N-Q 1 d495401dnq.htm BLACKROCK MUNIYIELD QUALITY FUND, INC. BLACKROCK MUNIYIELD 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: 811-06660

Name of Fund: BlackRock MuniYield Quality Fund, Inc. (MQY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield 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: 04/30/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 113.6%

 

Alabama — 0.6%  

County of Tuscaloosa Board of Education, RB, Special Tax School Warrants, 5.00%, 02/01/43

   $ 1,215     $ 1,379,717  

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A:

    

5.00%, 12/01/33

     245       278,416  

5.00%, 12/01/34

     1,145       1,290,369  
   

 

 

  
      2,948,502  
Alaska — 1.3%  

Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41

     1,400       1,531,180  

Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC),
6.00%, 09/01/19(a)

     4,425       4,733,378  
   

 

 

  
      6,264,558  
Arizona — 0.8%  

County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, Series A:

    

5.00%, 01/01/38

     525       593,423  

4.00%, 01/01/41

     1,520       1,571,559  

State of Arizona, COP, Department of Administration, Series A (AGM):

    

5.00%, 10/01/27

     1,525       1,606,923  

5.25%, 10/01/28

     250       264,620  
   

 

 

  
      4,036,525  
California — 17.2%  

Cabrillo Community College District, GO, CAB, Election of 2004, Series B (NPFGC), 0.00%, 08/01/38(b)

     7,405       2,767,100  

California Health Facilities Financing Authority, RB:

    

St. Joseph Health System, Series A,
5.75%, 07/01/39

     775       818,206  

Sutter Health, Series B, 5.88%, 08/15/31

     1,500       1,644,975  

California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente,
Sub-Series A-2, 5.00%, 11/01/47

     1,770       2,281,565  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

     2,000       2,206,500  
Security   Par
(000)		     Value  
California (continued)  

Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 05/01/34(c)

   $ 5,000     $ 5,672,050  

City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/42

     260       295,188  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

    

Series A, 5.00%, 03/01/36

     565       646,015  

Series A, 5.00%, 03/01/37

     620       707,327  

Series A-1, 5.75%, 03/01/34

     1,150       1,272,015  

Coast Community College District, GO, CAB, Election of 2002, Series C (AGM),
5.00%, 08/01/18(a)

     2,800       2,852,024  

County of San Diego California Water Authority, COP, Refunding, Series A (AGM),
5.00%, 05/01/18(a)

     3,000       3,028,140  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(a)

     900       1,018,557  

El Monte Union High School District, GO, Series C (AGM), 5.25%, 06/01/18(a)

     6,110       6,191,446  

Grossmont Union High School District, GO, CAB, Election of 2004, 0.00%, 08/01/31(b)

     5,000       3,184,750  

Grossmont-Cuyamaca Community College District, GO, Refunding CAB, Election of 2002, Series C (AGC), 0.00%, 08/01/30(b)

     10,030       6,679,178  

Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 08/01/34(c)

     4,125       4,177,553  

Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 0.00%, 08/01/43(c)

     1,945       1,587,859  

Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 08/01/36(b)

     5,000       2,524,000  

Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 08/01/37(b)

     4,005       1,959,607  

San Bernardino Community College District, GO, CAB, Election of 2008, Series B,
0.00%, 08/01/34(c)

     10,000       11,540,300  

San Diego California Unified School District, GO, Election of 2008(b):

    

CAB, Series C, 0.00%, 07/01/38

     2,200       1,036,684  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

San Diego California Unified School District, GO, Election of 2008(b) (continued):

    

CAB, Series G, 0.00%, 07/01/34

   $ 900     $ 428,301  

CAB, Series G, 0.00%, 07/01/35

     950       424,527  

CAB, Series G, 0.00%, 07/01/36

     1,430       600,100  

CAB, Series G, 0.00%, 07/01/37

     950       374,500  

San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31(b)

     1,725       1,104,707  

San Marcos Unified School District, GO, Election of 2010, Series A(a):

    

5.00%, 08/01/21

     900       1,003,023  

5.00%, 08/01/21

     760       846,997  

State of California, GO, 5.50%, 04/01/28

     5       5,018  

State of California, GO, Refunding, Various Purposes:

    

5.00%, 09/01/41

     2,300       2,538,073  

5.00%, 10/01/41

     1,300       1,437,085  

State of California, GO, Various Purposes,
5.00%, 04/01/42

     1,500       1,665,570  

Yosemite Community College District, GO, CAB, Election of 2004, Series D, 0.00%, 08/01/36(b)

     15,000       7,724,850  
   

 

 

  
      82,243,790  
Colorado — 0.6%  

Regional Transportation District, COP, Refunding, Series A:

    

5.00%, 06/01/39

     540       598,147  

Refunding, 5.38%, 06/01/31

     1,885       2,024,189  
   

 

 

  
      2,622,336  
Florida — 11.8%  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41

     1,200       1,241,892  

County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39

     2,175       2,366,096  

County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37

     1,250       1,338,400  

County of Hillsborough Florida Aviation Authority, RB, Series A, AMT (AGC), 5.38%, 10/01/33

     2,700       2,764,989  

County of Lee Florida, Refunding ARB, Series A, AMT:

    

5.63%, 10/01/26

     1,280       1,419,597  

5.38%, 10/01/32

     1,700       1,865,614  
Security   Par
(000)		     Value  
Florida (continued)  

County of Miami-Dade Florida, GO, Building Better Communities Program, Series B, 6.38%, 07/01/18(a)

   $ 3,300     $ 3,369,135  

County of Miami-Dade Florida, RB, Seaport:

    

Department, Series A, 6.00%, 10/01/38

     2,755       3,221,532  

Department, Series B, AMT, 6.25%, 10/01/38

     560       662,127  

Department, Series B, AMT, 6.00%, 10/01/42

     895       1,045,539  

Series B, AMT, 6.00%, 10/01/30

     870       1,011,375  

County of Miami-Dade Florida, Refunding RB,
4.00%, 10/01/40

     1,220       1,264,286  

County of Miami-Dade Florida Aviation, Refunding ARB:

    

AMT, 5.00%, 10/01/34

     260       292,523  

Series A, 5.50%, 10/01/36

     6,490       6,885,046  

Series A, AMT, 5.00%, 10/01/32

     3,550       3,897,261  

County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A,
5.00%, 04/01/40

     3,600       4,014,216  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:

    

5.00%, 08/01/41

     765       841,707  

5.00%, 08/01/47

     2,225       2,441,025  

County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:

    

5.00%, 10/01/21(a)

     45       50,117  

5.00%, 10/01/31

     2,780       3,079,378  

County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 07/01/39

     375       393,206  

Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT:

    

5.13%, 06/01/27

     1,395       1,534,277  

5.38%, 10/01/29

     1,900       2,120,419  

Greater Orlando Aviation Authority, ARB, Priority Sub-Series A, AMT, 4.00%, 10/01/47

     3,360       3,443,899  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/33

     1,620       1,851,417  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47

   $ 3,655     $ 4,108,841  
   

 

 

  
      56,523,914  
Georgia — 0.7%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System, 4.00%, 08/15/48

     1,425       1,455,751  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 08/15/54

     680       789,120  

Private Colleges & Universities Authority, RB, Savannah College of Art & Design:

    

5.00%, 04/01/33

     190       208,652  

5.00%, 04/01/44

     855       928,975  
   

 

 

  
      3,382,498  
Illinois — 14.5%  

City of Chicago Illinois, Refunding GARB, Series B:

    

O’Hare International Airport, Senior Lien, 5.00%, 01/01/41

     3,800       4,263,486  

O’Hare International Airport, Passenger Facility Charge, AMT, 5.00%, 01/01/31

     2,500       2,696,700  

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/34

     1,475       1,630,362  

City of Chicago Illinois O’Hare International Airport, ARB, Senior Lien, Series D, 5.25%, 01/01/42

     3,985       4,630,889  

City of Chicago Illinois O’Hare International Airport, GARB:

    

3rd Lien, Series A, 5.75%, 01/01/21(a)

     4,615       5,152,463  

3rd Lien, Series A, 5.75%, 01/01/39

     885       975,031  

Senior Lien, Series D, AMT, 5.00%, 01/01/42

     315       352,183  

City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.38%, 01/01/39

     4,090       4,507,057  

City of Chicago Illinois Transit Authority, RB:

    

5.25%, 12/01/49

     710       789,889  

Sales Tax Receipts, 5.25%, 12/01/36

     840       915,180  
Security   Par
(000)		     Value  
Illinois (continued)  

County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37

   $ 280     $ 298,623  

Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34

     850       946,025  

Illinois Finance Authority, Refunding RB:

    

Silver Cross Hospital & Medical Centers, Series C, 4.13%, 08/15/37

     1,690       1,709,080  

Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44

     470       500,940  

University of Chicago Medical Center, Series B, 4.00%, 08/15/41

     1,100       1,107,480  

Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 06/15/30

     17,800       17,835,422  

Metropolitan Pier & Exposition Authority, RB, (NPFGC)(b):

    

0.00%, 06/15/30(d)

     800       564,416  

0.00%, 06/15/30

     14,205       8,412,911  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/44(b)

     4,625       1,475,467  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(a)

     900       1,024,461  

Regional Transportation Authority, RB, Series B (NPFGC), 5.75%, 06/01/33

     3,200       4,053,696  

State of Illinois, GO:

    

5.25%, 02/01/33

     1,140       1,198,562  

5.50%, 07/01/33

     1,100       1,165,835  

5.25%, 02/01/34

     1,140       1,197,946  

5.50%, 07/01/38

     1,840       1,945,561  
   

 

 

  
      69,349,665  
Indiana — 2.2%  

Indiana Finance Authority, RB, Series A:

    

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

     1,400       1,552,600  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     690       740,273  

Indiana Health & Educational Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group, 5.00%, 11/15/46

     2,625       2,975,674  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A:

    

5.75%, 01/01/19(a)

   $ 255     $ 265,083  

5.75%, 01/01/38

     1,045       1,084,271  

(AGC), 5.25%, 01/01/19(a)

     460       476,104  

(AGC), 5.25%, 01/01/29

     1,890       1,956,698  

State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40

     1,190       1,280,952  
   

 

 

  
      10,331,655  
Iowa — 2.5%  

Iowa Finance Authority, RB, Iowa Health Care Facilities, Series A (AGC), 5.63%, 08/15/19(a)

     7,700       8,179,248  

Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT:

    

5.60%, 12/01/26

     1,050       1,110,028  

5.70%, 12/01/27

     1,050       1,104,096  

5.80%, 12/01/29

     710       745,607  

5.85%, 12/01/30

     960       1,008,758  
   

 

 

  
      12,147,737  
Louisiana — 2.5%  

City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40

     2,260       2,486,904  

City of Shreveport Louisiana Water & Sewer Revenue, RB, Series A (AGM):

    

5.00%, 12/01/36

     850       978,138  

5.00%, 12/01/37

     330       379,147  

Jefferson Sales Tax District, RB, Series B (AGM):

    

5.00%, 12/01/34

     330       380,652  

5.00%, 12/01/35

     440       506,730  

5.00%, 12/01/36

     395       453,827  

5.00%, 12/01/37

     495       567,825  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, East Baton Rouge Sewerage Commission Projects, Series A, 5.00%, 02/01/44

     4,015       4,469,056  
Security   Par
(000)		     Value  
Louisiana (continued)  

Louisiana Public Facilities Authority, Refunding RB, Christus Health, Series B (AGC), 6.50%, 07/01/30

   $ 1,800     $ 1,871,730  
   

 

 

  
      12,094,009  
Maine — 0.2%  

Maine State Housing Authority, RB, Series D-1, 3.65%, 11/15/42

     890       882,782  
   

 

 

  
Massachusetts — 2.4%  

Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47

     2,855       3,196,658  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 4.00%, 07/01/36

     1,700       1,777,894  

Massachusetts HFA, Refunding RB, AMT:

    

Series A, 4.45%, 12/01/42

     1,090       1,136,968  

Series C, 5.00%, 12/01/30

     1,655       1,697,120  

Series C, 5.35%, 12/01/42

     845       868,466  

Massachusetts Port Authority, Refunding ARB, Series B, AMT, 4.00%, 07/01/46

     1,040       1,057,836  

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43

     1,720       1,928,911  
   

 

 

  
      11,663,853  
Michigan — 5.8%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, 2nd Lien, Series E (BHAC), 5.75%, 07/01/18(a)

     8,300       8,447,325  

City of Detroit Michigan Water Supply System Revenue, RB, Senior Lien, Series A, 5.25%, 07/01/41

     1,000       1,090,110  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     2,500       2,786,425  

Michigan Finance Authority, Refunding RB:

    

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

     615       541,188  

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

     25       27,957  

Trinity Health Credit Group, Series A, 4.00%, 12/01/36

     845       873,451  

Michigan State Hospital Finance Authority, Refunding RB, Ascension Senior Credit Group, 4.00%, 11/15/47

     820       840,131  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Royal Oak Hospital Finance Authority Michigan, Refunding RB:

    

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

   $ 1,470     $ 1,605,211  

William Beaumont Hospital, Series V, 8.25%, 09/01/18(a)

     3,510       3,648,891  

State of Michigan Building Authority, Refunding RB, Facilities Program:

    

Series I-A, 5.38%, 10/15/36

     1,200       1,341,084  

Series I-A, 5.38%, 10/15/41

     1,000       1,114,160  

Series II-A (AGM), 5.25%, 10/15/36

     4,270       4,753,065  

Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39

     520       587,813  
   

 

 

  
      27,656,811  
Minnesota — 0.6%  

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC):

    

6.50%, 11/15/18(a)

     415       431,480  

6.50%, 11/15/38

     2,285       2,370,756  
   

 

 

  
      2,802,236  
Mississippi — 0.1%  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Faciliities Refinancing, Series A, 4.00%, 08/01/43

     550       569,355  
   

 

 

  
Nebraska — 0.2%  

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 09/01/37

     1,000       1,123,830  
   

 

 

  
Nevada — 0.6%  

City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(a)

     1,150       1,209,869  
Security   Par
(000)		     Value  
Nevada (continued)  

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A, 5.25%, 07/01/42

   $ 1,500     $ 1,594,275  
   

 

 

  
      2,804,144  
New Hampshire — 0.5%  

New Hampshire Housing Finance Authority, RB, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52

     2,200       2,135,826  
   

 

 

  
New Jersey — 6.8%  

New Jersey EDA, RB:

    

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

     1,220       1,352,895  

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34

     935       1,032,315  

Series WW, 5.25%, 06/15/33

     215       233,855  

Series WW, 5.00%, 06/15/34

     280       299,365  

Series WW, 5.00%, 06/15/36

     1,280       1,360,102  

Series WW, 5.25%, 06/15/40

     490       525,824  

New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32

     785       789,883  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:

    

5.50%, 12/01/25

     480       520,022  

5.75%, 12/01/27

     225       243,409  

5.75%, 12/01/28

     245       264,588  

5.88%, 12/01/33

     1,980       2,153,032  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33

     1,225       1,277,748  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program, Series AA, 5.25%, 06/15/33

     2,035       2,175,985  

Transportation Program, Series AA, 5.00%, 06/15/38

     2,440       2,582,911  

Transportation System, CAB, Series A, 0.00%, 12/15/29(b)

     7,530       4,565,665  

Transportation System, Series A, 5.50%, 06/15/41

     1,605       1,703,499  

Transportation System, Series A (NPFGC), 5.75%, 06/15/25

     2,000       2,353,920  

Transportation System, Series AA, 5.50%, 06/15/39

     3,565       3,824,461  

Transportation System, Series B, 5.50%, 06/15/31

     2,750       2,947,670  

Transportation System, Series B, 5.00%, 06/15/42

     725       755,269  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB (continued):

    

Transportation System, Series D, 5.00%, 06/15/32

   $ 875     $ 933,564  

South Jersey Port Corp., ARB, Marine Terminal, Series B, AMT, 5.00%, 01/01/42

     540       577,881  
   

 

 

  
      32,473,863  
New Mexico — 0.1%  

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44

     500       559,215  
   

 

 

  
New York — 4.4%  

City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32

     5,520       6,212,926  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 02/15/21(a)

     615       688,203  

5.75%, 02/15/47

     385       422,780  

Metropolitan Transportation Authority, Refunding RB:

    

Series B, 5.00%, 11/15/37

     1,900       2,185,171  

Series D, 4.00%, 11/15/42

     1,750       1,817,287  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50

     2,855       3,136,275  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 206th Series, AMT, 5.00%, 11/15/37

     820       937,211  

State of New York Dormitory Authority, RB, Education, Series B, 5.75%, 03/15/19(a)

     2,000       2,095,800  

State of New York HFA, RB, Affordable Housing, M/F Housing, Series B, AMT, 5.30%, 11/01/37

     3,350       3,354,254  
   

 

 

  
      20,849,907  
Ohio — 1.3%  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 08/01/38

     2,165       2,211,591  

County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37

     635       645,268  

County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(a)

     725       851,186  
Security   Par
(000)		     Value  
Ohio (continued)  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

    

5.25%, 02/15/32

   $ 950     $ 1,080,606  

5.25%, 02/15/33

     1,325       1,505,809  
   

 

 

  
      6,294,460  
Oregon — 1.5%  

Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 0.00%, 06/15/36(c)

     1,145       1,307,899  

County of Clackamas Community College District, GO, Convertible Deferred Interest Bonds,
Series A, 0.00%, 06/15/39(c)

     605       619,423  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(b)

     1,360       601,759  

State of Oregon, GO, Refunding, Veteran’s Welfare Series 100th, 3.65%, 06/01/42

     850       837,820  

State of Oregon Housing & Community Services Department, RB, Series D, 3.45%, 01/01/38

     3,915       3,853,848  
   

 

 

  
      7,220,749  
Pennsylvania — 9.7%  

County of Berks IDA, Refunding RB, Tower Health Project:

    

4.00%, 11/01/39

     835       843,701  

4.00%, 11/01/47

     1,270       1,272,997  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     1,420       1,573,999  

PA Bridges Finco LP, AMT, 5.00%, 12/31/34

     3,420       3,822,568  

Pennsylvania Bridge Finco LP, 5.00%, 12/31/38

     11,890       13,206,817  

Pennsylvania Economic Development Financing Authority, Refunding RB, UPMC, 4.00%, 03/15/41

     425       434,006  

Pennsylvania HFA, RB, ACE, M/F Housing, Series 125B, AMT, 3.70%, 10/01/47

     2,165       2,100,310  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50

     4,575       5,118,784  

Pennsylvania Turnpike Commission, RB:

    

Series A, 5.00%, 12/01/38

     860       968,308  

Series A-1, 5.00%, 12/01/41

     1,125       1,263,263  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission, RB (continued):

    

Series B, 5.00%, 12/01/40

   $ 440     $ 493,808  

Series C, 5.50%, 12/01/23(a)

     760       907,531  

Sub-Series B-1, 5.00%, 06/01/42

     1,965       2,182,938  

Subordinate, Special Motor License Fund, 5.50%, 12/01/20(a)

     6,700       7,369,263  

Subordinate, Special Motor License Fund, 6.00%, 12/01/20(a)

     775       863,048  

Pennsylvania Turnpike Commission, Refunding RB:

    

Series A-1, 5.00%, 12/01/40

     1,040       1,163,573  

Subordinate, 2nd Series, 5.00%, 12/01/37

     1,460       1,631,740  

Philadelphia School District, GO, Refunding, Series F, 5.00%, 09/01/38

     425       455,596  

State Public School Building Authority, RB, The School District of Philadelphia Project, 5.00%, 04/01/32

     500       528,805  
   

 

 

  
      46,201,055  
Rhode Island — 1.5%  

Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45

     7,180       7,278,079  
   

 

 

  
South Carolina — 5.6%  

County of Charleston South Carolina Airport District, ARB, Series A, AMT:

    

5.50%, 07/01/38

     1,500       1,690,860  

5.50%, 07/01/41

     2,725       3,067,369  

South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 08/01/39

     320       364,384  

South Carolina Transportation Infrastructure Bank, RB, Series A, 5.25%, 10/01/19(a)

     2,500       2,650,025  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50

     3,160       3,511,740  

State of South Carolina Public Service Authority, RB, Santee Cooper:

    

Series A, 5.50%, 12/01/54

     9,985       11,133,674  

Series E, 5.50%, 12/01/53

     985       1,096,827  
Security   Par
(000)		     Value  
South Carolina (continued)  

State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38

   $ 2,850     $ 3,128,730  
   

 

 

  
      26,643,609  
South Dakota — 0.4%  

South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue, 4.00%, 07/01/37

     1,690       1,738,080  
   

 

 

  
Texas — 11.2%  

Bell County Health Facility Development Corp., RB, Lutheran General Health Care System, 6.50%, 07/01/19(d)

     530       552,472  

City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC):

    

6.00%, 05/15/19(a)

     2,700       2,853,414  

6.00%, 11/15/35

     150       158,602  

City of San Antonio Texas Electric & Gas Revenue, Refunding RB, 5.00%, 02/01/42

     3,650       4,212,538  

City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38

     760       849,118  

County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, TECO Project, 4.00%, 11/15/37

     160       166,574  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(b)

     2,870       1,337,506  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39

     1,100       1,228,601  

Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT:

    

5.00%, 11/01/38

     8,550       9,296,928  

5.00%, 11/01/42

     1,500       1,628,805  

Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33

     1,325       1,519,656  

Grand Parkway Transportation Corp., RB, Convertible CAB, Series B, 0.00%, 10/01/46(c)

     2,870       2,691,658  

Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(b)

     4,665       1,932,290  

Lone Star College System, GO, 5.00%, 08/15/18(a)

     4,800       4,894,032  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Children’s Health System, Series A, 4.00%, 08/15/40

   $ 530     $ 542,672  

North Texas Tollway Authority, Refunding RB:

    

1st Tier System, Series A, 6.00%, 01/01/19(a)

     2,745       2,857,161  

1st Tier System, Series A, 6.00%, 01/01/28

     635       660,476  

1st Tier-Series A, 5.00%, 01/01/43

     1,325       1,515,310  

Series B, 5.00%, 01/01/40

     1,375       1,513,600  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(b):

    

0.00%, 09/15/35

     3,180       1,421,206  

0.00%, 09/15/36

     6,015       2,531,834  

0.00%, 09/15/37

     4,305       1,704,392  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

    

5.00%, 12/15/31

     1,600       1,750,752  

5.00%, 12/15/32

     1,060       1,158,357  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45

     1,745       1,918,191  

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/41

     2,330       2,554,193  
   

 

 

  
      53,450,338  
Utah — 0.4%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42

     1,700       1,921,901  
   

 

 

  
Virginia — 1.2%  

County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health(a):

    

5.50%, 05/15/19

     155       162,823  

5.50%, 05/15/19

     295       310,278  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57(e)

     3,070       3,626,867  

Virginia Commonwealth Transportation Board, Refunding RB, Series A, 4.00%, 05/15/36

     845       898,455  
Security   Par
(000)		     Value  
Virginia (continued)  

Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT, 5.00%, 12/31/52

   $ 720     $ 794,397  
   

 

 

  
      5,792,820  
Washington — 2.8%  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     1,380       1,532,324  

State of Washington Housing Finance Commission, Refunding RB, S/F, Series 3N (Ginnie Mae, Fannie Mae, Freddie Mac), 3.75%, 12/01/42

     2,160       2,101,961  

Washington Health Care Facilities Authority, RB:

    

MultiCare Health System, Remarketing,
Series B, 5.00%, 08/15/44

     4,000       4,414,840  

Providence Health & Services, Series A, 5.00%, 10/01/39

     1,525       1,601,280  

Providence Health & Services, Series A, 5.25%, 10/01/39

     850       898,459  

Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.00%, 08/15/41

     2,535       2,598,248  
   

 

 

  
      13,147,112  
Wisconsin — 1.6%  

Public Finance Authority, RB, KU Campus Development Corp., Central District Development Project, 5.00%, 03/01/46

     580       646,375  

State of Wisconsin Health & Educational Facilities Authority, RB:

    

Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33

     1,850       1,937,190  

Marshfield Clinic Health System, Inc. Series C, 4.00%, 02/15/42

     2,275       2,278,390  

State of Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc. Obligated Group, 4.00%, 04/01/39

     2,600       2,645,942  
   

 

 

  
      7,507,897  
   

 

 

  

Total Municipal Bonds — 113.6%
(Cost — $504,035,257)

 

     542,663,111  
   

 

 

  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond
Trusts(f) — 48.8%

 

California — 2.9%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47(g)

   $ 5,282     $ 5,528,917  

County of San Diego California Water Authority Financing Corp., COP, Refunding Series A (AGM)(a):

    

5.00%, 05/01/18

     4,312       4,352,272  

5.00%, 05/01/18

     858       865,654  

Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series A, 6.00%, 08/01/19(a)

     2,639       2,817,807  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a)

     508       537,088  
   

 

 

  
      14,101,738  
Colorado — 0.3%            

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34(g)

     1,220       1,268,861  
   

 

 

  
Connecticut — 0.4%            

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

     1,891       2,127,464  
   

 

 

  
District of Columbia — 1.1%            

District of Columbia, RB, Series A,
5.50%, 12/01/30(g)

     1,319       1,410,872  

Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30

     3,400       3,783,486  
   

 

 

  
      5,194,358  
Florida — 9.2%            

County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42

     2,390       2,626,526  

County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(a)

     12,728       13,829,329  

County of Miami-Dade School Board, COP, Refunding, Series B, 5.25%, 05/01/18(a)

     11,350       11,460,152  

County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 08/01/19(a)

     3,544       3,750,088  
Security   Par
(000)		     Value  
Florida (continued)  

County of Seminole Florida, Refunding RB,
Series B (NPFGC), 5.25%, 10/01/31

   $ 6,300     $ 7,877,993  

Jacksonville Electric Authority Florida, RB, Sub-Series A, 5.63%, 04/01/18(a)

     4,315       4,345,127  
   

 

 

  
      43,889,215  
Illinois — 7.1%  

City of Chicago Illinois, Refunding RB, Waterworks, 2nd Lien (AGM), 5.25%, 11/01/33

     14,427       14,823,037  

State of Illinois, RB, Build Illinois, Series B,
5.25%, 06/15/19(a)(g)

     6,198       6,509,405  

State of Illinois Toll Highway Authority, RB:

    

Series A, 5.00%, 01/01/38

     2,878       3,199,611  

Series A, 5.00%, 01/01/40

     3,721       4,168,494  

Series B, 5.00%, 01/01/40

     1,409       1,581,929  

Series C, 5.00%, 01/01/38

     3,243       3,615,212  
   

 

 

  
      33,897,688  
Kansas — 1.6%  

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47

     6,444       7,727,647  
   

 

 

  
Maryland — 0.9%  

City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41

     3,845       4,391,592  
   

 

 

  
Massachusetts — 0.5%  

Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46

     2,022       2,281,337  
   

 

 

  
Michigan — 3.0%  

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

     2,701       2,986,486  

Michigan Finance Authority, Refunding RB, Hospital, Trinity Health Credit Group, 5.00%, 12/01/39

     9,075       9,877,684  

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

     1,180       1,334,450  
   

 

 

  
      14,198,620  
Nevada — 2.8%  

City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(a)(g)

     5,007       5,262,567  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nevada (continued)  

County of Clark Nevada Water Reclamation District, GO, Series B, 5.75%, 07/01/19(a)

   $ 2,429     $ 2,571,949  

Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46

     4,720       5,424,425  
   

 

 

  
      13,258,941  
New Jersey — 2.2%  

County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51

     1,120       1,280,854  

New Jersey State Turnpike Authority, Refunding RB:

    

Series B, 4.00%, 01/01/37

     3,193       3,318,716  

Series G, 4.00%, 01/01/43

     2,957       3,054,517  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36(g)

     2,580       2,725,372  
   

 

 

  
      10,379,459  
New York — 10.6%  

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:

    

5.75%, 06/15/18(a)

     807       819,911  

5.75%, 06/15/40

     2,701       2,741,822  

City of New York New York Transitional Finance Authority, RB, Future Tax, Sub-Series A-3, 5.00%, 08/01/40(g)

     4,228       4,891,910  

City of New York New York Water & Sewer System, Refunding RB:

    

2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47

     7,640       8,587,400  

2nd General Resolution, Series FF, 5.00%, 06/15/39

     4,050       4,631,378  

Series DD, 5.00%, 06/15/35

     2,280       2,624,949  

Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44

     4,750       5,496,296  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     2,060       2,363,948  

Port Authority of New York & New Jersey, RB, 169th Series, AMT, 5.00%, 10/15/34

     10,830       11,818,021  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56

     3,081       3,566,317  
Security   Par
(000)		     Value  
New York (continued)  

State of New York Dormitory Authority, ERB, Series B, 5.75%, 03/15/19(a)

   $ 1,534     $ 1,605,462  

Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.25%, 11/15/34(g)

     1,500       1,545,120  
   

 

 

  
      50,692,534  
Ohio — 1.0%  

Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43

     4,007       4,228,424  

State of Ohio, RB, Cleveland Clinic Health Obligated Group, Series B, 5.50%, 01/01/34

     780       808,373  
   

 

 

  
      5,036,797  
Pennsylvania — 0.3%  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

     1,220       1,364,271  
   

 

 

  
South Carolina — 1.0%  

South Carolina Public Service Authority, Refunding RB, Series A(a):

    

5.50%, 01/01/19(g)

     374       387,852  

5.50%, 01/01/19

     4,327       4,484,660  
   

 

 

  
      4,872,512  
Texas — 2.3%  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

     879       971,285  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41

     4,720       5,335,122  

Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/37(g)

     4,502       4,888,074  
   

 

 

  
      11,194,481  
Washington — 1.0%  

Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38

     3,930       4,608,370  
   

 

 

  
Wisconsin — 0.6%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group:

    

Series A, 5.00%, 04/01/42

     640       686,499  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Wisconsin (continued)  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group (continued):

     

Series C, 5.25%, 04/01/19(a)

   $ 2,000      $ 2,086,290  
    

 

 

  
       2,772,789  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 48.8%
(Cost — $224,443,695)

 

      233,258,674  
    

 

 

  

Total Long-Term Investments — 162.4%
(Cost — $728,478,952)

 

      775,921,785  
    

 

 

  
    
Security		   Shares      Value  

Short-Term Securities — 0.6%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%(h)(i)

   $ 3,069,275      $ 3,069,582  
    

 

 

  

Total Short-Term Securities — 0.6%
(Cost — $3,069,417)

 

      3,069,582  
    

 

 

  

Total Investments — 163.0%
(Cost — $731,548,369)

 

      778,991,367  

Other Assets Less Liabilities — 1.2%

 

      5,438,443  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.3)%

 

      (130,230,834 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (36.9)%

 

      (176,361,897 ) 
    

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

    $ 477,837,079  
    

 

 

  
 
(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)  Zero-coupon bond.
(c)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(d)  Security is collateralized by municipal bonds or U.S. Treasury obligations.
(e)  When-issued security.
(f)  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.
(g)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between June 15, 2018 to August 1, 2025, is $24,064,194.
(h)  Annualized 7-day yield as of period end.
(i) During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated   

Shares

Held at

04/30/17

     

Net

Activity

     

Shares

Held at

01/31/18

     

Value at

01/31/18

      Income     

Net

Realized

Gain

(Loss) (a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      1,043,150        2,026,125        3,069,275      $ 3,069,582      $ 32,323      $ 400      $ (43 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)  Includes net capital gain distributions, if applicable.  

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

                  

10-Year U.S. Treasury Note

      85          03/20/18        $ 10,334        $ 210,861  

Long U.S. Treasury Bond

      218          03/20/18          32,223          955,524  

5-Year U.S. Treasury Note

      52          03/29/18          5,965          81,026  
                 

 

 

  
                  $ 1,247,411  
                 

 

 

  

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

 

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
BAM    Build America Mutual Assurance Co.
BHAC    Berkshire Hathaway Assurance Corp.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
ERB    Education Revenue Bonds
FHA    Federal Housing Administration
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
ISD    Independent School District
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bonds
S/F    Single-Family

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 quoted prices in active markets/exchanges for identical assets or liabilities that 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 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

 

 

12   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock MuniYield Quality Fund, Inc. (MQY)

 

Fair Value Hierarchy as of Period End (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s 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 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 reportThe 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)

    $ —        $ 775,921,785        $ —        $ 775,921,785  

Short-Term Securities

     3,069,582          —          —          3,069,582  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,069,582        $ 775,921,785        $ —        $ 778,991,367  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 1,247,411        $ —        $ —        $ 1,247,411  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  
  (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 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

   $ —        $ (129,842,806 )       $ —        $ (129,842,806 ) 

VRDP Shares at Liquidation Value

     —          (176,600,000 )         —          (176,600,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (306,442,806 )       $ —        $ (306,442,806 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended January 31, 2018, there were no transfers between levels.

 

 

     13  

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 Quality Fund, Inc.

 

By:         /s/ John M. Perlowski                    
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock MuniYield Quality Fund, Inc.

Date: March 21, 2018

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 Quality Fund, Inc.
Date: March 21, 2018
By:   /s/ Neal J. Andrews                      
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniYield Quality Fund, Inc.
Date: March 21, 2018