Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 16

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 16
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 choose to modify the terms of the VRDP Shares as permitted by the governing instrument for such Fund’s VRDP Shares, including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. The Reorganizations will not result in any changes to the terms of the Acquiring Fund’s VRDP Shares currently outstanding. The newly issued Acquiring Fund VRDP Shares will have terms that are similar to the terms of the outstanding MIY VRDP Shares, with certain differences. While the MIY VRDP Shares have a mandatory redemption date of May 1, 2041, the newly issued Acquiring Fund VRDP Shares are expected to have a mandatory redemption date of June 1, 2041. None of the expenses of the Reorganizations are expected to be borne by the VRDP Holders of the Funds. To the extent that the Acquiring Fund issues any new VRDP Shares of MYI in the Reorganizations, the VRDP Holders of each Fund, if any, will be VRDP Holders of the larger Combined Fund that will have a larger asset base and more VRDP Shares outstanding than any Fund individually before the Reorganizations. With respect to matters requiring all preferred shareholders to vote separately or common and preferred shareholders to vote together as a single class, following the Reorganizations, any VRDP Holders of the Combined Fund may hold a smaller percentage of the outstanding VRDP Shares of the Combined Fund as compared to their percentage holdings of outstanding VRDP Shares, if any, of their respective Fund prior to the Reorganizations.

| Q: | How similar are the Funds? |

| A: | The Funds have the same investment adviser, officers and directors. MVT, MIY, MVF and the Acquiring Fund are 
 each formed as a Maryland corporation.                                                                       |

Each of the Acquiring Fund, MVT, MIY and MVF has its common shares listed on the NYSE. The Acquiring Fund and MIY each has privately placed VRDP Shares outstanding. MVT and MVF each has privately placed VMTP Shares outstanding. Each of the Acquiring Fund, MVT, MIY and MVF are managed by a team of investment professionals led by Michael Kalinoski, CFA, Director at BlackRock, Walter O’Connor, CFA, Managing Director at BlackRock, Christian Romaglino, CFA, Director at BlackRock, Kevin Maloney, CFA, Director at BlackRock, Phillip Soccio, CFA, Director at BlackRock