Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 13

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 13
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 a premium or discount? |

| 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 |     | -6.64%                    |
| Acquiring Fund (MYI) |     |       $10.38 |     | $11.25 |     | -7.73%                    |

To the extent MVT’s, MIY’s or MVF’s common shares are trading at a wider discount (or a narrower premium) than the Acquiring Fund at the time of its Reorganization, MVT’s, MIY’s or MVF’s common shareholders would have the potential for an economic benefit by the narrowing of the discount or widening of the premium. To the extent MVT’s, MIY’s or MVF’s common shares are trading at a narrower discount (or wider premium) than the Acquiring Fund at the time of its Reorganization, MVT’s, MIY’s or MVF’s common shareholders may be negatively impacted if its Reorganization is consummated. Acquiring Fund common shareholders would only benefit from a premium/discount perspective to the extent the post-Reorganization discount (or premium) of the Acquiring Fund common shares improves. There can be no assurance that, after the Reorganizations, common shares of the Combined Fund will trade at a narrower discount to NAV or wider premium to NAV than the common shares of any individual Fund prior to the Reorganizations. Upon consummation of the Reorganizations, the Combined Fund common shares may trade at a price that is less than the current market price of Acquiring Fund common shares. In the Reorganizations, common shareholders of MVT, MIY and MVF will receive Acquiring Fund common shares based on the relative NAVs (not the market values) of the respective Fund’s common shares. The vi

market value of the common shares of the Combined Fund may be less than the market value of the common shares of each respective Fund prior to the Reorganizations. If the Reorganization is approved by shareholders, effective upon the closing of the Reorganization, the Combined Fund will adopt a discount management program under which the Combined