Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 107

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 107
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 the market (including the Combined Fund) and additional research coverage; and |

| • |     | benefits from having fewer similar funds in the same fund complex, including a simplified operational model 
 and a reduction in risk of operational, legal and financial errors;                                         |

| • |     | the anticipated tax-free nature of the Reorganizations (except with                                                                                                         
 respect to taxable distributions, if any, from any Fund prior to, or after, the consummation of the Reorganizations, and the receipt of cash in lieu of fractional Shares); |

| • |     | the potential effects on the Funds’ capital loss carryforwards; |

| • |     | the potential effects on each Fund’s undistributed net investment income; |

| • |     | the expected costs of the Reorganizations; |

| • |     | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of 
 the Funds;                                                                                                     |

| • |     | the effect of the Reorganizations on shareholder rights; |

| • |     | alternatives to the Reorganizations for each Fund; and |

| • |     | any potential benefits of the Reorganizations to the Investment Advisor and its affiliates. |

Potential for Improved Economies of Scale and Potential for a Lower Expense Ratio. Each Board considered the fees and Total Operating Expenses of its Fund (including estimated expenses of the Combined Fund after the 47

Reorganizations). In the Investment Advisor’s view, the most likely combination is the Reorganizations of all of the Funds, which is also expected to result in the lowest Total Expense Ratio
for the Combined Fund. If the only Reorganization discussed in this Joint Proxy Statement/Prospectus that is completed is the Reorganization of MVT into the Acquiring Fund, the Combined Fund would be expected to have a higher Total Expense Ratio
than if any other combination of Reorganizations were completed. For the twelve-month period ended January 31, 2025, any combination of Reorganizations is expected to result in a Total Expense Ratio (excluding leverage expenses and extraordinary expenses)for the Combined Fund that is equal to or lower than the Total Expense Ratio (excluding leverage expenses and extraordinary expenses)of each Target Fund. “Total Expenses” means a Fund’s total annual
operating expenses. “Total Expense Ratio” means a Fund’s Total Expenses expressed as a percentage of its average net assets attributable to its common shares.

Potential Effects of the Reorganizations on Earnings and Distributions. [The Boards noted that the Combined Fund’s