NPORT-EX 2 NPORT_LCQV_79921395_1023.htm BlackRock MuniYield Michigan Quality Fund

Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Municipal Bonds            
Michigan — 163.9%            
County/City/Special District/School District — 40.7%  

Belding Area Schools, GO, (Q-SBLF), 5.25%, 05/01/48

   $ 1,620     $ 1,646,815  

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

     1,250       1,246,629  

Byron Center Public Schools, GO, 5.25%, 05/01/53

     5,000       5,049,125  

Cedar Springs Public School District, GO

    

Series II, (Q-SBLF), 5.00%, 05/01/46

     1,100       1,098,514  

Series II, (Q-SBLF), 4.50%, 05/01/49

     1,950       1,706,622  

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

     4,275       4,314,633  

City of Lansing Michigan, Refunding GO

    

Series B, 4.00%, 06/01/43

     2,000       1,715,683  

Series B, (AGM), 4.13%, 06/01/48

     5,325       4,433,396  

Clarkston Community Schools, GO

    

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

     8,360       8,423,372  

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

     4,500       4,467,990  

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

        5,185               5,185,000  

Coopersville Area Public Schools, GO

    

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

     425       401,399  

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

     320       296,238  

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

     850       716,260  

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

     745       609,758  

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

     1,000       827,495  

County of Kalamazoo Michigan, GO, 4.13%, 05/01/47

     1,375       1,159,868  

Farmington Public School District, Refunding GO

    

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

     1,500       1,523,843  

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

     1,500       1,522,426  

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

     1,000       1,012,663  

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

     1,585       1,596,378  

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

     4,000       3,989,213  

Holly Area School District, GO, Series I, 5.25%, 05/01/48

     8,235       8,284,805  

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

     2,040       1,701,161  

Hudsonville Public Schools, Refunding GO

    

(Q-SBLF), 5.00%, 05/01/46

     2,500       2,496,624  

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

     2,375       2,344,583  

Karegnondi Water Authority, Refunding RB

    

5.00%, 11/01/41

     4,950       4,749,845  

5.00%, 11/01/45

     3,000       2,860,694  

Kentwood Public Schools, GO

    

5.00%, 05/01/41

     1,120       1,128,898  

5.00%, 05/01/46

     3,000       3,013,101  

(AGM), 5.00%, 05/01/49

     5,000       4,984,579  

Lowell Area Schools, GO, Series I, (Q-SBLF), 5.00%, 05/01/47

     1,500       1,491,471  

Michigan Finance Authority, RB

    

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

    5,400       5,418,347  

2nd Lien, 4.00%, 11/01/50

     1,500       1,237,305  

Novi Community School District, GO

    

5.00%, 05/01/44

     1,175       1,170,065  

Series II, 4.00%, 05/01/43

     1,320       1,130,787  

Series II, 4.00%, 05/01/47

     1,150       957,048  

Rockford Public Schools, GO, Series II, (Q-SBLF), 5.00%, 05/01/49

     5,710       5,640,298  

Southfield Public Schools, GO, (Q-SBLF), 5.00%, 05/01/49

     1,740       1,727,180  

Three Rivers Community Schools, GO

    

Series II, (Q-SBLF), 4.13%, 05/01/46

     2,000       1,731,828  
Security  

Par

(000)

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

Three Rivers Community Schools, GO (continued)

    

Series II, (Q-SBLF), 4.25%, 05/01/49

   $     7,000     $ 5,861,554  

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

     6,445       6,521,784  

Walled Lake Consolidated School District, GO

    

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

    5,480       5,480,000  

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

     1,000       1,000,685  

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

     2,500       2,481,580  

Wayne-Westland Community Schools, GO

    

(Q-SBLF), 5.00%, 11/01/44

     2,360       2,369,874  

(Q-SBLF), 4.50%, 11/01/46

     5,250       4,667,747  

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

     1,730       1,456,428  

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

     1,000       1,013,761  
   

 

 

  
              135,865,352  
Education — 33.2%            

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

     9,595       8,160,584  

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

     1,600       1,555,665  

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

     3,750       3,503,174  

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

     700       635,238  

5.00%, 02/01/33

     830       767,646  

4.00%, 12/01/33

     1,720       1,570,719  

5.00%, 12/01/36

     1,550       1,529,376  

5.00%, 09/01/40

     1,000       855,026  

5.00%, 12/01/40

     2,900       2,761,906  

5.00%, 12/01/45

     4,400       4,018,808  

4.00%, 09/01/50

     1,550       1,155,861  

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

     5,830       5,586,399  

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

     5,060       4,792,814  

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

     2,440       2,353,204  

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

     3,150       2,978,184  

Michigan State University, Refunding RB

    

Series B, 4.00%, 02/15/44

     4,000       3,479,634  

Series B, 5.00%, 02/15/44

     3,820       3,867,456  

Series B, 5.00%, 02/15/48

     6,160       6,183,495  

Series C, 4.00%, 02/15/44

     9,000       7,804,019  

Michigan Technological University, RB

    

Series A, 5.00%, 10/01/45

     1,800       1,725,176  

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

     1,675       1,686,891  

Series C, 5.25%, 10/01/48(b)

    2,500       2,537,606  

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

     3,635       3,598,577  

5.00%, 03/01/47

     3,500       3,325,596  

Wayne State University, RB

    

Series A, 5.00%, 11/15/40

     3,000       3,000,638  

Series A, 5.00%, 11/15/43

     8,530       8,601,180  

Series A, 4.00%, 11/15/48

     2,000       1,622,116  

Western Michigan University, RB, Series A, (AGM), 5.00%, 11/15/53

     1,500       1,458,890  

Western Michigan University, Refunding RB

    

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

    1,750       1,750,316  

5.25%, 11/15/23(a)

    8,475       8,477,277  

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

    1,000       1,000,269  

5.00%, 11/15/49

     8,435       8,419,613  
   

 

 

  
      110,763,353  
Health — 25.6%            

Grand Traverse County Hospital Finance Authority, RB

    

Series A, 5.00%, 07/01/44

     2,230       2,138,476  
 

 

 

1    

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

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     $ 2,443,686  

Series B, 4.00%, 07/01/49

     2,000       1,575,147  

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

     425       342,843  

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

     750       522,789  

Michigan Finance Authority, RB

    

Series S, 5.00%, 11/01/44

     4,430       4,283,395  

Series S, 4.00%, 11/01/46

     1,025       829,759  

Michigan Finance Authority, Refunding RB 5.00%, 05/15/25(a)

    1,690       1,716,467  

5.00%, 11/15/37

     3,000       3,004,119  

5.00%, 11/15/41

     1,000       981,044  

4.00%, 04/15/42

     3,210       2,743,577  

5.00%, 12/01/45

     18,445       17,670,419  

4.00%, 11/15/46

     8,500       6,950,431  

Series 2, 4.00%, 03/01/51

     4,000       3,112,135  

Series A, 4.00%, 12/01/40

     3,085       2,667,664  

Series A, 4.00%, 12/01/49

     1,500       1,195,787  

Series S, 5.00%, 05/15/34

     1,500       1,507,147  

Series S, 5.00%, 05/15/35

     4,945       4,958,371  

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

     4,000       3,875,858  

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

     3,500       2,911,523  

Royal Oak Hospital Finance Authority, Refunding RB,

    

Series D, 5.00%, 03/01/24(a)

        20,000       20,047,266  
   

 

 

  
            85,477,903  
Housing — 10.9%            

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

    

Series A, 4.45%, 10/01/34

     1,000       962,233  

Series A, 4.63%, 10/01/39

     3,490       3,250,961  

Series A, 4.30%, 10/01/40

     3,320       2,943,248  

Series A, 4.00%, 10/01/43

     7,420       6,221,624  

Series A, 4.75%, 10/01/44

     5,000       4,590,894  

Series A, 5.00%, 10/01/48

     7,000       6,638,191  

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

     2,595       2,401,941  

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

     5,175       2,942,339  

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

     6,510       6,598,644  
   

 

 

  
      36,550,075  
State — 24.3%            

Michigan Finance Authority, RB

    

Series F, 5.00%, 04/01/31

     1,000       1,000,767  

Series F, 5.25%, 10/01/41

     8,595       8,598,496  

Michigan State Building Authority, Refunding RB

    

Series I, 4.00%, 10/15/40

     3,300       2,971,762  

Series I, 5.00%, 04/15/41

     2,750       2,763,444  

Series I, 5.00%, 10/15/47

     5,000       5,064,540  

Series I, 4.00%, 10/15/49

     7,000       5,757,055  

Michigan Strategic Fund, RB

    

Series A, 5.25%, 10/15/40

     3,000       3,035,269  

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

     14,000       12,141,155  

AMT, 5.00%, 12/31/43

     15,000       13,946,780  

State of Michigan Trunk Line Revenue, RB
5.00%, 11/15/42

     3,000       3,063,672  

4.00%, 11/15/46

     5,590       4,783,820  
Security  

Par

(000)

    Value  
State (continued)            

State of Michigan Trunk Line Revenue, RB (continued)
5.25%, 11/15/49

   $ 10,000     $ 10,269,155  

Series B, 5.00%, 11/15/45

     2,830       2,859,545  

State of Michigan Trunk Line Revenue, RB, BAB, Series B, 4.00%, 11/15/45

     5,500       4,727,112  
   

 

 

  
      80,982,572  
Tobacco — 2.1%            

Michigan Finance Authority, Refunding RB

    

Series A, Class 1, 4.00%, 06/01/39

     1,250       1,097,432  

Series A, Class 1, 4.00%, 06/01/49

     2,750       2,246,407  

Michigan Finance Authority, Refunding RB, CAB,

    

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

        50,000       3,716,545  
   

 

 

  
      7,060,384  
Transportation — 9.4%            

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

     5,435       5,153,565  

Wayne County Airport Authority Refunding RB, 5.00%, 12/01/32

     2,940       2,934,737  

Wayne County Airport Authority, ARB
5.25%, 12/01/48

     3,495       3,566,791  

Series A, 5.00%, 12/01/42

     1,000       1,002,573  

Series A, 5.00%, 12/01/46

     4,000       3,963,771  

Series D, 5.00%, 12/01/45

     5,000       4,939,152  

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

     2,000       1,910,542  

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

     8,000       7,931,124  
   

 

 

  
            31,402,255  
Utilities — 17.7%            

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

     10       10,007  

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

     1,000       973,581  

Great Lakes Water Authority Sewage Disposal System Revenue, RB

    

Series A, Senior Lien, 5.25%, 07/01/47

     8,000       8,134,432  

Series A, Senior Lien, 5.25%, 07/01/52

     2,000       2,006,766  

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

     13,000       12,635,003  

Lansing Board of Water & Light, Refunding RB

    

Series A, 5.00%, 07/01/44

     6,000       6,064,316  

Series A, 5.00%, 07/01/48

     19,105       19,051,129  

Michigan Finance Authority, Refunding RB

    

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

     750       758,705  

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

     1,000       1,006,595  

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

     5,250       5,285,589  

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

     3,000       3,019,811  
   

 

 

  
      58,945,934  
   

 

 

  

Total Municipal Bonds in Michigan

       547,047,828  
Puerto Rico — 5.2%            
State — 5.2%            

Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31

     1,061       1,090,782  

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

    

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

     534       450,460  

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

     825       714,973  

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

     103       86,238  

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

     1,109       957,635  
 

 

 

  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, 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 (continued)

    

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

   $ 616     $ 520,686  

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

     7,451       6,466,415  

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

     5,880       5,075,846  

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

     597       499,167  

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

        6,202       1,533,063  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       17,395,265  
   

 

 

  

Total Long-Term Investments — 169.1%
(Cost: $606,222,996)

       564,443,093  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 0.0%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(d)(e)

    2       2  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost: $1)

       2  
   

 

 

  

Total Investments — 169.1%
(Cost: $606,222,997)

 

     564,443,095  

Other Assets Less Liabilities — 0.3%

 

     879,778  

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (69.4)%

 

     (231,556,217 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $     333,766,656  
   

 

 

  

 

(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) 

Zero-coupon bond.

(d) 

Affiliate of the Fund.

(e) 

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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer    Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 18,024,108      $ —      $  (18,024,956) (a)     $ 258      $ 592      $ 2        2      $ 117,421      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

 

 

3    

Schedule of Investments  (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

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

    $             —      $ 564,443,093      $ —      $ 564,443,093  

Short-Term Securities

            

Money Market Funds

      2        —        —        2  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 2      $  564,443,093      $             —      $  564,443,095  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

            

VRDP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

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

 

 

     

 

 

     

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
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
S/F    Single-Family

    

 

 

 

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