Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 46

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 46
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 $376 |
| MVF                                                 |     |    $23 |     |     $71 |     |    $122 |     |     $262 |
| Acquiring Fund (MYI)                                |     |    $27 |     |     $83 |     |    $142 |     |     $302 |
| Pro forma Combined Fund (MVT into MYI)              |     |    $26 |     |     $80 |     |    $136 |     |     $290 |
| Pro forma Combined Fund (MVT, MIY and MVF into MYI) |     |    $27 |     |     $82 |     |    $141 |     |     $298 |

The examples set forth above assume common shares of each Fund were owned as of the completion of the Reorganizations and the reinvestment of all dividends and distributions and uses a 5% annual rate of return as mandated by SEC regulations. The examples should not be considered a representation of past or future expenses or annual rates of return. Actual expenses or annual rates of return may be more or less than those assumed for purposes of the examples. The expenses of the Reorganizations of MVT, MIY, MVF and the Acquiring Fund are estimated to be approximately $274,000, $397,000, $352,000 and $480,000, respectively, of which the Investment Advisor will bear approximately $0, $20,000, $0 and $0, respectively. VMTP Holders and VRDP Holders, as applicable, are not expected to bear any costs of the Reorganizations. 19

RISK FACTORS AND SPECIAL CONSIDERATIONS

Comparison of Risks

The Combined Fund will be managed in accordance with the same investment objective and investment strategies and policies, and
subject to the same risks, as the Acquiring Fund. The Funds have similar investment objectives and similar investment strategies, policies and restrictions and are subject to similar investment risks.

Each Fund utilizes leverage through the issuance of either VMTP Shares or VRDP Shares and TOBs. See “The Acquiring
Fund’s Investments—Leverage;” “General Risks of Investing in the Acquiring Fund—Leverage Risk;” and “General Risks of Investing in the Acquiring Fund—Tender Option Bond Risk.” Each of the
Acquiring Fund and MIY currently leverages its assets through the use of VRDP Share and TOBs. Each of MVT and MVF currently leverages its