Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 47

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 47
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 assets attributable to its common shares. Potential Effects of the Reorganizations on Earnings and Distributions. The Boards noted that the Combined Fund’s net earnings yield on NAV for common shareholders following the Reorganizations is expected to be potentially higher than MVT’s and MIY’s current net earnings yield on NAV and lower than MVF’s and MYI’s current net 16

earnings yield on NAV.] The distribution level of any fund is subject to change based upon a number of factors, including the current and projected level of the fund’s earnings, and may
fluctuate over time; thus, subject to a number of other factors, including the fund’s distribution policy, a higher earnings profile may potentially have a positive impact on such fund’s distribution level over time. A Fund’s
earnings and net investment income are variables which depend on many factors, including its asset mix, portfolio turnover level, the amount of leverage utilized by the Fund, the costs of such leverage, the performance of its investments, the
movement of interest rates and general market conditions. In addition, the Combined Fund’s future earnings will vary depending upon the combination of completed Reorganizations. There can be no assurance that the future earnings of a Fund,
including the Combined Fund after the Reorganizations, will remain constant.

Potential Effects of the Reorganizations on Premium/Discount to NAV of Common Shares. Each Board noted that the common shares of its Fund have historically traded at both a premium and a discount. As of July 31, 2025, the NAV per common share of MVT was $11.03 and the market price
per common share of MVT was $10.07, representing a discount to NAV of 8.70%, the NAV per common share of MIY was $11.73 and the market price per common share of MIY was $10.91, representing a discount to NAV of 6.99%, the NAV per common share of MVF
was $7.08 and the market price per common share of MVF was $6.61, representing a discount to NAV of 6.64%, and the NAV per common share of the Acquiring Fund was $11.25 and the market price per common share of the Acquiring Fund was $10.38,
representing a discount to NAV of 7.73%. The Boards of MVT, MIY and MVF noted that to the extent MVT’s, MIY’s and MVF’s common shares are trading at a wider discount (or