Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 121

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 121
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 the day immediately preceding the Closing Date of the Reorganizations if such dividends have not been paid prior to the Closing Date), in such number equal to the issued and outstanding MVT,
MIY or MVF VMTP Shares or VRDP Shares, as applicable, immediately prior to the Closing Date, and such newly issued Acquiring Fund VRDP Shares will then be distributed to the MVT, MIY or MVF VMTP Holders or VRDP 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 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.

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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 [●] while
the term redemption date of VRDP Shares to be issued in each Reorganization is [●].

The