Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 103

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 103
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 of current income exempt from federal and Michigan                                                                                                                                            
 income taxes as is consistent with its investment policies and prudent investment management; and that the Acquiring Fund seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its 
 investment policies and prudent investment management;                                                                                                                                                                                                    |

| • |     | the potential effects on the Funds’ capital loss carryforwards; |

| • |     | the potential effects on each Fund’s undistributed net investment income; |

| • |     | the expected costs of the Reorganizations; |

| • |     | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of 
 the Funds;                                                                                                     |

| • |     | the effect of the Reorganizations on shareholder rights; |

| • |     | alternatives to the Reorganizations for each Fund; and |

| • |     | any potential benefits of the Reorganizations to the Investment Advisor and its affiliates. |

Potential for Improved Economies of Scale and Potential for a Lower Expense Ratio. Each Board considered the fees and Total Operating Expenses of its Fund (including estimated expenses of the Combined Fund after the Reorganizations). In the Investment Advisor’s view, the most likely combination is the Reorganizations of all of the Funds, which is also expected to result in the lowest Total Expense Ratio for the Combined Fund. For the period of twelve months ended at January 31, 2025, any combination of Reorganizations is expected to result in a Total Expense Ratio (excluding leverage expense) for the Combined Fund that is lower than the Total Expense Ratio of each Fund. If the only Reorganization discussed in this Joint Proxy Statement/Prospectus that is completed is the Reorganization of MVT into the Acquiring Fund, the Combined Fund would be expected to have a higher Total Expense Ratio than if any other combination of Reorganizations were completed. For the twelve-month period ended January 31, 2025, any combination of Reorganizations is expected to result in a Total Expense Ratio (excluding leverage expenses) for the Combined Fund that is than the Total Expense Ratio (excluding leverage expenses) of each Target Fund. “Total Expenses” 53

means a Fund’s total annual operating expenses. “Total Expense Ratio” means a Fund’s Total Expenses expressed as a percentage of its average net assets attributable to its
common shares.

Potential Effects of the Reorganizations on Earnings and Distributions. The Boards noted that the
Combined Fund’s net earnings yield on NAV for common shareholders following the