Company: MYI
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230138
Chunk: 22

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-10-03
Form: N-CSR
Chunk 22
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 waived and/or reimbursed and                                                                                        
 excluding interest expense, fees and amortization of offering costs would have been 1.89%, 1.89% and 0.91%, respectively.                                                 |
| (h) | Annualized.                                                                                                                                                               |
| (i) | Interest expense and fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for    
 details.                                                                                                                                                                  |
| (j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and  
 remarketing fees asfollows:                                                                                                                                               |

|                | Year Ended07/31/25 | Year Ended07/31/24 | Year Ended07/31/23 | Period from05/01/22to 07/31/22 | Year Ended04/30/22 | Year Ended04/30/21 |
| Expense ratios | 0.88%              | 0.82%              | 0.84%              | 0.88%                          | 0.85%              | 0.86%              |

| (k) | Calculated by subtracting the Fund’s total liabilities (not including VRDPShares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value                       
 of the VRDPShares, and by multiplying the results by                                                                                                                                                                   
 100,000.                                                                                                                                                                                                               |
| (l) | Calculated by subtracting the Fund’s total liabilities (not including VRDPShares) from the Fund’s total assets and dividing this by the liquidation value of the VRDPShares, and by multiplyingthe results by 100,000. |

Financial Highlights 75

Financial Highlights (continued) (For a share outstanding throughout each period)

| (m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not includingVRDPShares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by 
 multiplying the results by 1,000.                                                                                                                                                                                                                                                               |

See notes to financial statements.

76 2025 BlackRock Annual Report to Shareholders

Financial Highlights (continued) (For a