SEC Form SC 13D filed by Blackrock MuniYield Quality Fund III Inc
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. n/a )*
| BLACKROCK MUNIYIELD QUALITY FUND III, INC. |
| (Name of Issuer) |
VARIABLE RATE DEMAND PREFERRED SHARES
(Title of Class of Securities)
09254E863
(CUSIP Number)
Toronto-Dominion Investments, Inc.
1 Vanderbilt Avenue
New York, NY 10017
(212) 827-7488
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 22, 2022
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ☐.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
SCHEDULE 13D
CUSIP No. 09254E863
| 1. | Names of Reporting Persons |
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| Toronto Dominion Investments, Inc. 36-2998941 |
| 2. | Check the Appropriate Box if a member of a Group (see instructions) |
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| a. ☐ |
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| b. ☒ |
| 3. | SEC Use Only ____________________ |
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| 4. | Source of Funds (See Instructions): |
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| WC |
| 5. | Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e). |
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| ☐ |
| 6. | Citizenship or Place of Organization |
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| Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power: |
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| 0 | |
| 8. | Shared Voting Power: | |
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| 3,564 | |
| 9. | Sole Dispositive Power: | |
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| 0 | |
| 10. | Shared Dispositive Power: | |
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| 3,564 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person: |
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| 3,564 shares |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): |
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| 13. | Percent of Class Represented by Amount in Row (11): |
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| 100% |
| 14. | Type of Reporting Person (See Instructions) |
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| CO |
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SCHEDULE 13D
CUSIP No. 09254E863
| 1. | Names of Reporting Persons |
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| Toronto Dominion Holdings (U.S.A.), Inc. 58-1495511 |
| 2. | Check the Appropriate Box if a member of a Group (see instructions) |
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| a. ☐ |
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| b. ☒ |
| 3. | SEC Use Only ____________________ |
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| 4. | Source of Funds (See Instructions): |
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| WC |
| 5. | Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e). |
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| ☐ |
| 6. | Citizenship or Place of Organization |
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| Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power: |
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| 0 | |
| 8. | Shared Voting Power: | |
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| 3,564 | |
| 9. | Sole Dispositive Power: | |
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| 0 | |
| 10. | Shared Dispositive Power: | |
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| 3,564 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person: |
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| 3,564 shares |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): |
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| ☐ |
| 13. | Percent of Class Represented by Amount in Row (11): |
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| 100% |
| 14. | Type of Reporting Person (See Instructions) |
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| CO |
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SCHEDULE 13D
CUSIP No. 09254E863
| 1. | Names of Reporting Persons |
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| TD Group US Holdings LLC 47-4435262 |
| 2. | Check the Appropriate Box if a member of a Group (see instructions) |
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| a. ☐ |
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| b. ☒ |
| 3. | SEC Use Only ____________________ |
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| 4. | Source of Funds (See Instructions): |
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| WC |
| 5. | Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e). |
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| ☐ |
| 6. | Citizenship or Place of Organization |
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| Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power: |
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| 0 | |
| 8. | Shared Voting Power: | |
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| 3,564 | |
| 9. | Sole Dispositive Power: | |
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| 0 | |
| 10. | Shared Dispositive Power: | |
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| 3,564 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person: |
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| 3,564 shares |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): |
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| ☐ |
| 13. | Percent of Class Represented by Amount in Row (11): |
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| 100% |
| 14. | Type of Reporting Person (See Instructions) |
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| OO |
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SCHEDULE 13D
CUSIP No. 09254E863
| 1. | Names of Reporting Persons |
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| The Toronto-Dominion Bank 13-5640479 |
| 2. | Check the Appropriate Box if a member of a Group (see instructions) |
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| a. ☐ |
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| b. ☒ |
| 3. | SEC Use Only ____________________ |
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| 4. | Source of Funds (See Instructions): |
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| WC |
| 5. | Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e). |
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| 6. | Citizenship or Place of Organization |
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| Canada |
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power: |
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| 0 | |
| 8. | Shared Voting Power: | |
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| 3,564 | |
| 9. | Sole Dispositive Power: | |
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| 0 | |
| 10. | Shared Dispositive Power: | |
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| 3,564 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person: |
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| 3,564 shares |
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): |
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| ☐ |
| 13. | Percent of Class Represented by Amount in Row (11): |
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| 100% |
| 14. | Type of Reporting Person (See Instructions) |
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| BK |
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Item 1 Security and Issuer
This Statement on Schedule 13D (this "Statement") relates to the purchase of 3,564 Series W-7 Variable Rate Demand Preferred Shares (CUSIP No. 09254E863) ("VRDP Shares") of BlackRock MuniYield Quality Fund III, Inc. (the "Issuer" or the "Company"). This Statement is being filed by the Reporting Persons (as defined below) as a result of the purchase of VRDP Shares by TDI (as defined below). The Issuer's principal executive offices are located at 100 Bellevue Parkway, Wilmington, Delaware 19808.
Item 2 Identity and Background
(a) This Statement is being filed on behalf of each of the following persons (collectively, the "Reporting Persons"):
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| i. | Toronto Dominion Investments, Inc. ("TDI"), a Delaware corporation |
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| ii. | Toronto Dominion Holdings (U.S.A.), Inc. ("TDH") a Delaware corporation |
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| iii. | TD Group US Holdings LLC ("TD GUS") a Delaware limited liability company |
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| iv. | The Toronto-Dominion Bank ("TD") a Canadian chartered bank |
This Statement relates to the VRDP Shares that were purchased for the account of TDI.
(b) The address of the principal business office of TDI is:
1 Vanderbilt Avenue
New York, New York 10017
The address of the principal business office of TDH is:
1 Vanderbilt Avenue
New York, New York 10017
The address of the principal business office of TD GUS is:
251 Little Falls Drive
Wilmington, Delaware 19808
The address of the principal business office of TD is:
Toronto-Dominion Centre
P.O. Box 1
Toronto, Ontario, Canada M5k 1A2
(c) TD and its subsidiaries are principally engaged in the business of personal, commercial and wholesale banking and wealth management. TDI's principal business is limited to lending and investing.
Information concerning each executive officer, director and controlling person (the "Listed Persons") of the Reporting Persons is listed on Schedule I attached hereto, and is incorporated by reference herein. To the knowledge of the Reporting Persons, all of the Listed Persons are citizens of the United States, other than as otherwise specified on Schedule I hereto.
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(d) During the last five years, the Reporting Persons have not, and to the best knowledge of the Reporting Persons none of the Listed Persons have, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.
Item 3 Source and Amount of Funds or Other Consideration
The aggregate amount of funds used by the Reporting Persons to purchase the securities reported herein was approximately $356,400,000. The source of funds was the working capital of the Reporting Persons.
The Reporting Persons declare that neither the filing of this Statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Company.
Item 4 Purpose of the Transaction
TDI has purchased the VRDP Shares for investment purposes. TDI acquired the VRDP Shares in an open market transaction for an aggregate purchase price of $356,400,000.
The Reporting Persons have not acquired the VRDP Shares with any purpose, or with the effect of, changing or influencing control of the issuer, or in connection with or as a participant in any transaction having that purpose or effect.
Item 5 Interest in Securities of the Issuer
(a) - (b) The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.
As of June 22, 2022, the Reporting Persons beneficially owned an aggregate of 3,564 VRDP Shares representing 100% of the outstanding VRDP Shares of the Issuer. The 3,564 VRDP Shares reported herein consist of 3,564 VRDP Shares over which TDI is the record and beneficial owner. TDH is the sole owner of TDI and accordingly beneficially owns the VRDP Shares held by TDI. TD GUS is the sole owner of TDH and accordingly beneficially owns the VRDP Shares held by TDI. TD is the sole owner of TD GUS and accordingly beneficially owns the VRDP Shares held by TDI.
(c) There have been no transactions in the VRDP Shares that were effected during the past sixty days by the Reporting Persons other than as reported in this Statement.
(d) No other person is known by the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, VRDP Shares that may be deemed to be beneficially owned by the Reporting Persons.
(e) Not applicable.
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Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
The responses of the Reporting Persons to Item 4 are incorporated herein by reference. With respect to the VRDP Shares owned by TDI, on June 22, 2022, TDI assigned certain voting rights on the VRDP Shares to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated as of June 22, 2022, among TDI, Lord Securities Corporation, as voting trustee (the "Voting Trustee") and Glass Lewis & Co., LLC (the "Voting Consultant"). Voting rights on the VRDP Shares not assigned to the Voting Trust have been retained by TDI. The Voting Trust provides that, with respect to voting matters relating to the voting rights assigned to the Voting Trust, the Voting Consultant analyzes such voting matters and makes a recommendation to the Voting Trustee on voting. The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote.
Item 7 Material to be Filed as Exhibits
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: June 30, 2022
| TORONTO DOMINION INVESTMENTS, INC. | |||||
| By: | /s/ Christina Petrou | ||||
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| Name: | Christina Petrou | |||
| Title: | Vice President & Chief Operating Officer | ||||
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| TORONTO DOMINION HOLDINGS (U.S.A.), INC. |
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| By: | /s/ Christina Petrou |
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| Name: | Christina Petrou |
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| Title: | Vice President & Chief Operating Officer |
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| TD GROUP US HOLDINGS LLC |
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| By: | /s/ Cody Botnick |
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| Name: | Cody Botnick |
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| Title: | Assistant Secretary |
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| THE TORONTO-DOMINION BANK |
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| By: | /s/ Christina Petrou |
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| Name: | Christina Petrou |
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| Title: | Vice President |
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LIST OF EXHIBITS
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SCHEDULE I
INFORMATION RELATING TO THE EXECUTIVE OFFICERS AND DIRECTORS OF THE TD ENTITIES
The following sets forth the name, title and present principal occupation of each executive officer and director of TDI.
TORONTO DOMINION INVESTMENTS, INC.
EXECUTIVE OFFICERS AND DIRECTORS
| Name |
| Title |
| Principal Occupation or Employment |
| Danny Salinas (U.S. Citizen)
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| Director, Officer, & President
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| Chief Financial Officer, Executive Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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| Nancy Haraf (U.S. Citizen) |
| Director, Vice President & Treasurer |
| Director, Finance, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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| Richard Rosenthal (US Citizen) |
| Officer, Vice President |
| Director, Financial & Regulatory Reporting, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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| Christina Petrou (US Citizen) |
| Officer, Vice President |
| Chief Operating Officer, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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| Robert Franciscus (US Citizen) |
| Officer, Vice President |
| Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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| Robyn Zeller (US Citizen) |
| Officer, Vice President |
| Executive Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017 |
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Executive Officers and Directors of TDH
The following sets forth the name, title and present principal occupation of each executive officer and director of TDH.
TORONTO DOMINION HOLDINGS (U.S.A.), INC.
EXECUTIVE OFFICERS AND DIRECTORS
| Name |
| Title |
| Principal Occupation or Employment |
| Glenn Gibson (Canadian Citizen)
Christina Petrou (US Citizen)
Nancy Haraf (U.S. Citizen)
Robyn Zeller (US Citizen)
Danny Salinas (U.S. Citizen)
Robert Franciscus (US Citizen)
Pradeep Mehra (India Citizen)
Peter Stroud (US Citizen)
Robert Doster (US Citizen)
Stuart Homcy (US Citizen)
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| President, Chief Executive Officer
Officer, Vice President, Chief Operating Officer
Officer & Director, Vice President & Treasurer
Officer & Director, Vice President
Officer & Director, Vice President
Officer, Vice President
Officer, Vice President
Officer, Vice President
Officer, Vice President
Officer, Vice President
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| Region Head, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Chief Operating Officer, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Director, Finance, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Executive Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Chief Financial Officer, Executive Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Managing Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
Director, TD Securities (USA) LLC 1 Vanderbilt Avenue, New York, NY 10017
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Executive Officers and Directors of TD
The following sets forth the name, title and present principal occupation of each executive officer and director of TD.
THE TORONTO-DOMINION BANK
DIRECTORS
| Name |
| Principal Occupation or Employment |
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Cherie L. Brant (Canadian Citizen)
Amy W. Brinkley (U.S. Citizen)
Brian C. Ferguson (Canadian Citizen)
Colleen A. Goggins (U.S. Citizen)
Jean-René Halde (Canadian Citizen)
David E. Kepler (U.S. Citizen)
Brian M. Levitt (Canadian Citizen)
Alan N. MacGibbon (Canadian Citizen)
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Partner Borden Ladner Gervais LLP 22 Adelaide St West, Suite 3400 Toronto, Ontario M5H 4E3
Consultant AWB Consulting, LLC 2225 Sharon Lane Charlotte, North Carolina 28211
Corporate Director and former President & Chief Executive Officer Cenovus Energy Inc. 600 Princeton Way SW#505 Calgary, Alberta T2P 5N4
Corporate Director and retired Worldwide Chairman, Consumer Group, Johnson & Johnson 7 Constitution Hill East Princeton, New Jersey 08540
Corporate Director and retired President and Chief Executive Officer, Business Development Bank of Canada 2813 rue des Outardes Saint-Laurent, Quebec H4R 0H5
Corporate Director and retired Executive Vice President, The Dow Chemical Company 912 Turtle Cove Sanford, Michigan 48657
Chairman of the Board The Toronto-Dominion Bank P.O. Box 1, TD Bank Tower 66 Wellington Street West, 4th Floor Toronto, Ontario M5K 1A2
Corporate Director and retired Managing Partner and Chief Executive of Deloitte LLP 15 Birkbank Drive Oakville, Ontario L6J 4Z1 |
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| Karen E. Maidment (Canadian Citizen)
Bharat B. Masrani (Canadian and British Citizen)
Nadir H. Mohamed (Canadian Citizen)
Claude Mongeau (Canadian Citizen)
S. Jane Rowe (Canadian Citizen)
Nancy G. Tower (Canadian Citizen)
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| Corporate Director and former Chief Financial and Administrative Officer BMO Financial Group 92 Salisbury Avenue Cambridge, Ontario N1S 1J5
Group President and Chief Executive Officer The Toronto-Dominion Bank P.O. Box 1, TD Bank Tower 66 Wellington Street West, 4th Floor Toronto, Ontario M5K 1A2
Corporate Director and former President and Chief Executive Officer, Rogers Communications Inc. Goodmans LLP Bay Adelaide Centre 333 Bay Street, Suite 3400 Toronto, Ontario M5H 2S7
Corporate Director and former President and Chief Executive Officer, Canadian National Railway Company 195 Maplewood Ave. Outremont, Quebec H2V 2M6
Vice Chair, Investments Ontario Teachers' Pension Plan Board 5650 Yonge Street Toronto, Ontario M2M 4H5
Former President & Chief Executive Officer, Tampa Electric Company 1550 Dresden Row, Unit 1605 Halifax, Nova Scotia, Canada B3J 4A2 |
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EXECUTIVE OFFICERS
| Name |
| Principal Occupation or Employment |
| Bharat B. Masrani (Canadian and British Citizen)
Riaz Ahmed (Canadian Citizen)
Ajai K. Bambawale (Canadian Citizen)
Raymond Chun (Canadian Citizen)
Paul C. Douglas (Canadian Citizen)
Barbara Hooper (Canadian Citizen)
Greg Keeley (U.S. Citizen)
Kenneth W. Lalonde (Canadian Citizen)
Jane A. Langford (Canadian Citizen)
Christine Morris (Canadian Citizen)
Anita O'Dell (U.S. Citizen)
Michael G. Rhodes (U.S. Citizen)
Leovigildo Salom (U.S. Citizen)
Kelvin Vi Luan Tran (Canadian Citizen)
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| Group President and Chief Executive Officer, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
President and CEO of TD Securities, Group Head, Wholesale Banking, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Group Head and Chief Risk Officer, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Group head, Wealth and Insurance, TD Bank Group 161 Bay Street, 35th Floor Toronto, Ontario M5J 2T2 Canada
Group Head, Canadian Business Banking, TD Bank Group 100 Wellington Street West, 27th Floor, TD West Tower Toronto, Ontario M5K 1A2 Canada
Senior Executive Vice President, Treasury and Enterprise Strategy, TD Bank 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Senior Executive Vice President, Platforms & Technology, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Senior Executive Vice President and Chief Human Resources Officer, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Executive Vice President and General Counsel, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Senior Executive Vice President, Transformation, Enablement and Customer Experience 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Senior Vice President and Chief Auditor, TD Bank Group US Audit Admin 200 Carolina Point Pkwy, Bldg B Greenville, SC 29607 SC1-009-415
Group Head, Canadian Personal Banking, TD Bank Group 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada
Group Head, U.S. Retail and CEO TD Bank and President and CEO, TD Bank, America's Most Convenient Bank® 1701 Route 70 East, 2nd Floor Cherry Hill, Camden, NJ 08003
Senior Executive Vice President and Chief Financial Officer, TD Bank 66 Wellington St. W., 4th Floor Toronto, Ontario MK5 1A2 Canada |
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