Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 225

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 225
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 total assets, BIM, as managing
member of the private investment company, is permitted at any time, if it determines it to be in the best interests of the private investment company, to impose a liquidity fee of up to 2% of the value of units withdrawn or impose a

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redemption gate that temporarily suspends the right of withdrawal out of the private investment company. In addition, if the private investment company’s weekly liquid assets fall below 10%
of its total assets at the end of any business day, the private investment company will impose a liquidity fee in the default amount of 1% of the amount withdrawn, generally effective as of the next business day, unless BIM determines that a higher
(not to exceed 2%) or lower fee level or not imposing a liquidity fee is in the best interests of the private investment company. The shares of the private investment company purchased by MVF would be subject to any such liquidity fee or redemption
gate imposed.

Under the securities lending program, MVF is categorized into a specific asset class. The determination of
MVF’s asset class category (fixed income, domestic equity, international equity, or fund of funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to between MVF and BIM.

Pursuant to the current securities lending agreement: (i) if MVF were to engage in securities lending, MVF retains 82% of
securities lending income (which excludes collateral investment expenses), and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the
BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, MVF, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income as follows: (i) if MVF
were to engage in securities lending, 85% of securities lending income (which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment expenses.

Leverage

MVF
currently leverages its assets through the use of VMTP Shares and investments in TOB Residuals. MVF currently does not intend to borrow money or issue debt securities. MVF is permitted to borrow money (including by investing in TOB Residuals) or