Schedule of Investments (unaudited) 

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 3.1%            

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a)

  $     3,960     $ 4,095,165  

Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47

     2,835       2,695,131  

Huntsville Public Building Authority, RB, 5.00%, 02/01/47

     7,000       7,069,335  

Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54

     9,000       8,930,700  
   

 

 

  
          22,790,331  
Arizona — 2.2%            

Arizona Industrial Development Authority, RB(b)
4.38%, 07/01/39

     810       636,016  

5.00%, 07/01/54

     945       732,737  

Series A, 5.00%, 07/01/49

     1,675       1,349,474  

Series A, 5.00%, 07/01/54

     1,290       1,012,658  

City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43

     8,500       8,266,415  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b)

    1,620       1,295,760  

Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/54(b)

    855       694,474  

Series A, 5.00%, 09/01/42

     435       427,495  

Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b)

    2,500       2,234,789  
   

 

 

  
      16,649,818  
Arkansas — 0.7%            

Arkansas Development Finance Authority, RB AMT, 5.70%, 05/01/53

     1,430       1,298,334  

Series A, AMT, 4.50%, 09/01/49(b)

    4,100       3,604,533  
   

 

 

  
      4,902,867  
California — 11.2%            

California Community Choice Financing Authority, RB(a)
5.00%, 07/01/53

     2,900       2,891,686  

5.50%, 10/01/54

     5,000       5,150,624  

California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b)

    380       228,518  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

    1,250       1,103,946  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.50%, 05/15/47

     2,000       2,062,941  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
5.00%, 09/01/37

     300       274,694  

4.00%, 10/01/56

     470       353,902  

4.00%, 12/01/56

     495       312,390  

Series A, 4.00%, 06/01/58

     2,410       1,644,073  

Senior Lien, 3.13%, 06/01/57

     1,780       1,018,410  

Series A, Senior Lien, 4.00%, 12/01/58

     2,555       1,727,907  

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

    5,110       3,780,487  

Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34(c)

    5,000       3,231,353  
Security  

Par

(000)

     Value  
California (continued)            

Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/28(a)

  $ 3,975     $ 3,437,517  

Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c)

    7,620       3,754,810  

Poway Unified School District, Refunding GO(c) 0.00%, 08/01/35

     7,820       4,549,460  

Series B, 0.00%, 08/01/36

     10,000       5,624,648  

Rio Hondo Community College District, GO(c)

   

Series C, Election 2004, 0.00%, 08/01/37

     8,000       4,300,347  

Series C, Election 2004, 0.00%, 08/01/38

     12,940       6,513,218  

San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(c)(d)

    8,765       4,535,619  

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

    3,485       2,526,375  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44

         14,215       13,714,012  

State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30

     10       10,014  

Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48

     7,660       6,568,821  

Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c)

    6,545       3,696,902  
   

 

 

  
          83,012,674  
Colorado — 4.2%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 5.25%, 12/01/43

     5,835       5,860,081  

Series D, AMT, 5.75%, 11/15/37

     5,000       5,347,006  

City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 4.00%, 11/15/46

     11,820       10,159,697  

Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b)

    2,530       2,007,925  

Colorado Health Facilities Authority, RB
5.00%, 11/01/42

     2,500       2,383,344  

5.25%, 11/01/52

     2,750       2,618,178  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     1,605       1,473,398  

STC Metropolitan District No. 2, Refunding GO, Series A, 5.00%, 12/01/38

     1,285       1,126,820  
   

 

 

  
      30,976,449  
District of Columbia — 0.9%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     1,400       1,378,229  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB
5.00%, 07/15/45

     3,325       3,366,217  

Series A, 4.13%, 07/15/47

     1,890       1,624,028  
   

 

 

  
      6,368,474  
Florida — 13.2%            

Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39

     4,535       4,547,736  

Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47

     5,000       4,214,632  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Florida (continued)             

Capital Trust Agency, Inc., RB(b)
5.00%, 01/01/55

   $ 1,640      $ 1,141,677  

Series A, 5.00%, 06/01/55

     1,475        1,087,406  

Series A, 5.50%, 06/01/57

     500        397,078  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/48

     4,315        4,581,462  

City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/47

     3,930        3,982,208  

City of Lakeland Florida Department of Electric Utilities, RB, 4.25%, 10/01/48

     5,000        4,364,236  

City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47

     3,655        3,504,486  

City of Tampa Florida, RB, CAB(c)

    

Series A, 0.00%, 09/01/40

     3,290        1,209,772  

Series A, 0.00%, 09/01/42

     1,150        368,207  

Series A, 0.00%, 09/01/45

     2,000        516,711  

County of Miami-Dade Florida Aviation Revenue, Refunding RB

     

AMT, 5.00%, 10/01/34

     530        530,242  

Series B, AMT, 5.00%, 10/01/40

     2,865        2,768,105  

County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/48

     1,750        1,749,111  

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/44

     9,500        8,388,955  

County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50

     3,500        2,778,697  

County of Pasco Florida, RB

     

(AGM), 5.00%, 09/01/48

     7,790        7,755,899  

(AGM), 5.75%, 09/01/54

     1,400        1,469,120  

Florida Development Finance Corp., RB(b)

     

6.50%, 06/30/57

     1,085        935,221  

AMT, 5.00%, 05/01/29

     1,500        1,365,475  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)

    820        611,699  

Greater Orlando Aviation Authority, ARB

     

Series A, AMT, 5.00%, 10/01/34

         5,060            5,141,032  

Series A, AMT, 5.00%, 10/01/49

     2,670        2,577,988  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/47

     2,500        2,390,985  

Kindred Community Development District II, SAB, 5.88%, 05/01/54

     500        466,385  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     715        695,959  

LT Ranch Community Development District, SAB

     

4.00%, 05/01/40

     1,415        1,118,742  

4.00%, 05/01/50

     2,000        1,395,744  

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

     5,000        4,931,872  

Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42

     1,675        1,629,058  

Palm Beach County School District, COP, Series B, 5.25%, 08/01/40

     8,000        8,368,256  

Parker Road Community Development District, SAB
3.88%, 05/01/40

     900        712,942  

4.10%, 05/01/50

     1,000        726,938  

Seminole Improvement District, RB
5.00%, 10/01/32

     230        216,586  
Security  

Par

(000)

      Value  
Florida (continued)             

Seminole Improvement District, RB (continued)
5.30%, 10/01/37

   $ 260      $ 238,422  

Town of Davie Florida, Refunding RB, 5.00%, 04/01/37

         4,630        4,614,452  

Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54

     790        698,708  

Village Community Development District No. 14, SAB, 5.50%, 05/01/53

     1,715        1,637,240  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

    730        644,290  

Westside Community Development District, Refunding SAB(b)
4.10%, 05/01/37

     640        545,204  

4.13%, 05/01/38

     630        532,104  
    

 

 

  
       97,551,042  
Georgia — 1.9%             

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    630        496,760  

Main Street Natural Gas, Inc., RB

     

Series A, 5.00%, 05/15/43

     1,105        1,052,588  

Series A, 5.00%, 06/01/53(a)

    4,195        4,124,410  

Series B, 5.00%, 07/01/53(a)

    2,915        2,893,185  

Series C, 5.00%, 09/01/53(a)

    2,445        2,425,499  

Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a)

    3,000        2,976,967  
    

 

 

  
           13,969,409  
Hawaii — 0.7%             

State of Hawaii Airports System Revenue, COP

     

AMT, 5.00%, 08/01/27

     2,000        1,981,743  

AMT, 5.00%, 08/01/28

     1,775        1,775,224  

State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37

     2,650        1,699,758  
    

 

 

  
       5,456,725  
Illinois — 11.3%             

Chicago Board of Education, GO

     

Series A, 5.00%, 12/01/34

     3,955        3,852,879  

Series A, 5.00%, 12/01/40

     1,270        1,156,183  

Series A, 5.00%, 12/01/41

     1,000        902,397  

Series A, 5.00%, 12/01/47

     1,115        978,279  

Chicago Board of Education, Refunding GO, Series B, 5.00%, 12/01/36

     1,300        1,232,480  

Chicago O’Hare International Airport, ARB Class A, AMT, Senior Lien, 5.00%, 01/01/48

     1,935        1,827,775  

Series D, Senior Lien, 5.25%, 01/01/42

     8,285        8,230,498  

Cook County Community College District No. 508, GO, 5.13%, 12/01/38

     3,250        3,028,488  

Illinois Finance Authority, Refunding RB
4.00%, 08/15/41

     1,750        1,504,666  

Series A, 5.00%, 10/01/40

     7,630        7,683,219  

Series C, 5.00%, 08/15/44

     985        891,431  

Metropolitan Pier & Exposition Authority, RB(c)

    

Series A, (NPFGC), 0.00%, 12/15/33

     20,000        12,182,859  

Series A, (NPFGC), 0.00%, 12/15/34

     41,880        24,419,864  

Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c)

    9,430        3,061,445  

State of Illinois, GO
5.25%, 02/01/33

     5,860        5,872,017  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO (continued)
5.25%, 02/01/34

   $ 5,360     $ 5,371,006  

Series B, 5.25%, 05/01/43

     1,640       1,616,305  
   

 

 

  
      83,811,791  
Indiana — 0.2%            

Indiana Finance Authority, RB, 1st Lien, 4.00%, 10/01/51

     2,025       1,603,895  
   

 

 

  
Kentucky — 1.3%            

City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)

    475       415,907  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39(a)

    8,225       9,012,644  
   

 

 

  
      9,428,551  
Louisiana — 0.1%            

Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48

     1,200       1,029,946  
   

 

 

  
Maryland — 0.3%            

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50

     2,815       2,253,123  
   

 

 

  
Massachusetts — 4.1%            

Commonwealth of Massachusetts, GO

    

Series A, 5.25%, 01/01/44

     10,000       10,333,764  

Series C, 5.25%, 10/01/47

     10,000       10,298,272  

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

     9,720       8,786,116  

Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42

     1,125       955,258  
   

 

 

  
      30,373,410  
Michigan — 7.2%            

Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51

     1,600       1,579,816  

Lansing Board of Water & Light, Refunding RB

    

Series A, 5.00%, 07/01/44

     2,335       2,360,030  

Series A, 5.00%, 07/01/48

     4,000       3,988,721  

Michigan Finance Authority, RB
4.00%, 02/15/47

     1,855       1,519,714  

Series S, 5.00%, 11/01/44

     1,660       1,605,065  

Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/46

     5,980       5,023,248  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48

     8,405       7,970,571  

Michigan State Housing Development Authority, RB, S/F Housing, Series D, 5.50%, 06/01/53

     5,200       5,270,806  

Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48

         10,000       10,038,141  

Michigan Strategic Fund, RB

    

AMT, (AGM), 4.25%, 12/31/38

     2,000       1,734,451  

AMT, 5.00%, 12/31/43

     9,940       9,242,066  

State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46

     2,500       2,139,454  

Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(d)

    1,080       1,080,195  
   

 

 

  
          53,552,278  
Security  

Par

(000)

     Value  
Minnesota — 0.5%            

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53

   $     3,345     $ 3,466,725  
   

 

 

  
Nevada — 0.3%            

City of Las Vegas Nevada Special Improvement District No. 814, SAB
4.00%, 06/01/39

     375       294,804  

4.00%, 06/01/44

     1,005       731,389  

Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51

     1,610       1,354,391  
   

 

 

  
          2,380,584  
New Jersey — 8.2%            

Hudson County Improvement Authority, RB, 5.00%, 05/01/46

     2,320       2,326,220  

New Jersey Economic Development Authority, RB

    

Series WW, 5.00%, 06/15/25(d)

    3,205       3,264,013  

Series WW, 5.25%, 06/15/25(d)

    1,470       1,502,900  

AMT, 5.13%, 01/01/34

     1,930       1,889,256  

AMT, 5.38%, 01/01/43

     4,920       4,763,603  

New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28

     1,685       1,791,222  

New Jersey Transportation Trust Fund Authority, RB

    

Series A, (NPFGC), 5.75%, 06/15/25

     4,000       4,101,175  

Series AA, 5.00%, 06/15/38

     3,990       3,960,343  

Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25(c)

    8,550       7,825,943  

Series D, 5.00%, 06/15/32

     1,825       1,843,557  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

        10,000       5,493,942  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40

     10,945       9,966,323  

New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46

     5,265       5,285,417  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     4,490       4,232,028  

Series A, 5.25%, 06/01/46

     545       535,762  

Sub-Series B, 5.00%, 06/01/46

     2,495       2,316,896  
   

 

 

  
      61,098,600  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

     425       333,578  
   

 

 

  
New York — 11.8%            

City of New York, GO

    

Series B, 5.25%, 10/01/42

     2,500       2,577,965  

Series C, 5.00%, 08/01/43

     2,585       2,604,390  

Series D-1, 5.25%, 05/01/42

     1,155       1,197,129  

Sub-Series F-1, 5.00%, 04/01/43

     4,000       4,022,836  

Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.25%, 11/15/57

     3,150       3,064,474  

New York City Municipal Water Finance Authority, Refunding RB

    

Series DD, 4.13%, 06/15/46

     3,825       3,353,747  

Series DD, 4.13%, 06/15/47

     5,035       4,387,535  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series A-1, 5.00%, 08/01/38

     2,500       2,553,521  

Series E-1, 4.00%, 02/01/42

     3,325       3,004,728  

Series E-1, 4.00%, 02/01/46

     1,930       1,666,147  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued)

    

Series C-1, Subordinate, 4.00%, 02/01/42

   $     8,000     $     7,081,878  

Series C-1, Subordinate, 4.00%, 02/01/43

     8,355       7,368,280  

Series F-1, Subordinate, 4.00%, 02/01/38

     1,700       1,579,846  

New York Liberty Development Corp., Refunding RB

    

Class 1, 5.00%, 11/15/44(b)

    3,055       2,726,158  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     7,430       4,782,518  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/42

     1,160       1,018,103  

Series E, 5.00%, 03/15/40

     480       484,243  

Series E, 4.00%, 03/15/46

     1,825       1,579,963  

New York Transportation Development Corp., ARB,

    

Series A, AMT, 5.25%, 01/01/50

     2,830       2,660,002  

New York Transportation Development Corp., RB
5.63%, 04/01/40

     1,555       1,538,706  

AMT, 5.00%, 10/01/35

     3,275       3,125,343  

Port Authority of New York & New Jersey, ARB, AMT, 4.00%, 09/01/43

     3,000       2,504,112  

Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39

     2,500       2,491,701  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

 

  

Series A, 4.00%, 05/15/48

     10,090       8,511,725  

Series A, 5.25%, 05/15/52

     1,325       1,351,958  

Triborough Bridge & Tunnel Authority, Refunding RB,

    

Series A, 5.00%, 05/15/47

     10,000       10,020,879  
   

 

 

  
      87,257,887  
Ohio — 4.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55

     16,600       13,573,848  

County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47

     4,500       4,370,780  

County of Montgomery Ohio, RB, 5.45%, 11/13/23(d)

    11,135       11,138,065  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    1,810       1,442,762  
   

 

 

  
      30,525,455  
Oregon — 0.5%            

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

    2,800       1,243,967  

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     2,400       2,438,307  
   

 

 

  
      3,682,274  
Pennsylvania — 7.4%            

Allegheny County Airport Authority, ARB, (AGM), 5.50%, 01/01/48

     785       792,634  

Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46

     405       266,445  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/42

     6,325       5,994,525  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     450       402,706  

Pennsylvania Economic Development Financing Authority, RB

 

  

AMT, 5.00%, 06/30/42

     15,560       14,299,485  

AMT, 5.75%, 06/30/48

     1,645       1,682,500  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Housing Finance Agency, RB, 6.25%, 10/01/53(e)

  $ 9,575     $ 10,052,758  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series B, 5.00%, 12/01/43

         5,000       4,947,263  

Pennsylvania Turnpike Commission, RB

    

Series A-1, 5.00%, 12/01/41

     810       814,308  

Series B, 5.00%, 12/01/40

     4,920       4,927,244  

Series C, 5.50%, 12/01/23(d)

    1,565       1,566,174  

Sub-Series B-1, 5.00%, 06/01/42

     2,330       2,316,963  

Pennsylvania Turnpike Commission, Refunding RB

    

Series A, 5.00%, 12/01/38

     1,775       1,792,895  

Series A-1, 5.00%, 12/01/40

     2,165       2,130,984  

Series B, 5.25%, 12/01/44

     1,500       1,545,704  

Series C, 5.00%, 12/01/46

     1,415       1,410,087  
   

 

 

  
          54,942,675  
Puerto Rico — 4.7%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,334       1,125,306  

Series A-1, Restructured, 5.00%, 07/01/58

     2,007       1,739,333  

Series A-2, Restructured, 4.78%, 07/01/58

     214       179,174  

Series A-2, Restructured, 4.33%, 07/01/40

     2,372       2,048,252  

Series B-1, Restructured, 4.75%, 07/01/53

     1,302       1,100,542  

Series B-1, Restructured, 5.00%, 07/01/58

         15,757       13,674,850  

Series B-2, Restructured, 4.33%, 07/01/40

     12,433       10,732,652  

Series B-2, Restructured, 4.78%, 07/01/58

     1,261       1,054,354  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    13,259       3,277,471  
   

 

 

  
      34,931,934  
South Carolina — 5.1%            

South Carolina Jobs-Economic Development Authority, RB
5.00%, 11/01/43

     5,000       5,022,556  

7.50%, 08/15/62(b)

    1,290       1,070,219  

South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(d)

     6,530       6,624,600  

South Carolina Public Service Authority, RB

    

Series A, 4.00%, 12/01/43

     3,000       2,503,796  

Series A, 5.50%, 12/01/54

     11,450       11,214,739  

South Carolina Public Service Authority, Refunding RB
5.00%, 12/01/38

     5,870       5,869,580  

Series B, 5.00%, 12/01/51

     5,575       5,286,939  
   

 

 

  
      37,592,429  
Tennessee — 1.0%            

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58

     3,470       3,136,516  

Metropolitan Nashville Airport Authority, ARB

    

Series B, AMT, 5.50%, 07/01/41

     1,875       1,916,797  

Series B, AMT, 5.50%, 07/01/42

     2,000       2,036,763  
   

 

 

  
      7,090,076  
Texas — 13.3%            

Arlington Higher Education Finance Corp., RB(b)
7.50%, 04/01/62

     1,420       1,242,382  

7.88%, 11/01/62

     1,195       1,125,065  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

City of El Paso Texas Water & Sewer Revenue, Refunding RB, Series A, 4.00%, 03/01/44

   $ 9,540     $ 8,022,905  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     635       542,244  

City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38

     1,295       1,283,599  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     710       685,554  

City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27

     690       666,536  

City of Houston Texas, GO, 5.25%, 03/01/42

     695       724,916  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Junior Lien, 5.00%, 02/01/44

     4,500       4,502,199  

County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48

     1,320       1,140,936  

Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48

     4,240       4,306,497  

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

     2,745       2,745,000  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     470       403,908  

Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47

     8,075       6,880,669  

Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48

     2,500       2,108,721  

Hays Consolidated Independent School District, GO, (PSF), 5.00%, 02/15/48

     8,000       8,126,124  

Houston Independent School District, Refunding GO, (PSF), 5.00%, 02/15/42

         10,000           10,141,725  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     300       305,135  

Klein Independent School District, GO, (PSF), 4.00%, 08/01/47

     5,000       4,248,228  

Lake Travis Independent School District, GO, 4.00%, 02/15/48

     3,100       2,598,369  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d)

    9,685       4,816,108  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

    5,810       3,212,206  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

    1,385       1,085,282  

North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/39

     9,080       9,206,655  

Port Authority of Houston of Harris County Texas, ARB

    

4.00%, 10/01/46

     1,025       846,271  

1st Lien, 5.00%, 10/01/48

     2,195       2,194,289  

Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48

     3,000       3,099,877  

Tarrant County Cultural Education Facilities Finance Corp., RB

 

  

Series A, 4.00%, 07/01/53

     960       744,825  

Series A, 5.00%, 07/01/53

     1,180       1,119,326  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39

     2,095       2,096,295  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     820       636,620  
Security  

Par

(000)

     Value  
Texas (continued)            

Texas State Technical College, RB, (AGM), 5.50%, 08/01/42

   $     3,335     $ 3,494,095  

Texas Water Development Board, RB, Series B, 4.00%, 10/15/43

     2,500       2,189,165  

Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48

     2,540       2,171,011  
   

 

 

  
      98,712,737  
Utah — 1.9%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/36

     3,475       3,481,512  

Series A, AMT, 5.00%, 07/01/42

     1,000       977,562  

Series A, AMT, 5.00%, 07/01/43

     3,490       3,355,956  

Series A, AMT, 5.00%, 07/01/48

     3,140       2,970,059  

Series A, AMT, 5.25%, 07/01/48

     2,650       2,607,506  

Utah Charter School Finance Authority, RB(b)

   

Series A, 5.00%, 06/15/39

     190       161,389  

Series A, 5.00%, 06/15/49

     380       303,409  
   

 

 

  
      13,857,393  
Virginia — 0.4%            

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     3,030       2,609,890  
   

 

 

  
Washington — 0.6%            

Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47

     4,350       4,134,862  
   

 

 

  
Wisconsin — 3.0%            

Public Finance Authority, RB

    

5.00%, 10/15/51(b)

    650       496,186  

Class A, 4.25%, 06/15/31(b)

    270       226,601  

Class A, 5.00%, 06/15/41(b)

    895       682,494  

Class A, 5.00%, 06/15/51(b)

    590       411,378  

Class A, 6.00%, 06/15/52

     450       366,792  

Class A, 6.13%, 06/15/57

     505       410,781  

Public Finance Authority, Refunding RB(b)
5.00%, 09/01/39

     100       79,265  

5.00%, 09/01/49

     845       603,465  

Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 04/01/44

     7,350       7,463,886  

4.00%, 12/01/46

     5,130       4,223,005  

4.00%, 12/01/51

     3,000       2,367,480  

Series A, 5.00%, 11/15/36

     4,140       4,106,359  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43

     1,080       1,035,487  
   

 

 

  
      22,473,179  
   

 

 

  

Total Municipal Bonds — 125.4%
(Cost: $977,331,188)

           928,821,061  
   

 

 

  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 1.6%            

Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46

   $     11,790     $     11,721,147  
   

 

 

  
California — 2.8%            

Los Angeles Unified School District, GO, Series QRR, 5.25%, 07/01/47

     9,750       10,260,966  

State of California, Refunding GO, 5.00%, 04/01/45

     10,500       10,737,902  
   

 

 

  
      20,998,868  
Florida — 3.2%            

Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/49

     14,090       13,723,253  

City of Tampa Florida, RB, Series A, 5.00%, 11/15/46

     10,500       10,099,683  
   

 

 

  
      23,822,936  
Illinois — 7.3%            

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Second Lien, (BAM), 5.00%, 12/01/46

     10,000       10,016,174  

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 07/15/42

     20,000       19,838,104  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/38

     5,833       5,834,461  

Series A, 5.00%, 01/01/44

     8,000       7,993,268  

Series A, 5.00%, 01/01/46

     10,470       10,449,505  
   

 

 

  
      54,131,512  
Nebraska — 1.2%            

Omaha Public Power District, RB, Series A, 5.00%, 02/01/47

     8,975       9,100,524  
   

 

 

  
New Jersey — 1.4%            

Garden State Preservation Trust, RB,
Series A, (AGM), 5.75%, 11/01/28

     10,000       10,516,242  
   

 

 

  
New York — 10.7%            

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series D-1, 5.25%, 11/01/43

     12,040       12,481,524  

Series D-1, 5.50%, 11/01/45

     5,900       6,218,916  

New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41

     9,795       9,854,182  

New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43

     14,280       14,291,223  

New York State Urban Development Corp., Refunding RB
5.00%, 03/15/41

     7,790       7,981,736  

5.00%, 03/15/43

     10,000       10,174,647  

5.00%, 03/15/44

     8,280       8,403,686  

Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.25%, 05/15/47

     9,810       10,061,807  
   

 

 

  
      79,467,721  
Ohio — 2.1%            

University of Cincinnati, RB, Series A, 5.00%, 06/01/45

     15,025       15,079,124  
   

 

 

  
Security  

Par

(000)

     Value  
Texas — 1.3%            

Dallas Area Rapid Transit, Refunding RB, Series B, Senior Lien, 5.00%, 12/01/47

   $ 9,480     $ 9,506,265  
   

 

 

  
Washington — 5.3%            

Port of Seattle Washington, RB, Series A, AMT, 5.00%, 05/01/43

     15,500       14,885,931  

Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47

     10,665       10,750,085  

State of Washington, GO, Series A-3, 5.00%, 08/01/47

     13,395       13,555,659  
   

 

 

  
      39,191,675  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.9%
(Cost: $280,100,792)

       273,536,014  
   

 

 

  

Total Long-Term Investments — 162.3%
(Cost: $1,257,431,980)

       1,202,357,075  
   

 

 

  
    Shares        

 

  

Short-Term Securities

    
Money Market Funds — 4.6%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(g)(h)

    33,925,876       33,925,876  
   

 

 

  

Total Short-Term Securities — 4.6%
(Cost: $33,925,607)

       33,925,876  
   

 

 

  

Total Investments — 166.9%
(Cost: $1,291,357,587)

       1,236,282,951  
Other Assets Less Liabilities — 0.7%         5,032,606  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.5)%

 

     (144,640,780 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.1)%

 

     (356,130,550 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $     740,544,227  
   

 

 

  

 

(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) 

Zero-coupon bond.

(d) 

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.

(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) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/23		    

Purchases

at Cost

     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/23		     Shares
Held at
10/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  9,536,835     $  24,391,016 (a)    $ —     $ (1,975 )    $ —     $  33,925,876       33,925,876     $  250,225     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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. 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 for identical assets or liabilities that the 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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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

    $ —        $ 928,821,061        $ —        $ 928,821,061  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          273,536,014          —          273,536,014  

Short-Term Securities

                  

Money Market Funds

      33,925,876          —          —          33,925,876  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   33,925,876        $  1,202,357,075        $             —        $  1,236,282,951  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

                  

TOB Trust Certificates

    $ —        $ (143,473,095 )       $ —        $ (143,473,095 ) 

VRDP Shares at Liquidation Value

      —          (356,400,000 )         —          (356,400,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $  (499,873,095 )       $             —        $  (499,873,095 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

7  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGC-ICC    Assured Guaranty Corp. – Insured Custody Certificate
AGM    Assured Guaranty Municipal Corp.
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable Custodial Receipts

CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
NPFGC-IBC   

National Public Finance Guarantee Corp. — Insured Bond Certificate

PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds

 

 

S C H E D U L E   O F   I N V E S T M E N T S   8
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