Company: MYI
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074486
Chunk: 11

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 11
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%). The National 
 Customized Reference Benchmark commenced on September 30, 2016.                                                                                                                                                                                  |
|:----|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 .

Fund Summary 9

Fund Summary as of January 31, 2025 (continued) BlackRock Municipal Income Fund, Inc. (MUI) The following discussion relates to the Fund’s absolute performance based on NAV: Income contributed to the Fund’s return during the reporting period. The Fund’s position in high-yield bonds, also contributed to absolute performance. At the sector level, prepaid gas bonds were notable contributors. On the other hand, longer-maturity issues detracted due to falling prices. The Fund’s use of leverage hurt results, as well. 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                               |                          29.3% |
| Corporate                                    |                           18.5 |
| Utilities                                    |                           11.7 |
| Health                                       |                           11.6 |
| County/City/Special District/School District |                           11.3 |
| State                                        |                            7.0 |
| Education                                    |                            6.3 |
| Tobacco                                      |                            2.7 |
| Housing                                      |                            1.2 |
| Fixed Income Funds                           |                            0.4 |

| CALL/MATURITY SCHEDULE              
 Calendar Year