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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000900092-09-000327.txt : 20090626
<SEC-HEADER>0000900092-09-000327.hdr.sgml : 20090626
<ACCEPTANCE-DATETIME>20090626130416
ACCESSION NUMBER:		0000900092-09-000327
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090626
DATE AS OF CHANGE:		20090626
EFFECTIVENESS DATE:		20090626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC.
		CENTRAL INDEX KEY:			0000890393
		IRS NUMBER:				223196060
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07080
		FILM NUMBER:		09912004

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092825284

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	20020620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND II INC
		DATE OF NAME CHANGE:	20020620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD MICHIGAN INSURED FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>miyfinal.htm
<DESCRIPTION>BR MUNIYIELD MICHIGAN INSURED FUND, INC.
<TEXT>

<HTML>
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   <TITLE>miyfinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P align="center">
<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07080</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield Michigan Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=36%></TD>
     <TD width=19%></TD>
     <TD width=7%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Michigan - 140.6%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Corporate - 22.2%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Delta County, Michigan, Economic Development Corporation,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Environmental Improvement Revenue Refunding Bonds (Mead Westvaco-</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Escanaba), AMT, Series B, 6.45%, 4/15/12 (a)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,714,530</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dickinson County, Michigan, Economic Development Corporation,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Environmental Improvement Revenue Refunding Bonds (International</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Paper Company Project), Series A, 5.75%, 6/01/16</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,900</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,401,346</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, Limited Obligation Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Detroit Edison Company Pollution Control Project),</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">AMT, Series A, 5.55%, 9/01/29 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,250</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,095,543</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Strategic Fund, Limited Obligation Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Detroit Edison Company Pollution Control Project),</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series AA, 6.95%, 5/01/11 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,363,660</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Monroe County, Michigan, Economic Development Corporation, Limited</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Obligation Revenue Refunding Bonds (Detroit Edison Co. Project),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series AA, 6.95%, 9/01/22 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16,644,150</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Saint Clair County, Michigan, Economic Revenue Refunding Bonds</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Detroit Edison Co. Project), Series AA, 6.40%, 8/01/24 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">17,800</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">18,192,490</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">55,411,719</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">County/City/Special</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Adrian, Michigan, City School District, GO, 5%, 5/01/14 (a)(e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,600</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,132,800</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District/School District - 30.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Birmingham, Michigan, City School District, School Building and Site,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">GO, 5%, 11/01/33 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,005,250</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, City School District, GO (School Building and Site</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement), Refunding, Series A, 5%, 5/01/21 (e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,065,490</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, City School District, GO (School Building and Site</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement), Series A, 5.375%, 5/01/13 (a)(c)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,300</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,630,832</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, City School District, GO (School Building and Site</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvement), Series B, 5%, 5/01/28 (c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,011,154</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eaton Rapids, Michigan, Public Schools, School Building and Site, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 5/01/20 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,325</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,406,819</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eaton Rapids, Michigan, Public Schools, School Building and Site, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 5/01/21 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,675</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,764,428</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Frankenmuth, Michigan, School District, GO, 5.75%, 5/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,051,590</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gibraltar, Michigan, School District, GO (School Building and Site),</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/14 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,940</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,375,120</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gibraltar, Michigan, School District, GO (School Building and Site),</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/28 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">710</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">714,054</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Grand Blanc, Michigan, Community Schools, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.625%, 5/01/20 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,157,442</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Grand Rapids, Michigan, Building Authority Revenue Bonds, Series A,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 10/01/12 (a)(d)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,035</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,179,910</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT></B><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the securities have been abbreviated according to the list below.</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=9%></TD>
     <TD width=45%></TD>
     <TD width=15%></TD>
     <TD width=29%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">AMT</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">GO</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">General Obligation Bonds</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">COP</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Certificates of Participation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">HDA</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Housing Development Authority</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">M/F</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Multi-Family</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=19%></TD>
     <TD width=42%></TD>
     <TD width=18%></TD>
     <TD width=9%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gull Lake, Michigan, Community School District, School Building and</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Site, GO, 5%, 5/01/14 (a)(e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 5,625</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 6,457,500</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Harper Woods, Michigan, City School District, School Building and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Site, GO, Refunding, 5%, 5/01/14 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,345</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,988,060</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Harper Woods, Michigan, City School District, School Building and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Site, GO, Refunding, 5%, 5/01/34 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">430</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">425,760</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Hartland, Michigan, Consolidated School District, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%, 5/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,825</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,194,096</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Jenison, Michigan, Public Schools, School Building and Site, GO,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 5/01/19 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,575</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,653,955</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lansing, Michigan, Building Authority, GO, Series A, 5.375%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/13 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,510</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,738,267</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Montrose Township, Michigan, School District, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.20%, 5/01/17 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,186,120</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Oak Park, Michigan, Street Improvement, GO, 5%, 5/01/30 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">484,205</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Orchard View, Michigan, Schools, School Building and Site, GO, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/13 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,320</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,095,071</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Pennfield, Michigan, School District, School Building and Site, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/14 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,370</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,565,020</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Reed, Michigan, City Public Schools, School Building and Site, GO,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/14 (a)(e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,425</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,635,900</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">South Haven, Michigan, Public Schools, GO, 5%, 5/01/13 (a)(e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,350</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,530,819</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Southfield, Michigan, Library Building Authority, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.50%, 5/01/10 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,300</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,363,817</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Southfield, Michigan, Public Schools, School Building and Site, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 5/01/14 (a)(e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,012,575</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Sparta, Michigan, Area Schools, School Building and Site, GO, 5%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/14 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,325</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,521,100</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Thornapple Kellogg School District, Michigan, GO, Refunding, 5%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/32 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,489,850</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Waverly, Michigan, Community School, GO, 5.50%, 5/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,151,843</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne Charter County, Michigan, Detroit Metropolitan Airport, GO,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Airport Hotel, Series A, 5%, 12/01/30 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,611,103</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Building Authority, GO (Capital</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Improvements), Series A, 5.25%, 6/01/16 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,003,010</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">West Bloomfield, Michigan, School District, GO, Refunding, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/17 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,710</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,872,792</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">West Bloomfield, Michigan, School District, GO, Refunding, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/18 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,225</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,300,007</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Zeeland, Michigan, Public Schools, School Building and Site, GO, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5/01/29 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,600</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,609,136</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">77,384,895</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Education - 6.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eastern Michigan University Revenue Bonds, Series B, 5.60%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,580,100</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eastern Michigan University Revenue Bonds, Series B, 5.625%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,310</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,380,308</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=18%></TD>
     <TD width=41%></TD>
     <TD width=20%></TD>
     <TD width=9%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eastern Michigan University, General Revenue Refunding Bonds, 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/10 (a)(d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 590</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 630,385</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Eastern Michigan University, General Revenue Refunding Bonds, 6%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/20 (d)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">435</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">451,987</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Grand Valley State University, Michigan, Revenue Bonds, 5.50%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2/01/18 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,070</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,240,278</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Higher Education Facilities Authority, Limited Obligation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds (Hillsdale College Project), 5%, 3/01/35</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,875</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,630,200</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Higher Education Facilities Authority, Limited Obligation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (College for Creative Studies), 5.85%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/12 (a)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,235</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,394,006</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Higher Education Facilities Authority, Limited Obligation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (College for Creative Studies), 5.90%,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6/01/12 (a)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,145</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,294,136</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Higher Education Student Loan Authority, Student Loan</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, AMT, Series XVII-B, 5.40%, 6/01/18 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,245,100</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Higher Education Student Loan Authority, Student Loan</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Bonds, AMT, Series XVII-Q, 5%, 3/01/31 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,179,740</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Saginaw Valley State University, Michigan, General Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, 5%, 7/01/24 (b)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,100</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,128,476</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">17,154,716</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Health - 22.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dickinson County, Michigan, Healthcare System, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, 5.80%, 11/01/24 (f)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,586,888</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Flint, Michigan, Hospital Building Authority, Revenue Refunding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Hurley Medical Center), Series A, 5.375%, 7/01/20 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">615</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">463,470</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Flint, Michigan, Hospital Building Authority, Revenue Refunding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Hurley Medical Center), Series A, 6%, 7/01/20 (f)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,375</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,101,155</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Kent, Michigan, Hospital Finance Authority, Hospital Revenue</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Butterworth Hospital), Series A, 7.25%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1/15/13 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,685</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,944,854</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Kent, Michigan, Hospital Finance Authority Revenue Bonds (Spectrum</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health), Series A, 5.50%, 7/15/11 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,304,050</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Hospital Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Mid-Michigan Obligation Group), Series A, 5.50%, 4/15/18 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,530</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,519,323</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Crittenton Hospital), Series A, 5.625%, 3/01/27</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,050</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,668,323</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Oakwood Obligated Group), Series A, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/15/25</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,409,683</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Oakwood Obligated Group), Series A, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/15/37</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">630</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">463,012</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (Sparrow Obligated Group), 5%, 11/15/31</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,336,594</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority Revenue Bonds (McLaren</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health Care Corporation), Series C, 5%, 8/01/35</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">811,100</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority Revenue Bonds (Mid-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Obligor Group), Series A, 5%, 4/15/36</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,361,290</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></P>

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<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
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	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority Revenue Bonds (Trinity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health Credit Group), Series A, 6.25%, 12/01/28</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 930</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 976,426</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority Revenue Bonds (Trinity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Health Credit Group), Series A, 6.50%, 12/01/33</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,060,670</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Ascension Health Credit), Series A, 6.25%, 11/15/09 (a)(b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,603,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Henry Ford Health System), Series A, 5.25%, 11/15/46</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,870,650</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(McLaren Health Care Corporation), 5.75%, 5/15/38</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,105,170</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Saint John Hospital), Series A, 6%, 5/15/13 (d)(g)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,475</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,513,239</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Trinity Health Credit Group), Series A, 6%, 12/01/20</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,200</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,261,182</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Trinity Health Credit Group), Series A, 6%, 12/01/27 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,400</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,498,880</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Trinity Health Credit Group), Series C, 5.375%, 12/01/23</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,011,800</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Trinity Health Credit Group), Series C, 5.375%, 12/01/30</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,755</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,709,940</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Trinity Health Credit Group), Series D, 5%, 8/15/34</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,853,674</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,112,760</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Saginaw, Michigan, Hospital Finance Authority, Revenue Refunding</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds (Covenant Medical Center), Series E, 5.625%, 7/01/13 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,523,700</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">57,070,833</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 1.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State, HDA, Limited Obligation M/F Housing Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Deaconess Towers Apartments), AMT, 5.25%, 2/20/48 (h)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">927,390</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State, HDA, Limited Obligation M/F Housing Revenue Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Williams Pavilion Apartments), AMT, 4.75%, 4/20/37 (h)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,990</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,443,091</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State, HDA, Rental Housing Revenue Bonds, AMT, Series A,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.30%, 10/01/37 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">200</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">187,198</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,557,679</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 16.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Municipal Bond Authority, Local Government Loan Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (Charter County of Wayne), Series B, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/14 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,400</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,617,776</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Municipal Bond Authority, Local Government Loan Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (Charter County of Wayne), Series B, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/15 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,634,400</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Municipal Bond Authority, Local Government Loan Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (Charter County of Wayne), Series B, 5%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11/01/16 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">544,295</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Municipal Bond Authority, Local Government Loan Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (Charter County of Wayne), Series B,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.375%, 11/01/24 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">125</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">130,142</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>



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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=21%></TD>
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     <TD width=18%></TD>
     <TD width=9%></TD>
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<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan Municipal Bond Authority Revenue Bonds (Local</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Government Loan Program), Group A, 5.50%, 11/01/20 (d)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,065</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,075,842</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Facilities Program), Series I, 5.50%, 10/15/10 (e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,250</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,648,750</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Facilities Program), Series I, 5.50%, 10/15/11 (e)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,030</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16,295,075</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Facilities Program), Series I, 5.50%, 10/15/18 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,582,250</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Facilities Program), Series I, 6.25%, 10/15/38</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,900</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,208,217</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(Facilities Program), Series II, 5%, 10/15/29 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,327,800</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Michigan State, COP, 5.52%, 6/01/22 (d)(g)(j)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,753,050</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">41,817,597</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 16.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne Charter County, Michigan, Airport Revenue Bonds (Detroit</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Metropolitan Wayne County), AMT, Series A, 5.375%, 12/01/15 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,660</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,329,433</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Metropolitan Wayne County Airport), AMT, 5.25%, 12/01/25 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,525</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,309,186</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Metropolitan Wayne County Airport), AMT, 5.25%, 12/01/26 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,300</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,205,375</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Metropolitan Wayne County Airport), AMT, 5%, 12/01/34 (b)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,160</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,659,686</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority, Revenue Refunding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, AMT, 5.75%, 12/01/25 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,046,760</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority, Revenue Refunding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, AMT, 5.75%, 12/01/26 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,006,530</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority, Revenue Refunding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Bonds, AMT, 5.375%, 12/01/32 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,700</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,132,238</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">41,689,208</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Utilities - 22.6%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B, 5%, 7/01/13 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,550</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,752,337</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B, 5%, 7/01/34 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,420</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,044,005</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series B, 7%, 7/01/36 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,314,610</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.875%, 1/01/10 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,250</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,305,812</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.75%, 7/01/11 (a)(c)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,250</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,935,922</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 7/01/13 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,750</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,239,525</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 7/01/25 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,779,120</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5%, 7/01/34 (b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,900</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,827,947</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System Revenue Bonds, Series B,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5.25%, 7/01/13 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,790</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">13,447,085</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
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     <TD width=19%></TD>
     <TD width=10%></TD>
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<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6.25%, 7/01/12 (c)(g)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,180</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36; 1,266,565</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Second Lien, Series C, 5%, 7/01/29 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,570</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,548,092</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Muskegon Heights, Michigan, Water System Revenue Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Series A, 5.625%, 11/01/10 (a)(b)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,830</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,963,810</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">56,424,830</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Michigan</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">351,511,477</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Puerto Rico - 4.4%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Housing - 0.8%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Housing Financing Authority, Capital Funding Program,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,015,740</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">State - 1.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Public Buildings Authority, Government Facilities</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (b)(k)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,100</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,074,653</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, Series A, 5.192%, 8/01/43 (b)(j)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200,750</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, Series A, 4.992%, 8/01/46 (b)(j)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">20,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,519,200</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,794,603</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Transportation - 1.7%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Highway Revenue Refunding Bonds, Series CC, 5.50%,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7/01/31 (i)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,161,880</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,972,223</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds - 145.0%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">362,483,700</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts (l)</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Michigan - 12.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">County/City/Special</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Lakewood, Michigan, Public Schools, School Building</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">District/School/District - 4.6%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/37 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,775</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,806,052</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Portage, Michigan, Public Schools, School Building and Site, GO,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 5/01/31 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,650</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,710,543</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11,516,595</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Education - 7.9%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Saginaw Valley State University, Michigan, Revenue</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Refunding Bonds, 5%, 7/01/31 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,504,950</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Wayne State University, Michigan, University Revenue Refunding Bonds,</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">5%, 11/15/35 (e)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,210</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">12,274,102</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">19,779,052</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Tender Option Bond Trusts - 12.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">31,295,647</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;399,028,306) - 157.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">393,779,347</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Short-Term Securities</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Money Market Fund -</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA Michigan Municipal Money Fund, 0.15% (m)(n)</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,429,077</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,429,077</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">3.4%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Cost - &#36;8,429,077) - 3.4%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,429,077</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=59%></TD>
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     <TD width=7%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
	<TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total Investments (Cost - &#36;407,457,383*) - 160.9%</FONT></B>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">402,208,424</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Other Assets Less Liabilities - 3.5%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,742,330</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=4>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest Expense and</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Fees Payable - (6.5)%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=right nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(16,245,708)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value - (57.9)%</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(144,665,175)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">250,039,871</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=26%></TD>
     <TD width=17%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Aggregate cost</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">389,467,263</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=center nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">15,153,736</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(18,602,575)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net unrealized depreciation</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(3,448,839)</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(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</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the date indicated, typically at a premium to par.</FONT><BR>
<BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(b) NPFGC Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(c) FGIC Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(d) AMBAC Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(e) FSA Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(f) ACA Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(g) Security is collateralized by Municipal or US Treasury Obligations.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(h) GNMA Collateralized.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(i) Assured Guaranty Insured.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(j) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(k) Commonwealth Guaranteed.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(l) Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">residual interest certificates. These securities serve as collateral in a financing transaction.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(m) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=50%></TD>
     <TD width=30%></TD>
     <TD width=6%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Net</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
	<TD align=left nowrap>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Affiliate</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Activity</FONT></B>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">CMA Michigan Municipal Money Fund</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,861,544</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">&#36;</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">65,311</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">(n) Represents the current yield as of report date.</FONT></P>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></P>

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<P align=left><B><FONT size=4 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Schedule of Investments April 30, 2009 (Unaudited)</FONT></B></P>
<P align=left><FONT size=2 face=Wingdings,WingDings>&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">framework for measuring fair values and requires additional disclosures about the use of fair value measurements.</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Various inputs are used in determining the fair value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=2 face=Wingdings,WingDings>&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1 - price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=2 face=Wingdings,WingDings>&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">or liabilities in markets that are active, quoted prices for identical or similar assets in markets</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">that are not active, inputs other than quoted prices that are observable for the assets or</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">credit risks and default rates) or other market-corroborated inputs)</FONT><BR>
<BR>
<FONT size=2 face=Wingdings,WingDings>&#159; </FONT><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3 - unobservable inputs based on the best information available in the circumstance, to</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the extent observable inputs are not available (including the Fund's own assumption used in</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">determining the fair value of investments)</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">associated with investing in those securities. For information about the Fund's policy regarding valuation</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">of investments and other significant accounting policies, please refer to the Fund's most recent financial</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">statements as contained in its semi-annual report.</FONT></P>
<P align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of April 30, 2009 in determining the fair valuation of</FONT><BR>
<FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">the Fund's investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="37%"></TD>
     <TD width="28%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Valuation</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8,429,077</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 2</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">393,779,347</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face="Trebuchet MS,Bold,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">$</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">402,208,424</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter that have materially affected, or are reasonably likely to materially affect, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certsmiy.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Michigan Insured Fund,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Michigan Insured Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></P>
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Michigan</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Insured Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Michigan Insured Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material respects the investments of the registrant as of the end of the fiscal quarter for which the report is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report, based on such</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the registrant's most recent fiscal quarter that has materially</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">affected, or is reasonably likely to materially affect, the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>
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<P align="left"> <U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></P>
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