Company: MYI
Filing Date: 2025-09-02
Form Type: N-14 8C/A
Source: 0001193125-25-193985
Chunk: 199

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-02
Form: N-14 8C/A
Chunk 199
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 the value of
the collateral always equals or exceeds the agreed-upon repurchase price to be paid to MIY. If the seller were to be subject to a federal bankruptcy proceeding, the ability of MIY to liquidate the collateral could be delayed or impaired because of
certain provisions of the bankruptcy laws.

(4) Commercial paper, which consists of short-term unsecured promissory notes, including
variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between MIY and a corporation. There is no secondary market for such notes. However, they are
redeemable by MIY at any time. The Investment Advisor will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation’s ability to meet all of
its financial obligations, because MIY’s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by
a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

95

Short-term tax-exempt fixed income securities are
securities that are exempt from regular federal income tax and mature within three years or less from the date of issuance. Short-term tax-exempt fixed income securities include, without limitation, the
following:

Bond Anticipation Notes (“BANs”) are usually general obligations of state and local governmental issuers which are
sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer’s access to
the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs.

Tax Anticipation Notes (“TANs”) are issued by state and local governments to finance the current operations of such governments.
Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer’s capacity to raise taxes due to, among other things, a decline in its tax base or a rise in
delinquencies could adversely affect the issuer’s ability to meet its obligations on outstanding TANs.

Revenue Anticipation Notes
(“RANs”) are issued by governments or governmental bodies with the expectation that