Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 253

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 253
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 VMTP Shares may be redeemed, in whole or in part, at any time at the option of the applicable Fund. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends. Each of MVT and MVF is required to redeem its VMTP Shares on the term redemption date of the VMTP Shares, unless earlier redeemed or repurchased or unless extended. Such term redemption date is July 2, 2026, unless extended. Six months prior to the term redemption date of the VMTP Shares, the applicable Fund is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, the applicable Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements. Dividends on MVT’s and MVF’s VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares. As of July 31, 2025, the VMTP Shares of each of MVT and MVF have a long-term rating of Aa1 from Moody’s and AA from Fitch. The dividend rate on the MVT and MVF VMTP Shares is subject to a step-up spreadif the applicable Fund fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments,and complying with certain asset coverage and leverage requirements. The annualized dividend rate of the MVT and MVF VMTP Shares for the twelve-month period ended January 31, 2025 were as follows:

| Fund |     | Rate  |
| MVT  |     | 4.69% |
| MVF  |     | 4.69% |

MVT’s and MVF’s VMTP Shares are subject to certain restrictions on transfer, and the applicable Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to MVT’s and MVF’s VMTP Shares’ governing documents generally require the consent of the holders of VMTP Shares. 142

For each of MVT and MVF, its VMTP Shares rank prior its common shares as to
the payment of dividends by the applicable Fund