Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 43

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 43
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), Proposal 2(B) and Proposal 2(C) requires the affirmative vote of the holders of a majority of the
Acquiring Fund common shares and Acquiring Fund VRDP Shares entitled to be cast voting as a single class.

A “1940 Act
Majority” means the affirmative vote of either (i) 67% or more of the voting securities present at the Special Meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy or
(ii) more than 50% of the outstanding voting securities of the Fund, whichever is less.

In order for each Reorganization to occur,
each Fund must obtain all requisite shareholder approvals with respect to its Reorganization, as well as certain consents, confirmations and/or waivers from various third parties, including the liquidity providers with respect to the outstanding
Acquiring Fund and MIY VRDP Shares. Because the closing of each Reorganization with respect to MVT, MIY and MVF is contingent upon such Fund and the Acquiring Fund obtaining the requisite shareholder approvals and third-party consents and satisfying
(or obtaining the waiver of) other closing conditions for such Reorganization, it is possible that a Reorganization will not occur, even if shareholders of a Fund entitled to vote on such Reorganization approve the Reorganization and such Fund
satisfies all of its closing conditions, if the other Fund in the Reorganization does not obtain its requisite shareholder approvals or satisfy its closing conditions. Share, as applicable, immediately prior to the Closing Date, and then each Target
Fund will distribute such newly issued Acquiring Fund VRDP Shares to

Each Reorganization is not contingent upon the approval of any other
Reorganization. If 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.

The preferred shares of the Funds were issued on a private placement basis to one or a small number of institutional holders. Please see
“Information about the Preferred Shares of the Funds” for additional information. To the extent that one or more preferred shareholder of MVT, MIY, MVF or the Acquiring Fund owns, holds or controls, individually or in the aggregate, all
or a significant portion of such Fund’s outstanding preferred shares, the preferred shareholder approval required for the Reorganizations may turn on the exercise of voting rights by such particular preferred shareholder(s) and its (or their)
determination as to the favorability of