Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 247

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 247
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 MVF into MYI) |
| 0.86% |     | 0.89% |     | 0.84% |     | 0.87%          |     | 0.84%                   |     | 0.83%                       |

The following example is intended to help you compare the costs of investing in the common shares of the Combined Fund pro formaif (i) only the MVT Reorganization is completed (and (ii) all of the Reorganizations are completed with the costs of investing in MVT, MIY, MVF and the Acquiring Fund without the Reorganizations. An investor in common shares would pay the following expenses on a $1,000 investment, assuming (1) the “Total Annual Fund Operating Expenses” for each Fund set forth in the total expenses table above and (2) a 5% annual return throughout the period:

|                                                     |     | 1 Year |     | 3 Years |     | 5 Years |     | 10 Years |
| MVT                                                 |     |    $23 |     |     $71 |     |    $122 |     |     $262 |
| MIY                                                 |     |    $35 |     |    $107 |     |    $181 |     |     $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 |

140

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