Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 22

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 22
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 |       |   |     | Pro forma     
 Combined Fund 
 (MVT, MIY and 
 MVF into MYI) |       |   |
| Asset Coverage Ratio         |     |     | 396.2 | % |     |     | 246.5 | % |     |     | 364.5 | % |     |                | 309.9 | % |     |           | 325.3 | % |     |               | 310.4 | % |
| Regulatory Leverage Ratio(1) |     |     |  25.2 | % |     |     |  40.6 | % |     |     |  27.4 | % |     |                |  32.3 | % |     |           |  30.7 | % |     |               |  32.2 | % |
| Effective Leverage Ratio(2)  |     |     |  40.9 | % |     |     |  40.7 | % |     |     |  41.3 | % |     |                |  41.6 | % |     |           |  41.5 | % |     |               |  41.3 | % |

| (1) | Regulatory leverage consists of preferred shares issued by the Fund, which is a part of the Fund’s                                                        
 capital structure. Regulatory leverage is sometimes referred to as “1940 Act Leverage” and is subject to asset coverage limits set forth in the 1940 Act. |

| (2) | Effective leverage is a Fund’s effective economic leverage and includes both regulatory leverage and                                                                                                                                
 the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of TOB inverse floater holdings, in addition to any regulatory leverage, are included in effective leverage ratios. |

| Q: | How will the Reorganizations be effected? |

| A: | Assuming a Reorganization receives the requisite shareholder approvals, as well as certain consents,                                                                                                                  
 confirmations and/or waivers from various third parties, including the liquidity providers with respect to the outstanding MIY and Acquiring Fund VRDP Shares, the Acquiring Fund will acquire substantially all of a |

xi

| Target Fund’s assets and assume substantially all of such Target Fund’s liabilities in exchange solely for newly issued common shares and VRDP Shares of the Acquiring Fund, which will                                                                  
 be distributed to the shareholders of