Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 419

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 419
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MIY’s annual report filed on Form N-CSR on October 3, 2024. The financial statements of MIY for
the six-month period ended January
31, 2025 are incorporated by reference herein to MIY’s semi-annual report filed on Form N-CSR on
April 7, 2025.

The financial statements of MVF for the fiscal year ended July 31, 2024 are incorporated by
reference herein to MVF’s annual report filed on Form N-CSR on October 3, 2024. The financial
statements of MVF for the six-month period ended January
31, 2025 are incorporated by reference herein to MVF’s semi-annual report filed on Form N-CSR on
April 7, 2025.

S-56

SUPPLEMENTAL FINANCIAL STATEMENTS

A table showing the fees of the Acquiring Fund and each Target Fund, and the fees and expenses of the Acquiring Fund on a pro
forma basis after giving effect to the proposed Reorganization, is included in the section entitled “Expense Table for Common Shareholders” of the Joint Proxy Statement/Prospectus.

Each Reorganization will not result in a material change to the respective Target Fund’s investment portfolio due to the
investment restrictions of the Acquiring Fund. As a result, a schedule of investments of each Target Fund modified to show the effects of the change is not required and is not included. Notwithstanding the foregoing, changes may be made to a Target
Fund’s portfolio in advance of the Reorganization and/or the Acquiring Fund’s portfolio following the Reorganization.

There are no material differences in the accounting, taxation and valuation policies of each Target Fund as compared to those
of the Acquiring Fund.

S-57

APPENDIX A RATINGS OF INVESTMENTS A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financialcorporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which