0001287695-15-000102.txt : 20150327 0001287695-15-000102.hdr.sgml : 20150327 20150327140037 ACCESSION NUMBER: 0001287695-15-000102 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150131 FILED AS OF DATE: 20150327 DATE AS OF CHANGE: 20150327 EFFECTIVENESS DATE: 20150327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC. CENTRAL INDEX KEY: 0000890393 IRS NUMBER: 223196060 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-07080 FILM NUMBER: 15730338 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 BUSINESS PHONE: 6092825284 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD MICHIGAN INSURED FUND, INC. DATE OF NAME CHANGE: 20070611 FORMER COMPANY: FORMER CONFORMED NAME: MUNIYIELD MICHIGAN INSURED FUND INC DATE OF NAME CHANGE: 20020620 FORMER COMPANY: FORMER CONFORMED NAME: MUNIYIELD MICHIGAN INSURED FUND II INC DATE OF NAME CHANGE: 20020620 NSAR-A 1 miyanswer.fil PAGE 1 000 A000000 01/31/2015 000 C000000 0000890393 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLK MUNIYIELD MICHIGAN QUALITY FUND, INC. 001 B000000 811-07080 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 012 A000001 STATE STREET BANK AND TRUST COMPANY 012 B000001 85-11329 012 C010001 BOSTON 012 C020001 MA 012 C030001 02210 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02116 014 A000001 BLACKROCK EXECUTION SERVICES 014 B000001 8-48719 014 A000002 BLACKROCK INVESTMENTS, LLC 014 B000002 8-48436 014 A000003 HARRIS WILLIAMS LLC 014 B000003 8-53380 014 A000004 PNC CAPITAL MARKETS, INC. 014 B000004 8-32493 014 A000005 PNC INVESTMENTS LLC 014 B000005 8-66195 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 BOSTON PAGE 2 015 C020001 MA 015 C030001 02210 018 000000 Y 019 A000000 Y 019 B000000 285 019 C000000 BLKRKADVSR 021 000000 0 022 A000001 BIF MICHIGAN MUNICIPAL MONEY FUND 022 B000001 22-6528882 022 C000001 22177 022 D000001 26066 022 A000002 FFI INSTITUTIONAL TAX-EXEMPT FUND 022 B000002 22-2509978 022 C000002 22767 022 D000002 20332 022 A000003 BANK OF AMERICA CORP 022 B000003 56-0906609 022 C000003 16155 022 D000003 4536 022 A000004 CITIGROUP GLOBAL MARKETS INC 022 B000004 11-2418191 022 C000004 6013 022 D000004 3913 022 A000005 JEFFERIES & COMPANY INC 022 B000005 95-2622900 022 C000005 5741 022 D000005 0 022 A000006 STIFEL NICOLAUS & COMPANY INCORPORATED 022 B000006 43-0538770 022 C000006 5493 022 D000006 0 022 A000007 J.P. 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ANDREWS TITLE CFO EX-99.77O RULE 10F-3 2 mifi77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares Short-Term National AMT-Free Muni Bond ETF (NAT0-5)
iShares National AMT-Free Muni Bond ETF(ISHMUNI)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock High Yield Municipal Fund (BR-HYMUNI)
BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-HY)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock MuniYield Michigan Quality Fund II, Inc. (MYM)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
08-28-2014
Security Type:
BND/MUNI

Issuer
Michigan Finance Authority (Local Government Loan Program Revenue Bonds) Series 2014C
(Detroit Water and Sewerage Department Sewerage Disposal System Revenue and Revenue Refunding Local Project Bonds)
Selling Underwriter
Citigroup Global Markets Inc.
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:
List of Underwriter(s)
Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Loop Capital Markets, PNC Capital Markets LLC, BMO Capital Markets, GKST, Inc., Comerica Securities, Jefferies LLC
 
Transaction Details
Date of Purchase
08-28-2014

Purchase Price/Share
(per share / % of par)
 
$112.564 (1.60)
$100.96
(4.85)
$98.468
(5.10)
$112.907
(3.44)
$105.391
(4.32)
$104.901
(4.38)
$104.575
(4.42)
Total Commission, Spread or Profit
0.3658

1. Aggregate Principal Amount Purchased (a+b)
$32,750,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$32,750,000
b.Other BlackRock Clients
N/A
 
2. Aggregate Principal Amount of Offering
 
$935,860,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.034994



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Dillip Behera
Date:
09-04-2014
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
09-04-2014
 
Global Syndicate Team Member
 
 
    

 

 
 

 


 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.


 
 
 

EX-99.77O RULE 10F-3 3 wayn77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
BlackRock MuniYield Michigan Quality Fund II, Inc. (MYM)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
08-07-2014
Security Type:
BND/MUNI

Issuer
Wayne County Airport Authority, Airport Revenue Bonds (Detroit Metropolitan Wayne County Airport), Series 2014C (AMT)
Selling Underwriter
J.P. Morgan Securities LLC
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:
List of Underwriter(s)
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, PNC Capital Markets LLC, Wells Fargo Securities, LLC
 
Transaction Details
Date of Purchase
08-07-2014

Purchase Price/Share
(per share / % of par)
$103.075
Total Commission, Spread or Profit
0.496

1. Aggregate Principal Amount Purchased (a+b)
$1,725,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$1,725,000
b.Other BlackRock Clients
N/A (PI)
 
2. Aggregate Principal Amount of Offering
 
$31,845,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.05417



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Dillip Behera
Date:
08-29-2014
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
08-29-2014
 
Global Syndicate Team Member
 
 
    

 

 
 

 


 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.