Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 54

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 54
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 extent the post-Reorganization discount (or premium) of the Acquiring Fund common shares improves. 19

There can be no assurance that, after the Reorganizations, common shares of the Combined
Fund will trade at a narrower discount to NAV or wider premium to NAV than the common shares of any individual Fund prior to the Reorganizations. Upon consummation of the Reorganizations, the Combined Fund common shares may trade at a price that is
less than the current market price of Acquiring Fund common shares. In the Reorganizations, common shareholders of MVT, MIY and MVF will receive Acquiring Fund common shares 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.

If the Reorganization is approved by shareholders, effective upon the closing of the Reorganization, 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 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 1stand 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.

Tax Considerations

Each Reorganization is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. If a
Reorganization so qualifies, in general, common shareholders of MVT, MIY and MVF will recognize no gain or loss for U.S. federal income tax purposes upon the exchange of their common shares for Acquiring Fund Shares pursuant to their Reorganization
(except with respect to cash received in lieu of fractional common shares). Additionally, each of MVT, MIY and MVF will recognize no