Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 65

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 65
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quiring Fund Shares.

The Acquiring Fund will continue to operate after the Reorganization as a registered, diversified,
closed-end management investment company with the investment objective, investment strategies, investment policies and investment restrictions described in this Proxy Statement. As a result of the
Reorganizations, however, a shareholder of each Fund may hold a reduced percentage of ownership in the larger Combined Fund than such shareholder did in any of the individual Funds before the Reorganization.

If the Issuance with respect to the Reorganization is not approved, the Investment Advisor may, in connection with the ongoing management of
that Fund and its product line, recommend alternative proposals to the Board of that Fund.

The Board of the Acquiring Fund recommends
that the Acquiring Fund VRDP Holders vote “FOR” each Issuance at the Special Meeting.

The affirmative vote of the holders of
a majority of the votes entitled to be cast by holders of the Acquiring Fund common shares and Acquiring Fund VRDP Shares present at the Special Meeting or represented by proxy, voting together as a single class, is required to approve each Issuance
under Proposal 2(A), Proposal 2(B) and Proposal 2(C). For additional information regarding voting requirements, see “Voting Information and Requirements.”

Subject to the requisite approval of the shareholders of each Fund with respect to the respective Reorganization, as well as certain consents,
confirmations and/or waivers from various third parties, including the liquidity provider with respect to the outstanding VRDP Shares, it is expected that the Closing Date of the Reorganization will be sometime during the fourth quarter of 2025, but
it may be at a different time as described herein.

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INFORMATION ABOUT THE PREFERRED SHARES OF THE FUNDS

MVT’s charter authorizes the issuance of 199,990,823 shares of common stock, par value $0.10 per share (the “MVT Common
Shares”) and 2,700 shares of Auction Market Preferred Stock, par value $0.05, with a liquidation preference of $25,000, plus an amount equal to all accumulated but unpaid dividends (whether or not earned or declared) (the “MVT AMPS Non-Series Shares”), 900 shares of Auction Market Preferred Stock, Series A, par value $0.05, with a liquidation preference of $25,000, plus an amount equal to all accumulated but unpaid dividends (whether or
not earned or declared) (the “MVT AMPS Series A Shares”),