Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 49

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 49
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 Combined Fund and paid to shareholders entitled to any such distributions. No such distributions are expected to be paid by the Combined Fund until at least approximately one month following the Closing Date. Additionally, the Acquiring Fund, in order to seek to provide its common shareholders with distribution rate stability, may include in its Pre-ReorganizationDeclared UNII Distribution amounts in excess of its undistributed net investment income and net investment income accrued through the Closing Date. This would result in the Acquiring Fund issuing incrementally more common shares in the Reorganizations since its NAV as of the Valuation Time would be lower relative to a scenario where such excess amounts were not included in the Acquiring Fund’s Pre-ReorganizationDeclared UNII Distribution. To the extent any Pre-ReorganizationDeclared UNII Distribution is not an “exempt interest dividend” (as defined in the Code), the distribution may be taxable to shareholders for U.S. federal income tax purposes. Premium/Discount to NAV As with any capital stock, the price of each Fund’s common shares will fluctuate based on market conditions and other factors. If common shares are sold, the price received may be more or less than the original investment. Each Fund’s common shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-endmanagement investment companies frequently trade at a discount from their NAV. This risk may be greater for investors who sell their common shares in a relatively short period of time after the completion of the Reorganizations. The common shares of each Fund have historically traded at both a premium and a discount. The table below sets forth the market price, NAV, and the premium/discount to NAV of each Fund as of July 31, 2025.

| Fund                 |     | Market Price |       |     | NAV |       |     | Premium/(Discount) to 
 NAV                   |       |   |
|:---------------------|:----|:-------------|------:|:----|:----|------:|:----|:----------------------|------:|:--|
| MVT                  |     | $            | 10.07 |     | $   | 11.03 |     |                       | -8.70 | % |
| MIY                  |     | $            | 10.91 |     | $   | 11.73 |     |                       | -6.99 | % |
| MVF                  |     | $            |  6.61 |     | $   |  7.08 |