Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 351

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 351
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 Reorganization. The value of each
Fund’s net assets will be calculated net of the liquidation preference (including accumulated and unpaid dividends) of all outstanding VMTP Shares or VRDP Shares, as applicable, of such Fund.

On the Closing Date of the Reorganizations, MVT, MIY and MVF VMTP Holders or VRDP Holders, as applicable, will receive on a one-for-one basis one newly issued Acquiring Fund VRDP Share, par value $0.10 per share and with a liquidation preference of $100,000 per share (plus any accumulated and
unpaid dividends that have accrued on the MVT, MIY or MVF VMTP Shares or VRDP Shares, as applicable, up to and including the day immediately preceding the Closing Date of the Reorganizations if such dividends have not been paid prior to the Closing
Date), in exchange for each MVT, MIY or MVF VMTP Share or VRDP Share held by the MVT, MIY or MVF VMTP Holders or VRDP Holders, as applicable, immediately prior to the Closing Date. The newly issued Acquiring Fund VRDP Shares are expected to be of a
substantially identical series as those of the Acquiring Fund’s outstanding VRDP Shares. No fractional Acquiring Fund VRDP Shares will be issued. The terms of the Acquiring Fund VRDP Shares to be issued in connection with the Reorganizations
will be

substantially identical to the terms of the Acquiring Fund’s outstanding VRDP Shares and will rank on parity with the Acquiring Fund’s outstanding VRDP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Acquiring Fund. The newly issued Acquiring Fund VRDP Shares term redemption date is June 1, 2041. The Reorganizations will not result in any
changes to the terms of the Acquiring Fund’s VRDP Shares currently outstanding. The Reorganizations will not result in any changes to the terms of the Acquiring Fund’s VRDP Shares currently outstanding.

A copy of a form of the Agreement and Plan of Reorganization that will be entered into between each of MVT, MIY and MVF with the Acquiring
Fund is attached as to the Joint Proxy Statement/Prospectus. Unless otherwise defined herein, capitalized terms have the meanings given to them in the Joint Proxy Statement/Prospectus.

This Statement of Additional Information is not a prospectus and should