Company: MYI
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198172
Chunk: 60

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 60
---
 assets for U.S. federal income tax purposes (generally, assets held for investment). This summary does not address all of the U.S. federal income tax consequences that may be relevant to a particular shareholder or to shareholders who may be subject to special treatment under U.S. federal income tax laws. No ruling has been or will be obtained from the IRS regarding any matter relating to the Reorganizations. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects described below. This summary of U.S. federal income tax consequences is for general information only. The Funds’ shareholders should consult their own tax advisers regarding the U.S. federal income tax consequences of the Reorganizations, as well as the effects of state, local and non-U.S.tax laws, including possible changes in tax law. It is a condition to the closing of the Reorganizations that each Fund receives an opinion from Willkie, dated as of the Closing Date, regarding the characterization of each Reorganization as a “reorganization” within the meaning of Section 368(a) of the Code. The opinion of Willkie will be based on U.S. federal income tax law in effect on the Closing Date. In rendering its opinion, Willkie will also rely upon certain representations of the management of each Fund and assume, among other things, that the Reorganizations will be consummated in accordance with each Reorganization Agreement and other operative documents and as described herein. An opinion of counsel is not binding on the IRS or any court. As a reorganization, the U.S. federal income tax consequences of the Reorganizations can be summarized as follows:

| ● |     | No gain or loss will be recognized by a Fund by reason of the Reorganizations. |

| ● |     | No gain or loss will be recognized by a shareholder of MVT, MIY and MVF who exchanges, as the case may be, all                                                                                                                                            
 of its common shares solely for Acquiring Fund common shares or all of its MVT, MIY or MVF VRDP Shares solely for Acquiring Fund VRDP Shares pursuant to the Reorganizations (except with respect to cash received in lieu of a fractional Acquiring Fund 
 Common Share, as discussed below).                                                                                                                                                                                                                        |

| ● |     | The aggregate tax basis of Acquiring Fund common shares received by a shareholder of MVT, MIY or MVF pursuant                                                                                                                                    
 to the Reorganizations will be the same as the aggregate tax basis of the shareholder’s