UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-06540

 

Name of Fund: BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Quality Fund III, Inc., 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2011

 

Date of reporting period: 04/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments April 30, 2011 (Unaudited)

BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.4%

 

 

 

 

 

 

 

Birmingham Special Care Facilities
Financing Authority, RB, Children’s
Hospital (AGC), 6.00%, 6/01/39

 

$

3,605

 

$

3,770,506

 

Alaska — 1.6%

 

 

 

 

 

 

 

Alaska Housing Finance Corp., RB,
General Housing, Series B (NPFGC),
5.25%, 12/01/30

 

 

2,000

 

 

2,010,860

 

Borough of Matanuska-Susitna Alaska,
RB, Goose Creek Correctional Center
(AGC), 6.00%, 9/01/28

 

 

10,150

 

 

11,250,260

 

 

 

 

 

 

 

 

 

 

 

 

13,261,120

 

Arizona — 0.9%

 

 

 

 

 

 

 

Maricopa County & Phoenix Industrial
Development Authorities, Refunding
RB, S/F, Series A-2, AMT (Ginnie
Mae), 5.80%, 7/01/40

 

 

1,830

 

 

1,864,038

 

State of Arizona, COP, Department of
Administration, Series A (AGM):

 

 

 

 

 

 

 

5.00%, 10/01/27

 

 

3,725

 

 

3,778,566

 

5.25%, 10/01/28

 

 

1,600

 

 

1,642,640

 

 

 

 

 

 

 

 

 

 

 

 

7,285,244

 

California — 14.2%

 

 

 

 

 

 

 

Alameda Corridor Transportation
Authority, Refunding RB, CAB,
Subordinate Lien, Series A (AMBAC),
5.56%, 10/01/24 (a)

 

 

10,000

 

 

8,012,600

 

California HFA, RB, Home Mortgage,
Series K, AMT, 5.50%, 2/01/42

 

 

5,170

 

 

5,251,634

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

St. Joseph Health System, Series A,
5.75%, 7/01/39

 

 

1,550

 

 

1,449,684

 

Sutter Health, Series B, 5.88%,
8/15/31

 

 

3,200

 

 

3,276,736

 

California State University, RB,
Systemwide, Series A (NPFGC),
5.00%, 11/01/32

 

 

9,865

 

 

9,342,549

 

California State University, Refunding
RB, Systemwide, Series A (AGM),
5.00%, 11/01/37

 

 

3,545

 

 

3,221,271

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, RB (AGM):

 

 

 

 

 

 

 

St. Joseph Health System, Series E,
5.25%, 7/01/47

 

$

9,000

 

$

8,083,260

 

Sutter Health, Series D, 5.05%,
8/15/38

 

 

750

 

 

672,375

 

City of Redding California, COP,
Refunding, Series A (AGM), 5.00%,
6/01/30

 

 

1,900

 

 

1,886,054

 

City of San Jose California, Refunding
RB, Series A, AMT (AMBAC), 5.50%,
3/01/32

 

 

11,965

 

 

11,435,668

 

County of Sacramento California, RB,
Senior Series A (AGM), 5.00%,
7/01/41

 

 

15,000

 

 

13,259,700

 

Fairfield-Suisun Unified School District
California, GO, Election of 2002
(NPFGC), 5.50%, 8/01/28

 

 

5,800

 

 

6,070,454

 

Los Angeles Community College District
California, GO, Election of 2001,
Series A (AGM), 5.00%, 8/01/32

 

 

1,200

 

 

1,190,592

 

Los Angeles Municipal Improvement
Corp., RB, Series B1 (NPFGC), 4.75%,
8/01/37

 

 

14,000

 

 

12,096,700

 

Mendocino-Lake Community College
District, GO, Election of 2006, Series
A (NPFGC), 5.00%, 8/01/31

 

 

1,485

 

 

1,446,137

 

Norwalk-La Mirada Unified School
District California, GO, Refunding,
CAB, Election of 2002, Series E (AGC),
6.47%, 8/01/38 (b)

 

 

7,620

 

 

1,134,923

 

Oceanside Unified School District
California, GO, Series A (AGC), 5.25%,
8/01/33

 

 

2,500

 

 

2,501,275

 

Port of Oakland, RB, Series K, AMT
(NPFGC), 5.75%, 11/01/29

 

 

3,645

 

 

3,559,853

 

Port of Oakland, Refunding RB,
Series M, AMT (NPFGC), 5.38%,
11/01/27

 

 

8,030

 

 

7,589,073

 

Riverside County Public Financing
Authority, Tax Allocation Bonds,
Redevelopment Projects (Syncora),
5.00%, 10/01/35

 

 

10,000

 

 

7,386,600

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

GAN

Grant Anticipation Notes

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011

1


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

San Bernardino Community College
District California, GO, Election of
2002, Series C (AGM), 5.00%,
8/01/31

 

$

2,025

 

$

1,976,967

 

San Joaquin County Transportation
Authority, RB, Limited Tax, Measure K,
Series A, 6.00%, 3/01/36

 

 

1,830

 

 

1,929,955

 

State of California, GO, Series 2007-2
(NPFGC), 5.50%, 4/01/30

 

 

10

 

 

10,110

 

Stockton Public Financing Authority
California, RB, Parking & Capital
Projects (NPFGC), 5.25%, 9/01/34

 

 

5,000

 

 

4,549,350

 

West Valley-Mission Community College
District, GO, Election of 2004,
Series A (AGM), 5.00%, 8/01/30

 

 

3,600

 

 

3,599,712

 

 

 

 

 

 

 

 

 

 

 

 

120,933,232

 

District of Columbia — 1.1%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB, Series B, AMT (AMBAC),
5.00%, 10/01/32

 

 

10,000

 

 

9,667,800

 

Florida — 17.8%

 

 

 

 

 

 

 

Broward County School Board Florida,
COP, Series A (AGM), 5.25%, 7/01/33

 

 

15,000

 

 

14,805,450

 

City of Orlando Florida, RB, Senior, 6th
Cent Contract Payments, Series A
(AGC), 5.25%, 11/01/38

 

 

13,950

 

 

12,277,534

 

City of Tallahassee Florida, RB (NPFGC),
5.00%, 10/01/32

 

 

3,300

 

 

3,265,647

 

Collier County School Board, COP (AGM),
5.00%, 2/15/23

 

 

5,000

 

 

5,134,400

 

County of Broward Florida, RB, Series A,
5.25%, 10/01/34

 

 

2,250

 

 

2,278,868

 

County of Miami-Dade Florida, GO,
Building Better Communities Program:

 

 

 

 

 

 

 

Series B, 6.38%, 7/01/28

 

 

6,000

 

 

6,667,860

 

Series B-1, 5.75%, 7/01/33

 

 

3,700

 

 

3,862,985

 

County of Miami-Dade Florida, RB:

 

 

 

 

 

 

 

Jackson Health System (AGC),
5.75%, 6/01/39

 

 

5,200

 

 

5,258,656

 

Miami International Airport, AMT
(NPFGC), 5.38%, 10/01/25

 

 

7,500

 

 

7,581,900

 

Miami International Airport, AMT
(NPFGC), 5.38%, 10/01/27

 

 

1,000

 

 

1,004,500

 

Miami International Airport,
Series A, AMT (AGM), 5.50%,
10/01/41

 

 

19,020

 

 

17,872,904

 

Water & Sewer System (AGM),
5.00%, 10/01/39

 

 

11,700

 

 

11,354,148

 

County of Miami-Dade Florida,
Refunding RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 7/01/35

 

 

2,800

 

 

2,693,432

 

Miami International Airport, AMT
(AGC), 5.00%, 10/01/40

 

 

11,000

 

 

9,583,420

 

Miami International Airport,
Series A, AMT (AGC), 5.00%,
10/01/35

 

 

2,100

 

 

1,879,416

 

Series C (BHAC), 6.00%, 10/01/23

 

 

20,095

 

 

22,874,540

 

County of Orange Florida, Refunding RB,
Series B (NPFGC), 5.13%, 1/01/32

 

 

2,000

 

 

1,971,020

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Highlands County Health Facilities
Authority, RB, Adventist Health
System/Sunbelt, Series B, 6.00%,
11/15/37

 

$

1,750

 

$

1,789,813

 

Miami-Dade County School Board, COP,
Refunding, Series B (AGC), 5.25%,
5/01/31

 

 

2,390

 

 

2,401,114

 

Orange County School Board, COP,
Series A (AGC), 5.50%, 8/01/34

 

 

12,000

 

 

12,093,840

 

Sarasota County Public Hospital District,
RB, Sarasota Memorial Hospital
Project, Series A, 5.63%, 7/01/39

 

 

5,135

 

 

5,130,943

 

 

 

 

 

 

 

 

 

 

 

 

151,782,390

 

Georgia — 1.7%

 

 

 

 

 

 

 

City of Atlanta Georgia, RB, General,
Series B (AGM), 5.25%, 1/01/33

 

 

12,500

 

 

12,509,875

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

2,275

 

 

2,187,481

 

 

 

 

 

 

 

 

 

 

 

 

14,697,356

 

Illinois — 17.5%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Refunding, CAB, School Reform,
Series A (NPFGC), 5.38%,
12/01/22 (b)

 

 

8,230

 

 

4,274,333

 

Chicago Park District, GO, Harbor
Facilities, Series C, 5.25%, 1/01/40

 

 

1,505

 

 

1,498,258

 

City of Chicago Illinois, ARB, General,
Third Lien, Series B-2, AMT (NPFGC):

 

 

 

 

 

 

 

5.25%, 1/01/27

 

 

16,685

 

 

15,978,891

 

6.00%, 1/01/27

 

 

26,230

 

 

26,536,366

 

City of Chicago Illinois, GO, CAB, City
Colleges (NPFGC) (b):

 

 

 

 

 

 

 

5.56%, 1/01/29

 

 

5,000

 

 

1,587,100

 

5.13%, 1/01/33

 

 

7,950

 

 

1,835,258

 

City of Chicago Illinois, GO, Refunding,
Series B (AGM), 5.00%, 1/01/24

 

 

12,950

 

 

12,978,101

 

City of Chicago Illinois, Refunding ARB,
General, Third Lien, Series C-2, AMT
(AGM), 5.25%, 1/01/30

 

 

16,400

 

 

15,868,148

 

County of Cook Illinois, GO, Refunding,
Series A, 5.25%, 11/15/33

 

 

3,700

 

 

3,702,664

 

Illinois Finance Authority, Refunding RB,
Northwestern Memorial Hospital,
Series A, 6.00%, 8/15/39

 

 

5,250

 

 

5,433,067

 

Illinois Municipal Electric Agency, RB,
Series A (NPFGC):

 

 

 

 

 

 

 

5.00%, 2/01/35

 

 

21,200

 

 

20,317,020

 

5.25%, 2/01/35

 

 

15,000

 

 

14,818,200

 

Illinois State Toll Highway Authority, RB,
Series B:

 

 

 

 

 

 

 

5.50%, 1/01/33

 

 

4,000

 

 

4,044,160

 

(BHAC), 5.50%, 1/01/33

 

 

2,000

 

 

2,053,700

 

Kane, Kendall, Etc. Counties Community
College District No. 516 Illinois, GO,
CAB, Series E (NPFGC), 5.21%,
12/15/25 (b)

 

 

8,750

 

 

3,738,350

 

 

 

 

2

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.75%, 6/15/32

 

$

14,000

 

$

3,579,800

 

6.00%, 12/15/34

 

 

10,000

 

 

2,107,400

 

Metropolitan Pier & Exposition Authority,
Refunding RB, CAB, McCormick Place
Expansion Project, Series B (AGM) (b):

 

 

 

 

 

 

 

5.83%, 6/15/27

 

 

3,575

 

 

1,371,406

 

6.25%, 6/15/44

 

 

9,430

 

 

1,006,275

 

Railsplitter Tobacco Settlement
Authority, RB, 6.00%, 6/01/28

 

 

1,700

 

 

1,634,958

 

Regional Transportation Authority, RB,
Series C (NPFGC), 7.75%, 6/01/20

 

 

1,000

 

 

1,207,330

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

 

3,500

 

 

3,386,040

 

 

 

 

 

 

 

 

 

 

 

 

148,956,825

 

Indiana — 3.7%

 

 

 

 

 

 

 

City of Indianapolis Indiana, Refunding
RB, Second Lien, Series B (AGC),
5.25%, 8/15/27

 

 

5,000

 

 

5,136,750

 

Indiana Municipal Power Agency, RB:

 

 

 

 

 

 

 

Series A (NPFGC), 5.00%, 1/01/37

 

 

9,200

 

 

8,654,900

 

Series B, 5.75%, 1/01/34

 

 

1,050

 

 

1,060,763

 

Series B, 6.00%, 1/01/39

 

 

5,000

 

 

5,126,000

 

Indianapolis Local Public Improvement
Bond Bank, Refunding RB,
Waterworks Project, Series A:

 

 

 

 

 

 

 

5.75%, 1/01/38

 

 

2,900

 

 

2,951,881

 

(AGC), 5.25%, 1/01/29

 

 

1,350

 

 

1,400,800

 

(AGC), 5.50%, 1/01/38

 

 

6,800

 

 

6,909,956

 

 

 

 

 

 

 

 

 

 

 

 

31,241,050

 

Iowa — 1.5%

 

 

 

 

 

 

 

Iowa Finance Authority, RB, Series A
(AGC), 5.63%, 8/15/37

 

 

12,650

 

 

12,719,575

 

Kentucky — 1.7%

 

 

 

 

 

 

 

Kentucky State Property & Buildings
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/28

 

 

4,000

 

 

4,167,680

 

Louisville & Jefferson County
Metropolitan Sewer District Kentucky,
RB, Series A (NPFGC), 5.25%,
5/15/37

 

 

10,000

 

 

10,087,800

 

 

 

 

 

 

 

 

 

 

 

 

14,255,480

 

Louisiana — 1.2%

 

 

 

 

 

 

 

New Orleans Aviation Board Louisiana,
RB, New Orleans Aviation, Series A,
AMT (AGM), 5.25%, 1/01/32

 

 

10,000

 

 

9,949,300

 

Massachusetts — 5.2%

 

 

 

 

 

 

 

Massachusetts HFA, RB:

 

 

 

 

 

 

 

S/F Housing, Series 128, AMT
(AGM), 4.88%, 12/01/38 (c)

 

 

11,890

 

 

10,747,133

 

Series B, 7.00%, 12/01/38

 

 

3,440

 

 

3,736,425

 

Massachusetts HFA, Refunding RB:

 

 

 

 

 

 

 

Housing Development, Series B
(NPFGC), 5.40%, 12/01/28

 

 

1,835

 

 

1,798,190

 

Rental Housing, Series A, AMT
(AGM), 5.15%, 7/01/26

 

 

16,245

 

 

16,594,105

 

Series C, AMT, 5.35%, 12/01/42

 

 

3,100

 

 

2,832,160

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

Massachusetts Port Authority,
Refunding RB, BOSFUEL Project, AMT
(NPFGC), 5.00%, 7/01/38

 

$

9,925

 

$

8,542,646

 

 

 

 

 

 

 

 

 

 

 

 

44,250,659

 

Michigan — 7.4%

 

 

 

 

 

 

 

City of Detroit Michigan, RB (AGM),
Series B:

 

 

 

 

 

 

 

Second Lien, 6.25%, 7/01/36

 

 

1,075

 

 

1,144,123

 

Second Lien, 7.00%, 7/01/36

 

 

500

 

 

560,315

 

Senior Lien, 7.50%, 7/01/33

 

 

1,800

 

 

2,100,006

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

Senior Lien, Series C-1 (AGM),
7.00%, 7/01/27

 

 

1,500

 

 

1,741,695

 

Senior Lien, Series D (AGM),
5.00%, 7/01/23

 

 

9,085

 

 

8,954,176

 

Series C (NPFGC), 5.00%, 7/01/22

 

 

4,540

 

 

4,512,805

 

Series D (NPFGC), 5.00%, 7/01/33

 

 

5,000

 

 

4,430,050

 

Kalamazoo Hospital Finance Authority,
RB, Bronson Methodist Hospital
(AGM), 5.25%, 5/15/36

 

 

1,160

 

 

1,080,575

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I:

 

 

 

 

 

 

 

6.25%, 10/15/38

 

 

3,125

 

 

3,300,000

 

(AGC), 5.25%, 10/15/24

 

 

1,750

 

 

1,829,695

 

(AGC), 5.25%, 10/15/25

 

 

3,250

 

 

3,353,382

 

Michigan State HDA, RB, Series C, AMT,
5.50%, 12/01/28

 

 

2,900

 

 

2,792,323

 

Michigan Strategic Fund, Refunding RB,
Detroit Edison Co. Project, Series A,
AMT (Syncora), 5.50%, 6/01/30

 

 

5,000

 

 

4,789,000

 

State of Michigan, RB, GAN (AGM):

 

 

 

 

 

 

 

5.25%, 9/15/22

 

 

10,000

 

 

10,776,400

 

5.25%, 9/15/26

 

 

6,650

 

 

6,949,782

 

Wayne County Airport Authority,
Refunding RB, AMT (AGC), 5.38%,
12/01/32

 

 

5,000

 

 

4,602,700

 

 

 

 

 

 

 

 

 

 

 

 

62,917,027

 

Minnesota — 0.7%

 

 

 

 

 

 

 

City of Minneapolis Minnesota,
Refunding RB, Fairview Health
Services, Series B (AGC), 6.50%,
11/15/38

 

 

5,500

 

 

5,860,140

 

Missouri — 0.00%

 

 

 

 

 

 

 

Missouri Housing Development
Commission, RB, S/F Homeowner
Loan, Series C-1, AMT (Ginnie Mae),
7.15%, 3/01/32

 

 

55

 

 

56,550

 

Nevada — 4.7%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited
Tax, Performing Arts Center, 6.00%,
4/01/34

 

 

2,250

 

 

2,389,545

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

Las Vegas-McCarran International
Airport, Series A (AGC), 5.25%,
7/01/39

 

 

5,170

 

 

4,852,097

 

Southwest Gas Corp. Project,
Series A, AMT (AMBAC), 5.25%,
7/01/34

 

 

7,500

 

 

6,646,125

 

 

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011

3


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada (concluded)

 

 

 

 

 

 

 

County of Clark Nevada, RB (concluded):

 

 

 

 

 

 

 

Subordinate Lien, Series A-2
(NPFGC), 5.00%, 7/01/30

 

$

20,000

 

$

18,959,000

 

Las Vegas Convention & Visitors
Authority, RB (AMBAC), 5.00%,
7/01/37

 

 

8,500

 

 

7,610,475

 

 

 

 

 

 

 

 

 

 

 

 

40,457,242

 

New Jersey — 3.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, Cigarette Tax,
5.75%, 6/15/34

 

 

4,000

 

 

3,543,200

 

New Jersey EDA, Refunding RB, School
Facilities Construction, Series N-1:

 

 

 

 

 

 

 

(AMBAC), 5.50%, 9/01/24

 

 

10,000

 

 

10,675,900

 

(NPFGC), 5.50%, 9/01/28

 

 

1,685

 

 

1,761,836

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

CAB, Series C (AGC), 5.71%,
12/15/25 (b)

 

 

15,735

 

 

6,665,503

 

Series A (NPFGC), 5.75%, 6/15/25

 

 

4,250

 

 

4,614,905

 

 

 

 

 

 

 

 

 

 

 

 

27,261,344

 

New York — 2.5%

 

 

 

 

 

 

 

City of New York New York, GO, Series J,
5.25%, 5/15/24

 

 

10,000

 

 

10,703,100

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-4,
5.50%, 1/15/34

 

 

7,250

 

 

7,521,295

 

New York State Dormitory Authority,
ERB, Series B, 5.25%, 3/15/38

 

 

3,250

 

 

3,312,790

 

 

 

 

 

 

 

 

 

 

 

 

21,537,185

 

North Carolina — 0.6%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, Novant Health
Obligation, Series A, 4.75%,
11/01/43

 

 

6,175

 

 

4,994,834

 

Ohio — 0.7%

 

 

 

 

 

 

 

County of Lucas Ohio, Refunding RB,
Promedica Healthcare, Series A,
6.50%, 11/15/37

 

 

3,000

 

 

3,130,140

 

Ohio Higher Educational Facility
Commission, Refunding RB, Summa
Health System, 2010 Project (AGC),
5.25%, 11/15/40

 

 

2,775

 

 

2,609,888

 

 

 

 

 

 

 

 

 

 

 

 

5,740,028

 

Pennsylvania — 2.9%

 

 

 

 

 

 

 

Pennsylvania Turnpike Commission, RB:

 

 

 

 

 

 

 

Series A (AMBAC), 5.50%,
12/01/31

 

 

15,600

 

 

15,755,688

 

Sub-Series C (AGC), 6.25%,
6/01/38

 

 

5,695

 

 

6,174,063

 

Subordinate, Special Motor License
Fund, 6.00%, 12/01/36

 

 

2,575

 

 

2,767,095

 

 

 

 

 

 

 

 

 

 

 

 

24,696,846

 

Puerto Rico — 2.7%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Government Facilities,
Series M-3 (NPFGC):

 

 

 

 

 

 

 

6.00%, 7/01/26

 

 

3,325

 

 

3,382,755

 

6.00%, 7/01/27

 

 

3,720

 

 

3,799,943

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Government Facilities,
Series M-3 (NPFGC) (concluded):

 

 

 

 

 

 

 

6.00%, 7/01/28

 

$

2,750

 

$

2,804,230

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

 

10,195

 

 

10,567,321

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB:

 

 

 

 

 

 

 

CAB, Series A (NPFGC), 5.69%,
8/01/41 (b)

 

 

7,500

 

 

1,002,000

 

First Sub-Series C, 6.00%, 8/01/39

 

 

1,180

 

 

1,183,186

 

 

 

 

 

 

 

 

 

 

 

 

22,739,435

 

South Carolina — 1.5%

 

 

 

 

 

 

 

Charleston Educational Excellence
Finance Corp., RB, Charleston County
School (AGC):

 

 

 

 

 

 

 

5.25%, 12/01/28

 

 

3,895

 

 

3,975,899

 

5.25%, 12/01/29

 

 

3,215

 

 

3,269,848

 

5.25%, 12/01/30

 

 

1,160

 

 

1,175,022

 

South Carolina Jobs-EDA, Refunding RB,
Palmetto Health, Series A (AGM),
6.50%, 8/01/39 (d)

 

 

3,600

 

 

3,653,352

 

South Carolina State Housing Finance &
Development Authority, Refunding RB,
Series A-2, AMT (AGM), 6.35%,
7/01/19

 

 

405

 

 

410,605

 

 

 

 

 

 

 

 

 

 

 

 

12,484,726

 

Tennessee — 0.2%

 

 

 

 

 

 

 

Tennessee Housing Development
Agency, Refunding RB,
Homeownership Program, Series A,
AMT (AGM), 5.35%, 1/01/26

 

 

1,475

 

 

1,475,177

 

Texas — 14.8%

 

 

 

 

 

 

 

City of Houston Texas, RB, Combined,
First Lien, Series A (AGM), 5.00%,
11/15/36

 

 

10,000

 

 

10,021,900

 

City of Houston Texas, Refunding RB,
Combined, First Lien, Series A (AGC):

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

5,700

 

 

6,243,381

 

5.38%, 11/15/38

 

 

3,650

 

 

3,761,581

 

Dallas ISD, GO, School Building (PSF-
GTD), 6.38%, 2/15/34

 

 

10,000

 

 

11,498,800

 

Dallas-Fort Worth International Airport
Facilities Improvement Corp.,
Refunding RB, Joint Series A, AMT
(NPFGC), 5.63%, 11/01/26

 

 

15,000

 

 

15,052,050

 

Grand Prairie ISD Texas, GO, Refunding,
CAB, 6.58%, 8/15/28 (b)

 

 

10,000

 

 

3,475,400

 

Harris County Hospital District, RB,
Senior Lien, Series A (NPFGC), 5.25%,
2/15/37

 

 

9,650

 

 

9,140,769

 

Harris County-Houston Sports Authority,
Refunding RB, Senior Lien, Series G
(NPFGC), 5.25%, 11/15/30

 

 

5,000

 

 

3,792,850

 

Judson ISD Texas, GO, School Building
(AGC), 5.00%, 2/01/37

 

 

10,000

 

 

9,927,600

 

North Texas Tollway Authority,
Refunding RB, First Tier:

 

 

 

 

 

 

 

Series A, 6.00%, 1/01/28

 

 

6,275

 

 

6,625,271

 

 

 

 

4

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011


 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

North Texas Tollway Authority,
Refunding RB, First Tier (concluded):

 

 

 

 

 

 

 

System, Series A (NPFGC),
5.13%, 1/01/28

 

$

21,750

 

$

21,766,747

 

System, Series B (NPFGC),
5.75%, 1/01/40

 

 

10,000

 

 

9,712,100

 

Texas Department of Housing &
Community Affairs, MRB, Series A,
AMT (NPFGC), 5.45%, 9/01/23

 

 

3,900

 

 

3,920,007

 

Texas State Turnpike Authority, RB,
First Tier, Series A (AMBAC):

 

 

 

 

 

 

 

5.50%, 8/15/39

 

 

5,500

 

 

5,155,535

 

5.00%, 8/15/42

 

 

6,900

 

 

5,899,293

 

 

 

 

 

 

 

 

 

 

 

 

125,993,284

 

Utah — 2.4%

 

 

 

 

 

 

 

Utah Transit Authority, Refunding RB,
CAB, Sub-Series A (b):

 

 

 

 

 

 

 

(AGC), 5.41%, 6/15/20

 

 

15,930

 

 

10,633,912

 

(NPFGC), 4.88%, 6/15/23

 

 

5,000

 

 

2,693,250

 

(NPFGC), 5.22%, 6/15/24

 

 

13,930

 

 

7,015,287

 

 

 

 

 

 

 

 

 

 

 

 

20,342,449

 

Vermont — 0.3%

 

 

 

 

 

 

 

Vermont HFA, HRB, Series 12B, AMT
(AGM), 6.30%, 11/01/19

 

 

275

 

 

280,464

 

Vermont HFA, Refunding RB, Multiple
Purpose, Series C, AMT (AGM), 5.50%,
11/01/38 (c)

 

 

2,385

 

 

2,403,150

 

 

 

 

 

 

 

 

 

 

 

 

2,683,614

 

Washington — 4.7%

 

 

 

 

 

 

 

Chelan County Public Utility District
No. 1, RB, Chelan Hydro System,
Series A, AMT (AMBAC), 5.45%,
7/01/37

 

 

3,030

 

 

2,895,680

 

Chelan County Public Utility District
No. 1, Refunding RB, Chelan Hydro
System, Series C, AMT (NPFGC),
5.65%, 7/01/32

 

 

6,000

 

 

6,011,580

 

Radford Court Properties Washington,
RB (NPFGC), 5.75%, 6/01/32

 

 

10,000

 

 

10,000,200

 

Seattle Housing Authority Washington,
RB, Capital Fund Program, High Rise
Rehabilitation, Series III, AMT (AGM),
5.15%, 11/01/27

 

 

6,255

 

 

6,189,885

 

Washington Health Care Facilities
Authority, RB, Series A:

 

 

 

 

 

 

 

Providence Health & Services,
5.00%, 10/01/39

 

 

1,125

 

 

998,899

 

Providence Health & Services,
5.25%, 10/01/39

 

 

2,725

 

 

2,513,785

 

Providence Health System (NPFGC),
5.25%, 10/01/21

 

 

5,575

 

 

5,654,723

 

Washington Health Care Facilities
Authority, Refunding RB, Catholic
Health Initiatives, Series D, 6.38%,
10/01/36

 

 

5,400

 

 

5,654,340

 

 

 

 

 

 

 

 

 

 

 

 

39,919,092

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin — 0.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior Credit
Group, 5.00%, 11/15/33

 

$

3,745

 

$

3,523,071

 

SynergyHealth Inc., 6.00%,
11/15/32

 

 

3,395

 

 

3,411,636

 

 

 

 

 

 

 

 

 

 

 

 

6,934,707

 

Total Municipal Bonds – 118.6%

 

 

 

 

 

1,008,864,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

 

 

 

 

 

 

Arizona — 1.2%

 

 

 

 

 

 

 

Arizona School Facilities Board, COP
(AGC), 5.13%, 9/01/21

 

 

10,000

 

 

10,432,700

 

California — 12.5%

 

 

 

 

 

 

 

Alameda County Joint Powers Authority,
Refunding RB, Lease (AGM), 5.00%,
12/01/34

 

 

6,990

 

 

6,754,856

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/33

 

 

7,996

 

 

7,542,884

 

California State University, Refunding
RB, Systemwide, Series A (AGM),
5.00%, 11/01/37

 

 

18,435

 

 

16,751,053

 

City of Riverside California, RB, Issue D
(AGM), 5.00%, 10/01/38

 

 

20,000

 

 

18,861,400

 

Foothill-De Anza Community College
District, GO, Election of 1999, Series
C (NPFGC), 5.00%, 8/01/36

 

 

7,500

 

 

7,456,800

 

Las Virgenes Unified School District
California, GO, Series A (AGM), 5.00%,
8/01/31

 

 

10,000

 

 

9,824,210

 

Los Angeles Community College District
California, GO, Election of 2008,
Series A, 6.00%, 8/01/33

 

 

5,248

 

 

5,664,810

 

Orange County Sanitation District, COP,
Series B (AGM), 5.00%, 2/01/37

 

 

10,780

 

 

10,838,104

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

1,047

 

 

1,064,358

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/33

 

 

9,370

 

 

9,380,963

 

San Francisco Bay Area Rapid Transit
District, RB (AGM), 5.00%, 7/01/36

 

 

10,000

 

 

10,022,509

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

2,205

 

 

2,346,407

 

 

 

 

 

 

 

 

 

 

 

 

106,508,354

 

Colorado — 0.3%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34

 

 

2,469

 

 

2,472,358

 

Connecticut — 0.6%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University,
Series T-1, 4.70%, 7/01/29

 

 

5,010

 

 

5,138,106

 

 

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

Par
(000)

 

Value

 

District of Columbia — 0.9%

 

 

 

 

 

 

 

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

 

$

2,595

 

$

2,822,374

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

4,281

 

 

4,684,646

 

 

 

 

 

 

 

 

 

 

 

 

7,507,020

 

Florida — 0.4%

 

 

 

 

 

 

 

Florida State Board of Education, GO,
Series D, 5.00%, 6/01/37

 

 

3,299

 

 

3,327,769

 

Georgia — 1.2%

 

 

 

 

 

 

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Indenture,
Series B (AGM), 5.00%, 7/01/37

 

 

10,000

 

 

9,898,447

 

Hawaii — 1.2%

 

 

 

 

 

 

 

Honolulu City & County Board of Water
Supply, RB, Series A (NPFGC), 5.00%,
7/01/33

 

 

9,830

 

 

9,912,474

 

Illinois — 2.6%

 

 

 

 

 

 

 

City of Chicago Illinois, GO, Refunding,
Series A (AGC), 5.25%, 1/01/24

 

 

11,000

 

 

11,191,070

 

Illinois Finance Authority, RB, University
of Chicago, Series B, 6.25%, 7/01/38

 

 

10,000

 

 

11,074,800

 

 

 

 

 

 

 

 

 

 

 

 

22,265,870

 

Kentucky — 0.7%

 

 

 

 

 

 

 

Kentucky State Property & Building
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/27

 

 

5,985

 

 

6,264,456

 

Louisiana — 1.2%

 

 

 

 

 

 

 

State of Louisiana, RB, Series A (AGM),
5.00%, 5/01/36

 

 

10,000

 

 

10,000,000

 

Nevada — 0.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO, Series B:

 

 

 

 

 

 

 

5.50%, 7/01/29

 

 

510

 

 

540,776

 

5.75%, 7/01/34

 

 

4,813

 

 

5,186,615

 

 

 

 

 

 

 

 

 

 

 

 

5,727,391

 

New Jersey — 1.3%

 

 

 

 

 

 

 

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

 

 

10,000

 

 

11,318,600

 

New York — 4.9%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series DD, 5.00%,
6/15/37

 

 

17,567

 

 

17,576,597

 

Port Authority of New York & New Jersey,
RB, Consolidated, 155th Series, AMT
(AGM), 5.13%, 7/15/30

 

 

19,500

 

 

19,617,975

 

Triborough Bridge & Tunnel Authority,
RB, General, Series A-2, 5.25%,
11/15/34

 

 

4,500

 

 

4,603,905

 

 

 

 

 

 

 

 

 

 

 

 

41,798,477

 

North Carolina — 1.1%

 

 

 

 

 

 

 

North Carolina HFA, RB, Series 31-A,
AMT, 5.25%, 7/01/38

 

 

9,956

 

 

9,418,535

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (e)

 

Par
(000)

 

Value

 

Ohio — 0.7%

 

 

 

 

 

 

 

County of Montgomery Ohio, RB,
Catholic Health, Series C-1 (AGM),
5.00%, 10/01/41

 

$

4,990

 

$

4,325,631

 

State of Ohio, RB, Cleveland Clinic
Health, Series B, 5.50%, 1/01/34

 

 

1,520

 

 

1,512,081

 

 

 

 

 

 

 

 

 

 

 

 

5,837,712

 

South Carolina — 0.5%

 

 

 

 

 

 

 

South Carolina State Housing Finance &
Development Authority, Refunding RB,
Series B-1, 5.55%, 7/01/39

 

 

4,698

 

 

4,752,654

 

Texas — 4.0%

 

 

 

 

 

 

 

Friendswood ISD Texas, GO,
Schoolhouse (PSF-GTD), 5.00%,
2/15/37

 

 

12,955

 

 

13,140,325

 

Houston ISD, GO, Schoolhouse (PSF-
GTD), 5.00%, 2/15/33

 

 

10,000

 

 

10,262,100

 

Texas State University Systems,
Refunding RB, 5.25%, 3/15/26

 

 

10,000

 

 

10,596,600

 

 

 

 

 

 

 

 

 

 

 

 

33,999,025

 

Virginia — 0.5%

 

 

 

 

 

 

 

University of Virginia, Refunding RB,
General, 5.00%, 6/01/40

 

 

3,950

 

 

4,042,114

 

Washington — 6.2%

 

 

 

 

 

 

 

Central Puget Sound Regional Transit
Authority, RB, Series A (AGM), 5.00%,
11/01/34

 

 

16,770

 

 

17,169,126

 

County of King Washington, RB (AGM),
5.00%, 1/01/37

 

 

15,785

 

 

15,800,469

 

Port of Seattle Washington, Refunding
RB, Series B, AMT (NPFGC), 5.20%,
7/01/29

 

 

20,565

 

 

19,882,890

 

 

 

 

 

 

 

 

 

 

 

 

52,852,485

 

Wisconsin — 0.4%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

3,959

 

 

3,623,909

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 43.1%

 

 

 

 

 

367,098,456

 

Total Long-Term Investments
(Cost – $1,398,801,082) – 161.7%

 

 

 

 

 

1,375,962,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.23% (f)(g)

 

 

14,517,531

 

 

14,517,531

 

Total Short-Term Securities
(Cost – $14,517,531) – 1.7%

 

 

 

 

 

14,517,531

 

 

 

 

6

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund III, Inc. (MYI)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

Value

 

Total Investments
(Cost – $1,413,318,613*) – 163.4%

 

$

1,390,480,204

 

Other Assets Less Liabilities – 1.5%

 

 

12,877,593

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (23.0)%

 

 

(195,709,798

)

Preferred Shares, at Redemption Value – (41.9)%

 

 

(356,499,833

)

 

 

Net Assets Applicable to Common Shares – 100.0%

 

$

851,148,166

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

1,217,790,235

 

 

 

Gross unrealized appreciation

 

$

20,842,749

 

Gross unrealized depreciation

 

 

(43,681,158

)

 

 

Net unrealized depreciation

 

$

(22,838,409

)

 

 

 

 

(a)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Variable rate security. Rate shown is as of report date.

 

 

(d)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Merrill Lynch & Co.

 

$

3,653,352

 

$

62,958

 

 

 

(e)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(f)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
April 30, 2011

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

11,426,470

 

 

3,091,061

 

 

14,517,531

 

$

16,404

 

 

 

(g)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of April 30, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

470

 

10-Year U.S. Treasury Bond

 

Chicago Board of Trade

 

June 2011

 

$

55,701,451

 

$

(1,234,643

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

 

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Quality Fund III, Inc. (MYI)

The following tables summarize the inputs used as of April 30,2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

1,375,962,673

 

 

—

 

$

1,375,962,673

 

Short-Term
Securities

 

$

14,517,531

 

 

—

 

 

—

 

 

14,517,531

 

Total

 

$

14,517,531

 

$

1,375,962,673

 

 

—

 

$

1,390,480,204

 

 

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(1,234,643

)

 

—

 

 

—

 

$

(1,234,643

)

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

8

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

APRIL 30, 2011

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock MuniYield Quality Fund III, Inc.

 

 
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer of
    BlackRock MuniYield Quality Fund III, Inc.
   
  Date: June 24, 2011
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniYield Quality Fund III, Inc.
   
  Date: June 24, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Quality Fund III, Inc.
     
  Date: June 24, 2011