1,000

 

 

1,087,200

 

 

 

Grand Blanc Community Schools, Michigan, GO (MBIA), 5.63%,
5/01/18

 

 

1,000

 

 

1,058,160

 

 

 

Grand Blanc Community Schools, Michigan, GO (MBIA), 5.63%,
5/01/19

 

 

1,100

 

 

1,163,976

 

 

 

Grand Rapids Building Authority, Michigan, RB, Series A (AMBAC),
5.50%, 10/01/12 (a)

 

 

665

 

 

749,654

 

 

 

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

 

 

1,000

 

 

1,045,460

 

 

 

Harper Woods School District, Michigan, GO, School Building &
Site (FGIC), 5.00%, 5/01/14 (a)

 

 

215

 

 

244,360

 

 

 

Harper Woods School District, Michigan, GO, School Building &
Site (MBIA), 5.00%, 5/01/34

 

 

10

 

 

10,020

 

 

 

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

 

 

3,425

 

 

3,522,887

 

 

 

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

 

 

1,275

 

 

1,395,998

 

 

 

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

 

 

3,975

 

 

4,076,124

 

 

 

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

 

 

1,085

 

 

1,097,998

 

 

 

Lanse Cruese Michigan Public Schools, GO, School Building & Site
(FSA), 5.00%, 5/01/35

 

 

2,000

 

 

2,022,040

 

 

 

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

 

 

2,470

 

 

2,432,258

 

 

 

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

 

 

500

 

 

515,490

 

 

 

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

 

 

1,440

 

 

1,543,867

 

 

 

Michigan State Building Authority, Refunding RB, Facilities
Program, Series I (FSA), 5.50%, 10/15/10

 

 

7,000

 

 

7,269,874

 

 

 

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

 

 

500

 

 

515,095

 

 

 

New Lothrop Area Public Schools, Michigan, GO, School Building

 

 

 

 

 

 

 

 

 

& Site (FSA), 5.00%, 5/01/35

 

 

1,200

 

 

1,204,932

 

 

 

Pontiac Tax Increment Finance Authority, Michigan, TAN, Tax

 

 

 

 

 

 

 

 

 

Increment Development (ACA), 5.38%, 6/01/12 (a)

 

 

640

 

 

712,698

 

2



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

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

 

$

1,000

 

$

1,136,560

 

 

 

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

 

 

2,650

 

 

2,722,398

 

 

 

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

 

 

1,000

 

 

1,131,470

 

 

 

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

 

 

1,000

 

 

1,131,470

 

 

 

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

 

 

1,500

 

 

1,513,065

 

 

 

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

 

 

1,180

 

 

1,157,344

 

 

 

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

 

 

1,230

 

 

1,259,851

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

65,183,169

 











Education - 5.8%

 

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

 

 

1,125

 

 

1,038,409

 

 

 

Michigan Higher Education Facilities Authority, Michigan,
Refunding RB, Limited Obligation, Creative Studies, 5.85%,
6/01/12 (a)

 

 

550

 

 

613,773

 

 

 

Michigan Higher Education Facilities Authority, Michigan,
Refunding RB, Limited Obligation, Creative Studies, 5.90%,
6/01/12 (a)

 

 

1,000

 

 

1,117,220

 

 

 

Michigan Higher Education Student Loan Authority, Michigan, RB,
Student Loan, Series XVII-B, AMT (AMBAC), 5.40%, 6/01/18

 

 

3,000

 

 

3,007,230

 

 

 

Michigan Higher Education Student Loan Authority, Michigan, RB,
Student Loan, Series XVII-Q, AMT (AMBAC), 5.00%, 3/01/31

 

 

500

 

 

453,630

 

 

 

Michigan State Building Authority, RB, Facilities Program, Series II
(AMBAC), 4.87%, 10/15/10 (b)(c)

 

 

1,675

 

 

1,663,108

 

 

 

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

 

 

1,450

 

 

1,480,755

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

9,374,125

 











Health - 22.5%

 

County of Dickinson Michigan, Refunding RB (ACA), 5.80%,
11/01/24

 

 

2,170

 

 

2,071,742

 

 

 

Flint Hospital Building Authority, Michigan, Refunding RB, Hurley
Medical Center (ACA), 6.00%, 7/01/20

 

 

755

 

 

694,562

 

 

 

Flint Hospital Building Authority, Michigan, Refunding RB, Hurley
Medical Center, Series A (ACA), 5.38%, 7/01/20

 

 

385

 

 

335,489

 

 

 

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

 

 

3,000

 

 

3,264,870

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB,
Hospital, MidMichigan Obligation Group, Series A (AMBAC), 5.50%,
4/15/18

 

 

1,000

 

 

1,018,110

 

3



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

Michigan State Hospital Finance Authority, Michigan, RB, McLaren
Health Care, 5.75%, 5/15/38

 

$

1,500

 

$

1,510,005

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB, McLaren
Health Care, Series C, 5.00%, 8/01/35

 

 

1,585

 

 

1,447,945

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB, Mercy
Health Services, Series R (AMBAC), 5.38%, 8/15/26 (b)

 

 

2,000

 

 

2,007,240

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB,
Series A, Trinity Health, 6.13%, 12/01/23

 

 

940

 

 

1,026,460

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB,
Series A, Trinity Health, 6.25%, 12/01/28

 

 

570

 

 

618,023

 

 

 

Michigan State Hospital Finance Authority, Michigan, RB,
Series A, Trinity Health, 6.50%, 12/01/33

 

 

1,400

 

 

1,538,894

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Hospital, Crittenton, Series A, 5.63%, 3/01/27

 

 

1,300

 

 

1,280,799

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Hospital, Oakwood Obligation Group, Series A, 5.00%,
7/15/25

 

 

3,110

 

 

2,852,492

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Hospital, Oakwood Obligation Group, Series A, 5.00%,
7/15/37

 

 

3,340

 

 

2,827,811

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Hospital, Sparrow Obligated, 5.00%, 11/15/31

 

 

1,595

 

 

1,507,435

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Trinity Health Credit, Series C, 5.38%, 12/01/23

 

 

1,000

 

 

1,009,700

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Trinity Health Credit, Series C, 5.38%, 12/01/30

 

 

1,950

 

 

1,950,722

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Trinity Health Credit, Series D, 5.00%, 8/15/34

 

 

1,650

 

 

1,629,095

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Trinity Health, Series A, 6.00%, 12/01/20

 

 

1,400

 

 

1,438,752

 

 

 

Michigan State Hospital Finance Authority, Michigan, Refunding
RB, Trinity Health, Series A (AMBAC), 6.00%, 12/01/27

 

 

5,500

 

 

5,622,760

 

 

 

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

 

 

1,000

 

 

1,161,390

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

36,814,296

 











Housing - 3.3%

 

Michigan State HDA, RB College Program, Deaconess Tower, AMT
(GNMA), 5.25%, 2/20/48

 

 

1,000

 

 

982,420

 

 

 

Michigan State HDA, RB, Non Ace, Series A, 6.00%, 10/01/45

 

 

4,280

 

 

4,380,580

 

 

 

Michigan State HDA, RB, Series A, AMT (MBIA), 5.30%, 10/01/37

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

24,855

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

5,387,855

 











4



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









State - 10.7%

 

Michigan Municipal Bond Authority, Michigan, RB, Local
Government, Charter County Wayne, Series B (AGC), 5.00%,
11/01/14

 

$

1,500

 

$

1,648,635

 

 

 

Michigan Municipal Bond Authority, Michigan, RB, Local
Government, Charter County Wayne, Series B (AGC), 5.00%,
11/01/15

 

 

1,000

 

 

1,095,080

 

 

 

Michigan Municipal Bond Authority, Michigan, RB, Local
Government, Charter County Wayne, Series B (AGC), 5.00%,
11/01/16

 

 

500

 

 

546,255

 

 

 

Michigan Municipal Bond Authority, Michigan, RB, Local
Government, Charter County Wayne, Series B (AGC), 5.38%,
11/01/24

 

 

125

 

 

133,836

 

 

 

Michigan State Building Authority, RB, Program Series I (AGC),
5.25%, 10/15/26

 

 

400

 

 

418,948

 

 

 

Michigan State Building Authority, Refunding RB, Facilities
Program, Series I, 6.25%, 10/15/38

 

 

2,350

 

 

2,533,582

 

 

 

Michigan State Building Authority, Refunding RB, Facilities
Program, Series I (AGC), 5.25%, 10/15/24

 

 

2,000

 

 

2,110,080

 

 

 

Michigan State Building Authority, Refunding RB, Facilities
Program, Series I (AGC), 5.25%, 10/15/25

 

 

1,500

 

 

1,572,525

 

 

 

Michigan State Building Authority, Refunding RB, Facilities
Program, Series II (MBIA), 5.00%, 10/15/29

 

 

2,000

 

 

2,004,940

 

 

 

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

 

 

5,045

 

 

5,500,109

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

17,563,990

 











Transportation - 15.8%

 

Wayne County Airport Authority, RB, Detroit Metropolitan Wayne
County Airport, AMT (MBIA), 5.25%, 12/01/25

 

 

4,475

 

 

4,197,326

 

 

 

Wayne County Airport Authority, RB, Detroit Metropolitan Wayne
County Airport, AMT (MBIA), 5.25%, 12/01/26

 

 

3,700

 

 

3,435,598

 

 

 

Wayne County Airport Authority, RB, Detroit Metropolitan Wayne
County Airport, AMT (MBIA), 5.00%, 12/01/34

 

 

5,200

 

 

4,511,624

 

 

 

Wayne County Airport Authority, Refunding RB, AMT (AGC),
5.75%, 12/01/26

 

 

3,060

 

 

3,081,328

 

 

 

Wayne County Airport Authority, Refunding RB, AMT (AGC),
5.38%, 12/01/32

 

 

4,300

 

 

4,022,220

 

 

 

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

 

 

6,500

 

 

6,563,505

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

25,811,601

 











Utilities - 18.0%

 

City of Detroit Michigan, RB, Second Lien, Series B (FSA), 7.00%,
7/01/36

 

 

2,000

 

 

2,347,180

 

 

 

City of Detroit Michigan, RB, Second Lien, Series B (MBIA), 5.00%,
7/01/13 (a)

 

 

1,780

 

 

1,992,105

 

 

 

City of Detroit Michigan, RB, Second Lien, Series B (MBIA), 5.00%,
7/01/34

 

 

2,620

 

 

2,437,412

 

 

 

City of Detroit Michigan, RB, Senior Lien, Series A (FGIC), 5.75%,
7/01/11 (a)

 

 

1,000

 

 

1,082,670

 

5



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









 

 

City of Detroit Michigan, RB, Senior Lien, Series A (FSA), 5.00%,
7/01/25

 

$

3,460

 

$

3,512,661

 

 

 

City of Detroit Michigan, RB, Senior Lien, Series A (MBIA), 5.00%,
7/01/34

 

 

4,600

 

 

4,356,430

 

 

 

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

 

 

6,475

 

 

6,580,996

 

 

 

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

 

 

1,500

 

 

1,672,095

 

 

 

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

 

 

5,300

 

 

5,325,387

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

29,306,936

 











 

 

Total Municipal Bonds in Michigan

 

 

 

 

 

224,568,905

 











Puerto Rico - 7.7%

 

 

 

 

 

 

 

 

 











State - 5.7%

 

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

 

 

4,200

 

 

4,328,310

 

 

 

Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A (MBIA),
5.19%, 8/01/43 (c)

 

 

12,500

 

 

1,674,125

 

 

 

Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A (MBIA),
4.99%, 8/01/46 (c)

 

 

30,000

 

 

3,273,900

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

9,276,335

 











Transportation - 2.0%

 

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

 

 

3,000

 

 

3,289,320

 











 

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

12,565,655

 











 

 

Total Municipal Bonds - 145.1%

 

 

 

 

 

237,134,560

 











 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (d)

 

 

 

 

 

 

 











Michigan - 10.8%

 

 

 

 

 

 

 

 

 











County/City/Special District/School District - 4.4%

 

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

 

 

4,150

 

 

4,219,316

 

 

 

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

 

 

2,850

 

 

2,941,628

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

7,160,944

 











Education - 6.4%

 

Saginaw Valley State University, Michigan, Refunding RB (FSA),
5.00%, 7/01/31

 

 

2,500

 

 

2,558,100

 

 

 

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

 

 

7,790

 

 

7,874,522

 

 

 

 

 

 

 

 




 

 

 

 

 

 

 

 

10,432,622

 











 

 

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

 

 

 

 

 

17,593,566

 











 

 

Total Long-Term Investments
(Cost - $253,208,660) - 155.9%

 

 

 

 

 

254,728,126

 











 

 

Short-Term Securities

 

Shares

 

 

 

 










 

 

CMA Michigan Municipal Money Fund, 0.04% (e)(f)

 

 

3,315,653

 

 

3,315,653

 











 

 

Total Short-Term Securities (Cost - $3,315,653) - 2.0%

 

 

 

 

 

3,315,653

 











6



 

 

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

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 










 

 

Total Investments (Cost - $256,524,313*) - 157.9%

 

 

 

 

$

258,043,779

 

 

 

Other Assets Less Liabilities - 1.1%

 

 

 

 

 

1,751,950

 

 

 

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

 

 

 

 

 

(9,043,661

)

 

 

Preferred Shares, at Redemption Value - (53.5)%

 

 

 

 

 

(87,356,588

)

 

 

 

 

 

 

 




 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

163,395,480

 

 

 

 

 

 

 

 





 

 

 

 

  *

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

246,021,262

 

 

 

 




 

Gross unrealized appreciation

 

$

9,142,905

 

 

Gross unrealized depreciation

 

 

(6,150,388

)

 

 

 




 

Net unrealized appreciation

 

$

2,992,517

 

 

 

 





 

 

 

 

(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, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 







 

Affiliate

 

Net Activity

 

Income

 

 







 

CMA Michigan Municipal Money Fund

 

$

(799,908

)

$

140

 

 










 

 

 

 

(f)

Represents the current yield as of report date.

7



 

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

 

Schedule of Investments October 31, 2009 (Unaudited)



 

 

 

 

 

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 methodology 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 annual report.

 

 

 

 

 

The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Fund’s investments:


 

 

 

 

 

 

 





 

Valuation
Inputs

 

Investments in
Securities

 

 





 

 

 

Assets

 

 

 

 




 

 

 

 

 

 

 

Level 1 - Short-Term Securities

 

$

3,315,653

 

 

Level 2 - Long-Term Investments1

 

 

254,728,126

 

 

Level 3

 

 

 

 






 

Total

 

$

258,043,779

 

 

 

 




 

 

 

 

 

 

 

1       See above Schedule of Investments for values in each sector.


8


 

 

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: December 18, 2009

 

 

 

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: December 18, 2009

 

 

 

 

By:

/s/ Neal J. Andrews

 

 


 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock MuniYield Michigan Insured Fund II, Inc.

 

 

 

 

Date: December 18, 2009