Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 251

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 251
---
 (5) | The total expense table includes interest expense associated with the Funds’ investments in TOBs (also                                                                                                                                     
 known as “inverse floaters”). Although such interest expense is actually paid by special purpose vehicles in which the Funds invest, they are recorded on the Funds’ financial statements for accounting purposes. The total expense table 
 also includes, in interest expense, dividends associated with the VMTP Shares and VRDP Shares, as applicable, because the VMTP Shares and VRDP Shares, as applicable, are considered debt of the Funds for financial reporting purposes.   |

Each Fund uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of preferred shares and investment in TOBs. Both forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by a Fund when it invests the proceeds from the leverage. In order to help you better understand the costs associated with the Funds’ leverage strategy, the Total Annual Fund Operating Expenses (excluding interest expense)for the Funds are presented below:

| MVT     |     | MIY     |     | MVF     |     | Acquiring Fund 
 (MYI)          |     | Pro forma Combined Fund 
 (MVT into MYI)          |     | Pro forma Combined Fund     
 (MVT, MIY and MVF into MYI) |
| [0.86%] |     | [0.89%] |     | [0.84%] |     | [0.87%]        |     | [0.84%]                 |     | [0.83%]                     |

The following example is intended to help you compare the costs of investing in the common shares of the Combined Fund pro formaif (i) only the MVT Reorganization is completed (and (ii) all of the Reorganizations are completed with the costs of investing in MVT, MIY, MVF and the Acquiring Fund without the Reorganizations. An investor in common shares would pay the following expenses on a $1,000 investment, assuming (1) the “Total Annual Fund Operating Expenses” for each Fund set forth in the total expenses table above and (2) a 5% annual return throughout the period:

|     |     | 1 Year |     | 3 Years |     | 5 Years |     | 10 Years |
| MVT |     |    $23 |     |     $71 |     |    $122 |     |