MIY - BlackRock MuniYield Michigan Quality Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Sept 10, 2026

   The fund said it will repay some borrowed money on Oct 2, 2026.

   Original document →

2. Feb 27, 2026

   The fund said it will repay some borrowed money on April 1, 2026.

   Original document →

3. Oct 17, 2025

   The shareholder vote on folding into MYI was moved to Nov 20, 2025.

   Original document →

4. Sept 11, 2025

   The fund said it will repay some borrowed money on Oct 11, 2025.

   Original document →

5. Sept 8, 2025

   The fund proposed folding into MYI. Holders vote on Nov 20, 2025. Latest document Oct 17, 2025.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $352 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 99% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.5% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 5 charge a lower management fee and 41 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2026) the fund paid $0.65 a share. $0.59 of that was income; $0.06 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $12.13. The shares traded at $12.20, about 0.6% above that. As of July 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 0.5% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.65 in the fiscal year ended July 31, 2026; $0.64 in the year ended July 31, 2025; $0.51 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.06 in the year ended July 31, 2026; $0.21 in the year ended July 31, 2025; $0.05 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.16% a year in the fiscal year ended July 31, 2026; 3.34% a year in the year ended July 31, 2025; 3.62% a year in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $352 million at July 31, 2026; $340 million at July 31, 2025; $379 million at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• Borrowing: about 40% on top of its own money at July 31, 2026; 41% at July 31, 2025; 38% at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• The fund had about 29 million shares at July 31, 2026, about the same as at July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2026: the shares returned +18.1%, counting payouts; the holdings +9.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of July 31, 2026, from the fund's annual report. Original document →
• The year ended July 31, 2025: the shares returned -0.7%, counting payouts; the holdings -5.2%. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +9.3%, counting payouts; the holdings +5.8%. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -15.1%, counting payouts; the holdings -0.4%. As of July 31, 2023, from the fund's annual report. Original document →
• The year ended July 31, 2022: the shares returned -9.3%, counting payouts; the holdings -11.4%. As of July 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -1.3%. $10,000 of shares bought at the start (Aug 1, 2021) would have become about $9,870 by July 31, 2026, with every payout counted, before tax. As of July 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +9.3%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 33 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 30 a lower one. As of July 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (99%), the rest cash and short-term holdings. All of it issued in the U.S.

1. Lansing Board of Water & Light, Lansing Mich Brd Wtr & Lt Util Sys Rev - 9.1%
2. Michigan Finance Authority - 7.2%
3. Michigan Strategic Fund, Michigan St Strategic Fund Ltd Oblg Revenue - 7%
4. State of Michigan Trunk Line Revenue, Michigan St Trunk Line - 5.4%
5. Troy School District/MI, Troy MI City Sch Dist - 5.2%
6. Great Lakes Water Authority Water Supply System Revenue, Great Lakes MI Wtr Auth Wtr Sply Sys Revenue - 3.5%
7. Michigan State Hospital Finance Authority, Michigan St Hosp Fin Auth - 3.1%
8. Michigan State University, Michigan St Univ Revenues - 3%
9. City of Lansing MI, Lansing MI - 2.7%
10. L'Anse Creuse Public Schools, L'anse Creuse MI Public Schs - 2.7%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →