Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 37

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 37
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Target Fund” or collectively as the “Target
Funds.” The proxies will be voted at the joint special meeting of the shareholders of each Fund and at any and all adjournments, postponements and delays thereof (the “Special Meeting”). The Special Meeting will be held on
October 15, 2025 at 1:00 p.m. (Eastern Time) to consider the proposals set forth below and discussed in greater detail elsewhere in this Joint Proxy Statement/Prospectus. The Special Meeting will be held in a virtual meeting format only.
Shareholders will not have to travel to attend the Special Meeting, but will be able to view the meeting live, have a meaningful opportunity to participate, including the ability to ask questions of management, and cast their votes by accessing a
web link. If you are unable to attend the Special Meeting or any adjournment or postponement thereof, the Board of your Fund recommends that you vote your common shares, by completing and returning the enclosed proxy card or by recording your voting
instructions by telephone or via the internet. The approximate mailing date of this Joint Proxy Statement/Prospectus and accompanying form of proxy is September 12, 2025.

THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS JOINT PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The purposes of the Special Meeting
are:

Proposal 1: The Reorganizations of the Funds

Proposal 1(A): The common shareholders and holders of Variable Rate Muni Term Preferred Shares (“VMTP
Shares” and the holders thereof, “VMTP Holders”) of MVT are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between MVT and the Acquiring Fund (the “MVT Reorganization
Agreement”) and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of MVT’s assets and the assumption by the Acquiring Fund of substantially all of MVT’s liabilities
in exchange solely for newly issued common shares and Variable Rate Demand Preferred Shares (“VRDP Shares” and the holders thereof, “VRDP Holders”) of the Acquiring Fund, which will be distributed to the common shareholders
(although cash may be distributed in lieu of fractional common shares) and VMTP Holders, respectively, of MVT, and which shall constitute the