Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 102

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 102
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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 VRDP
Shares currently outstanding.

Since the Acquiring Fund VRDP Shares would be issued at a liquidation preference and value per share equal
to the liquidation preference and value per share of the VMTP Shares or VRDP Shares, as applicable, of MVT, MIY and MVF will not be diluted as a result of the Reorganizations. As a result of the Reorganizations, a common or preferred shareholder of
any of the Funds may hold a reduced percentage of ownership in the Combined Fund than they did in MVT, MIY, MVF and the Acquiring Fund. No sales charge or fee of any kind will be charged to shareholders of MVT, MIY and MVF in connection with their
receipt of Acquiring Fund Shares in the Reorganizations.

As soon as practicable after the Closing Date for the Reorganizations, each of
MVT, MIY and MVF will deregister as an investment company under the 1940 Act and liquidate, dissolve and terminate in accordance with its respective charter and Maryland law. The Acquiring Fund will continue to operate after the Reorganizations as a
registered, diversified, closed-end management investment company with the investment objective, investment strategies, investment policies and investment restrictions described in this Joint Proxy
Statement/Prospectus.

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. Both the Target Fund and the Acquiring Fund will continue to be advised by the Investment Advisor. If a
Reorganization is not consummated, the Investment Advisor may recommend alternative proposals to the Board of each Fund for which such Reorganization was not consummated.

44

The Board’s Recommendation

The Board of MVT recommends that the common shareholders of MVT vote “FOR” the proposed MVT Reorganization Agreement at the Special
Meeting.

The Board of MIY recommends that the common shareholders of MIY vote