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: 10/31/2011
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan 137.4% |
|
|
|
|
|
|
|
Corporate 7.0% |
|
|
|
|
|
|
|
Delta County EDC, Refunding RB, Mead |
|
$ |
1,500 |
|
$ |
1,542,195 |
|
Dickinson County EDC Michigan, |
|
|
3,900 |
|
|
3,976,167 |
|
Monroe County EDC Michigan, |
|
|
10,695 |
|
|
13,570,351 |
|
|
|
|
|
|
|
19,088,713 |
|
County/City/Special District/School District 38.8% |
|
|
|
|
|
|
|
Adrian City School District Michigan, GO |
|
|
|
|
|
|
|
5.00%, 5/01/14 |
|
|
2,000 |
|
|
2,211,700 |
|
5.00%, 5/01/14 |
|
|
1,600 |
|
|
1,769,360 |
|
Anchor Bay School District, GO, |
|
|
|
|
|
|
|
4.13%, 5/01/25 |
|
|
3,000 |
|
|
3,010,530 |
|
4.25%, 5/01/26 |
|
|
1,800 |
|
|
1,811,196 |
|
4.38%, 5/01/27 |
|
|
960 |
|
|
970,800 |
|
4.38%, 5/01/28 |
|
|
600 |
|
|
602,784 |
|
4.50%, 5/01/29 |
|
|
900 |
|
|
908,316 |
|
Avondale School District Michigan, GO (AGC): |
|
|
|
|
|
|
|
4.00%, 5/01/20 |
|
|
1,000 |
|
|
1,027,410 |
|
4.30%, 5/01/22 |
|
|
400 |
|
|
413,472 |
|
Bay City School District Michigan, GO, |
|
|
6,115 |
|
|
6,253,321 |
|
Birmingham City School District |
|
|
1,000 |
|
|
1,022,610 |
|
Charter Township of Canton Michigan, |
|
|
|
|
|
|
|
5.00%, 4/01/25 |
|
|
1,840 |
|
|
1,947,125 |
|
5.00%, 4/01/26 |
|
|
2,000 |
|
|
2,101,440 |
|
5.00%, 4/01/27 |
|
|
500 |
|
|
522,880 |
|
City of Oak Park Michigan, GO, Street |
|
|
500 |
|
|
518,530 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Comstock Park Public Schools, GO, |
|
|
|
|
|
|
|
5.50%, 5/01/36 |
|
$ |
750 |
|
$ |
801,480 |
|
5.50%, 5/01/41 |
|
|
1,355 |
|
|
1,444,782 |
|
County of Genesee Michigan, GO, |
|
|
600 |
|
|
651,942 |
|
County of Genesee Michigan, GO, Water |
|
|
1,000 |
|
|
1,010,680 |
|
Dearborn Brownfield Redevelopment |
|
|
3,300 |
|
|
3,512,421 |
|
Detroit City School District Michigan, |
|
|
|
|
|
|
|
Series A, 5.38%, 5/01/13 (a) |
|
|
1,300 |
|
|
1,394,939 |
|
Series B, 5.00%, 5/01/28 |
|
|
3,100 |
|
|
3,116,430 |
|
Eaton Rapids Public Schools Michigan, |
|
|
|
|
|
|
|
5.25%, 5/01/20 |
|
|
1,325 |
|
|
1,432,537 |
|
5.25%, 5/01/21 |
|
|
1,675 |
|
|
1,806,253 |
|
Fraser Public School District, GO, School |
|
|
2,000 |
|
|
2,119,080 |
|
Gibraltar School District Michigan, GO, |
|
|
|
|
|
|
|
(FGIC), 5.00%, 5/01/14 (a) |
|
|
2,940 |
|
|
3,251,199 |
|
(NPFGC), 5.00%, 5/01/28 |
|
|
710 |
|
|
726,053 |
|
Goodrich Area School District, GO, |
|
|
|
|
|
|
|
5.50%, 5/01/32 |
|
|
600 |
|
|
649,344 |
|
5.50%, 5/01/36 |
|
|
1,200 |
|
|
1,279,512 |
|
5.50%, 5/01/41 |
|
|
1,575 |
|
|
1,684,352 |
|
Grand Blanc Community Schools |
|
|
1,100 |
|
|
1,100,000 |
|
Grand Rapids Building Authority |
|
|
|
|
|
|
|
5.50%, 10/01/12 |
|
|
435 |
|
|
455,732 |
|
5.50%, 10/01/12 |
|
|
600 |
|
|
628,596 |
|
|
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. |
FGIC |
Financial Guaranty Insurance Co. |
GAB |
Grant Anticipation Bonds |
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, 2011 |
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 |
|
|
|
|
|
|
|
Gull Lake Community School District, |
|
$ |
995 |
|
$ |
999,925 |
|
Gull Lake Community School District |
|
|
3,625 |
|
|
4,013,491 |
|
Harper Creek Community School District |
|
|
1,125 |
|
|
1,226,734 |
|
Harper Woods School District Michigan, |
|
|
430 |
|
|
437,065 |
|
Hudsonville Public Schools, GO, School |
|
|
1,000 |
|
|
1,057,460 |
|
Jenison Public Schools Michigan, GO, |
|
|
1,575 |
|
|
1,616,454 |
|
LAnse Creuse Public Schools Michigan, |
|
|
|
|
|
|
|
5.00%, 5/01/12 |
|
|
650 |
|
|
664,482 |
|
5.00%, 5/01/24 |
|
|
1,000 |
|
|
1,077,180 |
|
5.00%, 5/01/25 |
|
|
1,525 |
|
|
1,630,240 |
|
5.00%, 5/01/26 |
|
|
1,600 |
|
|
1,702,112 |
|
5.00%, 5/01/35 |
|
|
3,000 |
|
|
3,059,760 |
|
Lansing Building Authority Michigan, GO, |
|
|
1,510 |
|
|
1,628,520 |
|
Lincoln Consolidated School District |
|
|
5,000 |
|
|
5,086,300 |
|
Livonia Public Schools School District |
|
|
1,000 |
|
|
1,039,640 |
|
Montrose Community Schools, GO |
|
|
1,000 |
|
|
1,196,350 |
|
New Haven Community Schools |
|
|
1,500 |
|
|
1,588,260 |
|
Orchard View Schools Michigan, GO, |
|
|
5,320 |
|
|
5,796,140 |
|
Pennfield School District Michigan, GO, |
|
|
|
|
|
|
|
(FGIC), 5.00%, 5/01/14 |
|
|
765 |
|
|
844,973 |
|
(NPFGC), 5.00%, 5/01/14 |
|
|
605 |
|
|
668,247 |
|
Reed City Public Schools Michigan, GO, |
|
|
1,425 |
|
|
1,577,717 |
|
Rochester Community School District, |
|
|
435 |
|
|
487,174 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District |
|
|
|
|
|
|
|
Romulus Community Schools, GO, |
|
|
|
|
|
|
|
4.00%, 5/01/24 |
|
$ |
1,100 |
|
$ |
1,085,832 |
|
4.13%, 5/01/25 |
|
|
1,150 |
|
|
1,134,188 |
|
Romulus Community Schools, GO, |
|
|
|
|
|
|
|
4.25%, 5/01/26 |
|
|
1,200 |
|
|
1,188,468 |
|
4.25%, 5/01/27 |
|
|
1,200 |
|
|
1,177,284 |
|
4.50%, 5/01/29 |
|
|
1,025 |
|
|
1,018,860 |
|
Southfield Public Schools Michigan, GO, |
|
|
2,000 |
|
|
2,214,340 |
|
Thornapple Kellogg School District |
|
|
2,500 |
|
|
2,584,900 |
|
Van Dyke Public Schools Michigan, GO, |
|
|
1,250 |
|
|
1,318,000 |
|
West Bloomfield School District |
|
|
|
|
|
|
|
5.50%, 5/01/17 |
|
|
1,710 |
|
|
1,739,002 |
|
5.50%, 5/01/18 |
|
|
1,225 |
|
|
1,243,314 |
|
Zeeland Public Schools Michigan, GO, |
|
|
1,600 |
|
|
1,632,736 |
|
|
|
|
|
|
|
105,891,954 |
|
Education 6.8% |
|
|
|
|
|
|
|
Eastern Michigan University, Refunding |
|
|
435 |
|
|
436,623 |
|
Grand Valley State University Michigan, |
|
|
2,070 |
|
|
2,271,411 |
|
Michigan Higher Education Facilities |
|
|
1,720 |
|
|
1,721,754 |
|
Michigan Higher Education Facilities |
|
|
|
|
|
|
|
5.85%, 6/01/12 |
|
|
1,235 |
|
|
1,274,434 |
|
5.90%, 6/01/12 |
|
|
1,145 |
|
|
1,181,903 |
|
Michigan Higher Education Student |
|
|
3,000 |
|
|
2,955,930 |
|
Michigan State University, Refunding |
|
|
4,700 |
|
|
4,953,894 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
OCTOBER 31, 2011 |
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) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Saginaw Valley State University |
|
$ |
2,100 |
|
$ |
2,143,176 |
|
Western Michigan University, Refunding |
|
|
1,500 |
|
|
1,564,170 |
|
|
|
|
|
|
|
18,503,295 |
|
Health 22.6% |
|
|
|
|
|
|
|
Dickinson County Healthcare System, |
|
|
3,100 |
|
|
3,099,659 |
|
Flint Hospital Building Authority |
|
|
|
|
|
|
|
6.00%, 7/01/20 |
|
|
1,125 |
|
|
1,125,068 |
|
Series A, 5.38%, 7/01/20 |
|
|
615 |
|
|
590,425 |
|
Kalamazoo Hospital Finance Authority, |
|
|
4,750 |
|
|
4,858,110 |
|
Kent Hospital Finance Authority |
|
|
4,500 |
|
|
4,592,520 |
|
Kent Hospital Finance Authority |
|
|
1,170 |
|
|
1,205,685 |
|
Michigan State Finance Authority, |
|
|
|
|
|
|
|
5.00%, 12/01/31 |
|
|
3,100 |
|
|
3,129,233 |
|
5.00%, 12/01/35 |
|
|
3,100 |
|
|
3,107,161 |
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
Ascension Health Senior |
|
|
3,700 |
|
|
3,939,057 |
|
Hospital, MidMichigan Obligation |
|
|
2,530 |
|
|
2,555,705 |
|
McLaren Health Care, Series |
|
|
1,000 |
|
|
997,170 |
|
MidMichigan Obligation |
|
|
620 |
|
|
623,670 |
|
MidMichigan Obligation |
|
|
3,550 |
|
|
3,414,283 |
|
Trinity Health Credit, Series C, |
|
|
3,410 |
|
|
3,434,245 |
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
Henry Ford Health System, |
|
|
2,500 |
|
|
2,417,600 |
|
Hospital, Crittenton, Series A, |
|
|
2,050 |
|
|
2,056,211 |
|
Hospital, Oakwood Obligation |
|
|
600 |
|
|
619,908 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
Michigan State Hospital Finance |
|
|
|
|
|
|
|
Hospital, Oakwood Obligation |
|
$ |
3,260 |
|
$ |
3,254,295 |
|
Hospital, Oakwood Obligation |
|
|
630 |
|
|
581,988 |
|
Hospital, Sparrow Obligated, |
|
|
3,100 |
|
|
3,049,842 |
|
Mclaren Health Care, 5.75%, |
|
|
4,500 |
|
|
4,668,390 |
|
Trinity Health Credit, Series A, |
|
|
930 |
|
|
1,031,900 |
|
Trinity Health Credit, Series A, |
|
|
1,000 |
|
|
1,114,980 |
|
Trinity Health Credit, Series C, |
|
|
1,345 |
|
|
1,418,007 |
|
Trinity Health Credit, Series D, |
|
|
3,100 |
|
|
3,126,350 |
|
Royal Oak Hospital Finance Authority |
|
|
1,000 |
|
|
1,186,060 |
|
Sturgis Building Authority, RB, Sturgis |
|
|
475 |
|
|
469,100 |
|
|
|
|
|
|
|
61,666,622 |
|
Housing 7.2% |
|
|
|
|
|
|
|
Michigan State HDA, RB: |
|
|
|
|
|
|
|
Deaconess Tower AMT (Ginnie |
|
|
1,000 |
|
|
1,004,380 |
|
Series A, 4.75%, 12/01/25 |
|
|
4,400 |
|
|
4,480,564 |
|
Series A, 6.00%, 10/01/45 |
|
|
6,990 |
|
|
6,991,538 |
|
Series A, AMT (NPFGC), 5.30%, |
|
|
130 |
|
|
130,014 |
|
Williams Pavilion, AMT (Ginnie |
|
|
3,815 |
|
|
3,721,342 |
|
Michigan State HDA, Refunding RB, |
|
|
3,260 |
|
|
3,394,181 |
|
|
|
|
|
|
|
19,722,019 |
|
State 17.0% |
|
|
|
|
|
|
|
Michigan Municipal Bond Authority, RB, |
|
|
1,240 |
|
|
1,381,372 |
|
Michigan Municipal Bond Authority, RB: |
|
|
|
|
|
|
|
Local Government Loan Program, |
|
|
1,065 |
|
|
1,065,160 |
|
State Clean Water, 5.00%, 10/01/27 |
|
|
1,250 |
|
|
1,337,475 |
|
Michigan Municipal Bond Authority, |
|
|
|
|
|
|
|
5.00%, 11/01/14 |
|
|
2,400 |
|
|
2,632,392 |
|
5.00%, 11/01/15 |
|
|
1,500 |
|
|
1,663,620 |
|
5.00%, 11/01/16 |
|
|
500 |
|
|
564,430 |
|
5.38%, 11/01/24 |
|
|
125 |
|
|
138,764 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
OCTOBER 31, 2011 |
3 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (continued) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
Michigan State Building Authority, RB, |
|
$ |
4,500 |
|
$ |
4,819,815 |
|
Michigan State Building Authority, |
|
|
|
|
|
|
|
Series I, 6.25%, 10/15/38 |
|
|
3,900 |
|
|
4,352,946 |
|
Series I, 5.50%, 10/15/45 |
|
|
1,250 |
|
|
1,346,275 |
|
Series I (AGC), 5.25%, 10/15/24 |
|
|
4,000 |
|
|
4,413,120 |
|
Series I (AGC), 5.25%, |
|
|
2,000 |
|
|
2,194,300 |
|
Series I (AGC), 5.25%, |
|
|
600 |
|
|
652,794 |
|
Series II (NPFGC), 5.00%, |
|
|
3,500 |
|
|
3,556,560 |
|
Michigan State Finance Authority, RB, |
|
|
|
|
|
|
|
5.00%, 4/01/31 |
|
|
1,000 |
|
|
990,150 |
|
5.25%, 10/01/41 |
|
|
6,085 |
|
|
6,084,695 |
|
Michigan Strategic Fund, RB, Cadillac |
|
|
1,500 |
|
|
1,558,905 |
|
State of Michigan, RB, GAB (AGM), |
|
|
5,250 |
|
|
5,615,715 |
|
State of Michigan, COP (AMBAC), 5.55%, |
|
|
3,000 |
|
|
2,163,420 |
|
|
|
|
|
|
|
46,531,908 |
|
Transportation 13.4% |
|
|
|
|
|
|
|
Wayne County Airport Authority, RB, |
|
|
|
|
|
|
|
5.25%, 12/01/25 |
|
|
7,525 |
|
|
7,615,526 |
|
5.25%, 12/01/26 |
|
|
6,300 |
|
|
6,348,006 |
|
5.00%, 12/01/34 |
|
|
9,160 |
|
|
8,508,358 |
|
Wayne County Airport Authority, |
|
|
|
|
|
|
|
5.75%, 12/01/25 |
|
|
4,000 |
|
|
4,196,360 |
|
5.75%, 12/01/26 |
|
|
1,000 |
|
|
1,041,810 |
|
5.38%, 12/01/32 |
|
|
8,700 |
|
|
8,747,937 |
|
|
|
|
|
|
|
36,457,997 |
|
Utilities 24.6% |
|
|
|
|
|
|
|
City of Detroit Michigan, RB: |
|
|
|
|
|
|
|
Second Lien, Series B (AGM), |
|
|
3,000 |
|
|
3,534,750 |
|
Second Lien, Series B (NPFGC), |
|
|
1,550 |
|
|
1,668,048 |
|
Second Lien, Series B (NPFGC), |
|
|
2,420 |
|
|
2,276,058 |
|
Senior Lien, Series A (AGM), 5.00%, |
|
|
4,000 |
|
|
4,047,840 |
|
Senior Lien, Series A (NPFGC), |
|
|
6,900 |
|
|
6,901,725 |
|
Series B (NPFGC), 5.25%, 7/01/13 (a) |
|
|
11,790 |
|
|
12,736,737 |
|
City of Detroit Michigan, Refunding RB: |
|
|
|
|
|
|
|
Second Lien, Series C (AGM), |
|
|
10,570 |
|
|
10,591,034 |
|
(FGIC), 6.25%, 7/01/12 (b) |
|
|
280 |
|
|
289,814 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Michigan (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
City of Grand Rapids Michigan, RB |
|
$ |
11,385 |
|
$ |
11,617,596 |
|
City of Port Huron Michigan, RB, Water |
|
|
|
|
|
|
|
5.25%, 10/01/31 |
|
|
310 |
|
|
315,989 |
|
5.63%, 10/01/40 |
|
|
1,000 |
|
|
1,029,430 |
|
Lansing Board of Water & Light, RB, |
|
|
|
|
|
|
|
5.00%, 7/01/27 |
|
|
1,970 |
|
|
2,126,556 |
|
5.00%, 7/01/31 |
|
|
4,230 |
|
|
4,458,505 |
|
5.00%, 7/01/37 |
|
|
2,065 |
|
|
2,179,897 |
|
5.50%, 7/01/41 |
|
|
3,000 |
|
|
3,302,040 |
|
|
|
|
|
|
|
67,076,019 |
|
Total Municipal Bonds in Michigan |
|
|
|
|
|
374,938,527 |
|
|
|
|
|
|
|
|
|
Guam 1.1% |
|
|
|
|
|
|
|
County/City/Special District/School District 0.5% |
|
|
|
|
|
|
|
Territory of Guam, RB, Section 30, |
|
|
1,400 |
|
|
1,421,252 |
|
Utilities 0.6% |
|
|
|
|
|
|
|
Guam Power Authority, Refunding RB, |
|
|
1,565 |
|
|
1,613,765 |
|
Total Municipal Bonds in Guam |
|
|
|
|
|
3,035,017 |
|
|
|
|
|
|
|
|
|
Puerto Rico 6.0% |
|
|
|
|
|
|
|
Housing 0.8% |
|
|
|
|
|
|
|
Puerto Rico Housing Finance Authority, |
|
|
2,000 |
|
|
2,072,560 |
|
State 4.1% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, |
|
|
2,000 |
|
|
2,116,700 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
|
|
|
|
|
5.18%, 8/01/43 |
|
|
12,500 |
|
|
1,697,625 |
|
5.00%, 8/01/46 |
|
|
20,000 |
|
|
2,214,000 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
5,100 |
|
|
5,235,252 |
|
|
|
|
|
|
|
11,263,577 |
|
Transportation 1.1% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation |
|
|
2,750 |
|
|
2,967,443 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
16,303,580 |
|
Total Municipal Bonds 144.5% |
|
|
|
|
|
394,277,124 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
OCTOBER 31, 2011 |
4 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender |
|
Par |
|
Value |
|
||
Michigan 11.8% |
|
|
|
|
|
|
|
County/City/Special District/School District 4.3% |
|
|
|
|
|
|
|
Lakewood Public Schools Michigan, GO, |
|
$ |
6,470 |
|
$ |
6,960,458 |
|
Portage Public Schools Michigan, GO, |
|
|
4,650 |
|
|
4,846,277 |
|
|
|
|
|
|
|
11,806,735 |
|
Education 7.5% |
|
|
|
|
|
|
|
Saginaw Valley State University, |
|
|
7,500 |
|
|
7,840,875 |
|
Wayne State University, Refunding RB, |
|
|
12,210 |
|
|
12,686,556 |
|
|
|
|
|
|
|
20,527,431 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
|
32,334,166 |
|
Total Long-Term Investments |
|
|
|
|
|
426,611,290 |
|
|
|
|
|
|
|
|
|
|
|||||||
Short-Term Securities |
|
Shares |
|
|
|
|
|
BIF Michigan Municipal Money Fund, |
|
|
1,243,741 |
|
|
1,243,741 |
|
Total Short-Term Securities |
|
|
|
|
|
1,243,741 |
|
Total Investments |
|
|
|
|
|
427,855,031 |
|
Other Assets Less Liabilities 2.2% |
|
|
|
|
|
5,894,887 |
|
Liability for TOB Trust Certificates,
Including Interest |
|
|
|
|
|
(16,204,493 |
) |
VRDP Shares, at Liquidation Value (53.1)% |
|
|
|
|
|
(144,600,000 |
) |
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
272,945,425 |
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
397,935,368 |
|
Gross unrealized appreciation |
|
$ |
17,689,638 |
|
Gross unrealized depreciation |
|
|
(3,959,975 |
) |
Net unrealized appreciation |
|
$ |
13,729,663 |
|
|
|
(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 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 |
|
|
(5,685,013 |
) |
|
1,243,741 |
|
$ |
|
|
|
|
|
(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. |
|
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. 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) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Funds perceived risk of 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 inputs used as of October 31, 2011 in determining the fair valuation of the Funds investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
426,611,290 |
|
|
|
|
$ |
426,611,290 |
|
Short-Term |
|
$ |
1,243,741 |
|
|
|
|
|
|
|
|
1,243,741 |
|
Total |
|
$ |
1,243,741 |
|
$ |
426,611,290 |
|
|
|
|
$ |
427,855,031 |
|
|
|
1 |
See above Schedule of Investments for values in each sector. |
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. |
OCTOBER 31, 2011 |
5 |
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: December 21, 2011 |
||
|
|
||
|
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, 2011 |
||
|
|
||
|
By: | /s/ Neal J. Andrews |
|
|
|
Neal J. Andrews |
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
BlackRock MuniYield Michigan Quality Fund, Inc. |
|
|
|
|
|
|
Date: December 21, 2011 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Michigan Quality Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock MuniYield Michigan Quality Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: December 21, 2011
/s/ John M. Perlowski |
|
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Michigan Quality Fund, Inc.
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Michigan Quality Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock MuniYield Michigan Quality Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: December 21, 2011
/s/ Neal J. Andrews |
|
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Michigan Quality Fund, Inc.