Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 353

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 353
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 issuer. Under the 1940 Act, a fund cannot change its classification from diversified to non-diversified
without shareholder approval.

In order to obtain and maintain the desired ratings for the VMTP Shares from Moody’s and Fitch and to
comply with the Eligible Assets requirement of the Articles Supplementary, the Fund will be required to comply with investment quality, diversification and other guidelines established by Moody’s and Fitch. Such guidelines will likely be more
restrictive than the restrictions set forth above.

B-6

The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED [● ]

STATEMENT OF ADDITIONAL INFORMATION

BLACKROCK MUNIVEST FUND II, INC.

BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC.

BLACKROCK MUNIVEST FUND, INC.

BLACKROCK MUNIYIELD QUALITY FUND III, INC.

Dated [●]

This Statement of Additional Information is available to the common shareholders of BlackRock MuniVest Fund II, Inc. (NYSE Ticker: MVT)
(“MVT”), BlackRock MuniYield Fund, Inc. (NYSE Ticker: MIY) (“MIY”), BlackRock MuniVest Fund, Inc. (NYSE Ticker: MVF) (“MVF”), in connection with the Reorganization (each, a “Reorganization” and collectively,
the “Reorganizations”) of each of MVT, MIY and MVF into BlackRock MuniYield Quality Fund III, Inc. (NYSE Ticker: MYI) (“MYI” or the “Acquiring Fund,” and collectively with MVT, MIY and MVF, the “Funds,” and
each, a “Fund”), whereby the Acquiring Fund will acquire substantially all of the assets and assume substantially all of the liabilities of MVT, MIY and MVF in exchange solely for newly issued shares of the Acquiring Fund’s common
stock, par value $0.10 per share and Variable Rate Demand Preferred Shares, par value $0.10 per share and with a liquidation preference of $100,