Schedule of Investments (unaudited) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 1.2% | ||||||||
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 | $ | 2,835 | $ | 2,917,246 | ||||
Huntsville Public Building Authority, RB, 5.00%, 02/01/47 | 7,000 | 7,527,499 | ||||||
|
| |||||||
10,444,745 | ||||||||
Arizona — 1.6% | ||||||||
Arizona Industrial Development Authority, RB(a) | ||||||||
4.38%, 07/01/39 | 810 | 714,344 | ||||||
5.00%, 07/01/54 | 945 | 844,506 | ||||||
Series A, 5.00%, 07/01/49 | 1,675 | 1,508,112 | ||||||
Series A, 5.00%, 07/01/54 | 1,290 | 1,143,492 | ||||||
City of Mesa Arizona Utility System Revenue, RB, Series A, 5.00%, 07/01/43 | 6,000 | 6,464,976 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(a) | 1,620 | 1,400,017 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 07/01/54(a) | 855 | 750,655 | ||||||
Series A, 5.00%, 09/01/42 | 435 | 455,066 | ||||||
|
| |||||||
13,281,168 | ||||||||
Arkansas — 0.4% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(a) | 4,100 | 3,666,856 | ||||||
|
| |||||||
California — 10.0% | ||||||||
California Community Housing Agency, RB, M/F Housing(a) | ||||||||
3.00%, 08/01/56 | 380 | 250,126 | ||||||
Series A, 5.00%, 04/01/49 | 645 | 564,369 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(a) | 1,250 | 1,239,548 | ||||||
California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 07/01/23(b) | 2,965 | 2,974,245 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 | 5,040 | 5,094,467 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.50%, 05/15/47 | 2,000 | 2,195,062 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(a) | 430 | 297,409 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(a) | ||||||||
5.00%, 09/01/37 | 320 | 308,156 | ||||||
4.00%, 10/01/56 | 470 | 381,090 | ||||||
4.00%, 12/01/56 | 495 | 355,252 | ||||||
Series A, 4.00%, 06/01/58 | 2,955 | 2,305,831 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,780 | 1,224,019 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 2,555 | 1,977,225 | ||||||
Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) | 5,110 | 4,071,392 | ||||||
Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34(c) | 5,000 | 3,590,510 | ||||||
Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, 6.25%, 08/01/43(d) | 3,975 | 3,931,390 | ||||||
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c) | 7,620 | 4,169,496 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Poway Unified School District, Refunding GO(c) | ||||||||
0.00%, 08/01/35 | $ | 7,820 | $ | 5,257,104 | ||||
Series B, 0.00%, 08/01/36 | 10,000 | 6,248,030 | ||||||
Rio Hondo Community College District, GO(c) | ||||||||
Series C, Election 2004, 0.00%, 08/01/37 | 8,000 | 4,688,656 | ||||||
Series C, Election 2004, 0.00%, 08/01/38 | 12,940 | 7,183,835 | ||||||
San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(b)(c) | 8,765 | 4,475,872 | ||||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c) | 3,485 | 2,780,532 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44 | 14,215 | 14,944,244 | ||||||
State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 | 10 | 10,019 | ||||||
Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) | 6,545 | 4,117,388 | ||||||
|
| |||||||
84,635,267 | ||||||||
Colorado — 4.5% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.25%, 12/01/43 | 5,835 | 6,106,292 | ||||||
Series D, AMT, 5.75%, 11/15/37 | 5,000 | 5,814,580 | ||||||
City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 4.00%, 11/15/46 | 11,820 | 11,623,930 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a) | 2,530 | 2,384,047 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(a) | 3,365 | 2,975,632 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.00%, 11/01/42 | 2,500 | 2,633,010 | ||||||
5.25%, 11/01/52 | 2,750 | 2,889,497 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/36 | 1,500 | 1,522,292 | ||||||
STC Metropolitan District No. 2, Refunding GO | ||||||||
Series A, 5.00%, 12/01/38 | 1,285 | 1,208,722 | ||||||
Series A, 5.00%, 12/01/49 | 1,000 | 880,326 | ||||||
|
| |||||||
38,038,328 | ||||||||
Connecticut — 0.0% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(a) | 390 | 305,935 | ||||||
|
| |||||||
District of Columbia — 0.2% | ||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.13%, 07/15/47 | 1,890 | 1,877,942 | ||||||
|
| |||||||
Florida — 17.5% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 | 4,535 | 4,601,755 | ||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 | 5,000 | 4,843,220 | ||||||
Capital Trust Agency, Inc., RB(a) | ||||||||
5.00%, 01/01/55 | 1,640 | 1,250,165 | ||||||
Series A, 5.00%, 06/01/55 | 1,475 | 1,209,881 | ||||||
Series A, 5.50%, 06/01/57 | 500 | 442,531 | ||||||
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/42 | 4,000 | 4,250,256 | ||||||
City of Miami Beach Florida, RB, 5.00%, 09/01/45 | 8,765 | 8,990,620 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 | 3,655 | 3,741,262 |
1 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
City of Tampa Florida, RB, CAB(c) | ||||||||
Series A, 0.00%, 09/01/40 | $ | 3,290 | $ | 1,530,837 | ||||
Series A, 0.00%, 09/01/42 | 1,150 | 462,788 | ||||||
Series A, 0.00%, 09/01/45 | 2,000 | 651,544 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/40 | 3,000 | 3,049,296 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB | ||||||||
AMT, 5.00%, 10/01/34 | 530 | 538,950 | ||||||
Series B, AMT, 5.00%, 10/01/40 | 9,365 | 9,637,109 | ||||||
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/48 | 1,750 | 1,898,743 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/44 | 9,500 | 9,414,186 | ||||||
County of Miami-Dade Seaport Department, ARB(b) | ||||||||
Series A, 6.00%, 10/01/23 | 5,695 | 5,758,636 | ||||||
Series B, AMT, 6.00%, 10/01/23 | 3,685 | 3,719,303 | ||||||
Series B, AMT, 6.25%, 10/01/23 | 1,165 | 1,177,029 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50 | 3,500 | 3,139,003 | ||||||
County of Pasco Florida, RB | ||||||||
(AGM), 5.00%, 09/01/48 | 7,790 | 8,168,134 | ||||||
(AGM), 5.75%, 09/01/54 | 1,400 | 1,546,031 | ||||||
Florida Development Finance Corp., RB(a) | ||||||||
6.50%, 06/30/57 | 1,085 | 1,073,116 | ||||||
AMT, 5.00%, 05/01/29 | 1,500 | 1,403,843 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(a) | 820 | 660,904 | ||||||
Greater Orlando Aviation Authority, ARB | ||||||||
Series A, AMT, 5.00%, 10/01/34 | 5,060 | 5,495,266 | ||||||
Series A, AMT, 5.00%, 10/01/49 | 2,670 | 2,767,663 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/42 | 4,760 | 4,922,245 | ||||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/47 | 2,500 | 2,626,468 | ||||||
LT Ranch Community Development District, SAB | ||||||||
4.00%, 05/01/40 | 1,415 | 1,226,549 | ||||||
4.00%, 05/01/50 | 2,000 | 1,575,854 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 | 14,360 | 14,651,824 | ||||||
Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42 | 1,675 | 1,733,260 | ||||||
Orange County Health Facilities Authority, Refunding RB | ||||||||
5.00%, 08/01/41 | 1,550 | 1,602,647 | ||||||
5.00%, 08/01/47 | 4,590 | 4,745,904 | ||||||
Palm Beach County School District, COP, Series B, 5.25%, 08/01/40 | 8,000 | 9,101,928 | ||||||
Parker Road Community Development District, Refunding SAB | ||||||||
3.88%, 05/01/40 | 900 | 767,533 | ||||||
4.10%, 05/01/50 | 1,000 | 801,878 | ||||||
School District of Broward County, GO, 5.00%, 07/01/46 | 5,000 | 5,528,995 | ||||||
Seminole Improvement District, RB | ||||||||
5.00%, 10/01/32 | 230 | 227,077 | ||||||
5.30%, 10/01/37 | 260 | 258,312 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Town of Davie Florida, Refunding RB, 5.00%, 04/01/37 | $ | 4,630 | $ | 4,894,544 | ||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 | 1,730 | 1,691,762 | ||||||
Westside Community Development District, Refunding SAB(a) | ||||||||
4.10%, 05/01/37 | 640 | 578,083 | ||||||
4.13%, 05/01/38 | 630 | 565,372 | ||||||
|
| |||||||
148,922,306 | ||||||||
Georgia — 0.7% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(a) | 630 | 564,712 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/43 | 1,105 | 1,106,697 | ||||||
Series A, 5.00%, 06/01/53(e) | 4,195 | 4,418,556 | ||||||
|
| |||||||
6,089,965 | ||||||||
Hawaii — 1.0% | ||||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.00%, 08/01/27 | 2,000 | 2,007,006 | ||||||
AMT, 5.00%, 08/01/28 | 1,775 | 1,781,070 | ||||||
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 | 5,275 | 5,044,240 | ||||||
|
| |||||||
8,832,316 | ||||||||
Illinois — 10.3% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 3,955 | 4,091,997 | ||||||
Series A, 5.00%, 12/01/40 | 1,270 | 1,279,883 | ||||||
Series A, 5.00%, 12/01/41 | 1,000 | 1,006,480 | ||||||
Series A, 5.00%, 12/01/47 | 1,115 | 1,097,439 | ||||||
Chicago Board of Education, Refunding GO, Series B, 5.00%, 12/01/36 | 1,300 | 1,324,401 | ||||||
Chicago O’Hare International Airport, ARB | ||||||||
Class A, AMT, Senior Lien, 5.00%, 01/01/48 | 1,935 | 1,990,877 | ||||||
Series D, Senior Lien, 5.25%, 01/01/42 | 8,285 | 8,664,660 | ||||||
Cook County Community College District No. 508, GO, 5.13%, 12/01/38 | 3,250 | 3,251,781 | ||||||
Illinois Finance Authority, Refunding RB 4.00%, 08/15/41 | 1,750 | 1,712,823 | ||||||
Series C, 5.00%, 08/15/44 | 985 | 992,419 | ||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/40 | 2,930 | 3,038,577 | ||||||
Metropolitan Pier & Exposition Authority, RB(c) | ||||||||
Series A, (NPFGC), 0.00%, 12/15/33 | 20,000 | 13,062,260 | ||||||
Series A, (NPFGC), 0.00%, 12/15/34 | 41,880 | 25,922,589 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c) | 9,430 | 3,485,036 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/33 | 5,860 | 5,919,004 | ||||||
5.50%, 07/01/33 | 2,235 | 2,243,118 | ||||||
5.25%, 02/01/34 | 5,360 | 5,419,635 | ||||||
5.50%, 07/01/38 | 1,200 | 1,204,631 | ||||||
Series B, 5.25%, 05/01/43 | 1,640 | 1,772,176 | ||||||
|
| |||||||
87,479,786 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Indiana — 0.7% | ||||||||
Indiana Finance Authority, RB | ||||||||
1st Lien, 4.00%, 10/01/51 | $ | 2,025 | $ | 1,914,012 | ||||
Series A, AMT, 5.00%, 07/01/23(b) | 3,825 | 3,832,662 | ||||||
|
| |||||||
5,746,674 | ||||||||
Kentucky — 1.2% | ||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(a) | 475 | 437,141 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39(d) | 8,225 | 9,375,423 | ||||||
|
| |||||||
9,812,564 | ||||||||
Louisiana — 0.7% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 | 1,200 | 1,130,451 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 | 4,825 | 4,846,254 | ||||||
|
| |||||||
5,976,705 | ||||||||
Maryland — 0.3% | ||||||||
Maryland Health & Higher Educational Facilities | ||||||||
Authority, RB, Series B, 4.00%, 04/15/50 | 2,815 | 2,698,301 | ||||||
|
| |||||||
Massachusetts — 2.6% | ||||||||
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 | 10,000 | 11,310,680 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 9,720 | 9,750,881 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 | 1,140 | 1,077,010 | ||||||
|
| |||||||
22,138,571 | ||||||||
Michigan — 5.9% | ||||||||
Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 | 1,600 | 1,708,030 | ||||||
Lansing Board of Water & Light, Refunding RB | ||||||||
Series A, 5.00%, 07/01/44 | 2,335 | 2,477,470 | ||||||
Series A, 5.00%, 07/01/48 | 4,000 | 4,216,848 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/47 | 1,855 | 1,759,195 | ||||||
Series S, 5.00%, 11/01/44 | 5,590 | 5,708,463 | ||||||
Michigan State Building Authority, Refunding RB | ||||||||
Series I, 5.00%, 10/15/45 | 2,410 | 2,479,955 | ||||||
Series I, 4.00%, 10/15/46 | 5,980 | 5,824,711 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 | 8,405 | 8,553,643 | ||||||
Michigan State University, Refunding RB, Series B, 4.00%, 02/15/39 | 2,125 | 2,132,792 | ||||||
Michigan Strategic Fund, RB | ||||||||
AMT, (AGM), 4.25%, 12/31/38 | 2,000 | 1,915,562 | ||||||
AMT, 5.00%, 12/31/43 | 9,940 | 10,073,415 | ||||||
State of Michigan Trunk Line Revenue, RB, Series B, 4.00%, 11/15/45 | 2,500 | 2,468,330 | ||||||
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(b) | 1,080 | 1,090,166 | ||||||
|
| |||||||
50,408,580 |
Security | Par (000) | Value | ||||||
Minnesota — 0.4% | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | $ | 3,375 | $ | 3,685,902 | ||||
|
| |||||||
Nevada — 0.2% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 814, SAB | ||||||||
4.00%, 06/01/39 | 380 | 334,205 | ||||||
4.00%, 06/01/44 | 1,015 | 849,992 | ||||||
|
| |||||||
1,184,197 | ||||||||
New Jersey — 8.5% | ||||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 2,320 | 2,398,748 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series DDD, 5.00%, 06/15/27(b) | 590 | 645,800 | ||||||
Series WW, 5.00%, 06/15/25(b) | 3,205 | 3,344,267 | ||||||
Series WW, 5.25%, 06/15/25(b) | 1,470 | 1,542,109 | ||||||
AMT, 5.13%, 01/01/34 | 1,930 | 1,937,880 | ||||||
AMT, 5.38%, 01/01/43 | 4,920 | 4,931,060 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28 | 1,685 | 1,885,811 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, (NPFGC), 5.75%, 06/15/25 | 4,000 | 4,194,884 | ||||||
Series AA, 5.25%, 06/15/33 | 4,150 | 4,158,794 | ||||||
Series AA, 5.00%, 06/15/38 | 3,990 | 4,074,305 | ||||||
Series AA, 5.50%, 06/15/39 | 5,625 | 5,639,400 | ||||||
Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25(c) | 8,550 | 7,895,771 | ||||||
Series D, 5.00%, 06/15/32 | 1,825 | 1,880,057 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) | 10,000 | 5,884,840 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 | 5,265 | 5,749,785 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 4,000 | 4,117,568 | ||||||
Series A, 5.25%, 06/01/46 | 8,535 | 8,891,908 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,675 | 2,653,857 | ||||||
|
| |||||||
71,826,844 | ||||||||
New Mexico — 0.1% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 425 | 371,352 | ||||||
|
| |||||||
New York — 12.5% | ||||||||
City of New York, GO | ||||||||
Series B, 5.25%, 10/01/42 | 2,500 | 2,842,332 | ||||||
Series C, 5.00%, 08/01/43 | 2,585 | 2,817,169 | ||||||
Series D-1, 5.25%, 05/01/42 | 1,155 | 1,309,696 | ||||||
Sub-Series F-1, 5.00%, 04/01/43 | 6,000 | 6,385,362 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.25%, 11/15/57 | 4,000 | 4,098,912 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series DD, 4.13%, 06/15/46 | 3,825 | 3,783,105 | ||||||
Series DD, 4.13%, 06/15/47 | 5,035 | 4,971,866 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series A1, 5.00%, 08/01/38 | 2,500 | 2,699,588 | ||||||
Series E-1, 4.00%, 02/01/42 | 3,325 | 3,349,282 |
3 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) | ||||||||
Series E-1, 4.00%, 02/01/46 | $ | 1,930 | $ | 1,898,966 | ||||
Series C-1, Subordinate, 4.00%, 02/01/42 | 8,000 | 8,064,816 | ||||||
Series C-1, Subordinate, 4.00%, 02/01/43 | 8,355 | 8,342,225 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/38 | 1,700 | 1,742,089 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Series 1, 5.00%, 11/15/44(a) | 3,055 | 2,947,418 | ||||||
Series A, 2.88%, 11/15/46 | 3,120 | 2,215,980 | ||||||
Series A, (BAM-TCRS), 3.00%, 11/15/51 | 7,430 | 5,211,640 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/42 | 1,160 | 1,165,942 | ||||||
Series E, 5.00%, 03/15/40 | 480 | 518,682 | ||||||
Series E, 4.00%, 03/15/46 | 1,825 | 1,783,107 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | 8,300 | 8,320,692 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 3,275 | 3,438,036 | ||||||
Port Authority of New York & New Jersey, ARB, AMT, 4.00%, 09/01/43 | 3,000 | 2,889,969 | ||||||
Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39 | 2,500 | 2,717,957 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/15/48 | 10,090 | 9,861,714 | ||||||
Series A, 5.00%, 05/15/48 | 1,325 | 1,455,779 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47 | 10,000 | 11,025,430 | ||||||
|
| |||||||
105,857,754 | ||||||||
Ohio — 3.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 16,775 | 15,631,264 | ||||||
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | 4,500 | 4,642,357 | ||||||
County of Montgomery Ohio, RB, 5.45%, 11/13/23(b) | 11,135 | 11,271,170 | ||||||
|
| |||||||
31,544,791 | ||||||||
Oregon — 0.5% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) | 2,800 | 1,451,573 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 | 2,400 | 2,649,533 | ||||||
|
| |||||||
4,101,106 | ||||||||
Pennsylvania — 6.9% | ||||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 255 | 197,486 | ||||||
4.00%, 07/01/51 | 150 | 110,255 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 | 450 | 426,911 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
AMT, 5.00%, 12/31/34 | 7,115 | 7,265,546 | ||||||
AMT, 5.00%, 12/31/38 | 6,850 | 6,904,848 | ||||||
AMT, 5.00%, 06/30/42 | 8,805 | 8,828,122 | ||||||
AMT, 5.75%, 06/30/48 | 1,645 | 1,787,258 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 | $ | 5,000 | $ | 4,820,115 | ||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50 | 6,075 | 6,129,736 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/38 | 1,775 | 1,827,817 | ||||||
Series A-1, 5.00%, 12/01/41 | 2,320 | 2,402,007 | ||||||
Series B, 5.00%, 12/01/40 | 4,920 | 5,075,693 | ||||||
Series C, 5.50%, 12/01/23(b) | 1,565 | 1,585,264 | ||||||
Sub-Series B-1, 5.00%, 06/01/42 | 7,330 | 7,585,362 | ||||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
Series A-1, 5.00%, 12/01/40 | 2,165 | 2,222,230 | ||||||
Series B, 5.25%, 12/01/44 | 1,500 | 1,661,592 | ||||||
|
| |||||||
58,830,242 | ||||||||
Puerto Rico — 4.5% | ||||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 | 1,334 | 1,252,414 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c) | 13,259 | 3,605,294 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 5.00%, 07/01/58 | 2,007 | 1,930,058 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 214 | 198,210 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,372 | 2,203,327 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 1,302 | 1,217,267 | ||||||
Series B-1, Restructured, 5.00%, 07/01/58 | 15,757 | 15,167,231 | ||||||
Series B-2, Restructured, 4.33%, 07/01/40 | 12,433 | 11,533,709 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 1,261 | 1,170,223 | ||||||
|
| |||||||
38,277,733 | ||||||||
South Carolina — 4.6% | ||||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
5.00%, 01/01/40(a) | 2,630 | 2,475,874 | ||||||
5.00%, 11/01/43 | 5,000 | 5,210,255 | ||||||
7.50%, 08/15/62(a) | 1,290 | 1,248,899 | ||||||
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(b) | 6,530 | 6,757,545 | ||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 4.00%, 12/01/43 | 3,000 | 2,741,799 | ||||||
Series A, 5.50%, 12/01/54 | 11,450 | 11,553,668 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
5.00%, 12/01/38 | 5,870 | 5,896,714 | ||||||
Series B, 5.00%, 12/01/51 | 3,000 | 3,078,741 | ||||||
|
| |||||||
38,963,495 | ||||||||
Tennessee — 1.0% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 | 4,665 | 4,556,525 | ||||||
Metropolitan Nashville Airport Authority, ARB | ||||||||
Series B, AMT, 5.50%, 07/01/41 | 1,875 | 2,073,200 | ||||||
Series B, AMT, 5.50%, 07/01/42 | 2,000 | 2,203,036 | ||||||
|
| |||||||
8,832,761 |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas — 9.4% | ||||||||
Arlington Higher Education Finance Corp., RB(a) | ||||||||
7.50%, 04/01/62 | $ | 1,420 | $ | 1,507,303 | ||||
7.88%, 11/01/62 | 1,195 | 1,228,969 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, Series A, 4.00%, 03/01/44 | 5,590 | 5,467,641 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 | 1,295 | 1,295,308 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 710 | 721,886 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 | 690 | 702,963 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Junior Lien, 5.00%, 02/01/44 | 4,500 | 4,868,861 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 | 2,745 | 2,775,140 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 470 | 462,551 | ||||||
Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47 | 8,075 | 7,898,997 | ||||||
Houston Independent School District, Refunding GO, (PSF), 5.00%, 02/15/42 | 10,000 | 10,550,650 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(b)(c) | 9,685 | 4,774,008 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(b)(c) | 5,810 | 3,302,410 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a) | 1,385 | 1,206,947 | ||||||
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/39 | 9,080 | 9,634,988 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46 | 1,025 | 988,444 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 960 | 874,396 | ||||||
Series A, 5.00%, 07/01/53 | 1,180 | 1,228,243 | ||||||
Series B, 5.00%, 07/01/34 | 5,000 | 5,464,805 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 | 2,095 | 2,118,870 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 820 | 716,075 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/45 | 3,630 | 3,667,084 | ||||||
Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 | 3,335 | 3,812,142 | ||||||
Texas Water Development Board, RB, Series B, 4.00%, 10/15/43 | 4,315 | 4,335,177 | ||||||
|
| |||||||
79,603,858 | ||||||||
Utah — 1.9% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/36 | 3,475 | 3,659,776 | ||||||
Series A, AMT, 5.00%, 07/01/43 | 3,490 | 3,596,201 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 3,140 | 3,204,650 | ||||||
Intermountain Power Agency, Refunding RB, Series A, 5.00%, 07/01/44 | 5,000 | 5,490,035 |
Security | Par (000) | Value | ||||||
Utah (continued) | ||||||||
Utah Charter School Finance Authority, RB(a) | ||||||||
Series A, 5.00%, 06/15/39 | $ | 190 | $ | 178,357 | ||||
Series A, 5.00%, 06/15/49 | 380 | 337,078 | ||||||
|
| |||||||
16,466,097 | ||||||||
Virginia — 0.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 3,030 | 2,842,994 | ||||||
|
| |||||||
Washington — 1.1% | ||||||||
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47 | 4,350 | 4,555,986 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series B, 4.00%, 08/15/41 | 5,000 | 4,794,720 | ||||||
|
| |||||||
9,350,706 | ||||||||
Wisconsin — 3.3% | ||||||||
Public Finance Authority, RB | ||||||||
5.00%, 10/15/51(a) | 650 | 567,299 | ||||||
Class A, 4.25%, 06/15/31(a) | 270 | 251,263 | ||||||
Class A, 5.00%, 06/15/41(a) | 895 | 795,922 | ||||||
Class A, 5.00%, 06/15/51(a) | 590 | 487,823 | ||||||
Class A, 6.00%, 06/15/52 | 450 | 430,075 | ||||||
Class A, 6.13%, 06/15/57 | 505 | 486,140 | ||||||
Public Finance Authority, Refunding RB(a) 5.00%, 09/01/39 | 100 | 84,007 | ||||||
5.00%, 09/01/49 | 145 | 113,170 | ||||||
5.00%, 09/01/54 | 660 | 505,974 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
5.00%, 04/01/44 | 7,350 | 7,682,352 | ||||||
4.00%, 12/01/46 | 5,130 | 4,844,167 | ||||||
4.00%, 12/01/51 | 3,000 | 2,788,107 | ||||||
Series A, 5.00%, 11/15/36 | 8,955 | 9,286,523 | ||||||
|
| |||||||
28,322,822 | ||||||||
|
| |||||||
Total Municipal Bonds — 117.7% | 1,000,418,663 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
Alabama — 1.4% | ||||||||
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46 | 11,790 | 12,124,396 | ||||||
|
| |||||||
Arizona — 1.1% | ||||||||
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 | 8,500 | 8,913,283 | ||||||
|
| |||||||
California — 2.6% | ||||||||
Los Angeles Unified School District, GO, Series QRR, 5.25%, 07/01/47 | 9,750 | 11,012,976 | ||||||
State of California, Refunding GO, 5.00%, 04/01/45 | 10,500 | 11,418,719 | ||||||
|
| |||||||
22,431,695 | ||||||||
Florida — 3.0% | ||||||||
Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/49 | 14,090 | 14,908,890 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 10,500 | 10,622,619 | ||||||
|
| |||||||
25,531,509 |
5 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Illinois — 7.6% | ||||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Second Lien, (BAM), 5.00%, 12/01/46 | $ | 10,000 | $ | 10,531,525 | ||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 07/15/42 | 20,000 | 20,870,990 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/38 | 5,833 | 5,835,785 | ||||||
Series A, 5.00%, 01/01/40 | 7,631 | 7,854,937 | ||||||
Series A, 5.00%, 01/01/44 | 8,000 | 8,547,432 | ||||||
Series A, 5.00%, 01/01/46 | 10,470 | 11,277,928 | ||||||
|
| |||||||
64,918,597 | ||||||||
Massachusetts — 1.3% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.25%, 01/01/44 | 10,000 | 10,939,785 | ||||||
|
| |||||||
Michigan — 1.9% | ||||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series D, 5.50%, 06/01/53 | 5,260 | 5,643,333 | ||||||
Michigan State University, RB, Series B, 5.00%, 02/15/48 | 10,000 | 10,642,205 | ||||||
|
| |||||||
16,285,538 | ||||||||
Nebraska — 1.1% | ||||||||
Omaha Public Power District, RB, Series A, 5.00%, 02/01/47 | 8,975 | 9,702,625 | ||||||
|
| |||||||
New Jersey — 1.3% | ||||||||
Garden State Preservation Trust, RB, Series A, (AGM), 5.75%, 11/01/28 | 10,000 | 10,913,483 | ||||||
|
| |||||||
New York — 10.6% | ||||||||
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35 | 4,740 | 4,875,681 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series D-1, 5.25%, 11/01/43 | 12,040 | 13,577,761 | ||||||
Series D-1, 5.50%, 11/01/45 | 5,900 | 6,819,869 | ||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41 | 9,795 | 10,488,277 | ||||||
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43 | 14,280 | 14,293,987 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
5.00%, 03/15/41 | 7,790 | 8,743,165 | ||||||
5.00%, 03/15/43 | 10,000 | 11,132,635 | ||||||
5.00%, 03/15/44 | 8,280 | 9,176,000 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.25%, 05/15/47 | 9,810 | 11,069,413 | ||||||
|
| |||||||
90,176,788 | ||||||||
Ohio — 1.9% | ||||||||
University of Cincinnati, RB, Series A, 5.00%, 06/01/45 | 15,025 | 15,680,595 | ||||||
|
|
Security | Par (000) | Value | ||||||
| ||||||||
Texas — 1.2% | ||||||||
Dallas Area Rapid Transit, Refunding RB, Series B, Senior Lien, 5.00%, 12/01/47 | $ | 9,480 | $ | 10,236,997 | ||||
|
| |||||||
Washington — 5.0% | ||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 | 15,500 | 15,946,478 | ||||||
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47 | 10,665 | 11,618,265 | ||||||
State of Washington, GO, Series A-3, 5.00%, 08/01/47 | 13,395 | 14,753,263 | ||||||
|
| |||||||
42,318,006 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.0% | 340,173,297 | |||||||
|
| |||||||
Total Long-Term Investments — 157.7% | 1,340,591,960 | |||||||
|
| |||||||
Shares | ||||||||
| ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.8% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(g)(h) | 23,338,156 | 23,335,823 | ||||||
|
| |||||||
Total Short-Term Securities — 2.8% | 23,335,823 | |||||||
|
| |||||||
Total Investments — 160.5% | 1,363,927,783 | |||||||
Other Assets Less Liabilities — 1.4% | 12,419,336 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.0)% |
| (170,184,007 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.9)% | (356,115,698 | ) | ||||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 850,047,414 | |||||
|
|
(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 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) | 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. |
(f) | 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. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period end. |
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at 04/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 3,050,831 | $ | 20,279,166 | (a) | $ | — | $ | 4,446 | $ | 1,380 | $ | 23,335,823 | 23,338,156 | $ | 261,204 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
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 | 97 | 06/21/23 | $ | 11,199 | $ | (389,516 | ) | |||||||||
U.S. Long Bond | 129 | 06/21/23 | 17,012 | (806,250 | ) | |||||||||||
5-Year U.S. Treasury Note | 83 | 06/30/23 | 9,126 | (250,221 | ) | |||||||||||
|
| |||||||||||||||
$ | (1,445,987 | ) | ||||||||||||||
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of 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); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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 | $ | — | $ | 1,000,418,663 | $ | — | $ | 1,000,418,663 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 340,173,297 | — | 340,173,297 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 23,335,823 | — | — | 23,335,823 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 23,335,823 | $ | 1,340,591,960 | $ | — | $ | 1,363,927,783 | |||||||||
|
|
|
|
|
|
|
|
7 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (1,445,987 | ) | $ | — | $ | — | $ | (1,445,987 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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 | $ | — | $ | (168,603,926 | ) | $ | — | $ | (168,603,926 | ) | ||||||
VRDP Shares at Liquidation Value | — | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (525,003,926 | ) | $ | — | $ | (525,003,926 | ) | |||||||
|
|
|
|
|
|
|
|
Portfolio Abbreviation | ||
AGC | Assured Guaranty Corp. | |
AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate | |
AGM | Assured Guaranty Municipal Corp. | |
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 | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds |
SCHEDULE OF INVESTMENTS | 8 |