Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 99

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 99
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 VRDP Shares would be issued at a liquidation preference and value
per share equal to the liquidation preference and value per share of the VMTP Shares or VRDP Shares, as applicable, of MVT, MIY and MVF will not be diluted as a result of the Reorganizations. As a result of the Reorganizations, a common or preferred
shareholder of any of the Funds may hold a reduced percentage of ownership in the Combined Fund than they did in MVT, MIY, MVF and the Acquiring Fund. No sales charge or fee of any kind will be charged to shareholders of MVT, MIY and MVF in
connection with their receipt of Acquiring Fund Shares in the Reorganizations.

As soon as practicable after the Closing
Date for the Reorganizations, each of MVT, MIY and MVF will deregister as an investment company under the 1940 Act and liquidate, dissolve and terminate in accordance with its respective charter and Maryland law. The Acquiring Fund will continue to
operate after the Reorganizations as a registered, diversified, closed-end management investment company with the investment objective, investment strategies, investment policies and investment restrictions
described in this Joint Proxy Statement/Prospectus.

Each Reorganization is not contingent upon the approval of any other
Reorganization. If a Reorganization is not consummated, the Fund for which such Reorganization(s) was not consummated would continue to exist and operate on a standalone basis. Both the Target Fund and the Acquiring Fund will continue to be advised
by the Investment Advisor. If a Reorganization is not consummated, the Investment Advisor may recommend alternative proposals to the Board of each Fund for which such Reorganization was not consummated.

The Board’s Recommendation

The Board of MVT recommends that the common shareholders of MVT vote “FOR” the proposed MVT Reorganization
Agreement at the Special Meeting.

The Board of MIY recommends that the common shareholders of MIY vote “FOR”
the proposed MIY Reorganization Agreement at the Special Meeting.

The Board of MVF recommends that the common
shareholders of MVF vote “FOR” the proposed MVF Reorganization Agreement at the Special Meeting.

The Board of
the Acquiring Fund recommends that common shareholders of the Acquiring Fund vote “FOR” the proposed MVT Issuance at the Special Meeting.

The Board of the Acquiring Fund recommends that common shareholders of the Acquiring Fund vote “FOR” the proposed
MIY Iss