Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 20

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 20
---
IG-1 through MIG-3 for Moody’s and F-1+ through F-3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, 
 Prime-1 through Prime-3 for Moody’s and F-1+ through F-3 for Fitch.                                                                                                                                                                                                                                                      
 MYI may invest up to 20% of its managed assets in                                                                                                                                                                                                                                                                        
 securities that are rated below investment grade, or are considered by the MYI’s investment adviser to be of comparable quality, at the time of purchase.                                                                                                                                                                |

Bond Maturity: Below is a comparison of each Fund’s policy with respect to bond maturity.

| MVT                                                                                                                  |     | MIY                                                                                                                  |     | MVF                                                                                                                  |     | Acquiring Fund (MYI)                                                                                                 |
| The average maturity of MVT’s portfolio securities varies from time to time based upon an assessment of economic and 
 market conditions by the Investment Advisor. MVT’s portfolio at any given time may include long-term, intermediate-  |     | The average maturity of MIY’s portfolio securities varies from time to time based upon an assessment of economic and 
 market conditions by the Investment Advisor. MIY’s portfolio at any given                                            |     | The average maturity of MVF’s portfolio securities varies from time to time based upon an assessment of economic and 
 market conditions by the Investment Advisor. MVF’s portfolio at any given                                            |     | The average maturity of MYI’s portfolio securities varies from time to time based upon an assessment of economic and 
 market conditions by the Investment Advisor. MYI’s portfolio at any given                                            |

x

| MVT                                  |     | MIY                                                                                |     | MVF                                                                                |     | Acquiring Fund (MYI)                                                   |
| term and short-term municipal bonds. |     | time may include both long-term, intermediate-term and short-term municipal bonds. |     | time may include both long-term, intermediate-term and short-term municipal bonds. |     | time may include both long-term and intermediate-term municipal bonds. |

Leverage: Each Fund utilizes leverage through the issuance of either VMTP Shares or VRDP Shares and residual interest municipal tender option bonds (“TOBs”). See “The Acquiring Fund’s Investments—Leverage;” “General Risks of Investing in the Acquiring Fund—Leverage Risk;” and “General Risks of Investing in the Acquiring