Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 262

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 262
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ursed and/or paid indirectly and total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees and amortization of offering costs would have been 
 1.49%, 1.49% and 0.88%, respectively.                                                                                                                                                                                                                     |

| (e) | Includes reorganization costs associated with the Fund’s reorganization. Without these costs total                                                                                                                                                        
 expenses, total expenses after fees waived and/or reimbursed and/or paid indirectly and total expenses after fees waived and/or reimbursed and/or paid indirectly and excluding interest expense, fees and amortization of offering costs would have been 
 1.48%, 1.48% and 0.92%, respectively.                                                                                                                                                                                                                     |

| (f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 
 4 and Note 10 of the Notes to Financial Statements for details.                                              |

| (g) | The total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, 
 amortization of offering costs, liquidity and remarketing fees was 0.90%.                           |

151

The Financial Highlights table is intended to help you understand MVF’s financial performance for the periods shown.
Certain information reflects the financial results for a single common share of MVF. The total returns in the table represent the rate an investor would have earned or lost on an investment in MVF (assuming reinvestment of all dividends and/or
distributions, if applicable). The information for the six-month period ended January 31, 2025 is unaudited. The information for the remaining periods shown has been audited by Deloitte & Touche
LLP, MVF’s independent registered public accounting firm. Financial statements for the fiscal year ended July 31, 2024 and the Report of the Independent Registered Public Accounting Firm thereon appear in MVF’s Annual Report for the
fiscal year ended July 31, 2024 and financial statements for the six-month period ended January 31, 2025 appear in MVF’s most recent Semi-Annual Report, which is available upon request.

Please see next page for Financial Highlights Table

152

MVF Financial Highlights

|                                                                                             |     | MVF         
 Six Months  
 Ended       
 01/31/25    
 (unaudited) |         |       |     | Year Ended 
 07/31/24   |         |    |     | Year Ended