Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 10

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 10
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 (MVT, MIY 
 and                     
 MVF into MYI)           |
| 2.28% |     | 3.48% |     | 2.28% |     | 2.68%          |     | 2.56%         |     | 2.65%                   |

Each Fund’s Total Expenses include leverage expenses associated with such Fund’s VMTP Shares or VRDP Shares, as applicable. It is estimated that the completion of the Reorganization would result in a Total Expense Ratio (excluding leverage expenses)for the Combined Fund of 0.83% on a historical and pro formabasis for the 12 month-period ended January 31, 2025, representing a reduction in the Total Expense Ratios iv

(excluding leverage expense) for the common shareholders of MVT, MIY, MVF and the Acquiring Fund by 0.03%, 0.06%, 0.01% and 0.04%, respectively. It is estimated that the completion of all of the Reorganizations would result in a Total Expense Ratio (including leverage expenses)for the Combined Fund of 2.65% on a historical and pro formabasis for the 12 month-period ended January 31, 2025, representing a reduction in the Total Expense Ratio (including leverage expenses)for the common shareholders of MIY and the Acquiring Fund by 0.83% and 0.03%, respectively, and an increase in the Total Expense Ratio (including leverage expenses) for the common shareholders of MVF and MVT by 0.37% and 0.37%, respectively. Each of MVT, MIY, MVF and the Acquiring Fund currently pays the Investment Advisor a monthly fee at an annual contractual investment management fee rate of 0.50%, 0.49% , 0.50% and 0.50%, respectively, of its average daily net assets. For purposes of calculating these fees, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV. If the Reorganizations are consummated, the annual contractual investment management fee rate of the Acquiring Fund will be the annual contractual investment management