NPORT-EX 2 NPORT_LCQV_65857428_1021.htm BlackRock MuniYield Michigan Quality Fund

Schedule of Investments  (unaudited) 

October 31, 2021

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  

Municipal Bonds

    

Michigan — 136.0%

    

Corporate — 3.3%

    

Monroe County Economic Development Corp., Refunding RB, Series AA, (NPFGC), 6.95%, 09/01/22

   $ 14,500     $ 15,296,253  
   

 

 

  

County/City/Special District/School District — 25.9%

 

  

Battle Creek School District, Refunding GO, (Q-SBLF), 5.00%, 05/01/37

     1,170       1,369,591  

Berkley School District, GO, (Q-SBLF), 5.00%, 05/01/35

     2,965       3,377,295  

Byron Center Public Schools, GO

    

Series I, (Q-SBLF), 5.00%, 05/01/43

     4,475       5,290,466  

Series I, (Q-SBLF), 5.00%, 05/01/47

     740       871,150  

Columbia School District, GO, (Q-SBLF), 5.00%, 11/01/23(a)

     5,185       5,670,093  

County of Saginaw Michigan, GO,
4.00%, 11/01/42

     2,000       2,263,900  

Dearborn School District, GO

    

Series A, (Q-SBLF), 5.00%, 11/01/23(a)

     1,500       1,640,336  

Series A, (Q-SBLF), 5.00%, 05/01/33

     1,600       1,739,774  

Series A, (Q-SBLF), 5.00%, 05/01/34

     1,200       1,304,060  

Dowagiac Union School District, GO,
(Q-SBLF), 5.00%, 05/01/41

     1,140       1,325,727  

East Lansing School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/42

     1,000       1,183,827  

Farmington Public School District, Refunding GO

    

(AGM), 5.00%, 05/01/33

     1,500       1,724,028  

(AGM), 5.00%, 05/01/34

     1,500       1,722,141  

(AGM), 5.00%, 05/01/35

     1,000       1,146,994  

Fraser Public School District,
Refunding GO

    

(Q-SBLF), 5.00%, 05/01/43

     2,000       2,363,404  

(Q-SBLF), 5.00%, 05/01/47

     3,225       3,795,187  

Gibraltar School District, GO, (Q-SBLF), 5.00%, 05/01/36

     750       911,782  

Grandville Public Schools, GO

    

Series I, (AGM), 4.00%, 05/01/38

     910       1,057,950  

Series II, (AGM), 5.00%, 05/01/40

     3,250       3,689,446  

Gull Lake Community School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/45

     4,000       4,832,476  

Hudsonville Public Schools, GO

    

Series I, (Q-SBLF), 4.00%, 05/01/43

     1,875       2,157,381  

Series I, (Q-SBLF), 4.00%, 05/01/44

     1,950       2,239,407  

Series I, (Q-SBLF), 4.00%, 05/01/45

     2,040       2,339,739  

Jackson Public Schools, GO, (Q-SBLF), 5.00%, 05/01/42

     4,000       4,821,800  

Kentwood Public Schools, GO

    

5.00%, 05/01/41

     1,120       1,311,948  

5.00%, 05/01/44

     1,815       2,119,559  

Livonia Public Schools, GO, Series I, (AGM), 5.00%, 05/01/23(a)

     5,000       5,353,915  

Mattawan Consolidated School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/25(a)

     3,375       3,902,141  

Michigan Finance Authority, RB

    

5.00%, 11/01/34

     215       264,254  

5.00%, 11/01/38

     2,500       3,055,890  

5.00%, 11/01/43

     4,000       4,866,400  

Series H-1, 5.00%, 10/01/39(a)

     5,400       6,038,280  

Mona Shores Public Schools, GO

    

Series I, (Q-SBLF), 5.00%, 05/01/42

     1,000       1,231,311  

Series I, (Q-SBLF), 5.00%, 05/01/43

     1,025       1,261,335  

Series I, (Q-SBLF), 5.00%, 05/01/44

     1,525       1,875,152  

Portage Public Schools GO, 4.00%, 11/01/44(b)

     3,940       4,630,489  
Security  

Par

            (000)

                     Value  

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

 

  

Swartz Creek Community Schools, GO,
(Q-SBLF), 5.00%, 05/01/44

   $ 4,270     $ 5,224,127  

Troy School District, GO, (Q-SBLF), 5.00%, 11/01/23(a)

     2,000       2,187,114  

Walled Lake Consolidated School District, GO, (Q-SBLF), 5.00%, 11/01/23(a)

     7,010       7,665,835  

West Ottawa Public Schools, GO(b)

    

(AGM), 4.00%, 11/01/39

     1,105       1,311,437  

(AGM), 4.00%, 11/01/40

     800       949,553  

(AGM), 4.00%, 11/01/41

     845       1,002,938  

(AGM), 4.00%, 11/01/46

     1,725       2,023,680  

Zeeland Public Schools, GO

    

Series A, (AGM), 5.00%, 05/01/25(a)

     2,000       2,312,380  

Series A, (AGM), 5.00%, 05/01/33

     1,000       1,144,215  
   

 

 

  
      118,569,907  

Education — 29.8%

    

Grand Valley State University, RB,
5.00%, 12/01/43

     1,600       1,932,192  

Lake Superior State University, RB, (AGM),
5.00%, 01/15/48

     3,750       4,417,609  

Michigan Finance Authority, Refunding RB

    

4.00%, 02/01/29

     700       761,667  

5.00%, 02/01/33

     830       932,274  

4.00%, 12/01/33

     1,720       1,823,403  

5.00%, 12/01/36

     1,550       1,673,264  

5.00%, 09/01/40

     1,000       1,118,035  

5.00%, 12/01/40

     2,900       3,073,165  

5.00%, 12/01/45

     4,400       4,627,190  

4.00%, 09/01/46

     1,750       1,976,551  

Series 25-A, AMT, 4.00%, 11/01/29

     5,900       6,091,231  

Series 25-A, AMT, 4.00%, 11/01/30

     2,850       2,941,836  

Series 25-A, AMT, 4.00%, 11/01/31

     3,150       3,250,898  

Michigan State University, Refunding RB, Series A, 2.75%, 08/15/38

     10,000       10,772,680  

Michigan Technological University, RB, Series A, 5.00%, 10/01/45

     1,800       2,065,235  

Michigan Technological University,
Refunding RB

    

5.00%, 10/01/31

     1,080       1,426,340  

5.00%, 10/01/32

     1,250       1,645,699  

5.00%, 10/01/33

     1,325       1,728,180  

5.00%, 10/01/34

     1,400       1,814,782  

Oakland University, RB

    

5.00%, 03/01/32

     400       406,168  

5.00%, 03/01/41

     3,635       4,238,366  

Series A, 5.00%, 03/01/38

     5,490       5,813,707  

Series A, 5.00%, 03/01/43

     16,845       17,805,434  

University of Michigan, RB, Series A,
5.00%, 04/01/39

     3,425       3,777,635  

Wayne State University, RB, Series A, 5.00%, 11/15/40

     13,000       14,136,928  

Western Michigan University, RB, Series A, (AGM), 5.00%, 11/15/51

     5,000       6,176,125  

Western Michigan University, Refunding RB

    

(AGM), 5.00%, 11/15/23(a)

     1,750       1,916,738  

5.25%, 11/15/23(a)

     8,475       9,325,466  

(AGM), 5.25%, 11/15/23(a)

     1,000       1,100,350  

5.00%, 11/15/44

     5,650       6,938,844  

5.00%, 11/15/49

     8,680       10,657,417  
   

 

 

  
      136,365,409  

Health — 32.0%

    

Grand Traverse County Hospital Finance Authority, RB

    

Series A, 5.00%, 07/01/44

     4,230       4,681,692  

Series A, 5.00%, 07/01/47

     2,200       2,430,129  
 

 

 

1

  

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  

Health (continued)

    

Grand Traverse County Hospital Finance Authority, RB (continued)

    

Series A, 5.00%, 07/01/49

   $ 2,610     $ 3,145,637  

Series B, 4.00%, 07/01/49

     2,000       2,244,946  

Grand Traverse County Hospital Finance Authority, Refunding RB

    

5.00%, 07/01/32

     2,135       2,804,959  

5.00%, 07/01/33

     1,125       1,465,558  

5.00%, 07/01/34

     1,180       1,529,469  

Kalamazoo Economic Development Corp., Refunding RB

    

5.00%, 05/15/32

     865       956,296  

5.00%, 05/15/42

     425       461,238  

Kentwood Economic Development Corp., RB, 4.00%, 11/15/45

     750       824,128  

Kentwood Economic Development Corp., Refunding RB, 5.00%, 11/15/41

     2,335       2,692,383  

Michigan Finance Authority, RB

    

5.00%, 11/15/36

     2,500       2,607,180  

Series S, 4.00%, 11/01/46

     1,025       1,116,157  

Michigan Finance Authority, Refunding RB

    

5.00%, 12/01/21(a)

     16,690       16,754,623  

5.00%, 06/01/24(a)

     1,500       1,678,445  

5.00%, 11/01/32

     4,000       4,183,116  

5.00%, 11/15/37

     3,000       3,567,231  

5.00%, 11/15/41

     1,000       1,169,173  

5.00%, 11/15/45

     3,750       4,151,993  

3.25%, 12/01/45

     19,735       23,065,736  

4.00%, 11/15/46

     8,500       9,308,078  

Series S, 5.00%, 05/15/32

     1,000       1,149,452  

Series S, 5.00%, 05/15/33

     2,000       2,296,632  

Series S, 5.00%, 05/15/34

     6,500       7,456,839  

Series S, 5.00%, 05/15/35

     4,945       5,667,934  

Michigan State Hospital Finance Authority, Refunding RB

    

Series A, 5.00%, 06/01/35

     2,250       2,310,287  

Series C, 4.00%, 06/01/22(a)

     5,300       5,416,717  

Michigan Strategic Fund, Refunding RB, 5.00%, 11/15/43

     1,220       1,391,699  

Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39

     27,365       30,029,474  
   

 

 

  
      146,557,201  

Housing — 6.6%

    

Michigan State Housing Development Authority, RB, M/F Housing

    

Series A, 4.45%, 10/01/34

     1,000       1,042,065  

Series A, 4.63%, 10/01/39

     3,490       3,621,566  

Series A, 4.30%, 10/01/40

     3,320       3,540,644  

Series A, 4.00%, 10/01/43

     7,420       8,061,637  

Series A, 4.75%, 10/01/44

     5,000       5,162,345  

Series A, 2.45%, 10/01/46

     5,000       4,838,115  

AMT, (GNMA), 4.75%, 04/20/37

     2,850       2,853,086  

Michigan State Housing Development Authority, RB, S/F Housing, Series A, 4.00%, 12/01/44

     1,220       1,266,504  
   

 

 

  
      30,385,962  

State — 21.7%

    

Flint Economic Development Corp., RB, 5.25%, 10/01/41

     4,950       4,967,568  

Michigan Finance Authority, RB

    

Series F, 5.00%, 04/01/31

     1,000       1,003,516  

Series F, 5.25%, 10/01/41

     8,595       8,625,504  

Michigan State Building Authority, Refunding RB
Series I, 5.00%, 04/15/41

     4,750       5,555,191  
Security  

Par

            (000)

                     Value  

State (continued)

    

Michigan State Building Authority, Refunding RB (continued)

    

Series I, 4.00%, 10/15/46

   $ 6,250     $ 7,314,725  

Michigan Strategic Fund, RB

    

Series A, 5.25%, 10/15/40

     3,000       3,476,271  

AMT, (AGM), 4.25%, 12/31/38

     14,000       16,389,562  

AMT, 5.00%, 12/31/43

     15,000       17,740,260  

Michigan Strategic Fund, Refunding RB, 5.25%, 10/15/31

     7,000       7,026,299  

State of Michigan Trunk Line Revenue, RB

    

4.00%, 11/15/44

     1,910       2,249,814  

4.00%, 11/15/46

     11,000       12,861,706  

Series B, 4.00%, 11/15/45

     8,000       9,280,976  

State of Michigan, COP, (AMBAC), 0.00%, 06/01/22(c)(d)

     3,000       2,995,707  
   

 

 

  
      99,487,099  

Tobacco — 1.7%

    

Michigan Finance Authority, Refunding RB, Series A, Class 1, 4.00%, 06/01/40

     1,250       1,466,892  

Michigan Finance Authority, Refunding RB, CAB, Series B-2, Class 2, 0.00%, 06/01/65(d)

     50,000       6,343,450  
   

 

 

  
      7,810,342  

Transportation — 6.6%

    

Wayne County Airport Authority, ARB

    

Series A, 5.00%, 12/01/42

     1,000       1,207,008  

Series A, 5.00%, 12/01/46

     2,000       2,510,198  

Series D, 5.00%, 12/01/35

     3,850       4,480,919  

Series D, 5.00%, 12/01/45

     7,500       8,608,695  

Series B, AMT, 5.00%, 12/01/42

     1,000       1,191,633  

Series B, AMT, 5.00%, 12/01/47

     1,250       1,480,976  

Series C, AMT, 5.00%, 12/01/39

     1,475       1,653,236  

Wayne County Airport Authority, Refunding ARB, Series F, AMT, 5.00%, 12/01/34

     8,000       9,269,584  
   

 

 

  
      30,402,249  

Utilities — 8.4%

    

City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(a)

     2,655       2,743,786  

City of Detroit Michigan Water Supply System Revenue, RB, Series A, Senior Lien, (NATL), 5.00%, 07/01/34

     10       10,035  

City of Grand Rapids Michigan Sanitary Sewer System Revenue, Refunding RB, Series A, (NATL), 5.50%, 01/01/22

     280       282,402  

City of Port Huron Michigan Water Supply System Revenue, RB

    

5.25%, 10/01/31

     500       501,831  

5.63%, 10/01/40

     1,500       1,505,737  

Downriver Utility Wastewater Authority, Refunding RB, (AGM), 5.00%, 04/01/43

     1,000       1,185,034  

Great Lakes Water Authority Water Supply System Revenue, RB, Series B, 2nd Lien, 5.00%, 07/01/46

     10,000       11,532,030  

Karegnondi Water Authority, Refunding RB

    

5.00%, 11/01/41

     2,750       3,268,358  

5.00%, 11/01/45

     3,000       3,565,503  

Michigan Finance Authority, Refunding RB

    

Series D-1, 5.00%, 07/01/34

     2,000       2,298,174  

Series D-1, 5.00%, 07/01/35

     750       861,090  

Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31

     1,000       1,112,724  

Series C-3, Senior Lien, (AGM), 5.00%, 07/01/32

     5,250       5,837,659  
 

 

 

S C H E D U L  E   O F   I N V E S T M E  N T S

   2

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  

Utilities (continued)

    

Michigan Finance Authority, Refunding RB (continued) Series C-3, Senior Lien, (AGM), 5.00%, 07/01/33

   $ 3,000     $ 3,333,126  

Michigan Strategic Fund, RB, AMT, 4.00%, 10/01/61(e)

     445       494,376  
   

 

 

  
      38,531,865  
   

 

 

  

Total Municipal Bonds in Michigan

       623,406,287  

Puerto Rico — 4.6%

    

State — 4.6%

    

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     534       593,966  

Series A-1, Restructured, 5.00%, 07/01/58

     825       931,392  

Series A-2, Restructured, 4.33%, 07/01/40

     1,109       1,216,129  

Series A-2, Restructured, 4.78%, 07/01/58

     103       114,764  

Series B-1, Restructured, 4.75%, 07/01/53

     616       682,889  

Series B-1, Restructured, 5.00%, 07/01/58

     7,451       8,392,553  

Series B-2, Restructured, 4.33%, 07/01/40

     5,880       6,458,845  

Series B-2, Restructured, 4.78%, 07/01/58

     597       664,679  

Puerto Rico Sales Tax Financing Corp.
Sales Tax Revenue, RB, CAB, Series A-1,
Restructured, 0.00%, 07/01/46(d)

     6,295       2,050,294  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     21,105,511  
 

 

 

  

Total Municipal Bonds — 140.6%
(Cost: $604,212,067)

 

     644,511,798  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Michigan — 17.3%

    

Education — 13.3%

    

Eastern Michigan University, RB, Series A, 4.00%, 03/01/44

     10,000       11,308,014  

Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44

     10,002       11,490,220  

Michigan Finance Authority, Refunding RB, AMT, Series 25-A, 4.00%, 11/01/28

     8,750       9,035,089  

Michigan State University, Refunding RB, Series B, 5.00%, 02/15/44(g)

     5,750       7,111,329  

University of Michigan, Refunding RB, 5.00%, 04/01/46

     10,000       11,683,788  

Wayne State University, RB, Series A, 5.00%, 11/15/43(g) .

     8,530       10,505,268  
   

 

 

  
      61,133,708  

State — 1.3%

    

Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45

     5,150       5,908,026  
   

 

 

  
Security  

Par

            (000)

                     Value  

Utilities — 2.7%

    

Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44

   $ 10,000     $ 12,372,915  
   

 

 

  

Total Municipal Bonds in Michigan

       79,414,649  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3%

    (Cost: $72,955,180)

 

 

     79,414,649  
   

 

 

  

Total Long-Term Investments — 157.9%
(Cost: $677,167,247)

 

             723,926,447  
   

 

 

  
     Shares         

Short-Term Securities

 

  

Money Market Funds — 0.2%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

     816,006       816,087  
   

 

 

  

Total Short-Term Securities — 0.2%
(Cost: $816,087)

 

     816,087  
   

 

 

  

Total Investments — 158.1%
(Cost: $677,983,334)

 

     724,742,534  

Other Assets Less Liabilities — 1.4%

 

     6,556,884  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.0)%

 

     (41,277,563 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (50.5)%.

 

     (231,509,318 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 458,512,537  
   

 

 

  

 

(a) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(b) 

When-issued security.

(c) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(d) 

Zero-coupon bond.

(e) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(f) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(g) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2026 to February 15, 2027, is $9,881,914.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
07/31/21		      Purchases
at Cost		      Proceeds
from Sales		     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/21		      Shares
Held at
10/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 2,854,776      $ —      $ (2,038,396 )(a)    $ 676      $ (969 )    $ 816,087        816,006      $ 24      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

            Level 1      Level 2     Level 3      Total        
 

Assets

            
 

Investments

            
 

Long-Term Investments

            
 

Municipal Bonds

   $ —      $ 644,511,798     $ —      $ 644,511,798    
 

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        79,414,649       —        79,414,649    
 

Short-Term Securities

            
 

Money Market Funds

     816,087        —       —        816,087    
   

 

 

     

 

 

    

 

 

     

 

 

    
    $       816,087      $ 723,926,447     $             —      $ 724,742,534    
   

 

 

     

 

 

    

 

 

     

 

 

    

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

 

        Level 1        Level 2       Level 3        Total    
 

Liabilities

            
 

TOB Trust Certificates

   $ —      $ (41,267,055 )    $ —      $ (41,267,055 )   
 

VRDP Shares at Liquidation Value

     —        (231,900,000 )      —        (231,900,000 )   
   

 

 

     

 

 

    

 

 

     

 

 

    
    $ —      $ (273,167,055 )    $ —      $ (273,167,055 )   
   

 

 

     

 

 

    

 

 

     

 

 

    

 

 

S C H E D U L  E   O F   I N V E S T M E  N T S

   4

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

Portfolio Abbreviation

AGM

  

Assured Guaranty Municipal Corp.

AMBAC

  

AMBAC Assurance Corp.

AMT

  

Alternative Minimum Tax

ARB

  

Airport Revenue Bonds

CAB

  

Capital Appreciation Bonds

COP

  

Certificates of Participation

GNMA

  

Government National Mortgage Association

GO

  

General Obligation Bonds

M/F

  

Multi-Family

NPFGC

  

National Public Finance Guarantee Corp.

Q-SBLF

  

Qualified School Bond Loan Fund

RB

  

Revenue Bond

S/F

  

Single-Family

 

 

5