October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
California(a) — 3.2%
Corporate — 3.1%
California Community Choice Financing Authority, RB,
Series B, Sustainability Bonds, 5.00%, 01/01/55
$
10,720
$ 11,493,584
Transportation — 0.1%
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(b)
 
450
463,573
Total Municipal Bonds in California
11,957,157
Kentucky — 2.1%
Corporate — 2.1%
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a)
 
7,315
7,824,281
Michigan — 147.4%
County/City/Special District/School District — 43.2%
Belding Area Schools, GO, (Q-SBLF), 5.25%, 05/01/48
 
1,620
1,746,250
Berkley School District GO, (Q-SBLF), 5.00%, 05/01/49
 
5,335
5,671,143
Bloomfield Hills School District, GO, 5.00%, 05/01/48
 
1,250
1,343,823
Byron Center Public Schools, GO, Series II, (Q-SBLF),
5.25%, 05/01/53
 
5,000
5,368,963
Cedar Springs Public School District, GO
 
Series II, (Q-SBLF), 5.00%, 05/01/46
 
1,100
1,176,692
Series II, (Q-SBLF), 4.50%, 05/01/49
 
1,950
1,982,624
Chippewa Valley Schools, GO, (Q-SBLF), 5.00%,
05/01/43
 
4,275
4,506,249
City of Lansing Michigan, Refunding GO
 
Series B, (AGM), 4.00%, 06/01/43
 
2,000
1,943,577
Series B, (AGM), 4.13%, 06/01/48
 
5,325
5,099,797
Clarkston Community Schools, GO
 
Series I, (Q-SBLF), 5.00%, 05/01/45
 
8,360
9,073,568
Series I, (Q-SBLF), 5.00%, 05/01/47
 
4,500
4,852,107
Coopersville Area Public Schools, GO
 
Series I, (Q-SBLF), 4.00%, 05/01/48
 
295
287,359
Series I, (Q-SBLF), 4.13%, 05/01/52
 
600
587,768
County of Kalamazoo Michigan, GOL, 4.13%, 05/01/47
 
1,375
1,375,149
Farmington Public School District, Refunding GO
 
(AGM), 5.00%, 05/01/33
 
1,500
1,510,420
(AGM), 5.00%, 05/01/34
 
1,500
1,510,077
(AGM), 5.00%, 05/01/35
 
1,000
1,006,574
Gerald R Ford International Airport Authority, ARB
 
AMT, (GTD), 5.00%, 01/01/51
 
5,435
5,628,201
AMT, (GTD), 5.00%, 01/01/54
 
2,000
2,076,975
Grand Ledge Public Schools, GO, (Q-SBLF), 5.00%,
05/01/44
 
1,585
1,663,104
Grand Rapids Public Schools, GO, (AGM), 5.00%,
05/01/49
 
4,150
4,419,172
Gull Lake Community School District, GO, Series I,
(Q-SBLF), 5.00%, 05/01/48
 
4,000
4,119,671
Holly Area School District, GO, Series I, (Q-SBLF),
5.25%, 05/01/48
 
8,235
8,876,770
Hudsonville Public Schools, GO, Series I, (Q-SBLF),
4.00%, 05/01/45
 
2,040
1,969,083
Hudsonville Public Schools, Refunding GO
 
(Q-SBLF), 5.00%, 05/01/46
 
2,500
2,674,300
(Q-SBLF), 5.00%, 05/01/49
 
2,375
2,517,873
Karegnondi Water Authority, Refunding RB
 
5.00%, 11/01/41
 
4,950
5,106,787
5.00%, 11/01/45
 
3,000
3,065,080
Kentwood Public Schools, GO
 
5.00%, 05/01/41
 
1,120
1,139,001
Security
 
Par
(000)
Value
County/City/Special District/School District (continued)
Kentwood Public Schools, GO (continued)
 
Series II, (AGM), 5.00%, 05/01/46
$
3,000
$ 3,213,064
Series II, (AGM), 5.00%, 05/01/49
 
5,000
5,319,763
Michigan Finance Authority, RB
 
4.00%, 11/01/48
 
3,000
2,754,671
2nd Lien, (BAM-TCRS), 4.00%, 11/01/50
 
1,500
1,380,471
Novi Community School District, GO
 
Series I, 5.00%, 05/01/44
 
1,175
1,236,937
Series II, 4.00%, 05/01/43
 
1,320
1,309,184
Okemos Public Schools, GO, Series II, (Q-SBLF),
5.00%, 05/01/49
 
2,750
2,968,536
Rockford Public Schools, GO, Series II, (Q-SBLF),
5.00%, 05/01/46
 
1,505
1,609,410
Southfield Public Schools, GO, (Q-SBLF), 5.00%,
05/01/49
 
1,740
1,864,406
Three Rivers Community Schools, GO
 
Series II, (Q-SBLF), 4.13%, 05/01/46
 
2,000
2,010,269
Series II, (Q-SBLF), 4.25%, 05/01/49
 
7,000
7,048,341
Trenton Public Schools School District, GO, (Q-SBLF),
5.00%, 05/01/48
 
5,000
5,122,552
Troy School District, GO
 
(Q-SBLF), 5.00%, 05/01/47
 
6,445
6,905,157
(Q-SBLF), 5.00%, 05/01/52
 
5,710
6,053,407
Walled Lake Consolidated School District, GO
 
(Q-SBLF), 5.00%, 05/01/45
 
2,300
2,405,216
(Q-SBLF), 5.00%, 05/01/47
 
1,000
1,070,326
(Q-SBLF), 5.00%, 05/01/49
 
2,500
2,662,800
Wayne-Westland Community Schools, GO
 
(Q-SBLF), 5.00%, 11/01/44
 
2,360
2,537,165
(Q-SBLF), 4.50%, 11/01/46
 
5,250
5,379,013
West Ottawa Public Schools, GO, (AGM), 4.00%,
11/01/46
 
1,730
1,731,534
Williamston Community Schools School District GO(c)
 
(Q-SBLF), 05/01/46
 
1,085
1,153,454
(Q-SBLF), 05/01/51
 
2,250
2,366,290
Zeeland Public Schools, GO, Series A, (AGM), 5.00%,
05/01/33
 
1,000
1,006,273
 
 
161,406,396
Education — 25.5%
Eastern Michigan University, RB, Series A, (AGM),
4.00%, 03/01/44
 
5,000
4,879,864
Grand Valley State University, RB, 5.00%, 12/01/43
 
1,600
1,640,039
Lake Superior State University, RB, (AGM), 5.00%,
01/15/48
 
3,750
3,828,976
Michigan Finance Authority, Refunding RB
 
5.00%, 02/01/33
 
830
843,281
4.00%, 12/01/33
 
1,200
1,105,735
5.00%, 12/01/36
 
1,550
1,549,893
5.00%, 12/01/40
 
2,900
2,791,562
5.00%, 12/01/45
 
4,400
4,195,377
4.00%, 09/01/50
 
1,550
1,428,933
Michigan State University, Refunding RB
 
Series A, 5.00%, 08/15/49
 
2,500
2,681,743
Series B, 4.00%, 02/15/44
 
4,000
3,911,979
Series B, 5.00%, 02/15/44
 
3,820
3,982,873
Series B, 5.00%, 02/15/48
 
6,160
6,370,226
Series C, 4.00%, 02/15/44
 
8,900
8,718,039
Michigan Technological University, RB
 
Series A, 5.00%, 10/01/45
 
1,800
1,803,197
Series A, (AGM), 5.25%, 10/01/52
 
1,675
1,789,231
Series C, (AGM), 5.25%, 10/01/48
 
2,500
2,735,192
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Education (continued)
Oakland University, RB
 
5.00%, 03/01/41
$
3,635
$ 3,675,957
5.00%, 03/01/47
 
3,500
3,509,427
Wayne State University, RB
 
Series A, 5.00%, 11/15/43
 
8,330
8,683,408
Series A, 4.00%, 11/15/48
 
9,285
8,853,264
Western Michigan University, RB
 
Series A, (AGM), 5.00%, 11/15/51
 
1,815
1,906,024
Series A, (AGM), 5.00%, 11/15/53
 
5,345
5,600,776
Western Michigan University, Refunding RB, 5.00%,
11/15/49
 
8,435
8,736,587
 
 
95,221,583
Health — 17.9%
Grand Traverse County Hospital Finance Authority, RB
 
Series A, 5.00%, 07/01/49
 
2,610
2,645,793
Series B, 4.00%, 07/01/49
 
2,000
1,830,140
Kentwood Economic Development Corp., Refunding
RB, 4.00%, 11/15/43
 
750
676,694
Michigan Finance Authority, RB, 5.00%, 11/01/44
 
3,000
3,016,404
Michigan Finance Authority, Refunding RB
 
5.00%, 11/15/37
 
3,000
3,053,343
4.00%, 12/01/40
 
3,000
2,958,462
5.00%, 11/15/41
 
1,000
1,016,541
4.00%, 04/15/42
 
3,210
3,183,081
5.00%, 12/01/45
 
16,095
16,205,972
4.00%, 11/15/46
 
8,500
7,814,795
Series 2, 4.00%, 03/01/51
 
4,000
3,740,164
Series A, 4.00%, 12/01/40
 
3,085
3,009,881
Series A, 5.00%, 12/01/42
 
2,250
2,310,586
Series A, 4.00%, 12/01/49
 
1,500
1,392,640
Series S, 5.00%, 05/15/34
 
1,500
1,508,083
Series S, 5.00%, 05/15/38
 
4,890
4,916,352
Michigan State Hospital Finance Authority, Refunding
RB, 5.00%, 11/15/47
 
4,000
4,147,663
Michigan Strategic Fund, RB, 5.00%, 11/15/42
 
3,500
3,516,839
 
 
66,943,433
Housing — 10.2%
Michigan State Housing Development Authority, RB,
M/F Housing
 
(GNMA), 4.75%, 04/20/37
 
2,455
2,438,583
Series A, 4.45%, 10/01/34
 
1,000
1,000,157
Series A, 4.63%, 10/01/39
 
3,490
3,490,563
Series A, 4.30%, 10/01/40
 
3,320
3,266,241
Series A, 4.75%, 10/01/44
 
5,000
4,906,368
Series A, 5.00%, 10/01/48
 
7,000
7,182,694
Series A, 2.55%, 10/01/51
 
5,175
3,415,784
Michigan State Housing Development Authority, RB,
S/F Housing
 
Series A, Sustainability Bonds, 6.00%, 06/01/54
 
5,895
6,419,188
Series D, Sustainability Bonds, 5.50%, 06/01/53
 
5,665
5,981,508
 
 
38,101,086
State — 21.6%
Michigan Finance Authority, RB
 
Series F, 5.00%, 04/01/31
 
1,000
1,001,134
Series F, 5.25%, 10/01/41
 
8,595
8,606,174
Michigan State Building Authority, Refunding RB
 
4.00%, 10/15/49
 
7,000
6,605,112
Series I, 4.00%, 10/15/46
 
2,000
1,953,046
Series I, 5.00%, 10/15/47
 
5,000
5,321,252
Security
 
Par
(000)
Value
State (continued)
Michigan Strategic Fund, RB
 
AMT, (AGM), 4.25%, 12/31/38
$
14,000
$ 13,615,829
AMT, 5.00%, 12/31/43
 
15,000
15,235,300
State of Michigan Trunk Line Revenue, RB
 
5.00%, 11/15/42
 
3,000
3,311,864
4.00%, 11/15/46
 
5,590
5,411,855
5.25%, 11/15/49
 
10,000
10,994,942
Series B, 4.00%, 11/15/45
 
5,500
5,395,164
Series B, 5.00%, 11/15/45
 
2,830
3,005,206
 
 
80,456,878
Tobacco — 2.8%
Michigan Finance Authority, Refunding RB
 
Series A, Class 1, 4.00%, 06/01/39
 
1,250
1,231,754
Series A, Class 1, 4.00%, 06/01/49
 
3,750
3,385,207
Michigan Finance Authority, Refunding RB, CAB,
Series B-2, Class 2, 0.00%, 06/01/65(d)
 
50,000
5,776,024
 
 
10,392,985
Transportation — 8.8%
Wayne County Airport Authority, ARB
 
Series A, 5.00%, 12/01/42
 
900
926,457
Series A, 5.00%, 12/01/46
 
5,000
5,324,313
Series A, (AGM), 5.25%, 12/01/48
 
3,495
3,796,484
Series D, 5.00%, 12/01/45
 
4,500
4,533,297
AMT, 5.00%, 12/01/48
 
5,000
5,089,479
Series B, AMT, 5.00%, 12/01/42
 
2,000
2,048,981
Wayne County Airport Authority, Refunding RB
 
AMT, 5.00%, 12/01/32
 
2,940
3,051,327
Series F, AMT, 5.00%, 12/01/34
 
8,000
8,080,296
 
 
32,850,634
Utilities — 17.4%
City of Detroit Michigan Water Supply System Revenue,
RB, Series A, Senior Lien, (NPFGC), 5.00%,
07/01/34
 
10
10,010
Downriver Utility Wastewater Authority, Refunding RB,
(AGM), 5.00%, 04/01/43
 
1,000
1,029,081
Great Lakes Water Authority Sewage Disposal System
Revenue, RB
 
Series A, Senior Lien, 5.25%, 07/01/47
 
8,000
8,653,085
Series A, Senior Lien, 5.25%, 07/01/52
 
2,000
2,134,566
Great Lakes Water Authority Water Supply System
Revenue, RB
 
Series B, 2nd Lien, 5.00%, 07/01/46
 
8,000
8,087,078
Series B, Senior Lien, 5.25%, 07/01/48
 
2,250
2,454,828
Lansing Board of Water & Light Refunding RB,
Series A, 5.00%, 07/01/49
 
3,275
3,509,825
Lansing Board of Water & Light, Refunding RB
 
Series A, 5.00%, 07/01/44
 
6,000
6,256,311
Series A, 5.00%, 07/01/48
 
19,105
19,821,282
Series A, 5.25%, 07/01/54
 
2,500
2,715,517
Michigan Finance Authority, RB, Sustainability Bonds,
5.50%, 02/28/49
 
8,985
9,931,704
Michigan Finance Authority, Refunding RB, Series D-1,
5.00%, 07/01/35
 
450
453,964
 
 
65,057,251
Total Municipal Bonds in Michigan
550,430,246
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Nevada — 0.0%
Transportation — 0.0%
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50(a)
$
100
$ 103,016
New York — 0.9%
Transportation — 0.9%
New York Transportation Development Corp.,
Refunding RB, Series A, AMT, Sustainability Bonds,
(AGC), 12/31/54(c)
 
3,110
3,280,709
Puerto Rico — 4.3%
State — 4.3%
Commonwealth of Puerto Rico, GO, Series A-1,
Restructured, 5.75%, 07/01/31
 
1,061
1,166,683
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
534
526,863
Series A-1, Restructured, 5.00%, 07/01/58
 
1,600
1,601,928
Series A-2, Restructured, 4.78%, 07/01/58
 
103
101,887
Series A-2, Restructured, 4.33%, 07/01/40
 
277
274,095
Series B-1, Restructured, 4.75%, 07/01/53
 
451
447,706
Series B-1, Restructured, 5.00%, 07/01/58
 
7,076
7,103,989
Series B-2, Restructured, 4.33%, 07/01/40
 
2,534
2,485,643
Series B-2, Restructured, 4.78%, 07/01/58
 
597
587,644
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(d)
 
5,412
1,735,210
Total Municipal Bonds in Puerto Rico
16,031,648
Total Long-Term Investments — 157.9%
(Cost: $586,470,170)
589,627,057
 
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.6%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(e)(f)
 
13,435,335
$   13,436,678
Total Short-Term Securities — 3.6%
(Cost: $13,436,290)
13,436,678
Total Investments — 161.5%
(Cost: $599,906,460)
603,063,735
Other Assets Less Liabilities — 0.5%
1,836,793
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(62.0)%
(231,567,600
)
Net Assets Applicable to Common Shares — 100.0%
$  373,332,928
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
When-issued security.
(d)
Zero-coupon bond.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes. 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
$ 16,392,727
$ —
$ (2,956,049
)(a)
$ —
$ —
$ 13,436,678
13,435,335
$ 116,051
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of 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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 589,627,057
$ —
$ 589,627,057
Short-Term Securities 
Money Market Funds
13,436,678
—
—
13,436,678
 
$13,436,678
$589,627,057
$—
$603,063,735
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
VRDP Shares at Liquidation Value
$—
$(231,900,000
)
$—
$(231,900,000
)
 
$—
$(231,900,000
)
$—
$(231,900,000
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
Q-SBLF
 Qualified School Bond Loan Fund
RB
 Revenue Bond
S/F
 Single-Family
Schedule of Investments
4
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