Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 38

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 38
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 laws, and unless so registered under the Securities Act, may not be offered, sold, assigned, transferred,
pledged, encumbered or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the VRDP Shares to be
issued in the Reorganization are expected to be issued only to holders of VRDP Shares of the Target Fund that are “qualified institutional buyers” (as defined in Rule 144A under

v

the Securities Act) in accordance with the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act and are subject to restrictions on transfer. This Joint Proxy Statement/Prospectus serves as a prospectus of the Acquiring Fund in connection with each Issuance. No person has been authorized to give any information or make any representation not contained in this Joint Proxy Statement/Prospectus and, if so given or made, such information or representation must not be relied upon as having been authorized. This Joint Proxy Statement/Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which, or to any person to whom, it is unlawful to make such offer or solicitation. TABLE OF CONTENTS

|                                                                        |     | Page |    |
| SUMMARY                                                                |     |      |  1 |
| PROPOSAL 1 – INFORMATION ABOUT THE REORGANIZATIONS                     |     |      | 10 |
| Description of the Reorganizations                                     |     |      | 10 |
| The Board’s Recommendation                                             |     |      | 11 |
| REASONS FOR THE REORGANIZATIONS                                        |     |      | 12 |
| TERMS OF THE REORGANIZATION AGREEMENTS                                 |     |      | 19 |
| APPRAISAL RIGHTS                                                       |     |      | 21 |
| U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONS            |     |      | 22 |
| PROPOSAL 2 – ISSUANCE OF ACQUIRING FUND COMMON SHARES                  |     |      | 25 |
| INFORMATION ABOUT THE PREFERRED SHARES OF THE FUNDS                    |     |      | 26 |
| Description of the VRDP Shares of the Acquiring Fund and MIY           |     |      | 29 |
| Description of the VMTP Shares of M