Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 122

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 122
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 Acquiring Fund may designate any succeeding
subsequent rate period of the VRDP Shares as a “special rate period” subject to the restrictions and requirements set forth in the governing instrument for its VRDP Shares. During a special rate period, the Acquiring Fund may choose to
modify the terms of the VRDP Shares as permitted by the governing instrument for its VRDP Shares, including, for example, special provisions relating to the calculation of dividends and the redemption of the VRDP Shares. See “Information About
the Preferred Shares of the Funds” for additional information about the preferred shares of each Fund.

None of the expenses of the
Reorganizations are expected to be borne by the VMTP Holders or the VRDP Holders, as applicable, of the Funds.

Following the
Reorganizations, the VMTP Holders or VRDP Holders of each Fund, as applicable, will be VRDP Holders of the larger Combined Fund that will have a larger asset base and more preferred shares outstanding than any Fund individually before the
Reorganizations. With respect to matters requiring all preferred shareholders to vote separately or common and preferred shareholders to vote together as a single class, following the Reorganizations, VRDP Holders of the Combined Fund may hold a
smaller percentage of the outstanding preferred shares of the Combined Fund as compared to their percentage holdings of outstanding preferred shares of their respective Fund prior to the Reorganizations.

Please see “Information about the Preferred Shares of the Funds” for additional information.

55

THE FUNDS

The Funds are each formed as a Maryland corporation and are each a diversified, closed-end management
investment company registered under the 1940 Act. Each Fund’s principal place of business is located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and each Fund’s telephone number is
(800) 882-0052.

MVT was incorporated as a Maryland corporation governed by the laws of the
State of Maryland on February 3, 1993, and commenced operations on March 29, 1993.

MIY was incorporated as a Maryland
corporation governed by the laws of the State of Maryland on June 30, 1992, and commenced operations on October 30, 1992.

MVF was
incorporated as a Maryland corporation governed by the laws of the State of Maryland on July 6, 1988, and commenced operations on September 29, 1988.

The Acquiring Fund was incorporated as a Maryland corporation governed by the laws of the