NPORT-EX 2 BRMuniYieldQualityFundIII.htm EX-MYI

Schedule of Investments  (unaudited)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 114.7%

 

Alabama — 1.8%

 

Auburn University, RB, Series A, 5.00%, 06/01/48

   $ 10,000     $ 12,073,000  

County of Tuscaloosa Board of Education, RB, Special Tax School Warrants, 5.00%, 02/01/43

     2,485       2,918,036  

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

     2,835       3,283,327  
   

 

 

  
      18,274,363  
Alaska — 0.3%  

Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41

     2,690       2,875,180  
   

 

 

  
Arizona — 0.7%  

Arizona IDA, RB(a):

    

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39

     1,480       1,537,483  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49

     1,675       1,739,152  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54

     1,290       1,328,094  

Odyssey Preparatory Academy Project, 4.38%, 07/01/39

     810       808,396  

Odyssey Preparatory Academy Project, 5.00%, 07/01/54

     945       985,796  

County of Maricopa Industrial Development Authority, Refunding RB, HonorHealth, Series A, 5.00%, 09/01/42

     435       519,886  
   

 

 

  
      6,918,807  
California — 8.3%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b)

     3,200       3,320,480  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/37

     2,965       3,327,145  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

     4,030       4,370,817  

 

Security   Par
(000)		      Value  
California (continued)  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

     

Series A, 5.00%, 03/01/36

   $ 1,160      $ 1,377,372  

Series A, 5.00%, 03/01/37

     1,275        1,511,946  

Series A-1, 5.75%, 03/01/34

     2,300        2,424,798  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b)

     1,830        1,949,755  

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

     5,110        3,974,814  

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

     5,000        3,412,300  

Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(d)

     3,975        3,906,034  

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

     7,620        4,237,482  

Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B(c):

     

0.00%, 08/01/35

     7,820        5,344,970  

0.00%, 08/01/36

     10,000        6,635,200  

Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C(c):

     

0.00%, 08/01/37

     8,000        4,978,960  

0.00%, 08/01/38

     12,940        7,755,330  

San Diego California Unified School District, GO, Election of 2008,
Series G(c):

     

0.00%, 07/01/34

     1,860        987,455  

0.00%, 07/01/35

     1,970        984,015  

0.00%, 07/01/36

     2,960        1,391,082  

0.00%, 07/01/37

     1,975        873,859  

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

     3,485        2,727,082  

San Marcos Unified School District, GO, Election of 2010, Series A(b):

     

5.00%, 08/01/21

     1,800        1,923,138  

5.00%, 08/01/21

     1,600        1,709,456  

State of California, GO, Refunding, Various Purposes:

     

5.00%, 09/01/41

     2,700        2,868,615  

5.00%, 10/01/41

     2,555        2,724,141  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

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

   $ 10     $ 10,035  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38

     5,040       5,687,791  

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

     6,545       4,202,021  
   

 

 

  
      84,616,093  
Colorado — 2.2%  

Colorado Educational & Cultural Facilities Authority, RB, Rocky Mountain School of Expeditionary Learning, 5.00%, 03/01/50(a)

     2,530       2,751,375  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A-2, 5.00%, 08/01/44

     10,000       11,847,100  

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

     1,500       1,720,500  

Regional Transportation District, COP, Series A, 5.00%, 06/01/39

     5,655       6,291,131  
   

 

 

  
      22,610,106  
Connecticut — 0.1%  

State of Connecticut Health & Educational Facility Authority, RB, Mary Wade Home Issue, Series A-1, 5.00%, 10/01/54(a)

     715       776,483  
   

 

 

  
Florida — 9.0%  

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

     4,000       4,847,640  

County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39

     4,535       5,035,301  

County of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/42

     3,000       3,538,740  

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

     3,000       3,450,990  

County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, 6.00%, 11/15/19(b)

     5       5,007  

County of Lee Florida, Refunding ARB, Series A, AMT:

    

5.63%, 10/01/26

     2,600       2,792,010  

5.38%, 10/01/32

     3,440       3,667,178  
Security   Par
(000)		      Value  
Florida (continued)             

County of Miami-Dade Florida, RB, Seaport Department:

     

Series A, 6.00%, 10/01/38

   $ 5,695      $ 6,591,849  

Series B, AMT, 6.00%, 10/01/30

     1,820        2,103,538  

Series B, AMT, 6.25%, 10/01/38

     1,165        1,348,010  

Series B, AMT, 6.00%, 10/01/42

     1,865        2,149,897  

County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34

     530        601,815  

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

     14,360        16,434,446  

County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 08/01/42

     1,675        1,980,051  

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

     3,000        3,346,500  

County of Miami-Dade Florida, Aviation, Refunding RB, Series B, AMT, 5.00%, 10/01/40

     6,500        7,658,885  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:

     

5.00%, 08/01/41

     1,550        1,705,961  

5.00%, 08/01/47

     4,590        5,032,338  

County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:

     

5.00%, 10/01/21(b)

     50        53,596  

5.00%, 10/01/31

     3,050        3,259,047  

Greater Orlando Aviation Authority, ARB, Priority Sub-Series A, AMT, 5.00%, 10/01/42

     4,760        5,601,092  

South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/42

     2,965        3,510,175  

Town of Davie Florida, Refunding RB, Nova Southeastern University Project, 5.00%, 04/01/37

     4,630        5,484,096  

Westside Community Development District, Refunding, Special Assessment Bonds(a):

     

4.10%, 05/01/37

     640        642,413  

4.13%, 05/01/38

     630        631,770  
    

 

 

  
       91,472,345  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia — 0.5%  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

   $ 1,405     $ 1,654,542  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43

     1,105       1,288,972  

Private Colleges & Universities Authority, RB, Savannah College of Art & Design:

    

5.00%, 04/01/33

     395       448,858  

5.00%, 04/01/44

     1,775       1,993,875  
   

 

 

  
      5,386,247  
Hawaii — 1.3%  

State of Hawaii Airports System Revenue, ARB, Series A,AMT, 5.00%, 07/01/43

     2,385       2,889,213  

State of Hawaii Department of Budget & Finance, Refunding RB, Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37

     5,275       5,636,812  

State of Hawaii Department of Transportation, COP, AMT:

    

5.00%, 08/01/27

     2,000       2,236,860  

5.00%, 08/01/28

     1,775       1,983,101  
   

 

 

  
      12,745,986  
Illinois — 14.2%  

Chicago O’Hare International Airport, Refunding RB, O’Hare International Airport, Senior Lien AMT, Series B, 5.00%, 01/01/31

     2,425       2,589,415  

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/34

     3,035       3,381,961  

City of Chicago Illinois O’Hare International Airport, GARB:

    

3rd Lien, Series A, 5.75%, 01/01/21(b)

     7,555       7,944,007  

3rd Lien, Series A, 5.75%, 01/01/39

     1,445       1,511,542  

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

     8,285       9,911,428  

Senior Lien, Series D, AMT, 5.00%, 01/01/42

     2,865       3,319,389  
Security   Par
(000)		     Value  
Illinois (continued)  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36

   $ 1,620     $ 1,729,868  

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

     3,250       3,439,995  

County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37

     615       652,626  

Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34

     8,700       9,327,270  

Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44

     985       1,093,252  

Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC)(c):

    

0.00%, 12/15/26

     8,500       7,112,120  

0.00%, 06/15/32

     14,000       9,590,140  

0.00%, 12/15/33

     20,000       12,859,800  

0.00%, 12/15/34

     41,880       25,934,609  

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

     9,430       3,966,447  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)

     1,700       1,824,984  

Regional Transportation Authority, RB, Series C (NPFGC), 7.75%, 06/01/20

     200       207,114  

State of Illinois, GO:

    

5.25%, 07/01/29

     3,160       3,433,530  

5.00%, 05/01/32

     7,500       8,088,675  

5.25%, 02/01/33

     5,860       6,361,264  

5.50%, 07/01/33

     2,235       2,445,157  

5.25%, 02/01/34

     5,360       5,808,525  

5.50%, 07/01/38

     1,200       1,307,856  

State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/42

     8,540       10,189,330  
   

 

 

  
      144,030,304  
Indiana — 0.7%  

Indiana Finance Authority, RB, Series A:

    

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

     2,900       3,094,503  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     1,400       1,518,384  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40

   $ 2,425     $ 2,641,213  
   

 

 

  
    7,254,100  
Iowa — 0.1%            

Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT:

    

5.60%, 12/01/26

     325       332,274  

5.70%, 12/01/27

     325       332,280  

5.75%, 12/01/28

     175       178,918  

5.80%, 12/01/29

     220       224,932  

5.85%, 12/01/30

     230       235,161  
   

 

 

  
    1,303,565  
Kentucky — 2.1%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/23(b)

     1,000       1,129,470  

Kentucky Public Energy Authority, RB, Gas Supply, Series C-1, 4.00%, 12/01/49(f)

     10,125       11,183,366  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.60%, 07/01/39(d)

     8,225       8,719,734  
   

 

 

  
    21,032,570  
Louisiana — 1.8%  

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

     4,825       5,419,729  

Jefferson Sales Tax District, RB, Series B (AGM):

    

5.00%, 12/01/34

     670       812,797  

5.00%, 12/01/35

     895       1,083,684  

5.00%, 12/01/36

     805       972,786  

5.00%, 12/01/37

     1,005       1,213,196  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, East Baton Rouge Sewerage Commission Projects, Series A, 5.00%, 02/01/44

     8,155       9,106,770  
   

 

 

  
    18,608,962  
Massachusetts — 1.4%  

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

     5,950       6,782,702  

 

Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/43

   $ 320     $ 366,474  

Massachusetts HFA, Refunding RB, AMT:

    

Series A, 4.45%, 12/01/42

     2,235       2,335,776  

Series C, 5.35%, 12/01/42

     840       850,198  

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43

     3,495       3,900,385  
   

 

 

  
    14,235,535  
Michigan — 5.4%  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     3,185       3,385,400  

Michigan Finance Authority, Refunding RB, Trinity Health Credit Group:

    

Hospital;, 5.00%, 12/01/39

     16,040       17,085,166  

5.00%, 12/01/21(b)

     60       64,626  

Michigan State University, Refunding RB, Board of Trustees, Series B:

    

5.00%, 02/15/38

     1,775       2,208,792  

4.00%, 02/15/39

     2,125       2,417,570  

Michigan Strategic Fund, RB, AMT:

    

1-75 Improvement Project (AGM), 4.25%, 12/31/38

     2,000       2,230,240  

I-75 Improvement Project, 5.00%, 12/31/43

     9,940       11,735,363  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39

     1,330       1,488,669  

State of Michigan Building Authority, Refunding RB, Facilities Program:

    

Series I-A, 5.38%, 10/15/36

     2,075       2,228,094  

Series I-A, 5.38%, 10/15/41

     1,900       2,033,551  

Series II-A (AGM), 5.25%, 10/15/36

     8,040       8,585,996  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39

   $ 1,080     $ 1,213,823  
   

 

 

  
    54,677,290  
Nebraska — 0.7%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37

     6,825       7,438,090  
   

 

 

  
Nevada — 3.1%  

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A:

    

5.25%, 07/01/42

     2,000       2,010,820  

(AGM), 5.25%, 07/01/39

     5,170       5,199,831  

Las Vegas Convention & Visitors Authority, RB, Series B, 5.00%, 07/01/43

     20,000       23,870,800  
   

 

 

  
    31,081,451  
New Jersey — 11.3%  

New Jersey EDA, RB:

    

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

     4,920       5,532,294  

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34

     1,930       2,163,048  

School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42

     590       662,139  

Series WW, 5.25%, 06/15/33

     445       503,420  

Series WW, 5.00%, 06/15/34

     570       635,533  

Series WW, 5.00%, 06/15/36

     2,635       2,928,934  

Series WW, 5.25%, 06/15/40

     1,025       1,155,759  

New Jersey EDA, Refunding RB, School Facilities Construction:

    

Series N-1 (AMBAC), 5.50%, 09/01/24

     6,325       7,373,811  

Series N-1 (NPFGC), 5.50%, 09/01/28

     1,685       2,125,965  

New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT:

    

Series 1, 5.50%, 12/01/25

     530       569,792  

Series 1, 5.50%, 12/01/26

     760       816,871  

Series 1, 5.75%, 12/01/28

     85       91,737  

Series 1, 5.88%, 12/01/33

     6,895       7,459,838  

Series B, 3.25%, 12/01/39

     7,670       7,826,851  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33

   $ 2,645     $ 2,769,474  

New Jersey Transportation Trust Fund Authority, RB:

    

CAB, Transportation System, Series A, 0.00%, 12/15/35(c)

     18,525       11,005,517  

CAB, Transportation System, Series C (AGC) (AMBAC), 0.00%, 12/15/25(c)

     8,550       7,532,635  

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28

     4,205       4,943,819  

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/29

     2,145       2,510,916  

Transportation Program, Series AA, 5.25%, 06/15/33

     4,150       4,602,931  

Transportation Program, Series AA, 5.00%, 06/15/38

     3,990       4,364,302  

Transportation System, Series A, 5.50%, 06/15/41

     2,980       3,118,659  

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

     4,000       4,860,000  

Transportation System, Series AA, 5.50%, 06/15/39

     5,625       6,226,200  

Transportation System, Series B, 5.50%, 06/15/31

     1,000       1,055,090  

Transportation System, Series B, 5.00%, 06/15/42

     2,575       2,672,593  

Transportation System, Series D, 5.00%, 06/15/32

     1,825       2,029,729  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/46

     4,000       4,558,640  

5.25%, 06/01/46

     11,035       12,827,194  
   

 

 

  
    114,923,691  
New Mexico — 0.2%  

City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/49(e)

     540       594,000  

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44

     1,040       1,196,874  
   

 

 

  
    1,790,874  
New York — 5.4%  

City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32

     4,150       4,588,033  
 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

City of New York Transitional Finance Authority Future Tax Secured, RB, Future Tax Secured:

    

Subordinate Bond, Series C-3, 5.00%, 05/01/41

   $ 5,000     $ 6,102,500  

Sub-Series F-1, 5.00%, 05/01/39

     3,360       4,030,925  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 02/15/21(b)

     1,190       1,260,912  

5.75%, 02/15/47

     730       766,872  

Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/37

     11,500       13,569,425  

New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/45

     5,000       6,072,850  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50

     8,300       9,260,476  

State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 5.00%, 03/15/43

     7,500       9,164,700  
   

 

 

  
    54,816,693  
Ohio — 3.6%  

American Municipal Power, Inc., RB, Combined Hydroelectric Projects, Series A, 5.00%, 02/15/41

     4,000       4,647,120  

American Municipal Power, Inc., Refunding RB, Combined Hydroelectric Projects, Series A, 5.00%, 02/15/38

     2,375       2,764,358  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     8,050       8,110,455  

County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b)

     3,000       3,320,940  

County of Montgomery Ohio, RB, Catholic Health Initiatives, Series D-2, 5.45%, 11/13/23(b)

     11,135       12,986,528  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

    

5.25%, 02/15/32

     1,950       2,187,666  

 

Security   Par
(000)		     Value  
Ohio (continued)  

5.25%, 02/15/33

   $ 2,730     $ 3,059,265  
   

 

 

  
    37,076,332  
Oregon — 0.2%  

County of Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/39(d)

     395       459,037  

County of Clackamas Oregon Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/40(d)

     420       486,024  

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

     2,800       1,429,260  
   

 

 

  
    2,374,321  
Pennsylvania — 7.8%  

Commonwealth Financing Authority, RB:

    

Series B, 5.00%, 06/01/42

     3,305       3,552,247  

Tobacco Master Settlement Payment, 5.00%, 06/01/34

     2,180       2,651,817  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     8,805       9,960,392  

Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34

     7,115       8,207,295  

Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38

     6,850       7,794,752  

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

     5,000       5,465,850  

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

     8,075       9,184,909  

Pennsylvania Turnpike Commission, RB:

    

Series A, 5.00%, 12/01/38

     1,775       2,028,577  

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

     2,320       2,716,279  

Series B, 5.00%, 12/01/40

     4,920       5,732,587  

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

     1,565       1,835,307  

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

     7,330       8,586,215  

Subordinate, Series A, 5.00%, 12/01/44

     5,000       6,038,100  

Subordinate, Special Motor License Fund, 6.00%, 12/01/20(b)

     2,575       2,707,406  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40

   $ 2,165     $ 2,501,528  
   

 

 

  
      78,963,261  
Puerto Rico — 3.2%  

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

    

Series A-1, 5.00%, 07/01/58

     787       823,643  

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

     1,302       1,341,789  

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

     15,757       16,471,580  

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

     12,433       12,629,441  

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

     1,261       1,294,152  
   

 

 

  
      32,560,605  
Rhode Island — 1.1%  

Tobacco Settlement Financing Corp., Refunding RB, Series B:

    

4.50%, 06/01/45

     3,000       3,126,630  

5.00%, 06/01/50

     7,465       7,952,465  
   

 

 

  
      11,079,095  
South Carolina — 5.4%  

South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 08/01/21(b)

     3,600       3,929,256  

South Carolina Jobs-Economic Development Authority, RB, McLeod Health Obligated Group, 5.00%, 11/01/43

     5,000       5,999,550  

South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/38

     3,380       4,026,324  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b)

     6,530       7,864,209  

State of South Carolina Public Service Authority, RB:

    

Santee Cooper, Series A, 5.50%, 12/01/54

     11,450       12,973,422  

Series E, 5.50%, 12/01/53

     4,525       5,106,734  

State of South Carolina Public Service Authority, Refunding RB, Series B:

    

Santee Cooper, 5.00%, 12/01/38

     5,870       6,535,541  
Security   Par
(000)		     Value  
South Carolina (continued)  

(AGM), 5.00%, 12/01/56

   $ 7,155     $ 8,301,088  
   

 

 

  
      54,736,124  
Tennessee — 0.6%  

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

     4,665       5,657,712  
   

 

 

  
Texas — 12.4%  

Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/41

     11,345       12,315,678  

City of San Antonio Texas Electric & Gas Revenue, Refunding RB, 5.00%, 02/01/42

     7,450       8,942,011  

City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38

     1,450       1,604,150  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(c)

     5,810       2,975,359  

County of Tarrant Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/34

     5,000       6,141,350  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39

     2,095       2,380,381  

Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38

     10,980       11,647,913  

Dallas-Fort Worth International Airport, Refunding ARB, Series F:

    

5.00%, 11/01/20(b)

     5,000       5,177,900  

5.25%, 11/01/33

     2,745       3,135,339  

Grand Parkway Transportation Corp., RB, Subordinate Tier Toll Revenue Bonds, TELA Supported, Series A, 5.00%, 10/01/43

     7,940       9,578,022  

Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(c)

     9,685       4,510,692  

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c)

     18,100       5,689,735  
 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

North Texas Tollway Authority, Refunding RB:

    

1st Tier-Series A, 5.00%, 01/01/39

   $ 9,080     $ 10,932,502  

2nd Tier-Series B, 5.00%, 01/01/43

     12,355       14,612,876  

Series B, 5.00%, 01/01/40

     1,710       1,879,718  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(c):

    

0.00%, 09/15/35

     680       340,707  

0.00%, 09/15/36

     12,195       5,768,601  

0.00%, 09/15/37

     8,730       3,872,192  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

    

5.00%, 12/15/31

     1,665       1,812,735  

5.00%, 12/15/32

     3,930       4,273,403  

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

     3,630       4,067,052  

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

     4,315       4,850,535  
   

 

 

  
    126,508,851  
Utah — 1.2%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT:

    

5.00%, 07/01/42

     3,490       4,100,366  

5.00%, 07/01/43

     3,190       3,807,775  

Salt Lake City Corp. Airport Revenue, RB, AMT, Series A, 5.00%, 07/01/37

     3,475       4,183,414  

Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A(a):

    

5.00%, 06/15/39

     190       202,407  

5.00%, 06/15/49

     380       399,429  
   

 

 

  
    12,693,391  
Washington — 6.1%  

Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/38

     20,000       23,554,800  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     2,830       3,185,816  

State of Washington Convention Center Public Facilities District, RB, Civic Convention Center, 5.00%, 07/01/38

     9,260       11,224,787  
Security   Par
(000)		     Value  
Washington (continued)  

Washington Health Care Facilities Authority, RB:

    

MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44

   $ 1,000     $ 1,082,250  

Providence Health & Services, Series A,
5.25%, 04/01/20(b)

     2,725       2,769,962  

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

     9,000       9,867,150  

Washington State Convention Center Public Facilities District, RB, Sub, 5.00%, 07/01/43

     7,635       9,139,095  

Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a)

     1,520       1,652,666  
   

 

 

  
    62,476,526  
Wisconsin — 2.5%  

Public Finance Authority, Refunding RB, Penick Village Obligation Group(a)(e):

    

5.00%, 09/01/39

     100       109,195  

5.00%, 09/01/49

     145       156,542  

5.00%, 09/01/54

     660       706,920  

State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33

     3,745       3,749,344  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

Ascension Health Credit Group, Series A, 5.00%, 11/15/36

     4,815       5,705,342  

Ascension Health Credit Group, Series A, 5.00%, 11/15/39

     5,000       5,882,550  

Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44

     7,350       8,849,988  
   

 

 

  
    25,159,881  
   

 

 

  

Total Municipal Bonds — 114.7%
(Cost — $1,046,017,933)

 

     1,166,154,834  
   

 

 

  

 

 

 

 

8   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

Arizona — 1.0%  

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

   $ 8,500     $ 10,073,945  
   

 

 

  
California — 2.9%  

City & County of San Francisco California Airports International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45

     14,215       17,158,781  

Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(h)

     7,074       8,764,632  

State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/39

     3,000       3,630,660  
   

 

 

  
    29,554,073  
Colorado — 0.7%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43(h)

     5,833       7,088,548  
   

 

 

  
Connecticut — 0.4%  

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

     3,932       4,595,230  
   

 

 

  
District of Columbia — 0.3%            

District of Columbia, RB, Series A, 5.50%, 12/01/30(h)

     2,594       2,602,407  
   

 

 

  
Florida — 4.8%  

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

     8,760       10,131,816  

City of Miami Beach Florida Stormwater Revenue, Refunding RB, 5.00%, 09/01/41

     10,000       12,054,498  

County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42

     4,840       5,243,850  

County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(b)

     11,702       12,105,267  

County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41

     7,880       9,393,354  
   

 

 

  
    48,928,785  
Illinois — 4.4%  

Illinois St Toll Highway Auth, RB, Series A, 5.00%, 01/01/44

     12,000       14,555,760  
Security   Par
(000)		     Value  
Illinois (continued)  

State of Illinois Toll Highway Authority, RB:

    

Senior, Series C, 5.00%, 01/01/36

   $ 10,000     $ 11,447,698  

Series A, 5.00%, 01/01/38

     5,836       6,397,984  

Series A, 5.00%, 01/01/40

     7,621       8,752,693  

Series B, 5.00%, 01/01/40

     2,939       3,393,633  
   

 

 

  
    44,547,768  
Kansas — 1.6%  

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47

     13,470       16,374,264  
   

 

 

  
Massachusetts — 2.9%  

Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46

     4,204       4,767,136  

Commonwealth of Massachusetts, GOL, Consolidated Loan, Series E, 5.25%, 09/01/43

     20,000       24,983,000  
   

 

 

  
    29,750,136  
Michigan — 2.1%  

Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44

     5,591       6,381,460  

State of Michigan Building Authority, Refunding RB, Series I:

    

Facilities Program, 5.00%, 10/15/45

     2,410       2,818,206  

5.00%, 04/15/38

     10,000       11,694,598  
   

 

 

  
    20,894,264  
Nevada — 2.3%  

County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/43

     9,730       11,724,746  

Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46

     9,840       11,566,428  
   

 

 

  
    23,291,174  
New Jersey — 2.0%  

County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51

     2,320       2,754,861  

Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.75%, 11/01/28

     10,000       12,555,700  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36

     4,961       5,197,940  
   

 

 

  
    20,508,501  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York — 7.1%  

City of New York Water & Sewer System, Refunding RB:

    

2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47

   $ 15,521     $ 17,476,133  

Series DD, 5.00%, 06/15/35

     4,740       5,474,274  

Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44

     9,850       11,325,727  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     4,275       5,091,108  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56

     6,402       7,767,043  

State of New York Dormitory Authority, RB, Group B, State Sales Tax, Series A, 5.00%, 03/15/39

     7,622       9,081,963  

State of New York Urban Development Corp., RB, Personal Income Tax, General Purpose, Series A-1, 5.00%, 03/15/43

     14,280       15,815,100  
   

 

 

  
    72,031,348  
Pennsylvania — 1.9%  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

     2,560       2,963,251  

Geisinger Authority Pennsylvania, Refunding RB, Geisinger Health System, Series A, 4.00%, 06/01/41

     15,000       15,889,350  
   

 

 

  
    18,852,601  
Texas — 3.4%  

Aldine Independent School District, GO, Refunding(PSF-GTD), 5.00%, 02/15/42

     9,701       11,687,932  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

     1,798       1,984,990  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41

     9,840       11,575,579  

Dallas-Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/37(h)

     8,868       9,389,049  
   

 

 

  
    34,637,550  
Security   Par
(000)		     Value  
Virginia — 1.4%  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57

   $ 11,740     $ 14,622,403  
   

 

 

  
Washington — 1.8%  

Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30

     6,880       7,538,622  

Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38

     8,205       10,290,711  
   

 

 

  
    17,829,333  
Wisconsin — 1.7%  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

Ascension Health Credit Group,
5.00%, 11/15/39

     12,650       14,882,848  

Froedtert & Community Health, Inc., Obligated Group, Series A,
5.00%, 04/01/42

     2,490       2,709,170  
   

 

 

  
    17,592,018  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 42.7%
(Cost — $408,653,060)

 

     433,774,348  
   

 

 

  

Total Long-Term Investments — 157.4%
(Cost — $1,454,670,993)

 

     1,599,929,182  
   

 

 

  
     Shares         

Short-Term Securities — 0.5%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,

    

1.04%(i)(j)

     5,577,952       5,578,510  
   

 

 

  

Total Short-Term Securities — 0.5%
(Cost — $5,578,131)

 

     5,578,510  
   

 

 

  

Total Investments — 157.9%
(Cost — $1,460,249,124)

 

     1,605,507,692  

Other Assets Less Liabilities — 0.9%

 

     8,766,322  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.8)%

 

     (241,708,183 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (35.0)%

 

     (355,910,102 ) 
 

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 1,016,655,729  
   

 

 

  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(e) 

When-issued security.

(f) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(g) 

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

(h) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 1, 2021 to December 1, 2030, is $15,923,308.

(i) 

Annualized 7-day yield as of period end.

(j) 

During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/19		      Net
Activity		      Shares
Held at
10/31/19		      Value at
10/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      8,294,999        (2,717,047 )       5,577,952      $ 5,578,510      $ 39,990      $ (2,119 )     $ 378  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations
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.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
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

 

     11  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

                  

10-Year U.S. Treasury Note

      270          12/19/19        $ 35,180        $ 66,085  

Long U.S. Treasury Bond

      398          12/19/19          64,227          35,495  

5-Year U.S. Treasury Note

      93          12/31/19          11,086          21,006  
                 

 

 

  
                  $ 122,586  
                 

 

 

  

Fair Value Hierarchy as of Period End

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:

 

  •  

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

 

  •  

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

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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. 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 annual report.

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments(a)

    $ —        $ 1,599,929,182        $ —        $ 1,599,929,182  

Short-Term Securities

      5,578,510          —          —          5,578,510  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 5,578,510        $ 1,599,929,182        $ —        $ 1,605,507,692  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                  

Interest rate contracts

    $ 122,586        $ —        $ —        $ 122,586  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 
  (b) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

12   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                  

TOB Trust Certificates

    $ —        $ (241,013,633 )       $ —        $ (241,013,633 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (597,413,633 )       $ —        $ (597,413,633 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     13