Company: MYI
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230138
Chunk: 35

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-10-03
Form: N-CSR
Chunk 35
---
 and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets. 6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds ’ investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund ’ s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund, except BTA, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund ’ s net assets:

|                          | MUA   | MYD   | MQY   | MYI   |
| Investment advisory fees | 0.55% | 0.50% | 0.50% | 0.50% |

For such services, BTA pays the Manager a monthly fee of 1.00% at an annual rate equal to a percentage of the average weekly value of the Fund’s net assets. For purposes of calculating these fees, with respect to each Fund other than BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV.

84 2025 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

For purposes of calculating this fees, with respect to BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). Distribution Fees: MUA had entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of MUA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, as of August 26, 2024, the Fund is no longer actively