Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 352

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 352
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 |      | S-38 |
| Other Compensation Benefits                                   |     |      | S-38 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION               |     |      | S-40 |
| CONFLICTS OF INTEREST                                         |     |      | S-45 |
| OTHER INFORMATION                                             |     |      | S-56 |
| Code of Ethics                                                |     |      | S-56 |
| Proxy Voting Policy                                           |     |      | S-56 |
| FINANCIAL STATEMENTS                                          |     |      | S-56 |
| SUPPLEMENTAL FINANCIAL STATEMENTS                             |     |      | S-57 |
| APPENDIX A RATINGS OF INVESTMENTS                             |     |      | A-1  |
| APPENDIX B PROXY VOTING POLICIES – BLACKROCK CLOSED-END FUNDS |     |      | B-1  |

S-3

INVESTMENT POLICIES AND TECHNIQUES

The following information supplements the discussion of the Acquiring Fund’s investment objective, policies and
techniques that are described in the Joint Proxy Statement/Prospectus.

Environmental, Social and Governance (“ESG”) Integration. Although the Acquiring Fund does not seek to implement a specific sustainability objective, strategy or process unless disclosed in the Joint Proxy Statement/Prospectus, Acquiring Fund management will consider
ESG factors as part of the investment process for the Acquiring Fund. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing
risk-adjusted returns. These ESG considerations will vary depending on a fund’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary research of the Investment Advisor
across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Acquiring Fund’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all
issuers that are eligible for investment.

Certain of these considerations may affect the Acquiring Fund’s exposure
to certain companies or industries. While Acquiring Fund management views ESG considerations as having the potential to contribute to the Acquiring Fund’s long-term performance, there is no guarantee that such results will be achieved.

S-4

ADDITIONAL RISK FACTORS AND SPECIAL CONSIDERATIONS The following information supplements the discussion of the Acquiring Fund’s risk factors that are described in