Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 12

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 12
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%, respectively, and an increase in the Total Expense Ratio (including leverage expenses) for the common shareholders of MVF and MVT by 0.37% and 0.37%, respectively. Each of MVT, MIY, MVF and the Acquiring Fund currently pays the Investment Advisor a monthly fee at an annual contractual investment management fee rate of 0.50%, 0.49%%, 0.50% and 0.50%, respectively, of its average weekly managed assets. For purposes of calculating these fees, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes). It is understood that the liquidation preference of any outstanding preferred shares (other than accumulated dividends) and tender option bond trusts (“TOB Trusts”) is not considered a liability in determining the relevant Fund’s NAV. If the Reorganizations are consummated, the annual contractual investment management fee rate of the Acquiring Fund will be the annual contractual investment management fee rate of the Combined Fund, which will be 0.50% of the average daily value of net assets of the Combined Fund. The Combined Fund will have the same annual contractual investment management fee rate as MIY, MVF and the Acquiring Fund. The Combined Fund will have the same annual contractual investment management fee rate as the Acquiring Fund’s combined annual contractual investment management fee rate. Please see “Expense Table For Common Shareholders” in the Joint Proxy Statement/Prospectus for additional information. Based on a pro formaBroadridge peer expense universe for the Combined Fund, the estimated total annual fund expense ratio (excluding leverage expenses and taxes) is expected to be in the first quartile and contractual investment management fee rate and actual investment management fee rate over total assets are each expected to be in the first quartile. Each fund in the Broadridge peer expense universe is placed in one of four quartiles for each relevant comparison, with the first quartile including funds with the lowest relative expenses and the fourth quartile including funds with the highest relative expenses. The level of expense savings (or increases) will vary depending on the combination of the Funds in the Reorganizations, and furthermore, there can be no assurance that future expenses will not increase or that any expense savings for any Fund will be realized as a result of any Reorganization.

| Q: | How will the Reorganizations affect the earnings, distributions and undistributed net income of the