Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 75

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 75
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enced a special rate period on the date set forth below. The Acquiring Fund’s special rate period commenced on June 22, 2022 and is currently set to expire on June 17, 2026. MIY’s special rate period commenced on
June 25, 20201 and is currently set to expire on June 17, 2026.

The VRDP Holders and the Acquiring Fund may mutually agree to extend the
special rate period prior to the expiration of the special rate period. If the special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and
available for purchase by qualified institutional investors. A Liquidity Facility remains in effect for the duration of the special rate

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period and the VRDP Shares are still subject to mandatory redemption by the Acquiring Fund on their mandatory redemption date. However, the VRDP Shares will not be remarketed or subject to optional or mandatory tender events during such time. During the special rate period, each of the Acquiring Fund and MIY are required to maintain the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as was required prior to the special rate period. During its current special rate period, each of the Acquiring Fund and MIY pay dividends monthly based on the sum of the SIFMA Municipal Swap Index and a percentage per annum based on the long-term ratings assigned to the VRDP Shares (the “Ratings Spread”). The Ratings Spread will increase in the event the VRDP Shares are rated below Aa3/AA-by all of the rating agencies rating the VRDP Shares at the time such Ratings Spread is determined, up to a maximum of 3.40% in the event the VRDP Shares are either rated below Baa3/BBB-by at least one of the rating agencies then rating the VRDP Shares or not rated by any rating agency. As of July 31, 2025, the VRDP Shares of the Acquiring Fund and MIY were assigned long-term ratings of [Aa1] and [Aa2] from Moody’s, respectively, and [AA] and [AA] from Fitch, respectively. The annualized dividend rate of the MIY and the Acquiring Fund VRDP Shares for the twelve-month period ended January 31, 2025 were as follows:

| Fund                 |     | Rate  |
| MIY                  |     | 4.22