NPORT-EX 2 NPORT_8932_67753639_0423.htm BlackRock MuniYield Quality Fund III

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 1.2%            

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

   $ 2,835     $ 2,917,246  

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

     7,000       7,527,499  
   

 

 

  
      10,444,745  
Arizona — 1.6%            

Arizona Industrial Development Authority, RB(a)

    

4.38%, 07/01/39

     810       714,344  

5.00%, 07/01/54

     945       844,506  

Series A, 5.00%, 07/01/49

     1,675       1,508,112  

Series A, 5.00%, 07/01/54

     1,290       1,143,492  

City of Mesa Arizona Utility System Revenue, RB, Series A, 5.00%, 07/01/43

         6,000       6,464,976  

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

    1,620       1,400,017  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/54(a)

    855       750,655  

Series A, 5.00%, 09/01/42

     435       455,066  
   

 

 

  
          13,281,168  
Arkansas — 0.4%            

Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(a)

    4,100       3,666,856  
   

 

 

  
California — 10.0%            

California Community Housing Agency, RB, M/F Housing(a)

    

3.00%, 08/01/56

     380       250,126  

Series A, 5.00%, 04/01/49

     645       564,369  

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

     1,250       1,239,548  

California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 07/01/23(b)

    2,965       2,974,245  

California State Public Works Board, RB, Series I, 5.00%, 11/01/38

     5,040       5,094,467  

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

     2,000       2,195,062  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(a)

    430       297,409  

CSCDA Community Improvement Authority, RB, M/F Housing(a)

    

5.00%, 09/01/37

     320       308,156  

4.00%, 10/01/56

     470       381,090  

4.00%, 12/01/56

     495       355,252  

Series A, 4.00%, 06/01/58

     2,955       2,305,831  

Senior Lien, 3.13%, 06/01/57

     1,780       1,224,019  

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

     2,555       1,977,225  

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

    5,110       4,071,392  

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

    5,000       3,590,510  

Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, 6.25%, 08/01/43(d)

    3,975       3,931,390  

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

    7,620       4,169,496  
Security  

Par

(000)

     Value  
California (continued)            

Poway Unified School District, Refunding GO(c)

    

0.00%, 08/01/35

   $ 7,820     $ 5,257,104  

Series B, 0.00%, 08/01/36

     10,000       6,248,030  

Rio Hondo Community College District, GO(c)

   

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

     8,000       4,688,656  

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

     12,940       7,183,835  

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

    8,765       4,475,872  

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

    3,485       2,780,532  

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

     14,215       14,944,244  

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

     10       10,019  

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

    6,545       4,117,388  
   

 

 

  
      84,635,267  
Colorado — 4.5%            

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

    

Series A, AMT, 5.25%, 12/01/43

     5,835       6,106,292  

Series D, AMT, 5.75%, 11/15/37

     5,000       5,814,580  

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

     11,820       11,623,930  

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

    2,530       2,384,047  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(a)

    3,365       2,975,632  

Colorado Health Facilities Authority, RB

    

5.00%, 11/01/42

     2,500       2,633,010  

5.25%, 11/01/52

     2,750       2,889,497  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/36

     1,500       1,522,292  

STC Metropolitan District No. 2, Refunding GO

    

Series A, 5.00%, 12/01/38

     1,285       1,208,722  

Series A, 5.00%, 12/01/49

         1,000       880,326  
   

 

 

  
          38,038,328  
Connecticut — 0.0%            

Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(a)

    390       305,935  
   

 

 

  
District of Columbia — 0.2%            

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.13%, 07/15/47

     1,890       1,877,942  
   

 

 

  
Florida — 17.5%            

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

     4,535       4,601,755  

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

     5,000       4,843,220  

Capital Trust Agency, Inc., RB(a)

    

5.00%, 01/01/55

     1,640       1,250,165  

Series A, 5.00%, 06/01/55

     1,475       1,209,881  

Series A, 5.50%, 06/01/57

     500       442,531  

City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/42

     4,000       4,250,256  

City of Miami Beach Florida, RB, 5.00%, 09/01/45

     8,765       8,990,620  

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

     3,655       3,741,262  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

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)

   

Series A, 0.00%, 09/01/40

   $ 3,290     $ 1,530,837  

Series A, 0.00%, 09/01/42

     1,150       462,788  

Series A, 0.00%, 09/01/45

     2,000       651,544  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/40

     3,000       3,049,296  

County of Miami-Dade Florida Aviation Revenue, Refunding RB

    

AMT, 5.00%, 10/01/34

     530       538,950  

Series B, AMT, 5.00%, 10/01/40

     9,365       9,637,109  

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

     1,750       1,898,743  

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

     9,500       9,414,186  

County of Miami-Dade Seaport Department, ARB(b)

   

Series A, 6.00%, 10/01/23

     5,695       5,758,636  

Series B, AMT, 6.00%, 10/01/23

     3,685       3,719,303  

Series B, AMT, 6.25%, 10/01/23

     1,165       1,177,029  

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

         3,500           3,139,003  

County of Pasco Florida, RB

    

(AGM), 5.00%, 09/01/48

     7,790       8,168,134  

(AGM), 5.75%, 09/01/54

     1,400       1,546,031  

Florida Development Finance Corp., RB(a)

    

6.50%, 06/30/57

     1,085       1,073,116  

AMT, 5.00%, 05/01/29

     1,500       1,403,843  

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

    820       660,904  

Greater Orlando Aviation Authority, ARB

    

Series A, AMT, 5.00%, 10/01/34

     5,060       5,495,266  

Series A, AMT, 5.00%, 10/01/49

     2,670       2,767,663  

Sub-Series A, AMT, 5.00%, 10/01/42

     4,760       4,922,245  

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

     2,500       2,626,468  

LT Ranch Community Development District, SAB

    

4.00%, 05/01/40

     1,415       1,226,549  

4.00%, 05/01/50

     2,000       1,575,854  

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

     14,360       14,651,824  

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

     1,675       1,733,260  

Orange County Health Facilities Authority, Refunding RB

    

5.00%, 08/01/41

     1,550       1,602,647  

5.00%, 08/01/47

     4,590       4,745,904  

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

     8,000       9,101,928  

Parker Road Community Development District, Refunding SAB

    

3.88%, 05/01/40

     900       767,533  

4.10%, 05/01/50

     1,000       801,878  

School District of Broward County, GO, 5.00%, 07/01/46

     5,000       5,528,995  

Seminole Improvement District, RB

    

5.00%, 10/01/32

     230       227,077  

5.30%, 10/01/37

     260       258,312  
Security  

Par

(000)

      Value  
Florida (continued)             

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

   $ 4,630      $ 4,894,544  

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

     1,730        1,691,762  

Westside Community Development District, Refunding SAB(a)

     

4.10%, 05/01/37

     640        578,083  

4.13%, 05/01/38

     630        565,372  
    

 

 

  
       148,922,306  
Georgia — 0.7%             

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

    630        564,712  

Main Street Natural Gas, Inc., RB

     

Series A, 5.00%, 05/15/43

     1,105        1,106,697  

Series A, 5.00%, 06/01/53(e)

    4,195        4,418,556  
    

 

 

  
       6,089,965  
Hawaii — 1.0%             

State of Hawaii Airports System Revenue, COP

     

AMT, 5.00%, 08/01/27

     2,000        2,007,006  

AMT, 5.00%, 08/01/28

     1,775        1,781,070  

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

         5,275        5,044,240  
    

 

 

  
           8,832,316  
Illinois — 10.3%             

Chicago Board of Education, GO

     

Series A, 5.00%, 12/01/34

     3,955        4,091,997  

Series A, 5.00%, 12/01/40

     1,270        1,279,883  

Series A, 5.00%, 12/01/41

     1,000        1,006,480  

Series A, 5.00%, 12/01/47

     1,115        1,097,439  

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

     1,300        1,324,401  

Chicago O’Hare International Airport, ARB

     

Class A, AMT, Senior Lien, 5.00%, 01/01/48

     1,935        1,990,877  

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

     8,285        8,664,660  

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

     3,250        3,251,781  

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

     1,750        1,712,823  

Series C, 5.00%, 08/15/44

     985        992,419  

Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/40

     2,930        3,038,577  

Metropolitan Pier & Exposition Authority, RB(c)

    

Series A, (NPFGC), 0.00%, 12/15/33

     20,000        13,062,260  

Series A, (NPFGC), 0.00%, 12/15/34

     41,880        25,922,589  

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

    9,430        3,485,036  

State of Illinois, GO

     

5.25%, 02/01/33

     5,860        5,919,004  

5.50%, 07/01/33

     2,235        2,243,118  

5.25%, 02/01/34

     5,360        5,419,635  

5.50%, 07/01/38

     1,200        1,204,631  

Series B, 5.25%, 05/01/43

     1,640        1,772,176  
    

 

 

  
       87,479,786  
 

 

 

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, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Indiana — 0.7%            

Indiana Finance Authority, RB

    

1st Lien, 4.00%, 10/01/51

   $ 2,025     $ 1,914,012  

Series A, AMT, 5.00%, 07/01/23(b)

    3,825       3,832,662  
   

 

 

  
      5,746,674  
Kentucky — 1.2%            

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

    475       437,141  

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

    8,225       9,375,423  
   

 

 

  
      9,812,564  
Louisiana — 0.7%            

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

     1,200       1,130,451  

New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40

     4,825       4,846,254  
   

 

 

  
      5,976,705  
Maryland — 0.3%            

Maryland Health & Higher Educational Facilities

    

Authority, RB, Series B, 4.00%, 04/15/50

     2,815       2,698,301  
   

 

 

  
Massachusetts — 2.6%            

Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47

     10,000       11,310,680  

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

     9,720       9,750,881  

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

     1,140       1,077,010  
   

 

 

  
          22,138,571  
Michigan — 5.9%            

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

         1,600       1,708,030  

Lansing Board of Water & Light, Refunding RB

    

Series A, 5.00%, 07/01/44

     2,335       2,477,470  

Series A, 5.00%, 07/01/48

     4,000       4,216,848  

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     1,855       1,759,195  

Series S, 5.00%, 11/01/44

     5,590       5,708,463  

Michigan State Building Authority, Refunding RB

    

Series I, 5.00%, 10/15/45

     2,410       2,479,955  

Series I, 4.00%, 10/15/46

     5,980       5,824,711  

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

     8,405       8,553,643  

Michigan State University, Refunding RB, Series B, 4.00%, 02/15/39

     2,125       2,132,792  

Michigan Strategic Fund, RB

    

AMT, (AGM), 4.25%, 12/31/38

     2,000       1,915,562  

AMT, 5.00%, 12/31/43

     9,940       10,073,415  

State of Michigan Trunk Line Revenue, RB, Series B, 4.00%, 11/15/45

     2,500       2,468,330  

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

    1,080       1,090,166  
   

 

 

  
      50,408,580  
Security  

Par

(000)

     Value  
Minnesota — 0.4%            

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

   $ 3,375     $ 3,685,902  
   

 

 

  
Nevada — 0.2%            

City of Las Vegas Nevada Special Improvement District No. 814, SAB

    

4.00%, 06/01/39

     380       334,205  

4.00%, 06/01/44

     1,015       849,992  
   

 

 

  
      1,184,197  
New Jersey — 8.5%            

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

     2,320           2,398,748  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/27(b)

    590       645,800  

Series WW, 5.00%, 06/15/25(b)

    3,205       3,344,267  

Series WW, 5.25%, 06/15/25(b)

    1,470       1,542,109  

AMT, 5.13%, 01/01/34

     1,930       1,937,880  

AMT, 5.38%, 01/01/43

     4,920       4,931,060  

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

     1,685       1,885,811  

New Jersey Transportation Trust Fund Authority, RB

    

Series A, (NPFGC), 5.75%, 06/15/25

     4,000       4,194,884  

Series AA, 5.25%, 06/15/33

     4,150       4,158,794  

Series AA, 5.00%, 06/15/38

     3,990       4,074,305  

Series AA, 5.50%, 06/15/39

     5,625       5,639,400  

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

    8,550       7,895,771  

Series D, 5.00%, 06/15/32

     1,825       1,880,057  

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

        10,000       5,884,840  

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

     5,265       5,749,785  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     4,000       4,117,568  

Series A, 5.25%, 06/01/46

     8,535       8,891,908  

Sub-Series B, 5.00%, 06/01/46

     2,675       2,653,857  
   

 

 

  
          71,826,844  
New Mexico — 0.1%            

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

     425       371,352  
   

 

 

  
New York — 12.5%            

City of New York, GO

    

Series B, 5.25%, 10/01/42

     2,500       2,842,332  

Series C, 5.00%, 08/01/43

     2,585       2,817,169  

Series D-1, 5.25%, 05/01/42

     1,155       1,309,696  

Sub-Series F-1, 5.00%, 04/01/43

     6,000       6,385,362  

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

     4,000       4,098,912  

New York City Municipal Water Finance Authority, Refunding RB

    

Series DD, 4.13%, 06/15/46

     3,825       3,783,105  

Series DD, 4.13%, 06/15/47

     5,035       4,971,866  

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

    

Series A1, 5.00%, 08/01/38

     2,500       2,699,588  

Series E-1, 4.00%, 02/01/42

     3,325       3,349,282  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

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

    

Series E-1, 4.00%, 02/01/46

   $ 1,930     $ 1,898,966  

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

     8,000       8,064,816  

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

     8,355       8,342,225  

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

     1,700       1,742,089  

New York Liberty Development Corp., Refunding RB

    

Series 1, 5.00%, 11/15/44(a)

    3,055       2,947,418  

Series A, 2.88%, 11/15/46

     3,120       2,215,980  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     7,430       5,211,640  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/42

     1,160       1,165,942  

Series E, 5.00%, 03/15/40

     480       518,682  

Series E, 4.00%, 03/15/46

     1,825       1,783,107  

New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50

     8,300       8,320,692  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     3,275       3,438,036  

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

     3,000       2,889,969  

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

     2,500       2,717,957  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

    

Series A, 4.00%, 05/15/48

         10,090       9,861,714  

Series A, 5.00%, 05/15/48

     1,325       1,455,779  

Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47

     10,000       11,025,430  
   

 

 

  
          105,857,754  
Ohio — 3.7%            

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

     16,775       15,631,264  

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

     4,500       4,642,357  

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

    11,135       11,271,170  
   

 

 

  
      31,544,791  
Oregon — 0.5%            

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

    2,800       1,451,573  

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

     2,400       2,649,533  
   

 

 

  
      4,101,106  
Pennsylvania — 6.9%            

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     255       197,486  

4.00%, 07/01/51

     150       110,255  

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

     450       426,911  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.00%, 12/31/34

     7,115       7,265,546  

AMT, 5.00%, 12/31/38

     6,850       6,904,848  

AMT, 5.00%, 06/30/42

     8,805       8,828,122  

AMT, 5.75%, 06/30/48

     1,645       1,787,258  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42

   $ 5,000     $ 4,820,115  

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

     6,075       6,129,736  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     1,775       1,827,817  

Series A-1, 5.00%, 12/01/41

     2,320       2,402,007  

Series B, 5.00%, 12/01/40

     4,920       5,075,693  

Series C, 5.50%, 12/01/23(b)

    1,565       1,585,264  

Sub-Series B-1, 5.00%, 06/01/42

     7,330       7,585,362  

Pennsylvania Turnpike Commission, Refunding RB

    

Series A-1, 5.00%, 12/01/40

     2,165       2,222,230  

Series B, 5.25%, 12/01/44

     1,500       1,661,592  
   

 

 

  
      58,830,242  
Puerto Rico — 4.5%            

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     1,334       1,252,414  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c)

    13,259       3,605,294  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     2,007       1,930,058  

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

     214       198,210  

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

     2,372       2,203,327  

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

     1,302       1,217,267  

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

     15,757       15,167,231  

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

         12,433       11,533,709  

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

     1,261       1,170,223  
   

 

 

  
          38,277,733  
South Carolina — 4.6%            

South Carolina Jobs-Economic Development Authority, RB

    

5.00%, 01/01/40(a)

    2,630       2,475,874  

5.00%, 11/01/43

     5,000       5,210,255  

7.50%, 08/15/62(a)

    1,290       1,248,899  

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

    6,530       6,757,545  

South Carolina Public Service Authority, RB

    

Series A, 4.00%, 12/01/43

     3,000       2,741,799  

Series A, 5.50%, 12/01/54

     11,450       11,553,668  

South Carolina Public Service Authority, Refunding RB

    

5.00%, 12/01/38

     5,870       5,896,714  

Series B, 5.00%, 12/01/51

     3,000       3,078,741  
   

 

 

  
      38,963,495  
Tennessee — 1.0%            

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

     4,665       4,556,525  

Metropolitan Nashville Airport Authority, ARB

    

Series B, AMT, 5.50%, 07/01/41

     1,875       2,073,200  

Series B, AMT, 5.50%, 07/01/42

     2,000       2,203,036  
   

 

 

  
      8,832,761  
 

 

 

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, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas — 9.4%            

Arlington Higher Education Finance Corp., RB(a)

    

7.50%, 04/01/62

   $ 1,420     $ 1,507,303  

7.88%, 11/01/62

     1,195       1,228,969  

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

     5,590       5,467,641  

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

     1,295       1,295,308  

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

     710       721,886  

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

     690       702,963  

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

     4,500       4,868,861  

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

     2,745       2,775,140  

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

     470       462,551  

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

     8,075       7,898,997  

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

     10,000       10,550,650  

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

    9,685       4,774,008  

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

    5,810       3,302,410  

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

    1,385       1,206,947  

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

     9,080       9,634,988  

Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46

         1,025       988,444  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     960       874,396  

Series A, 5.00%, 07/01/53

     1,180       1,228,243  

Series B, 5.00%, 07/01/34

     5,000       5,464,805  

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

     2,095       2,118,870  

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

     820       716,075  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/45

     3,630       3,667,084  

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

     3,335       3,812,142  

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

     4,315       4,335,177  
   

 

 

  
          79,603,858  
Utah — 1.9%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/36

     3,475       3,659,776  

Series A, AMT, 5.00%, 07/01/43

     3,490       3,596,201  

Series A, AMT, 5.00%, 07/01/48

     3,140       3,204,650  

Intermountain Power Agency, Refunding RB, Series A, 5.00%, 07/01/44

     5,000       5,490,035  
Security  

Par

(000)

     Value  
Utah (continued)            

Utah Charter School Finance Authority, RB(a)

   

Series A, 5.00%, 06/15/39

   $ 190     $ 178,357  

Series A, 5.00%, 06/15/49

     380       337,078  
   

 

 

  
      16,466,097  
Virginia — 0.3%            

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

     3,030       2,842,994  
   

 

 

  
Washington — 1.1%            

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

     4,350       4,555,986  

Washington Health Care Facilities Authority, Refunding RB, Series B, 4.00%, 08/15/41

     5,000       4,794,720  
   

 

 

  
      9,350,706  
Wisconsin — 3.3%            

Public Finance Authority, RB

    

5.00%, 10/15/51(a)

    650       567,299  

Class A, 4.25%, 06/15/31(a)

    270       251,263  

Class A, 5.00%, 06/15/41(a)

    895       795,922  

Class A, 5.00%, 06/15/51(a)

    590       487,823  

Class A, 6.00%, 06/15/52

     450       430,075  

Class A, 6.13%, 06/15/57

     505       486,140  

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

     100       84,007  

5.00%, 09/01/49

     145       113,170  

5.00%, 09/01/54

     660       505,974  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 04/01/44

     7,350       7,682,352  

4.00%, 12/01/46

     5,130       4,844,167  

4.00%, 12/01/51

     3,000       2,788,107  

Series A, 5.00%, 11/15/36

     8,955       9,286,523  
   

 

 

  
      28,322,822  
   

 

 

  

Total Municipal Bonds — 117.7%
(Cost: $981,924,168)

           1,000,418,663  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 1.4%            

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

         11,790       12,124,396  
   

 

 

  
Arizona — 1.1%            

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

     8,500       8,913,283  
   

 

 

  
California — 2.6%            

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

     9,750       11,012,976  

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

     10,500       11,418,719  
   

 

 

  
      22,431,695  
Florida — 3.0%            

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

     14,090       14,908,890  

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

     10,500       10,622,619  
   

 

 

  
      25,531,509  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Illinois — 7.6%            

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

   $ 10,000     $ 10,531,525  

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

     20,000       20,870,990  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/38

     5,833       5,835,785  

Series A, 5.00%, 01/01/40

     7,631       7,854,937  

Series A, 5.00%, 01/01/44

     8,000       8,547,432  

Series A, 5.00%, 01/01/46

     10,470       11,277,928  
   

 

 

  
      64,918,597  
Massachusetts — 1.3%            

Commonwealth of Massachusetts, GO, Series A, 5.25%, 01/01/44

     10,000       10,939,785  
   

 

 

  
Michigan — 1.9%            

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

     5,260       5,643,333  

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

     10,000       10,642,205  
   

 

 

  
      16,285,538  
Nebraska — 1.1%            

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

     8,975       9,702,625  
   

 

 

  
New Jersey — 1.3%            

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

     10,000           10,913,483  
   

 

 

  
New York — 10.6%            

New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35

     4,740       4,875,681  

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

    

Series D-1, 5.25%, 11/01/43

     12,040       13,577,761  

Series D-1, 5.50%, 11/01/45

     5,900       6,819,869  

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

     9,795       10,488,277  

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

     14,280       14,293,987  

New York State Urban Development Corp., Refunding RB

    

5.00%, 03/15/41

     7,790       8,743,165  

5.00%, 03/15/43

     10,000       11,132,635  

5.00%, 03/15/44

     8,280       9,176,000  

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

     9,810       11,069,413  
   

 

 

  
      90,176,788  
Ohio — 1.9%            

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

         15,025       15,680,595  
   

 

 

  
Security  

Par

(000)

     Value  

 

  
Texas — 1.2%            

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

   $ 9,480     $ 10,236,997  
   

 

 

  
Washington — 5.0%            

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

         15,500       15,946,478  

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

     10,665       11,618,265  

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

     13,395       14,753,263  
   

 

 

  
      42,318,006  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.0%
(Cost: $328,698,391)

       340,173,297  
   

 

 

  

Total Long-Term Investments — 157.7%
(Cost: $1,310,622,559)

       1,340,591,960  
   

 

 

  
    Shares        

 

  

Short-Term Securities

    
Money Market Funds — 2.8%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(g)(h)

    23,338,156       23,335,823  
   

 

 

  

Total Short-Term Securities — 2.8%
(Cost: $23,334,138)

       23,335,823  
   

 

 

  

Total Investments — 160.5%
(Cost: $1,333,956,697)

       1,363,927,783  
Other Assets Less Liabilities — 1.4%         12,419,336  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.0)%

 

     (170,184,007 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.9)%

    (356,115,698 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 850,047,414  
   

 

 

  

 

(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) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

 

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

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

07/31/22

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  3,050,831     $  20,279,166 (a)    $ —     $ 4,446     $ 1,380     $  23,335,823       23,338,156     $  261,204     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

      97          06/21/23        $ 11,199        $ (389,516 ) 

U.S. Long Bond

      129          06/21/23          17,012          (806,250 ) 

5-Year U.S. Treasury Note

      83          06/30/23          9,126          (250,221 ) 
                 

 

 

  
                   $ (1,445,987 ) 
                 

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                           
         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 1,000,418,663        $ —        $ 1,000,418,663  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          340,173,297          —          340,173,297  

Short-Term Securities

                  

Money Market Funds

      23,335,823          —          —          23,335,823  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 23,335,823        $  1,340,591,960        $ —        $  1,363,927,783  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

7  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                           
         
      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $ (1,445,987 )       $ —        $ —        $ (1,445,987 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (168,603,926 )       $ —        $ (168,603,926 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (525,003,926 )       $ —        $ (525,003,926 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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

Build America Mutual Assurance Co.- Transferable
Custodial Receipts

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

National Public Finance Guarantee Corp. — Insured Bond
Certificate

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

 

 

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