Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 286

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 286
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 pay
redemption requests in a combination of cash and securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If a Fund were converted to an
open-end investment company, it is likely that new shares would be sold at NAV plus a sales load. Each Board believes, however, that its Fund’s closed-end
structure is desirable in light of its Fund’s investment objective and policies. Therefore, shareholders should assume that it is not likely that any Board would vote to convert its Fund to an open-end
fund.

170

CAPITALIZATION TABLE The Board of each Fund may authorize separate classes of shares together with such designation of preferences, rights, voting powers, restrictions, limitations, qualifications or terms as may be determined from time to time by the Board of such Fund. The tables below set forth (i) the capitalization of MVT and MYI as of July 31, 2025 and the pro formacapitalization of the Combined Fund assuming only the MVT Reorganization was consummated as of July 31, 2025; (ii) the capitalization of MIY and MYI as of July 31, 2025 and the pro formacapitalization of the Combined Fund assuming only the MIY Reorganization was consummated as of July 31, 2025; (iii) the capitalization of MVF and MYI as of July 31, 2025 and the pro formacapitalization of the Combined Fund assuming only the MVF Reorganization was consummated as of July 31, 2025; and (iv) the capitalization of the Funds as of July 31, 2025 and the pro formacapitalization of the Combined Fund assuming all of the Reorganizations were consummated as of July 31, 2025. Capitalization of MVT and MYI as of July 31, 2025 and pro forma capitalization of the Combined Fund assuming only the MVT Reorganization was consummated as of July 31, 2025 (unaudited)

| Net Assets Attributable to:                |     | MVT |             |     | Acquiring Fund 
 (MYI)          |             |     | Adjustments |          |   |     | Pro forma      
 Combined Fund  
 (MVT into MYI) |             |
|:-------------------------------------------|:----|:----|------------:|:----|: