Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 169

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 169
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undamental investment restrictions. The investment restrictions of the Funds are similar, although there are some differences, and are set forth in to this Joint
Proxy Statement/Prospectus.

Each Fund’s VRDP Shares or VMTP Shares, as applicable, are assigned long-term ratings by Moody’s
and Fitch. In order to maintain the required ratings, each Fund is required to comply with certain investment quality, diversification and other guidelines established by Moody’s and Fitch. Such guidelines may be more restrictive than the
restrictions set forth above. Each Fund does not anticipate that such guidelines would have a material adverse effect on its ability to achieve its investment objective. Moody’s and Fitch receive fees in connection with their ratings issuances.
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 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”

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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