Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 58

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 58
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 a Reorganization is not consummated, the Fund for
which such Reorganization(s) was not consummated would continue to exist and operate on a standalone basis.

19

Under a Reorganization Agreement, the Board of any Fund that is a party to the Reorganization Agreement may cause the related Reorganization
to be postponed or abandoned under certain circumstances should such Board determine that it is in the best interests of the shareholders of its respective Fund to do so. A Reorganization Agreement may be terminated, and the related Reorganization
abandoned at any time (whether before or after adoption thereof by the shareholders of either of the Funds involved in the Reorganization) prior to the Closing Date, or the Closing Date may be postponed: (i) by mutual consent of the Boards of
such Funds and (ii) by the Board of either such Fund if any condition to that Fund’s obligations set forth in the Reorganization Agreement has not been fulfilled or waived by such Board.

The Acquiring Fund
will issue to MVT, MIY and MVF VRDP Holders or VMTP Holders, as applicable, book-entry interests for the newly issued Acquiring Fund VRDP Shares registered in the name of each of MVT, MIY and MVF and then each of MVT, MIY, and MVF will distribute
such newly issued Acquiring Fund VRDP Shares to each holder of MVT, MIY and MVF VRDP Shares or VMTP Shares, as applicable, pro rata. Each Fund’s VRDP Shares or VMTP Shares, as applicable, were or will be issued in book-entry form as global
securities, and such global securities were deposited with, or on behalf of, The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., the nominee of DTC. Beneficial interests in the global securities are held
only through DTC and any of its participants.

The Acquiring Fund will issue to MVT, MIY and MVF common shareholders book-entry interests
and cash in lieu of fractional common shares, if applicable, for the Acquiring Fund common shares registered in the name of such shareholders on the basis of each shareholder’s proportionate interest in the aggregate net asset value of MVT, MIY
and MVF common shares, respectively.

Each Fund will bear expenses incurred in connection with its Reorganization(s). The expenses incurred in connection with the Reorganizations
include but are not limited to, costs related to the preparation and distribution of materials