| Schedule of Investments (unaudited) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 0.5% |
||||||||
| Health Care Authority of the City of Huntsville, RB, Series B1, 4.00%, 06/01/45 |
$ | 1,565 | $ | 1,529,327 | ||||
| Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 |
2,835 | 2,981,700 | ||||||
|
|
|
|||||||
| 4,511,027 | ||||||||
| Arizona — 1.5% | ||||||||
| Arizona Industrial Development Authority, RB(a) |
||||||||
| 4.38%, 07/01/39 |
810 | 819,204 | ||||||
| 5.00%, 07/01/54 |
945 | 966,713 | ||||||
| Series A, 5.00%, 07/01/39 |
1,480 | 1,496,561 | ||||||
| Series A, 5.00%, 07/01/49 |
1,675 | 1,676,707 | ||||||
| Series A, 5.00%, 07/01/54 |
1,290 | 1,278,753 | ||||||
| Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47(a) |
2,545 | 2,550,833 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(a) |
1,620 | 1,622,887 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 07/01/39(a) |
630 | 636,721 | ||||||
| 5.00%, 07/01/54(a) |
1,420 | 1,379,939 | ||||||
| Series A, 5.00%, 09/01/42 |
435 | 465,190 | ||||||
|
|
|
|||||||
| 12,893,508 | ||||||||
| Arkansas — 0.5% | ||||||||
| Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(a) |
4,350 | 4,011,026 | ||||||
|
|
|
|||||||
| California — 9.2% | ||||||||
| California Community Housing Agency, RB, M/F Housing(a) |
||||||||
| Series A, 5.00%, 04/01/49 |
645 | 554,367 | ||||||
| Series A-2, 4.00%, 08/01/47 |
4,150 | 3,338,426 | ||||||
| California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 07/01/23(b) |
2,965 | 3,062,038 | ||||||
| California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |
5,040 | 5,221,853 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(a) |
430 | 322,608 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(a) |
||||||||
| 5.00%, 09/01/37 |
330 | 297,581 | ||||||
| Class 2, 4.00%, 06/01/58 |
3,425 | 2,711,240 | ||||||
| Senior Lien, 3.13%, 06/01/57 |
2,310 | 1,610,539 | ||||||
| Class 2, Senior Lien, 4.00%, 12/01/58 |
2,720 | 2,184,805 | ||||||
| CSCDA Community Improvement Authority, RB, S/F Housing, 3.00%, 03/01/57(a) |
1,330 | 940,931 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66(c) |
11,690 | 1,280,593 | ||||||
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
5,110 | 3,775,600 | ||||||
| Long Beach Unified School District, GO, Series B, 0.00%, 08/01/34(c) |
5,000 | 3,222,065 | ||||||
| Mount San Antonio Community College District, Refunding GO, CAB, Series A, Election 2008, 6.25%, 08/01/43(d) |
3,975 | 3,819,876 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) |
||||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 03/01/36 |
$ | 1,160 | $ | 1,219,571 | ||||
| Series A, AMT, 5.00%, 03/01/37 |
1,275 | 1,339,421 | ||||||
| Norwalk-La Mirada Unified School District, Refunding GO, CAB, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c) |
7,620 | 3,908,542 | ||||||
| Poway Unified School District, Refunding GO, CAB(c) |
||||||||
| 0.00%, 08/01/35 |
7,820 | 4,755,483 | ||||||
| Series B, 0.00%, 08/01/36 |
10,000 | 5,784,780 | ||||||
| Rio Hondo Community College District, GO, CAB(c) |
||||||||
| Series C, Election 2004, 0.00%, 08/01/37 |
8,000 | 4,498,048 | ||||||
| Series C, Election 2004, 0.00%, 08/01/38 |
12,940 | 6,961,604 | ||||||
| San Diego County Regional Airport Authority, ARB, Series B, AMT, 4.00%, 07/01/46 |
2,050 | 1,936,055 | ||||||
| San Diego Unified School District, GO, CAB, Series G, Election 2008, |
8,765 | 4,393,222 | ||||||
| San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c) |
3,485 | 2,562,684 | ||||||
| State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 |
10 | 10,025 | ||||||
| State of California, Refunding GO, 5.00%, 04/01/42 |
6,000 | 6,899,214 | ||||||
| Walnut Valley Unified School District, GO, CAB, Series B, 0.00%, 08/01/36(c) |
6,545 | 3,663,315 | ||||||
|
|
|
|||||||
| 80,274,486 | ||||||||
| Colorado — 3.3% | ||||||||
| City of Colorado Springs CO Utilities System Revenue, RB, Series B, 4.00%, 11/15/46 |
5,000 | 5,185,505 | ||||||
| Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a) |
2,530 | 2,571,748 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(a) |
3,365 | 3,301,533 | ||||||
| Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
7,500 | 8,034,975 | ||||||
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/36 |
1,500 | 1,563,349 | ||||||
| Regional Transportation District, COP, Series A, 5.00%, 06/01/39 |
5,655 | 5,760,290 | ||||||
| STC Metropolitan District No.2, Refunding GOL |
||||||||
| Series A, 5.00%, 12/01/38 |
1,285 | 1,302,562 | ||||||
| Series A, 5.00%, 12/01/49 |
1,000 | 1,000,251 | ||||||
|
|
|
|||||||
| 28,720,213 | ||||||||
| Connecticut — 0.0% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(a) |
390 | 391,242 | ||||||
|
|
|
|||||||
| Florida — 10.1% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
4,535 | 4,609,379 | ||||||
| Capital Trust Agency, Inc., RB(a) |
||||||||
| 5.50%, 06/01/57 |
500 | 463,902 | ||||||
| Series A, 5.00%, 06/01/55 |
1,475 | 1,269,844 | ||||||
| City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/42 |
4,000 | 4,407,164 | ||||||
| City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 |
2,965 | 3,149,290 | ||||||
| City of Tampa Florida, RB, CAB(c) |
||||||||
| Series A, 0.00%, 09/01/39 |
1,100 | 548,141 | ||||||
| Series A, 0.00%, 09/01/40 |
1,000 | 473,903 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) |
||||||||
| City of Tampa Florida, RB, CAB(c) (continued) |
||||||||
| Series A, 0.00%, 09/01/41 |
$ | 1,280 | $ | 580,691 | ||||
| Series A, 0.00%, 09/01/42 |
1,150 | 497,868 | ||||||
| Series A, 0.00%, 09/01/45 |
2,000 | 753,412 | ||||||
| County of Broward Florida Airport System Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/40 |
3,000 | 3,113,484 | ||||||
| Series A, AMT, 5.00%, 10/01/42 |
3,000 | 3,166,605 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 10/01/34 |
530 | 547,591 | ||||||
| Series B, AMT, 5.00%, 10/01/40 |
6,500 | 6,823,297 | ||||||
| County of Miami-Dade Seaport Department, ARB(b) |
||||||||
| Series A, 6.00%, 10/01/23 |
5,695 | 5,993,737 | ||||||
| Series B, AMT, 6.00%, 10/01/23 |
3,685 | 3,870,723 | ||||||
| Series B, AMT, 6.25%, 10/01/23 |
1,165 | 1,226,143 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series B-1, AMT, Subordinate, 4.00%, 10/01/46 |
4,500 | 4,289,180 | ||||||
| Florida Development Finance Corp., RB(a) |
||||||||
| AMT, 5.00%, 05/01/29 |
1,500 | 1,525,460 | ||||||
| Series A, AMT, 5.00%, 08/01/29(e) |
595 | 597,478 | ||||||
| Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(a) |
820 | 829,733 | ||||||
| Greater Orlando Aviation Authority, ARB, Sub- Series A, AMT, 5.00%, 10/01/42 |
4,760 | 5,020,053 | ||||||
| LT Ranch Community Development District, SAB |
||||||||
| 4.00%, 05/01/40 |
1,415 | 1,325,806 | ||||||
| 4.00%, 05/01/50 |
2,000 | 1,780,994 | ||||||
| Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
14,360 | 14,886,466 | ||||||
| Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42 |
1,675 | 1,783,679 | ||||||
| Orange County Health Facilities Authority, Refunding RB |
||||||||
| 5.00%, 08/01/41 |
1,550 | 1,630,420 | ||||||
| 5.00%, 08/01/47 |
4,590 | 4,821,671 | ||||||
| Parker Road Community Development District, Refunding SAB |
||||||||
| 3.88%, 05/01/40 |
900 | 829,509 | ||||||
| 4.10%, 05/01/50 |
1,000 | 905,965 | ||||||
| Town of Davie Florida, Refunding RB, 5.00%, 04/01/37 |
4,630 | 4,989,061 | ||||||
| Westside Community Development District, Refunding SAB(a) |
||||||||
| 4.10%, 05/01/37 |
640 | 617,629 | ||||||
| 4.13%, 05/01/38 |
630 | 606,818 | ||||||
|
|
|
|||||||
| 87,935,096 | ||||||||
| Georgia — 0.6% | ||||||||
| Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(b) |
1,405 | 1,518,655 | ||||||
| Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43 |
1,105 | 1,161,806 | ||||||
| Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(b) |
2,170 | 2,275,912 | ||||||
|
|
|
|||||||
| 4,956,373 | ||||||||
| Security | Par (000) |
Value | ||||||
| Hawaii — 1.3% |
||||||||
| State of Hawaii Airports System Revenue, ARB, |
$ | 2,385 | $ | 2,520,561 | ||||
| State of Hawaii Airports System Revenue, ARB COP |
||||||||
| AMT, 5.00%, 08/01/27 |
2,000 | 2,056,790 | ||||||
| AMT, 5.00%, 08/01/28 |
1,775 | 1,824,572 | ||||||
| State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 |
5,275 | 5,112,609 | ||||||
|
|
|
|||||||
| 11,514,532 | ||||||||
| Illinois — 12.3% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/37 |
3,055 | 3,193,037 | ||||||
| Series A, 5.00%, 12/01/38 |
1,240 | 1,301,318 | ||||||
| Series A, 5.00%, 12/01/39 |
1,365 | 1,432,271 | ||||||
| Series A, 5.00%, 12/01/41 |
2,000 | 2,089,400 | ||||||
| Series A, 5.00%, 12/01/47 |
1,480 | 1,530,179 | ||||||
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/34 |
3,035 | 3,121,883 | ||||||
| Chicago O’Hare International Airport, ARB |
||||||||
| Series D, AMT, Senior Lien, 5.00%, 01/01/42 |
2,865 | 2,971,572 | ||||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
8,285 | 8,794,867 | ||||||
| Cook County Community College District No. 508, GO, 5.13%, 12/01/38 |
3,250 | 3,323,245 | ||||||
| Cook County Forest Preserve District, Refunding GOL, Series B, 5.00%, 12/15/37 |
615 | 616,603 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| 4.00%, 08/15/40 |
1,770 | 1,788,535 | ||||||
| Series C, 5.00%, 08/15/44 |
985 | 1,020,157 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/42 |
8,540 | 9,156,366 | ||||||
| Series A, 4.00%, 01/01/46 |
1,025 | 1,019,897 | ||||||
| Metropolitan Pier & Exposition Authority, RB, CAB(c) |
||||||||
| Series A, (NPFGC), 0.00%, 12/15/33 |
20,000 | 12,358,280 | ||||||
| Series A, (NPFGC), 0.00%, 12/15/34 |
41,880 | 23,962,103 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c) |
9,430 | 3,351,818 | ||||||
| State of Illinois, GO |
||||||||
| 5.25%, 07/01/29 |
3,160 | 3,254,102 | ||||||
| 5.00%, 05/01/32 |
7,500 | 7,803,338 | ||||||
| 5.25%, 02/01/33 |
5,860 | 6,100,641 | ||||||
| 5.50%, 07/01/33 |
2,235 | 2,307,901 | ||||||
| 5.25%, 02/01/34 |
5,360 | 5,580,108 | ||||||
| 5.50%, 07/01/38 |
1,200 | 1,239,142 | ||||||
|
|
|
|||||||
| 107,316,763 | ||||||||
| Indiana(b) — 0.4% | ||||||||
| Indiana Finance Authority, RB |
||||||||
| Series A, AMT, 5.00%, 07/01/23 |
1,400 | 1,438,982 | ||||||
| Series A, AMT, 5.00%, 07/01/40 |
2,425 | 2,495,805 | ||||||
|
|
|
|||||||
| 3,934,787 | ||||||||
| Kentucky — 2.2% | ||||||||
| City of Henderson KY, RB, AMT, 4.70%, 01/01/52(a) |
1,355 | 1,279,176 | ||||||
| Kentucky Economic Development Finance Authority, RB, Series A, 5.38%, 01/01/23(b) |
1,000 | 1,023,944 | ||||||
| Kentucky Public Energy Authority, RB, Series C-1, 4.00%, 12/01/49(e) |
7,500 | 7,605,382 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39(d) |
8,225 | 8,936,076 | ||||||
|
|
|
|||||||
| 18,844,578 | ||||||||
| 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) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Louisiana — 1.0% |
||||||||
| Jefferson Sales Tax District, RB |
||||||||
| Series B, (AGM), 5.00%, 12/01/34 |
$ | 670 | $ | 730,883 | ||||
| Series B, (AGM), 5.00%, 12/01/35 |
895 | 972,529 | ||||||
| Series B, (AGM), 5.00%, 12/01/36 |
805 | 870,492 | ||||||
| Series B, (AGM), 5.00%, 12/01/37 |
1,005 | 1,080,169 | ||||||
| New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 |
4,825 | 4,992,399 | ||||||
|
|
|
|||||||
| 8,646,472 | ||||||||
| Massachusetts — 1.8% | ||||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
5,950 | 6,227,794 | ||||||
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
2,110 | 2,096,481 | ||||||
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
3,510 | 3,783,524 | ||||||
| Massachusetts School Building Authority, RB, Series A, 5.00%, 05/15/23(b) |
3,495 | 3,598,361 | ||||||
|
|
|
|||||||
| 15,706,160 | ||||||||
| Michigan — 1.9% | ||||||||
| Michigan State University, Refunding RB, Series B, 4.00%, 02/15/39 |
2,125 | 2,202,516 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, (AGM), 4.25%, 12/31/38 |
2,000 | 2,041,858 | ||||||
| AMT, 5.00%, 12/31/43 |
9,940 | 10,174,683 | ||||||
| Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(b) |
1,330 | 1,389,323 | ||||||
| Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(b) |
1,080 | 1,123,859 | ||||||
|
|
|
|||||||
| 16,932,239 | ||||||||
| Nebraska — 0.8% | ||||||||
| Central Plains Energy Project, RB, 5.25%, 09/01/37 |
6,825 | 6,894,826 | ||||||
|
|
|
|||||||
| Nevada — 0.1% | ||||||||
| City of Las Vegas Nevada Special Improvement District No.814, SAB |
||||||||
| 4.00%, 06/01/39 |
380 | 368,285 | ||||||
| 4.00%, 06/01/44 |
1,060 | 999,212 | ||||||
|
|
|
|||||||
| 1,367,497 | ||||||||
| New Jersey — 11.6% | ||||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series DDD, 5.00%, 06/15/42 |
590 | 616,983 | ||||||
| Series WW, 5.25%, 06/15/25(b) |
55 | 59,488 | ||||||
| Series WW, 5.25%, 06/15/33 |
445 | 463,172 | ||||||
| Series WW, 5.00%, 06/15/34 |
570 | 587,321 | ||||||
| Series WW, 5.00%, 06/15/36 |
2,635 | 2,716,469 | ||||||
| Series WW, 5.25%, 06/15/40 |
970 | 1,009,724 | ||||||
| AMT, 5.13%, 01/01/34 |
1,930 | 1,971,848 | ||||||
| AMT, 5.38%, 01/01/43 |
4,920 | 5,033,563 | ||||||
| New Jersey Economic Development Authority, Refunding RB |
||||||||
| Series N-1, (AMBAC), 5.50%, 09/01/24 |
6,325 | 6,709,731 | ||||||
| Series N-1, (NPFGC), 5.50%, 09/01/28 |
1,685 | 1,884,620 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39 |
4,255 | 3,831,266 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
| 1st Series, AMT, 5.50%, 12/01/25 |
410 | 410,059 | ||||||
| 1st Series, AMT, 5.50%, 12/01/26 |
590 | 590,079 | ||||||
| 1st Series, AMT, 5.75%, 12/01/28 |
65 | 65,008 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) |
||||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB (continued) |
||||||||
| 1st Series, AMT, 5.88%, 12/01/33 |
$ | 6,895 | $ | 6,896,124 | ||||
| Series B, AMT, 3.25%, 12/01/39 |
7,670 | 6,585,316 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33 |
2,645 | 2,646,844 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| 5.00%, 06/15/29 |
2,145 | 2,313,297 | ||||||
| Series A, (NPFGC), 5.75%, 06/15/25 |
4,000 | 4,339,680 | ||||||
| Series A, 5.00%, 06/15/28 |
4,205 | 4,557,964 | ||||||
| Series AA, 5.25%, 06/15/33 |
4,150 | 4,259,709 | ||||||
| Series AA, 5.00%, 06/15/38 |
3,990 | 4,074,744 | ||||||
| Series AA, 5.50%, 06/15/39 |
5,625 | 5,751,028 | ||||||
| Series D, 5.00%, 06/15/32 |
1,825 | 1,880,810 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, CAB(c) |
||||||||
| Series A, 0.00%, 12/15/35 |
10,000 | 5,497,460 | ||||||
| Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25 |
8,550 | 7,691,571 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
4,000 | 4,181,464 | ||||||
| Series A, 5.25%, 06/01/46 |
11,035 | 11,691,892 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
2,675 | 2,839,545 | ||||||
|
|
|
|||||||
| 101,156,779 | ||||||||
| New Mexico — 0.2% | ||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49 |
540 | 558,054 | ||||||
| New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44(b) |
1,040 | 1,080,629 | ||||||
|
|
|
|||||||
| 1,638,683 | ||||||||
| New York — 14.0% | ||||||||
| City of New York, GO, Series C, 5.00%, 08/01/42 |
2,585 | 2,851,780 | ||||||
| Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.25%, 11/15/57 |
4,000 | 4,216,256 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series E-1, 4.00%, 02/01/46 |
1,930 | 1,909,849 | ||||||
| Sub-Series E-1, 5.00%, 02/01/39 |
2,500 | 2,685,920 | ||||||
| Sub-Series F-1, 5.00%, 05/01/39 |
3,360 | 3,605,885 | ||||||
| Subordinate, 4.00%, 02/01/43 |
8,000 | 8,026,960 | ||||||
| Series B-1, Subordinate, 4.00%, 08/01/45 |
7,140 | 7,114,846 | ||||||
| Series C, Subordinate, 4.00%, 05/01/45 |
6,500 | 6,453,707 | ||||||
| Series C-3, Subordinate, 5.00%, 05/01/41 |
5,000 | 5,374,380 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/32 |
4,150 | 4,205,668 | ||||||
| New York City Water & Sewer System, Refunding RB, Series BB-1, 4.00%, 06/15/45(f) |
20,085 | 20,071,463 | ||||||
| New York Liberty Development Corp., Refunding RB |
||||||||
| Series 1, Class 1, 5.00%, 11/15/44(a) |
3,055 | 3,084,737 | ||||||
| Series A, 2.88%, 11/15/46 |
10,550 | 8,138,787 | ||||||
| New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 |
4,550 | 4,550,300 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/40 |
3,325 | 3,337,632 | ||||||
| Series A, 4.00%, 03/15/42 |
1,160 | 1,162,413 | ||||||
| Series A, 4.00%, 03/15/43 |
1,765 | 1,753,695 | ||||||
| Series A, 5.00%, 03/15/45 |
5,000 | 5,404,245 | ||||||
| Series E, 4.00%, 03/15/44 |
1,825 | 1,813,340 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/43 |
$ | 7,500 | $ | 8,063,580 | ||||
| New York Transportation Development Corp., ARB, Series A, AMT, |
8,300 | 8,598,800 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 5.00%, 10/01/35 |
1,105 | 1,173,470 | ||||||
| AMT, 5.00%, 10/01/40 |
3,115 | 3,256,848 | ||||||
| Port Authority of New York & New Jersey, ARB |
||||||||
| Consolidated, 218th Series, AMT, 5.00%, 11/01/44 |
2,500 | 2,672,502 | ||||||
| Consolidated, 221st Series, AMT, 4.00%, 07/15/45 |
3,000 | 2,870,430 | ||||||
|
|
|
|||||||
| 122,397,493 | ||||||||
| Ohio — 4.6% | ||||||||
| American Municipal Power, Inc., Refunding RB |
||||||||
| Series A, 5.00%, 02/15/38 |
2,375 | 2,510,669 | ||||||
| Series A, 5.00%, 02/15/41 |
4,000 | 4,223,460 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
13,065 | 12,702,956 | ||||||
| County of Montgomery Ohio, RB, Catholic Health Services, 5.45%, 11/13/23(b) |
11,135 | 11,594,074 | ||||||
| County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 |
4,315 | 4,247,798 | ||||||
| Ohio Turnpike & Infrastructure Commission, RB |
||||||||
| Series A-1, Junior Lien, 5.25%, 02/15/32 |
1,950 | 1,992,360 | ||||||
| Series A-1, Junior Lien, 5.25%, 02/15/33 |
2,730 | 2,788,324 | ||||||
|
|
|
|||||||
| 40,059,641 | ||||||||
| Oregon — 0.3% | ||||||||
| Clackamas Community College District, GO |
||||||||
| Series A, 5.00%, 06/15/39 |
395 | 431,510 | ||||||
| Series A, 5.00%, 06/15/40 |
420 | 458,118 | ||||||
| Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) |
2,800 | 1,426,945 | ||||||
|
|
|
|||||||
| 2,316,573 | ||||||||
| Pennsylvania — 7.6% | ||||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 4.00%, 07/01/46 |
255 | 232,926 | ||||||
| 4.00%, 07/01/51 |
150 | 135,722 | ||||||
| Commonwealth Financing Authority, RB, 5.00%, 06/01/34 |
2,180 | 2,364,077 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| AMT, 5.00%, 12/31/34 |
7,115 | 7,432,535 | ||||||
| AMT, 5.00%, 12/31/38 |
6,850 | 7,139,166 | ||||||
| AMT, 5.00%, 06/30/42 |
8,805 | 9,170,848 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 |
5,000 | 4,898,360 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50 |
8,075 | 8,374,429 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A, 5.00%, 12/01/38 |
1,775 | 1,844,923 | ||||||
| Series A-1, 5.00%, 12/01/41 |
2,320 | 2,478,707 | ||||||
| Series B, 5.00%, 12/01/40 |
4,920 | 5,173,090 | ||||||
| Series C, 5.50%, 12/01/23(b) |
1,565 | 1,643,120 | ||||||
| Sub-Series B-1, 5.00%, 06/01/42 |
7,330 | 7,724,647 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) |
||||||||
| Pennsylvania Turnpike Commission, RB (continued) |
||||||||
| Series A, Subordinate, 5.00%, 12/01/44 |
$ | 5,000 | $ | 5,373,250 | ||||
| Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 |
2,165 | 2,254,373 | ||||||
|
|
|
|||||||
| 66,240,173 | ||||||||
| 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 | 1,350,568 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
2,007 | 2,054,325 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
2,372 | 2,352,094 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
214 | 217,632 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
1,302 | 1,317,939 | ||||||
| Series B-1, Restructured, 5.00%, 07/01/58 |
15,757 | 16,127,101 | ||||||
| Series B-2, Restructured, 4.33%, 07/01/40 |
12,433 | 12,373,409 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,261 | 1,276,133 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
13,259 | 3,725,209 | ||||||
|
|
|
|||||||
| 40,794,410 | ||||||||
| Rhode Island — 1.2% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series B, 4.50%, 06/01/45 |
3,000 | 3,032,220 | ||||||
| Series B, 5.00%, 06/01/50 |
7,465 | 7,739,682 | ||||||
|
|
|
|||||||
| 10,771,902 | ||||||||
| South Carolina — 5.4% | ||||||||
| South Carolina Jobs-Economic Development Authority, RB |
||||||||
| 5.00%, 01/01/40(a) |
2,630 | 2,497,167 | ||||||
| 5.00%, 11/01/43 |
5,000 | 5,364,755 | ||||||
| South Carolina Jobs-Economic Development Authority, RB, COP |
||||||||
| 5.00%, 04/01/44 |
285 | 298,225 | ||||||
| 4.00%, 04/01/49 |
270 | 245,477 | ||||||
| 5.00%, 04/01/49 |
765 | 798,404 | ||||||
| 4.00%, 04/01/54 |
580 | 524,084 | ||||||
| 5.00%, 04/01/54 |
1,385 | 1,445,812 | ||||||
| South Carolina Ports Authority, ARB |
||||||||
| AMT, 5.00%, 07/01/38 |
3,380 | 3,579,038 | ||||||
| AMT, 5.25%, 07/01/50(b) |
6,530 | 6,993,330 | ||||||
| South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 |
11,450 | 11,822,709 | ||||||
| South Carolina Public Service Authority, Refunding RB |
||||||||
| 5.00%, 12/01/38 |
5,870 | 6,014,361 | ||||||
| Series B, (AGM-CR), 5.00%, 12/01/56 |
7,155 | 7,466,464 | ||||||
|
|
|
|||||||
| 47,049,826 | ||||||||
| Tennessee — 0.7% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 |
4,665 | 4,974,775 | ||||||
| New Memphis Arena Public Building Authority, RB, CAB(c) |
||||||||
| 0.00%, 04/01/38 |
700 | 369,211 | ||||||
| 0.00%, 04/01/39 |
750 | 378,099 | ||||||
| 0.00%, 04/01/40 |
750 | 361,310 | ||||||
|
|
|
|||||||
| 6,083,395 | ||||||||
| 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) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas — 12.7% |
||||||||
| Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/22(b) |
$ | 11,345 | $ | 11,457,372 | ||||
| City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 |
1,295 | 1,297,942 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
710 | 751,142 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 |
690 | 727,381 | ||||||
| City of Lubbock TX Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/46 |
15,000 | 15,025,725 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b) |
1,450 | 1,483,145 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.00%, 02/01/42 |
7,450 | 7,972,603 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
2,745 | 2,846,790 | ||||||
| Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43 |
7,940 | 8,607,468 | ||||||
| Leander Independent School District, Refunding GO, CAB, Series D, (PSF-GTD), 0.00%, 08/15/24(b)(c) |
9,685 | 4,680,480 | ||||||
| Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36(c) |
5,810 | 3,027,138 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a) |
1,385 | 1,397,609 | ||||||
| North Texas Tollway Authority, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/39 |
9,080 | 9,785,897 | ||||||
| Series B, 5.00%, 01/01/40 |
1,710 | 1,734,484 | ||||||
| Series B, 5.00%, 01/01/43 |
12,355 | 13,276,572 | ||||||
| San Antonio Public Facilities Corp., Refunding RB(c) |
||||||||
| 0.00%, 09/15/35 |
680 | 356,078 | ||||||
| 0.00%, 09/15/36 |
12,195 | 6,016,781 | ||||||
| 0.00%, 09/15/37 |
8,730 | 4,055,513 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/34 |
5,000 | 5,440,590 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 |
2,095 | 2,153,830 | ||||||
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
820 | 822,321 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/45 |
3,630 | 3,822,103 | ||||||
| Texas Water Development Board, RB, Series B, 4.00%, 10/15/43 |
4,315 | 4,457,632 | ||||||
|
|
|
|||||||
| 111,196,596 | ||||||||
| Utah — 1.9% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/42 |
3,490 | 3,652,941 | ||||||
| Series A, AMT, 5.00%, 07/01/43 |
3,190 | 3,363,772 | ||||||
| Intermountain Power Agency, Refunding RB, 5.00%, 07/01/44(f) |
5,000 | 5,566,260 | ||||||
| Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/37 |
3,475 | 3,704,232 | ||||||
| Utah Charter School Finance Authority, RB(a) |
||||||||
| Series A, 5.00%, 06/15/39 |
190 | 190,063 | ||||||
| Series A, 5.00%, 06/15/49 |
380 | 364,795 | ||||||
|
|
|
|||||||
| 16,842,063 | ||||||||
| Security | Par (000) |
Value | ||||||
| Vermont — 0.3% |
||||||||
| Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
$ | 2,710 | $ | 2,445,377 | ||||
|
|
|
|||||||
| Virginia — 0.3% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
3,030 | 2,934,661 | ||||||
|
|
|
|||||||
| Washington — 3.9% | ||||||||
| Port of Seattle Washington, ARB |
||||||||
| Series A, AMT, 5.00%, 05/01/38 |
20,000 | 21,014,480 | ||||||
| Series C, AMT, 5.00%, 04/01/40 |
2,830 | 2,924,822 | ||||||
| Washington Health Care Facilities Authority, RB, Series B, 5.00%, 08/15/44 |
1,000 | 1,006,666 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Series B, 4.00%, 08/15/41 |
9,000 | 9,087,534 | ||||||
|
|
|
|||||||
| 34,033,502 | ||||||||
| Wisconsin — 3.8% | ||||||||
| Public Finance Authority, RB |
||||||||
| 4.25%, 06/15/31(a) |
270 | 248,708 | ||||||
| 5.00%, 06/15/41(a) |
895 | 829,014 | ||||||
| 5.00%, 06/15/51(a) |
590 | 510,696 | ||||||
| 5.00%, 10/15/51(a) |
650 | 603,364 | ||||||
| Series A, 5.00%, 11/15/41 |
450 | 494,907 | ||||||
| Series A-1, 5.00%, 01/01/55(a) |
1,640 | 1,498,004 | ||||||
| Public Finance Authority, Refunding RB(a) |
||||||||
| 5.00%, 09/01/39 |
100 | 101,577 | ||||||
| 5.00%, 09/01/49 |
145 | 143,581 | ||||||
| 5.00%, 09/01/54 |
660 | 648,690 | ||||||
| University of Wisconsin Hospitals & Clinics Refunding RB, 4.00%, 04/01/46 |
7,000 | 6,931,897 | ||||||
| Wisconsin Health & Educational Facilities Authority, RB, 4.00%, 08/15/46 |
3,000 | 2,927,565 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 5.00%, 04/01/44 |
7,350 | 8,014,896 | ||||||
| Series A, 5.00%, 11/15/36 |
4,815 | 5,111,127 | ||||||
| Series A, 5.00%, 11/15/39 |
5,000 | 5,298,670 | ||||||
|
|
|
|||||||
| 33,362,696 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 120.7% |
1,054,174,595 | |||||||
|
|
|
|||||||
| 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 | 9,064,630 | ||||||
|
|
|
|||||||
| California — 4.7% | ||||||||
| Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42(h) |
7,074 | 7,746,313 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series E, AMT, 5.00%, 05/01/45 |
14,215 | 15,100,328 | ||||||
| State of California, Refunding GO, 5.25%, 10/01/39 |
3,000 | 3,271,005 | ||||||
| University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
13,395 | 14,982,009 | ||||||
|
|
|
|||||||
| 41,099,655 | ||||||||
| 5 |
| Schedule of Investments (unaudited) (continued) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Colorado — 0.7% |
||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/43(h) |
$ | 5,833 | $ | 6,325,520 | ||||
|
|
|
|||||||
| Connecticut — 0.5% | ||||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45 |
3,932 | 4,127,119 | ||||||
|
|
|
|||||||
| District of Columbia — 0.8% | ||||||||
| Metropolitan Washington Airports Authority, Refunding RB, Series A, AMT, 5.00%, 10/01/30 |
6,880 | 6,941,260 | ||||||
|
|
|
|||||||
| Florida — 3.3% | ||||||||
| City of Miami Beach Florida Stormwater Revenue, Refunding RB, 5.00%, 09/01/41 |
10,000 | 10,866,040 | ||||||
| City of Miami Beach Florida, RB, 5.00%, 09/01/45 |
8,760 | 9,185,524 | ||||||
| Pinellas County School Board, COP, Series A, 5.00%, 07/01/41 |
7,880 | 8,404,260 | ||||||
|
|
|
|||||||
| 28,455,824 | ||||||||
| Illinois — 5.8% | ||||||||
| Illinois Finance Authority, Refunding RB, 5.00%, 02/15/41 |
10,000 | 10,570,683 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/38 |
5,836 | 5,912,926 | ||||||
| Series A, 5.00%, 01/01/40 |
7,621 | 7,956,492 | ||||||
| Series A, 5.00%, 01/01/44 |
12,000 | 13,038,780 | ||||||
| Series B, 5.00%, 01/01/40 |
2,939 | 3,086,564 | ||||||
| Series C, 5.00%, 01/01/36 |
10,000 | 10,440,361 | ||||||
|
|
|
|||||||
| 51,005,806 | ||||||||
| Kansas — 1.7% | ||||||||
| Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/47(b) |
13,470 | 15,021,387 | ||||||
|
|
|
|||||||
| Massachusetts — 3.1% | ||||||||
| Commonwealth of Massachusetts, GOL |
||||||||
| Series A, 5.00%, 03/01/46 |
4,204 | 4,331,831 | ||||||
| Series E, 5.25%, 09/01/43 |
20,000 | 22,283,580 | ||||||
|
|
|
|||||||
| 26,615,411 | ||||||||
| Michigan — 2.2% | ||||||||
| Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44 |
5,591 | 5,947,609 | ||||||
| Michigan State Building Authority, Refunding RB |
||||||||
| Series I, 5.00%, 04/15/38 |
10,000 | 10,623,092 | ||||||
| Series I, 5.00%, 10/15/45 |
2,410 | 2,527,595 | ||||||
|
|
|
|||||||
| 19,098,296 | ||||||||
| Nevada — 2.4% | ||||||||
| County of Clark Nevada, GOL, Series A, 5.00%, 06/01/43 |
9,730 | 10,639,225 | ||||||
| Las Vegas Valley Water District, Refunding GOL, Series A, 5.00%, 06/01/46 |
9,840 | 10,484,247 | ||||||
|
|
|
|||||||
| 21,123,472 | ||||||||
| Security | Par (000) |
Value | ||||||
| New Jersey — 1.6% |
||||||||
| Garden State Preservation Trust, RB, Series A, (AGM), 5.75%, 11/01/28 |
$ | 10,000 | $ | 11,347,127 | ||||
| Hudson County Improvement Authority, RB, 5.25%, 05/01/51 |
2,320 | 2,473,172 | ||||||
|
|
|
|||||||
| 13,820,299 | ||||||||
| New York — 9.3% | ||||||||
| Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44 |
9,850 | 10,157,517 | ||||||
| New York City Water & Sewer System, Refunding RB |
||||||||
| 4.00%, 06/15/45 |
12,500 | 12,348,141 | ||||||
| Series CC, 5.00%, 06/15/23(b) |
7,294 | 7,481,189 | ||||||
| Series CC, 5.00%, 06/15/47 |
8,227 | 8,437,264 | ||||||
| Series DD, 5.00%, 06/15/35 |
4,740 | 4,947,347 | ||||||
| New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/39 |
7,621 | 8,162,928 | ||||||
| New York State Dormitory Authority, Refunding RB, 5.00%, 03/15/46 |
7,847 | 8,638,784 | ||||||
| New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43 |
14,280 | 14,440,521 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |
6,402 | 6,841,058 | ||||||
|
|
|
|||||||
| 81,454,749 | ||||||||
| Pennsylvania — 2.0% | ||||||||
| Geisinger Authority, Refunding RB, Series A, 4.00%, 06/01/41 |
15,000 | 14,884,373 | ||||||
| Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |
2,560 | 2,685,820 | ||||||
|
|
|
|||||||
| 17,570,193 | ||||||||
| Texas — 2.6% | ||||||||
| Aldine Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/42 |
9,701 | 10,509,385 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38(b) |
1,799 | 1,849,369 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41 |
9,840 | 10,394,986 | ||||||
|
|
|
|||||||
| 22,753,740 | ||||||||
| Virginia — 1.6% | ||||||||
| Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 5.50%, 01/01/28(b) |
11,740 | 13,534,833 | ||||||
|
|
|
|||||||
| Washington — 1.0% | ||||||||
| Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38 |
8,205 | 9,094,012 | ||||||
|
|
|
|||||||
| 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) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
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| Wisconsin — 1.8% |
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| Wisconsin Health & Educational Facilities Authority, Refunding RB |
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| Series A, 5.00%, 11/15/39 |
$ | 12,650 | $ | 13,405,630 | ||||
| Series A, 5.00%, 04/01/42 |
2,490 | 2,502,142 | ||||||
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| 15,907,772 | ||||||||
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| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 46.1% |
403,013,978 | |||||||
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| Total Long-Term Investments — 166.8% |
1,457,188,573 | |||||||
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| Shares | ||||||||
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| Short-Term Securities | ||||||||
| Money Market Funds — 1.3% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.25%(i)(j) |
11,657,445 | 11,657,445 | ||||||
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| Total Short-Term Securities — 1.3% |
|
11,657,445 | ||||||
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| Total Investments — 168.1% |
1,468,846,018 | |||||||
| Other Assets Less Liabilities — 0.5% |
3,910,817 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.9)% |
|
(243,306,711 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (40.7)% |
|
(355,836,316 | ) | |||||
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| Net Assets Applicable to Common Shares — 100.0% |
$ | 873,613,808 | ||||||
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| (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) | 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. |
| (c) | Zero-coupon bond. |
| (d) | 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. |
| (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 January 1, 2026 to June 1, 2026, is $7,980,986. |
| (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 April 30, 2022 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 04/30/22 |
Shares Held at 04/30/22 |
Income | Capital Gain Distributions from Underlying Funds |
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| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 2,428,104 | $ | 9,230,771 | (a) | $ | — | $ | (1,729) | $ | 299 | $ | 11,657,445 | 11,657,445 | $ | 2 | $ | — | ||||||||||||||||||
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| (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) |
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| Short Contracts |
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| 10-Year U.S. Treasury Note |
189 | 06/21/22 | $ | 22,500 | $ | 559,788 | ||||||||||
| U.S. Long Bond |
151 | 06/21/22 | 21,216 | 849,005 | ||||||||||||
| 5-Year U.S. Treasury Note |
274 | 06/30/22 | 30,842 | 495,888 | ||||||||||||
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| $ | 1,904,681 | |||||||||||||||
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| 7 |
| Schedule of Investments (unaudited) (continued) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
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 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.
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| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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| Assets |
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| Investments |
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| Long-Term Investments |
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| Municipal Bonds |
$ | — | $ | 1,054,174,595 | $ | — | $ | 1,054,174,595 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 403,013,978 | — | 403,013,978 | ||||||||||||
| Short-Term Securities |
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| Money Market Funds |
11,657,445 | — | — | 11,657,445 | ||||||||||||
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| $ | 11,657,445 | $ | 1,457,188,573 | $ | — | $ | 1,468,846,018 | |||||||||
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| Derivative Financial Instruments(a) |
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| Assets |
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| Interest Rate Contracts |
$ | 1,904,681 | $ | — | $ | — | $ | 1,904,681 | ||||||||
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| (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:
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| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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| Liabilities |
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| TOB Trust Certificates |
$ | — | $ | (243,096,100 | ) | $ | — | $ | (243,096,100 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
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| $ | — | $ | (599,496,100 | ) | $ | — | $ | (599,496,100 | ) | |||||||
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| 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 | |
| Portfolio Abbreviation (continued) | ||
| BAM | Build America Mutual Assurance Co. | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| GO | General Obligation Bonds | |
| GOL | General Obligation Ltd. | |
| GTD | GTD Guaranteed | |
| M/F | Multi-Family | |
| S C H E D U L E O F I N V E S T M E N T S | 8 |
| Schedule of Investments (unaudited) (continued) April 30, 2022 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
| Portfolio Abbreviation (continued) | ||
| NPFGC | National Public Finance Guarantee Corp. | |
| NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond Certificate | |
| PSF-GTD | Permanent School Fund Guaranteed | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| 9 |