Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 18

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 18
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 investment objective by investing at least 80% of an aggregate of MIY’s net assets                                                  
 (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of Municipal Bonds. |     | MVF’s investment policies provide that it seeks to achieve its investment objective by investing, as a fundamental                                                                                                 
 policy, at least 80% of an aggregate of MVF’s net assets (including proceeds from the issuance of preferred stock), and the proceeds of any borrowings for investment purposes, in a portfolio of Municipal Bonds. |     | MYI seeks to achieve its investment objective by investing, as a fundamental policy, at least 80% of an aggregate of                                                          
 MYI’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of Municipal Bonds. |

Investment Grade and Non-InvestmentGrade Securities: Below is a comparison of each Fund’s policy with respect to investment in investment grade quality securities and non-investmentgrade quality securities. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody’s Investor Service Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or are unrated but judged to be of comparable quality by the Investment Advisor. Below investment grade quality means securities rated at the time of purchase Ba or below by Moody’s, BB or below by S&P or Fitch, or securities determined by the Investment Advisor to be of comparable quality. Below investment grade quality is regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Such securities commonly are referred to as “high yield” or “junk” bonds.

| MVT                                                                                                                                                                                                                                  |     | MIY                                                                                                                                                |     | MVF                                                                                                                       |     | Acquiring Fund (MYI)                                                                                                                       |
| MVT’s investment policies provide that, under normal market conditions, MVT will invest at least 75% of its total                                                                                                                    
 assets in a portfolio of Municipal Bonds that are commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody’s 
 (currently Aaa,                                                                                                                                                                                                                      |     | Under normal market conditions, MIY expects to invest at least 80% of its net assets