October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock MuniYield Quality Fund III, Inc. (MYI)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 4.4%
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.50%, 10/01/53
$
6,955
$ 7,528,618
Energy Southeast A Cooperative District, RB(a)
 
Series B, 5.25%, 07/01/54
 
6,575
7,085,642
Series B-1, 5.75%, 04/01/54
 
3,960
4,418,514
Huntsville Public Building Authority, RB, 5.00%,
02/01/47
 
7,000
7,427,865
Southeast Energy Authority A Cooperative District, RB,
Series B, 5.00%, 01/01/54(a)
 
9,000
9,527,027
 
 
35,987,666
Arizona(b) — 1.1%
Arizona Industrial Development Authority, RB
 
4.38%, 07/01/39
 
810
743,771
5.00%, 07/01/54
 
945
855,707
Series A, 5.00%, 07/01/49
 
1,675
1,572,560
Series A, 5.00%, 07/01/54
 
1,290
1,195,942
Industrial Development Authority of the County of
Pima, Refunding RB, 5.00%, 06/15/52
 
1,620
1,588,147
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54
 
855
855,858
Sierra Vista Industrial Development Authority, RB,
5.75%, 06/15/53
 
2,500
2,573,090
 
 
9,385,075
Arkansas — 0.7%
Arkansas Development Finance Authority, RB
 
AMT, 4.50%, 09/01/49(b)
 
4,100
3,975,944
AMT, Sustainability Bonds, 5.70%, 05/01/53
 
1,430
1,486,102
 
 
5,462,046
California — 10.4%
California Community Choice Financing Authority, RB(a)
 
Sustainability Bonds, 5.00%, 07/01/53
 
2,900
3,080,062
Sustainability Bonds, 5.50%, 10/01/54
 
4,970
5,456,070
Series B, Sustainability Bonds, 5.00%, 01/01/55
 
6,125
6,566,997
California Enterprise Development Authority, RB,
8.00%, 11/15/62(b)
 
1,250
1,294,450
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b)
 
1,095
1,128,027
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
270
272,792
Grossmont Union High School District, GO, Election
2004, 0.00%, 08/01/31(c)
 
5,110
4,143,638
Long Beach Unified School District, GO, Series B,
Election 2008, 0.00%, 08/01/34(c)
 
5,000
3,623,910
Mount San Antonio Community College District,
Refunding GO, CAB, Series A, Convertible, Election
2008, 0.00%, 08/01/43(d)
 
3,975
3,994,927
Norwalk-La Mirada Unified School District, Refunding
GO, Series E, Election 2002, (AGC), 0.00%,
08/01/38(c)
 
7,620
4,468,175
Poway Unified School District, Refunding GO(c)
 
0.00%, 08/01/35
 
7,820
5,391,896
0.00%, 08/01/36
 
10,000
6,573,269
Rio Hondo Community College District, GO(c)
 
Series C, Election 2004, 0.00%, 08/01/37
 
8,000
4,967,933
Series C, Election 2004, 0.00%, 08/01/38
 
12,940
7,648,323
San Diego Unified School District, Refunding GO,
CAB, Series R-1, 0.00%, 07/01/31(c)
 
3,485
2,853,010
Security
 
Par
(000)
Value
California (continued)
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB,
Series A, AMT, 5.00%, 05/01/44
$
14,215
$ 14,694,924
State of California, GO, Series 2007-2, (NPFGC-IBC),
5.50%, 04/01/30
 
10
10,018
Val Verde Unified School District, GO, Series G,
Election 2012, (AGM), 4.00%, 08/01/48
 
4,980
4,907,292
Walnut Valley Unified School District, GO, Series B,
Election 2007, 0.00%, 08/01/36(c)
 
6,545
3,961,559
 
 
85,037,272
Colorado — 1.6%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series D, AMT, 5.75%,
11/15/37
 
5,000
5,616,693
Colorado Health Facilities Authority, RB
 
5.00%, 11/01/42
 
2,500
2,668,265
5.25%, 11/01/52
 
2,750
2,925,045
Denver Convention Center Hotel Authority, Refunding
RB, 5.00%, 12/01/40
 
1,605
1,625,348
 
 
12,835,351
Connecticut — 0.4%
Connecticut Housing Finance Authority, Refunding RB,
S/F Housing, Series D, Sustainability Bonds, 6.25%,
05/15/54
 
2,700
2,952,782
District of Columbia — 0.4%
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.25%,
10/01/48
 
1,400
1,480,192
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Series A, Sustainability
Bonds, 4.13%, 07/15/47
 
1,890
1,870,750
 
 
3,350,942
Florida — 11.2%
Broward County Florida Water & Sewer Utility
Revenue, RB, Series A, 4.00%, 10/01/47
 
5,000
4,818,120
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/55
 
1,640
1,562,338
Series A, 5.00%, 06/01/55
 
1,475
1,280,089
Series A, 5.50%, 06/01/57
 
500
468,163
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB, Series B, 5.50%, 09/01/48
 
4,315
4,813,347
City of Jacksonville Florida, Refunding RB, Series A,
5.25%, 10/01/47
 
3,930
4,038,424
City of Lakeland Florida Department of Electric Utilities,
Refunding RB, 4.25%, 10/01/48
 
5,000
5,027,254
City of South Miami Health Facilities Authority, Inc.,
Refunding RB, 5.00%, 08/15/47
 
3,655
3,728,218
City of Tampa Florida, RB, CAB(c)
 
Series A, 0.00%, 09/01/40
 
3,290
1,635,857
Series A, 0.00%, 09/01/42
 
1,150
511,563
Series A, 0.00%, 09/01/45
 
2,000
747,420
County of Lee Florida Airport Revenue, ARB, AMT,
5.25%, 10/01/49
 
4,925
5,266,541
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series B, AMT, 5.00%, 10/01/40
 
2,865
2,908,590
County of Miami-Dade Florida Water & Sewer System
Revenue, Refunding RB, Series A, 4.00%, 10/01/44
 
7,700
7,447,696
County of Miami-Dade Seaport Department, Refunding
RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50
 
3,500
3,154,730
County of Pasco Florida, RB
 
(AGM), 5.00%, 09/01/48
 
7,790
8,250,791
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
County of Pasco Florida, RB (continued)
 
(AGM), 5.75%, 09/01/54
$
1,400
$ 1,548,977
East Central Regional Wastewater Treatment Facilities
Operation Board, Refunding RB, 5.00%, 10/01/44
 
13,925
14,322,921
Florida Development Finance Corp., RB(b)
 
6.50%, 06/30/57(e)(f)
 
717
506,650
AMT, 5.00%, 05/01/29
 
1,500
1,524,206
Florida Development Finance Corp., Refunding RB,
5.00%, 09/15/50(b)
 
820
754,014
Greater Orlando Aviation Authority, ARB
 
Series A, AMT, 5.00%, 10/01/34
 
5,060
5,307,787
Series A, AMT, 5.00%, 10/01/49
 
2,670
2,766,685
Hillsborough County Aviation Authority, ARB, AMT,
5.00%, 10/01/47
 
2,500
2,573,268
Kindred Community Development District II, SAB,
5.88%, 05/01/54
 
500
511,421
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
705
741,203
Parker Road Community Development District,
Refunding SAB, 3.88%, 05/01/40
 
900
734,337
Seminole Improvement District, RB
 
5.00%, 10/01/32
 
230
227,764
5.30%, 10/01/37
 
260
257,445
Viera Stewardship District, SAB, Series 2023, 5.50%,
05/01/54
 
790
786,062
Village Community Development District No. 14, SAB,
5.50%, 05/01/53
 
1,665
1,706,451
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
725
748,068
Westside Community Development District, Refunding
SAB(b)
 
4.10%, 05/01/37
 
640
587,932
4.13%, 05/01/38
 
630
576,032
 
 
91,840,364
Georgia — 1.8%
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62(b)
 
630
622,783
Main Street Natural Gas, Inc., RB
 
Series A, 5.00%, 05/15/43
 
1,105
1,130,713
Series A, 5.00%, 06/01/53(a)
 
4,195
4,435,928
Series B, 5.00%, 07/01/53(a)
 
2,915
3,089,488
Series C, 5.00%, 09/01/53(a)
 
2,445
2,593,811
Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)
 
3,000
3,187,711
 
 
15,060,434
Hawaii — 0.5%
State of Hawaii Airports System Revenue, COP
 
AMT, 5.00%, 08/01/27
 
2,000
2,000,765
AMT, 5.00%, 08/01/28
 
1,775
1,775,702
 
 
3,776,467
Illinois — 10.3%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/40
 
1,270
1,281,800
Series A, 5.00%, 12/01/47
 
1,115
1,102,510
Chicago Board of Education, Refunding GO, Series B,
5.00%, 12/01/36
 
1,300
1,328,937
Chicago O’Hare International Airport, ARB
 
Class A, AMT, Senior Lien, 5.00%, 01/01/48
 
1,935
1,986,090
Series D, Senior Lien, 5.25%, 01/01/42
 
8,285
8,501,971
Security
 
Par
(000)
Value
Illinois (continued)
Chicago Transit Authority Sales Tax Receipts Fund,
RB, 2nd Lien, (AGM-CR), 5.00%, 12/01/46
$
4,565
$ 4,657,020
Illinois Finance Authority, Refunding RB
 
4.00%, 08/15/41
 
1,750
1,717,589
5.00%, 08/15/44
 
985
986,598
Illinois Housing Development Authority, RB, S/F
Housing, Series N, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 6.25%, 04/01/54
 
2,725
2,974,720
Metropolitan Pier & Exposition Authority, RB(c)
 
Series A, (NPFGC), 0.00%, 12/15/33
 
20,000
14,141,653
Series A, (NPFGC), 0.00%, 12/15/34
 
41,880
28,345,215
Metropolitan Pier & Exposition Authority, Refunding
RB, Series B, (AGM), 0.00%, 06/15/44(c)
 
9,430
4,037,183
State of Illinois, GO
 
5.25%, 02/01/33
 
5,860
5,876,450
5.25%, 02/01/34
 
5,360
5,375,047
Series B, 5.25%, 05/01/43
 
1,640
1,761,542
 
 
84,074,325
Indiana — 0.4%
Avon Community School Building Corp., RB, 5.50%,
01/15/43
 
1,500
1,671,150
Indiana Finance Authority, RB, Series A, 1st Lien,
Sustainability Bonds, 4.00%, 10/01/51
 
2,025
1,906,299
 
 
3,577,449
Kentucky — 4.8%
City of Henderson Kentucky, RB, Series A, AMT,
4.70%, 01/01/52(b)
 
475
458,993
Kentucky Public Energy Authority, Refunding RB(a)
 
Series A-1, 5.25%, 04/01/54
 
11,055
11,940,869
Series B, 5.00%, 01/01/55
 
15,860
16,964,199
Kentucky Public Transportation Infrastructure Authority,
RB, CAB, Convertible, 6.60%, 07/01/39(d)
 
8,225
9,614,422
 
 
38,978,483
Louisiana — 0.9%
City of Lafayette Louisiana Utilities Revenue, RB,
(AGC), 5.00%, 11/01/49
 
1,195
1,266,670
Louisiana Public Facilities Authority, RB, 5.25%,
10/01/53
 
4,010
4,150,117
Parish of East Baton Rouge Capital Improvements
District, RB, 5.00%, 08/01/48
 
1,910
2,044,615
 
 
7,461,402
Maryland — 0.3%
Maryland Health & Higher Educational Facilities
Authority, RB, Series B, 4.00%, 04/15/50
 
2,815
2,584,863
Massachusetts — 4.0%
Commonwealth of Massachusetts, GO, Series C,
5.25%, 10/01/47
 
10,000
10,947,532
Commonwealth of Massachusetts, GOL, Series A,
5.25%, 01/01/44
 
10,000
10,676,883
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
9,720
9,761,346
Massachusetts Housing Finance Agency, Refunding
RB, Series A, AMT, 4.45%, 12/01/42
 
1,080
1,048,056
 
 
32,433,817
Michigan — 5.1%
Lansing Board of Water & Light, RB, Series A, 5.00%,
07/01/51
 
1,600
1,679,112
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Michigan (continued)
Lansing Board of Water & Light, Refunding RB,
Series A, 5.00%, 07/01/44
$
2,335
$ 2,434,748
Michigan Finance Authority, RB, 4.00%, 02/15/47
 
1,855
1,695,115
Michigan State Housing Development Authority, RB,
M/F Housing, Series A, 5.00%, 10/01/48
 
8,405
8,624,363
Michigan State Housing Development Authority, RB,
S/F Housing, Series D, Sustainability Bonds, 5.50%,
06/01/53
 
4,525
4,777,815
Michigan State University, Refunding RB, Series B,
5.00%, 02/15/48
 
10,000
10,341,276
Michigan Strategic Fund, RB
 
AMT, (AGM), 4.25%, 12/31/38
 
2,000
1,945,118
AMT, 5.00%, 12/31/43
 
7,940
8,064,552
State of Michigan Trunk Line Revenue, RB, 4.00%,
11/15/46
 
2,500
2,420,329
 
 
41,982,428
Minnesota — 0.4%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 01/01/53
 
3,070
3,280,325
Nebraska — 0.9%
Nebraska Investment Finance Authority, RB, S/F
Housing
 
Series E, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.00%, 03/01/49
 
1,750
1,814,098
Series E, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.70%, 09/01/49
 
5,835
5,827,141
 
 
7,641,239
Nevada — 0.4%
City of Las Vegas Nevada Special Improvement District
No. 814, SAB
 
4.00%, 06/01/39
 
370
340,412
4.00%, 06/01/44
 
985
863,493
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50(a)
 
100
103,016
Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51
 
1,610
1,620,930
 
 
2,927,851
New Jersey — 8.7%
Hudson County Improvement Authority, RB, 5.00%,
05/01/46
 
2,320
2,347,816
New Jersey Economic Development Authority, RB
 
Series WW, 5.00%, 06/15/25(g)
 
3,205
3,240,190
Series WW, 5.25%, 06/15/25(g)
 
1,470
1,488,314
AMT, 5.13%, 01/01/34
 
1,930
1,932,364
AMT, 5.38%, 01/01/43
 
4,920
4,929,602
New Jersey Economic Development Authority,
Refunding RB, Series N-1, (NPFGC), 5.50%,
09/01/28
 
1,685
1,830,464
New Jersey Transportation Trust Fund Authority, RB
 
Series A, (NPFGC), 5.75%, 06/15/25
 
4,000
4,056,696
Series AA, 5.00%, 06/15/38
 
3,990
4,002,046
Series BB, 5.00%, 06/15/46
 
5,825
6,221,378
Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25(c)
 
8,550
8,246,870
Series D, 5.00%, 06/15/32
 
1,825
1,829,882
New Jersey Transportation Trust Fund Authority, RB,
CAB, Series A, 0.00%, 12/15/35(c)
 
10,000
6,541,325
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series A, 4.25%, 06/15/40
 
10,945
11,078,188
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Turnpike Authority, RB, Series B, 5.00%,
01/01/46
$
5,265
$ 5,699,887
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
4,490
4,565,551
Series A, 5.25%, 06/01/46
 
545
559,591
Sub-Series B, 5.00%, 06/01/46
 
2,330
2,334,845
 
 
70,905,009
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
425
420,558
New York — 14.2%
City of New York, GO
 
Series B, 5.25%, 10/01/42
 
2,500
2,761,696
Series C, 5.00%, 08/01/43
 
2,585
2,739,825
Series D-1, 5.25%, 05/01/42
 
1,155
1,272,477
Metropolitan Transportation Authority, Refunding RB,
Series A-1, Sustainability Bonds, 5.25%, 11/15/57
 
3,050
3,101,141
New York City Municipal Water Finance Authority, RB,
Sub-Series CC-1, 5.25%, 06/15/54
 
1,700
1,854,588
New York City Municipal Water Finance Authority,
Refunding RB
 
Series DD, 4.13%, 06/15/46
 
3,825
3,777,414
Series DD, 4.13%, 06/15/47
 
5,035
4,954,183
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series A-1, 5.00%, 08/01/38
 
2,500
2,620,788
Series E-1, 4.00%, 02/01/42
 
3,325
3,322,643
Series C-1, Subordinate, 4.00%, 02/01/42
 
8,000
8,014,263
Series C-1, Subordinate, 4.00%, 02/01/43
 
8,355
8,308,465
New York City Transitional Finance Authority, RB,
Series C-S, Subordinate, 5.00%, 05/01/47
 
13,200
14,220,270
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
3,055
3,040,409
Series A, Sustainability Bonds, (BAM-TCRS),
3.00%, 11/15/51
 
7,430
5,446,912
New York State Dormitory Authority, Refunding RB,
Series E, 4.00%, 03/15/46
 
1,825
1,742,825
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
1,555
1,666,902
Series A, AMT, 5.25%, 01/01/50
 
2,360
2,359,791
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
3,275
3,405,966
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49
 
2,945
3,035,506
AMT, Sustainability Bonds, 5.50%, 06/30/54
 
3,950
4,162,664
New York Transportation Development Corp.,
Refunding RB, Series A, AMT, Sustainability Bonds,
(AGC), 12/31/54(h)
 
6,800
7,173,253
Port Authority of New York & New Jersey, ARB, AMT,
4.00%, 09/01/43
 
3,000
2,848,668
Port Authority of New York & New Jersey, Refunding
RB, Series 226, AMT, 5.00%, 10/15/39
 
2,500
2,663,831
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
 
Series A, 4.00%, 05/15/48
 
10,090
9,742,237
Series A, 5.25%, 05/15/52
 
1,325
1,431,513
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A, 5.00%, 05/15/47
 
10,000
10,652,619
 
 
116,320,849
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
North Dakota — 0.8%
North Dakota Housing Finance Agency, RB, S/F
Housing, Series C, Sustainability Bonds, 4.75%,
07/01/49
$
6,245
$ 6,177,227
Ohio — 1.3%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%,
06/01/55
 
6,970
6,285,727
County of Franklin Ohio, RB, Series A, 5.00%,
12/01/47
 
4,500
4,590,422
 
 
10,876,149
Oregon — 0.5%
Clackamas County School District No. 12 North
Clackamas, GO, CAB, Series A, (GTD), 0.00%,
06/15/38(c)
 
2,800
1,519,697
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
 
2,400
2,588,316
 
 
4,108,013
Pennsylvania — 7.3%
Allegheny County Airport Authority, ARB, Series A,
AMT, (AGM), 5.50%, 01/01/48
 
785
847,325
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
405
330,772
City of Philadelphia Pennsylvania Airport Revenue,
Refunding ARB, Series B, AMT, 5.00%, 07/01/42
 
6,325
6,402,578
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB, Series C, (AGC), 09/01/49(h)
 
2,395
2,612,681
Montgomery County Industrial Development Authority,
RB, Series C, 5.00%, 11/15/45
 
450
460,275
Pennsylvania Economic Development Financing
Authority, RB
 
5.00%, 06/30/42
 
13,560
13,692,102
AMT, 5.75%, 06/30/48
 
1,645
1,759,492
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B-1, (AGC), 11/01/48(h)
 
2,410
2,603,451
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 143A, Sustainability Bonds, 6.25%,
10/01/53
 
9,480
10,344,208
Pennsylvania Turnpike Commission Oil Franchise Tax
Revenue, RB, Series B, 5.00%, 12/01/43
 
5,000
5,182,951
Pennsylvania Turnpike Commission, RB
 
Series A, 5.00%, 12/01/38
 
1,775
1,777,222
Series A-1, 5.00%, 12/01/41
 
5,550
5,638,684
Pennsylvania Turnpike Commission, Refunding RB
 
Series A-1, 5.00%, 12/01/40
 
2,165
2,173,906
Series B, 5.25%, 12/01/44
 
1,500
1,654,318
Series C, 5.00%, 12/01/46
 
1,415
1,509,162
Series 2017-3, Subordinate, 5.00%, 12/01/40
 
2,330
2,411,784
 
 
59,400,911
Puerto Rico — 3.9%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
1,334
1,316,173
Series A-1, Restructured, 5.00%, 07/01/58
 
3,707
3,711,466
Series A-2, Restructured, 4.78%, 07/01/58
 
214
211,688
Series A-2, Restructured, 4.33%, 07/01/40
 
573
566,990
Series B-1, Restructured, 4.75%, 07/01/53
 
937
930,156
Series B-1, Restructured, 5.00%, 07/01/58
 
14,927
14,986,043
Series B-2, Restructured, 4.33%, 07/01/40
 
5,364
5,261,637
Security
 
Par
(000)
Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB (continued)
 
Series B-2, Restructured, 4.78%, 07/01/58
$
1,261
$ 1,241,239
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(c)
 
11,574
3,710,887
 
 
31,936,279
South Carolina — 4.9%
Patriots Energy Group Financing Agency, Refunding
RB, Series B-1, 5.25%, 02/01/54(a)
 
7,215
7,776,304
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 11/01/43
 
5,000
5,137,886
7.50%, 08/15/62(b)
 
1,290
1,247,001
Series A, 5.50%, 11/01/46
 
4,185
4,687,250
Series A, 5.50%, 11/01/48
 
2,995
3,331,628
South Carolina Public Service Authority, RB
 
Series A, 4.00%, 12/01/43
 
3,000
2,873,365
Series A, 5.25%, 12/01/49
 
6,455
6,975,781
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/51
 
5,575
5,810,851
South Carolina State Housing Finance & Development
Authority, RB, S/F Housing, Series B, 4.60%,
07/01/49
 
2,350
2,338,224
 
 
40,178,290
South Dakota — 0.5%
South Dakota Housing Development Authority,
Refunding RB, S/F Housing, Series C, (FHLMC,
FNMA, GNMA), 4.70%, 11/01/49
 
4,560
4,476,209
Tennessee — 0.5%
Metropolitan Nashville Airport Authority, ARB
 
Series B, AMT, 5.50%, 07/01/41
 
1,875
2,065,876
Series B, AMT, 5.50%, 07/01/42
 
2,000
2,199,572
 
 
4,265,448
Texas — 13.5%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
1,420
1,446,899
7.88%, 11/01/62
 
1,195
1,250,366
City of El Paso Texas Water & Sewer Revenue,
Refunding RB
 
5.25%, 03/01/49
 
3,410
3,707,230
Series A, 4.00%, 03/01/44
 
9,540
9,464,647
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
 
635
637,394
City of Houston Texas Airport System Revenue, ARB,
Series A, AMT, 6.63%, 07/15/38
 
1,295
1,297,137
City of Houston Texas Airport System Revenue,
Refunding ARB, AMT, 5.00%, 07/15/27
 
710
723,753
City of Houston Texas Airport System Revenue,
Refunding RB, Series A, AMT, 5.00%, 07/01/27
 
690
703,186
City of Houston Texas, GOL, Series A, 4.13%,
03/01/51
 
2,000
1,925,000
City of Houston Texas, Refunding GOL, Series A,
5.25%, 03/01/42
 
695
771,086
City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49
 
1,665
1,579,912
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
 
Series E, 5.25%, 02/01/49
 
10,325
11,335,977
Junior Lien, 5.00%, 02/01/44
 
4,500
4,803,594
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
County of Harris Texas, Refunding GO, Series A,
4.25%, 09/15/48
$
1,320
$ 1,317,822
Crowley Independent School District, GO, (PSF-GTD),
5.00%, 02/01/48
 
4,240
4,533,981
Galveston Independent School District, GO, (PSF-
GTD), 4.00%, 02/01/47
 
8,075
7,767,532
Harris County Flood Control District, Refunding GOL,
Series A, Sustainability Bonds, 4.00%, 09/15/48
 
2,500
2,375,614
Hays Consolidated Independent School District, GO,
(PSF-GTD), 5.00%, 02/15/48
 
8,000
8,499,030
Houston Independent School District, Refunding GOL,
(PSF-GTD), 5.00%, 02/15/42
 
10,000
10,243,733
Hutto Independent School District, GO, (PSF-GTD),
5.00%, 08/01/48
 
300
321,662
Klein Independent School District, GO, (PSF-GTD),
4.00%, 08/01/47
 
5,000
4,849,701
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(g)
 
5,810
3,415,695
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
 
1,385
1,317,107
North Texas Tollway Authority, Refunding RB, Series A,
5.00%, 01/01/39
 
9,080
9,422,850
Port Authority of Houston of Harris County Texas, ARB
 
4.00%, 10/01/46
 
1,025
983,284
1st Lien, 5.00%, 10/01/48
 
2,195
2,365,820
Princeton Independent School District, GO, (PSF-
GTD), 5.25%, 02/15/48
 
3,000
3,266,909
Rockwall Independent School District, GO, (PSF-GTD),
4.00%, 02/15/49
 
2,500
2,398,526
Tarrant County Cultural Education Facilities Finance
Corp., RB, Series A, 4.00%, 07/01/53
 
960
888,810
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
820
778,097
Texas State Technical College, RB, (AGM), 5.50%,
08/01/42
 
3,335
3,685,979
Waller Consolidated Independent School District, GO,
Series A, (PSF-GTD), 4.00%, 02/15/48
 
2,540
2,430,405
 
 
110,508,738
Utah — 2.5%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
480
489,084
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.00%, 07/01/36
 
3,475
3,562,368
Series A, AMT, 5.00%, 07/01/42
 
1,000
1,012,187
Series A, AMT, 5.00%, 07/01/43
 
3,490
3,543,169
Series A, AMT, 5.00%, 07/01/48
 
3,140
3,180,713
Series A, AMT, 5.25%, 07/01/48
 
8,430
8,688,932
Utah Charter School Finance Authority, RB, 5.00%,
06/15/39(b)
 
190
190,239
 
 
20,666,692
Virginia — 0.4%
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
3,030
2,930,257
Washington — 0.9%
Port of Seattle Washington, Refunding ARB
 
AMT, Intermediate Lien, 5.00%, 08/01/47
 
4,350
4,548,255
Series B, AMT, Intermediate Lien, 5.25%, 07/01/49
 
2,885
3,109,459
 
 
7,657,714
Security
 
Par
(000)
Value
Wisconsin — 2.9%
Public Finance Authority, RB
 
Class A, 4.25%, 06/15/31(b)
$
270
$ 248,864
Class A, 5.00%, 06/15/41(b)
 
895
810,217
Class A, 5.00%, 06/15/51(b)
 
590
505,570
Class A, 6.00%, 06/15/52
 
450
422,078
Class A, 6.13%, 06/15/57
 
505
477,853
Public Finance Authority, Refunding RB(b)
 
5.00%, 09/01/39
 
100
98,824
5.00%, 09/01/49
 
845
793,170
Wisconsin Health & Educational Facilities Authority,
Refunding RB
 
5.00%, 04/01/44
 
7,350
7,627,403
4.00%, 12/01/46
 
5,130
4,860,051
4.00%, 12/01/51
 
3,000
2,773,503
Series A, 5.00%, 11/15/36
 
4,140
4,211,835
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing,
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 09/01/43
 
1,080
1,125,356
 
 
23,954,724
Total Municipal Bonds — 122.8%
(Cost: $967,978,448)
1,005,413,648
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama — 1.4%
Alabama Special Care Facilities Financing Authority-
Birmingham Alabama, Refunding RB, Series B,
5.00%, 11/15/46
 
11,790
11,951,696
California — 2.7%
Los Angeles Unified School District, GO, Series QRR,
Sustainability Bonds, 5.25%, 07/01/47
 
9,750
10,876,848
State of California, Refunding GO, 5.00%, 04/01/45
 
10,500
11,070,929
 
 
21,947,777
District of Columbia — 1.2%
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.00%,
10/01/43
 
9,800
10,026,977
Florida — 3.1%
Central Florida Expressway Authority, RB, Series B,
Senior Lien, 5.00%, 07/01/49
 
14,090
14,624,646
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46
 
10,500
10,615,465
 
 
25,240,111
Illinois — 6.2%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, Second Lien, (BAM),
5.00%, 12/01/46
 
10,000
10,529,102
Illinois Finance Authority, Refunding RB, Series A,
5.00%, 07/15/42
 
20,000
20,621,359
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/44
 
8,000
8,364,501
Series A, 5.00%, 01/01/46
 
10,470
11,130,516
 
 
50,645,478
Nebraska — 1.2%
Omaha Public Power District, RB, Series A, 5.00%,
02/01/47
 
8,975
9,569,161
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey — 1.1%
Garden State Preservation Trust, RB, Series A, (AGM),
5.75%, 11/01/28
$
8,220
$ 8,832,592
New York — 10.0%
Empire State Development Corp., Refunding RB
 
5.00%, 03/15/41
 
7,790
8,529,743
5.00%, 03/15/43
 
10,000
10,862,264
5.00%, 03/15/44
 
8,280
8,949,771
New York City Municipal Water Finance Authority, RB,
Series AA, Class 1, Subordinate, 5.25%, 06/15/53
 
11,442
12,603,782
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series D-1, 5.25%, 11/01/43
 
12,040
13,224,902
Series D-1, 5.50%, 11/01/45
 
5,900
6,551,132
New York State Dormitory Authority, RB, Series A,
5.00%, 03/15/41
 
9,795
10,222,336
Triborough Bridge & Tunnel Authority, RB, Series D-2,
Senior Lien, Sustainability Bonds, 5.25%, 05/15/47
 
9,810
10,694,650
 
 
81,638,580
Ohio — 1.9%
University of Cincinnati, RB, Series A, 5.00%, 06/01/45
 
15,025
15,339,277
Pennsylvania — 1.7%
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
 
13,550
13,676,063
Texas — 1.2%
Dallas Area Rapid Transit, Refunding RB, Series B,
Senior Lien, 5.00%, 12/01/47
 
9,480
9,964,193
Washington — 5.0%
Port of Seattle Washington, ARB, Series A, AMT,
5.00%, 05/01/43
 
15,500
15,638,534
Port of Seattle Washington, Refunding ARB, AMT,
Intermediate Lien, 5.50%, 08/01/47
 
10,665
11,585,982
State of Washington, GO, Series A-3, 5.00%, 08/01/47
 
13,395
14,258,594
 
 
41,483,110
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 36.7%
(Cost: $293,756,685)
300,315,015
Total Long-Term Investments — 159.5%
(Cost: $1,261,735,133)
1,305,728,663
 
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(j)(k)
 
17,841,071
$    17,842,855
Total Short-Term Securities — 2.2%
(Cost: $17,842,417)
17,842,855
Total Investments — 161.7%
(Cost: $1,279,577,550)
1,323,571,518
Liabilities in Excess of Other Assets — 0.0%
(18,395
)
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (18.2)%
(149,037,044
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(43.5)%
(356,160,096
)
Net Assets Applicable to Common Shares — 100.0%
$   818,355,983
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
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.
(c)
Zero-coupon bond.
(d)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
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.
(h)
When-issued security.
(i)
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.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 10,785,305
$ 7,057,551
(a)
$ —
$ 422
$ (423
)
$ 17,842,855
17,841,071
$ 153,691
$ —
 
(a)
Represents net amount purchased (sold).
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 1,005,413,648
$ —
$ 1,005,413,648
Municipal Bonds Transferred to Tender Option Bond Trusts
—
300,315,015
—
300,315,015
Short-Term Securities 
Money Market Funds
17,842,855
—
—
17,842,855
 
$17,842,855
$1,305,728,663
$—
$1,323,571,518
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 fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(147,992,135
)
$—
$(147,992,135
)
VRDP Shares at Liquidation Value
—
(356,400,000
)
—
(356,400,000
)
 
$—
$(504,392,135
)
$—
$(504,392,135
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGC-ICC
 Assured Guaranty Corp. – Insured Custody Certificate
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
AMBAC
 AMBAC Assurance Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
CR
 Custodian Receipt
Portfolio Abbreviation (continued)
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
NPFGC-IBC
 National Public Finance Guarantee Corp. — Insured Bond
Certificate
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bond
S/F
 Single-Family
7
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniYield Quality Fund III, Inc. (MYI)
 
Portfolio Abbreviation (continued)
SAB
 Special Assessment Bonds
Schedule of Investments
8
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