BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC.
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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 Schedule of Investments
|
|
|
|
|
|
Schedule of Investments October 31, 2012
(Unaudited) |
|
BlackRock MuniYield Michigan Quality
Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan 124.8% |
|
|
|
|
|
|
|
|
Corporate 6.2% |
|
|
|
|
|
|
|
|
Dickinson County EDC, Michigan, Refunding RB, International Paper Co. Project, Series A, 5.75%, 6/01/16 |
|
$ |
3,900 |
|
|
$ |
3,912,831 |
|
Monroe County EDC, Michigan, Refunding RB, Detroit Edison Co. Project, Series AA (NPFGC), 6.95%, 9/01/22 |
|
|
10,695 |
|
|
|
14,415,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,328,087 |
|
|
|
County/City/Special District/School District 35.9% |
|
Adrian City School District Michigan, GO (AGM) (a): |
|
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
2,000 |
|
|
|
2,139,440 |
|
5.00%, 5/01/14 |
|
|
1,600 |
|
|
|
1,711,552 |
|
Anchor Bay School District, GO, Refunding (Q-SBLF): |
|
|
|
|
|
|
|
|
4.13%, 5/01/25 |
|
|
3,000 |
|
|
|
3,313,200 |
|
4.25%, 5/01/26 |
|
|
1,800 |
|
|
|
1,991,430 |
|
4.38%, 5/01/27 |
|
|
960 |
|
|
|
1,063,459 |
|
4.00%, 5/01/28 |
|
|
240 |
|
|
|
255,847 |
|
4.38%, 5/01/28 |
|
|
600 |
|
|
|
658,662 |
|
4.00%, 5/01/29 |
|
|
620 |
|
|
|
656,661 |
|
4.50%, 5/01/29 |
|
|
900 |
|
|
|
990,693 |
|
Bay City School District Michigan, GO, School Building & Site (AGM), 5.00%, 5/01/36 |
|
|
2,800 |
|
|
|
3,053,176 |
|
Birmingham City School District Michigan, GO, School Building & Site (AGM), 5.00%, 11/01/33 |
|
|
1,000 |
|
|
|
1,059,880 |
|
Brighton Area School District, GO, School Building & Site, Series I (Q-SBLF): |
|
|
|
|
|
|
|
|
4.25%, 5/01/37 |
|
|
3,570 |
|
|
|
3,678,706 |
|
4.00%, 5/01/42 |
|
|
390 |
|
|
|
394,793 |
|
Charter Township of Canton Michigan, GO, Capital Improvement (AGM): |
|
|
|
|
|
|
|
|
5.00%, 4/01/25 |
|
|
1,840 |
|
|
|
2,116,626 |
|
5.00%, 4/01/26 |
|
|
2,000 |
|
|
|
2,266,880 |
|
5.00%, 4/01/27 |
|
|
500 |
|
|
|
566,720 |
|
City of Oak Park Michigan, GO, Street Improvement (NPFGC), 5.00%, 5/01/30 |
|
|
500 |
|
|
|
548,860 |
|
Comstock Park Public Schools, GO, School Building & Site, Series B (Q-SBLF): |
|
|
|
|
|
|
|
|
5.50%, 5/01/36 |
|
|
750 |
|
|
|
866,618 |
|
5.50%, 5/01/41 |
|
|
1,355 |
|
|
|
1,564,618 |
|
County of Genesee Michigan, GO, Water Supply System (NPFGC), 5.13%, 11/01/33 |
|
|
1,000 |
|
|
|
1,017,610 |
|
County of Genesee Michigan, GO, Refunding, Series A (NPFGC), 5.00%, 5/01/19 |
|
|
600 |
|
|
|
650,004 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan (continued) |
|
|
|
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|
|
County/City/Special District/School District (continued) |
|
Dearborn Brownfield Redevelopment Authority, GO, Limited Tax, Redevelopment, Series A (AGC), 5.50%, 5/01/39 |
|
$ |
3,300 |
|
|
$ |
3,725,733 |
|
Detroit City School District Michigan, GO, School Building & Site Improvement (NPFGC) (a): |
|
|
|
|
|
|
|
|
Series A, 5.38%, 5/01/13 |
|
|
1,300 |
|
|
|
1,333,267 |
|
Series B, 5.00%, 5/01/13 |
|
|
2,850 |
|
|
|
2,917,602 |
|
Eaton Rapids Public Schools Michigan, GO, School Building & Site (AGM) (a): |
|
|
|
|
|
|
|
|
5.25%, 5/01/14 |
|
|
1,325 |
|
|
|
1,422,957 |
|
5.25%, 5/01/14 |
|
|
1,675 |
|
|
|
1,798,833 |
|
Flint EDC, RB, Michigan Department of Human Services Office Building Project, 5.25%, 10/01/41 |
|
|
3,070 |
|
|
|
3,295,768 |
|
Fraser Public School District, GO, School Building & Site (AGM), 5.00%, 5/01/25 |
|
|
2,000 |
|
|
|
2,188,360 |
|
Gibraltar School District Michigan, GO, School Building & Site Improvement (NPFGC) (a): |
|
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
2,940 |
|
|
|
3,144,977 |
|
5.00%, 5/01/14 |
|
|
710 |
|
|
|
759,835 |
|
Goodrich Area School District, GO, School Building & Site (Q-SBLF): |
|
|
|
|
|
|
|
|
5.50%, 5/01/32 |
|
|
600 |
|
|
|
706,386 |
|
5.50%, 5/01/36 |
|
|
1,200 |
|
|
|
1,391,400 |
|
5.50%, 5/01/41 |
|
|
1,575 |
|
|
|
1,814,872 |
|
Gull Lake Community School District, GO, School Building & Site (AGM), 5.00%, 5/01/14 (a) |
|
|
3,625 |
|
|
|
3,880,562 |
|
Harper Creek Community School District Michigan, GO, Refunding (AGM), 5.00%, 5/01/22 |
|
|
1,125 |
|
|
|
1,233,293 |
|
Harper Woods School District Michigan, GO, Refunding, School Building & Site (NPFGC), 5.00%, 5/01/14 (a) |
|
|
430 |
|
|
|
449,015 |
|
Howell Public Schools, Refunding, GO (Q-SBLF), 4.50%, 5/01/29 |
|
|
1,090 |
|
|
|
1,221,410 |
|
Hudsonville Public Schools, GO, School Building & Site (Q-SBLF), 5.25%, 5/01/41 |
|
|
4,100 |
|
|
|
4,649,400 |
|
LAnse Creuse Public Schools Michigan, GO, School Building & Site (AGM): |
|
|
|
|
|
|
|
|
5.00%, 5/01/24 |
|
|
1,000 |
|
|
|
1,094,180 |
|
5.00%, 5/01/25 |
|
|
1,525 |
|
|
|
1,668,624 |
|
5.00%, 5/01/26 |
|
|
1,600 |
|
|
|
1,746,400 |
|
5.00%, 5/01/35 |
|
|
3,000 |
|
|
|
3,223,740 |
|
Lansing Building Authority Michigan, GO, Series A (NPFGC), 5.38%, 6/01/13 (a) |
|
|
1,510 |
|
|
|
1,555,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 2012 |
|
1 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock MuniYield Michigan Quality
Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
County/City/Special District/School District (concluded) |
|
Lincoln Consolidated School District Michigan, GO, Refunding (NPFGC), 4.63%, 5/01/28 |
|
$ |
5,000 |
|
|
$ |
5,364,400 |
|
Livonia Public Schools School District Michigan, GO, Refunding, Series A (NPFGC), 5.00%, 5/01/24 |
|
|
1,000 |
|
|
|
1,057,040 |
|
Montrose Community Schools, GO (NPFGC), 6.20%, 5/01/17 |
|
|
1,000 |
|
|
|
1,219,460 |
|
Orchard View Schools Michigan, GO, School Building & Site (NPFGC), 5.00%, 11/01/13 (a) |
|
|
5,320 |
|
|
|
5,573,338 |
|
Parchment School District, County of Kalamazoo, State of Michigan, GO, School Building and Site, 5.00%, 5/01/25 |
|
|
1,000 |
|
|
|
1,155,050 |
|
Pennfield School District Michigan, GO, School Building & Site (NPFGC) (a): |
|
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
765 |
|
|
|
817,739 |
|
5.00%, 5/01/14 |
|
|
605 |
|
|
|
646,709 |
|
Reed City Public Schools Michigan, GO, School Building & Site (AGM), 5.00%, 5/01/14 (a) |
|
|
1,425 |
|
|
|
1,525,462 |
|
Romulus Community Schools, GO, Unlimited Tax, Refunding, (AGM), (Q-SBLF): |
|
|
|
|
|
|
|
|
4.13%, 5/01/25 |
|
|
1,150 |
|
|
|
1,253,201 |
|
4.25%, 5/01/26 |
|
|
1,200 |
|
|
|
1,310,556 |
|
4.25%, 5/01/27 |
|
|
1,200 |
|
|
|
1,300,560 |
|
4.50%, 5/01/29 |
|
|
1,025 |
|
|
|
1,122,683 |
|
Southfield Public Schools Michigan, GO, School Building & Site, Series B (AGM), 5.00%, 5/01/14 (a) |
|
|
2,000 |
|
|
|
2,140,380 |
|
Thornapple Kellogg School District Michigan, GO, Refunding, School Building & Site (NPFGC), 5.00%, 5/01/32 |
|
|
2,500 |
|
|
|
2,792,900 |
|
Van Dyke Public Schools Michigan, GO, School Building & Site (AGM), 5.00%, 5/01/28 |
|
|
1,250 |
|
|
|
1,411,263 |
|
Zeeland Public Schools Michigan, GO, School Building & Site (NPFGC), 5.00%, 5/01/14 (a) |
|
|
1,600 |
|
|
|
1,712,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,190,500 |
|
|
|
Education 6.2% |
|
|
|
|
|
|
|
|
Eastern Michigan University, Refunding RB, General (AMBAC), 6.00%, 6/01/20 |
|
|
435 |
|
|
|
436,797 |
|
Grand Valley State University Michigan, RB (NPFGC), 5.50%, 2/01/18 |
|
|
2,070 |
|
|
|
2,269,258 |
|
Lake Superior State University, Refunding RB (AGM): |
|
|
|
|
|
|
|
|
4.00%, 11/15/26 |
|
|
770 |
|
|
|
809,516 |
|
4.00%, 11/15/27 |
|
|
465 |
|
|
|
486,548 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
|
Lake Superior State University, Refunding RB (AGM) (concluded): |
|
|
|
|
|
|
|
|
4.00%, 11/15/28 |
|
$ |
310 |
|
|
$ |
323,141 |
|
4.00%, 11/15/29 |
|
|
400 |
|
|
|
415,064 |
|
4.00%, 11/15/30 |
|
|
310 |
|
|
|
320,459 |
|
Michigan Higher Education Facilities Authority, RB, Limited Obligation, Hillsdale College Project, 5.00%, 3/01/35 |
|
|
1,720 |
|
|
|
1,745,834 |
|
Michigan State University, Refunding RB, General, Series C, 5.00%, 2/15/40 |
|
|
4,700 |
|
|
|
5,239,419 |
|
Michigan Technological University, Refunding RB, General, Series A, 5.00%, 10/01/34 |
|
|
1,650 |
|
|
|
1,865,111 |
|
Saginaw Valley State University Michigan, Refunding RB, General (NPFGC), 5.00%, 7/01/24 |
|
|
2,100 |
|
|
|
2,163,210 |
|
Western Michigan University, Refunding RB, General, 5.25%, 11/15/40 |
|
|
2,100 |
|
|
|
2,396,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,470,961 |
|
|
|
Health 25.7% |
|
|
|
|
|
|
|
|
Flint Hospital Building Authority Michigan, Refunding RB, Hurley Medical Center (ACA): |
|
|
|
|
|
|
|
|
6.00%, 7/01/20 |
|
|
1,045 |
|
|
|
1,061,386 |
|
Series A, 5.38%, 7/01/20 |
|
|
615 |
|
|
|
615,873 |
|
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.25%, 5/15/36 |
|
|
4,750 |
|
|
|
5,340,092 |
|
Kent Hospital Finance Authority Michigan, Refunding RB: |
|
|
|
|
|
|
|
|
Butterworth, Series A (NPFGC), 7.25%, 1/15/13 (b) |
|
|
330 |
|
|
|
332,696 |
|
Spectrum Health, Series A, 5.00%, 11/15/29 |
|
|
4,500 |
|
|
|
5,120,010 |
|
Michigan State Finance Authority, RB, Sparrow Obligated Group, 5.00%, 11/15/36 |
|
|
1,550 |
|
|
|
1,702,660 |
|
Michigan State Finance Authority, Refunding RB, Trinity Health Credit: |
|
|
|
|
|
|
|
|
5.00%, 12/01/31 |
|
|
3,100 |
|
|
|
3,544,633 |
|
5.00%, 12/01/35 |
|
|
3,100 |
|
|
|
3,471,876 |
|
Michigan State Hospital Finance Authority, RB: |
|
|
|
|
|
|
|
|
Ascension Health Senior Credit Group, 5.00%, 11/15/25 |
|
|
3,700 |
|
|
|
4,244,714 |
|
Hospital, MidMichigan Obligated Group, Series A (AMBAC), 5.50%, 4/15/18 |
|
|
2,530 |
|
|
|
2,537,362 |
|
Hospital, Oakwood Obligated Group, Series A, 5.75%, 4/01/13 (a) |
|
|
5,000 |
|
|
|
5,114,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 2012 |
|
2 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock MuniYield Michigan Quality
Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, RB (concluded): |
|
|
|
|
|
|
|
|
McLaren Health Care, Series C, 5.00%, 8/01/35 |
|
$ |
1,000 |
|
|
$ |
1,079,020 |
|
MidMichigan Obligated Group, Series A, 5.00%, 4/15/26 |
|
|
620 |
|
|
|
657,479 |
|
MidMichigan Obligated Group, Series A, 5.00%, 4/15/36 |
|
|
3,550 |
|
|
|
3,693,668 |
|
Michigan State Hospital Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
4.00%, 12/01/32 |
|
|
4,460 |
|
|
|
4,658,604 |
|
Henry Ford Health System, Series A, 5.25%, 11/15/46 |
|
|
2,500 |
|
|
|
2,648,700 |
|
Hospital, Crittenton, Series A, 5.63%, 3/01/27 |
|
|
2,050 |
|
|
|
2,088,437 |
|
Hospital, Oakwood Obligated Group, Series A, 5.00%, 7/15/21 |
|
|
600 |
|
|
|
667,398 |
|
Hospital, Oakwood Obligated Group, Series A, 5.00%, 7/15/25 |
|
|
3,260 |
|
|
|
3,539,415 |
|
Hospital, Oakwood Obligated Group, Series A, 5.00%, 7/15/37 |
|
|
630 |
|
|
|
663,371 |
|
Hospital, Sparrow Obligated Group, 5.00%, 11/15/31 |
|
|
3,100 |
|
|
|
3,308,630 |
|
Mclaren Health Care, 5.75%, 5/15/38 |
|
|
4,500 |
|
|
|
5,032,125 |
|
McLaren Health Care, Series A, 5.00%, 6/01/35 |
|
|
1,390 |
|
|
|
1,535,825 |
|
Hospital, Oakwood Obligated Group, 5.00%, 11/01/32 |
|
|
4,000 |
|
|
|
4,456,120 |
|
Trinity Health Credit, Series A, 6.25%, 12/01/28 |
|
|
930 |
|
|
|
1,102,013 |
|
Trinity Health Credit, Series A, 6.50%, 12/01/33 |
|
|
1,000 |
|
|
|
1,205,610 |
|
Trinity Health Credit, Series C, 5.38%, 12/01/12 (a) |
|
|
1,000 |
|
|
|
1,004,300 |
|
Trinity Health Credit, Series C, 5.38%, 12/01/12 (a) |
|
|
345 |
|
|
|
346,487 |
|
Trinity Health Credit, Series C, 5.38%, 12/01/12 (a) |
|
|
3,410 |
|
|
|
3,424,663 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
1,000 |
|
|
|
1,289,500 |
|
Sturgis Building Authority, RB, Sturgis Hospital Project (NPFGC), 4.75%, 10/01/34 |
|
|
475 |
|
|
|
484,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,971,803 |
|
|
|
Housing 4.6% |
|
|
|
|
|
|
|
|
Michigan State HDA, RB: |
|
|
|
|
|
|
|
|
Deaconess Tower AMT (Ginnie Mae), 5.25%, 2/20/48 |
|
|
1,000 |
|
|
|
1,039,540 |
|
Series A, 4.75%, 12/01/25 |
|
|
4,400 |
|
|
|
4,852,012 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
Housing (concluded) |
|
|
|
|
|
|
|
|
Michigan State HDA, RB (concluded): |
|
|
|
|
|
|
|
|
Series A, AMT (NPFGC), 5.30%, 10/01/37 |
|
$ |
130 |
|
|
$ |
130,122 |
|
Williams Pavilion, AMT (Ginnie Mae), 4.75%, 4/20/37 |
|
|
3,740 |
|
|
|
3,861,587 |
|
Michigan State HDA, Refunding RB, Series A, 6.05%, 10/01/41 |
|
|
3,260 |
|
|
|
3,625,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,508,642 |
|
|
|
State 16.2% |
|
|
|
|
|
|
|
|
Michigan Municipal Bond Authority, Refunding RB, Local Government, Charter County Wayne, Series B (AGC), 5.38%, 11/01/24 |
|
|
125 |
|
|
|
146,081 |
|
Michigan State Building Authority, Refunding RB, Facilities Program: |
|
|
|
|
|
|
|
|
Series H (AGM), 5.00%, 10/15/26 |
|
|
4,500 |
|
|
|
5,151,150 |
|
Series I, 6.25%, 10/15/38 |
|
|
3,900 |
|
|
|
4,564,482 |
|
Series I, 5.50%, 10/15/45 |
|
|
1,250 |
|
|
|
1,449,088 |
|
Series I (AGC), 5.25%, 10/15/24 |
|
|
4,000 |
|
|
|
4,809,240 |
|
Series I (AGC), 5.25%, 10/15/25 |
|
|
2,000 |
|
|
|
2,413,100 |
|
Series I (AGC), 5.25%, 10/15/26 |
|
|
600 |
|
|
|
723,258 |
|
Series II (NPFGC), 5.00%, 10/15/29 |
|
|
3,500 |
|
|
|
3,618,475 |
|
Michigan State Finance Authority, RB: |
|
|
|
|
|
|
|
|
5.25%, 10/01/41 |
|
|
6,085 |
|
|
|
6,631,494 |
|
Series F, 5.00%, 4/01/31 |
|
|
1,000 |
|
|
|
1,086,850 |
|
Michigan Strategic Fund, Refunding RB, Cadillac Place Office Building Project, 5.25%, 10/15/31 |
|
|
1,500 |
|
|
|
1,710,195 |
|
State of Michigan, RB, GAB (AGM), 5.25%, 9/15/27 |
|
|
5,250 |
|
|
|
5,824,245 |
|
State of Michigan Trunk Line Revenue, RB: |
|
|
|
|
|
|
|
|
5.00%, 11/15/29 |
|
|
1,000 |
|
|
|
1,185,130 |
|
5.00%, 11/15/33 |
|
|
1,850 |
|
|
|
2,158,543 |
|
5.00%, 11/15/36 |
|
|
3,500 |
|
|
|
4,056,570 |
|
State of Michigan, COP (AMBAC), 2.29%, 6/01/22 (b)(c) |
|
|
3,000 |
|
|
|
2,412,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,940,381 |
|
|
|
Transportation 11.4% |
|
|
|
|
|
|
|
|
Wayne County Airport Authority, RB, Detroit Metropolitan Wayne County Airport, AMT (NPFGC): |
|
|
|
|
|
|
|
|
5.25%, 12/01/25 |
|
|
7,525 |
|
|
|
7,884,620 |
|
5.25%, 12/01/26 |
|
|
6,300 |
|
|
|
6,582,492 |
|
5.00%, 12/01/34 |
|
|
4,435 |
|
|
|
4,533,856 |
|
Wayne County Airport Authority, Refunding RB, AMT (AGC): |
|
|
|
|
|
|
|
|
5.75%, 12/01/25 |
|
|
4,000 |
|
|
|
4,415,960 |
|
5.75%, 12/01/26 |
|
|
1,000 |
|
|
|
1,097,780 |
|
5.38%, 12/01/32 |
|
|
8,700 |
|
|
|
9,298,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,813,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 2012 |
|
3 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock MuniYield Michigan Quality
Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Michigan (concluded) |
|
|
|
|
|
|
|
|
Utilities 18.6% |
|
|
|
|
|
|
|
|
City of Detroit Michigan Water Supply System, RB: |
|
|
|
|
|
|
|
|
Second Lien, Series B (AGM), 7.00%, 7/01/36 |
|
$ |
3,000 |
|
|
$ |
3,643,200 |
|
Second Lien, Series B (NPFGC), 5.00%, 7/01/13 (a) |
|
|
1,550 |
|
|
|
1,599,119 |
|
Senior Lien, Series A (NPFGC), 5.00%, 7/01/34 |
|
|
6,000 |
|
|
|
6,045,840 |
|
Series B (NPFGC), 5.25%, 7/01/13 (a) |
|
|
11,790 |
|
|
|
12,183,196 |
|
City of Detroit Michigan Water Supply System, Refunding RB, Second Lien, Series C (AGM), 5.00%, 7/01/29 |
|
|
10,470 |
|
|
|
11,068,361 |
|
City of Grand Rapids Michigan Sanitary Sewer System, RB: |
|
|
|
|
|
|
|
|
5.00%, 1/01/37 |
|
|
930 |
|
|
|
1,072,513 |
|
4.00%, 1/01/42 |
|
|
1,700 |
|
|
|
1,755,930 |
|
City of Port Huron Michigan, RB, Water Supply: |
|
|
|
|
|
|
|
|
5.25%, 10/01/31 |
|
|
310 |
|
|
|
344,708 |
|
5.63%, 10/01/40 |
|
|
1,000 |
|
|
|
1,120,040 |
|
Lansing Board of Water & Light Utilities System, RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 7/01/27 |
|
|
1,970 |
|
|
|
2,308,013 |
|
5.00%, 7/01/31 |
|
|
4,230 |
|
|
|
4,923,889 |
|
5.00%, 7/01/37 |
|
|
2,065 |
|
|
|
2,359,428 |
|
5.50%, 7/01/41 |
|
|
3,000 |
|
|
|
3,563,460 |
|
Michigan Municipal Bond Authority, RB: |
|
|
|
|
|
|
|
|
Clean Water Revolving-Pooled, 5.00%, 10/01/27 |
|
|
1,240 |
|
|
|
1,533,074 |
|
State Clean Water, 5.00%, 10/01/27 |
|
|
1,250 |
|
|
|
1,441,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,961,821 |
|
|
|
Total Municipal Bonds in Michigan |
|
|
|
369,185,724 |
|
|
|
|
|
|
|
|
|
|
|
|
Guam 2.6% |
|
|
|
|
|
|
|
|
State 1.8% |
|
|
|
|
|
|
|
|
Government of Guam Business Privilege Tax Revenue, RB, Series A, 5.13%, 1/01/42 |
|
|
2,300 |
|
|
|
2,558,382 |
|
Territory of Guam, Limited Obligation Bonds, RB, Section 30, Series A, 5.63%, 12/01/29 |
|
|
1,400 |
|
|
|
1,571,164 |
|
Territory of Guam, RB, Series B-1, 5.00%, 1/01/37 |
|
|
1,165 |
|
|
|
1,286,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,416,090 |
|
|
|
Utilities 0.8% |
|
|
|
|
|
|
|
|
Guam Power Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 10/01/34 |
|
|
605 |
|
|
|
654,259 |
|
(AGM), 5.00%, 10/01/26 |
|
|
970 |
|
|
|
1,104,074 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value
|
|
Guam (concluded) |
|
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
|
Guam Power Authority, Refunding RB, Series A (concluded): |
|
|
|
|
|
|
|
|
(AGM), 5.00%, 10/01/27 |
|
$ |
565 |
|
|
$ |
640,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,398,619 |
|
|
|
Total Municipal Bonds in Guam |
|
|
|
|
|
|
7,814,709 |
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 5.6% |
|
|
|
|
|
|
|
|
State 4.5% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB: |
|
|
|
|
|
|
|
|
First Sub-Series A, 5.50%, 8/01/42 |
|
|
500 |
|
|
|
533,470 |
|
Series A-1, 5.25%, 8/01/43 |
|
|
1,070 |
|
|
|
1,133,793 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
CAB, Series A (NPFGC), 5.60%, 8/01/42 (c) |
|
|
4,500 |
|
|
|
871,110 |
|
CAB, Series A (NPFGC), 5.62%, 8/01/43 (c) |
|
|
12,500 |
|
|
|
2,274,250 |
|
CAB, Series A (NPFGC), 5.70%, 8/01/46 (c) |
|
|
20,000 |
|
|
|
2,998,800 |
|
First Sub-Series C (AGM), 5.13%, 8/01/42 |
|
|
5,100 |
|
|
|
5,535,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,346,810 |
|
|
|
Transportation 1.1% |
|
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation Authority, Refunding RB, Series CC (AGC), 5.50%, 7/01/31 |
|
|
2,750 |
|
|
|
3,260,593 |
|
|
|
Total Municipal Bonds in Puerto Rico |
|
|
|
16,607,403 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 133.0% |
|
|
|
|
|
|
393,607,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (d) |
|
Michigan 20.2% |
|
|
|
|
|
|
|
|
County/City/Special District/School District 4.2% |
|
Lakewood Public Schools Michigan, GO, School Building & Site (AGM), 5.00%, 5/01/37 |
|
|
6,470 |
|
|
|
7,365,286 |
|
Portage Public Schools Michigan, GO, School Building & Site (AGM), 5.00%, 5/01/31 |
|
|
4,650 |
|
|
|
5,144,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,509,488 |
|
|
|
Education 7.4% |
|
|
|
|
|
|
|
|
Saginaw Valley State University, Refunding RB, General (AGM), 5.00%, 7/01/31 |
|
|
7,500 |
|
|
|
8,493,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 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 (TOB) Trusts (d)
|
|
Par (000) |
|
|
Value
|
|
Michigan (concluded) |
|
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
|
Wayne State University, Refunding RB, General (AGM), 5.00%, 11/15/35 |
|
$ |
12,207 |
|
|
$ |
13,391,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,884,783 |
|
|
|
Health 1.3% |
|
|
|
|
|
|
|
|
Michigan Finance Authority, Refunding RB, Trinity Health, 5.00%, 12/01/39 |
|
|
3,350 |
|
|
|
3,724,229 |
|
|
|
Housing 2.6% |
|
|
|
|
|
|
|
|
Michigan HDA, RB, Rental Housing, Series A, 6.00%, 10/01/45 |
|
|
6,990 |
|
|
|
7,619,939 |
|
|
|
Utilities 4.7% |
|
|
|
|
|
|
|
|
City of Grand Rapids Michigan, RB (NPFGC), 5.00%, 1/01/34 |
|
|
11,387 |
|
|
|
12,067,437 |
|
Detroit Water and Sewerage Department, Refunding RB, 5.25%, 7/01/39 |
|
|
1,649 |
|
|
|
1,787,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,854,439 |
|
|
|
Total Municipal Bonds in Michigan |
|
|
|
|
|
|
59,592,878 |
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 0.4% |
|
|
|
|
|
|
|
|
State 0.4% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 |
|
|
1,060 |
|
|
|
1,163,530 |
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts 20.6% |
|
|
|
60,756,408 |
|
|
|
Total Long-Term Investments (Cost $417,593,174) 153.6% |
|
|
|
454,364,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares
|
|
|
|
|
|
|
BIF Michigan Municipal Money Fund, 0.00% (e)(f) |
|
|
10,443,114 |
|
|
|
10,443,114 |
|
|
|
Total Short-Term Securities
(Cost $10,443,114) 3.5% |
|
|
|
10,443,114 |
|
|
|
Total Investments (Cost
$428,036,288*) 157.1% |
|
|
|
464,807,358 |
|
Other Assets Less Liabilities 1.8% |
|
|
|
5,346,924 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (10.0)% |
|
|
|
(29,594,269 |
) |
VRDP Shares, at Liquidation Value (48.9)% |
|
|
|
(144,600,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to
Common Shares 100.0% |
|
|
$ |
295,960,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
Tax cost |
|
$ |
399,276,903 |
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
37,872,571 |
|
|
|
Gross unrealized depreciation |
|
|
(1,910,307) |
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
35,962,264 |
|
|
|
|
|
|
|
|
(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) |
|
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
(d) |
|
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. |
|
(e) |
|
Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company
Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at July 31, 2012 |
|
|
Net Activity |
|
|
Shares Held at October 31, 2012 |
|
|
Income |
|
|
|
|
|
|
|
BIF Michigan Municipal Money Fund |
|
|
9,419,517 |
|
|
|
1,023,597 |
|
|
|
10,443,114 |
|
|
$ |
|
|
|
|
|
|
|
|
(f) |
|
Represents the current yield as of report date. |
|
|
|
|
|
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 sector 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) |
CAB |
|
Capital Appreciation Bonds |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 2012 |
|
5 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock MuniYield Michigan
Quality Fund, Inc. (MIY) |
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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 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
Funds own assumptions used in determining the fair value of investments) |
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 level in the fair value hierarchy within which the fair value
measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
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 is based on the pricing transparency
of the investment 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 other significant accounting policies, please
refer to the Funds most recent financial statements as contained in its annual report.
The following table summarizes the Funds investments
categorized in the disclosure hierarchy as of October 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Investments1 |
|
|
|
|
|
$ |
454,364,244 |
|
|
|
|
|
|
$ |
454,364,244 |
|
Short-Term Securities |
|
$ |
10,443,114 |
|
|
|
|
|
|
|
|
|
|
|
10,443,114 |
|
|
|
|
|
|
Total |
|
$ |
10,443,114 |
|
|
$ |
454,364,244 |
|
|
|
|
|
|
$ |
464,807,358 |
|
|
|
|
|
|
1 |
See above Schedule of Investments for values in each sector.
|
Certain of the Funds liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes. As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB trust certificates |
|
|
|
|
|
$ |
(29,568,191 |
) |
|
|
|
|
|
$ |
(29,568,191 |
) |
VRDP Shares |
|
|
|
|
|
|
(144,600,000 |
) |
|
|
|
|
|
|
(144,600,000 |
) |
|
|
|
|
|
Total |
|
|
|
|
|
$ |
(174,168,191 |
) |
|
|
|
|
|
$ |
(174,168,191 |
) |
|
|
|
|
|
|
There were no transfers between levels during the period ended October 31, 2012. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
|
OCTOBER 31, 2012 |
|
6 |
|
|
|
Item 2 |
|
Controls and Procedures |
|
|
2(a) |
|
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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: December 21, 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: December 21, 2012 |
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of BlackRock MuniYield Michigan Quality Fund, Inc. |
Date: December 21, 2012