NPORT-EX 2 NPORT_8262938795042198.htm EX-MYI

Schedule of Investments  (unaudited)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 117.0%

 

Alabama — 0.6%  

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

   $ 2,425     $ 2,853,749  

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

     2,835       3,017,943  
   

 

 

  
    5,871,692  
Alaska — 0.3%  

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

     2,690       2,809,705  
   

 

 

  
Arizona — 1.2%  

Arizona IDA, RB(a):

    

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

     1,480       1,288,207  

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

     1,675       1,345,226  

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

     1,290       1,009,760  

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

     810       659,129  

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

     945       764,552  

County of Maricopa Arizona IDA, Refunding RB, Legacy Traditional Schools Project(a):

    

5.00%, 07/01/39

     630       592,389  

5.00%, 07/01/54

     1,420       1,281,437  

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

     435       480,358  

County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52(a)

     1,620       1,249,360  
Security   Par
(000)		     Value  
Arizona (continued)  

County of Pima IDA, RB, American Leadership Academy Project, 5.00%, 06/15/47(a)

   $ 2,545     $ 1,995,178  
   

 

 

  
    10,665,596  
Arkansas — 0.4%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

     4,350       3,714,683  
   

 

 

  
California — 10.0%  

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

     3,200       3,246,816  

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

     2,965       3,183,491  

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

     4,030       4,245,847  

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       1,299,525  

Series A, 5.00%, 03/01/37

     1,275       1,429,186  

Series A-1, 5.75%, 03/01/34

     2,300       2,366,355  

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

     1,830       1,909,605  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/47

     810       786,405  

Series A-2, 5.00%, 06/01/47

     1,340       1,307,277  

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

     5,110       3,838,939  

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

     5,000       3,400,200  

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

     3,975       4,000,996  

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

     7,620       4,079,062  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

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

    

0.00%, 08/01/35

   $ 7,820     $ 5,117,721  

0.00%, 08/01/36

     10,000       6,298,300  

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

    

0.00%, 08/01/37

     8,000       4,932,160  

0.00%, 08/01/38

     12,940       7,687,524  

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

    

0.00%, 01/01/24

     1,860       1,017,736  

0.00%, 01/01/24

     1,970       1,015,161  

0.00%, 01/01/24

     2,960       1,436,547  

0.00%, 01/01/24

     1,975       903,049  

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

     3,485       2,709,797  

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

    

5.00%, 08/01/21

     1,800       1,896,822  

5.00%, 08/01/21

     1,600       1,686,864  

State of California, GO, Refunding, Various Purposes:

    

4.00%, 03/01/40

     6,500       7,262,190  

5.00%, 09/01/41

     2,700       2,815,101  

5.00%, 10/01/41

     2,555       2,667,982  

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

     10       10,034  

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

     5,040       5,485,989  

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

     6,545       3,852,780  
   

 

 

  
    91,889,461  
Colorado — 2.5%  

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

     2,530       2,142,758  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59(a)

     3,365       2,963,555  

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

     7,500       7,962,225  
Security   Par
(000)		     Value  
Colorado (continued)  

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

   $ 1,500     $ 1,500,435  

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

     5,655       6,141,726  

STC Metropolitan District No 2, GO, Refunding, Series A:

    

5.00%, 12/01/38

     1,285       1,163,465  

5.00%, 12/01/49

     1,000       876,300  
   

 

 

  
    22,750,464  
Connecticut — 0.1%  

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

     715       591,434  
   

 

 

  
Florida — 9.8%  

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

     4,000       4,663,560  

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

     2,965       3,269,950  

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

     4,535       4,746,875  

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

     3,000       3,302,490  

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

     3,000       3,238,380  

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

    

5.63%, 10/01/26

     2,600       2,712,034  

5.38%, 10/01/32

     3,440       3,566,282  

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

    

Series A, 6.00%, 10/01/38

     5,695       6,354,139  

Series B, AMT, 6.00%, 10/01/30

     1,820       2,028,991  

Series B, AMT, 6.25%, 10/01/38

     1,165       1,299,196  

Series B, AMT, 6.00%, 10/01/42

     1,865       2,066,196  

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

     530       571,658  

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

     14,360       15,248,884  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

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

   $ 1,675     $ 1,830,172  

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

     6,500       7,176,325  

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

    

5.00%, 08/01/41

     1,550       1,553,875  

5.00%, 08/01/47

     4,590       4,495,584  

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

    

5.00%, 10/01/21(b)

     50       52,875  

5.00%, 10/01/31

     3,050       3,205,062  

Florida Development Finance Corp., RB, Waste Pro USA, Inc. Project, AMT(a):

    

5.00%, 05/01/29

     1,500       1,475,430  

5.00%, 08/01/29(e)

     595       594,726  

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

     4,760       5,222,244  

LT Ranch Community Development District, Special Assessment Bonds:

    

4.00%, 05/01/40

     1,415       1,271,434  

4.00%, 05/01/50

     2,000       1,701,580  

Parker Road Community Development District, Special Assessment Bonds:

    

3.88%, 05/01/40

     900       777,033  

4.10%, 05/01/50

     1,000       858,310  

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

     4,630       5,040,866  

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

    

4.10%, 05/01/37

     640       531,091  

4.13%, 05/01/38

     630       518,881  
   

 

 

  
    89,374,123  
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       1,535,651  

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

     1,105       1,182,472  
Security   Par
(000)		     Value  
Georgia (continued)  

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

    

5.00%, 04/01/33

   $ 395     $ 428,788  

5.00%, 04/01/44

     1,775       1,838,137  
   

 

 

  
    4,985,048  
Hawaii — 1.3%  

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

     2,385       2,626,600  

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

     5,275       5,447,809  

State of Hawaii Department of Transportation, COP, AMT:

    

5.00%, 08/01/27

     2,000       2,153,060  

5.00%, 08/01/28

     1,775       1,906,315  
   

 

 

  
    12,133,784  
Illinois — 14.1%  

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

     2,425       2,503,764  

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

     3,035       3,190,028  

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

    

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

     7,555       7,806,657  

3rd Lien, Series A, 5.75%, 01/01/39

     1,445       1,474,377  

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

     8,285       9,247,385  

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

     2,865       3,106,892  

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

     1,620       1,707,221  

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

     3,250       3,252,372  

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

     615       657,865  

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

     8,700       9,105,681  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB:

    

Northshore University Heal, 4.00%, 08/15/40

   $ 1,770     $ 1,870,129  

Presence Health Network, Series C, 5.00%, 02/15/41

     10,000       11,274,700  

Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44

     985       1,017,525  

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

    

0.00%, 12/15/33

     20,000       11,405,200  

0.00%, 12/15/34

     41,880       22,589,653  

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

     9,430       3,190,263  

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

     1,700       1,793,993  

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

     200       200,950  

State of Illinois, GO:

    

5.25%, 07/01/29

     3,160       3,118,794  

5.00%, 05/01/32

     7,500       7,035,075  

5.25%, 02/01/33

     5,860       5,583,760  

5.50%, 07/01/33

     2,235       2,174,141  

5.25%, 02/01/34

     5,360       5,048,477  

5.50%, 07/01/38

     1,200       1,133,484  

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

     8,540       9,649,004  
   

 

 

  
    129,137,390  
Indiana — 0.8%  

Indiana Finance Authority, RB, Series A:

    

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

     2,900       3,053,149  

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

     1,400       1,432,802  

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

     2,425       2,488,559  
   

 

 

  
    6,974,510  
Kentucky — 2.1%  

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

     10,125       10,769,760  
Security   Par
(000)		     Value  
Kentucky (continued)  

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

   $ 1,000     $ 1,103,950  

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

     8,225       7,683,466  
   

 

 

  
    19,557,176  
Louisiana — 2.1%  

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

     4,825       5,171,676  

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

    

5.00%, 12/01/34

     670       799,598  

5.00%, 12/01/35

     895       1,065,632  

5.00%, 12/01/36

     805       957,982  

5.00%, 12/01/37

     1,005       1,195,447  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB:

    

East Baton Rouge Sewerage Commission Projects, Series A, 5.00%, 02/01/44

     8,155       8,943,915  

Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35

     1,170       1,184,707  
   

 

 

  
    19,318,957  
Massachusetts — 1.5%  

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

     5,950       6,203,708  

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

     320       337,133  

Massachusetts HFA, Refunding RB, AMT:

    

Series A, 4.45%, 12/01/42

     2,160       2,229,250  

Series C, 5.35%, 12/01/42

     840       841,008  

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

     3,495       3,849,707  
   

 

 

  
    13,460,806  
Michigan — 5.1%  

Michigan Finance Authority, Refunding RB, Trinity Health Credit Group(b):

    

Hospital;, 5.00%, 12/01/21

     16,040       17,073,296  

5.00%, 12/01/21

     60       63,863  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Michigan State University, Refunding RB, Board of Trustees, Series B, 4.00%, 02/15/39

   $ 2,125     $ 2,372,860  

Michigan Strategic Fund, RB, AMT:

    

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

     2,000       1,992,660  

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

     9,940       10,018,526  

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

     1,330       1,424,071  

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

    

Series I-A, 5.38%, 10/15/36

     2,075       2,192,196  

Series I-A, 5.38%, 10/15/41

     1,900       2,002,524  

Series II-A (AGM), 5.25%, 10/15/36

     8,040       8,459,849  

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

     1,080       1,186,704  
   

 

 

  
    46,786,549  
Nebraska — 0.8%  

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

     6,825       7,265,622  
   

 

 

  
Nevada — 1.3%  

City of Las Vegas NV Special Improvement District No 814, Special Assessment Bonds, Summerlin Villages 21 & 24A:

    

4.00%, 06/01/39

     380       321,172  

4.00%, 06/01/44

     1,065       858,092  

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

     10,000       10,336,200  
   

 

 

  
    11,515,464  
New Jersey — 11.4%  

New Jersey Economic Development Authority, RB:

    

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

     4,920       5,002,213  

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

     1,930       1,993,555  

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

     590       573,374  

Series WW, 5.25%, 06/15/25(b)

     55       66,673  

Series WW, 5.25%, 06/15/33

     445       451,693  
Security   Par
(000)		     Value  
New Jersey (continued)  

Series WW, 5.00%, 06/15/34

   $ 570     $ 570,667  

Series WW, 5.00%, 06/15/36

     2,635       2,611,628  

Series WW, 5.25%, 06/15/40

     970       972,425  

New Jersey Economic Development Authority, Refunding RB, School Facilities Construction:

    

Series N-1 (AMBAC), 5.50%, 09/01/24

     6,325       6,630,561  

Series N-1 (NPFGC), 5.50%, 09/01/28

     1,685       1,931,869  

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

    

Series 1, 5.50%, 12/01/25

     480       502,728  

Series 1, 5.50%, 12/01/26

     690       722,395  

Series 1, 5.75%, 12/01/28

     75       78,748  

Series 1, 5.88%, 12/01/33

     6,895       7,228,856  

Series B, 3.25%, 12/01/39

     7,670       7,559,092  

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

     2,645       2,726,995  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     10,000       5,008,700  

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

     8,550       7,190,379  

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

     4,205       4,642,320  

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

     2,145       2,349,225  

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

     4,150       4,195,691  

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

     3,990       3,912,514  

Transportation System, Series A,
5.50%, 06/15/21(b)

     2,980       3,143,632  

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

     4,000       4,397,680  

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

     5,625       5,693,456  

Transportation System, Series B,
5.00%, 06/15/21(b)

     2,575       2,698,445  

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

     1,000       1,007,640  

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

     1,825       1,835,786  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/46

   $ 4,000     $ 4,159,800  

Series A, 5.25%, 06/01/46

     11,035       11,759,779  

Sub-Series B, 5.00%, 06/01/46

     2,675       2,689,231  
   

 

 

  
    104,307,750  
New Mexico — 0.2%  

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

     540       449,204  

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

     1,040       1,119,217  
   

 

 

  
    1,568,421  
New York — 5.9%  

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

     4,150       4,490,507  

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       5,787,200  

Sub-Series F-1, 5.00%, 05/01/39

     3,360       3,857,818  

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

    

5.75%, 02/15/21(b)

     1,190       1,236,339  

5.75%, 02/15/47

     730       751,382  

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

     4,270       4,439,860  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

     3,055       2,815,763  

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

     5,000       5,820,700  

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

     8,300       8,461,850  

Port Authority of New York & New Jersey, ARB, Consolidated Bonds, AMT, 5.00%, 11/01/44

     2,500       2,809,675  

State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45(f)

     4,550       5,025,748  
Security   Par
(000)		     Value  
New York (continued)  

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

   $ 7,500     $ 8,747,400  
   

 

 

  
    54,244,242  
Ohio — 4.2%  

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

     4,000       4,563,720  

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

     2,375       2,719,755  

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55

     11,480       10,156,126  

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

     3,000       3,258,660  

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

     11,135       12,925,174  

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

    

5.25%, 02/15/32

     1,950       2,114,073  

5.25%, 02/15/33

     2,730       2,960,330  
   

 

 

  
    38,697,838  
Oregon — 0.3%  

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

     395       460,716  

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

     420       487,759  

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

     2,800       1,415,904  
   

 

 

  
    2,364,379  
Pennsylvania — 8.0%  

Commonwealth Financing Authority, RB:

    

Series B, 5.00%, 06/01/22(b)

     3,305       3,586,156  

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

     2,180       2,503,926  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     8,805       8,868,924  

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

     7,115       7,225,069  

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

     6,850       6,928,912  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 5,000     $ 5,080,550  

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

     8,075       8,604,236  

Pennsylvania Turnpike Commission, RB:

    

Series A, 5.00%, 12/01/38

     1,775       1,923,071  

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

     2,320       2,575,618  

Series B, 5.00%, 12/01/40

     4,920       5,397,929  

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

     1,565       1,813,694  

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

     7,330       8,023,491  

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

     5,000       5,596,900  

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

     2,575       2,651,323  

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

     2,165       2,357,858  
   

 

 

  
    73,137,657  
Puerto Rico — 3.4%            

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

    

CAB, Series A-1, 0.00%, 07/01/46(c)

     5,742       1,320,430  

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

     1,175       1,097,474  

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

     573       511,746  

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

     214       192,641  

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

     1,302       1,173,467  

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

     15,757       14,709,317  

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

     12,433       11,075,565  

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

     1,261       1,124,156  
   

 

 

  
    31,204,796  
Rhode Island — 1.2%            

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

    

4.50%, 06/01/45

     3,000       3,058,050  

5.00%, 06/01/50

     7,465       7,801,373  
   

 

 

  
    10,859,423  
South Carolina — 6.3%            

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

     3,600       3,850,920  
Security   Par
(000)		     Value  
South Carolina (continued)            

South Carolina Jobs-Economic Development Authority, RB:

    

Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/44

   $ 285     $ 285,217  

Bishop Gadsden Episcopal Retirement Community, 4.00%, 04/01/49

     270       220,023  

Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/49

     765       751,873  

Bishop Gadsden Episcopal Retirement Community, 4.00%, 04/01/54

     580       461,732  

Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/54

     1,385       1,348,741  

Hilton Head Christian Academy,
5.00%, 01/01/40(a)

     2,630       2,217,642  

McLeod Health Obligated Group,
5.00%, 11/01/43

     5,000       5,607,400  

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

     3,380       3,969,235  

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

     6,530       7,783,238  

State of South Carolina Public Service Authority, RB:

    

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

     11,450       12,084,788  

Series E, 5.50%, 12/01/53

     4,525       4,756,046  

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

    

Santee Cooper, 5.00%, 12/01/38

     5,870       6,164,850  

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

     7,155       8,181,313  
   

 

 

  
    57,683,018  
Tennessee — 0.5%            

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

     4,665       4,973,030  
   

 

 

  
Texas — 12.5%            

Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/22(b)

     11,345       12,393,278  

City of Houston Texas Airport System Revenue, Refunding RB, Special Facilities, Continental Airlines, Inc., Series A, AMT, 6.63%, 07/15/38

     1,295       1,308,908  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)            

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

   $ 7,450     $ 8,600,429  

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

     1,450       1,582,733  

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       3,086,911  

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

     5,000       5,756,750  

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

     2,095       2,313,697  

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

     10,980       11,291,063  

Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33

     2,745       2,979,149  

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

     7,940       9,287,497  

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

     9,685       4,533,936  

North Texas Tollway Authority, Refunding RB:

    

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

     9,080       10,386,249  

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

     12,355       13,813,631  

Series B, 5.00%, 01/01/40

     1,710       1,807,846  

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

    

0.00%, 09/15/35

     680       345,032  

0.00%, 09/15/36

     12,195       5,860,917  

0.00%, 09/15/37

     8,730       3,923,262  

Texas City Industrial Development Corp., RB, NRG Energy, Inc. Project, 4.13%, 12/01/45

     820       824,945  

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

    

5.00%, 12/15/31

     1,665       1,729,569  

5.00%, 12/15/32

     3,930       4,070,026  
Security   Par
(000)		     Value  
Texas (continued)            

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

   $ 3,630     $ 3,465,743  

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

     4,315       4,870,599  
   

 

 

  
    114,232,170  
Utah — 1.3%            

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

    

5.00%, 07/01/42

     3,490       3,836,417  

5.00%, 07/01/43

     3,190       3,435,279  

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

     3,475       3,920,669  

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

    

5.00%, 06/15/39

     190       167,835  

5.00%, 06/15/49

     380       314,853  
   

 

 

  
    11,675,053  
Washington — 5.1%            

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

     20,000       21,913,600  

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

     2,830       3,001,158  

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

     9,260       9,637,901  

Washington Health Care Facilities Authority, RB, MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44

     1,000       1,048,280  

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

     9,000       9,570,060  

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

     1,520       1,206,546  
   

 

 

  
    46,377,545  
Wisconsin — 2.2%            

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

    

5.00%, 09/01/39

     100       85,323  

5.00%, 09/01/49

     145       116,383  

5.00%, 09/01/54

     660       520,153  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)            

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

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

   $ 4,815     $ 5,376,284  

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

     5,000       5,532,450  

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

     7,350       8,750,248  
   

 

 

  
      20,380,841  
   

 

 

  

Total Municipal Bonds — 117.0%
(Cost — $1,032,305,366)

 

     1,070,508,627  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts — 43.5%(g)

 

Arizona — 1.0%

 

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

     8,500       9,287,270  
   

 

 

  
California — 3.0%            

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

     14,215       15,960,594  

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

     7,074       8,388,273  

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

     3,000       3,488,280  
   

 

 

  
    27,837,147  
Colorado — 0.7%  

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

     5,833       6,580,580  
   

 

 

  
Connecticut — 0.5%            

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

     3,932       4,261,158  
   

 

 

  
Florida — 3.9%            

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

     8,760       9,848,255  

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

     10,000       11,630,696  
Security   Par
(000)		     Value  
Florida (continued)            

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

   $ 4,840     $ 5,066,996  

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

     7,880       9,095,490  
   

 

 

  
    35,641,437  
Illinois — 4.6%            

Illinois St Toll Highway Auth, RB, Series A,
5.00%, 01/01/44(a)(e)

     12,000       13,795,080  

State of Illinois Toll Highway Authority, RB:

    

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

     10,000       10,968,698  

Series A, 5.00%, 01/01/38

     5,836       6,192,334  

Series A, 5.00%, 01/01/40

     7,621       8,359,816  

Series B, 5.00%, 01/01/40

     2,939       3,254,827  
   

 

 

  
    42,570,755  
Kansas — 1.8%            

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/26(b)

     13,470       16,881,547  
   

 

 

  
Massachusetts — 3.2%            

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

     4,204       4,644,769  

Commonwealth of Massachusetts, GOL, Consolidated Loan, Series E,
5.25%, 09/01/43(a)(e)

     20,000       24,268,400  
   

 

 

  
    28,913,169  
Michigan — 2.2%            

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

     5,591       6,044,313  

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

    

Facilities Program, 5.00%, 10/15/45

     2,410       2,729,663  

5.00%, 04/15/38

     10,000       11,421,898  
   

 

 

  
    20,195,874  
Nevada — 2.5%            

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

     9,730       11,410,565  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nevada (continued)            

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

   $ 9,840     $ 11,039,988  
   

 

 

  
    22,450,553  
New Jersey — 2.2%            

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

     2,320       2,641,506  

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

     10,000       12,328,900  

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

     4,961       4,970,819  
   

 

 

  
    19,941,225  
New York — 7.0%            

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

  

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

     15,521       17,155,579  

Series DD, 5.00%, 06/15/35

     4,740       5,353,356  

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

     9,850       10,108,365  

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

     6,402       7,160,010  

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

     7,622       8,789,596  

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

     14,280       15,457,529  
   

 

 

  
    64,024,435  
Pennsylvania — 2.0%            

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

     2,560       2,898,074  

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

     15,000       15,509,250  
   

 

 

  
    18,407,324  
Texas — 3.7%            

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

     9,701       11,393,599  
Security   Par
(000)		     Value  
Texas (continued)            

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

   $ 1,798     $ 1,930,891  

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

     9,840       11,147,244  

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

     8,868       9,128,157  
   

 

 

  
    33,599,891  
Virginia — 1.5%            

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

     11,740       14,091,401  
   

 

 

  
Washington — 1.9%            

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

     6,880       7,355,546  

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

     8,205       9,927,229  
   

 

 

  
    17,282,775  
Wisconsin — 1.8%            

Wisconsin Health & Educational Facilities Authority, Refunding RB:

  

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

     12,650       13,997,096  

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

     2,490       2,660,964  
   

 

 

  
      16,658,060  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.5%
(Cost — $387,143,483)

 

     398,624,601  
   

 

 

  

Total Long-Term Investments — 160.5%
(Cost — $1,419,448,849)

 

     1,469,133,228  
   

 

 

  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

(Percentages shown are based on Net Assets)

 

     Shares     Value  
Short-Term Securities — 2.4%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%(i)(j)

     22,062,614     $ 22,067,027  
   

 

 

  

Total Short-Term Securities — 2.4%
(Cost — $22,055,122)

       22,067,027  
   

 

 

  

Total Investments — 162.9%
(Cost — $1,441,503,971)

 

     1,491,200,255  

Other Assets Less Liabilities — 0.9%

       8,413,470  
     Shares   Value  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.9)%

   $ (228,360,432 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (38.9)%

     (355,978,160 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

   $ 915,275,133  
   

 

 

  
 
(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) 

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.

(f) 

When-issued security.

(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 June 1, 2026, is $14,121,096.

(i) 

Annualized 7-day yield as of period end.

(j) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
07/31/19		      Shares
Purchased		     

Shares

Sold

      Shares
Held at
04/30/20		      Value at
04/30/20		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, Muni Cash, Institutional Class

      8,294,999        13,767,615 (b)       —        22,062,614      $ 22,067,027      $ 95,758      $ (285 )     $ 11,904  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

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

 

 

     11  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

 

BlackRock MuniYield Quality Fund III, Inc. (MYI)

    

 

Portfolio Abbreviations (continued)

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

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 is based on the pricing transparency of the investments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 1,469,133,228        $ —        $ 1,469,133,228  

Short-Term Securities

      22,067,027          —          —          22,067,027  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 22,067,027        $ 1,469,133,228        $ —        $ 1,491,200,255  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

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:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

    $ —        $ (227,303,448 )       $ —        $ (227,303,448 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (583,703,448 )       $ —        $ (583,703,448 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

12