Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 210

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 210
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 will vary from time to time. MVF has not established
any limit on the percentage of its portfolio that may be invested in MVF Municipal Bonds subject to the federal alternative minimum tax provisions of federal tax law, and MVF expects that a portion of the income it produces will be includable in
alternative minimum taxable income.

MVF also may not invest more than 25% of its total assets (taken at market value at the time of each investment) in
MVF Municipal Bonds whose issuers are located in the same state.

The average maturity of MVF’s portfolio securities varies from time to time based
upon an assessment of economic and market conditions by the Investment Advisor. MVF’s portfolio at any given time may include both long-term, intermediate-term and short-term MVF Municipal Bonds.

MVF’s stated expectation is that it will invest in MVF Municipal Bonds that, in the Investment Advisor’s opinion, are underrated or undervalued.
Underrated MVF Municipal Bonds are those whose ratings do not, in the opinion of the Investment Advisor, reflect their true higher creditworthiness. Undervalued MVF Municipal Bonds are bonds that, in the opinion of the Investment Advisor, are worth
more than the value assigned to them in the marketplace. The Investment Advisor may at times believe that bonds associated with a particular municipal market sector (for example, but not limited to electric utilities), or issued by a particular
municipal issuer, are undervalued. The Investment Advisor may purchase those bonds for MVF’s portfolio because they represent a market sector or issuer that the Investment Advisor considers undervalued, even if the value of those particular
bonds appears to be consistent with the value of similar bonds. MVF Municipal Bonds of particular types (for example, but not limited to hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) may be undervalued
because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of MVF Municipal Bonds of the market sector for reasons that do not apply to the particular MVF Municipal Bonds that are
considered undervalued. MVF’s investment in underrated or undervalued MVF Municipal Bonds will be based on the Investment Advisor’s belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate
risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. Any capital appreciation realized by