Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 264

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 264
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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |

| (c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may                                                                       
 result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |

| (d) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 
 4 and Note 10 of the Notes to Financial Statements for details.                                              |

155

The Financial Highlights table is intended to help you understand the Acquiring Fund’s financial performance for the
periods shown. Certain information reflects the financial results for a single common share of the Acquiring Fund. The total returns in the table represent the rate an investor would have earned or lost on an investment in the Acquiring Fund
(assuming reinvestment of all dividends and/or distributions, if applicable). The information for the six-month period ended January 31, 2025 is unaudited. The information for the remaining periods shown
has been audited by Deloitte & Touche LLP, MYI’s independent registered public accounting firm. Financial statements for the fiscal year ended July 31, 2024 and the Report of the Independent Registered Public Accounting Firm
thereon appear in MYI’s Annual Report for the fiscal year ended July 31, 2024 and financial statements for the six-month period ended January 31, 2025 appear in MYI’s most recent
Semi-Annual Report, which is available upon request.

Please see next page for Financial Highlights Table

156

The Acquiring Fund (MYI) Financial Highlights

|                                                                                          |     | MYI         
 Six Months  
 Ended       
 01/31/25    
 (unaudited) |         |      |     | Year Ended 
 07/31/24   |         |    |     | Year Ended 
 07/31/23   |         |      |     | Year Ended 
 07/31/22   |         |    |     | Year Ended 
 07/31/21   |           |    |     | Year Ended 
 07/31/20   |           |    |
|:-----------------------------------------------------------------------------------------|:----|:------------|--------:|:-----|:----|:-----------|--------:|:---|:----|:-----------|