Company: MYI
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074486
Chunk: 12

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 12
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 to be investment grade represents less than 1.0% of total investments.                                |

10 2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of January 31, 2025 BlackRock MuniYield Fund, Inc. (MYD)

Investment Objective BlackRock MuniYield Fund, Inc. ’ s ( MYD ) (the “ Fund ”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade, or deemed to be of comparable quality by the investment adviser, at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives. No assurance can be given that the Fund’s investment objective will be achieved. On January 20, 2025, the Board of Directors/Trustees of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Quality Fund II, Inc. (MQT) and the Fund (collectively, the “Target Funds”) approved the reorganization of each Target Fund into BlackRock MuniYield Quality Fund, Inc. (MQY), with MQY continuing as the surviving Fund. Subject to the requisite approvals by each Fund’s respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to be completed in the second half of 2025. Fund Information

| Symbol on New York Stock Exchange                                
 Initial Offering Date                                            
 Yield on Closing Market Price as of January 31, 2025 ($10.68)(a) |               MYD 
 November 29, 1991 
             6.12% |
|:-----------------------------------------------------------------|------------------:|
| Tax Equivalent Yield(b)                                          |            10.34% |
| Current Monthly Distribution per Common Share(c)                 |         $0.054500 |
| Current Annualized Distribution per Common                       
 Share(c)                                                         |         $0.654000 |
| Leverage as