Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 347

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 347
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 effected, later changes in percentage resulting from changing values will not be considered a violation. B-4

MVF

The following are fundamental investment restrictions of the Fund and may not be changed without the approval of the holders of
a majority of the Fund’s outstanding Common Shares and outstanding Preferred Shares, voting together as a single class, and a majority of the outstanding Preferred Shares, voting as a separate class (which for this purpose and under the 1940
Act means the lesser of (i) 67% of the shares of each class of capital stock represented at a meeting at which more than 50% of the outstanding shares of each class of capital stock are represented or (ii) more than 50% of the outstanding
shares of each class of capital stock). The Fund may not:

1. Make investments for the purpose of exercising control or
management.

2. Purchase securities of other investment companies, except (i) in connection with a merger,
consolidation, acquisition or reorganization, (ii) by purchase of shares of tax-exempt money market funds advised by the Investment Advisor or its affiliates (as defined in the 1940 Act) to the extent
permitted by an exemptive order issued to the Fund by the Securities and Exchange Commission, or (iii) by purchase in the open market of securities of closed-end investment companies and only if
immediately thereafter not more than 10% of the Fund’s total assets would be invested in such securities.

3.
Purchase or sell real estate, real estate limited partnerships, commodities or commodity contracts; provided that the Fund may invest in securities secured by real estate or interests therein or issued by companies that invest in real estate or
interests therein and the Fund may purchase and sell financial futures contracts and options thereon.

4. Issue senior
securities other than preferred stock or borrow in excess of 5% of its total assets taken at market value; provided, however, that the Fund is authorized to borrow money in excess of 5% of the value of its total assets for the purpose of
repurchasing shares of common stock or redeeming shares of preferred stock.

5. Underwrite securities of other issuers
except insofar as the Fund may be deemed an underwriter under the Securities Act in selling portfolio securities.

6. Make
loans to other persons, except that the Fund may purchase MVF Municipal Bonds and other debt securities in accordance with its investment objective, policies and limitations.

7. Purchase any securities on margin, except that