Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 45

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 45
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 shareholders of the Combined Fund following the Reorganizations) due to economies of scale resulting from the larger         
 size of the Combined Fund; (ii) improved net earnings yield on NAV for common shareholders of MVT and MIY; (iii) improved secondary market trading of the common shares of the Combined Fund; and (iv) operating and administrative                      
 efficiencies for the Combined Fund, including the potential for the following: (a) greater investment flexibility and investment options; (b) greater diversification of portfolio investments; (c) the ability to trade in larger                       
 positions and more favorable transaction terms; (d) additional sources of leverage or more competitive leverage terms and more favorable transaction terms; (e) benefits from having fewer closed-end                                                    
 funds offering similar products in the market, including an increased focus by investors on the remaining funds in the market (including the Combined Fund) and additional research coverage; and (f) 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 Board of each Fund, including the Board Members who are not “interested persons” of each Fund (as defined in                                                                                                                                         
 the 1940 Act) (“Independent Board Members”), has unanimously approved the Reorganizations, concluding that the Reorganizations are in the best interests of its Fund and that the interests of existing common shareholders and preferred                
 shareholders of its Fund will not be diluted with respect to NAV and liquidation preference, respectively, as a result of the Reorganizations. As a result of the Reorganizations, however, common and preferred shareholders of each Fund may hold a    
 reduced percentage of ownership in the larger Combined Fund than they did in any of the individual Funds before the Reorganizations. Each Board’s conclusion was based on each Board Member’s business judgment after consideration of all               
 relevant factors taken as a whole with respect to its Fund and the Fund’s common and preferred shareholders, although individual Board Members may have placed different weight on various factors and assigned different degrees of materiality to      
 various factors. Please see “Reasons for the Reorganizations” for additional information about the factors considered by each Board.                                                                                                                     |
|                            |     | 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