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

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 14
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 at least approximately one month following the Closing Date. Additionally, the Acquiring Fund, in order to seek to provide its common shareholders with distribution rate stability, may include in its Pre-ReorganizationDeclared UNII Distribution amounts in excess of its undistributed net investment income and net investment income accrued through the Closing Date. This would result in the Acquiring Fund issuing incrementally more common shares in the Reorganizations since its NAV as of the valuation time for the Reorganizations would be lower relative to a scenario where such excess amounts were not included in the Acquiring Fund’s Pre-ReorganizationDeclared UNII Distribution. To the extent any Pre-ReorganizationDeclared UNII Distribution is not an “exempt interest dividend” (as defined in the Internal Revenue Code of 1986, as amended (the “Code”)), the distribution may be taxable to shareholders for U.S. federal income tax purposes.

| Q: | Have common shares of each Fund historically traded at a premium or discount? |

A: The common shares of each Fund have historically traded at both a premium and a discount. The table below sets forth the market price, NAV, and the premium/discount to NAV of each Fund as of July 31, 2025.

| Fund                 |     | Market Price |     |    NAV |     | Premium/(Discount) to NAV |
| MVT                  |     |       $10.07 |     | $11.03 |     | -8.70%                    |
| MIY                  |     |       $10.91 |     | $11.73 |     | -6.99%                    |
| MVF                  |     |        $6.61 |     |  $7.08 |     | -6.64%                    |
| Acquiring Fund (MYI) |     |       $10.38 |     | $11.25 |     | -7.73%                    |

To the extent MVT’s, MIY’s or MVF’s common shares are trading at a wider discount (or a narrower premium) than the Acquiring Fund at the time of its Reorganization, MVT’s, MIY’s or MVF’s common shareholders would have the potential for an economic benefit by the narrowing of the discount or widening of the premium. To the extent MVT’s, MIY’s or MVF’s common shares are trading at a narrower discount (or wider premium) than the Acquiring Fund at the time of its Reorganization, MVT’s, MIY’s or