Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 120

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 120
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 identical to the terms of the Acquiring Fund’s outstanding VRDP Shares and will rank on parity with the Acquiring Fund’s outstanding VRDP Shares as to
the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of 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.

The dividend
rate of the newly issued Acquiring Fund VRDP Shares will be set weekly by the remarketing agent for such VRDP Shares, whereas the dividend rates of the currently outstanding MVT and MVF VMTP Shares are based on a variable rate set weekly at a fixed
rate spread to the secured overnight financing rate. The term redemption date of the MVT and MVF VMTP Shares is July 2, 2026 while the term redemption date of VRDP Shares to be issued in each Reorganization is June 1, 2041.

The Acquiring 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 its VRDP Shares. During a special rate period, the Acquiring Fund may choose to modify the terms of the VRDP Shares as permitted by the governing instrument for its VRDP
Shares, including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. See “Information About the Preferred Shares of the Funds” for additional information about the preferred
shares of each Fund.

None of the expenses of the Reorganizations are expected to be borne by the VMTP Holders or the VRDP Holders, as
applicable, of the Funds.

Following the Reorganizations, the VMTP