Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 101

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 101
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 the number of Acquiring Fund VRDP Shares issued equal to
each such VMTP Holder’s or VRDP Holder’s, as applicable, holdings of MVT, MIY and MVF VMTP Shares or VRDP Shares as of immediately prior to the Closing Date.

As a result of the Reorganizations, each common shareholder of MVT, MIY and MVF will own Acquiring Fund common shares that (except for cash
payments received in lieu of fractional common shares) will have an aggregate NAV (not the market value) immediately after the Closing Date equal to the aggregate NAV (not the market value) of that shareholder’s MVT, MIY or MVF common shares,
respectively, immediately prior to the Closing Date. The aggregate NAV of each Fund immediately prior to the applicable Reorganization will reflect accrued expenses associated with such Reorganization. The NAV of MVT, MIY and MVF common shares
will not be diluted as a result of the Reorganizations. The value of each Fund’s net assets will be calculated net of the liquidation preference (including accumulated and unpaid dividends) of all outstanding VRDP Shares or VMTP Shares, as
applicable, of such Fund. The market value per share of the common shares of the Combined Fund may be less than the market value per share of the common shares of each respective Fund prior to the Reorganizations.

Assuming all of the Reorganizations are approved by the requisite shareholders, upon the Closing Date of the Reorganizations, each Target Fund
will receive newly issued Acquiring Fund VRDP Share, par value $0.10 per share and with a liquidation preference of $100,000 per share (plus an amount equal to any accumulated and unpaid dividends that have accrued on the VMTP Shares or VRDP Shares,
as applicable, of the applicable Target Fund up to and including the day immediately preceding the Closing Date of the Reorganizations if such dividends have not been paid prior to the Closing Date), in an amount equal to the number of issued and
outstanding Target Fund VMTP Shares or VRDP Share, as applicable, immediately prior to the Closing Date, and then each Target Fund will distribute such newly issued Acquiring Fund VRDP Shares to such Target Fund VMTP Holder or VRDP Holder, as
applicable, pro rata. The newly issued Acquiring Fund VRDP Shares are expected to be of a substantially identical series as the Acquiring Fund’s outstanding VRDP Shares. No fractional Acquiring Fund VRDP Shares will be issued. The terms of the