NPORT-EX 1 NPORT_2812362404754037.htm EX-MIY

Schedule of Investments  (unaudited)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 137.9%

 

Michigan — 137.9%

 

Corporate — 3.7%  

County of Monroe Michigan EDC, Refunding RB, Detroit Edison Co. Project, Series AA (NPFGC), 6.95%, 09/01/22

   $ 14,500     $ 16,818,695  
   

 

 

  
County/City/Special District/School District — 27.4%  

Anchor Bay School District, GO, Refunding, (Q-SBLF):

    

4.38%, 05/01/27

     1,600       1,680,256  

4.50%, 05/01/29

     1,505       1,581,213  

Battle Creek School District Michigan, GO, Refunding, (Q-SBLF):

    

5.00%, 05/01/36

     1,500       1,726,425  

5.00%, 05/01/37

     1,170       1,341,803  

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

     2,965       3,370,049  

Byron Center Public Schools, GO, School Building & Site, Series I (Q-SBLF):

    

5.00%, 05/01/43

     4,475       5,173,592  

5.00%, 05/01/47

     740       850,393  

Columbia Michigan School District, GO, Unlimited Tax, School Building & Site (Q-SBLF),
5.00%, 05/01/38

     5,185       5,770,283  

Comstock Park Michigan Public Schools, GO, School Building & Site, Series B (Q-SBLF)(a):

    

5.50%, 05/01/21

     3,385       3,642,768  

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

     2,000       2,130,100  

County of Genesee Michigan, GO, Refunding, Series A (NPFGC), 5.00%, 05/01/19

     1,000       1,000,000  

Dearborn Brownfield Redevelopment Authority, GO, Limited Tax, Redevelopment, Series A
(AGC), 5.50%, 05/01/39

     5,300       5,314,840  

Dearborn School District, GO, School Building & Site, Series A (Q-SBLF):

    

5.00%, 05/01/32

     1,500       1,685,970  

5.00%, 05/01/33

     1,600       1,797,648  

5.00%, 05/01/34

     1,200       1,345,212  

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

     1,140       1,283,081  

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

     1,000       1,146,780  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Farmington Public School District, GO, Refunding, School Building & Site (AGM):

    

5.00%, 05/01/33

   $ 1,500     $ 1,716,945  

5.00%, 05/01/34

     1,500       1,712,880  

5.00%, 05/01/35

     1,000       1,141,980  

Flint EDC, RB, Michigan Department of Human Services Office Building Project, 5.25%, 10/01/41

     4,950       5,323,923  

Fraser Public School District, GO, Refunding, School Building & Site (Q-SBLF):

    

5.00%, 05/01/43

     2,000       2,307,580  

5.00%, 05/01/47

     3,225       3,711,072  

Gibraltar School District, GO, (Q-SBLF):

    

5.00%, 05/01/35

     1,000       1,182,580  

5.00%, 05/01/36

     750       886,028  

Goodrich Area School District, GO, School Building & Site (Q-SBLF):

    

5.50%, 05/01/21(a)

     1,540       1,655,700  

5.50%, 05/01/36

     460       492,269  

Goodrich Area School District Michigan, GO, School Building & Site (Q-SBLF):

    

5.50%, 05/01/21(a)

     2,575       2,771,086  

5.50%, 05/01/32

     1,000       1,073,830  

Grand Rapids Public Schools, GO, (AGM)(b):

    

5.00%, 11/01/40

     1,000       1,188,420  

5.00%, 11/01/42

     1,250       1,480,188  

5.00%, 11/01/43

     1,300       1,537,068  

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

     3,250       3,638,927  

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

     4,000       4,649,320  

Hudsonville Michigan Public Schools, GO, School Building & Site (Q-SBLF), 5.25%, 05/01/21(a)

     6,750       7,237,890  

Jackson Michigan Public Schools, GO, School Building & Site (Q-SBLF), 5.00%, 05/01/42

     4,000       4,647,960  

Kentwood Public Schools, GO, School Building & Site:

    

5.00%, 05/01/41

     1,120       1,266,608  

5.00%, 05/01/44

     1,815       2,052,892  

Livonia Public Schools School District Michigan, GO,
Series I (AGM), 5.00%, 05/01/43

     5,000       5,545,650  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Mattawan Consolidated School District, GO, Series I (Q-SBLF), 5.00%, 05/01/39

   $ 3,375     $ 3,797,179  

Mona Shores Public Schools, GO, School Building & Site, Series I (Q-SBLF):

    

5.00%, 05/01/42

     1,000       1,171,840  

5.00%, 05/01/43

     1,025       1,199,291  

5.00%, 05/01/44

     1,525       1,784,509  

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

     4,270       4,976,557  

Troy School District, GO, School Building & Site
(Q-SBLF), 5.00%, 05/01/28

     2,000       2,267,280  

Walled Lake Consolidated School District, GO, School Building & Site (Q-SBLF):

    

5.00%, 05/01/37

     2,850       3,181,597  

5.00%, 05/01/40

     2,630       2,927,295  

5.00%, 05/01/43

     1,530       1,700,213  

Zeeland Public Schools, GO, School Building & Site, Series A (AGM):

    

5.00%, 05/01/33

     1,000       1,142,830  

5.00%, 05/01/34

     1,000       1,140,120  

5.00%, 05/01/35

     1,000       1,138,990  
   

 

 

  
      124,488,910  
Education — 22.4%  

City of Grand Rapids Michigan, EDC, RB, Ferris State University Project, Series A,
5.50%, 10/01/35

     760       798,091  

Ferris State University, Refunding RB:

    

5.00%, 10/01/41

     2,250       2,554,065  

General (AGM), 4.50%, 10/01/24

     1,595       1,598,972  

General (AGM), 4.50%, 10/01/25

     1,405       1,408,555  

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

     1,600       1,862,960  

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

     3,750       4,263,075  

Michigan Finance Authority, Refunding RB:

    

College for Creative Studies, 4.00%, 12/01/33

     1,720       1,742,756  

College for Creative Studies, 5.00%, 12/01/36

     1,550       1,650,719  

College for Creative Studies, 5.00%, 12/01/40

     2,900       3,065,010  
Security   Par
(000)		     Value  
Education (continued)  

College for Creative Studies, 5.00%, 12/01/45

   $ 4,400     $ 4,644,772  

Series 25 A, AMT, Student Loan Revenue,
4.00%, 11/01/29

     5,900       6,136,236  

Series 25 A, AMT, Student Loan Revenue,
4.00%, 11/01/30

     2,850       2,957,388  

Series 25 A, AMT, Student Loan Revenue,
4.00%, 11/01/31

     3,150       3,254,013  

Michigan State University, Refunding RB, General, Series C:

    

5.00%, 02/15/40

     8,470       8,660,236  

5.00%, 02/15/44

     1,000       1,021,750  

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

     1,800       2,065,410  

Northern Michigan University, Refunding RB, General, Series A, 5.00%, 12/01/35

     1,245       1,471,329  

Oakland University, RB:

    

5.00%, 03/01/41

     3,635       4,089,302  

General, 5.00%, 03/01/32

     400       428,276  

General, Series A, 5.00%, 03/01/38

     5,490       5,952,587  

General, Series A, 5.00%, 03/01/43

     16,845       18,226,121  

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

     3,425       3,910,631  

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

     3,000       3,354,150  

Western Michigan University, Refunding RB, General, University and College Improvements:

    

5.25%, 11/15/40

     3,500       3,805,480  

5.25%, 11/15/43

     8,475       9,643,279  

(AGM), 5.25%, 11/15/33

     1,000       1,137,880  

(AGM), 5.00%, 11/15/39

     1,750       1,966,667  
   

 

 

  
      101,669,710  
Health — 31.3%  

Grand Traverse County Hospital Finance Authority, RB:

    

Munson Healthcare Obligated Group,
Series A, 5.00%, 07/01/49

     2,610       2,945,646  

Munson Healthcare Obligated Group,
Series B, 4.00%, 07/01/49

     2,000       2,089,320  

Series A, 5.00%, 07/01/44

     4,230       4,617,806  

Series A, 5.00%, 07/01/47

     2,200       2,401,696  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)  

Kalamazoo Hospital Finance Authority, RB, Bronson Methodist Hospital (AGM):

    

5.25%, 05/15/20(a)

   $ 4,140     $ 4,290,282  

5.25%, 05/15/36

     3,360       3,455,592  

Kent Hospital Finance Authority Michigan, Refunding RB, Spectrum Health, Series A, 5.00%, 11/15/29

     7,500       8,034,750  

Michigan Finance Authority, RB:

    

Beaumont Health Credit Group, 4.00%, 11/01/46

     1,025       1,053,987  

Sparrow Obligated Group, 5.00%, 11/15/36

     2,500       2,701,675  

Sparrow Obligated Group, 5.00%, 11/15/45

     3,750       4,137,300  

Michigan Finance Authority, Refunding RB:

    

Henry Ford Health System, 4.00%, 11/15/46

     8,500       8,847,905  

Henry Ford Health System, 5.00%, 11/15/37

     3,000       3,431,550  

Henry Ford Health System, 5.00%, 11/15/41

     1,000       1,139,140  

Henry Ford Health System, 3.25%, 11/15/42

     1,145       1,086,479  

Hospital, McLaren Health Care, 5.00%, 05/15/32

     1,000       1,141,070  

Hospital, McLaren Health Care, 5.00%, 05/15/33

     2,000       2,276,120  

Hospital, McLaren Health Care, 5.00%, 05/15/34

     5,000       5,675,300  

Hospital, McLaren Health Care, 5.00%, 05/15/34

     1,500       1,702,590  

Hospital, McLaren Health Care, 5.00%, 05/15/35

     4,945       5,601,053  

Hospital; Trinity Health Credit Group,
5.00%, 12/01/39

     4,980       5,324,168  

MidMichigan Health, 5.00%, 06/01/39

     1,500       1,660,965  

Trinity Health Credit Group, 5.00%, 12/01/21(a)

     20       21,675  

Trinity Health Credit Group, 5.00%, 12/01/31

     5,000       5,380,800  

Trinity Health Credit Group, 5.00%, 12/01/35

     6,500       6,981,455  

Michigan State Hospital Finance Authority, RB, Ascension Health Senior Credit Group,
5.00%, 11/15/25

     6,000       6,102,240  
Security   Par
(000)		     Value  
Health (continued)  

Michigan State Hospital Finance Authority, Refunding RB:

    

Ascension Senior Credit Group,
5.00%, 11/15/47

   $ 2,750     $ 3,135,495  

Henry Ford Health System,
5.75%, 11/15/19(a)

     3,165       3,234,472  

Hospital, Oakwood Obligated Group,
5.00%, 11/01/32

     4,000       4,367,000  

McLaren Health Care, Series A,
5.00%, 06/01/35

     2,250       2,425,253  

Trinity Health Credit Group, Series C,
4.00%, 12/01/32

     5,300       5,507,230  

Royal Oak Hospital Finance Authority Michigan, Refunding RB:

    

Beaumont Health Credit Group, Series D,
5.00%, 09/01/39

     27,365       30,135,980  

William Beaumont Hospital, Series W,
6.00%, 08/01/19(a)

     1,500       1,515,900  
   

 

 

  
      142,421,894  
Housing — 8.0%  

Michigan State HDA, RB:

    

M/F Housing, Rental Housing Revenue,
Series A, 4.45%, 10/01/34

     1,000       1,046,450  

M/F Housing, Rental Housing Revenue,
Series A, 4.63%, 10/01/39

     3,490       3,642,932  

M/F Housing, Rental Housing Revenue,
Series A, 4.75%, 10/01/44

     5,000       5,245,450  

M/F, Williams Pavilion, AMT (Ginnie Mae),
4.75%, 04/20/37

     3,135       3,137,947  

S/F Housing, Series A, 4.00%, 12/01/44

     4,000       4,182,680  

Michigan State Housing Development Authority, RB, Series A, M/F:

    

Housing, 4.30%, 10/01/40

     3,320       3,465,549  

4.00%, 10/01/43

     7,420       7,726,297  

State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 4.13%, 12/01/38

     7,500       7,947,000  
   

 

 

  
      36,394,305  
State — 23.1%  

Michigan Finance Authority, RB, Charter County of Wayne Criminal Justice Center Project:

    

5.00%, 11/01/34

     215       257,753  

5.00%, 11/01/43

     4,000       4,685,240  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)  

5.00%, 11/01/38

   $ 2,500     $ 2,949,500  

Michigan Finance Authority, Refunding RB, Detroit Regional Convention Facility Authority
Local Project Bonds, 5.00%, 10/01/39

     5,400       6,077,052  

Michigan State Finance Authority, RB, Local Government Loan Program, Series F,
5.00%, 04/01/31

     1,000       1,066,770  

Michigan Strategic Fund, RB:

    

1-75 Improvement Project, AMT (AGM),
4.25%, 12/31/38

     14,000       14,685,720  

I-75 Improvement Project, AMT,
5.00%, 12/31/43

     15,000       17,171,100  

Michigan Senate Offices Project, Series A,
5.25%, 10/15/40

     3,000       3,445,080  

Michigan Strategic Fund, Refunding RB, Cadillac Place Office Building Project,
5.25%, 10/15/31

     7,000       7,537,250  

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

     3,000       2,837,160  

State of Michigan Building Authority, RB, Local Government Loan Program, Series F,
5.25%, 10/01/41

     8,595       9,212,809  

State of Michigan Building Authority, Refunding RB:

    

Facilities Program, Series I (AGC),
5.25%, 10/15/24

     6,000       6,096,960  

Facilities Program, Series I (AGC),
5.25%, 10/15/25

     3,500       3,555,615  

Facilities Program, Series I (AGC),
5.25%, 10/15/26

     1,000       1,015,610  

Facilities Program, Series I-A,
5.50%, 10/15/45

     2,000       2,167,340  

Facilities Program, Series II (AGM),
5.00%, 10/15/26

     7,500       7,608,675  

Series I, 5.00%, 04/15/41

     4,750       5,452,857  

State of Michigan Trunk Line Fund, RB:

    

5.00%, 11/15/33

     3,000       3,224,700  

5.00%, 11/15/36

     5,345       5,730,214  
   

 

 

  
      104,777,405  
Transportation — 5.4%  

Wayne County Airport Authority, ARB, Series A,
5.00%, 12/01/42

     1,000       1,161,520  
Security   Par
(000)		     Value  
Transportation (continued)  

Wayne County Airport Authority, RB:

    

Detroit Metropolitan Wayne County Airport, AMT (NPFGC), 5.00%, 12/01/39

   $ 1,475     $ 1,640,156  

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

     1,000       1,141,090  

Series B, AMT, 5.00%, 12/01/47

     1,250       1,421,137  

Series D, 5.00%, 12/01/35

     3,850       4,431,042  

Series D, 5.00%, 12/01/45

     5,000       5,666,950  

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

     8,000       9,103,280  
   

 

 

  
      24,565,175  
Utilities — 16.6%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien,
Series A, 5.25%, 07/01/39

     2,655       2,874,807  

City of Detroit Michigan Water Supply System
Revenue, RB, Series A:

    

Senior Lien, 5.25%, 07/01/41

     4,325       4,598,210  

(NPFGC), 5.00%, 07/01/34

     10       10,025  

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

     810       857,798  

City of Holland Michigan Electric Utility System, RB,
Series A, 5.00%, 07/01/39

     10,000       10,636,300  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A:

    

5.00%, 07/01/27

     3,180       3,387,590  

5.00%, 07/01/31

     6,830       7,265,412  

5.00%, 07/01/37

     3,335       3,543,538  

5.50%, 07/01/41

     5,000       5,372,550  

City of Port Huron Michigan, RB, Water Supply System:

    

5.25%, 10/01/31

     500       536,945  

5.63%, 10/01/40

     1,500       1,628,340  

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

     1,000       1,142,250  

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

     10,000       11,284,000  

Karegnondi Water Authority, Refunding RB:

    

5.00%, 11/01/41

     2,750       3,116,163  

5.00%, 11/01/45

     3,000       3,399,450  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

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:

    

Government Loan Program,
5.00%, 07/01/34

   $ 2,000     $ 2,289,060  

Government Loan Program,
5.00%, 07/01/35

     750       856,568  

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

     1,000       1,129,090  

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

     5,250       5,914,283  

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

     3,000       3,372,870  

Michigan Municipal Bond Authority, RB, State Clean Water Revolving Fund, Pooled Project,
5.00%, 10/01/20(a)

     2,000       2,094,380  
   

 

 

  
      75,309,629  
   

 

 

  

Total Municipal Bonds — 137.9%
(Cost — $591,867,658)

 

     626,445,723  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts (e)

 

Michigan — 24.2%

    
Education — 12.0%  

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

     10,000       10,531,750  

Michigan State University, Refunding RB, General, Series A,
5.00%, 08/15/38(f)

     10,000       10,985,300  

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

     10,000       11,579,357  

Wayne State University, RB, General, Series A(f):

    

5.00%, 11/15/43

     8,530       9,896,480  
Security   Par
(000)		     Value  
Education (continued)  

5.00%, 11/15/40

   $ 10,000     $ 11,171,650  
   

 

 

  
      54,164,537  
Health — 7.4%  

Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A,
5.00%, 11/01/44

     10,002       11,124,360  

Michigan Finance Authority, Refunding RB:

    

Trinity Health Corp., Series 2016,
5.00%, 12/01/45

     19,735       22,383,038  

Trinity Health Credit Group,
5.00%, 12/01/39

     190       203,013  
   

 

 

  
      33,710,411  
State — 4.8%  

Michigan State Finance Authority, Refunding RB, Student Loan, AMT, Series A,
4.00%, 11/01/28

     8,750       9,118,863  

Michigan State University, RB, Board of Trustees, Series B,
5.00%, 02/15/44(f)

     5,750       6,791,484  

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

     5,150       5,905,505  
   

 

 

  
      21,815,852  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.2%
(Cost — $105,811,592)

 

     109,690,800  
   

 

 

  

Total Long-Term Investments — 162.1%
(Cost — $697,679,250)

 

     736,136,523  
   

 

 

  
     Shares         
Short-Term Securities — 0.5%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.94%(g)(h)

     2,452,848       2,453,093  
   

 

 

  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

          Value  

Total Short-Term Securities — 0.5%
(Cost — $2,453,128)

     2,453,093  
   

 

 

  

Total Investments — 162.6%
(Cost — $700,132,378)

     738,589,616  
          Value  

Other Assets Less Liabilities — 1.2%

     5,243,925  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.7)%

     (58,161,588 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (51.1)%

     (231,482,887 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

   $ 454,189,066  
   

 

 

  
 
(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) 

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

(e) 

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.

(f) 

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 expires between June 01, 2021 to February 15, 2027 is $20,395,805.

(g) 

Annualized 7-day yield as of period end.

(h) 

During the period ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   

Shares

Held at

07/31/18

     

Net

Activity

     

Shares

Held at

04/30/19

     

Value at

04/30/19

      Income      Net Realized
Gain (Loss) (a)		     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      3,335,566        (882,718 )       2,452,848      $ 2,453,093      $ 41,336      $ 899      $ (460 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

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.

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
COP    Certificates of Participation
EDC    Economic Development Corp.
GO    General Obligation Bonds
HDA    Housing Development Authority
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

                  

Long U.S. Treasury Bond

      149          06/19/19        $ 21,973        $ 110,391  

10-Year U.S. Treasury Note

      71          06/19/19          8,781          (3,198 ) 

5-Year U.S. Treasury Note

      49          06/28/19          5,666          (14,813 ) 
                 

 

 

  
                  $ 92,380  
                 

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 736,136,523        $ —        $ 736,136,523  

Short-Term Securities

     2,453,093          —          —          2,453,093  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,453,093        $ 736,136,523        $ —        $ 738,589,616  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 110,391        $ —        $ —        $ 110,391  

Liabilities:

                 

Interest rate contracts

     (18,011 )         —          —          (18,011 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 92,380        $ —        $ —        $ 92,380  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

 

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 disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (57,852,056 )       $ —        $ (57,852,056 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (289,752,056 )       $ —        $ (289,752,056 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8