BlackRock MuniYield Quality Fund III, Inc.

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield


Municipal Bonds	Par (000)		Value
Alabama — 0.7%
City of Birmingham Alabama, GO, Convertible CAB, Series A1, 0.00%, 3/01/45 (a)	$	2,920	$	2,958,865
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/19 (b)		3,605		3,968,709

				6,927,574
Alaska — 1.5%
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41		2,690		2,978,422
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC) (b):
6.00%, 9/01/19		6,450		7,171,561
6.00%, 9/01/19		3,700		4,113,919

				14,263,902
Arizona — 0.7%
City of Phoenix & County of Maricopa Arizona IDA, Refunding RB, S/F Housing, Series A-2, AMT (Fannie Mae), 5.80%, 7/01/40		120		121,665
County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, Series A:
3.25%, 1/01/37		2,020		1,929,120
5.00%, 1/01/38		1,095		1,238,368
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/27		3,075		3,333,761

				6,622,914
California — 12.4%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Subordinate Lien, Series A (AMBAC), 5.40%, 10/01/17 (a)(b)		10,000		10,191,200
Alameda County Joint Powers Authority, Refunding RB, 5.00%, 12/01/17 (b)		6,990		7,161,465
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		1,550		1,675,473
Sutter Health, Series B, 5.88%, 8/15/31		3,200		3,637,568


Municipal Bonds	Par (000)		Value
California (continued)
California Health Facilities Financing Authority, Refunding RB:
Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47 (c)	$	3,625	$	4,466,942
St. Joseph Health System, Series A, 5.00%, 7/01/37		2,965		3,314,603
California State University, RB, Systemwide, Series A, 5.50%, 5/01/19 (b)		1,525		1,661,427
California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/37		1,065		1,065,373
California Statewide Communities Development Authority, RB:
Kaiser Permanente, Series A, 5.00%, 4/01/42		4,030		4,400,236
St. Joseph Health System, Series E (AGM), 5.25%, 7/01/18 (b)		4,000		4,203,840
City of Redding California Electric System Revenue, COP, Refunding Series A (AGM):
5.00%, 6/1/18 (b)		1,100		1,149,940
5.00%, 6/1/30		800		830,392
City of San Jose CA, International Airport SJC, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 3/01/36		1,160		1,307,877
Series A, 5.00%, 3/01/37		1,275		1,433,011
Series A-1, 5.75%, 3/01/34		2,300		2,606,889
County of Sacramento California, ARB, Senior Series A, 5.00%, 7/01/18 (b)		10,000		10,488,900
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/21 (b)		1,830		2,149,536
Dublin Unified School District California, GO, CAB, Election of 2004, Series D, 0.00%, 8/01/34 (d)		5,000		1,867,300
Grossmont Union High School District, GO, CAB, Election of 2004, 0.00%, 8/01/31 (d)		5,110		3,085,367
Long Beach Unified School District, GO, CAB, Election of 2008, Series B, 0.00%, 8/01/34 (d)		5,000		2,530,700


Municipal Bonds	Par (000)		Value
California (continued)
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (b)	$	1,200	$	1,213,128
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 0.00%, 8/01/43 (a)		3,975		2,936,491
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (d)		7,620		3,008,376
Oceanside Unified School District, GO, Series A (AGC), 5.25%, 8/01/33		2,500		2,619,175
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B (d):
0.00%, 8/01/35		7,820		3,720,521
0.00%, 8/01/36		10,000		4,516,600
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C (d):
0.00%, 8/01/37		8,000		3,508,800
0.00%, 8/01/38		12,940		5,426,518
San Diego California Unified School District, GO, CAB, Election of 2008, Series G (d):
0.00%, 7/01/34		1,860		832,238
0.00%, 7/01/35		1,970		826,868
0.00%, 7/01/36		2,960		1,166,270
0.00%, 7/01/37		1,975		731,718
San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 7/01/31 (d)		3,485		2,125,153
San Marcos Unified School District, GO, Election of 2010, Series A:
5.00%, 8/01/34		1,800		2,013,660
5.00%, 8/01/38		1,600		1,787,840
State of California, GO, Refunding, Various Purposes:
5.00%, 9/01/41		2,700		2,998,323
5.00%, 10/01/41		2,555		2,842,489
State of California, GO, Series 2007-2 (NPFGC), 5.50%, 4/01/30		10		10,036
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38		5,040		5,650,949


Municipal Bonds	Par (000)		Value
California (continued)
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 8/01/36 (d)	$	6,545	$	2,907,485

				120,070,677
Colorado — 0.8%
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/36		1,500		1,648,575
Regional Transportation District, COP, Series A, 5.00%, 6/01/39		5,655		6,253,695

				7,902,270
Connecticut — 0.5%
Connecticut State Health & Educational Facility Authority, RB, Yale University Issue, Series T-1, 4.70%, 7/01/29		5,000		5,032,250
District of Columbia — 1.1%
Metropolitan Washington Airports Authority, RB, AMT, Series B (AMBAC), 5.00%, 10/01/32		10,000		10,158,300
Florida — 14.2%
City of Tallahassee Florida Energy System Revenue, RB (NPFGC), 5.00%, 10/01/32		3,300		3,352,635
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 4/01/39		4,535		4,872,087
County of Broward Florida Airport System Revenue, RB, Series A , AMT, 5.00%, 10/01/40		3,000		3,295,950
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (b)		13,100		13,761,157
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/18 (b)		2,250		2,387,092
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37		1,750		1,932,123
County of Lee Florida, Refunding ARB, Series A, AMT:
5.63%, 10/01/26		2,600		2,950,324
5.38%, 10/01/32		3,440		3,826,243
County of Miami-Dade Florida, GO, Building Better Communities Program (b):
Series B, 6.38%, 7/01/18		6,000		6,381,540


Municipal Bonds	Par (000)		Value
Florida (continued)
County of Miami-Dade Florida, GO, Building Better Communities Program (b) (continued):
Series B-1, 5.75%, 7/01/18	$	3,700	$	3,908,310
County of Miami-Dade Florida, RB, Seaport:
Department, Series A, 6.00%, 10/01/38		5,695		6,792,882
Department, Series B, AMT, 6.25%, 10/01/38		1,165		1,382,482
Department, Series B, AMT, 6.00%, 10/01/42		1,865		2,157,842
Series B, AMT, 6.00%, 10/01/30		1,820		2,145,598
County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series C (BHAC), 6.00%, 10/01/18 (b)		20,095		21,521,745
County of Miami-Dade Florida Aviation, Refunding ARB, AMT:
5.00%, 10/01/34		530		590,367
Miami International Airport, Series A (AGM), 5.50%, 10/01/18 (b)		19,020		20,216,548
County of Miami-Dade Florida Educational Facilities Authority, RB, University Miami, Series A, 5.00%, 4/01/40		14,360		15,672,935
County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 8/01/42		1,675		1,860,892
County of Miami-Dade Florida Transit System, RB, Surtax (AGM), 5.00%, 7/01/18 (b)		2,800		2,933,168
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:
5.00%, 8/1/41		1,550		1,656,470
5.00%, 8/1/47		4,590		4,883,485
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:
5.00%, 10/1/21 (b)		50		57,615
5.00%, 10/1/31		3,050		3,445,615


Municipal Bonds	Par (000)		Value
Florida (continued)
County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39	$	5,135	$	5,471,342

				137,456,447
Georgia — 1.8%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, Series A, 5.00%, 11/01/38 (c)		2,715		3,163,409
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54		1,405		1,634,704
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, 3rd Indenture, Series B, 5.00%, 7/01/17 (b)		10,000		10,073,300
Private Colleges & Universities Authority, RB, Savannah College of Art & Design:
5.00%, 4/01/33		395		431,399
5.00%, 4/01/44		1,775		1,906,936

				17,209,748
Hawaii — 0.4%
State of Hawaii Department of Transportation, COP, AMT:
5.00%, 8/01/27		2,000		2,224,100
5.00%, 8/01/28		1,775		1,961,712

				4,185,812
Illinois — 13.7%
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39		9,000		10,142,100
City of Chicago Illinois, GO, Refunding, Series A:
5.00%, 1/01/35		5,000		4,784,650
Project, 5.25%, 1/01/33		2,340		2,303,005
City of Chicago Illinois, RB:
O’Hare International Airport, Senior Lien, Series D, 5.25%, 1/01/42		8,285		9,576,300
Transit Authority, Sales Tax Receipts, 5.25%, 12/01/36		1,620		1,734,275
City of Chicago Illinois, Refunding GARB, O’Hare International Airport, AMT, Series B, 5.00%, 1/01/31		2,425		2,632,774


Municipal Bonds	Par (000)		Value
Illinois (continued)
City of Chicago Illinois, Refunding RB, Series A:
Midway International Airport, 2nd Lien, AMT, 5.00%, 1/01/34	$	3,035	$	3,313,188
Sales Tax Receipts, 5.00%, 1/01/41		1,470		1,496,240
Waterworks, 2nd Lien (AMBAC), 5.00%, 11/01/36		3,500		3,510,115
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.13%, 12/01/38		3,250		3,374,930
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37		615		654,686
Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 8/15/34		8,700		9,792,024
Illinois Finance Authority, Refunding RB:
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39		5,250		5,768,857
Silver Cross Hospital and Medical Centers, 4.13%, 8/15/37		1,965		1,930,396
Silver Cross Hospital and Medical Centers, 5.00%, 8/15/44		985		1,038,249
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC) (d):
0.00%, 12/15/26		8,500		5,839,500
0.00%, 6/15/32		14,000		7,150,640
0.00%, 12/15/33		20,000		9,448,800
0.00%, 12/15/34		41,880		18,686,856
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 6/15/44 (d)		9,430		2,535,821
Railsplitter Illinois Tobacco Settlement Authority, RB, 6.00%, 6/01/28		1,700		1,933,903
Regional Transportation Authority, RB, Series C (NPFGC), 7.75%, 6/01/20		560		617,327
State of Illinois, GO:
5.25%, 7/01/29		3,160		3,264,849
5.25%, 2/01/33		5,860		5,966,183


Municipal Bonds	Par (000)		Value
Illinois (continued)
State of Illinois, GO (continued):
5.50%, 7/01/33	$	2,235	$	2,326,076
5.25%, 2/01/34		5,360		5,444,849
5.50%, 7/01/38		1,200		1,243,692
State of Illinois Toll Highway Authority, RB, Series B:
5.50%, 1/01/18 (b)		4,000		4,124,600
(BHAC), 5.50%, 1/01/18 (b)		2,000		2,062,300

				132,697,185
Indiana — 2.8%
City of Indianapolis Indiana, Refunding RB, Series B (AGC), 5.25%, 8/15/18 (b)		5,000		5,279,350
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		2,900		3,275,202
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44		1,400		1,486,478
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19 (b)		5,000		5,412,400
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A:
5.75%, 1/01/19 (b)		565		609,556
5.75%, 1/01/38		2,335		2,495,274
(AGC), 5.25%, 1/01/19 (b)		265		283,704
(AGC), 5.50%, 1/01/19 (b)		830		892,018
(AGC), 5.25%, 1/01/29		1,085		1,160,831
(AGC), 5.50%, 1/01/38		3,420		3,638,914
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 7/01/40		2,425		2,574,792

				27,108,519
Iowa — 2.5%
Iowa Finance Authority, RB, Iowa Health Care Facilities, Series A (AGC), 5.63%, 8/15/19 (b)		12,650		13,939,541
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT:
5.60%, 12/01/26		2,580		2,770,559
5.70%, 12/01/27		2,570		2,744,092
5.75%, 12/01/28		1,360		1,451,405
5.80%, 12/01/29		1,735		1,848,105


Municipal Bonds	Par (000)		Value
Iowa (continued)
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT (continued):
5.85%, 12/01/30	$	1,805	$	1,924,094

				24,677,796
Kentucky — 1.9%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40		1,000		1,072,280
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/39 (a)		8,225		6,799,690
Kentucky State Property & Building Commission, Refunding RB, Project No. 93 (AGC):		10,000
5.25%, 2/01/19 (b)		3,545		3,803,431
5.25%, 2/01/19 (b)		5,315		5,702,463
5.25%, 2/01/27		685		731,272
5.25%, 2/01/28		455		485,403

				18,594,539
Louisiana — 2.7%
City of New Orleans Louisiana Aviation Board, RB, AMT:
Series A (AGM), 5.25%, 1/01/32		6,405		6,545,013
Series B, 5.00%, 1/01/40		4,825		5,217,080
Jefferson Sales Tax District, RB, Series B (AGM:		3,375
5.00%, 2/01/34		670		770,446
5.00%, 2/01/35		895		1,024,014
5.00%, 2/01/36		805		917,966
5.00%, 2/01/37		1,005		1,142,193
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, East Baton Rouge Sewerage Commission Projects, Series A, 5.00%, 2/01/44		8,155		8,854,454
Louisiana Public Facilities Authority, RB, Provident Group-Flagship Properties LLC, Series A, 5.00%, 7/01/56		1,990		2,112,982

				26,584,148


Municipal Bonds	Par (000)		Value
Massachusetts — 2.0%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 1/01/47	$	5,950	$	6,423,144
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/43		1,045		1,129,760
Massachusetts HFA, RB, M/F Housing, Series B, 7.00%, 12/01/38		3,150		3,290,711
Massachusetts HFA, Refunding RB, AMT:
Series A, 4.45%, 12/01/42		2,235		2,263,407
Series C, 5.35%, 12/01/42		2,395		2,546,723
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43		3,495		3,928,240

				19,581,985
Michigan — 7.6%
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/19 (b)		1,075		1,192,906
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41		3,185		3,621,791
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 3.25%, 11/15/42		2,505		2,127,296
Trinity Health Credit Group, 5.00%, 12/01/21 (b)		60		69,470
Trinity Health Credit Group, 5.00%, 12/01/39		16,040		17,961,111
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series D, 5.00%, 9/01/39		1,330		1,455,472
State of Michigan, RB, GAB (AGM) (b):
5.25%, 9/15/17		10,000		10,167,800
5.25%, 9/15/17		6,650		6,761,587
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series I, 6.25%, 10/15/18 (b)		1,890		2,032,487
Series I, 6.25%, 10/15/18 (b)		1,130		1,215,191
Series I, 6.25%, 10/15/38		105		112,399


Municipal Bonds	Par (000)		Value
Michigan (continued)
State of Michigan Building Authority, Refunding RB, Facilities Program (continued):
Series I (AGC), 5.25%, 10/15/24	$	1,750	$	1,911,245
Series I (AGC), 5.25%, 10/15/25		3,250		3,546,140
Series I-A, 5.38%, 10/15/36		2,075		2,334,728
Series I-A, 5.38%, 10/15/41		1,900		2,128,418
Series II-A (AGM), 5.25%, 10/15/36		8,040		8,993,223
State of Michigan HDA, RB, S/F Housing, Series C, AMT, 5.50%, 12/01/28		1,515		1,586,023
Wayne County Airport Authority, Refunding RB, AMT (AGC), 5.38%, 12/01/32		5,000		5,259,550
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39		1,080		1,187,298

				73,664,135
Minnesota — 0.6%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC):
6.50%, 11/15/18 (b)		845		916,174
6.50%, 11/15/38		4,655		4,996,305

				5,912,479
Nebraska — 0.8%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 9/01/37		6,825		7,429,763
Nevada — 1.1%
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/19 (b)		2,250		2,461,680
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A:
5.25%, 7/01/42		2,000		2,163,520
(AGM), 5.25%, 7/01/39		5,170		5,595,543

				10,220,743
New Jersey — 8.5%
New Jersey EDA, RB:
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 1/01/43		4,920		5,455,689


Municipal Bonds	Par (000)		Value
New Jersey (continued)
New Jersey EDA, RB (continued):
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 1/01/34	$	1,930	$	2,076,468
Series WW, 5.25%, 6/15/33		445		458,595
Series WW, 5.00%, 6/15/34		570		574,891
Series WW, 5.00%, 6/15/36		2,635		2,647,068
Series WW, 5.25%, 6/15/40		1,025		1,044,629
New Jersey EDA, Refunding RB, School Facilities Construction:
Series N-1 (AMBAC), 5.50%, 9/01/24		6,325		7,095,322
New Jersey EDA, Refunding RB, School Facilities Construction (continued):
Series N-1 (NPFGC), 5.50%, 9/01/28		1,685		1,980,279
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:
5.50%, 12/01/25		900		985,230
5.50%, 12/01/26		1,295		1,413,363
5.75%, 12/01/28		145		158,572
5.88%, 12/01/33		6,895		7,522,721
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33		2,645		2,766,194
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/35 (d)		18,525		6,765,886
CAB, Transportation System, Series C (AGC) (AMBAC), 0.00%, 12/15/25 (d)		8,550		6,175,408
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 6/15/28		4,205		4,505,069
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 6/15/29		2,145		2,281,079
Transportation Program, Series AA, 5.25%, 6/15/33		4,150		4,296,910
Transportation Program, Series AA, 5.00%, 6/15/38		4,990		5,010,509
Transportation System, Series A, 5.50%, 6/15/41		2,980		3,067,254
Transportation System, Series A (NPFGC), 5.75%, 6/15/25		4,000		4,720,160


Municipal Bonds	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB (continued):
Transportation System, Series AA, 5.50%, 6/15/39	$	5,625	$	5,883,300
Transportation System, Series B, 5.50%, 6/15/31		1,000		1,048,390
Transportation System, Series B, 5.00%, 6/15/42		2,575		2,575,798
Transportation System, Series D, 5.00%, 6/15/32		1,825		1,856,153

				82,364,937
New Mexico — 0.1%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 8/01/44		1,040		1,154,140
New York — 3.7%
City of New York New York Transitional Finance Authority, RB:
Fiscal 2009, Series S-4, 5.50%, 1/15/34		7,250		7,782,802
Future Tax Secured Fiscal, Sub-Series E-1, 5.00%, 2/01/37		3,595		4,136,802
City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32		4,150		4,777,605
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47		1,920		2,181,869
Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/37		3,855		4,391,269
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 1/01/50		8,300		8,994,378
State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38		3,250		3,490,825

				35,755,550
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, Series 31-A, AMT, 5.25%, 7/01/38		3,915		3,924,513


Municipal Bonds	Par (000)		Value
Ohio — 2.2%
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37	$	3,000	$	3,531,090
County of Montgomery Ohio, RB, Catholic Health Initiatives, Series D-2, 5.45%, 10/01/38		11,135		12,141,270
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:
5.25%, 2/15/32		1,950		2,228,596
5.25%, 2/15/33		2,730		3,109,006

				21,009,962
Oregon — 0.4%
Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 0.00%, 6/15/36 (a)(c)		2,340		2,572,947
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 6/15/38 (d)		2,800		1,110,592

				3,683,539
Pennsylvania — 5.6%
Commonwealth Financing Authority, RB, Series B, 5.00%, 6/01/42		3,305		3,587,214
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT:
5.00%, 12/31/34		7,115		7,828,492
5.00%, 12/31/38		5,850		6,365,444
5.00%, 6/30/42		6,805		7,366,277
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 9/01/50		9,075		10,011,449
Pennsylvania Turnpike Commission, RB:
Series A, 5.00%, 12/01/38		1,775		1,946,146
Series A-1, 5.00%, 12/01/41		2,320		2,558,519
Series B, 5.00%, 12/01/40		920		1,015,864
Series C, 5.50%, 12/01/33		1,565		1,821,785
Sub-Series C (AGC), 6.25%, 6/01/18 (b)		5,695		6,026,164
Subordinate, Special Motor License Fund, 6.00%, 12/01/20 (b)		2,575		3,003,068


Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40	$	2,165	$	2,379,248

				53,909,670
Rhode Island — 1.2%
Rhode Island Commerce Corp., RB, Airport Corp., Series D:
5.00%, 7/01/41		295		325,556
5.00%, 7/01/46		325		357,334
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 6/01/45		3,000		2,929,710
5.00%, 6/01/50		7,465		7,629,081

				11,241,681
South Carolina — 4.1%
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 8/01/39		3,600		4,189,176
South Carolina Public Service Authority, Refunding RB, Series B (AGM), 5.00%, 12/01/56		7,155		7,713,376
State of South Carolina Ports Authority, RB, AMT, 5.25%, 7/01/50		6,530		7,117,766
State of South Carolina Public Service Authority, RB, Santee Cooper:
Series A, 5.50%, 12/01/54		11,450		12,468,821
Series E, 5.50%, 12/01/53		2,025		2,199,069
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38		5,870		6,213,923

				39,902,131
Texas — 15.6%
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien:
Series A (AGC), 5.38%, 5/15/19 (b)		3,460		3,761,608
Series A (AGC), 6.00%, 5/15/19 (b)		5,400		5,938,866
Series A (AGC), 6.00%, 11/15/35		300		329,643
Series A (AGC), 5.38%, 11/15/38		190		204,366
Series A (AGM), 5.00%, 11/15/17 (b)		10,000		10,221,600


Municipal Bonds	Par (000)		Value
Texas (continued)
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 2/01/38	$	1,450	$	1,628,336
City of San Antonio Texas Electric & Gas Revenue, Refunding RB, 5.00%, 2/01/42		7,450		8,572,789
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/36 (d)		5,810		2,556,865
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39		2,095		2,347,029
Dallas ISD, GO, School Building (PSF-GTD), 6.38%, 2/15/18 (b)		10,000		10,432,300
Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38		10,980		11,803,610
Dallas-Fort Worth International Airport, Refunding ARB, Series F:
5.25%, 11/01/33		2,745		3,160,209
5.00%, 11/01/35		5,000		5,463,050
Grand Prairie ISD, GO, Refunding, CAB, 0.00%, 8/15/18 (b)(d)		10,000		5,058,800
Leander ISD, GO, Refunding, CAB, Series D, 0.00%, 8/15/38 (d)		9,685		3,859,666
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/43 (d)		24,100		5,789,061
North Texas Tollway Authority, Refunding RB:
1st Tier System, Series A, 6.00%, 1/01/19 (b)		5,100		5,518,863
1st Tier System, Series A (NPFGC), 5.13%, 1/01/18 (b)		17,540		18,037,434
1st Tier System, Series A, 5.13%, 1/01/28		2,460		2,525,510
1st Tier System, Series A (NPFGC), 6.00%, 1/01/28		1,175		1,269,047
1st Tier System, Series S, 5.75%, 1/01/18 (b)		8,540		8,817,977
1st Tier System, Series SE, 5.75%, 1/01/40		1,460		1,502,690
Series B, 5.00%, 1/01/40		1,710		1,889,054
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, CAB (d):
0.00%, 9/15/35		680		293,563
0.00%, 9/15/36		12,195		4,959,950
0.00%, 9/15/37		8,730		3,340,622


Municipal Bonds	Par (000)		Value
Texas (continued)
Texas Municipal Gas Acquisition & Supply Corp. III, RB:
5.00%, 12/15/32	$	3,930	$	4,220,427
Natural Gas Utility Improvements, 5.00%, 12/15/31		1,665		1,795,086
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45		3,630		3,877,675
Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 8/15/41		11,345		12,378,416

				151,554,112
Utah — 2.3%
Salt Lake City Corp. Airport Revenue, RB, Series A, AMT, 5.00%, 7/01/42		3,490		3,944,293
Utah Transit Authority, Refunding RB, CAB (d):
Sub-Series A (AGC), 0.00%, 6/15/20		10,000		8,683,700
Sub-Series A (NPFGC), 0.00%, 6/15/24		13,930		9,908,688

				22,536,681
Washington — 1.3%
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40		2,830		3,103,435
Washington Health Care Facilities Authority, RB:
MultiCare Health System, Remarketing, Series B, 5.00%, 8/15/44		1,000		1,090,070
Providence Health & Services, Series A, 5.25%, 10/01/39		2,725		2,924,688
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36		5,400		5,727,024

				12,845,217
Wisconsin — 0.5%
Public Finance Authority, RB, KU Campus Development Corp., Central District Development Project, 5.00%, 3/01/46		875		967,024


Municipal Bonds	Par (000)		Value
Wisconsin (continued)
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33	$	3,745	$	4,049,955

				5,016,979
Total Municipal Bonds - 115.7%				1,121,200,298



Municipal Bonds Transferred to Tender Option Bond Trusts (e)
Arizona — 1.1%
Arizona School Facilities Board, COP (AGC), 5.13%, 9/01/18 (b)(f)	10,000	10,552,800
California — 6.9%
California State University, RB, Systemwide, Series A (AGM):
5.00%, 11/01/18 (b)(f)	7,793	8,109,325
5.00%, 11/01/33	204	212,199
California State University, Refunding RB, Systemwide, Series A (AGM):
5.00%, 5/01/18 (b)	7,840	7,842,703
5.00%, 5/01/18 (b)	5,040	5,041,738
5.00%, 11/01/37	5,555	5,556,915
City of Riverside California, RB, Issue D (AGM), 5.00%, 10/01/38	20,000	20,998,200
County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM) (b):
5.00%, 5/01/18	1,554	1,619,802
5.00%, 5/01/18	7,816	8,143,925
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/19 (b)	5,248	5,830,813
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19 (b)	1,047	1,145,285
University of California, RB, Series O, 5.75%, 5/15/19 (b)	2,206	2,416,200

		66,917,105
Colorado — 0.3%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (f)	2,469	2,564,342



Municipal Bonds Transferred to Tender Option Bond Trusts (e)	Par (000)		Value
Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45	$	3,932	$	4,384,134
District of Columbia — 1.6%
District of Columbia, RB, Series A, 5.50%, 12/01/30 (f)		2,594		2,879,634
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/18 (b)(f)		4,277		4,582,525
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30		6,880		7,682,621

				15,144,780
Florida — 4.6%
City of Miami Beach Florida, RB, 5.00%, 9/01/45		8,760		9,824,252
County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42		4,840		5,373,562
County of Miami-Dade Florida Water & Sewer System (AGC), 5.00%, 10/01/39		11,702		12,896,632
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 8/01/19 (b)		12,013		13,193,284
State of Florida Board of Education, GO, Refunding, Series C, 5.00%, 6/01/18 (f)		3,299		3,344,039

				44,631,769
Illinois — 4.5%
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19 (b)(f)		3,499		3,805,931
State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/18 (b)		10,000		10,622,500
State of Illinois Toll Highway Authority, RB:
Senior Priority, Series A, 5.00%, 1/01/40		7,621		8,450,425
Senior, Series B, 5.00%, 1/01/40		2,939		3,268,513
Senior, Series C, 5.00%, 1/01/36		10,000		11,108,085
Series A, 5.00%, 1/01/38		5,836		6,440,343

				43,695,797



Municipal Bonds Transferred to Tender Option Bond Trusts (e)	Par (000)		Value
Kansas — 1.6%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 9/01/47	$	13,470	$	16,011,517
Massachusetts — 0.5%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 3/01/46		4,204		4,708,914
Michigan — 0.9%
Michigan Finance Authority, RB, Beaumont Health Credit Group, 5.00%, 11/01/44		5,591		6,138,916
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45		2,410		2,659,796

				8,798,712
Nevada — 1.7%
County of Clark Nevada Water Reclamation District, GO, Series B (b):
5.50%, 7/01/19		510		558,258
Limited Tax, 5.75%, 7/01/19		4,813		5,296,221
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 6/01/46		9,840		11,094,994

				16,949,473
New Jersey — 2.1%
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 5/01/51		2,320		2,650,623
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28		10,000		12,324,900
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (f)		4,961		5,075,299

				20,050,822
New York — 8.8%
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series DD:
5.00%, 6/15/18 (b)		2,586		2,699,417
5.00%, 6/15/37		14,981		15,639,016



Municipal Bonds Transferred to Tender Option Bond Trusts (e)	Par (000)		Value
New York (continued)
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47	$	15,521	$	17,201,363
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2014, Series DD, 5.00%, 6/15/35		4,740		5,426,162
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.25%, 11/15/44		9,850		11,336,759
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		4,280		4,856,474
New York State Urban Development Corp., RB, Personal Income Tax, General Purpose, Series A-1, 5.00%, 3/15/43		14,280		15,833,093
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 198th Series, 5.25%, 11/15/56		6,402		7,399,312
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.25%, 11/15/34 (f)		4,500		4,789,395

				85,180,991
Ohio — 0.7%
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 4/28/18 (b)		4,990		5,192,744
State of Ohio, RB, Cleveland Clinic Health Obligated Group, Series B, 5.50%, 1/01/34		1,520		1,623,041

				6,815,785
Pennsylvania — 0.3%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB (BAM), 5.00%, 8/15/42		2,560		2,851,891
Texas — 4.8%
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38		1,799		1,979,356



Municipal Bonds Transferred to Tender Option Bond Trusts (e)	Par (000)		Value
Texas (continued)
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 2/15/41	$	9,840	$	10,994,035
Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/37 (f)		8,868		9,540,767
Friendswood ISD Texas, GO, Schoolhouse (PSF-GTD), 5.00%, 2/15/18 (b)		12,955		13,379,265
Texas State University Systems, Refunding RB, 5.25%, 3/15/18 (b)		10,000		10,378,600

				46,272,023
Virginia — 0.4%
University of Virginia, Refunding RB, GO, 5.00%, 6/01/18 (b)		3,944		4,120,400
Washington — 2.8%
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/17 (b)		16,770		17,357,621
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38		8,205		9,615,603

				26,973,224
Wisconsin — 2.8%
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/19 (b)		14,780		16,229,179
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group:
Series A, 5.00%, 4/01/42		2,490		2,679,389
Series C, 5.25%, 4/01/19 (b)(f)		7,459		8,048,190

				26,956,758
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 46.8%				453,581,237
Total Long-Term Investments (Cost — $1,484,644,770) — 162.5%				1,574,781,535


	Value
Total Investments *(Cost — $1,493,715,329) — 163.5%**	$	1,583,852,805
Other Assets Less Liabilities — 0.5%		5,350,256
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.3)%		(264,383,381	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Cost — (36.7)%		(355,917,870	)

Net Assets Applicable to Common Shares — 100.0%	$	968,901,810

* As of April 30, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	1,233,861,180

Gross unrealized appreciation	$	94,681,894

Gross unrealized depreciation		(8,484,291	)
Net unrealized appreciation	$	86,197,603

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

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.

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.



Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.70% (g)(h)		9,069,456	$	9,071,270
Total Short-Term Securities (Cost — $9,070,559) — 1.0%				9,071,270


AGC		Assured Guarantee Corp.
AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax (subject to)
ARB		Airport Revenue Bonds
BAM		Build America Mutual Assurance Co.
BHAC		Berkshire Hathaway Assurance Corp.
CAB		Capital Appreciation Bonds
COP		Certificates of Participation
CR		Custodian Receipt
EDA		Economic Development Authority
ERB		Education Revenue Bonds
GAB		Grant Anticipation Bonds
GARB		General Airport Revenue Bonds
GO		General Obligation Bonds
HDA		Housing Development Authority
HFA		Housing Finance Agency
IDA		Industrial Development Authority
ISD		Independent School District
LRB		Lease Revenue Bonds
M/F		Multi-Family
NPFGC		National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RB		Revenue Bonds
S/F		Single-Family


Futures Contracts
Contracts Short			Issue	Expiration	Notional Value		Unrealized Depreciation
	(89	)	5-Year U.S. Treasury Note	June 2017	$	10,538,156	$	(45,947	)
	(328	)	10-Year U.S. Treasury Note	June 2017	$	41,235,750		(354,597	)
	(354	)	Long U.S. Treasury Bond	June 2017	$	54,150,938		(701,498	)
	(50	)	Ultra U.S. Treasury Bond	June 2017	$	8,146,875		(156,313	)
	Total						$	(1,258,355	)


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—		$	1,574,781,535		—	$	1,574,781,535
Short-Term Securities	$	9,071,270			—		—		9,071,270

Total Investments	$	9,071,270		$	1,574,781,535		—	$	1,583,852,805


Derivative Financial Instruments²
Liabilities:
Interest rate contracts	$	(1,258,355	)		—		—	$	(1,258,355	)
¹ See above Schedule of Investments for values in each state or political sub-division.
² Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates		—	$	(263,794,022	)		—	$	(263,794,022	)
VRDP Shares at Liquidation Value		—		(356,400,000	)		—		(356,400,000	)

Total		—	$	(620,194,022	)		—	$	(620,194,022	)


Schedule of Investments (continued)		BlackRock MuniYield Quality Fund III, Inc. (MYI)


Schedule of Investments (concluded)		BlackRock MuniYield Quality Fund III, Inc. (MYI)


2(a) –		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 “1940 Act”)) 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.

2(b) –		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.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock MuniYield Quality Fund III, Inc.


By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock MuniYield Quality Fund III, Inc.



BLACKROCK MUNIYIELD QUALITY FUND III, INC.	APRIL 30, 2017	1



2	BLACKROCK MUNIYIELD QUALITY FUND III, INC.	APRIL 30, 2017



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4	BLACKROCK MUNIYIELD QUALITY FUND III, INC.	APRIL 30, 2017