Company: MYI
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074486
Chunk: 17

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 17
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| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and                                                                             
 insured bonds.                                                                                                                                                                                                                                   |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results. The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com . The following discussion relates to the Fund’s absolute performance based on NAV: Income contributed to the Fund’s return during the reporting period, but the benefit was largely offset by the impact of falling prices. The bond market faced headwinds from concerns that robust economic growth and sticky inflation would prompt the U.S. Federal Reserve to slow the pace of its interest rate cuts.

Fund Summary 15

Fund Summary as of January 31, 2025 (continued) BlackRock MuniYield Quality Fund III, Inc. (MYI) In this environment, the Fund’s holdings in longer-maturity bonds generally experienced the weakest returns. However, positions in shorter-term issues contributed positively. The Fund’s use of leverage detracted from results given the weakness in municipal bond prices. At the sector level, holdings in state tax-backed issues made the largest contributions to absolute returns. On the other hand, the healthcare sector was the most notable detractor. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results. Overview of the Fund’s Total Investments

| SECTOR ALLOCATION                            |                                |
| Sector(a)                                    | Percent of TotalInvestments(b) |
| Transportation                               |                          22.8% |
| County/City/Special District/School District |                           19.2 |
| State                                        |                           18.7 |
| Utilities                                    |                           10.4 |
| Corporate                                    |                            8.9 |
| Health