Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 108

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 108
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 based on the relative NAVs (not the market values) of the respective Fund’s common shares. The market value of the common shares of the Combined Fund may be less than the market value of the common shares of each respective Fund prior to the Reorganizations. The Board noted that effective upon Closing, the Combined Fund will adopt a discount management program under which the Combined Fund will, beginning in 2026, intend to offer to purchase a minimum of 5% of its outstanding 48

common shares, subject to the Board’s discretion, at a price equal to 98% of NAV per common share via annual tender offer if the Combined Fund’s common shares trade at an average
daily discount to NAV of more than 10.00% during a measurement period beginning on January 1st and concluding on September 30th of each calendar year (the “Discount Management Program”). Even if a tender offer is triggered under the
Discount Management Program, there is no guarantee that Combined Fund shareholders will be able to sell all of the shares that they desire to sell in any particular tender offer and there can be no assurances as to the effect that the Discount
Management Program will have on the market for the Combined Fund’s shares or the discount at which the Combined Fund’s shares may trade relative to its NAV.

Potential Effects of the Reorganizations on the Preferred Shares. The Board noted that each Fund has preferred shares outstanding. As
of July 31, 2025, MVT had 777 Series W-7 VMTP Shares outstanding, MIY had 2,319 Series W-7 VRDP Shares outstanding, MVF had 1,536 Series W-7 VMTP Shares outstanding and the Acquiring Fund had 3,564 Series W-7 VRDP Shares and the Combined Fund had 8,196 Series W-7 VRDP
Shares outstanding. In connection with the Reorganizations, the Acquiring Fund expects to issue 777 additional VRDP Shares to MVT (for issuance to MVT VMTP Holders), 2,319 additional VRDP Shares to MIY (for issuance to MIY VRDP Holders), and 1,536
additional VRDP Shares to MVF (for issuance of MVF VMTP Holders). Following the completion of the Reorganizations, the Combined Fund is expected to have 8,196 VRDP Shares outstanding.

The Board noted that, assuming all of the Reorganizations are approved by the requisite shareholders, upon the Closing Date of the
Reorganizations, MVT,