-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DnprqVeiq6tDA6Tr1YSHuAo7Qh4br3EpDma+bUWKCM2XoxHawOsILY1hdwgayMXH
 liBns2oY8iEWyAjJy9ScLQ==

<SEC-DOCUMENT>0001300796-09-000004.txt : 20090410
<SEC-HEADER>0001300796-09-000004.hdr.sgml : 20090410
<ACCEPTANCE-DATETIME>20090410164716
ACCESSION NUMBER:		0001300796-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090410
DATE AS OF CHANGE:		20090410
EFFECTIVENESS DATE:		20090410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QB ARS III, LLC
		CENTRAL INDEX KEY:			0001300796
		IRS NUMBER:				201424411
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-68438
		FILM NUMBER:		09745361

	BUSINESS ADDRESS:	
		STREET 1:		601 UNION STREET, 56TH FLOOR
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		206-613-6700

	MAIL ADDRESS:	
		STREET 1:		601 UNION STREET, 56TH FLOOR
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Q-BLK ARS III, LLC
		DATE OF NAME CHANGE:	20090409

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Quellos ARS III LLC
		DATE OF NAME CHANGE:	20040818
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001300796</cik>
        <entityName>QB ARS III, LLC</entityName>
        <issuerAddress>
            <street1>601 UNION STREET, 56TH FLOOR</street1>
            <street2></street2>
            <city>SEATTLE</city>
            <stateOrCountry>WA</stateOrCountry>
            <zipCode>98101</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>206-613-6700</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>Quellos ARS III LLC</previousName>
            <previousName>QB ARS III, LLC</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2004</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>BlackRock Alternative Advisors (GenPar), LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56th Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>BlackRock Financial Management, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56 Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager and Managing Member of Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Norman</firstName>
                <middleName>D.</middleName>
                <lastName>Bontje</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56 Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of Managing Member of Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charles</firstName>
                <middleName>I.</middleName>
                <lastName>Clarvit</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56 Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of Managing Member of Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J.</firstName>
                <middleName>David</middleName>
                <lastName>Matter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56 Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of Managing Member of Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bryan</firstName>
                <middleName>K.</middleName>
                <lastName>White</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>601 Union Street, 56 Floor</street1>
                <street2></street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of Managing Member of Managing Member of Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-020361</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-08-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Mc Cutchen Group, LLC</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>925 Fourth Avenue, Suite 2288</street1>
                    <street2></street2>
                    <city>Seattle</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <zipCode>98104</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>NY</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Citigroup Global Markets Inc.</recipientName>
                <recipientCRDNumber>7059</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1 Court Square, 22nd Floor</street1>
                    <street2></street2>
                    <city>Long Island City</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>11120</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>356206922</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>This is a continuous offering</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>42</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>175806</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>175806</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Q-BLK ARS III, LLC</issuerName>
                <signatureName>/s/Sherrey L. Luetjen</signatureName>
                <nameOfSigner>Sherrey L. Luetjen</nameOfSigner>
                <signatureTitle>Director of Investment Manager of Issuer</signatureTitle>
                <signatureDate>2009-04-08</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----