Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 292

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 292
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 in exchange therefor. |

| • |     | A shareholder of MVT, MIY and MVF that receives cash in lieu of a fractional Acquiring Fund Common Share in                                                                                                                                        
 connection with the Reorganizations will be treated as having received cash in exchange for such fractional Acquiring Fund Common Share. A MVT, MIY or MVF shareholder that receives cash in lieu of a fractional Acquiring Fund Common Share will 
 recognize capital gain or loss equal to the difference between the amount of cash deemed received for the fractional Acquiring Fund Common Share and MVT, MIY or MVF shareholder’s tax basis in MVT, MIY or MVF common shares allocable to the     
 fractional Acquiring Fund Common Share. The capital gain or loss will be a long-term capital gain or loss if MVT, MIY or MVF shareholder’s holding period for MVT, MIY or MVF common shares is more than one year as of the date the               
 Reorganizations are consummated.                                                                                                                                                                                                                   |

| • |     | The Acquiring Fund’s tax basis in MVT’s, MIY’s and MVF’s assets received by the                                           
 Acquiring Fund pursuant to the Reorganizations will, in each instance, equal the tax basis of such assets in the hands of |

174

| MVT, MIY and MVF immediately prior to the Closing Date, and the Acquiring Fund’s holding period for such assets will, in each instance, include the period during which the assets were held 
 by MVT, MIY or MVF.                                                                                                                                                                          |

The Acquiring Fund intends to continue to be taxed under the rules applicable to regulated investment companies as defined in Section 851 of the Code, which are the same rules currently applicable to each Fund and its shareholders. None of the Funds intend to sell any assets in connection with the Reorganizations other than in the ordinary course of business. If, however, assets of MVT, MIY and MVF were to be sold in connection with the Reorganizations, or if such assets were required to be marked to market as a result of the termination of MVT’s, MIY’s and MVF’s taxable year or as a result of the transfer of certain assets in the Reorganizations, the tax impact of any such sales (or deemed sales) would depend on the difference between the price at which such portfolio assets are sold and MVT’s, MIY’s and MVF’s basis in such assets. Any capital gains recognized in these sales (or deemed sales