UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07080
Name of Fund: BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Michigan Quality Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2012
Date of reporting period: 04/30/2012
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments April 30, 2012 (Unaudited) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan 128.4% |
|
|
|
|
|
|
|
Corporate 6.3% |
|
|
|
|
|
|
|
Dickinson County EDC, Michigan, |
|
$ |
3,900 |
|
$ |
3,909,321 |
|
Monroe County EDC, Michigan, |
|
|
10,695 |
|
|
14,261,675 |
|
|
|
|
|
|
|
18,170,996 |
|
County/City/Special District/School District 35.7% |
|
|
|
|
|
|
|
Adrian City School District Michigan, GO |
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
2,000 |
|
|
2,183,880 |
|
5.00%, 5/01/14 |
|
|
1,600 |
|
|
1,747,104 |
|
Anchor Bay School District, GO, |
|
|
|
|
|
|
|
4.13%, 5/01/25 |
|
|
3,000 |
|
|
3,198,630 |
|
4.25%, 5/01/26 |
|
|
1,800 |
|
|
1,921,698 |
|
4.38%, 5/01/27 |
|
|
960 |
|
|
1,024,925 |
|
4.00%, 5/01/28 |
|
|
1,240 |
|
|
1,272,091 |
|
4.38%, 5/01/28 |
|
|
600 |
|
|
633,120 |
|
4.00%, 5/01/29 |
|
|
620 |
|
|
630,800 |
|
4.50%, 5/01/29 |
|
|
900 |
|
|
952,578 |
|
Bay City School District Michigan, GO, |
|
|
2,800 |
|
|
2,919,448 |
|
Birmingham City School District |
|
|
1,000 |
|
|
1,033,220 |
|
Charter Township of Canton Michigan, |
|
|
|
|
|
|
|
5.00%, 4/01/25 |
|
|
1,840 |
|
|
2,008,250 |
|
5.00%, 4/01/26 |
|
|
2,000 |
|
|
2,168,100 |
|
5.00%, 4/01/27 |
|
|
500 |
|
|
539,895 |
|
City of Oak Park Michigan, GO, Street |
|
|
500 |
|
|
529,510 |
|
Comstock Park Public Schools, GO, |
|
|
|
|
|
|
|
5.50%, 5/01/36 |
|
|
750 |
|
|
842,190 |
|
5.50%, 5/01/41 |
|
|
1,355 |
|
|
1,516,082 |
|
County of Genesee Michigan, GO |
|
|
|
|
|
|
|
Refunding, Series A, 5.00%, |
|
|
600 |
|
|
654,900 |
|
Water Supply System, 5.13%, |
|
|
1,000 |
|
|
1,018,880 |
|
Dearborn Brownfield Redevelopment |
|
|
3,300 |
|
|
3,644,223 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Detroit City School District Michigan, GO, |
|
|
|
|
|
|
|
Series A, 5.38%, 5/01/13 |
|
$ |
1,300 |
|
$ |
1,366,508 |
|
Series B, 5.00%, 5/01/13 |
|
|
2,850 |
|
|
2,985,119 |
|
Eaton Rapids Public Schools Michigan, |
|
|
|
|
|
|
|
5.25%, 5/01/14 |
|
|
1,325 |
|
|
1,439,149 |
|
5.25%, 5/01/14 |
|
|
1,675 |
|
|
1,819,301 |
|
Flint EDC, RB, Michigan Department of |
|
|
3,070 |
|
|
3,168,885 |
|
Fraser Public School District, GO, School |
|
|
2,000 |
|
|
2,186,500 |
|
Gibraltar School District Michigan, GO, |
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
2,940 |
|
|
3,210,304 |
|
5.00%, 5/01/14 |
|
|
710 |
|
|
733,345 |
|
Goodrich Area School District, GO, |
|
|
|
|
|
|
|
5.50%, 5/01/32 |
|
|
600 |
|
|
688,986 |
|
5.50%, 5/01/36 |
|
|
1,200 |
|
|
1,351,392 |
|
5.50%, 5/01/41 |
|
|
1,575 |
|
|
1,760,976 |
|
Grand Rapids Building Authority |
|
|
|
|
|
|
|
5.50%, 10/01/12 |
|
|
435 |
|
|
444,661 |
|
5.50%, 10/01/12 |
|
|
600 |
|
|
613,326 |
|
Gull Lake Community School District, |
|
|
3,625 |
|
|
3,962,125 |
|
Harper Creek Community School District |
|
|
1,125 |
|
|
1,257,683 |
|
Harper Woods School District Michigan, |
|
|
430 |
|
|
440,195 |
|
Hudsonville Public Schools, GO, School |
|
|
4,100 |
|
|
4,507,048 |
|
LAnse Creuse Public Schools Michigan, |
|
|
|
|
|
|
|
5.00%, 5/01/24 |
|
|
1,000 |
|
|
1,096,020 |
|
5.00%, 5/01/25 |
|
|
1,525 |
|
|
1,671,431 |
|
5.00%, 5/01/26 |
|
|
1,600 |
|
|
1,753,632 |
|
5.00%, 5/01/35 |
|
|
3,000 |
|
|
3,099,540 |
|
Lansing Building Authority Michigan, GO, |
|
|
1,510 |
|
|
1,593,714 |
|
Lincoln Consolidated School District |
|
|
5,000 |
|
|
5,208,400 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Livonia Public Schools School District |
|
$ |
1,000 |
|
$ |
1,061,860 |
|
Montrose Community Schools, GO |
|
|
1,000 |
|
|
1,229,230 |
|
Orchard View Schools Michigan, GO, |
|
|
5,320 |
|
|
5,694,900 |
|
Parchment School District, County of |
|
|
1,000 |
|
|
1,145,390 |
|
Pennfield School District Michigan, GO, |
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
605 |
|
|
659,988 |
|
5.00%, 5/01/15 |
|
|
765 |
|
|
834,531 |
|
Reed City Public Schools Michigan, GO, |
|
|
1,425 |
|
|
1,557,525 |
|
Romulus Community Schools, GO, |
|
|
|
|
|
|
|
4.13%, 5/01/25 |
|
|
1,150 |
|
|
1,224,946 |
|
4.25%, 5/01/26 |
|
|
1,200 |
|
|
1,276,620 |
|
4.25%, 5/01/27 |
|
|
1,200 |
|
|
1,263,300 |
|
4.50%, 5/01/29 |
|
|
1,025 |
|
|
1,085,690 |
|
Southfield Public Schools Michigan, GO, |
|
|
2,000 |
|
|
2,185,140 |
|
Thornapple Kellogg School District |
|
|
2,500 |
|
|
2,647,200 |
|
Van Dyke Public Schools Michigan, GO, |
|
|
1,250 |
|
|
1,365,575 |
|
Warren Consolidated Schools District, |
|
|
740 |
|
|
815,909 |
|
Zeeland Public Schools Michigan, GO, |
|
|
1,600 |
|
|
1,689,888 |
|
|
|
|
|
|
|
102,535,456 |
|
Education 9.6% |
|
|
|
|
|
|
|
Eastern Michigan University, Refunding |
|
|
435 |
|
|
436,670 |
|
Grand Valley State University Michigan, |
|
|
2,070 |
|
|
2,295,382 |
|
Lake Superior State University, |
|
|
|
|
|
|
|
4.00%, 11/15/26 |
|
|
770 |
|
|
783,698 |
|
4.00%, 11/15/27 |
|
|
465 |
|
|
470,148 |
|
4.00%, 11/15/28 |
|
|
310 |
|
|
310,973 |
|
4.00%, 11/15/29 |
|
|
400 |
|
|
397,996 |
|
4.00%, 11/15/30 |
|
|
310 |
|
|
306,395 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Michigan Higher Education Facilities |
|
$ |
1,720 |
|
$ |
1,740,932 |
|
Michigan Higher Education Facilities |
|
|
1,145 |
|
|
1,150,462 |
|
Michigan Higher Education Student |
|
|
|
|
|
|
|
Series XVII-I, 5.20%, 3/01/24 |
|
|
2,900 |
|
|
2,963,133 |
|
Series XVII-P (AMBAC), 4.88%, |
|
|
2,300 |
|
|
2,314,260 |
|
Series XVII-Q AMT (AMBAC), 5.00%, |
|
|
3,000 |
|
|
3,046,500 |
|
Michigan State University, Refunding |
|
|
|
|
|
|
|
5.00%, 10/01/34 |
|
|
1,650 |
|
|
1,805,496 |
|
General, Series C, 5.00%, |
|
|
4,700 |
|
|
5,113,365 |
|
Saginaw Valley State University |
|
|
2,100 |
|
|
2,166,486 |
|
Western Michigan University, Refunding |
|
|
2,100 |
|
|
2,315,250 |
|
|
|
|
|
|
|
27,617,146 |
|
Health 26.4% |
|
|
|
|
|
|
|
Dickinson County Healthcare System, |
|
|
3,100 |
|
|
3,100,341 |
|
Flint Hospital Building Authority |
|
|
|
|
|
|
|
6.00%, 7/01/20 |
|
|
1,125 |
|
|
1,144,834 |
|
Series A, 5.38%, 7/01/20 |
|
|
615 |
|
|
615,443 |
|
Kalamazoo Hospital Finance Authority, |
|
|
4,750 |
|
|
5,134,418 |
|
Kent Hospital Finance Authority |
|
|
4,500 |
|
|
4,970,430 |
|
Kent Hospital Finance Authority |
|
|
330 |
|
|
339,237 |
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
Ascension Health Senior Credit |
|
|
3,700 |
|
|
4,140,448 |
|
Hospital, MidMichigan Obligation |
|
|
2,530 |
|
|
2,536,578 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
Hospital, Oakwood Obligation |
|
$ |
5,000 |
|
$ |
5,079,850 |
|
McLaren Health Care, Series C, |
|
|
1,000 |
|
|
1,058,160 |
|
MidMichigan Obligation Group, |
|
|
620 |
|
|
641,421 |
|
MidMichigan Obligation Group, |
|
|
3,550 |
|
|
3,620,077 |
|
Trinity Health Credit, 5.00%, |
|
|
3,100 |
|
|
3,441,155 |
|
Trinity Health Credit, 5.00%, |
|
|
3,100 |
|
|
3,352,402 |
|
Trinity Health Credit, Series C, |
|
|
3,410 |
|
|
3,442,497 |
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
4.00%, 12/01/32 (c) |
|
|
6,200 |
|
|
6,148,230 |
|
Henry Ford Health System, |
|
|
2,500 |
|
|
2,585,325 |
|
Hospital, Crittenton, Series A, |
|
|
2,050 |
|
|
2,070,090 |
|
Hospital, Oakwood Obligation |
|
|
600 |
|
|
650,598 |
|
Hospital, Oakwood Obligation |
|
|
3,260 |
|
|
3,435,681 |
|
Hospital, Oakwood Obligation |
|
|
630 |
|
|
644,729 |
|
Hospital, Sparrow Obligated, |
|
|
3,100 |
|
|
3,241,701 |
|
Mclaren Health Care, 5.75%, |
|
|
4,500 |
|
|
4,949,280 |
|
Oakwood Obligated Group, |
|
|
4,000 |
|
|
4,255,520 |
|
Trinity Health Credit, Series A, |
|
|
930 |
|
|
1,074,513 |
|
Trinity Health Credit, Series A, |
|
|
1,000 |
|
|
1,181,510 |
|
Trinity Health Credit, Series C, |
|
|
1,000 |
|
|
1,030,160 |
|
Trinity Health Credit, Series C, |
|
|
345 |
|
|
355,405 |
|
Royal Oak Hospital Finance Authority |
|
|
1,000 |
|
|
1,271,680 |
|
Sturgis Building Authority, RB, Sturgis |
|
|
475 |
|
|
481,151 |
|
|
|
|
|
|
|
75,992,864 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
Housing 4.6% |
|
|
|
|
|
|
|
Michigan State HDA, RB: |
|
|
|
|
|
|
|
Deaconess Tower AMT (Ginnie |
|
$ |
1,000 |
|
$ |
1,023,720 |
|
Series A, 4.75%, 12/01/25 |
|
|
4,400 |
|
|
4,726,568 |
|
Series A, AMT (NPFGC), 5.30%, |
|
|
130 |
|
|
130,068 |
|
Williams Pavilion, AMT (Ginnie |
|
|
3,775 |
|
|
3,826,642 |
|
Michigan State HDA, Refunding RB, |
|
|
3,260 |
|
|
3,506,651 |
|
|
|
|
|
|
|
13,213,649 |
|
State 16.2% |
|
|
|
|
|
|
|
Michigan Municipal Bond Authority, |
|
|
125 |
|
|
144,359 |
|
Michigan State Building Authority, |
|
|
|
|
|
|
|
Facilities Program, Series H (AGM), |
|
|
4,500 |
|
|
5,027,895 |
|
Series I, 5.50%, 10/15/45 |
|
|
1,250 |
|
|
1,402,712 |
|
Series I (AGC), 5.25%, 10/15/26 |
|
|
600 |
|
|
682,392 |
|
Series II (NPFGC), 5.00%, |
|
|
3,500 |
|
|
3,639,510 |
|
Michigan State Building Authority, |
|
|
|
|
|
|
|
6.25%, 10/15/38 |
|
|
3,900 |
|
|
4,491,981 |
|
(AGC), 5.25%, 10/15/24 |
|
|
4,000 |
|
|
4,621,400 |
|
(AGC), 5.25%, 10/15/25 |
|
|
2,000 |
|
|
2,293,820 |
|
Michigan State Finance Authority, RB, |
|
|
|
|
|
|
|
5.00%, 4/01/31 |
|
|
1,000 |
|
|
1,048,970 |
|
5.25%, 10/01/41 |
|
|
6,085 |
|
|
6,379,636 |
|
Michigan Strategic Fund, RB, Cadillac |
|
|
1,500 |
|
|
1,653,885 |
|
State of Michigan, RB, GAB (AGM), |
|
|
5,250 |
|
|
5,763,817 |
|
State of Michigan Trunk Line Revenue, |
|
|
|
|
|
|
|
5.00%, 11/15/29 |
|
|
1,000 |
|
|
1,147,870 |
|
5.00%, 11/15/33 |
|
|
1,850 |
|
|
2,095,902 |
|
5.00%, 11/15/36 |
|
|
3,500 |
|
|
3,946,915 |
|
State of Michigan, COP (AMBAC), 5.56%, |
|
|
3,000 |
|
|
2,340,390 |
|
|
|
|
|
|
|
46,681,454 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
3 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (concluded) |
|
|
|
|
|
|
|
Transportation 11.6% |
|
|
|
|
|
|
|
Wayne County Airport Authority, RB, |
|
|
|
|
|
|
|
5.25%, 12/01/25 |
|
$ |
7,525 |
|
$ |
7,844,512 |
|
5.25%, 12/01/26 |
|
|
6,300 |
|
|
6,535,494 |
|
5.00%, 12/01/34 |
|
|
4,435 |
|
|
4,450,700 |
|
Wayne County Airport Authority, |
|
|
|
|
|
|
|
5.75%, 12/01/25 |
|
|
4,000 |
|
|
4,356,480 |
|
5.75%, 12/01/26 |
|
|
1,000 |
|
|
1,079,560 |
|
5.38%, 12/01/32 |
|
|
8,700 |
|
|
9,089,064 |
|
|
|
|
|
|
|
33,355,810 |
|
Utilities 18.0% |
|
|
|
|
|
|
|
City of Detroit Michigan, RB: |
|
|
|
|
|
|
|
Second Lien, Series B (AGM), |
|
|
3,000 |
|
|
3,586,920 |
|
Second Lien, Series B (NPFGC), |
|
|
1,550 |
|
|
1,634,599 |
|
Senior Lien, Series A (NPFGC), |
|
|
6,000 |
|
|
6,029,340 |
|
Series B (NPFGC), 5.25%, |
|
|
11,790 |
|
|
12,467,925 |
|
City of Detroit Michigan, Refunding RB: |
|
|
|
|
|
|
|
(NPFGC), 6.25%, 7/01/12 (b) |
|
|
280 |
|
|
282,554 |
|
Second Lien, Series C (AGM), |
|
|
10,570 |
|
|
10,784,360 |
|
City of Port Huron Michigan, RB, Water |
|
|
|
|
|
|
|
5.25%, 10/01/31 |
|
|
310 |
|
|
333,098 |
|
5.63%, 10/01/40 |
|
|
1,000 |
|
|
1,080,770 |
|
Lansing Board of Water & Light Utilities, |
|
|
|
|
|
|
|
5.00%, 7/01/27 |
|
|
1,970 |
|
|
2,248,105 |
|
5.00%, 7/01/31 |
|
|
4,230 |
|
|
4,744,960 |
|
5.00%, 7/01/37 |
|
|
2,065 |
|
|
2,294,091 |
|
Lansing Board of Water & Light Utilities |
|
|
3,000 |
|
|
3,467,010 |
|
Michigan Municipal Bond Authority, RB: |
|
|
|
|
|
|
|
Clean Water Revolving-Pooled, |
|
|
1,240 |
|
|
1,442,616 |
|
State Clean Water, 5.00%, |
|
|
1,250 |
|
|
1,436,387 |
|
|
|
|
|
|
|
51,832,735 |
|
Total Municipal Bonds in Michigan |
|
|
|
|
|
369,400,110 |
|
|
|
|
|
|
|
|
|
Guam 1.5% |
|
|
|
|
|
|
|
County/City/Special District/School District 0.5% |
|
|
|
|
|
|
|
Territory of Guam, Limited Obligation |
|
|
1,400 |
|
|
1,484,518 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
Par |
|
|
Value |
|
Guam (concluded) |
|
|
|
|
|
|
|
State 0.9% |
|
|
|
|
|
|
|
Government of Guam Business |
|
$ |
2,300 |
|
$ |
2,496,075 |
|
Utilities 0.1% |
|
|
|
|
|
|
|
Guam Power Authority, Refunding RB, |
|
|
265 |
|
|
285,938 |
|
Total Municipal Bonds in Guam |
|
|
|
|
|
4,266,531 |
|
|
|
|
|
|
|
|
|
Puerto Rico 8.0% |
|
|
|
|
|
|
|
State 5.0% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, |
|
|
2,000 |
|
|
2,215,500 |
|
Puerto Rico Sales Tax Financing Corp., RB: |
|
|
|
|
|
|
|
First Sub-Series A, 5.50%, |
|
|
500 |
|
|
539,510 |
|
First Sub-Series C (AGM), 5.13%, |
|
|
5,100 |
|
|
5,418,495 |
|
Series A-1, 5.25%, 8/01/43 |
|
|
1,070 |
|
|
1,143,477 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
|
|
|
|
|
5.18%, 8/01/43 |
|
|
12,500 |
|
|
2,132,750 |
|
5.00%, 8/01/46 |
|
|
20,000 |
|
|
2,797,400 |
|
|
|
|
|
|
|
14,247,132 |
|
Transportation 1.1% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation |
|
|
2,750 |
|
|
3,185,600 |
|
Utilities 1.9% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, RB, |
|
|
1,400 |
|
|
1,439,648 |
|
Puerto Rico Electric Power Authority, |
|
|
4,100 |
|
|
4,093,358 |
|
|
|
|
|
|
|
5,533,006 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
22,965,738 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 137.9% |
|
|
|
|
|
396,632,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond |
|
|
|
|
|
|
|
Michigan 19.6% |
|
|
|
|
|
|
|
County/City/Special District/School District 8.4% |
|
|
|
|
|
|
|
City of Grand Rapids Michigan, RB |
|
|
11,387 |
|
|
11,926,714 |
|
Lakewood Public Schools Michigan, GO, |
|
|
6,470 |
|
|
7,112,341 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
4 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender Option Bond |
|
Par |
|
Value |
|
||
Michigan (concluded) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Portage Public Schools Michigan, GO, |
|
$ |
4,650 |
|
$ |
4,990,845 |
|
|
|
|
|
|
|
24,029,900 |
|
Education 7.3% |
|
|
|
|
|
|
|
Saginaw Valley State University, |
|
|
7,500 |
|
|
8,080,200 |
|
Wayne State University, Refunding RB: |
|
|
|
|
|
|
|
5.00%, 11/15/35 |
|
|
5,997 |
|
|
6,413,840 |
|
General (AGM), 5.00%, 11/15/35 |
|
|
6,210 |
|
|
6,641,657 |
|
|
|
|
|
|
|
21,135,697 |
|
Health 1.3% |
|
|
|
|
|
|
|
Michigan Finance Authority, RB, |
|
|
3,350 |
|
|
3,603,394 |
|
Housing 2.6% |
|
|
|
|
|
|
|
Michigan State HDA, RB, Series A, |
|
|
6,990 |
|
|
7,470,807 |
|
Total Municipal Bonds in Michigan |
|
|
|
|
|
56,239,798 |
|
|
|
|
|
|
|
|
|
Puerto Rico 0.4% |
|
|
|
|
|
|
|
State 0.4% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., |
|
|
1,060 |
|
|
1,159,852 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
1,159,852 |
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option |
|
|
|
|
|
57,399,650 |
|
Total Long-Term Investments |
|
|
|
|
|
454,032,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
BIF Michigan Municipal Money Fund, |
|
|
9,426,044 |
|
$ |
9,426,044 |
|
Total Short-Term Securities |
|
|
|
|
|
9,426,044 |
|
Total Investments (Cost - $435,209,924*) 161.2% |
|
|
|
|
|
463,458,073 |
|
Liabilities in Excess of Other Assets (1.0)% |
|
|
|
|
|
(2,754,053 |
) |
Liability for TOB Trust Certificates, Including
Interest |
|
|
|
|
|
(28,596,975 |
) |
VRDP Shares, at Liquidation Value (50.3)% |
|
|
|
|
|
(144,600,000 |
) |
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
287,507,045 |
|
|
|
* |
As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
406,813,333 |
|
Gross unrealized appreciation |
|
$ |
29,391,394 |
|
Gross unrealized depreciation |
|
|
(1,325,539 |
) |
Net unrealized appreciation |
|
$ |
28,065,855 |
|
|
|
(a) |
US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(b) |
Security is collateralized by Municipal or US Treasury obligations. |
|
|
(c) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
Bank of America Merrill Lynch |
|
$ |
6,148,230 |
|
$ |
50,840 |
|
|
Morgan Stanley & Co., Inc. |
|
$ |
4,093,358 |
|
$ |
44,034 |
|
|
RBC Capital Markets |
|
$ |
4,255,520 |
|
$ |
27,880 |
|
|
|
(d) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(e) |
Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
|||||||||||||
BIF Michigan |
|
|
6,928,754 |
|
|
2,497,290 |
|
|
9,426,044 |
|
|
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
5 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
|
|
For Fund compliance purposes, the Funds sector classifications refer to any 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 Fund management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. |
|
Portfolio Abbreviations |
|
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: |
|
|
ACA |
American Capital Access Corp. |
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp. |
AMBAC |
American Municipal Bond Assurance Corp. |
AMT |
Alternative Minimum Tax (subject to) |
COP |
Certificates of Participation |
EDC |
Economic Development Corp. |
GAB |
Grant Anticipation Bonds |
Ginnie Mae |
Government National Mortgage Association |
GO |
General Obligation Bonds |
HDA |
Housing Development Authority |
NPFGC |
National Public Finance Guarantee Corp. |
Q-SBLF |
Qualified School Bond Loan Fund |
RB |
Revenue Bonds |
|
|
|
Financial futures contracts sold as of April 30, 2012 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional |
|
Unrealized |
|
||
170 |
|
10-Year US Treasury Note |
|
Chicago Board of Trade |
|
June 2012 |
|
$ |
22,487,813 |
|
$ |
(270,636 |
) |
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
|
|
|
|
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
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 Funds own assumptions used in determining the fair value of investments and derivative financial instruments) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its semi-annual report.
The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Funds investments and derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term |
|
|
|
|
$ |
454,032,029 |
|
|
|
|
$ |
454,032,029 |
|
Short-Term |
|
$ |
9,426,044 |
|
|
|
|
|
|
|
|
9,426,044 |
|
Total |
|
$ |
9,426,044 |
|
$ |
454,032,029 |
|
|
|
|
$ |
463,458,073 |
|
|
|
1 |
See above Schedule of Investments for values in each sector. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||
Derivative Financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
$ |
(270,636 |
) |
|
|
|
|
|
|
$ |
(270,636 |
) |
|
|
2 |
Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
|
|
Certain of the Funds assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pledged |
|
$ |
225,000 |
|
|
|
|
|
|
|
$ |
225,000 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Overdraft |
|
|
(12,050 |
) |
|
|
|
|
|
|
|
(12,050 |
) |
TOB trust |
|
|
|
|
$ |
(28,578,885 |
) |
|
|
|
|
(28,578,885 |
) |
VRDP Shares |
|
|
|
|
|
(144,600,000 |
) |
|
|
|
|
(144,600,000 |
) |
Total |
|
$ |
212,950 |
|
$ |
(173,178,885 |
) |
|
|
|
$ |
(172,965,935 |
) |
There were no transfers between levels during the period ended April 30, 2012.
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
APRIL 30, 2012 |
6 |
Item 2 – |
Controls and Procedures |
||
|
|
||
2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
||
|
|
||
2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
||
|
|
||
Item 3 – |
Exhibits |
||
|
|
||
|
Certifications – Attached hereto |
||
|
|
||
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
||
|
|
||
|
BlackRock MuniYield Michigan Quality Fund, Inc. |
||
|
|
||
|
By: | /s/ John M. Perlowski |
|
|
|
John M. Perlowski |
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
|
BlackRock MuniYield Michigan Quality Fund, Inc. |
|
|
|
||
|
Date: June 22, 2012 |
||
|
|
||
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
||
|
|
||
|
By: | /s/ John M. Perlowski |
|
|
|
John M. Perlowski |
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
|
BlackRock MuniYield Michigan Quality Fund, Inc. |
|
|
|
||
|
Date: June 22, 2012 |
||
|
|
||
|
By: | /s/ Neal J. Andrews |
|
|
|
Neal J. Andrews |
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
BlackRock MuniYield Michigan Quality Fund, Inc. |
|
|
|
|
|
|
Date: June 22, 2012 |