<SEC-DOCUMENT>0000891092-12-007566.txt : 20121221
<SEC-HEADER>0000891092-12-007566.hdr.sgml : 20121221
<ACCEPTANCE-DATETIME>20121221150938
ACCESSION NUMBER:		0000891092-12-007566
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20121221
DATE AS OF CHANGE:		20121221
EFFECTIVENESS DATE:		20121221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD QUALITY FUND III, INC.
		CENTRAL INDEX KEY:			0000883412
		IRS NUMBER:				223165131
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		121281031

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD QUALITY FUND III, INC
		DATE OF NAME CHANGE:	20101109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD INSURED FUND, INC
		DATE OF NAME CHANGE:	20070612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD INSURED FUND INC
		DATE OF NAME CHANGE:	19920717
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e51141nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FORM N-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number 811-06540</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock MuniYield
Quality Fund III, Inc. (MYI)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Quality Fund III, Inc., 55 East 52<SUP>nd</SUP> Street, New York,
NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 07/31/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 10/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Schedule of Investments</P>







<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments </B></FONT><B><FONT STYLE="font: 9pt Arial,sans-serif; color: navy">October 31, 2012 (Unaudited)</FONT></B></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Alabama &#8212; 0.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Birmingham Special Care Facilities Financing Authority, RB, Children's Hospital (AGC), 6.00%, 6/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,605</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,287,282</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Alaska &#8212; 2.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Alaska Housing Finance Corp., RB, General Housing, Series B (NPFGC), 5.25%, 12/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,092,720</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Alaska Housing Finance Corp., Refunding RB, General Mortgage Revenue Bonds, Series A, 4.13%, 12/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,455</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,532,668</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Alaska Industrial Development &amp; Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,690</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,114,563</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC), 6.00%, 9/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">10,150</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">12,304,439</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21,044,390</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Arizona &#8212; 0.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Maricopa County &amp; Phoenix Industrial Development Authorities, Refunding RB, S/F, Series A-2, AMT (Ginnie Mae), 5.80%, 7/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">770</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">793,485</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,725</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,200,757</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,994,242</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California &#8212; 14.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Alameda Corridor Transportation Authority, Refunding RB, CAB, Subordinate Lien, Series A (AMBAC), 5.40%, 10/01/24 (a)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,235,100</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California Health Facilities Financing Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Saint Joseph Health System, Series A, 5.75%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,550</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,790,560</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Sutter Health, Series B, 5.88%, 8/15/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,200</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,861,792</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California HFA, RB, Home Mortgage, Series K, AMT, 5.50%, 2/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,340</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,458,269</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California State University, RB, Systemwide, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 11/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,525</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,748,626</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(NPFGC), 5.00%, 5/01/13 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,865</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,100,478</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,545</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,037,152</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California Statewide Communities Development Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kaiser Permanente, Series A, 5.00%, 4/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,030</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,463,547</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Saint Joseph Health System, Series E (AGM), 5.25%, 7/01/47</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,439,760</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California (continued)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Redding California, COP, Refunding, Series A (AGM), 5.00%, 6/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,900</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,107,366</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of San Jose California, Refunding ARB, AMT:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (AMBAC), 5.50%, 3/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,965</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,854,119</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A-1, 5.75%, 3/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,300</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,660,341</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Coast Community College District, GO, Refunding, Election of 2002, Series C (AGM), 5.41%, 8/01/33 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,100</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,674,539</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Sacramento California, RB, Senior Series A (AGM), 5.00%, 7/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,596,250</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dublin Unified School District California, GO, CAB, Election of 2004, Series D, 6.03%, 8/01/34 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,377,400</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Fairfield-Suisun Unified School District California, GO, Election of 2002 (NPFGC), 5.50%, 8/01/14 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,800</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,232,622</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Grossmont Union High School District, GO, CAB, Election of 2004, 4.68%, 8/01/31 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,110</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,146,456</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Long Beach Unified School District, GO, Election of 2008, Series B, 4.93%, 8/01/34 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,735,450</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,200</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,364,856</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Norwalk-La Mirada Unified School District California, GO, CAB, Refunding, Election of 2002, Series E (AGC), 5.06%, 8/01/38 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,620</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,107,159</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Oceanside Unified School District California, GO, Series A (AGC), 5.25%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,806,150</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Port of Oakland, Refunding RB, Series M (NPFGC), 5.38%, 11/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,030</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,030,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Poway Unified School District, GO, Refunding, CAB (c):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">School Facilities Improvement, 4.80%, 8/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,820</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,656,610</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">School Facilities Improvement, Election of 2008, Series B, 4.82%, 8/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,226,500</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C (c):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.89%, 8/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,418,960</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.91%, 8/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,940</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,709,380</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Bernardino Community College District, GO, Election of 2002,   Series C (AGM), 5.00%, 8/01/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,165</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,401,158</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Diego Unified School District California, GO, Refunding, CAB, &nbsp;Series R-1, 4.68%, 7/01/31 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,485</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,469,520</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,830</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,244,166</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Marcos Unified School District, GO, Election of 2010, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 8/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,800</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,042,550</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 8/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,600</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,797,424</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of California, GO:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 3/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,020</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,177,264</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series 2007-2 (NPFGC), 5.50%, 4/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,540</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Various Purpose, 5.00%, 4/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,218,520</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of California, GO, Refunding:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 2/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,447,040</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,555</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,823,633</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Various Purpose, 5.00%, 9/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,700</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,981,556</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 4.96%, 8/01/36 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,545</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,045,313</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">West Valley-Mission Community College District, GO, Refunding, Election of 2004, Series A (AGM), 5.00%, 8/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,600</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,031,460</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">146,529,586</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida &#8212; 14.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,100</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,850,160</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Broward County Water &amp; Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,700,563</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Jacksonville, Refunding RB, Transportation, Series A, 5.00%, 10/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">770</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">896,919</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Collier County School Board, COP (AGM), 5.00%, 2/15/23</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,623,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Lee Florida, Refunding RB, Series A, AMT:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.63%, 10/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,600</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,961,998</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.38%, 10/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,440</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,802,163</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, GO, Building Better Communities Program:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 6.38%, 7/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,217,580</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B-1, 5.75%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,700</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,342,209</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, RB, Water &amp; Sewer System (AGM), 5.00%, 10/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,700</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,101,426</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, Refunding RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport AMT (AGC), 5.00%, 10/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,596,640</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport AMT (NPFGC), 5.38%, 10/01/25</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,515,525</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, Refunding RB (concluded):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport, AMT (NPFGC), 5.38%, 10/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,001,820</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Miami International Airport, Series A, AMT (AGM), 5.50%, 10/01/41</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,020</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,770,981</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series C (BHAC), 6.00%, 10/01/23</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,095</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">24,892,681</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Special Obligation, Series B, 5.00%, 10/01/35 (d)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,520</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,798,636</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Special Obligation, Series B, 5.00%, 10/01/37 (d)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,940</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,152,799</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Transit System Sales Surtax (AGM), 5.00%, 7/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,800</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,060,708</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Highlands County Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37 (e)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,750</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,054,203</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Orange County School Board, COP, Series A (AGC), 5.50%, 8/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,883,760</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Sarasota County Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">5,135</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,707,604</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">150,931,375</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Georgia &#8212; 1.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Burke County Development Authority, Refunding RB, Oglethorpe Power Corp., Vogtle Project, Series C, 5.70%, 1/01/43</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,450</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,026,566</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">City of Atlanta Georgia, Refunding RB, General, Series B (AGM), 5.25%, 1/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">10,596,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,622,566</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois &#8212; 17.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,470</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,573,588</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,620</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,859,290</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Chicago Park District, GO, Harbor Facilities, Series C:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 1/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,572,680</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 1/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,505</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,719,312</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, ARB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">O'Hare International Airport, General Third Lien, Series A, 5.75%, 1/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,623,330</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">O'Hare International Airport, General, Third Lien, Series B-2 AMT (NPFGC), 5.25%, 1/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,278,900</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">O'Hare International Airport, Third Lien, Series B-2 AMT (NPFGC), 6.00%, 1/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">26,230</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">27,558,025</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, GO, CAB, City Colleges (NPFGC) (c):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.56%, 1/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,929,720</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, GO, CAB, City Colleges (NPFGC) (c) (concluded):</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.79%, 1/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,950</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,060,511</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding ARB, O'Hare International Airport, General, Third Lien, Series C-2, AMT (AGM), 5.25%, 1/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,754,732</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding RB, Water System, Second Lien, Series A (AMBAC), 5.00%, 11/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,892,525</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">890</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,006,777</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">775</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">876,688</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Illinois Finance Authority, RB, Series A, 5.75%, 8/15/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,700</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,336,122</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,171,847</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Illinois Municipal Electric Agency, RB, Series A (NPFGC):</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 2/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">17,935</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,200,135</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 2/01/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">15,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,205,850</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Illinois State Toll Highway Authority, RB, Series B:</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 1/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,497,800</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(BHAC), 5.50%, 1/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,268,300</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kane, Kendall, Etc. Counties Community College District No. 516 Illinois, GO, CAB, Series E (NPFGC), 4.90%, 12/15/25 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,649,850</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Pier &amp; Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC) (c):</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.25%, 12/15/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,600</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,300,832</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.65%, 6/15/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,680,640</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.78%, 12/15/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">41,880</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,728,777</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Pier &amp; Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 5.11%, 6/15/44 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,430</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,912,310</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,700</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,018,240</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Regional Transportation Authority, RB, Series C (NPFGC), 7.75%, 6/01/20</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,241,340</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">183,918,121</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Indiana &#8212; 2.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Indianapolis Indiana, Refunding RB, Second Lien, Series B (AGC), 5.25%, 8/15/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,597,400</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Indiana Finance Authority, RB, Wastewater Utility, 5.25%, 10/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,900</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,324,009</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Indiana (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Indiana Municipal Power Agency, RB:</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (NPFGC), 5.00%, 1/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,850</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,165,007</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 5.75%, 1/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,050</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,104,789</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 6.00%, 1/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,049,750</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A:</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.75%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,900</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,315,976</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AGC), 5.25%, 1/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,350</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,531,170</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">(AGC), 5.50%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,250</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,828,552</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29,916,653</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Iowa &#8212; 3.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Iowa Finance Authority, RB, Series A (AGC), 5.63%, 8/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,650</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,400,380</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT:</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.60%, 12/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,530</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,131,720</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.70%, 12/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,530</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,138,470</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.75%, 12/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,400</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,713,704</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.80%, 12/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,060</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,461,227</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">5.85%, 12/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,170</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,578,518</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34,424,019</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Kentucky &#8212; 1.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kentucky State Property &amp; Buildings Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,727,680</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Louisville &amp; Jefferson County Metropolitan Sewer District Kentucky, RB, Series A (NPFGC), 5.25%, 5/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,350,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,077,680</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Louisiana &#8212; 1.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Orleans Aviation Board Louisiana, RB, New Orleans Aviation, Series A, AMT (AGM), 5.25%, 1/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,405</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,927,136</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Parish of Saint Charles Louisiana Gulf Opportunity Zone, RB, Valero Energy Corp. Project, 4.00%, 12/01/40 (e)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,270</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,686,709</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,613,845</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Maine &#8212; 0.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Maine State Housing Authority, Refunding RB, Series B-1, AMT, 4.00%, 11/15/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">920</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">955,834</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts &#8212; 3.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Massachusetts HFA, RB:</TD>
    <TD COLSPAN="9" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">S/F Housing, Series 128 AMT (AGM), 4.88%, 12/01/38 (e)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,760</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,082,477</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series B, 7.00%, 12/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,150</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,631,793</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Massachusetts HFA, Refunding RB, AMT:</TD>
    <TD COLSPAN="6" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Rental Housing, Series A (AGM), 5.15%, 7/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,005</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,143,778</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Massachusetts HFA, Refunding RB, AMT (concluded):</TD>
    <TD COLSPAN="5" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series C, 5.35%, 12/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,100</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,336,995</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Massachusetts Port Authority, Refunding RB, BOSFUEL Project, AMT (NPFGC), 5.00%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">8,275</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">8,559,494</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38,754,537</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Michigan &#8212; 7.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Detroit Michigan, RB, Series B (AGM):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Second Lien, 6.25%, 7/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,075</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,255,622</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Second Lien, 7.00%, 7/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">607,200</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Senior Lien, 7.50%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,254,200</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Detroit Michigan, Refunding RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Senior Lien, Series C-1 (AGM), 7.00%, 7/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,836,660</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Senior Lien, Series D (AGM), 5.00%, 7/01/23</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,371,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series D (NPFGC), 5.00%, 7/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,234,700</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Lansing Board of Water &amp; Light Utilities, RB, Series A, 5.50%, 7/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,185</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,783,207</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Michigan State Building Authority, Refunding RB, Facilities Program:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series I, 6.25%, 10/15/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,125</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,657,437</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series I (AGC), 5.25%, 10/15/24</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,750</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,104,043</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series I (AGC), 5.25%, 10/15/25</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,250</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,921,287</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series I-A, 5.38%, 10/15/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,075</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,406,461</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series II-A, 5.38%, 10/15/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,900</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,193,949</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series II-A (AGM), 5.25%, 10/15/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,040</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,267,145</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Michigan State HDA, RB, Series C, 5.50%, 12/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,735</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,976,719</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Michigan Strategic Fund, Refunding RB, Detroit Edison Co. Project, Series A, Series A (Syncora), 5.50%, 6/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,536,100</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of Michigan, RB, GAB (AGM):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 9/15/22</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,475,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 9/15/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,650</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,407,834</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Wayne County Airport Authority, Refunding RB, AMT (AGC), 5.38%, 12/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">5,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,344,150</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72,633,914</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Minnesota &#8212; 0.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,792,830</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Mississippi &#8212; 0.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Medical Center Educational Building Corp., RB, University of Mississippi Medical Center Facilities and Expansion and Renovation Project, Series A, 5.00%, 6/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,275,580</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nebraska &#8212; 0.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,825</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,098,093</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada &#8212; 2.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,649,892</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Clark Nevada, ARB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Las Vegas-McCarran International Airport, Series A (AGC), 5.25%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,170</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,826,073</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">19,250</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">20,188,245</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28,664,210</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New Jersey &#8212; 4.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/14 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,351,360</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey EDA, Refunding RB, School Facilities Construction, Series N-1:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AMBAC), 5.50%, 9/01/24</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,282,170</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(NPFGC), 5.50%, 9/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,685</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,192,859</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 12/01/25</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,250</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,453,887</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 12/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,800</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,075,472</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.75%, 12/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">200</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">232,384</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.88%, 12/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,895</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,874,090</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New Jersey Transportation Trust Fund Authority, RB, Transportation System:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series A, 4.61%, 12/15/35 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">18,525</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,454,295</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series C (AGC), 3.94%, 12/15/25 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,994,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (NPFGC), 5.75%, 6/15/25</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,171,280</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Series B, 5.25%, 6/15/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,970</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,744,376</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49,826,173</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New York &#8212; 3.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of New York New York, GO, Series J, 5.25%, 5/15/14 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,753,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Hudson New York Yards Infrastructure Corp., RB, 5.75%, 2/15/47</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,920</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,266,906</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-4, 5.50%, 1/15/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,429,357</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,250</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,922,978</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,210</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,657,570</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New York (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Port Authority of New York &amp; New Jersey, Refunding RB, Consolidated 172nd Series, AMT, 4.50%, 4/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,970</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,289,347</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33,319,158</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">North Carolina &#8212; 0.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Carolina Medical Care Commission, RB, Novant Health Obligation, Series A, 4.75%, 11/01/43</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,075</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,218,756</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Ohio &#8212; 0.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Allen Ohio, Refunding RB, Catholic HealthCare Partners,   Series A, 5.00%, 5/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,030</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,226,139</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,752,970</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,979,109</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Pennsylvania &#8212; 2.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Pennsylvania Turnpike Commission, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Series A (AMBAC), 5.50%, 12/01/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">15,600</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,907,904</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Subordinate, Special Motor License Fund, 6.00%, 12/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,575</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,169,413</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Pennsylvania Turnpike Commission, Refunding RB, Sub-Series C (AGC), 6.25%, 6/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">5,695</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">6,911,053</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26,988,370</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Puerto Rico &#8212; 3.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.75%, 8/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,208,860</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">6.38%, 8/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,195</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,783,789</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 8/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,155</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,500,076</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Puerto Rico Sales Tax Financing Corp., Refunding RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series A (NPFGC), 5.58%, 8/01/41 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,540,125</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series A (NPFGC), 5.60%, 8/01/42 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,190</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">617,520</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series C, 5.44%, 8/01/38 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,400</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,359,870</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, Series C, 5.45%, 8/01/39 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">24,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,695,680</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">First Sub-Series C, 6.00%, 8/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,180</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,320,833</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31,026,753</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">South Carolina &#8212; 0.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">South Carolina Jobs-EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 8/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,600</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,429,080</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Tennessee &#8212; 0.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Memphis Center City Revenue Finance Corp., RB, Pyramid and Pinch Distribution, Series B (AGM), 5.25%, 11/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">485</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">570,093</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas &#8212; 13.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Houston Texas, Refunding RB, Combined, First Lien, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AGC), 6.00%, 11/15/35</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,700</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,020,177</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AGC), 5.38%, 11/15/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,650</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,224,510</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AGM), 5.00%, 11/15/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,384,100</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dallas ISD, GO, School Building (PSF-GTD), 6.38%, 2/15/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,381,900</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Dallas-Fort Worth International Airport Facilities Improvement Corp., Refunding RB, Joint Series A, AMT (NPFGC), 5.63%, 11/01/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,670</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,670,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Grand Prairie ISD Texas, GO, CAB, Refunding, 5.43%, 8/15/28 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,291,300</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Harris County Hospital District, Refunding RB, Senior Lien, Series A (NPFGC), 5.25%, 2/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,055</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,300,287</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Judson ISD Texas, GO, School Building (AGC), 5.00%, 2/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,872,700</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Midland County Fresh Water Supply District No 1, Refunding RB, CAB, City of Midland Project, 4.63%,   9/15/36 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,810</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,946,408</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Texas Tollway Authority, Refunding RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">First Tier, Series A, 6.00%, 1/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,275</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,342,754</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">First Tier, System, Series A (NPFGC), 5.13%, 1/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">22,059,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">First Tier, System, Series B (NPFGC), 5.75%, 1/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,225,200</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">4.00%, 9/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,400</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,439,204</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, 4.92%, 9/15/35 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,160</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,357,501</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, 4.97%, 9/15/36 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,195</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,780,206</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, 5.02%, 9/15/37 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,730</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,542,700</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Texas Department of Housing &amp; Community Affairs, MRB, Series A, AMT (NPFGC), 5.45%, 9/01/23</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,740</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,746,171</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Texas State Turnpike Authority, RB (AMBAC):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">CAB, 5.97%, 8/15/31 (c)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,265</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,704,878</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">First Tier, Series A, 5.50%, 8/15/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,500</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,540,975</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">First Tier, Series A, 5.00%, 8/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">6,900</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">6,945,057</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">138,775,628</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Utah &#8212; 1.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Utah Transit Authority, Refunding RB, CAB, Sub-Series A (c):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(AGC), 3.35%, 6/15/20</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,762,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(NPFGC), 4.17%, 6/15/24</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,930</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">8,622,949</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16,385,549</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Vermont &#8212; 0.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Vermont HFA, Refunding RB, Multiple Purpose, Series C, AMT (AGM), 5.50%, 11/01/38 (e)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,510</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,610,113</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington &#8212; 1.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Washington Health Care Facilities Authority, RB, Series A:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 10/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,125</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,225,159</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.25%, 10/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,725</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,030,282</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 8/15/44</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,020</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,115,727</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">6,608,952</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,980,120</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Wisconsin &#8212; 0.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Wisconsin Health &amp; Educational Facilities Authority, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Ascension Health Senior Credit Group, 5.00%, 11/15/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,745</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,161,818</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">SynergyHealth Inc., 6.00%, 8/01/13 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,395</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,540,544</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Wisconsin Health &amp; Educational Facilities Authority, Refunding RB, Froedtert &amp; Community Health, 5.00%, 4/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,300</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,450,618</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,152,980</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">Total Municipal Bonds &#8211; 105.5%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-top: Black 1pt solid">1,100,796,639</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 2pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 2pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-top: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Navy 5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Arizona &#8212; 1.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Arizona School Facilities Board, COP (AGC), 5.13%, 9/01/21 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,437,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Salt River Project Agricultural Improvement &amp; Power District, RB, Series A, 5.00%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">3,981,530</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15,419,130</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California &#8212; 11.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Alameda County Joint Powers Authority, Refunding RB, Lease (AGM), 5.00%, 12/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,990</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,616,863</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California State University, RB, Systemwide, Series A (AGM):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 11/01/33 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,996</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,755,084</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">California (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">California State University, RB, Systemwide, Series A (AGM) (concluded):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 11/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">18,435</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,995,019</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Riverside California, RB, Issue D (AGM), 5.00%, 10/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">21,768,600</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Foothill-De Anza Community College District, GO, Election of 1999,   Series C (NPFGC), 5.00%, 8/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,198,025</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Las Virgenes Unified School District California, GO, Series A (AGM), 5.00%, 8/01/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,789,092</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,248</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,627,240</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Orange County Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,780</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,039,751</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,047</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,265,157</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Diego County Water Authority, COP, Refunding, Series 2008-A (AGM), 5.00%, 5/01/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,370</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,403,980</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">San Francisco Bay Area Rapid Transit District, RB (AGM), 5.00%,   &nbsp;7/01/14 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,774,184</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">University of California, RB, Series O, 5.75%, 5/15/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">2,205</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">2,648,146</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">121,881,141</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Colorado &#8212; 0.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,469</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,823,789</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Connecticut &#8212; 0.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Connecticut State Health &amp; Educational Facility Authority, RB, Yale University, Series T-1, 4.70%, 7/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,010</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,661,300</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">District of Columbia &#8212; 2.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">District of Columbia, RB, Series A, 5.50%, 12/01/30 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,595</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,254,052</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">District of Columbia Water &amp; Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,281</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,222,086</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Washington Airports Authority, RB, Series B, AMT (AMBAC), 5.00%, 10/01/32</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,718,500</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Metropolitan Washington Airports Authority, Refunding ARB, Series B, AMT, 5.00%, 10/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">6,880</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">7,893,493</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27,088,131</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida &#8212; 3.8%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Tallahassee Florida, RB, Energy System (NPFGC), 5.00%,   &nbsp;10/01/32 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,300</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,691,875</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Miami-Dade Florida, RB:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.00%, 7/01/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,840</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,460,488</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">(Syncora), 5.00%, 7/01/31</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,800</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">21,264,210</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Florida State Board of Education, GO, Series D, 5.00%, 6/01/37 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,299</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,803,563</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Highlands County Health Facilities Authority, RB, Adventist, Series C, 5.25%, 11/15/36 (e)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">5,400</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,915,538</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40,135,674</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Georgia &#8212; 1.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Third Indenture, Series B (AGM), 5.00%, 7/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,388,591</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Hawaii &#8212; 1.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Honolulu City &amp; County Board of Water Supply, RB, Series A (NPFGC), 5.00%, 7/01/14 (b)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,830</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,597,526</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois &#8212; 3.5%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, GO, Refunding, Series A (AGC), 5.25%, 1/01/24 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,474,440</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, RB, Motor Fuel Tax, Series A (AGC), 5.00%, 1/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,259,760</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.00%, 1/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,190</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">2,463,881</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,454,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Metropolitan Pier &amp; Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.00%, 6/15/42</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">720</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">805,637</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">State of Illinois, RB, Build Illinois,  Series B, 5.25%, 6/15/34 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">3,499</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">4,015,984</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36,473,702</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Kentucky &#8212; 0.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Kentucky State Property &amp; Building Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/27</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,985</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,945,036</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Louisiana &#8212; 1.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of Louisiana Gas &amp; Fuels, RB, Series A (AGM), 5.00%, 5/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,200,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Michigan &#8212; 1.2%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Michigan Finance Authority, Refunding RB, Trinity Health, 5.00%, 12/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,600</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,895,836</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada &#8212; 0.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Clark County Water Reclamation District, GO, Series B:</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">5.50%, 7/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">510</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">628,954</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Clark County Water Reclamation District, GO, Series B (concluded):</TD>
    <TD COLSPAN="8" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">5.75%, 7/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,813</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">6,033,911</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,662,865</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New Jersey &#8212; 1.3%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">13,351,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">New York &#8212; 5.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 6/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">17,567</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,973,848</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Port Authority of New York &amp; New Jersey, RB, 155th Series, AMT (AGM), 5.13%, 7/15/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">20,829,705</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Port Authority of New York &amp; New Jersey, Refunding RB, Consolidated, 143rd Series, AMT, 5.00%, 10/01/30</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,180</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,687,537</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Triborough Bridge &amp; Tunnel Authority, RB, General, Series A-2, 5.25%, 11/15/34 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">4,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">5,373,945</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51,865,035</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">North Carolina &#8212; 0.9%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North Carolina HFA, RB, Series 31-A, AMT, 5.25%, 7/01/38</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,456</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">9,884,622</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Ohio &#8212; 0.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,990</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">5,319,939</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">State of Ohio, RB, Cleveland Clinic Health, Series B, 5.50%, 1/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">1,520</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">1,738,865</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,058,804</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Puerto Rico &#8212; 0.7%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Puerto Rico Sales Tax Financing Corp., Refunding RB, Senior Series C, 5.25%, 8/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">6,540</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">7,178,762</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">South Carolina &#8212; 0.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">South Carolina State Housing Finance &amp; Development Authority, Refunding RB, Series B-1, 5.55%, 7/01/39</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,288</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,618,541</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">South Dakota &#8212; 0.1%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">South Dakota HDA, Refunding RB, Homeownership Mortgage, Series K, 5.05%, 5/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,144</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">1,170,234</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas &#8212; 4.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Friendswood ISD Texas, GO, Schoolhouse (PSF-GTD), 5.00%, 2/15/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,955</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">14,587,050</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Houston ISD, GO, Schoolhouse (PSF-GTD),
5.00%, 2/15/33</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">11,403,700</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif; color: navy"><FONT STYLE="font-size: 14pt"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (continued)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right"><B>(Percentages shown are based
        on Net Assets)</B></P></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Par<BR> (000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas (concluded)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">North East ISD Texas, GO, School Building, Series A, 5.00%,    8/01/37 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,500</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,009,915</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Texas State University Systems, Refunding RB, 5.25%, 3/15/26</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">11,900,000</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41,900,665</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Virginia &#8212; 0.4%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">University of Virginia, Refunding RB, General, 5.00%, 6/01/40</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">3,944</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">4,557,559</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington &#8212; 5.6%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/34</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">16,770</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">19,444,060</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">County of King Washington, RB (AGM), 5.00%, 1/01/37</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">15,785</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">18,044,386</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Port of Seattle Washington, Refunding RB, Series B, AMT (NPFGC), 5.20%, 7/01/29</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">20,565</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">20,834,126</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58,322,572</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8" STYLE="vertical-align: bottom; color: navy; font-weight: bold; border-top: Black 1pt solid">Wisconsin &#8212; 2.0%</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">10,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">12,261,700</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Wisconsin Health &amp; Educational Facilities Authority, Refunding RB, Froedtert &amp; Community Health, Inc., 5.25%, 4/01/39 (g)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">7,459</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right; border-bottom: Black 1pt solid">8,293,872</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20,555,572</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts &#8211; 50.7%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">529,636,087</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid">Total Long-Term Investments<BR> (Cost &#8211; $1,464,163,422) &#8211; 156.2%</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-bottom: Black 1pt solid">1,630,432,726</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><BR>Shares</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">Value</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid">Short-Term Securities</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">FFI Institutional Tax-Exempt Fund, 0.04% (h)(i)</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,037,622</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; text-align: right">8,037,622</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total Short-Term Securities<BR> (Cost &#8211; $8,037,622) &#8211; 0.8%</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">8,037,622&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-weight: bold">Total Investments<FONT STYLE="font-family: Arial,sans-serif; font-weight: normal"> </FONT>(Cost - $1,472,201,044*) &#8211; 157.0%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right">1,638,470,348&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold">Other Assets Less Liabilities &#8211; 1.0%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: normal; text-align: right">10,467,274&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold">Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable &#8211; (23.8)%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: normal; text-align: right">(248,688,284)</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold; padding-bottom: 1pt">VRDP Shares, at Liquidation Value &#8211; (34.2)%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-indent: -10pt; padding-left: 10pt; font-weight: normal; text-align: right; border-bottom: Black 1pt solid">(356,400,000)</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; font-weight: bold; padding-bottom: 2pt">Net Assets Applicable to Common Shares &#8211; 100.0%</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; padding-bottom: 2pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right; border-bottom: Black 2pt solid">1,043,849,338&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: normal; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%"></TD>
    </TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">*</TD>
    <TD STYLE="vertical-align: bottom; width: 96%">As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">Tax cost</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: right; border-bottom: Black 2pt solid">1,226,051,869&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 16pt; position: relative; top: -3pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Gross unrealized appreciation</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">166,282,197&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">Gross unrealized depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">(2,391,933)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">Net unrealized appreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt solid; text-align: right">163,890,264&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 16pt; position: relative; top: -3pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">(a)</TD>
    <TD STYLE="vertical-align: bottom; width: 96%">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(b)</TD>
    <TD STYLE="vertical-align: bottom">US 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.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(c)</TD>
    <TD STYLE="vertical-align: bottom">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(d)</TD>
    <TD STYLE="vertical-align: bottom">When-issued security. Unsettled when-issued transactions were as follows:</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: windowtext 1pt solid; font-weight: bold">Counterparty</TD>
    <TD COLSPAN="5" STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Value</TD>
    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Unrealized Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-indent: -10pt; padding-left: 10pt">Citigroup, Inc.</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: right">4,951,435</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: right">$</TD>
    <TD STYLE="text-align: right">44,943</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 2pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">(e)</TD>
    <TD STYLE="vertical-align: bottom; width: 96%">Variable rate security. Rate shown is as of report date.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(f)</TD>
    <TD STYLE="vertical-align: bottom">Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">(g)</TD>
    <TD STYLE="vertical-align: bottom">All or a portion of security is subject to a recourse agreement which may require the Fund to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $30,628,149.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Navy 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Arial; color: navy"><FONT STYLE="font: 14pt Arial,sans-serif"><B>Schedule of Investments</B></FONT><B><FONT STYLE="font-size: 9pt"> (concluded)</FONT></B></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: navy; font: 8pt Arial,sans-serif; margin: 0; text-align: right"><B>BlackRock MuniYield Quality
        Fund III, Inc. (MYI)</B></P>
        <P STYLE="color: navy; font: 7pt Arial,sans-serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">(h)</TD>
    <TD STYLE="vertical-align: bottom">Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 2pt; position: relative; top: -3pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Affiliate</TD>
    <TD STYLE="width: 1%; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 26%; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> July 31, 2012</TD>
    <TD STYLE="width: 1%; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Net<BR> Activity</TD>
    <TD STYLE="width: 1%; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares<BR> Held at<BR> October 31, 2012</TD>
    <TD STYLE="width: 10%; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Income</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">FFI Institutional Tax-Exempt Fund</TD>
    <TD STYLE="text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-indent: -0.1in; text-align: center; border-bottom: Black 1pt solid">21,624,366</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">(13,586,744)</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">8,037,622</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">(i)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Represents the current yield as of report date.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">
        <P STYLE="font: bold 8pt Arial; margin: 12pt 0 0; background-color: #BFD5EB; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Portfolio
        Abbreviations</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">AGC</TD>
    <TD STYLE="vertical-align: bottom">Assured Guaranty Corp.</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">AGM</TD>
    <TD STYLE="vertical-align: bottom">Assured Guaranty Municipal Corp.</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">AMBAC</TD>
    <TD STYLE="vertical-align: bottom">American Municipal Bond Assurance Corp.</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">AMT</TD>
    <TD STYLE="vertical-align: bottom">Alternative Minimum Tax (subject to)</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARB</TD>
    <TD STYLE="vertical-align: bottom">Airport Revenue Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">BHAC</TD>
    <TD STYLE="vertical-align: bottom">Berkshire Hathaway Assurance Corp.</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">CAB</TD>
    <TD STYLE="vertical-align: bottom">Capital Appreciation Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">COP</TD>
    <TD STYLE="vertical-align: bottom">Certificates of Participation</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">EDA</TD>
    <TD STYLE="vertical-align: bottom">Economic Development Authority</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ERB</TD>
    <TD STYLE="vertical-align: bottom">Education Revenue Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">GAB</TD>
    <TD STYLE="vertical-align: bottom">Grant Anticipation Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Ginnie Mae</TD>
    <TD STYLE="vertical-align: bottom">Government National Mortgage Association</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">GO</TD>
    <TD STYLE="vertical-align: bottom">General Obligation Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">HDA</TD>
    <TD STYLE="vertical-align: bottom">Housing Development Authority</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">HFA</TD>
    <TD STYLE="vertical-align: bottom">Housing Finance Agency</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ISD</TD>
    <TD STYLE="vertical-align: bottom">Independent School District</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">MRB</TD>
    <TD STYLE="vertical-align: bottom">Mortgage Revenue Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">NPFGC</TD>
    <TD STYLE="vertical-align: bottom">National Public Finance Guarantee Corp.</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">PSF-GTD</TD>
    <TD STYLE="vertical-align: bottom">Permanent School Fund Guaranteed</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">RB</TD>
    <TD STYLE="vertical-align: bottom">Revenue Bonds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">S/F</TD>
    <TD STYLE="vertical-align: bottom">Single-Family</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Syncora</TD>
    <TD STYLE="vertical-align: bottom">Syncora Guarantee</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Level 2 &#8212; 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)</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#8226;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Level 3 &#8212; unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments)</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment 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 investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial; margin: 0">The following table summarizes the Fund's investments categorized in the disclosure
hierarchy as of October 31, 2012:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 2</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 3</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold">Assets:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: normal">Investments:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-weight: normal">Long Term Investments<SUP>1</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="font-weight: normal; text-align: right">$1,630,432,726</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
    <TD STYLE="font-weight: normal; text-align: right">$1,630,432,726</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">Short-Term Securities</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">$&nbsp; 8,037,622</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">8,037,622</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Total</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-indent: -10pt; padding-left: 10pt; text-align: right">$&nbsp; 8,037,622</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: normal; text-align: right">$1,630,432,726</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&#8212;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: normal; text-align: right">$1,638,470,348</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial; margin: 0"><SUP>1</SUP>See above Schedule of Investments for values in each state or
political sub-division.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0">Certain of the Fund&#8217;s liabilities are held at carrying amount, which
approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the
disclosure hierarchy as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 1</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 2</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Level 3</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold">Liabilities:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">TOB trust certificates</TD>
    <TD STYLE="text-align: right; width: 11%">&mdash;</TD>
    <TD STYLE="text-align: right; width: 13%">$ (248,528,215)</TD>
    <TD STYLE="text-align: right; width: 11%">&mdash;</TD>
    <TD STYLE="text-align: right; width: 13%">$ (248,528,215)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>VRDP Shares</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 10pt; text-align: right; text-indent: -10pt">&mdash;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 10pt; text-align: right; text-indent: -10pt">(356,400,000)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&mdash;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 10pt; text-align: right; text-indent: -10pt">(356,400,000)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">Total</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 10pt; text-align: right; text-indent: -10pt">&mdash;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$ (604,928,215)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">&mdash;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">$ (604,928,215)</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial,sans-serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial; margin: 0">There were no transfers between levels during the period ended October 31,
2012.</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">BLACKROCK MUNIYIELD QUALITY FUND III, INC.</TD><TD STYLE="text-align: right; width: 50%">OCTOBER 31, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 8pt Arial; margin: 0"></P>





<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 2 &ndash; Controls and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(a) &ndash; &nbsp;&nbsp;&nbsp;&nbsp;The registrant's
principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &Prime;1940
Act&Prime;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(b) &ndash; &nbsp;&nbsp;&nbsp;&nbsp;There were no changes
in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 3 &ndash; Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -6pt">Certifications &ndash; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">BlackRock MuniYield Quality Fund III, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="padding-right: -0.25in; width: 95%"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Quality Fund III, Inc.</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 95%; padding-right: -0.25in"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Quality Fund III, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41.75pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By<U>:</U></TD>
    <TD STYLE="padding-right: -0.25in; width: 95%"><U>/s/ Neal J. Andrews</U></TD></TR>
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    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Financial Officer (principal financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock MuniYield Quality Fund III, Inc.</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: December 21, 2012</P>



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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e51141ex99cert.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock MuniYield Quality Fund III, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock MuniYield Quality Fund III, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: December 21, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ John M. Perlowski</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>John M. Perlowski</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Executive Officer (principal executive
officer) of<BR>
BlackRock MuniYield Quality Fund III, Inc.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock MuniYield Quality Fund III, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock MuniYield Quality Fund III, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: December 21, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD>Neal J. Andrews</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Financial Officer (principal financial
officer) of<BR>
BlackRock MuniYield Quality Fund III, Inc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&nbsp;</P>



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