Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 288

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 288
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5. |

171

| (2) | Reflects non-recurring aggregate estimated Reorganization expenses of                                                                                                                                                                             
 $857,000, of which $377,000 was attributable to MIY, and $480,000 was attributable to the Acquiring Fund. The actual costs associated with the Reorganizations may be more or less than the estimated costs discussed herein. These costs will be 
 amortized over the life of the VRDP Shares by the Combined Fund.                                                                                                                                                                                  |

| (3) | Reflects adjustments due to differences in per common share NAV. |

Capitalization of MVF and MYI as of July 31, 2025 and pro forma capitalization of the Combined Fund assuming only the MVF Reorganization is consummated (unaudited)

| Net Assets Attributable to:                |     | MVF |             |     | Acquiring Fund 
 (MYI)          |             |     | Adjustments |             |   |     | Pro forma      
 Combined Fund  
 (MVF into MYI) |               |
|:-------------------------------------------|:----|:----|------------:|:----|:---------------|------------:|:----|:------------|:------------|:--|:----|:---------------|--------------:|
| Common Shares(1)                           |     | $   | 406,196,699 |     | $              | 748,024,838 |     | $           | (832,000    | ) |     | $              | 1,153,389,536 |
| VMTP/VRDP Shares                           |     | $   | 153,600,000 |     | $              | 356,400,000 |     | $           | —           |   |     | $              |   510,000,000 |
| Shares Outstanding                         |     |     |             |     |                |             |     |             |             |   |     |                |               |
| Common Shares                              |     |     |  57,335,699 |     | $              |  66,467,251 |     | $           | (21,250,387 | ) |     | $              |   102,552,563 |
| VMTP/VRDP Shares                           |     |     |       1,536 |     |                |       3,564 |     |             | —           |   |     |                |         5,100 |
| NAV