| Schedule of Investments (unaudited) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 3.1% | ||||||||
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a) |
$ | 3,960 | $ | 4,095,165 | ||||
| Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 |
2,835 | 2,695,131 | ||||||
| Huntsville Public Building Authority, RB, 5.00%, 02/01/47 |
7,000 | 7,069,335 | ||||||
| Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54 |
9,000 | 8,930,700 | ||||||
|
|
|
|||||||
| 22,790,331 | ||||||||
| Arizona — 2.2% | ||||||||
| Arizona Industrial Development Authority,
RB(b) |
810 | 636,016 | ||||||
| 5.00%, 07/01/54 |
945 | 732,737 | ||||||
| Series A, 5.00%, 07/01/49 |
1,675 | 1,349,474 | ||||||
| Series A, 5.00%, 07/01/54 |
1,290 | 1,012,658 | ||||||
| City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 |
8,500 | 8,266,415 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b) |
1,620 | 1,295,760 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB |
855 | 694,474 | ||||||
| Series A, 5.00%, 09/01/42 |
435 | 427,495 | ||||||
| Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b) |
2,500 | 2,234,789 | ||||||
|
|
|
|||||||
| 16,649,818 | ||||||||
| Arkansas — 0.7% | ||||||||
| Arkansas Development Finance Authority, RB AMT, 5.70%, 05/01/53 |
1,430 | 1,298,334 | ||||||
| Series A, AMT, 4.50%, 09/01/49(b) |
4,100 | 3,604,533 | ||||||
|
|
|
|||||||
| 4,902,867 | ||||||||
| California — 11.2% | ||||||||
| California Community Choice Financing Authority,
RB(a) |
2,900 | 2,891,686 | ||||||
| 5.50%, 10/01/54 |
5,000 | 5,150,624 | ||||||
| California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b) |
380 | 228,518 | ||||||
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
1,250 | 1,103,946 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.50%, 05/15/47 |
2,000 | 2,062,941 | ||||||
| CSCDA Community Improvement Authority, RB, M/F
Housing(b) |
300 | 274,694 | ||||||
| 4.00%, 10/01/56 |
470 | 353,902 | ||||||
| 4.00%, 12/01/56 |
495 | 312,390 | ||||||
| Series A, 4.00%, 06/01/58 |
2,410 | 1,644,073 | ||||||
| Senior Lien, 3.13%, 06/01/57 |
1,780 | 1,018,410 | ||||||
| Series A, Senior Lien, 4.00%, 12/01/58 |
2,555 | 1,727,907 | ||||||
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
5,110 | 3,780,487 | ||||||
| Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34(c) |
5,000 | 3,231,353 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/28(a) |
$ | 3,975 | $ | 3,437,517 | ||||
| Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c) |
7,620 | 3,754,810 | ||||||
| Poway Unified School District, Refunding GO(c) 0.00%, 08/01/35 |
7,820 | 4,549,460 | ||||||
| Series B, 0.00%, 08/01/36 |
10,000 | 5,624,648 | ||||||
| Rio Hondo Community College District, GO(c) |
||||||||
| Series C, Election 2004, 0.00%, 08/01/37 |
8,000 | 4,300,347 | ||||||
| Series C, Election 2004, 0.00%, 08/01/38 |
12,940 | 6,513,218 | ||||||
| San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(c)(d) |
8,765 | 4,535,619 | ||||||
| San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c) |
3,485 | 2,526,375 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44 |
14,215 | 13,714,012 | ||||||
| State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 |
10 | 10,014 | ||||||
| Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48 |
7,660 | 6,568,821 | ||||||
| Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) |
6,545 | 3,696,902 | ||||||
|
|
|
|||||||
| 83,012,674 | ||||||||
| Colorado — 4.2% | ||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.25%, 12/01/43 |
5,835 | 5,860,081 | ||||||
| Series D, AMT, 5.75%, 11/15/37 |
5,000 | 5,347,006 | ||||||
| City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 4.00%, 11/15/46 |
11,820 | 10,159,697 | ||||||
| Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b) |
2,530 | 2,007,925 | ||||||
| Colorado Health Facilities Authority, RB |
2,500 | 2,383,344 | ||||||
| 5.25%, 11/01/52 |
2,750 | 2,618,178 | ||||||
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,605 | 1,473,398 | ||||||
| STC Metropolitan District No. 2, Refunding GO, Series A, 5.00%, 12/01/38 |
1,285 | 1,126,820 | ||||||
|
|
|
|||||||
| 30,976,449 | ||||||||
| District of Columbia — 0.9% | ||||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
1,400 | 1,378,229 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
3,325 | 3,366,217 | ||||||
| Series A, 4.13%, 07/15/47 |
1,890 | 1,624,028 | ||||||
|
|
|
|||||||
| 6,368,474 | ||||||||
| Florida — 13.2% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
4,535 | 4,547,736 | ||||||
| Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 |
5,000 | 4,214,632 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Capital Trust Agency, Inc.,
RB(b) |
$ | 1,640 | $ | 1,141,677 | ||||
| Series A, 5.00%, 06/01/55 |
1,475 | 1,087,406 | ||||||
| Series A, 5.50%, 06/01/57 |
500 | 397,078 | ||||||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/48 |
4,315 | 4,581,462 | ||||||
| City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/47 |
3,930 | 3,982,208 | ||||||
| City of Lakeland Florida Department of Electric Utilities, RB, 4.25%, 10/01/48 |
5,000 | 4,364,236 | ||||||
| City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 |
3,655 | 3,504,486 | ||||||
| City of Tampa Florida, RB, CAB(c) |
||||||||
| Series A, 0.00%, 09/01/40 |
3,290 | 1,209,772 | ||||||
| Series A, 0.00%, 09/01/42 |
1,150 | 368,207 | ||||||
| Series A, 0.00%, 09/01/45 |
2,000 | 516,711 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 10/01/34 |
530 | 530,242 | ||||||
| Series B, AMT, 5.00%, 10/01/40 |
2,865 | 2,768,105 | ||||||
| County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/48 |
1,750 | 1,749,111 | ||||||
| County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/44 |
9,500 | 8,388,955 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50 |
3,500 | 2,778,697 | ||||||
| County of Pasco Florida, RB |
||||||||
| (AGM), 5.00%, 09/01/48 |
7,790 | 7,755,899 | ||||||
| (AGM), 5.75%, 09/01/54 |
1,400 | 1,469,120 | ||||||
| Florida Development Finance Corp., RB(b) |
||||||||
| 6.50%, 06/30/57 |
1,085 | 935,221 | ||||||
| AMT, 5.00%, 05/01/29 |
1,500 | 1,365,475 | ||||||
| Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) |
820 | 611,699 | ||||||
| Greater Orlando Aviation Authority, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/34 |
5,060 | 5,141,032 | ||||||
| Series A, AMT, 5.00%, 10/01/49 |
2,670 | 2,577,988 | ||||||
| Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/47 |
2,500 | 2,390,985 | ||||||
| Kindred Community Development District II, SAB, 5.88%, 05/01/54 |
500 | 466,385 | ||||||
| Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
715 | 695,959 | ||||||
| LT Ranch Community Development District, SAB |
||||||||
| 4.00%, 05/01/40 |
1,415 | 1,118,742 | ||||||
| 4.00%, 05/01/50 |
2,000 | 1,395,744 | ||||||
| Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
5,000 | 4,931,872 | ||||||
| Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42 |
1,675 | 1,629,058 | ||||||
| Palm Beach County School District, COP, Series B, 5.25%, 08/01/40 |
8,000 | 8,368,256 | ||||||
| Parker Road Community Development District, SAB |
900 | 712,942 | ||||||
| 4.10%, 05/01/50 |
1,000 | 726,938 | ||||||
| Seminole Improvement District, RB |
230 | 216,586 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Seminole Improvement District, RB (continued) |
$ | 260 | $ | 238,422 | ||||
| Town of Davie Florida, Refunding RB, 5.00%, 04/01/37 |
4,630 | 4,614,452 | ||||||
| Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 |
790 | 698,708 | ||||||
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
1,715 | 1,637,240 | ||||||
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
730 | 644,290 | ||||||
| Westside Community Development District, Refunding
SAB(b) |
640 | 545,204 | ||||||
| 4.13%, 05/01/38 |
630 | 532,104 | ||||||
|
|
|
|||||||
| 97,551,042 | ||||||||
| Georgia — 1.9% | ||||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
630 | 496,760 | ||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/43 |
1,105 | 1,052,588 | ||||||
| Series A, 5.00%, 06/01/53(a) |
4,195 | 4,124,410 | ||||||
| Series B, 5.00%, 07/01/53(a) |
2,915 | 2,893,185 | ||||||
| Series C, 5.00%, 09/01/53(a) |
2,445 | 2,425,499 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
3,000 | 2,976,967 | ||||||
|
|
|
|||||||
| 13,969,409 | ||||||||
| Hawaii — 0.7% | ||||||||
| State of Hawaii Airports System Revenue, COP |
||||||||
| AMT, 5.00%, 08/01/27 |
2,000 | 1,981,743 | ||||||
| AMT, 5.00%, 08/01/28 |
1,775 | 1,775,224 | ||||||
| State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 |
2,650 | 1,699,758 | ||||||
|
|
|
|||||||
| 5,456,725 | ||||||||
| Illinois — 11.3% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/34 |
3,955 | 3,852,879 | ||||||
| Series A, 5.00%, 12/01/40 |
1,270 | 1,156,183 | ||||||
| Series A, 5.00%, 12/01/41 |
1,000 | 902,397 | ||||||
| Series A, 5.00%, 12/01/47 |
1,115 | 978,279 | ||||||
| Chicago Board of Education, Refunding GO, Series B, 5.00%, 12/01/36 |
1,300 | 1,232,480 | ||||||
| Chicago O’Hare International Airport, ARB Class A, AMT, Senior Lien, 5.00%, 01/01/48 |
1,935 | 1,827,775 | ||||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
8,285 | 8,230,498 | ||||||
| Cook County Community College District No. 508, GO, 5.13%, 12/01/38 |
3,250 | 3,028,488 | ||||||
| Illinois Finance Authority, Refunding RB |
1,750 | 1,504,666 | ||||||
| Series A, 5.00%, 10/01/40 |
7,630 | 7,683,219 | ||||||
| Series C, 5.00%, 08/15/44 |
985 | 891,431 | ||||||
| Metropolitan Pier & Exposition Authority, RB(c) |
||||||||
| Series A, (NPFGC), 0.00%, 12/15/33 |
20,000 | 12,182,859 | ||||||
| Series A, (NPFGC), 0.00%, 12/15/34 |
41,880 | 24,419,864 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c) |
9,430 | 3,061,445 | ||||||
| State of Illinois, GO |
5,860 | 5,872,017 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 2 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Illinois (continued) | ||||||||
| State of Illinois, GO (continued) |
$ | 5,360 | $ | 5,371,006 | ||||
| Series B, 5.25%, 05/01/43 |
1,640 | 1,616,305 | ||||||
|
|
|
|||||||
| 83,811,791 | ||||||||
| Indiana — 0.2% | ||||||||
| Indiana Finance Authority, RB, 1st Lien, 4.00%, 10/01/51 |
2,025 | 1,603,895 | ||||||
|
|
|
|||||||
| Kentucky — 1.3% | ||||||||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
475 | 415,907 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39(a) |
8,225 | 9,012,644 | ||||||
|
|
|
|||||||
| 9,428,551 | ||||||||
| Louisiana — 0.1% | ||||||||
| Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 |
1,200 | 1,029,946 | ||||||
|
|
|
|||||||
| Maryland — 0.3% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |
2,815 | 2,253,123 | ||||||
|
|
|
|||||||
| Massachusetts — 4.1% | ||||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series A, 5.25%, 01/01/44 |
10,000 | 10,333,764 | ||||||
| Series C, 5.25%, 10/01/47 |
10,000 | 10,298,272 | ||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
9,720 | 8,786,116 | ||||||
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
1,125 | 955,258 | ||||||
|
|
|
|||||||
| 30,373,410 | ||||||||
| Michigan — 7.2% | ||||||||
| Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 |
1,600 | 1,579,816 | ||||||
| Lansing Board of Water & Light, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/44 |
2,335 | 2,360,030 | ||||||
| Series A, 5.00%, 07/01/48 |
4,000 | 3,988,721 | ||||||
| Michigan Finance Authority, RB |
1,855 | 1,519,714 | ||||||
| Series S, 5.00%, 11/01/44 |
1,660 | 1,605,065 | ||||||
| Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/46 |
5,980 | 5,023,248 | ||||||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
8,405 | 7,970,571 | ||||||
| Michigan State Housing Development Authority, RB, S/F Housing, Series D, 5.50%, 06/01/53 |
5,200 | 5,270,806 | ||||||
| Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 |
10,000 | 10,038,141 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, (AGM), 4.25%, 12/31/38 |
2,000 | 1,734,451 | ||||||
| AMT, 5.00%, 12/31/43 |
9,940 | 9,242,066 | ||||||
| State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46 |
2,500 | 2,139,454 | ||||||
| Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(d) |
1,080 | 1,080,195 | ||||||
|
|
|
|||||||
| 53,552,278 | ||||||||
| Security | Par (000) |
Value | ||||||
| Minnesota — 0.5% | ||||||||
| Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
$ | 3,345 | $ | 3,466,725 | ||||
|
|
|
|||||||
| Nevada — 0.3% | ||||||||
| City of Las Vegas Nevada Special Improvement District No. 814, SAB |
375 | 294,804 | ||||||
| 4.00%, 06/01/44 |
1,005 | 731,389 | ||||||
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 |
1,610 | 1,354,391 | ||||||
|
|
|
|||||||
| 2,380,584 | ||||||||
| New Jersey — 8.2% | ||||||||
| Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |
2,320 | 2,326,220 | ||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series WW, 5.00%, 06/15/25(d) |
3,205 | 3,264,013 | ||||||
| Series WW, 5.25%, 06/15/25(d) |
1,470 | 1,502,900 | ||||||
| AMT, 5.13%, 01/01/34 |
1,930 | 1,889,256 | ||||||
| AMT, 5.38%, 01/01/43 |
4,920 | 4,763,603 | ||||||
| New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28 |
1,685 | 1,791,222 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series A, (NPFGC), 5.75%, 06/15/25 |
4,000 | 4,101,175 | ||||||
| Series AA, 5.00%, 06/15/38 |
3,990 | 3,960,343 | ||||||
| Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25(c) |
8,550 | 7,825,943 | ||||||
| Series D, 5.00%, 06/15/32 |
1,825 | 1,843,557 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) |
10,000 | 5,493,942 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
10,945 | 9,966,323 | ||||||
| New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |
5,265 | 5,285,417 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
4,490 | 4,232,028 | ||||||
| Series A, 5.25%, 06/01/46 |
545 | 535,762 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
2,495 | 2,316,896 | ||||||
|
|
|
|||||||
| 61,098,600 | ||||||||
| New Mexico — 0.0% | ||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
425 | 333,578 | ||||||
|
|
|
|||||||
| New York — 11.8% | ||||||||
| City of New York, GO |
||||||||
| Series B, 5.25%, 10/01/42 |
2,500 | 2,577,965 | ||||||
| Series C, 5.00%, 08/01/43 |
2,585 | 2,604,390 | ||||||
| Series D-1, 5.25%, 05/01/42 |
1,155 | 1,197,129 | ||||||
| Sub-Series F-1, 5.00%, 04/01/43 |
4,000 | 4,022,836 | ||||||
| Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.25%, 11/15/57 |
3,150 | 3,064,474 | ||||||
| New York City Municipal Water Finance Authority, Refunding RB |
||||||||
| Series DD, 4.13%, 06/15/46 |
3,825 | 3,353,747 | ||||||
| Series DD, 4.13%, 06/15/47 |
5,035 | 4,387,535 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series A-1, 5.00%, 08/01/38 |
2,500 | 2,553,521 | ||||||
| Series E-1, 4.00%, 02/01/42 |
3,325 | 3,004,728 | ||||||
| Series E-1, 4.00%, 02/01/46 |
1,930 | 1,666,147 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) |
||||||||
| Series C-1, Subordinate, 4.00%, 02/01/42 |
$ | 8,000 | $ | 7,081,878 | ||||
| Series C-1, Subordinate, 4.00%, 02/01/43 |
8,355 | 7,368,280 | ||||||
| Series F-1, Subordinate, 4.00%, 02/01/38 |
1,700 | 1,579,846 | ||||||
| New York Liberty Development Corp., Refunding RB |
||||||||
| Class 1, 5.00%, 11/15/44(b) |
3,055 | 2,726,158 | ||||||
| Series A, (BAM-TCRS), 3.00%, 11/15/51 |
7,430 | 4,782,518 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/42 |
1,160 | 1,018,103 | ||||||
| Series E, 5.00%, 03/15/40 |
480 | 484,243 | ||||||
| Series E, 4.00%, 03/15/46 |
1,825 | 1,579,963 | ||||||
| New York Transportation Development Corp., ARB, |
||||||||
| Series A, AMT, 5.25%, 01/01/50 |
2,830 | 2,660,002 | ||||||
| New York Transportation Development Corp., RB |
1,555 | 1,538,706 | ||||||
| AMT, 5.00%, 10/01/35 |
3,275 | 3,125,343 | ||||||
| Port Authority of New York & New Jersey, ARB, AMT, 4.00%, 09/01/43 |
3,000 | 2,504,112 | ||||||
| Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39 |
2,500 | 2,491,701 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|||||||
| Series A, 4.00%, 05/15/48 |
10,090 | 8,511,725 | ||||||
| Series A, 5.25%, 05/15/52 |
1,325 | 1,351,958 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB, |
||||||||
| Series A, 5.00%, 05/15/47 |
10,000 | 10,020,879 | ||||||
|
|
|
|||||||
| 87,257,887 | ||||||||
| Ohio — 4.1% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55 |
16,600 | 13,573,848 | ||||||
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |
4,500 | 4,370,780 | ||||||
| County of Montgomery Ohio, RB, 5.45%, 11/13/23(d) |
11,135 | 11,138,065 | ||||||
| Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |
1,810 | 1,442,762 | ||||||
|
|
|
|||||||
| 30,525,455 | ||||||||
| Oregon — 0.5% | ||||||||
| Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) |
2,800 | 1,243,967 | ||||||
| Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 |
2,400 | 2,438,307 | ||||||
|
|
|
|||||||
| 3,682,274 | ||||||||
| Pennsylvania — 7.4% | ||||||||
| Allegheny County Airport Authority, ARB, (AGM), 5.50%, 01/01/48 |
785 | 792,634 | ||||||
| Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
405 | 266,445 | ||||||
| City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/42 |
6,325 | 5,994,525 | ||||||
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
450 | 402,706 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
|
|||||||
| AMT, 5.00%, 06/30/42 |
15,560 | 14,299,485 | ||||||
| AMT, 5.75%, 06/30/48 |
1,645 | 1,682,500 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Housing Finance Agency, RB, 6.25%, 10/01/53(e) |
$ | 9,575 | $ | 10,052,758 | ||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series B, 5.00%, 12/01/43 |
5,000 | 4,947,263 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A-1, 5.00%, 12/01/41 |
810 | 814,308 | ||||||
| Series B, 5.00%, 12/01/40 |
4,920 | 4,927,244 | ||||||
| Series C, 5.50%, 12/01/23(d) |
1,565 | 1,566,174 | ||||||
| Sub-Series B-1, 5.00%, 06/01/42 |
2,330 | 2,316,963 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/38 |
1,775 | 1,792,895 | ||||||
| Series A-1, 5.00%, 12/01/40 |
2,165 | 2,130,984 | ||||||
| Series B, 5.25%, 12/01/44 |
1,500 | 1,545,704 | ||||||
| Series C, 5.00%, 12/01/46 |
1,415 | 1,410,087 | ||||||
|
|
|
|||||||
| 54,942,675 | ||||||||
| Puerto Rico — 4.7% | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
1,334 | 1,125,306 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
2,007 | 1,739,333 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
214 | 179,174 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
2,372 | 2,048,252 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
1,302 | 1,100,542 | ||||||
| Series B-1, Restructured, 5.00%, 07/01/58 |
15,757 | 13,674,850 | ||||||
| Series B-2, Restructured, 4.33%, 07/01/40 |
12,433 | 10,732,652 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,261 | 1,054,354 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
13,259 | 3,277,471 | ||||||
|
|
|
|||||||
| 34,931,934 | ||||||||
| South Carolina — 5.1% | ||||||||
| South Carolina Jobs-Economic Development Authority, RB |
5,000 | 5,022,556 | ||||||
| 7.50%, 08/15/62(b) |
1,290 | 1,070,219 | ||||||
| South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(d) |
6,530 | 6,624,600 | ||||||
| South Carolina Public Service Authority, RB |
||||||||
| Series A, 4.00%, 12/01/43 |
3,000 | 2,503,796 | ||||||
| Series A, 5.50%, 12/01/54 |
11,450 | 11,214,739 | ||||||
| South Carolina Public Service Authority, Refunding RB |
5,870 | 5,869,580 | ||||||
| Series B, 5.00%, 12/01/51 |
5,575 | 5,286,939 | ||||||
|
|
|
|||||||
| 37,592,429 | ||||||||
| Tennessee — 1.0% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 |
3,470 | 3,136,516 | ||||||
| Metropolitan Nashville Airport Authority, ARB |
||||||||
| Series B, AMT, 5.50%, 07/01/41 |
1,875 | 1,916,797 | ||||||
| Series B, AMT, 5.50%, 07/01/42 |
2,000 | 2,036,763 | ||||||
|
|
|
|||||||
| 7,090,076 | ||||||||
| Texas — 13.3% | ||||||||
| Arlington Higher Education Finance Corp.,
RB(b) |
1,420 | 1,242,382 | ||||||
| 7.88%, 11/01/62 |
1,195 | 1,125,065 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 4 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| City of El Paso Texas Water & Sewer Revenue, Refunding RB, Series A, 4.00%, 03/01/44 |
$ | 9,540 | $ | 8,022,905 | ||||
| City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
635 | 542,244 | ||||||
| City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
1,295 | 1,283,599 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
710 | 685,554 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 |
690 | 666,536 | ||||||
| City of Houston Texas, GO, 5.25%, 03/01/42 |
695 | 724,916 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Junior Lien, 5.00%, 02/01/44 |
4,500 | 4,502,199 | ||||||
| County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |
1,320 | 1,140,936 | ||||||
| Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |
4,240 | 4,306,497 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
2,745 | 2,745,000 | ||||||
| Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
470 | 403,908 | ||||||
| Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47 |
8,075 | 6,880,669 | ||||||
| Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |
2,500 | 2,108,721 | ||||||
| Hays Consolidated Independent School District, GO, (PSF), 5.00%, 02/15/48 |
8,000 | 8,126,124 | ||||||
| Houston Independent School District, Refunding GO, (PSF), 5.00%, 02/15/42 |
10,000 | 10,141,725 | ||||||
| Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
300 | 305,135 | ||||||
| Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |
5,000 | 4,248,228 | ||||||
| Lake Travis Independent School District, GO, 4.00%, 02/15/48 |
3,100 | 2,598,369 | ||||||
| Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d) |
9,685 | 4,816,108 | ||||||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |
5,810 | 3,212,206 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
1,385 | 1,085,282 | ||||||
| North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/39 |
9,080 | 9,206,655 | ||||||
| Port Authority of Houston of Harris County Texas, ARB |
||||||||
| 4.00%, 10/01/46 |
1,025 | 846,271 | ||||||
| 1st Lien, 5.00%, 10/01/48 |
2,195 | 2,194,289 | ||||||
| Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48 |
3,000 | 3,099,877 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
|
|||||||
| Series A, 4.00%, 07/01/53 |
960 | 744,825 | ||||||
| Series A, 5.00%, 07/01/53 |
1,180 | 1,119,326 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 |
2,095 | 2,096,295 | ||||||
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
820 | 636,620 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 |
$ | 3,335 | $ | 3,494,095 | ||||
| Texas Water Development Board, RB, Series B, 4.00%, 10/15/43 |
2,500 | 2,189,165 | ||||||
| Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |
2,540 | 2,171,011 | ||||||
|
|
|
|||||||
| 98,712,737 | ||||||||
| Utah — 1.9% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/36 |
3,475 | 3,481,512 | ||||||
| Series A, AMT, 5.00%, 07/01/42 |
1,000 | 977,562 | ||||||
| Series A, AMT, 5.00%, 07/01/43 |
3,490 | 3,355,956 | ||||||
| Series A, AMT, 5.00%, 07/01/48 |
3,140 | 2,970,059 | ||||||
| Series A, AMT, 5.25%, 07/01/48 |
2,650 | 2,607,506 | ||||||
| Utah Charter School Finance Authority, RB(b) |
||||||||
| Series A, 5.00%, 06/15/39 |
190 | 161,389 | ||||||
| Series A, 5.00%, 06/15/49 |
380 | 303,409 | ||||||
|
|
|
|||||||
| 13,857,393 | ||||||||
| Virginia — 0.4% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
3,030 | 2,609,890 | ||||||
|
|
|
|||||||
| Washington — 0.6% | ||||||||
| Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47 |
4,350 | 4,134,862 | ||||||
|
|
|
|||||||
| Wisconsin — 3.0% | ||||||||
| Public Finance Authority, RB |
||||||||
| 5.00%, 10/15/51(b) |
650 | 496,186 | ||||||
| Class A, 4.25%, 06/15/31(b) |
270 | 226,601 | ||||||
| Class A, 5.00%, 06/15/41(b) |
895 | 682,494 | ||||||
| Class A, 5.00%, 06/15/51(b) |
590 | 411,378 | ||||||
| Class A, 6.00%, 06/15/52 |
450 | 366,792 | ||||||
| Class A, 6.13%, 06/15/57 |
505 | 410,781 | ||||||
| Public Finance Authority, Refunding
RB(b) |
100 | 79,265 | ||||||
| 5.00%, 09/01/49 |
845 | 603,465 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
7,350 | 7,463,886 | ||||||
| 4.00%, 12/01/46 |
5,130 | 4,223,005 | ||||||
| 4.00%, 12/01/51 |
3,000 | 2,367,480 | ||||||
| Series A, 5.00%, 11/15/36 |
4,140 | 4,106,359 | ||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
1,080 | 1,035,487 | ||||||
|
|
|
|||||||
| 22,473,179 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 125.4% |
928,821,061 | |||||||
|
|
|
|||||||
| 5 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
| Alabama — 1.6% | ||||||||
| Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46 |
$ | 11,790 | $ | 11,721,147 | ||||
|
|
|
|||||||
| California — 2.8% | ||||||||
| Los Angeles Unified School District, GO, Series QRR, 5.25%, 07/01/47 |
9,750 | 10,260,966 | ||||||
| State of California, Refunding GO, 5.00%, 04/01/45 |
10,500 | 10,737,902 | ||||||
|
|
|
|||||||
| 20,998,868 | ||||||||
| Florida — 3.2% | ||||||||
| Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/49 |
14,090 | 13,723,253 | ||||||
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
10,500 | 10,099,683 | ||||||
|
|
|
|||||||
| 23,822,936 | ||||||||
| Illinois — 7.3% | ||||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Second Lien, (BAM), 5.00%, 12/01/46 |
10,000 | 10,016,174 | ||||||
| Illinois Finance Authority, Refunding RB, Series A, 5.00%, 07/15/42 |
20,000 | 19,838,104 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/38 |
5,833 | 5,834,461 | ||||||
| Series A, 5.00%, 01/01/44 |
8,000 | 7,993,268 | ||||||
| Series A, 5.00%, 01/01/46 |
10,470 | 10,449,505 | ||||||
|
|
|
|||||||
| 54,131,512 | ||||||||
| Nebraska — 1.2% | ||||||||
| Omaha Public Power District, RB, Series A, 5.00%, 02/01/47 |
8,975 | 9,100,524 | ||||||
|
|
|
|||||||
| New Jersey — 1.4% | ||||||||
| Garden State Preservation Trust, RB, |
10,000 | 10,516,242 | ||||||
|
|
|
|||||||
| New York — 10.7% | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series D-1, 5.25%, 11/01/43 |
12,040 | 12,481,524 | ||||||
| Series D-1, 5.50%, 11/01/45 |
5,900 | 6,218,916 | ||||||
| New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41 |
9,795 | 9,854,182 | ||||||
| New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43 |
14,280 | 14,291,223 | ||||||
| New York State Urban Development Corp., Refunding RB |
7,790 | 7,981,736 | ||||||
| 5.00%, 03/15/43 |
10,000 | 10,174,647 | ||||||
| 5.00%, 03/15/44 |
8,280 | 8,403,686 | ||||||
| Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.25%, 05/15/47 |
9,810 | 10,061,807 | ||||||
|
|
|
|||||||
| 79,467,721 | ||||||||
| Ohio — 2.1% | ||||||||
| University of Cincinnati, RB, Series A, 5.00%, 06/01/45 |
15,025 | 15,079,124 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Texas — 1.3% | ||||||||
| Dallas Area Rapid Transit, Refunding RB, Series B, Senior Lien, 5.00%, 12/01/47 |
$ | 9,480 | $ | 9,506,265 | ||||
|
|
|
|||||||
| Washington — 5.3% | ||||||||
| Port of Seattle Washington, RB, Series A, AMT, 5.00%, 05/01/43 |
15,500 | 14,885,931 | ||||||
| Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47 |
10,665 | 10,750,085 | ||||||
| State of Washington, GO, Series A-3, 5.00%, 08/01/47 |
13,395 | 13,555,659 | ||||||
|
|
|
|||||||
| 39,191,675 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.9% |
273,536,014 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 162.3% |
1,202,357,075 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 4.6% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(g)(h) |
33,925,876 | 33,925,876 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 4.6% |
33,925,876 | |||||||
|
|
|
|||||||
| Total Investments — 166.9% |
1,236,282,951 | |||||||
| Other Assets Less Liabilities — 0.7% | 5,032,606 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.5)% |
|
(144,640,780 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.1)% |
|
(356,130,550 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
|
$ | 740,544,227 | |||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (e) | When-issued security. |
| (f) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
| (g) | Affiliate of the Fund. |
| (h) | Annualized 7-day yield as of period end. |
| S C H E D U L E O F I N V E S T M E N T S | 6 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 9,536,835 | $ | 24,391,016 | (a) | $ | — | $ | (1,975 | ) | $ | — | $ | 33,925,876 | 33,925,876 | $ | 250,225 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 928,821,061 | $ | — | $ | 928,821,061 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 273,536,014 | — | 273,536,014 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
33,925,876 | — | — | 33,925,876 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 33,925,876 | $ | 1,202,357,075 | $ | — | $ | 1,236,282,951 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (143,473,095 | ) | $ | — | $ | (143,473,095 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (499,873,095 | ) | $ | — | $ | (499,873,095 | ) | |||||||
|
|
|
|
|
|
|
|
|
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| 7 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
| Portfolio Abbreviation | ||
| AGC | Assured Guaranty Corp. | |
| AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate | |
| AGM | Assured Guaranty Municipal Corp. | |
| AMBAC | AMBAC Assurance Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAM | Build America Mutual Assurance Co. | |
| BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| GNMA | Government National Mortgage Association | |
| GO | General Obligation Bonds | |
| GTD | GTD Guaranteed | |
| M/F | Multi-Family | |
| NPFGC | National Public Finance Guarantee Corp. | |
| NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond Certificate | |
| PSF | Permanent School Fund | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| S C H E D U L E O F I N V E S T M E N T S | 8 |