Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 110

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 110
---
 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 [26,364] Series W-7A VRDP Shares and [3,564] Series W-7 VRDP Shares outstanding.
In connection with the Reorganizations, the Acquiring Fund expects to issue 777 additional VRDP Shares to MVT VRDP Holders, 2,319 additional VRDP Shares to MIY VRDP Holders and 1,536 additional VRDP Shares to MVF VRDP 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, MIY and MVF VRDP each will receive newly issued Acquiring Fund VRDP Shares, par value $0.10 per share and with a liquidation
preference of $100,000 per share (plus an amount equal to any accumulated and unpaid dividends that have accrued on the MVT, MIY, MVF VRDP Shares or VMTP Shares, as applicable, up to and including the day immediately preceding the Closing Date if
such dividends have not been paid prior to the Closing Date), in an amount equal to the number of issued and outstanding MVT, MIY and MVF VRDP Shares or VMTP Shares, applicable, immediately prior to the Closing Date, and then each MVT, MIY or MVF
will distribute such newly issued Acquiring Fund VRDP Shares to the MVT, MIY, or MVF VRDP Holders or VMTP Holders, as applicable, pro rata. The newly issued Acquiring Fund VRDP Shares are expected to be of a substantially identical series as those
of the Acquiring Fund’s outstanding VRDP Shares. No fractional Acquiring Fund VRDP Shares will be issued. The terms of the Acquiring Fund VRDP Shares to be issued in connection with the Reorganizations will be substantially identical to the
terms of the Acquiring Fund’s outstanding VRDP Shares and will rank on parity with the Acquiring