Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 105

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 105
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 did in any of the individual Funds before the Reorganizations.

Each Board’s determination to approve the Reorganizations
was made on the basis of each Board Member’s business judgment after consideration of all of the factors taken as a whole with respect to each Fund and its shareholders, although individual Board Members may have placed different weight and
assigned different degrees of materiality to various factors. Because the shareholders of each Fund will vote separately on the Fund’s respective Reorganization(s) or Issuances, as applicable, there are multiple potential combinations of
Reorganizations. To the extent that any Reorganization is not completed, any expected expense savings by the Combined Fund, or other potential benefits resulting from the Reorganizations, may be reduced. If a Reorganization is not consummated, then
the Investment Advisor may, in connection with ongoing management of the Fund for which such Reorganization(s) was not consummated and its product line, recommend alternative proposals to the Board of that Fund. Before reaching these conclusions,
the Board of each Fund, including the Independent Board Members, engaged in a thorough review process relating to the Reorganizations, as well as alternatives to the Reorganizations. The Board of each Fund also received a memorandum outlining, among
other things, the legal standards and certain other considerations relevant to the Board’s deliberations.

The Board of each Fund
considered the Reorganizations over a series of meetings. In preparation for the Approval, the Investment Advisor provided each Board with information regarding the Reorganizations, including the rationale therefor and alternatives considered to the
Reorganizations.

Each Board considered a number of factors presented at the time of the Approval or prior meetings in reaching their
determinations, including, but not limited to, the following, which are discussed in further detail below:

46

| • |     | potential for improved economies of scale and a lower Total Expense Ratio (excluding leverage expenses) with 
 respect to each Fund;                                                                                        |

| • |     | the potential effects of the Reorganizations on the earnings and distributions of each Fund; |

| • |     | the potential effects of the Reorganizations on each Fund’s premium/discount to NAV of common shares; |

| • |     | the potential effects of the Reorganizations on each Fund’s preferred shares; |

| • |     | the compatibility of the Funds’ investment objectives, investment strategies and policies and related 
 risks and risk profiles;                                                                              |

| • |     | consistency of portfolio management and portfolio composition; |

| • |     | the potential for improved secondary