Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 116

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 116
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352,000 and
$480,000, respectively, of which the Investment Advisor will bear approximately $0, $20,000, $0 and $0, respectively. The actual costs associated with the Reorganizations may be more or less than the estimated costs discussed herein. Each Board also
noted that the VMTP Holders or VRDP Holders, as applicable, are not expected to bear any of the costs of the Reorganizations, while the common shareholders of the Funds will indirectly bear the costs of the Reorganizations.

Neither the Funds nor the Investment Advisor will pay any direct expenses of shareholders arising out of or in connection with
the Reorganizations (e.g., expenses incurred by the shareholder as a result of attending the Special Meeting, voting on the Reorganizations or other action taken by the shareholder in connection with the Reorganizations). The actual costs
associated with the Reorganizations may be more or less than the estimated costs discussed herein.

60

Appraisal Rights

Under Maryland law, a shareholder of a corporation does not have any preemptive rights to subscribe to any additional issue of
stock unless expressly provided for in the corporation’s charter (which the charter of the Acquiring Fund, does not provide). Under Maryland law, stockholders are entitled to demand the fair value of their shares from the successor entity in
connection with a reorganization except where any exceptions apply, which exceptions include if any shares of the class or series are listed on a national securities exchange, such as the common shares of MYI, on the Record Date. No exception exists
for the MYI VRDP Shares and therefore the VRDP Holders of MYI are entitled to demand the fair value of their VRDP Shares from the Acquiring Fund.

Description of Common Shares to Be Issued by the Acquiring Fund

The terms of the Acquiring Fund common shares to be issued pursuant to the Reorganizations will be substantially identical to
the terms of the Acquiring Fund common shares that are currently outstanding. The Acquiring Fund common shares, when issued, will be fully paid and non-assessable, except as provided by the Acquiring
Fund’s charter, and have no preemptive, conversion or exchange rights or rights to cumulative voting.

Please see
“Information about the Common Shares of the Funds” for additional information about the Funds’ common shares.

Description of VRDP Shares to Be Issued by the Acquiring Fund

Assuming all of the Reorganizations are approved by
the requisite shareholders, upon the Closing Date of the Reorganizations, M