Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 11

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 11
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 fee rate of the Combined Fund, which will be 0.50% of the average daily value of net assets of the Combined Fund. The Combined Fund will have the same annual contractual investment management fee rate as MVT, MVF and the Acquiring Fund. The Combined Fund will have higher annual contractual investment management fee rate than MIY. Please see “Expense Table For Common Shareholders” in the Joint Proxy Statement/Prospectus for additional information. Based on a pro formaBroadridge peer expense universe for the Combined Fund, the estimated total annual fund expense ratio (excluding leverage expenses) is expected to be in the first quartile and contractual investment management fee rate and actual investment management fee rate over total assets are each expected to be in the first quartile. Each fund in the Broadridge peer expense universe is placed in one of four quartiles for each relevant comparison, with the first quartile including funds with the lowest relative expenses and the fourth quartile including funds with the highest relative expenses. The level of expense savings (or increases) will vary depending on the combination of the Funds in the Reorganizations, and furthermore, there can be no assurance that future expenses will not increase or that any expense savings for any Fund will be realized as a result of any Reorganization.

| Q: | How will the Reorganizations affect the earnings, distributions and undistributed net income of the 
 Funds?                                                                                              |

| A: | The Combined Fund’s net earnings yield on NAV for common shareholders following the Reorganizations is                                                                                                                                       
 expected to be potentially higher than MVT’s and MIY’s current net earnings yield on NAV and potentially lower than MVF’s and MYI’s current net earnings yield on NAV. The distribution level of any fund is subject to change               
 based upon a number of factors, including the current and projected level of the fund’s earnings, and may fluctuate over time; thus, subject to a number of other factors, including the fund’s distribution policy, a higher net earnings   
 profile may potentially have a positive impact on such fund’s distribution level over time. The Combined Fund’s earnings and distribution rate on NAV will change over time, and depending on market conditions, may be higher or lower than 
 each Fund’s earnings and distribution rate on NAV prior to the Reorganization. A Fund’s earnings and net investment income are variables which depend on many factors, including its asset mix, portfolio turnover level, the amount of      
 leverage utilized by the Fund, the costs of such leverage, the performance of its investments, the movement