NPORT-EX 2 NPORT_8932_59311136_1021.htm BlackRock MuniYield Quality Fund III

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,
4.00%, 06/01/45

  $   1,565      $ 1,769,074  

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

    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,
5.00%, 06/15/47(a)

    2,545        2,576,036  

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

    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,
5.00%, 07/01/37

    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,
5.00%, 04/01/42

    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),
0.00%, 08/01/38(b)

    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,
0.00%, 01/01/24(b)(d)

    8,765        4,521,780  

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

    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,
5.00%, 08/01/44

    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,
Series A, 5.00%, 06/01/39

    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,
5.00%, 10/01/54(a)

    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,
5.00%, 06/01/55(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,
5.00%, 08/15/42

    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,
5.00%, 09/15/50(a)

    820        892,846  

Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT,
5.00%, 10/01/42

    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,
5.00%, 04/01/40

    14,360        16,207,514  

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

    1,675        1,960,566  

Miami-Dade County Seaport Department Refunding RB, AMT,
4.00%, 10/01/46

    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,
5.00%, 04/01/37

    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),
5.50%, 02/15/25(d)

    1,405        1,632,638  

Main Street Natural Gas, Inc., RB, Series A,
5.00%, 05/15/43

    1,105        1,311,382  

Private Colleges & Universities Authority, RB,
5.00%, 04/01/24(d)

    2,170        2,408,863  
    

 

 

 
       5,352,883  
Hawaii — 1.2%             

State of Hawaii Airports System Revenue, ARB, Series A, AMT,
5.00%, 07/01/43

    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,
4.00%, 03/01/37

    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,
5.00%, 01/01/34

  $ 3,035      $ 3,300,450  

Chicago O’Hare International Airport, ARB

    

Series D, AMT, Senior Lien,
5.00%, 01/01/42

    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,
5.25%, 12/01/21(d)

    1,620        1,626,644  

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

    3,250        3,483,668  

Cook County Forest Preserve District, Refunding GO, Series B,
5.00%, 12/15/37

    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),
0.00%, 06/15/44(b)

    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,
5.38%, 01/01/23(d)

    1,000        1,059,668  

Kentucky Public Energy Authority, RB, Series C-1,
4.00%, 12/01/49(e)

    7,500        8,303,340  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible,
0.00%, 07/01/39(c)

    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,
5.00%, 02/01/24(d)

    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
(000)

     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,
4.45%, 12/01/42

    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,
5.00%, 09/01/39

    1,330        1,459,499  

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

    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,
5.25%, 09/01/37

    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,
3.50%, 12/01/39

    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),
0.00%, 12/15/25

    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,
5.00%, 05/15/49

    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,
5.00%, 08/01/42

    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,
5.25%, 11/15/57

    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,
5.00%, 11/01/32

    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,
5.25%, 01/01/50

    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,
5.00%, 11/01/44

  $ 2,500      $ 3,057,365  

Consolidated, 221st Series, AMT,
4.00%, 07/15/40

    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,
5.45%, 11/13/23(d)

    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),
0.00%, 06/15/38(b)

    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,
4.00%, 11/15/42

    5,000        5,624,520  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A,
5.25%, 09/01/50

    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,
5.00%, 12/01/40

    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,
4.75%, 07/01/53

    1,334        1,483,803  

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

    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,
5.00%, 08/15/22(d)

    11,345        11,768,191  

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

    1,295        1,300,568  

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

    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,
4.00%, 04/15/46

    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,
5.00%, 02/01/23(d)

  $     1,450     $     1,535,096  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB,
5.00%, 02/01/42

    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)
0.00%, 09/15/35

    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,
5.00%, 07/01/34

    5,000       6,169,945  

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

    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,
5.00%, 12/31/45

    3,630       4,066,061  

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

    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)
5.00%, 09/01/39

    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,
4.00%, 04/01/46(f)

    7,000       8,041,467  

Wisconsin Health & Educational Facilities Authority RB,
4.00%, 08/15/46(f)

    3,000       3,432,549  

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

    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,
5.25%, 10/01/39

    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,
5.00%, 12/01/45

    3,932       4,554,208  
   

 

 

 

District of Columbia — 0.7%

   

Metropolitan Washington Airports Authority, Refunding RB, Series A, AMT,
5.00%, 10/01/30

    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,
5.00%, 09/01/45

    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.
500 Kansas City, GO,Series A, 5.50%, 09/01/26(d)

    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,
Series A, 5.00%, 06/01/46

    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%,
05/01/51

    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%,
06/15/45

    12,085        14,215,873  

New York State Dormitory Authority, RB, Series A,
5.00%, 03/15/39

    7,622        9,137,833  

 

Security   Par
(000)
     Value  

New York (continued)

    

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

  $     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,
AMT, 5.00%, 11/01/37(h)

    8,868        8,867,884  

Tarrant County Cultural Education Facilities Finance
Corp., RB, Series A, 5.00%, 05/15/23(d)

    1,798        1,927,768  

Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, Series A, 5.00%, 02/15/41

    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
Trusts — 43.4%
(Cost: $417,084,748)

 

     447,279,266  
    

 

 

 

Total Long-Term Investments — 158.3%
(Cost: $1,476,227,185)

       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%
(Cost: $2,429,627)

 

     2,429,627  
    

 

 

 

Total Investments — 158.6%
(Cost: $1,478,656,812)

 

     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
10/31/21

     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
10-Year U.S. Treasury Note

    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