<SEC-DOCUMENT>0000844779-18-000101.txt : 20180327
<SEC-HEADER>0000844779-18-000101.hdr.sgml : 20180327
<ACCEPTANCE-DATETIME>20180327123722
ACCESSION NUMBER:		0000844779-18-000101
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180131
FILED AS OF DATE:		20180327
DATE AS OF CHANGE:		20180327
EFFECTIVENESS DATE:		20180327

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:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06540
		FILM NUMBER:		18714696

	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>NSAR-A
<SEQUENCE>1
<FILENAME>8932answer.fil
<TEXT>
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001 B000000 811-06540
001 C000000 8004417762
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002 C000000 DE
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012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. (COMMON)
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014 B000001 8-48719
014 A000002 BLACKROCK INVESTMENTS, LLC
014 B000002 8-48436
014 A000003 HARRIS WILLIAMS LLC
014 B000003 8-53380
014 A000004 PNC CAPITAL MARKETS, INC.
014 B000004 8-32493
<PAGE>      PAGE  2
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022 A000009 NATIONAL FINANCIAL SERVICES LLC
<PAGE>      PAGE  3
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SIGNATURE   NEAL J. ANDREWS
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>2
<FILENAME>77o5.txt
<TEXT>
<PAGE>

                                                          [LOGO OF BLACKROCK]

Rule 10f-3 Transaction Form

Acquisition of Securities During Affiliated Underwritings


PARTICIPATING FUNDS

..   U.S. Registered Funds (Name of Fund, Aladdin Ticker):
    BlackRock Municipal Income Investment Quality Trust (BAF)
    BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
    BlackRock Municipal Income Investment Trust (BBF)
    BlackRock Investment Quality Municipal Trust (BKN)
    BlackRock Strategic Municipal Trust (BSD)
    BlackRock Long-Term Municipal Advantage Trust (BTA)
    BlackRock MuniYield Investment Quality Fund (MFT)
    BlackRock MuniYield Quality Fund III, Inc. (MYI)

THE OFFERING

KEY CHARACTERISTICS (COMPLETE ALL FIELDS)

Date of                    09-27-2017
Offering Commencement:

Security Type:             BND/MUNI

Issuer                     Pennsylvania Economic Development Financing
                           Authority-UPMC Revenue Bonds (Series 2017A)

Selling Underwriter        RBC CAPITAL MARKETS, LLC.

Affiliated Underwriter(s)  [X] PNC Capital Markets LLC
                           [_]Other:

List of Underwriter(s)     RBC Capital Markets, Wells Fargo Securities (trade
                           name for Wells Fargo Bank N.A. Municipal Products
                           Group), PNC Capital Markets LLC, BNYMellon Capital
                           Markets, Huntington Investment Company

TRANSACTION DETAILS

Date of Purchase           09-28-2017

Purchase Price/Share
(PER SHARE / % OF PAR)     $102.251   Total Commission, Spread or Profit 0.575%

<TABLE>
<S>                                                                 <C>
1.  Aggregate Principal Amount Purchased (a+b)                      $ 32,135,000

    a.  US Registered Funds
        (Appendix attached with individual Fund/Client purchase)    $ 28,000,000

    b.  Other BlackRock Clients                                     $  4,135,000

2.  Aggregate Principal Amount of Offering                          $436,745,000

FUND RATIO                                                              0.073578
</TABLE>

                                                                    Page 1 of 2

<PAGE>

Rule 10f-3 Report - Definitions                          [LOGO OF BLACKROCK]


<TABLE>
<S><C>

[Divide Sum of #1 by #2]
Must be less than 0.25
</TABLE>

<PAGE>

 Rule 10f-3 Report - Definitions                          [LOGO OF BLACKROCK]


LEGAL REQUIREMENTS

OFFERING TYPE (CHECK ONE)

The securities fall into one of the following transaction types (see
Definitions):

[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
                                       operations]
[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
                                       operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
                                       operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
                                       operations]

TIMING AND PRICE (CHECK ONE OR BOTH)

[X] The securities were purchased before the end of the first day on which any
    sales were made, at a price that was not more than the price paid by each
    other purchaser of securities in that offering or in any concurrent
    offering of the securities; and
[_] If the securities are offered for subscription upon exercise of rights, the
    securities were purchased on or before the fourth day before the day on
    which the rights offering terminated.

FIRM COMMITMENT OFFERING (CHECK ONE)

<TABLE>
<C>      <S>
[X] YES  The securities were offered pursuant to an underwriting or similar
[_] NO   agreement under which the underwriters were committed to purchase all
         of the securities being offered, except those purchased by others
         pursuant to a rights offering, if the underwriters purchased any of
         the securities.
</TABLE>

NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)

<TABLE>
<C>      <S>
[X] YES  No affiliated underwriter was a direct or indirect participant in, or
[_] NO   benefited directly or indirectly from, the transaction.
</TABLE>

Completed by:             Dillip Behera                     Date:   10-05-2017
                          --------------------------------
                          Global Syndicate Team Member

Approved by:              Steven DeLaura                    Date:   10-05-2017
                          --------------------------------
                          Global Syndicate Team Member

<PAGE>

 Rule 10f-3 Report - Definitions                          [LOGO OF BLACKROCK]

DEFINITIONS

TERM                                   DEFINITION
Fund Ratio                             Number appearing at the bottom of
                                       page 1 of 2 of the Rule 10f-3 Report
                                       form. It is the sum of the Funds'
                                       participation in the offering by the
                                       Funds and other accounts managed by
                                       BlackRock divided by the total amount
                                       of the offering.

Eligible Foreign Offering              The securities are sold in a public
                                       offering conducted under the laws of
                                       a country other than the United
                                       States and

                                       (a) the offering is subject to
                                           regulation in such country by a
                                           "foreign financial regulatory
                                           authority," as defined in
                                           Section 2(a)(50) of the
                                           Investment Company Act of 1940;

                                       (b) the securities were offered at a
                                           fixed price to all purchasers in
                                           the offering (except for any
                                           rights to purchase securities
                                           that are required by law to be
                                           granted to existing security
                                           holders of the issuer);

                                       (c) financial statements, prepared
                                           and audited as required or
                                           permitted by the appropriate
                                           foreign financial regulatory
                                           authority in such country, for
                                           the two years prior to the
                                           offering, were made available to
                                           the public and prospective
                                           purchasers in connection with the
                                           offering; and

                                       (d) if the issuer is a "domestic
                                           issuer," i.e., other than a
                                           foreign government, a national of
                                           any foreign country, or a
                                           corporation or other organization
                                           incorporated or organized under
                                           the laws of any foreign country,
                                           it (1) has a class of securities
                                           registered pursuant to section
                                           12(b) or 12(g) of the Securities
                                           Exchange Act of 1934 or is
                                           required to file reports pursuant
                                           to section 15(d) of that act, and
                                           (2) has filed all the material
                                           required to be filed pursuant to
                                           section 13(a) or 15(d) of that
                                           act for a period of at least 12
                                           months immediately preceding the
                                           sale of securities (or for such
                                           shorter period that the issuer
                                           was required to file such
                                           material)

<PAGE>

 Rule 10f-3 Report - Definitions                          [LOGO OF BLACKROCK]


TERM                           DEFINITION
Eligible Municipal Securities  The securities:

                               (a) are direct obligations of, or obligations
                                   guaranteed as to principal or interest by,
                                   a State or any political subdivision
                                   thereof, or any agency or instrumentality
                                   of a State or any political subdivision
                                   thereof, or any municipal corporate
                                   instrumentality of one or more States, or
                                   any security which is an industrial
                                   development bond (as defined in section
                                   103(c)(2) of Title 26) the interest on
                                   which is excludable from gross income under
                                   certain provisions of the Internal Revenue
                                   Code;

                               (b) are sufficiently liquid that they can be
                                   sold at or near their carrying value within
                                   a reasonably short period of time; and

                               (c) either

                                   (1) are subject to no greater than moderate
                                       credit risk; or

                                   (2) if the issuer of the municipal
                                       securities, or the entity supplying the
                                       revenues or other payments from which
                                       the issue is to be paid, has been in
                                       continuous operation for less than
                                       three years, including the operation of
                                       any predecessors, the securities are
                                       subject to a minimal or low amount of
                                       credit risk.

                               Also, purchases of municipal securities may not
                               be designated as group sales or otherwise
                               allocated to the account of any prohibited
                               seller (i.e., an affiliated underwriter).

Eligible Rule 144A Offering    The securities are sold in an offering where

                               (a) the securities are offered or sold in
                                   transactions exempt from registration under
                                   Section 4(2) of the Securities Act of 1933,
                                   Rule 144A thereunder, or Rules 501-508
                                   thereunder;

                               (b) the securities were sold to persons that
                                   the seller and any person acting on behalf
                                   of the seller reasonably believe to include
                                   qualified institutional buyers, as defined
                                   in Rule 144A ("QIBs"); and

                               (c) the seller and any person acting on behalf
                                   of the seller reasonably believe that the
                                   securities are eligible for resale to other
                                   QIBs pursuant to Rule 144A.

Government Securities Offering The security is issued or guaranteed as to
                               principal or interest by the United States, or
                               by a person controlled or supervised by and
                               acting as an instrumentality of the Government
                               of the United States pursuant to authority
                               granted by the Congress of the United States;
                               or any certificate of deposit for any of the
                               foregoing.

<PAGE>

 Rule 10f-3 Report - Definitions                          [LOGO OF BLACKROCK]


TERM                              DEFINITION
U.S. Registered Public Offering.  The securities offered are registered under
                                  the Securities Act of 1933 that are being
                                  offered to the public.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
