Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 19

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 19
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, plus the amount of any borrowings for                        
 investment purposes, in “investment grade” securities, which are obligations rated at the time of purchase within the four highest-quality ratings |     | MVF may invest up to 20% of its total assets in securities that are rated below investment grade at the time of purchase, 
 or deemed equivalent.                                                                                                     |     | Under normal market conditions, MYI expects to invest primarily in a portfolio of long-term Municipal Bonds that are                       
 commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the four highest-quality |

ix

| MVT                                                                                                                                                                        |     | MIY                                                                                                                                                                                                                                                                                                                                                                                          |     | MVF |     | Acquiring Fund (MYI)                                                                                                                                                                                                                                                                                                     |
| Aa, A and Baa), S&P (currently AAA, AA, A and BBB) or Fitch (currently AAA, AA, A and BBB).                                                                                
 MVT may also invest up to 25% of its total assets in                                                                                                                       
 Municipal Bonds that are rated below Baa by Moody’s or below BBB by S&P or Fitch or, if unrated, are considered by the Manager to possess similar credit characteristics., |     | as determined by either Moody’s (currently Aaa, Aa, A and Baa), S&P (currently AAA, AA, A and BBB) or Fitch                                                                                                                                                                                                                                                                                  
 (currently AAA, AA, A and BBB). In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG-1 through MIG-3 for Moody’s and F-1+ through F-3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody’s and F-1+ through F-3 for Fitch. 
 MIY also may invest in securities that are rated, at the                                                                                                                                                                                                                                                                                                                                     
 time of investment, below investment grade quality.                                                                                                                                                                                                                                                                                                                                          |     |     |     | ratings as determined by either Moody’s (currently Aaa, Aa, A and Baa), S&P (currently AAA, AA, A and BBB) or Fitch                                                                                                                                                                                                      
 (currently AAA, AA, A and BBB). In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, M