| Schedule of Investments (unaudited) October 31, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 0.8% | ||||||||
| Health Care Authority of the City of Huntsville, RB, Series B1, |
$ | 1,565 | $ | 1,769,074 | ||||
| Homewood Educational Building Authority, Refunding RB, Series A, |
2,835 | 3,281,745 | ||||||
| Tuscaloosa County Board of Education, ST, 5.00%, 02/01/43 |
2,485 | 2,949,879 | ||||||
|
|
|
|||||||
| 8,000,698 | ||||||||
| Arizona — 1.3% | ||||||||
| Arizona Industrial Development Authority, RB(a) |
||||||||
| 4.38%, 07/01/39 |
810 | 877,054 | ||||||
| 5.00%, 07/01/54 |
945 | 1,034,839 | ||||||
| Series A, 5.00%, 07/01/39 |
1,480 | 1,555,807 | ||||||
| Series A, 5.00%, 07/01/49 |
1,675 | 1,747,521 | ||||||
| Series A, 5.00%, 07/01/54 |
1,290 | 1,343,806 | ||||||
| Industrial Development Authority of the County of Pima, RB, |
2,545 | 2,576,036 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, |
1,620 | 1,695,635 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 07/01/39(a) |
630 | 734,032 | ||||||
| 5.00%, 07/01/54(a) |
1,420 | 1,608,762 | ||||||
| Series A, 5.00%, 09/01/42 |
435 | 529,464 | ||||||
|
|
|
|||||||
| 13,702,956 | ||||||||
| Arkansas — 0.5% | ||||||||
| Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(a) |
4,350 | 4,733,592 | ||||||
|
|
|
|||||||
| California — 8.2% | ||||||||
| California Community Housing Agency, RB, M/F Housing(a) |
||||||||
| Series A, 5.00%, 04/01/49 |
645 | 723,863 | ||||||
| Series A-2, 4.00%, 08/01/47 |
4,150 | 4,260,871 | ||||||
| California Health Facilities Financing Authority, Refunding RB, Series A, |
2,965 | 3,181,697 | ||||||
| California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |
5,040 | 5,481,968 | ||||||
| California Statewide Communities Development Authority, RB, Series A, |
4,030 | 4,110,112 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
| Series A-1, 5.00%, 06/01/47 |
4,910 | 5,029,573 | ||||||
| Series A-2, 5.00%, 06/01/47 |
1,340 | 1,372,633 | ||||||
| Grossmont Union High School District, GO, CAB, 0.00%, 08/01/31(b) |
5,110 | 4,284,383 | ||||||
| Long Beach Unified School District, GO, CAB, Series B, 0.00%, 08/01/34(b) |
5,000 | 3,907,590 | ||||||
| Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, 6.25%, 08/01/43(c) |
3,975 | 4,588,740 | ||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 03/01/36 |
1,160 | 1,390,391 | ||||||
| Series A, AMT, 5.00%, 03/01/37 |
1,275 | 1,525,581 | ||||||
| Norwalk-La Mirada Unified School District, Refunding GO, CAB, Series
E, (AGC), |
7,620 | 4,727,189 | ||||||
| Poway Unified School District, Refunding GO, CAB(b) 0.00%, 08/01/35 |
7,820 | 5,846,498 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| Poway Unified School District, Refunding GO, CAB(b) (continued) |
||||||||
| Series B, 0.00%, 08/01/36 |
$ | 10,000 | $ | 7,230,230 | ||||
| Rio Hondo Community College District, GO, CAB(b) |
||||||||
| Series C, 0.00%, 08/01/37 |
8,000 | 5,673,736 | ||||||
| Series C, 0.00%, 08/01/38 |
12,940 | 8,916,605 | ||||||
| San Diego Unified School District, GO, CAB, Series G, Election 2008, |
8,765 | 4,521,780 | ||||||
| San Diego Unified School District, Refunding GO, CAB, Series
R-1, |
3,485 | 2,957,803 | ||||||
| State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 |
10 | 10,039 | ||||||
| Walnut Valley Unified School District, GO, CAB, Series B, 0.00%, 08/01/36(b) |
6,545 | 4,458,336 | ||||||
|
|
|
|||||||
| 84,199,618 | ||||||||
| Colorado — 2.5% | ||||||||
| Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a) |
2,530 | 2,766,034 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(a) |
3,365 | 3,679,096 | ||||||
| Colorado Health Facilities Authority, Refunding RB, Series A, |
7,500 | 9,219,690 | ||||||
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/36 |
1,500 | 1,708,722 | ||||||
| Regional Transportation District, COP, |
5,655 | 6,032,686 | ||||||
| STC Metropolitan District No.2, Refunding GO |
||||||||
| Series A, 5.00%, 12/01/38 |
1,285 | 1,397,466 | ||||||
| Series A, 5.00%, 12/01/49 |
1,000 | 1,076,686 | ||||||
|
|
|
|||||||
| 25,880,380 | ||||||||
| Connecticut — 0.0% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A-1, |
390 | 426,975 | ||||||
|
|
|
|||||||
| Florida — 9.3% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
4,535 | 4,952,392 | ||||||
| Capital Trust Agency, Inc., RB, Series A, |
1,475 | 1,537,909 | ||||||
| City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/42 |
4,000 | 4,904,448 | ||||||
| City Of South Miami Health Facilities Authority, Inc., Refunding RB, |
2,965 | 3,533,903 | ||||||
| City of Tampa Florida, RB, CAB(b) |
||||||||
| Series A, 0.00%, 09/01/39 |
1,100 | 610,950 | ||||||
| Series A, 0.00%, 09/01/40 |
1,000 | 532,553 | ||||||
| Series A, 0.00%, 09/01/41 |
1,280 | 650,721 | ||||||
| Series A, 0.00%, 09/01/42 |
1,150 | 563,125 | ||||||
| Series A, 0.00%, 09/01/45 |
2,000 | 856,354 | ||||||
| County of Broward Florida Airport System Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/40 |
3,000 | 3,435,390 | ||||||
| Series A, AMT, 5.00%, 10/01/42 |
3,000 | 3,530,319 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 10/01/34 |
530 | 591,791 | ||||||
| Series B, AMT, 5.00%, 10/01/40 |
6,500 | 7,691,456 | ||||||
| County of Miami-Dade Seaport Department, ARB(d) |
||||||||
| Series A, 6.00%, 10/01/23 |
5,695 | 6,317,475 | ||||||
| Series B, AMT, 6.00%, 10/01/23 |
3,685 | 4,084,235 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| County of Miami-Dade Seaport Department, ARB(d) (continued) |
||||||||
| Series B, AMT, 6.25%, 10/01/23 |
$ | 1,165 | $ | 1,295,988 | ||||
| Florida Development Finance Corp., RB(a) |
||||||||
| AMT, 5.00%, 05/01/29 |
1,500 | 1,598,596 | ||||||
| Series A, AMT, 5.00%, 08/01/29(e) |
595 | 609,621 | ||||||
| Florida Development Finance Corp., Refunding RB, Series C, |
820 | 892,846 | ||||||
| Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, |
4,760 | 5,671,312 | ||||||
| LT Ranch Community Development District, SAB |
||||||||
| 4.00%, 05/01/40 |
1,415 | 1,482,820 | ||||||
| 4.00%, 05/01/50 |
2,000 | 2,066,818 | ||||||
| Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, |
14,360 | 16,207,514 | ||||||
| Miami-Dade County Health Facilities Authority, Refunding RB, |
1,675 | 1,960,566 | ||||||
| Miami-Dade County Seaport Department Refunding RB, AMT, |
4,500 | 5,162,112 | ||||||
| Orange County Health Facilities Authority, Refunding RB |
||||||||
| 5.00%, 08/01/41 |
1,550 | 1,701,102 | ||||||
| 5.00%, 08/01/47 |
4,590 | 5,024,485 | ||||||
| Parker Road Community Development District, Refunding SAB |
||||||||
| 3.88%, 05/01/40 |
900 | 934,875 | ||||||
| 4.10%, 05/01/50 |
1,000 | 1,040,692 | ||||||
| Town of Davie Florida, Refunding RB, |
4,630 | 5,578,048 | ||||||
| Westside Community Development District, Refunding SAB(a) |
||||||||
| 4.10%, 05/01/37 |
640 | 676,104 | ||||||
| 4.13%, 05/01/38 |
630 | 665,109 | ||||||
|
|
|
|||||||
| 96,361,629 | ||||||||
| Georgia — 0.5% | ||||||||
| Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), |
1,405 | 1,632,638 | ||||||
| Main Street Natural Gas, Inc., RB, Series A, |
1,105 | 1,311,382 | ||||||
| Private Colleges & Universities Authority, RB, |
2,170 | 2,408,863 | ||||||
|
|
|
|||||||
| 5,352,883 | ||||||||
| Hawaii — 1.2% | ||||||||
| State of Hawaii Airports System Revenue, ARB, Series A, AMT, |
2,385 | 2,838,500 | ||||||
| State of Hawaii Airports System Revenue, COP |
||||||||
| AMT, 5.00%, 08/01/27 |
2,000 | 2,154,774 | ||||||
| AMT, 5.00%, 08/01/28 |
1,775 | 1,907,539 | ||||||
| State of Hawaii Department of Budget & Finance, Refunding RB, AMT, |
5,275 | 5,793,728 | ||||||
|
|
|
|||||||
| 12,694,541 | ||||||||
| Illinois — 12.4% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/36 |
3,055 | 3,751,161 | ||||||
| Series A, 5.00%, 12/01/38 |
1,240 | 1,516,736 | ||||||
| Series A, 5.00%, 12/01/39 |
1,115 | 1,359,114 | ||||||
| Series A, 5.00%, 12/01/40 |
2,250 | 2,734,407 | ||||||
| Series A, 5.00%, 12/01/41 |
1,480 | 1,796,741 | ||||||
| Security | Par (000) |
Value | ||||||
| Illinois (continued) | ||||||||
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, |
$ | 3,035 | $ | 3,300,450 | ||||
| Chicago O’Hare International Airport, ARB |
||||||||
| Series D, AMT, Senior Lien, |
2,865 | 3,336,596 | ||||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
8,285 | 9,870,823 | ||||||
| Chicago O’Hare International Airport, Refunding RB, Series B, AMT, Senior Lien, 5.00%, 01/01/22(d) |
2,425 | 2,444,080 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, RB, |
1,620 | 1,626,644 | ||||||
| Cook County Community College District No. 508, GO, |
3,250 | 3,483,668 | ||||||
| Cook County Forest Preserve District, Refunding GO, Series B, |
615 | 632,072 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| 4.00%, 08/15/40 |
1,770 | 2,054,989 | ||||||
| Series C, 5.00%, 08/15/44 |
985 | 1,122,186 | ||||||
| Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/42 |
8,540 | 10,274,961 | ||||||
| Metropolitan Pier & Exposition Authority, RB, CAB(b) |
||||||||
| Series A, (NPFGC), 0.00%, 12/15/33 |
20,000 | 15,126,360 | ||||||
| Series A, (NPFGC), 0.00%, 12/15/34 |
41,880 | 30,754,704 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), |
9,430 | 5,058,950 | ||||||
| State of Illinois, GO |
||||||||
| 5.25%, 07/01/29 |
3,160 | 3,384,126 | ||||||
| 5.00%, 05/01/32 |
7,500 | 8,224,965 | ||||||
| 5.25%, 02/01/33 |
5,860 | 6,409,539 | ||||||
| 5.50%, 07/01/33 |
2,235 | 2,399,968 | ||||||
| 5.25%, 02/01/34 |
5,360 | 5,862,650 | ||||||
| 5.50%, 07/01/38 |
1,200 | 1,287,534 | ||||||
|
|
|
|||||||
| 127,813,424 | ||||||||
| Indiana — 0.4% | ||||||||
| Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23(d) |
3,825 | 4,112,541 | ||||||
|
|
|
|||||||
| Kentucky — 1.9% | ||||||||
| Kentucky Economic Development Finance Authority, RB, Series A, |
1,000 | 1,059,668 | ||||||
| Kentucky Public Energy Authority, RB, Series C-1, |
7,500 | 8,303,340 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, |
8,225 | 9,978,134 | ||||||
|
|
|
|||||||
| 19,341,142 | ||||||||
| Louisiana — 1.8% | ||||||||
| Jefferson Sales Tax District, RB |
||||||||
| Series B, (AGM), 5.00%, 12/01/34 |
670 | 818,220 | ||||||
| Series B, (AGM), 5.00%, 12/01/35 |
895 | 1,089,806 | ||||||
| Series B, (AGM), 5.00%, 12/01/36 |
805 | 977,636 | ||||||
| Series B, (AGM), 5.00%, 12/01/37 |
1,005 | 1,219,236 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A, Sub
Lien, |
8,155 | 8,999,271 | ||||||
| New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 |
4,825 | 5,405,896 | ||||||
|
|
|
|||||||
| 18,510,065 | ||||||||
| 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, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par |
Value | ||||||
| Massachusetts — 1.2% | ||||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
$ | 5,950 | $ | 6,844,374 | ||||
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, |
2,110 | 2,196,327 | ||||||
| Massachusetts School Building Authority, RB, Series A, 5.00%, 05/15/23(d) |
3,495 | 3,750,149 | ||||||
|
|
|
|||||||
| 12,790,850 | ||||||||
| Michigan — 4.0% | ||||||||
| Michigan Finance Authority, Refunding RB, 5.00%, 12/01/21(d) |
16,100 | 16,162,339 | ||||||
| Michigan State University, Refunding RB, Series B, 4.00%, 02/15/39 |
2,125 | 2,476,469 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, (AGM), 4.25%, 12/31/38 |
2,000 | 2,341,366 | ||||||
| AMT, 5.00%, 12/31/43 |
9,940 | 11,755,879 | ||||||
| Royal Oak Hospital Finance Authority, Refunding RB, Series D, |
1,330 | 1,459,499 | ||||||
| State of Michigan Trunk Line Revenue, RB, |
5,000 | 5,846,230 | ||||||
| Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(d) |
1,080 | 1,182,901 | ||||||
|
|
|
|||||||
| 41,224,683 | ||||||||
| Nebraska — 0.7% | ||||||||
| Central Plains Energy Project, RB, |
6,825 | 7,097,447 | ||||||
|
|
|
|||||||
| Nevada — 0.2% | ||||||||
| City of Las Vegas Nevada Special Improvement District No.814, SAB |
||||||||
| 4.00%, 06/01/39 |
380 | 415,896 | ||||||
| 4.00%, 06/01/44 |
1,065 | 1,158,979 | ||||||
|
|
|
|||||||
| 1,574,875 | ||||||||
| New Jersey — 10.8% | ||||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series DDD, 5.00%, 06/15/42 |
590 | 689,054 | ||||||
| Series WW, 5.25%, 06/15/25(d) |
55 | 64,357 | ||||||
| Series WW, 5.25%, 06/15/33 |
445 | 510,957 | ||||||
| Series WW, 5.00%, 06/15/34 |
570 | 648,760 | ||||||
| Series WW, 5.00%, 06/15/36 |
2,635 | 2,993,842 | ||||||
| Series WW, 5.25%, 06/15/40 |
970 | 1,100,804 | ||||||
| AMT, 5.13%, 01/01/34 |
1,930 | 2,101,724 | ||||||
| AMT, 5.38%, 01/01/43 |
4,920 | 5,396,792 | ||||||
| New Jersey Economic Development Authority, Refunding RB |
||||||||
| Series N-1, (AMBAC), 5.50%, 09/01/24 |
6,325 | 7,192,746 | ||||||
| Series N-1, (NPFGC), 5.50%, 09/01/28 |
1,685 | 2,138,589 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, |
4,255 | 4,512,942 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
| 1st Series, AMT, 5.50%, 12/01/25 |
410 | 411,394 | ||||||
| 1st Series, AMT, 5.50%, 12/01/26 |
590 | 592,004 | ||||||
| 1st Series, AMT, 5.75%, 12/01/28 |
65 | 65,233 | ||||||
| 1st Series, AMT, 5.88%, 12/01/33 |
6,895 | 6,925,110 | ||||||
| Series B, AMT, 3.25%, 12/01/39 |
7,670 | 7,972,367 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33 |
2,645 | 2,717,923 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| 5.00%, 06/15/29 |
2,145 | 2,512,288 | ||||||
| Series A, (NPFGC), 5.75%, 06/15/25 |
4,000 | 4,710,172 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
| Series A, 5.00%, 06/15/28 |
$ | 4,205 | $ | 4,931,754 | ||||
| Series AA, 5.25%, 06/15/33 |
4,150 | 4,454,921 | ||||||
| Series AA, 5.00%, 06/15/38 |
3,990 | 4,396,146 | ||||||
| Series AA, 5.50%, 06/15/39 |
5,625 | 6,040,783 | ||||||
| Series D, 5.00%, 06/15/32 |
1,825 | 2,053,251 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, CAB(b) |
||||||||
| Series A, 0.00%, 12/15/35 |
10,000 | 7,121,270 | ||||||
| Series C, (AGC-ICC AMBAC), |
8,550 | 8,021,772 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
4,000 | 4,707,240 | ||||||
| Series A, 5.25%, 06/01/46 |
11,035 | 13,208,432 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
2,675 | 3,078,978 | ||||||
|
|
|
|||||||
| 111,271,605 | ||||||||
| New Mexico — 0.2% | ||||||||
| City of Santa Fe New Mexico, RB, Series A, |
540 | 595,450 | ||||||
| New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44 |
1,040 | 1,179,376 | ||||||
|
|
|
|||||||
| 1,774,826 | ||||||||
| New York — 11.2% | ||||||||
| City of New York, GO, Series C, |
2,585 | 3,243,906 | ||||||
| Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47 |
620 | 620,710 | ||||||
| Metropolitan Transportation Authority, Refunding RB, Series
A-1, |
4,000 | 4,635,324 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series B-1, 4.00%, 08/01/45 |
4,000 | 4,644,664 | ||||||
| Sub-Series E-1, 5.00%, 02/01/39 |
2,500 | 3,002,252 | ||||||
| Sub-Series F-1, 5.00%, 05/01/39 |
3,360 | 4,041,704 | ||||||
| Subordinate, 4.00%, 05/01/44 |
5,000 | 5,768,205 | ||||||
| Series C, Subordinate, 4.00%, 05/01/45 |
6,500 | 7,483,190 | ||||||
| Series C-3, Subordinate, 5.00%, 05/01/41 |
5,000 | 6,072,715 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, |
4,150 | 4,342,631 | ||||||
| New York City Water & Sewer System, Refunding RB, 4.00%, 06/15/45 |
8,000 | 9,410,592 | ||||||
| New York Liberty Development Corp., Refunding RB |
||||||||
| 2.88%, 11/15/46 |
10,550 | 10,570,541 | ||||||
| Series 1, Class 1, 5.00%, 11/15/44(a) |
3,055 | 3,336,980 | ||||||
| New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 |
4,550 | 5,298,220 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/41 |
6,250 | 7,286,581 | ||||||
| Series A, 5.00%, 03/15/45 |
5,000 | 6,068,060 | ||||||
| New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/43 |
7,500 | 9,160,200 | ||||||
| New York Transportation Development Corp., ARB, Series A, AMT, |
8,300 | 9,218,644 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 5.00%, 10/01/35 |
1,105 | 1,364,881 | ||||||
| AMT, 5.00%, 10/01/40 |
3,115 | 3,793,534 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| Port Authority of New York & New Jersey, ARB |
||||||||
| Consolidated, 218th Series, AMT, |
$ | 2,500 | $ | 3,057,365 | ||||
| Consolidated, 221st Series, AMT, |
3,000 | 3,449,058 | ||||||
|
|
|
|||||||
| 115,869,957 | ||||||||
| Ohio — 4.6% | ||||||||
| American Municipal Power, Inc., Refunding RB |
||||||||
| Series A, 5.00%, 02/15/38 |
2,375 | 2,759,886 | ||||||
| Series A, 5.00%, 02/15/41 |
4,000 | 4,631,224 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
13,065 | 14,681,402 | ||||||
| County of Lucas Ohio, Refunding RB, Series A, 6.50%, 11/15/21(d) |
3,000 | 3,006,825 | ||||||
| County of Montgomery Ohio, RB, |
11,135 | 12,294,944 | ||||||
| County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46(f) |
4,315 | 4,944,610 | ||||||
| Ohio Turnpike & Infrastructure Commission, RB |
||||||||
| Series A-1, Junior Lien, 5.25%, 02/15/32 |
1,950 | 2,068,578 | ||||||
| Series A-1, Junior Lien, 5.25%, 02/15/33 |
2,730 | 2,895,323 | ||||||
|
|
|
|||||||
| 47,282,792 | ||||||||
| Oregon — 0.2% | ||||||||
| Clackamas Community College District, GO |
||||||||
| Series A, 5.00%, 06/15/39 |
395 | 478,437 | ||||||
| Series A, 5.00%, 06/15/40 |
420 | 508,109 | ||||||
| Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), |
2,800 | 1,566,247 | ||||||
|
|
|
|||||||
| 2,552,793 | ||||||||
| Pennsylvania — 7.5% | ||||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 4.00%, 07/01/46 |
255 | 282,557 | ||||||
| 4.00%, 07/01/51 |
150 | 165,634 | ||||||
| Commonwealth Financing Authority, RB |
||||||||
| 5.00%, 06/01/34 |
2,180 | 2,651,953 | ||||||
| Series B, 5.00%, 06/01/22(d) |
3,305 | 3,397,276 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| AMT, 5.00%, 12/31/34 |
7,115 | 8,392,811 | ||||||
| AMT, 5.00%, 12/31/38 |
6,850 | 8,048,955 | ||||||
| AMT, 5.00%, 06/30/42 |
8,805 | 10,137,786 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, |
5,000 | 5,624,520 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, |
8,075 | 9,083,285 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A, 5.00%, 12/01/38 |
1,775 | 2,002,635 | ||||||
| Series A-1, 5.00%, 12/01/41 |
2,320 | 2,726,441 | ||||||
| Series B, 5.00%, 12/01/40 |
4,920 | 5,687,013 | ||||||
| Series C, 5.50%, 12/01/23(d) |
1,565 | 1,733,289 | ||||||
| Sub-Series B-1, 5.00%, 06/01/42 |
7,330 | 8,670,364 | ||||||
| Series A, Subordinate, 5.00%, 12/01/44 |
5,000 | 6,068,930 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB,
Series A-1, |
2,165 | 2,475,498 | ||||||
|
|
|
|||||||
| 77,148,947 | ||||||||
| Puerto Rico — 4.4% | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, |
1,334 | 1,483,803 | ||||||
| Series A-1, Restructured, |
2,007 | 2,265,823 | ||||||
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) |
||||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
$ | 2,372 | $ | 2,601,135 | ||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
214 | 238,441 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
1,302 | 1,443,379 | ||||||
| Series B-1, Restructured, 5.00%, 07/01/58 |
15,757 | 17,748,149 | ||||||
| Series B-2, Restructured, 4.33%, 07/01/40 |
12,433 | 13,656,942 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,261 | 1,403,953 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b) |
13,457 | 4,382,972 | ||||||
|
|
|
|||||||
| 45,224,597 | ||||||||
| Rhode Island — 1.1% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series B, 4.50%, 06/01/45 |
3,000 | 3,208,029 | ||||||
| Series B, 5.00%, 06/01/50 |
7,465 | 8,175,451 | ||||||
|
|
|
|||||||
| 11,383,480 | ||||||||
| South Carolina — 5.5% | ||||||||
| South Carolina Jobs-Economic Development Authority, RB |
||||||||
| 5.00%, 01/01/40(a) |
2,630 | 2,802,265 | ||||||
| 5.00%, 11/01/43 |
5,000 | 6,073,485 | ||||||
| 5.00%, 04/01/44 |
285 | 323,969 | ||||||
| 4.00%, 04/01/49 |
270 | 289,393 | ||||||
| 5.00%, 04/01/49 |
765 | 857,681 | ||||||
| 4.00%, 04/01/54 |
580 | 620,130 | ||||||
| 5.00%, 04/01/54 |
1,385 | 1,547,981 | ||||||
| South Carolina Ports Authority, ARB |
||||||||
| AMT, 5.25%, 07/01/25(d) |
6,530 | 7,636,535 | ||||||
| AMT, 5.00%, 07/01/38 |
3,380 | 4,053,414 | ||||||
| South Carolina Public Service Authority, RB |
||||||||
| Series A, 5.50%, 12/01/54 |
11,450 | 12,766,544 | ||||||
| Series E, 5.50%, 12/01/53 |
4,525 | 4,952,481 | ||||||
| South Carolina Public Service Authority, Refunding RB |
||||||||
| Series B, 5.00%, 12/01/38 |
5,870 | 6,392,096 | ||||||
| Series B, (AGM-CR), 5.00%, 12/01/56 |
7,155 | 8,316,285 | ||||||
|
|
|
|||||||
| 56,632,259 | ||||||||
| Tennessee — 0.7% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 |
4,665 | 5,565,872 | ||||||
| New Memphis Arena Public Building Authority, RB, CAB(b) |
||||||||
| 0.00%, 04/01/38 |
700 | 468,665 | ||||||
| 0.00%, 04/01/39 |
750 | 490,925 | ||||||
| 0.00%, 04/01/40 |
750 | 477,404 | ||||||
|
|
|
|||||||
| 7,002,866 | ||||||||
| Texas — 12.8% | ||||||||
| Central Texas Turnpike System, Refunding RB, Series A, |
11,345 | 11,768,191 | ||||||
| City of Houston Texas Airport System Revenue, RB, Series A, AMT, |
1,295 | 1,300,568 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, |
710 | 824,595 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 |
690 | 798,808 | ||||||
| City of Lubbock TX Electric Light & Power System Revenue Refunding RB, |
15,000 | 17,092,665 | ||||||
| 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, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, |
$ | 1,450 | $ | 1,535,096 | ||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, |
7,450 | 8,887,634 | ||||||
| Dallas Fort Worth International Airport, ARB, Series D, AMT, 5.00%, 11/01/21(d) |
10,980 | 10,980,000 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
2,745 | 2,999,758 | ||||||
| Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43 |
7,940 | 9,704,736 | ||||||
| Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(b)(d) |
9,685 | 4,887,003 | ||||||
| Midland County Fresh Water Supply District No.1, RB, |
||||||||
| CAB, Series A, 0.00%, 09/15/36(b) |
5,810 | 3,346,665 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a) |
1,385 | 1,475,918 | ||||||
| North Texas Tollway Authority, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/39 |
9,080 | 11,002,690 | ||||||
| Series B, 5.00%, 01/01/40 |
1,710 | 1,794,464 | ||||||
| Series B, 5.00%, 01/01/43 |
12,355 | 14,488,993 | ||||||
| San Antonio Public Facilities Corp., Refunding
RB(b) |
680 | 358,335 | ||||||
| 0.00%, 09/15/36 |
12,195 | 6,059,354 | ||||||
| 0.00%, 09/15/37 |
8,730 | 4,084,383 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, |
5,000 | 6,169,945 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, |
2,095 | 2,289,959 | ||||||
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
820 | 877,833 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, |
3,630 | 4,066,061 | ||||||
| Texas Water Development Board, RB, Series B, |
4,315 | 4,988,619 | ||||||
|
|
|
|||||||
| 131,782,273 | ||||||||
| Utah — 1.2% |
||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/42 |
3,490 | 4,107,280 | ||||||
| Series A, AMT, 5.00%, 07/01/43 |
3,190 | 3,804,818 | ||||||
| Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/37 |
3,475 | 4,187,076 | ||||||
| Utah Charter School Finance Authority, RB(a) |
||||||||
| Series A, 5.00%, 06/15/39 |
190 | 203,134 | ||||||
| Series A, 5.00%, 06/15/49 |
380 | 400,575 | ||||||
|
|
|
|||||||
| 12,702,883 | ||||||||
| Vermont — 0.3% |
||||||||
| Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
3,140 | 3,213,382 | ||||||
|
|
|
|||||||
| Washington — 4.1% |
||||||||
| Port of Seattle Washington, ARB |
||||||||
| Series A, AMT, 5.00%, 05/01/38 |
20,000 | 23,651,160 | ||||||
| Series C, AMT, 5.00%, 04/01/40 |
2,830 | 3,148,018 | ||||||
| Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46 |
3,510 | 4,379,234 | ||||||
| Security | Par (000) |
Value | ||||||
| Washington (continued) |
||||||||
| Washington Health Care Facilities Authority, RB, |
||||||||
| Series B, 5.00%, 08/15/44 |
$ | 1,000 | $ | 1,033,920 | ||||
| Washington Health Care Facilities Authority, Refunding RB, Series B, 4.00%, 08/15/41 |
9,000 | 10,243,692 | ||||||
|
|
|
|||||||
| 42,456,024 | ||||||||
| Wisconsin — 3.4% |
||||||||
| Public Finance Authority, RB |
||||||||
| Series A, 5.00%, 11/15/41 |
450 | 541,995 | ||||||
| Series A-1, 5.00%, 01/01/55(a) |
1,640 | 1,794,727 | ||||||
| Public Finance Authority, Refunding RB(a) |
100 | 108,116 | ||||||
| 5.00%, 09/01/49 |
145 | 155,524 | ||||||
| 5.00%, 09/01/54 |
660 | 706,347 | ||||||
| University of Wisconsin Hospitals & Clinics Refunding RB, |
7,000 | 8,041,467 | ||||||
| Wisconsin Health & Educational Facilities Authority RB, |
3,000 | 3,432,549 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
7,350 | 9,037,001 | ||||||
| Series A, 5.00%, 11/15/36 |
4,815 | 5,653,407 | ||||||
| Series A, 5.00%, 11/15/39 |
5,000 | 5,857,290 | ||||||
|
|
|
|||||||
| 35,328,423 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 114.9% |
||||||||
| (Cost: $1,059,142,437) |
1,185,445,406 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
| Arizona — 1.0% |
||||||||
| City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 |
8,500 | 10,211,471 | ||||||
|
|
|
|||||||
| California — 4.5% |
||||||||
| Los Angeles Unified School District, GO, Series B-1, 5.25%, 07/01/42(h) |
7,074 | 8,674,522 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series E, AMT, 5.00%, 05/01/45 |
14,215 | 17,185,553 | ||||||
| State of California, Refunding GO, |
3,000 | 3,552,617 | ||||||
| University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
13,395 | 17,136,875 | ||||||
|
|
|
|||||||
| 46,549,567 | ||||||||
| Colorado — 0.7% |
||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/43(h) |
5,833 | 7,130,443 | ||||||
|
|
|
|||||||
| Connecticut — 0.4% |
||||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB, |
3,932 | 4,554,208 | ||||||
|
|
|
|||||||
| District of Columbia — 0.7% |
||||||||
| Metropolitan Washington Airports Authority, Refunding RB, Series A, AMT, |
6,880 | 7,164,921 | ||||||
|
|
|
|||||||
| Florida — 3.5% |
||||||||
| City of Miami Beach Florida Stormwater Revenue, Refunding RB, 5.00%, 09/01/41 |
10,000 | 11,989,415 | ||||||
| City of Miami Beach Florida, RB, |
8,760 | 9,971,155 | ||||||
| 5 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) |
||||||||
| County of Miami-Dade Florida Transit System, Refunding RB, 5.00%, 07/01/22(d) |
$ | 4,840 | $ | 4,995,003 | ||||
| Pinellas County School Board, COP, Series A, 5.00%, 07/01/41 |
7,880 | 9,371,649 | ||||||
|
|
|
|||||||
| 36,327,222 | ||||||||
| Illinois — 5.5% |
||||||||
| Illinois Finance Authority, Refunding RB, 5.00%, 02/15/41 |
10,000 | 11,845,787 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/38 |
5,836 | 6,136,825 | ||||||
| Series A, 5.00%, 01/01/40 |
7,621 | 8,721,110 | ||||||
| Series A, 5.00%, 01/01/44 |
12,000 | 14,716,108 | ||||||
| Series B, 5.00%, 01/01/40 |
2,939 | 3,410,362 | ||||||
| Series C, 5.00%, 01/01/36 |
10,000 | 11,307,761 | ||||||
|
|
|
|||||||
| 56,137,953 | ||||||||
| Kansas — 1.6% |
||||||||
| Wyandotte County Unified School District No. |
13,470 | 16,565,892 | ||||||
|
|
|
|||||||
| Massachusetts — 2.9% |
||||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series A, 5.00%, 03/01/46 |
4,204 | 4,603,863 | ||||||
| Series E, 5.25%, 09/01/43 |
20,000 | 25,056,880 | ||||||
|
|
|
|||||||
| 29,660,743 | ||||||||
| Michigan — 2.0% |
||||||||
| Michigan Finance Authority,RB,Series A, 5.00%, 11/01/44 |
5,591 | 6,423,033 | ||||||
| Michigan State Building Authority, Refunding RB |
||||||||
| Series I, 5.00%, 04/15/38 |
10,000 | 11,557,072 | ||||||
| Series I, 5.00%, 10/15/45 |
2,410 | 2,764,727 | ||||||
|
|
|
|||||||
| 20,744,832 | ||||||||
| Nevada — 2.3% |
||||||||
| County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |
9,730 | 11,860,287 | ||||||
| Las Vegas Valley Water District, Refunding GO, |
9,840 | 11,538,509 | ||||||
|
|
|
|||||||
| 23,398,796 | ||||||||
| New Jersey — 1.4% |
||||||||
| Garden State Preservation Trust, RB, Series A, (AGM), 5.75%, 11/01/28 |
10,000 | 12,139,624 | ||||||
| Hudson County Improvement Authority, RB, 5.25%, |
2,320 | 2,712,750 | ||||||
|
|
|
|||||||
| 14,852,374 | ||||||||
| New York — 7.7% |
||||||||
| Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.25%, 11/15/44 |
9,850 | 10,916,858 | ||||||
| New York City Water & Sewer System, Refunding RB |
||||||||
| Series CC, 5.00%, 06/15/23(d) |
7,294 | 7,814,141 | ||||||
| Series CC, 5.00%, 06/15/47 |
8,227 | 8,812,765 | ||||||
| Series DD, 5.00%, 06/15/35 |
4,740 | 5,283,351 | ||||||
| New York City Water Financing Authority, RB, 4.00%, |
12,085 | 14,215,873 | ||||||
| New York State Dormitory Authority, RB, Series A, |
7,622 | 9,137,833 | ||||||
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| New York State Urban Development Corp.,RB, |
$ | 14,280 | $ | 15,116,797 | ||||
| Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |
6,402 | 7,607,586 | ||||||
|
|
|
|||||||
| 78,905,204 | ||||||||
| Pennsylvania — 1.8% |
||||||||
| Geisinger Authority, Refunding RB, Series A, 4.00%, 06/01/41 |
15,000 | 16,049,543 | ||||||
| Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |
2,560 | 2,895,276 | ||||||
|
|
|
|||||||
| 18,944,819 | ||||||||
| Texas — 3.3% |
||||||||
| Aldine Independent School District, Refunding GO,(PSF-GTD), 5.00%, 02/15/42 |
9,701 | 11,556,355 | ||||||
| Dallas Fort Worth International Airport, ARB, Series H, |
8,868 | 8,867,884 | ||||||
| Tarrant County Cultural Education Facilities Finance |
1,798 | 1,927,768 | ||||||
| Tarrant County Cultural Education Facilities Finance |
9,840 | 11,603,926 | ||||||
|
|
|
|||||||
| 33,955,933 | ||||||||
| Virginia — 1.4% |
||||||||
| Hampton Roads Transportation AccountabilityCommission, RB, Series A, Senior Lien, 5.50%, 07/01/57 |
11,740 | 14,419,126 | ||||||
|
|
|
|||||||
| Washington — 1.0% |
||||||||
| Washington Health Care Facilities Authority,Refunding RB, Series A, 5.00%, 10/01/38 |
8,205 | 10,347,446 | ||||||
|
|
|
|||||||
| Wisconsin — 1.7% |
||||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 11/15/39 |
12,650 | 14,818,941 | ||||||
| Series A, 5.00%, 04/01/42 |
2,490 | 2,589,375 | ||||||
|
|
|
|||||||
| 17,408,316 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond |
|
447,279,266 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 158.3% |
1,632,724,672 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 0.3% |
||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(i)(j) |
2,429,385 | 2,429,627 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 0.3% |
|
2,429,627 | ||||||
|
|
|
|||||||
| Total Investments — 158.6% |
|
1,635,154,299 | ||||||
| Liabilities in Excess of Other Assets — (0.1)% |
|
(590,413 | ) | |||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.0)% |
|
(247,272,492 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (34.5)% |
|
(356,020,187 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
|
$ | 1,031,271,207 | |||||
|
|
|
|||||||
| 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, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
| (a) | 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. |
| (b) | Zero-coupon bond. |
| (c) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (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) | 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. |
| (f) | When-issued security. |
| (g) | 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. |
| (h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 1, 2021 to June 1, 2026, is $14,121,725. (i) Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 2,428,104 | $ | 1,615 | (a) | $ | — | $ | (92 | ) | $ — | $ | 2,429,627 | 2,429,385 | $ | 108 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Short Contracts |
344 | 12/21/21 | $ | 44,946 | $ | 783,341 | ||||||||||
| U.S. Long Bond |
244 | 12/21/21 | 39,238 | 383,167 | ||||||||||||
| 5-Year U.S. Treasury Note |
299 | 12/31/21 | 36,387 | 482,842 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 1,649,350 | |||||||||||||||
|
|
|
|||||||||||||||
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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
| 7 |
| Schedule of Investments (unaudited) (continued) October 31, 2021 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Fair Value Hierarchy as of Period End (continued)
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 |
$ | — | $ | 1,185,445,406 | $ | — | $ | 1,185,445,406 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 447,279,266 | — | 447,279,266 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
2,429,627 | — | — | 2,429,627 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,429,627 | $ | 1,632,724,672 | $ | — | $ | 1,635,154,299 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Derivative Financial Instruments(a) |
||||||||||||||||
| Assets |
||||||||||||||||
| Interest Rate Contracts |
$ | 1,649,350 | $ | — | $ | — | $ | 1,649,350 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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 |
$ | — | $ | (247,232,299 | ) | $ | — | $ | (247,232,299 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (603,632,299 | ) | $ | — | $ | (603,632,299 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Portfolio Abbreviation | ||
| AGC | Assured Guaranty Corp. | |
| AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate | |
| AGM | Assured Guaranty Municipal Corp. | |
| AGM-CR | AGM Insured Custodial Receipt | |
| AMBAC | AMBAC Assurance Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAM | Build America Mutual Assurance Co. | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| 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 | |
| PSF-GTD | Permanent School Fund Guaranteed | |
| RB | Revenue Bond | |
| SAB | Special Assessment Bonds | |
| ST | Special Tax | |
| S C H E D U L E O F I N V E S T M E N T S | 8 |