Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 69

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 69
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 the affairs of the Acquiring Fund. The Reorganizations will not result in any changes to the terms of the Acquiring
Fund’s VRPD Shares currently outstanding.

The newly issued Acquiring Fund VRDP Shares will have terms that are substantially similar to the terms
of the outstanding MIY VRDP Shares, except that the dividend rate of the newly issued Acquiring Fund VRDP Shares will be set weekly by the remarketing agent for the Acquiring Fund VRDP Shares, whereas the dividend rates of the currently outstanding
MIY VRDP Shares are based on a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index. In addition, the MIY VRDP Shares have a mandatory redemption date of May 1, 2041,
while the newly issued Acquiring Fund VRDP Shares are expected to have a mandatory redemption date of June 1, 2041. A Fund may designate any succeeding subsequent rate period of the VRDP Shares as a “special rate period” subject to
the restrictions and requirements set forth in the governing instrument for such Fund’s VRDP Shares. During a special rate period, a Fund may choose to modify the terms of the VRDP Shares as permitted by the governing instrument for such
Fund’s VRDP Shares, including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. The Reorganizations will not result in any changes to the terms of the Acquiring Fund’s VRDP
Shares currently 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. As a
result of the Reorganization, the Acquiring Fund’s Articles Supplementary will be amended to authorize 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. A form of such amendment is attached as .

30

Set forth below is information about each Fund’s outstanding preferred shares as of July 31, 2025.

| Fund                 |     | Title of 
 Class    |     |     Amount