Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 70

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 70
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 including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. The Reorganizations will not result in any changes to
the terms of the Acquiring Fund’s VRDP Shares currently outstanding.

In connection with the Reorganizations, the Acquiring Fund
expects to issue [777] additional VRDP Shares to MVT VRDP Holders, [2,319] additional VRDP Shares to MIY VRDP Holders and [1,536] additional VRDP Shares to MVF VRDP Holders. Following the completion of the Reorganizations, the Combined Fund is
expected to have [8,196] VRDP Shares outstanding. As a result of the Reorganization, the Acquiring Fund’s Articles Supplementary will be amended to authorize to issue [777] additional VRDP Shares to MVT VRDP Holders, [2,319] additional VRDP
Shares to MIY VRDP Holders and [1,536] additional VRDP Shares to MVF VRDP Holders. A form of such amendment is attached as .

27

Set forth below is information about each Fund’s outstanding preferred shares as of July 31, 2025.

| Fund                 |     | Title of 
 Class    |     | Amount       
 Authorized   |     | Amount     
 Authorized 
 Under Each 
 Series     |     | Amount   
 Held by  
 Fund for 
 its Own  
 Account  |     | Amount       
 Outstanding  
 Exclusive of 
 Amount       
 Shown in     
 Previous     
 Column       |     | Issue 
 Date  |     | Mandatory/Term  
 Redemption Date |
| MVT                  |     | VMTP     
 Shares   |     | [8,400]      |     | [●]        |     | [●]      |     | [●]          |     | [●]   |     | [●]             |
| MIY                  |     | VRDP     
 Shares   |     | [8,919]      |     | [●]        |     | [●]      |     | [●]          |     | [●]   |     | [●]             |
| MVF                  |     | VMTP     
 Shares   |     | [10,000,000] |     | [●]        |     | [●]      |     | [●]          |     | [●]   |     | [●]             |
| Acquiring Fund (MYI) |     | VRDP     
 Shares