NPORT-EX 2 NPORT_LCQV_22361797_0423.htm BlackRock MuniYield Michigan Quality Fund

Schedule of Investments (unaudited)

April 30, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Municipal Bonds            
Michigan — 151.7%            
County/City/Special District/School District — 37.6%  

Belding Area Schools, GO, 5.25%, 05/01/48

   $     1,620     $     1,777,418  

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

     2,965       3,095,923  

Bloomfield Hills School District, GO, 5.00%, 05/01/48(a)

    1,250       1,353,043  

Byron Center Public Schools, GO, Series I, (Q-SBLF), 5.00%, 05/01/43

     2,895       3,020,930  

Cedar Springs Public School District, GO

    

Series II, 5.00%, 05/01/46

     1,100       1,191,270  

Series II, 4.50%, 05/01/49

     1,950       1,974,627  

Chippewa Valley Schools, GO, (Q-SBLF), 5.00%, 05/01/43

     4,275       4,566,534  

Clarkston Community Schools, GO

    

Series I, (Q-SBLF), 5.00%, 05/01/45

     8,360       9,097,026  

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

     2,500       2,699,037  

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

    5,185       5,230,244  

Coopersville Area Public Schools, GO

    

Series I, (Q-SBLF), 4.50%, 05/01/41

     425       443,031  

Series I, (Q-SBLF), 4.50%, 05/01/43

     320       330,582  

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

     850       813,096  

Series I, (Q-SBLF), 4.00%, 05/01/48

     745       695,073  

Series I, (Q-SBLF), 4.13%, 05/01/52

     1,000       937,430  

Dearborn School District, GO, Series A, (Q-SBLF), 5.00%, 11/01/23(b)

    4,300       4,337,522  

Farmington Public School District, Refunding GO

    

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

     1,500       1,562,769  

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

     1,500       1,562,817  

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

     1,000       1,041,920  

Grand Ledge Public Schools, GO, (Q-SBLF), 5.00%, 05/01/44

     1,585       1,685,828  

Grandville Public Schools, GO, Series II, (AGM), 5.00%, 05/01/40

     3,250       3,330,587  

Gull Lake Community School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/48

     4,000       4,170,828  

Hudsonville Public Schools, GO, Series I, (Q-SBLF), 4.00%, 05/01/45

     2,040       1,954,969  

Hudsonville Public Schools, Refunding GO(a)
5.00%, 05/01/46

     2,500       2,691,722  

5.00%, 05/01/49

     2,375       2,533,363  

Karegnondi Water Authority, Refunding RB 5.00%, 11/01/41

     2,750       2,850,149  

5.00%, 11/01/45

     3,000       3,087,915  

Kentwood Public Schools, GO, 5.00%, 05/01/41

     1,120       1,157,485  

Lowell Area Schools, GO

    

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

     1,500       1,580,298  

Series I, (Q-SBLF), 5.00%, 05/01/49

     1,750       1,834,416  

Michigan Finance Authority, RB
5.00%, 11/01/38

     2,500       2,656,807  

5.00%, 11/01/43

     4,000       4,203,696  

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

    5,400       5,511,002  

Mona Shores Public Schools, GO

    

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

     1,025       1,092,185  

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

     1,525       1,619,565  

Novi Community School District, GO

    

Series II, 4.00%, 05/01/43

     1,320       1,304,122  

Series II, 4.00%, 05/01/47

     1,150       1,093,721  
Security  

Par

(000)

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

Rockford Public Schools, GO, Series II, 5.00%, 05/01/49(a)

  $ 5,710     $ 6,112,978  

Saline Area Schools, GO, Series I, (Q-SBLF), 5.00%, 05/01/42

     3,635       4,036,348  

Southfield Public Schools, GO, 5.00%, 05/01/49(a)

    1,740       1,868,696  

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

     4,270       4,516,913  

Three Rivers Community Schools, GO

    

Series II, 4.13%, 05/01/46

     2,000       1,930,600  

Series II, 4.25%, 05/01/49

     7,000       6,744,101  

Troy School District, GO, (Q-SBLF), 5.00%, 05/01/47

     6,445       6,993,469  

Walled Lake Consolidated School District, GO

    

(Q-SBLF), 5.00%, 11/01/23(b)

        5,480       5,527,818  

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

     1,000       1,076,895  

(Q-SBLF), 5.00%, 05/01/49

     2,500       2,675,920  

Wayne-Westland Community Schools, GO 5.00%, 11/01/44

     2,360       2,547,778  

4.50%, 11/01/46

     5,250       5,281,904  

West Ottawa Public Schools, GO, (AGM), 4.00%, 11/01/46

     1,730       1,687,783  

Zeeland Public Schools, GO, Series A, (AGM), 5.00%, 05/01/33

     1,000       1,043,217  
   

 

 

  
          142,133,370  
Education — 30.7%            

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

     10,000       9,823,300  

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

     1,600       1,700,141  

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

     3,750       3,872,025  

Michigan Finance Authority, Refunding RB
4.00%, 02/01/29

     700       668,855  

5.00%, 02/01/33

     830       835,011  

4.00%, 12/01/33

     1,720       1,705,793  

5.00%, 12/01/36

     1,550       1,556,575  

5.00%, 09/01/40

     1,000       966,285  

5.00%, 12/01/40

     2,900       2,906,806  

5.00%, 12/01/45

     4,400       4,405,359  

4.00%, 09/01/50

     1,550       1,371,349  

Series 25-A, AMT, 4.00%, 11/01/28

     6,315       6,316,282  

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

     5,480       5,481,162  

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

     2,645       2,645,309  

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

     3,150       3,150,381  

Michigan State University, Refunding RB

    

Series B, 4.00%, 02/15/44

     4,000       3,961,416  

Series B, 5.00%, 02/15/44

     3,820       4,097,939  

Series C, 4.00%, 02/15/44

     9,000       8,881,902  

Michigan Technological University, RB

    

Series A, 5.00%, 10/01/45

     1,800       1,847,203  

Series A, (AGM), 5.25%, 10/01/52

     1,675       1,797,586  

Oakland University, RB, 5.00%, 03/01/41

     3,635       3,771,254  

Wayne State University, RB

    

Series A, 5.00%, 11/15/40

     13,000       13,138,307  

Series A, 5.00%, 11/15/43

     8,530       9,053,776  

Series A, 4.00%, 11/15/48

     2,000       1,932,860  

Western Michigan University, Refunding RB
(AGM), 5.00%, 11/15/23(b)

    1,750       1,766,473  

5.25%, 11/15/23(b)

    8,475       8,565,632  
 

 

 

1    

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Education (continued)            

Western Michigan University, Refunding RB (continued)

    

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

  $ 1,000     $ 1,010,730  

5.00%, 11/15/49

     8,435       8,824,866  
   

 

 

  
          116,054,577  
Health — 33.0%            

Grand Traverse County Hospital Finance Authority, RB

    

Series A, 5.00%, 07/01/44

         4,230       4,254,246  

Series A, 5.00%, 07/01/47

     2,200       2,209,858  

Series A, 5.00%, 07/01/49

     2,610       2,651,162  

Series B, 4.00%, 07/01/49

     2,000       1,776,154  

Kalamazoo Economic Development Corp., Refunding RB, 5.00%, 05/15/42

     425       361,316  

Kentwood Economic Development Corp., Refunding RB, 4.00%, 11/15/43

     750       576,098  

Michigan Finance Authority, RB

    

Series S, 5.00%, 11/01/44

     15,000       15,317,880  

Series S, 4.00%, 11/01/46

     1,025       950,013  

Michigan Finance Authority, Refunding RB 5.00%, 04/15/37

     2,000       2,221,928  

5.00%, 11/15/37

     3,000       3,081,285  

5.00%, 04/15/38

     3,120       3,437,953  

5.00%, 11/15/41

     1,000       1,023,749  

4.00%, 04/15/42

     3,210       3,105,890  

5.00%, 11/15/45(b)

    3,750       3,845,476  

5.00%, 12/01/45

     18,445       18,820,116  

4.00%, 11/15/46

     8,500       7,943,845  

Series 2, 4.00%, 03/01/51

     4,000       3,673,120  

Series A, 4.00%, 12/01/40

     3,085       3,019,203  

Series A, 4.00%, 12/01/49

     1,500       1,388,744  

Series S, 5.00%, 05/15/34

     6,500       6,768,626  

Series S, 5.00%, 05/15/35

     4,945       5,149,837  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     4,000       4,178,372  

Michigan Strategic Fund, RB, 5.00%, 11/15/42

     3,500       3,196,953  

Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(b)

    25,505       25,838,019  
   

 

 

  
      124,789,843  
Housing — 8.7%            

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

    

Series A, 4.45%, 10/01/34

     1,000       983,757  

Series A, 4.63%, 10/01/39

     3,490       3,490,118  

Series A, 4.30%, 10/01/40

     3,320       3,290,575  

Series A, 4.00%, 10/01/43

     7,420       7,034,969  

Series A, 4.75%, 10/01/44

     5,000       4,999,755  

Series A, 5.00%, 10/01/48

     7,000       7,123,795  

AMT, (GNMA COLL), 4.75%, 04/20/37

     2,660       2,653,148  

Series A, AMT, 2.55%, 10/01/51

     5,175       3,326,221  
   

 

 

  
      32,902,338  
State — 18.8%            

Michigan Finance Authority, RB

    

Series F, 5.00%, 04/01/31

     1,000       1,001,467  

Series F, 5.25%, 10/01/41

     8,595       8,611,184  

Michigan State Building Authority, Refunding RB

    

Series I, 4.00%, 10/15/40

     3,300       3,352,127  

Series I, 5.00%, 04/15/41

     4,750       4,983,064  

Series I, 5.00%, 10/15/45

     5,150       5,299,489  

Series I, 5.00%, 10/15/47

     5,000       5,467,885  
Security  

Par

(000)

     Value  
State (continued)            

Michigan State Building Authority, Refunding RB (continued)

    

Series I, 4.00%, 10/15/49

   $ 7,000     $ 6,779,549  

Michigan Strategic Fund, RB

    

Series A, 5.25%, 10/15/40

     3,000       3,140,901  

AMT, (AGM), 4.25%, 12/31/38

     14,000       13,408,934  

AMT, 5.00%, 12/31/43

         15,000       15,201,330  

State of Michigan Trunk Line Revenue, RB 4.00%, 11/15/46

     1,590       1,564,061  

Series B, 4.00%, 11/15/45

     2,500       2,468,330  
   

 

 

  
          71,278,321  
Tobacco — 2.2%            

Michigan Finance Authority, Refunding RB

    

Series A, Class 1, 4.00%, 06/01/39

     1,250       1,198,367  

Series A, Class 1, 4.00%, 06/01/49

     2,750       2,471,714  

Michigan Finance Authority, Refunding RB, CAB,

    

Series B-2, Class 2, 0.00%, 06/01/65(c)

    50,000       4,758,750  
   

 

 

  
      8,428,831  
Transportation — 8.5%            

Gerald R Ford International Airport Authority, ARB, AMT, (GTD), 5.00%, 01/01/51

     5,435       5,724,697  

Wayne County Airport Authority, ARB

    

Series A, 5.00%, 12/01/42

     1,000       1,043,403  

Series A, 5.00%, 12/01/46

     4,000       4,236,312  

Series D, 5.00%, 12/01/35

     3,850       4,067,544  

Series D, 5.00%, 12/01/45

     5,000       5,104,840  

Series B, AMT, 5.00%, 12/01/42

     2,000       2,049,130  

Series C, AMT, 5.00%, 12/01/39

     1,475       1,492,772  

Wayne County Airport Authority, Refunding RB,

    

Series F, AMT, 5.00%, 12/01/34

     8,000       8,278,600  
   

 

 

  
      31,997,298  
Utilities — 12.2%            

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

     10       10,016  

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

     1,000       1,052,645  

Great Lakes Water Authority Sewage Disposal System Revenue, RB, Series A, Senior Lien, 5.25%, 07/01/47

     8,000       8,789,184  

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

     10,000       10,237,470  

Lansing Board of Water & Light, Refunding RB

    

Series A, 5.00%, 07/01/44

     1,000       1,061,015  

Series A, 5.00%, 07/01/48

     14,000       14,758,968  

Michigan Finance Authority, Refunding RB

    

Series D-1, 5.00%, 07/01/35

     750       786,598  

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

     1,000       1,023,880  

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

     5,250       5,374,677  

Series C-3, Senior Lien, (AGM), 5.00%, 07/01/33

     3,000       3,070,536  
   

 

 

  
      46,164,989  
   

 

 

  

Total Municipal Bonds in Michigan

       573,749,567  
Puerto Rico — 5.1%            
State — 5.1%            

Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31

     1,061       1,143,288  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     534       501,341  
 

 

 

 

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)

April 30, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

State (continued)

    

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c)

  $ 6,202     $ 1,686,404  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     825       793,372  

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

     103       95,400  

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

     1,109       1,030,139  

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

     616       575,911  

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

     7,451       7,172,117  

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

     5,880       5,454,694  

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

     597       554,023  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       19,006,689  
   

 

 

  

Total Municipal Bonds — 156.8%
(Cost: $595,578,769)

       592,756,256  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

Michigan — 3.6%

    

Education — 1.7%

 

Michigan State University, RB, Series B, 5.00%, 02/15/48

     6,160       6,555,598  
   

 

 

  

Housing — 1.9%

 

Michigan State Housing Development Authority , RB, S/F Housing, Series D, 5.50%, 06/01/53

         6,580       7,059,531  
   

 

 

  

Total Municipal Bonds in Michigan

       13,615,129  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 3.6%
(Cost: $13,284,467)

 

     13,615,129  
   

 

 

  

Total Long-Term Investments — 160.4%
(Cost: $608,863,236)

 

         606,371,385  
   

 

 

  
Security  

    

Shares

     Value  

Short-Term Securities

 

Money Market Funds — 4.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(e)(f)

    17,396,154     $ 17,394,415  
   

 

 

  

Total Short-Term Securities — 4.6%
(Cost: $17,394,480)

       17,394,415  
   

 

 

  

Total Investments — 165.0%
(Cost: $626,257,716)

 

     623,765,800  

Liabilities in Excess of Other Assets — (2.1)%

 

     (7,634,505 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.7)%

 

     (6,430,874 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (61.2)%

 

     (231,550,495 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 378,149,926  
   

 

 

  

 

(a)

When-issued security.

(b)

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.

(c) 

Zero-coupon bond.

(d)

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.

(e) 

Affiliate of the Fund.

(f) 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer    Value at
07/31/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
04/30/23		      Shares
Held at
04/30/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 2,981,267      $ 14,411,811 (a)     $ —      $ 1,497      $ (160 )     $ 17,394,415        17,396,154      $ 129,777      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

3    

Schedule of Investments  (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

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 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 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

    $ —      $ 592,756,256      $ —      $ 592,756,256  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —        13,615,129        —        13,615,129  

Short-Term Securities

            

Money Market Funds

      17,394,415        —        —        17,394,415  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $   17,394,415      $  606,371,385      $             —      $  623,765,800  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

    $ —      $ (6,370,000 )     $ —      $ (6,370,000 ) 

VRDP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $             —      $ (238,270,000 )     $             —      $ (238,270,000 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bond

 

Portfolio Abbreviation (continued)

S/F    Single-Family
 

 

 

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

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