Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 123

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 123
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 may be enacted in the future may affect the availability of MYI Municipal Bonds for investment by the Acquiring Fund.

Description of MYI Municipal Bonds

Set forth below is a detailed description of the MYI Municipal Bonds in which the Acquiring Fund invests. Information with
respect to ratings assigned to tax-exempt obligations that the Acquiring Fund may purchase is set forth in to this Joint Proxy Statement/Prospectus. Obligations are included within
the term MYI Municipal Bonds if the interest paid thereon is excluded from gross income for federal income tax purposes in the opinion of bond counsel to the issuer.

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MYI Municipal Bonds include debt obligations issued to obtain funds for
various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition,
certain types of PABs are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well
as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the construction, equipment or improvement of privately operated industrial or
commercial facilities, may constitute MYI Municipal Bonds. The interest on MYI Municipal Bonds may bear a fixed rate or be payable at a variable or floating rate. The two principal classifications of MYI Municipal Bonds are “general
obligation” bonds and “revenue” bonds, which latter category includes PABs and, for bonds issued on or before August 15, 1986, industrial development bonds. MYI Municipal Bonds typically are issued to finance public projects,
such as roads or public buildings, to pay general operating expenses or to refinance outstanding debt. MYI Municipal Bonds may also be issued for private activities, such as housing, medical and educational facility construction, or for privately
owned industrial development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the
revenues of a specific facility or source. MYI Municipal Bonds may be issued on a long-term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the
issuer, a