Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 9

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 9
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 Waiver Agreement may be terminated at any time, without the payment of any penalty, only by each Fund (upon the vote of a majority of the Independent Board Members or a majority of the outstanding voting securities of each Fund), upon 90 days’ written notice by each Fund to the Investment Advisor. With respect to the Acquiring Fund, effective May 1, 2024, the Investment Advisor voluntarily agreed to waive a portion of its investment advisory fee attributable to each Fund’s outstanding preferred shares for each month in which the monthly dividend on the Fund’s preferred shares exceeds the calculated value of the Fund’s gross monthly income attributable to investments from the proceeds of the preferred shares (determined by multiplying the Fund’s gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares to (ii) total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by tender option bond (“TOB”) trusts and the liquidation preference of any outstanding preferred shares) (the “Voluntary Waiver”). The Voluntary Waiver may be reduced or discontinued at any time without notice. In addition, each Fund received its pro rata portion of a one-timeaggregate $2 million voluntary advisory fee waiver. For the 12-monthperiod ended January 31, 2025, for MVT, MIY, MVF, the Acquiring Fund and the Combined Fund, the historical and pro formaTotal Expense Ratios (without giving effect to the Voluntary Waiver)applicable to the Reorganizations are as follows: Total Expense Ratios Excluding Leverage Expenses

| MVT   |     | MIY   |     | MVF   |     | Acquiring Fund 
 (MYI)          |     | Pro forma     
 Combined Fund 
 (MVT          
 into          
 MYI)          |     | Pro forma               
 Combined Fund (MVT, MIY 
 and                     
 MVF into MYI)           |
| 0.86% |     | 0.89% |     | 0.84% |     | 0.87%          |     | 0.84%         |     | 0.83%                   |

Total Expense Ratios Including Leverage Expenses

| MVT   |     | MIY   |     | MVF   |     | Acquiring Fund 
 (MYI)          |     | Pro forma     
 Combined Fund 
 (MVT          
 into          
 MYI)          |     | Pro forma               
 Combined Fund