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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,
 EZn/Dg9WhAYUiHl9XkrWRvUxmbTRWATIftirxPPiuXk5o30F7dOePG1ciFawujb9
 LgGvL87jE+Dz2wfzP5e/0A==

<SEC-DOCUMENT>0001435819-09-000003.txt : 20090511
<SEC-HEADER>0001435819-09-000003.hdr.sgml : 20090511
<ACCEPTANCE-DATETIME>20090511134459
ACCESSION NUMBER:		0001435819-09-000003
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:		20090511
DATE AS OF CHANGE:		20090511
EFFECTIVENESS DATE:		20090511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Q-BLK ARS III INSTITUTIONAL, LTD
		CENTRAL INDEX KEY:			0001435819
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-118482
		FILM NUMBER:		09813941

	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 INSTITUTIONAL LTD
		DATE OF NAME CHANGE:	20080522
</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>0001435819</cik>
        <entityName>Q-BLK ARS III INSTITUTIONAL, LTD</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>Q-BLK ARS III INSTITUTIONAL LTD</previousName>
            <previousName>QB ARS III - Institutional, Ltd.</previousName>
            <previousName>Quellos ARS III - Institutional, Ltd.</previousName>
            <previousName>Quellos ARS (Pension) III, Ltd.</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2004</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dennis</firstName>
                <middleName></middleName>
                <lastName>Hunter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Queensgate Trust Company Ltd.</street1>
                <street2>5th Floor, Harbour Place</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The complete address of this related person is: Queensgate Trust Company Ltd.; 5th Floor, Harbour Place, 103 South Church Street; P.O. Box 30464 SMB; Grand Cayman, KY1-1202, Cayman Islands.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karla</firstName>
                <middleName></middleName>
                <lastName>Bodden</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Queensgate Trust Company Ltd.</street1>
                <street2>5th Floor, Harbour Place</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The complete address of this related person is: Queensgate Trust Company Ltd.; 5th Floor, Harbour Place, 103 South Church Street; P.O. Box 30464 SMB; Grand Cayman, KY1-1202, Cayman Islands.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>BlackRock Financial Management, Inc.</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>Investment Manager 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>9999999997-08-025364</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></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>135386418</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>This is a continuous offering.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>10</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Q-BLK ARS III INSTITUTIONAL, LTD</issuerName>
                <signatureName>/s/ Sherrey L. Luetjen</signatureName>
                <nameOfSigner>Sherrey L. Luetjen</nameOfSigner>
                <signatureTitle>Director of Investment Manager of Issuer</signatureTitle>
                <signatureDate>2009-05-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----