Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 119

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 119
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 laws of the State of Maryland on June 30, 1992, and
commenced operations on October 30, 1992.

MVF was incorporated as a Maryland corporation governed by the laws of the
State of Maryland on July 6, 1988, and commenced operations on September 29, 1988.

The Acquiring Fund was
incorporated as a Maryland corporation governed by the laws of the State of Maryland on January 13, 1992, and commenced operations on April 13, 1992.

The Acquiring Fund common shares are listed on the NYSE as “MYI.” MVT’s common shares are listed on the NYSE
as “MVT.” MIY’s common shares are listed on the NYSE as “MIY.” MVF’s common shares are listed on the NYSE as “MVF.”

Each of the Acquiring Fund, MVT, MIY and MVF have a July 31 fiscal year end.

Each of MVT and MVF has VMTP Shares outstanding, and each of the Acquiring Fund and MIY has VRDP Shares outstanding. Each
Fund’s preferred shares are not listed on a national stock exchange and have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered, sold, assigned, transferred, pledged,
encumbered or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Please see “Information about the Preferred
Shares of the Funds” for additional information.

63

THE ACQUIRING FUND’S INVESTMENTS

Investment Objective and Policies

The Acquiring Fund’s investment objective is to provide shareholders with as high a level of current income exempt from
federal income taxes as is consistent with its investment policies and prudent investment management. The Acquiring Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Acquiring Fund’s net assets
including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and
their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable
in taxable income for