Company: MYI
Filing Date: 2025-07-16
Form Type: N-14 8C
Source: 0001193125-25-159991
Chunk: 185

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-07-16
Form: N-14 8C
Chunk 185
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, such securities will possess creditworthiness comparable, in the opinion of the Investment Advisor, to other obligations in which MIY may
invest.

MIY also may invest up to 25% of its total assets in MIY Municipal Bonds that are rated below Baa by Moody’s or below BBB by
S&P or Fitch or, if unrated, are considered by the Investment Advisor to possess similar credit characteristics. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with
respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories. MIY does not intend to purchase MIY Municipal
Bonds that are in default or which the Investment Advisor believes will soon be in default. Below investment grade securities and comparable unrated securities involve substantial risk of loss, are considered speculative with respect to the
issuer’s ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to adverse economic and business developments.

All percentage and ratings limitations on securities in which MIY may invest apply at the time of making an investment and shall not be
considered violated if an investment rating is subsequently downgraded to a rating that would have precluded MIY’s initial investment in such security. In the event that MIY disposes of a portfolio security subsequent

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to its being downgraded, MIY may experience a greater risk of loss than if such security had been sold prior to such downgrade.

MIY intends to invest primarily in long-term MIY Municipal Bonds with maturities of more than ten years. However, MIY also may invest in
intermediate term MIY Municipal Bonds with maturities of between three years and ten years. MIY also may invest from time to time in short-term MIY Municipal Bonds with maturities of less than three years. The average maturity of MIY’s
portfolio securities will vary based upon the Investment Advisor’s assessment of economic and market conditions.

For temporary
periods or to provide liquidity, MIY has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term
obligations being referred to herein as “Temporary Investments”). In addition, MIY reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in