Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 162

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 162
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Each Fund is also subject to certain covenants and requirements under the terms of the VRDP Shares or VMTP Shares, as applicable, and related documents, including the terms of the liquidity facility supporting the VRDP Shares or VMTP Shares. Such
requirements may be more restrictive than the restrictions set forth above. Each Fund does not anticipate that such requirements would have a material adverse effect on its ability to achieve its investment objective. Please see “Information
about the Preferred Shares of the Funds” for additional information.

THE TARGET FUNDS’ INVESTMENT OBJECTIVES AND POLICIES

MVT’s Investment Objective and Policies

MVT’s investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is
consistent with its investment policies and prudent investment management. No assurance can be given that MVT will achieve its investment objective. As a matter of fundamental policy, under normal market

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conditions, MVT will invest at least 80% of its Managed Assets in investments the income
from which is exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax). “Managed Assets” means MVT’s total assets (including any assets attributable to money borrowed for
investment purposes) minus the sum of MVT’s accrued liabilities (other than money borrowed for investment purposes). MVT may invest directly in securities or synthetically through the use of derivatives. MVT cannot change its investment
objective or the foregoing fundamental policy without the approval of the holders of a majority of the outstanding common shares and the outstanding preferred shares, including MVT’s VMTP Shares, voting together as a single class, and of the
holders of a majority of the outstanding preferred shares, including the VMTP Shares, voting as a separate class. A majority of the outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the
outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less.

MVT’s investment policies provide that, under normal market conditions, MVT will invest at least 80% of its Managed Assets in investment
quality securities. For the purposes of the foregoing policy, an investment quality security is a security that is rated BBB or Baa or higher by Moody’s, S&P or Fitch or another nationally recognized rating agency or, if unrated, deemed to
be of comparable quality by