Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 118

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 118
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 whereas the dividend rates of the currently outstanding MVT and MVF VMTP Shares are based on a variable rate set weekly at a fixed
rate spread to the secured overnight financing rate. The term redemption date of the MVT and MVF VMTP Shares is July 2, 2026 while the term redemption date of VRDP Shares to be issued in each Reorganization is June 1, 2041.

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The Acquiring Fund may designate any succeeding subsequent rate period of
the VRDP Shares as a “special rate period” subject to the restrictions and requirements set forth in the governing instrument for its VRDP Shares. During a special rate period, the Acquiring Fund may choose to modify the terms of the
VRDP Shares as permitted by the governing instrument for its VRDP Shares, including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. See “Information About the Preferred Shares of
the Funds” for additional information about the preferred shares of each Fund.

None of the expenses of the
Reorganizations are expected to be borne by the VMTP Holders or the VRDP Holders, as applicable, of the Funds.

Following
the Reorganizations, the VMTP Holders or VRDP Holders of each Fund, as applicable, will be VRDP Holders of the larger Combined Fund that will have a larger asset base and more preferred shares outstanding than any Fund individually before the
Reorganizations. With respect to matters requiring all preferred shareholders to vote separately or common and preferred shareholders to vote together as a single class, following the Reorganizations, VRDP Holders of the Combined Fund may hold a
smaller percentage of the outstanding preferred shares of the Combined Fund as compared to their percentage holdings of outstanding preferred shares of their respective Fund prior to the Reorganizations.

Please see “Information about the Preferred Shares of the Funds” for additional information.

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THE FUNDS

The Funds are each formed as a Maryland corporation and are each a diversified,
closed-end management investment company registered under the 1940 Act. Each Fund’s principal place of business is located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and each Fund’s
telephone number is (800) 882-0052.

MVT was incorporated as a Maryland
corporation governed by the laws of the State of Maryland on February 3, 1993, and commenced operations on March 29, 1993.

MIY was incorporated as a Maryland corporation governed by the