Company: MYI
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230138
Chunk: 15

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-10-03
Form: N-CSR
Chunk 15
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| (a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.                                                                                                                                                                                                  |
| (b) | Excludes short-term securities.                                                                                                                                                                                                                                                                                              |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.                                                                                                                                                                                                               |
| (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,                                                                                                                                                               
 Inc. if ratings differ. These ratingagencies are independent, nationally                                                                                                                                                                                                                                                     
 recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment graderatings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low 
 credit quality. Credit qualityratings are subject to change.                                                                                                                                                                                                                                                                 |

16 2025 BlackRock Annual Report to Shareholders

Fund Summary as of July 31, 2025 BlackRock MuniYield Quality Fund III, Inc. (MYI)

Investment Objective BlackRock MuniYield Quality Fund III, Inc. ’ s ( MYI ) (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 obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of purchase. The Fund may invest directly in securities or synthetically through the use of derivatives. No assurance can be given that the Fund’s investment objective will be achieved. On June 6, 2025, the Board of Directors of each of BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT), BlackRock