UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08497
Name of Fund: BlackRock Corporate High Yield Fund III, Inc. (CYE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund III, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 02/28/2011
Date of reporting period: 05/31/2011
Item 1 – Schedule of Investments
|
|
|
|
|
|
|
Schedule of Investments May 31, 2011 (Unaudited) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Auto Components — 0.5% |
|
|
|
|
|
|
|
|
Lear Corp. |
|
|
29,600 |
|
$ |
1,504,272 |
|
|
Capital Markets — 0.2% |
|
|
|
|
|
|
|
|
E*Trade Financial Corp. (a) |
|
|
29,600 |
|
|
467,976 |
|
|
Chemicals — 0.2% |
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
|
3,700 |
|
|
568,986 |
|
|
Wellman Holdings, Inc. |
|
|
256 |
|
|
832 |
|
|
Wellman, Inc. (acquired 1/30/09, |
|
|
1,266 |
|
|
4,115 |
|
|
|
|
|
|
|
|
573,933 |
|
|
Commercial Banks — 0.2% |
|
|
|
|
|
|
|
|
CIT Group, Inc. (a) |
|
|
13,865 |
|
|
614,635 |
|
|
Commercial Services & Supplies — 0.1% |
|
|
|
|
|
|
|
|
Air Lease Corp. (c) |
|
|
12,900 |
|
|
363,974 |
|
|
Communications Equipment — 0.5% |
|
|
|
|
|
|
|
|
Loral Space & Communications |
|
|
20,518 |
|
|
1,364,857 |
|
|
Diversified Financial Services — 0.2% |
|
|
|
|
|
|
|
|
Bank of America Corp. |
|
|
57,000 |
|
|
669,750 |
|
|
Electrical Equipment — 0.0% |
|
|
|
|
|
|
|
|
Medis Technologies Ltd. (a) |
|
|
70,784 |
|
|
1,203 |
|
|
Hotels, Restaurants & Leisure — 0.0% |
|
|
|
|
|
|
|
|
Buffets Restaurants |
|
|
1,099 |
|
|
4,396 |
|
|
Machinery — 0.1% |
|
|
|
|
|
|
|
|
Navistar International Corp. (a) |
|
|
3,309 |
|
|
217,964 |
|
|
Media — 1.7% |
|
|
|
|
|
|
|
|
Belo Corp., Class A |
|
|
66,718 |
|
|
529,741 |
|
|
Charter Communications, Inc. (a) |
|
|
63,805 |
|
|
3,604,345 |
|
|
Clear Channel Outdoor Holdings, |
|
|
11,444 |
|
|
169,371 |
|
|
Sinclair Broadcast Group, Inc., |
|
|
50,000 |
|
|
481,000 |
|
|
|
|
|
|
|
|
4,784,457 |
|
|
Metals & Mining — 0.1% |
|
|
|
|
|
|
|
|
African Minerals, Ltd. (a) |
|
|
47,050 |
|
|
424,911 |
|
|
Oil, Gas & Consumable Fuels — |
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc. (a) |
|
|
12,200 |
|
|
668,438 |
|
|
Marathon Oil Corp. |
|
|
23,000 |
|
|
1,245,910 |
|
|
|
|
|
|
|
|
1,914,348 |
|
|
Paper & Forest Products — 0.3% |
|
|
|
|
|
|
|
|
Ainsworth Lumber Co. Ltd. (a) |
|
|
122,117 |
|
|
378,130 |
|
|
Ainsworth Lumber Co. Ltd. (a)(c) |
|
|
140,415 |
|
|
434,788 |
|
|
Western Forest Products, Inc. (c) |
|
|
45,762 |
|
|
42,038 |
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
Shares |
|
Value |
|
||
|
Paper & Forest Products (concluded) |
|
|
|
|
|
|
|
|
Western Forest Products, Inc. (a) |
|
|
158,023 |
|
$ |
145,162 |
|
|
|
|
|
|
|
|
1,000,118 |
|
|
Pharmaceuticals — 0.1% |
|
|
|
|
|
|
|
|
Teva Pharmaceutical Industries |
|
|
4,500 |
|
|
229,050 |
|
|
Road & Rail — 0.4% |
|
|
|
|
|
|
|
|
Dollar Thrifty Automotive Group, |
|
|
13,400 |
|
|
1,111,530 |
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
|
Spansion, Inc., Class A (a) |
|
|
51,950 |
|
|
1,040,558 |
|
|
SunPower Corp., Class B (a) |
|
|
778 |
|
|
16,175 |
|
|
|
|
|
|
|
|
1,056,733 |
|
|
Software — 1.1% |
|
|
|
|
|
|
|
|
Bankruptcy Management |
|
|
501 |
|
|
5 |
|
|
HMH Holdings/EduMedia |
|
|
89,669 |
|
|
448,345 |
|
|
Kcad Holdings I Ltd. |
|
|
184,016,803 |
|
|
2,533,911 |
|
|
|
|
|
|
|
|
2,982,261 |
|
|
Total Common Stocks – 6.8% |
|
|
|
|
|
19,286,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
|
|
|
|
|
Aerospace & Defense — 0.6% |
|
|
|
|
|
|
|
|
Huntington Ingalls Industries, Inc. (c): |
|
|
|
|
|
|
|
|
6.88%, 3/15/18 |
USD |
|
210 |
|
|
218,925 |
|
|
7.13%, 3/15/21 |
|
|
400 |
|
|
417,500 |
|
|
Kratos Defense & Security Solutions, |
|
|
|
|
|
|
|
|
10.00%, 6/01/17 |
|
|
470 |
|
|
517,000 |
|
|
10.00%, 6/01/17 (c) |
|
|
456 |
|
|
501,600 |
|
|
|
|
|
|
|
|
1,655,025 |
|
|
Air Freight & Logistics — 0.5% |
|
|
|
|
|
|
|
|
National Air Cargo Group, Inc.: |
|
|
|
|
|
|
|
|
Series 1, 12.38%, 9/02/15 |
|
|
700 |
|
|
734,475 |
|
|
Series 2, 12.38%, 10/08/15 |
|
|
707 |
|
|
741,741 |
|
|
|
|
|
|
|
|
1,476,216 |
|
|
Airlines — 2.8% |
|
|
|
|
|
|
|
|
Air Canada, 9.25%, 8/01/15 (c) |
|
|
900 |
|
|
934,875 |
|
|
American Airlines, Inc.: |
|
|
|
|
|
|
|
|
10.50%, 10/15/12 |
|
|
940 |
|
|
1,001,100 |
|
|
7.50%, 3/15/16 (c) |
|
|
140 |
|
|
138,250 |
|
|
Series 2001-2, 7.86%, |
|
|
400 |
|
|
408,000 |
|
|
|
|
|
|
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
|
|
|
|
CAD |
Canadian Dollar |
|
ETF |
Exchange-Traded Fund |
|
EUR |
Euro |
|
FKA |
Formerly Known As |
|
GBP |
British Pound |
|
SPDR |
Standard and Poor’s Depository Receipts |
|
USD |
UD Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
1 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Airlines (concluded) |
|
|
|
|
|
|
|
|
Continental Airlines, Inc.: |
|
|
|
|
|
|
|
|
6.75%, 9/15/15 (c) |
USD |
|
630 |
|
$ |
639,450 |
|
|
Series 1997-4-B, 6.90%, |
|
|
396 |
|
|
396,584 |
|
|
Series 2001-1-C, 7.03%, |
|
|
199 |
|
|
192,737 |
|
|
Series 2010-1-B, 6.00%, |
|
|
500 |
|
|
485,000 |
|
|
Delta Air Lines, Inc.: |
|
|
|
|
|
|
|
|
Series 2010-1-B, 6.38%, |
|
|
500 |
|
|
477,500 |
|
|
Series B, 9.75%, 12/17/16 |
|
|
992 |
|
|
1,051,492 |
|
|
United Air Lines, Inc., 12.75%, |
|
|
2,062 |
|
|
2,255,715 |
|
|
|
|
|
|
|
|
7,980,703 |
|
|
Auto Components — 1.6% |
|
|
|
|
|
|
|
|
Allison Transmission, Inc., |
|
|
230 |
|
|
247,250 |
|
|
B-Corp Merger Sub, Inc., 8.25%, |
|
|
210 |
|
|
212,363 |
|
|
Delphi Corp., 6.13%, 5/15/21 |
|
|
170 |
|
|
170,000 |
|
|
Exide Technologies, 8.63%, |
|
|
180 |
|
|
191,250 |
|
|
Icahn Enterprises LP: |
|
|
|
|
|
|
|
|
4.00%, 8/15/13 (c)(f)(g) |
|
|
255 |
|
|
245,437 |
|
|
8.00%, 1/15/18 |
|
|
3,035 |
|
|
3,126,050 |
|
|
International Automotive |
|
|
410 |
|
|
418,316 |
|
|
|
|
|
|
|
|
4,610,666 |
|
|
Beverages — 0.2% |
|
|
|
|
|
|
|
|
Cott Beverages, Inc., 8.13%, |
|
|
264 |
|
|
283,140 |
|
|
Crown European Holdings SA, |
EUR |
|
245 |
|
|
368,446 |
|
|
|
|
|
|
|
|
651,586 |
|
|
Biotechnology — 0.2% |
|
|
|
|
|
|
|
|
QHP Pharma, 10.25%, |
USD |
|
435 |
|
|
444,182 |
|
|
Building Products — 1.3% |
|
|
|
|
|
|
|
|
Associated Materials LLC, 9.13%, |
|
|
220 |
|
|
227,425 |
|
|
Building Materials Corp. of America (c): |
|
|
|
|
|
|
|
|
7.00%, 2/15/20 |
|
|
440 |
|
|
459,800 |
|
|
6.75%, 5/01/21 |
|
|
1,050 |
|
|
1,057,875 |
|
|
Griffon Corp., 7.13%, 4/01/18 (c) |
|
|
430 |
|
|
438,600 |
|
|
Momentive Performance Materials, |
|
|
|
|
|
|
|
|
11.50%, 12/01/16 |
|
|
270 |
|
|
290,925 |
|
|
9.00%, 1/15/21 (c) |
|
|
1,085 |
|
|
1,160,950 |
|
|
|
|
|
|
|
|
3,635,575 |
|
|
Capital Markets — 0.6% |
|
|
|
|
|
|
|
|
American Capital Ltd., 7.96%, |
|
|
510 |
|
|
524,443 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Capital Markets (concluded) |
|
|
|
|
|
|
|
|
E*Trade Financial Corp.: |
|
|
|
|
|
|
|
|
12.50%, 11/30/17 (i) |
USD |
|
140 |
|
$ |
168,350 |
|
|
3.39%, 8/31/19 (c)(f)(j) |
|
|
244 |
|
|
373,015 |
|
|
Series A, 3.64%, |
|
|
7 |
|
|
10,701 |
|
|
KKR Group Finance Co., 6.38%, |
|
|
650 |
|
|
693,429 |
|
|
|
|
|
|
|
|
1,769,938 |
|
|
Chemicals — 3.4% |
|
|
|
|
|
|
|
|
American Pacific Corp., 9.00%, |
|
|
880 |
|
|
862,400 |
|
|
American Rock Salt Co. LLC, |
|
|
138 |
|
|
139,725 |
|
|
Chemtura Corp., 7.88%, |
|
|
530 |
|
|
575,050 |
|
|
Georgia Gulf Corp., 9.00%, |
|
|
165 |
|
|
181,500 |
|
|
Hexion U.S. Finance Corp.: |
|
|
|
|
|
|
|
|
8.88%, 2/01/18 |
|
|
670 |
|
|
719,412 |
|
|
9.00%, 11/15/20 (c) |
|
|
310 |
|
|
333,250 |
|
|
Huntsman International LLC (c): |
|
|
|
|
|
|
|
|
6.88%, 11/15/13 |
EUR |
|
280 |
|
|
413,022 |
|
|
8.63%, 3/15/21 |
USD |
|
365 |
|
|
408,344 |
|
|
Ineos Finance Plc, 9.00%, |
|
|
420 |
|
|
455,175 |
|
|
KRATON Polymers LLC, 6.75%, |
|
|
125 |
|
|
126,250 |
|
|
MacDermid, Inc., 9.50%, |
|
|
1,260 |
|
|
1,345,050 |
|
|
Nexeo Solutions LLC, 8.38%, |
|
|
185 |
|
|
192,400 |
|
|
OXEA Finance/Cy SCA, 9.50%, |
|
|
646 |
|
|
714,637 |
|
|
Omnova Solutions, Inc., 7.88%, |
|
|
595 |
|
|
601,694 |
|
|
Polymer Group, Inc., 7.75%, |
|
|
144 |
|
|
148,320 |
|
|
PolyOne Corp., 7.38%, 9/15/20 |
|
|
215 |
|
|
230,319 |
|
|
Rhodia SA, 6.88%, 9/15/20 (c) |
|
|
335 |
|
|
390,694 |
|
|
TPC Group LLC, 8.25%, |
|
|
335 |
|
|
358,450 |
|
|
Wellman Holdings, Inc., Subordinate |
|
|
|
|
|
|
|
|
(Second Lien), 10.00%, |
|
|
844 |
|
|
1,173,160 |
|
|
(Third Lien), 5.00%, |
|
|
283 |
|
|
201,034 |
|
|
|
|
|
|
|
|
9,569,886 |
|
|
Commercial Banks — 3.1% |
|
|
|
|
|
|
|
|
CIT Group, Inc.: |
|
|
|
|
|
|
|
|
7.00%, 5/01/16 |
|
|
3,336 |
|
|
3,348,998 |
|
|
7.00%, 5/01/17 |
|
|
4,270 |
|
|
4,286,093 |
|
|
6.63%, 4/01/18 (c) |
|
|
1,067 |
|
|
1,121,976 |
|
|
|
|
|
|
|
|
8,757,067 |
|
|
|
|
|
|
|
|
|
|
2 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Commercial Services & Supplies — |
|
|
|
|
|
|
|
|
ACCO Brands Corp., 10.63%, |
USD |
|
755 |
|
$ |
847,487 |
|
|
AWAS Aviation Capital Ltd., 7.00%, |
|
|
120 |
|
|
124,450 |
|
|
Aviation Capital Group Corp., |
|
|
540 |
|
|
546,124 |
|
|
Brickman Group Holdings, Inc., |
|
|
525 |
|
|
544,688 |
|
|
Casella Waste Systems, Inc., |
|
|
650 |
|
|
658,125 |
|
|
Clean Harbors, Inc., 7.63%, |
|
|
380 |
|
|
405,650 |
|
|
Mobile Mini, Inc., 7.88%, |
|
|
230 |
|
|
243,225 |
|
|
RSC Equipment Rental, Inc. (c): |
|
|
|
|
|
|
|
|
10.00%, 7/15/17 |
|
|
585 |
|
|
663,244 |
|
|
8.25%, 2/01/21 |
|
|
590 |
|
|
609,175 |
|
|
West Corp., 8.63%, 10/01/18 (c) |
|
|
135 |
|
|
142,256 |
|
|
|
|
|
|
|
|
4,784,424 |
|
|
Communications Equipment — |
|
|
|
|
|
|
|
|
Avaya, Inc.: |
|
|
|
|
|
|
|
|
9.75%, 11/01/15 |
|
|
520 |
|
|
540,150 |
|
|
10.13%, 11/01/15 (i) |
|
|
650 |
|
|
676,000 |
|
|
7.00%, 4/01/19 (c) |
|
|
430 |
|
|
420,325 |
|
|
EH Holding Corp., 6.50%, |
|
|
380 |
|
|
384,275 |
|
|
|
|
|
|
|
|
2,020,750 |
|
|
Construction & Engineering — |
|
|
|
|
|
|
|
|
Boart Longyear Management Ltd., |
|
|
200 |
|
|
208,250 |
|
|
Construction Materials — 0.4% |
|
|
|
|
|
|
|
|
Calcipar SA, 6.88%, 5/01/18 (c) |
|
|
345 |
|
|
357,075 |
|
|
Nortek, Inc., 10.00%, |
|
|
610 |
|
|
634,400 |
|
|
|
|
|
|
|
|
991,475 |
|
|
Consumer Finance — 1.2% |
|
|
|
|
|
|
|
|
Credit Acceptance Corp., 9.13%, |
|
|
680 |
|
|
737,800 |
|
|
Ford Motor Credit Co. LLC: |
|
|
|
|
|
|
|
|
3.03%, 1/13/12 (g) |
|
|
215 |
|
|
216,363 |
|
|
7.80%, 6/01/12 |
|
|
200 |
|
|
210,386 |
|
|
7.00%, 4/15/15 |
|
|
1,830 |
|
|
1,999,094 |
|
|
6.63%, 8/15/17 |
|
|
139 |
|
|
151,494 |
|
|
|
|
|
|
|
|
3,315,137 |
|
|
Containers & Packaging — 1.9% |
|
|
|
|
|
|
|
|
Ardagh Packaging Finance Plc, |
EUR |
|
475 |
|
|
702,370 |
|
|
Ball Corp., 6.75%, 9/15/20 |
USD |
|
525 |
|
|
558,469 |
|
|
Berry Plastics Corp.: |
|
|
|
|
|
|
|
|
8.25%, 11/15/15 |
|
|
135 |
|
|
144,788 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Containers & Packaging (concluded) |
|
|
|
|
|
|
|
|
Berry Plastics Corp. (concluded): |
|
|
|
|
|
|
|
|
9.75%, 1/15/21 |
USD |
|
925 |
|
$ |
926,156 |
|
|
GCL Holdings SCA, 9.38%, |
EUR |
|
267 |
|
|
396,305 |
|
|
Graphic Packaging International, |
USD |
|
400 |
|
|
436,000 |
|
|
OI European Group BV, 6.88%, |
EUR |
|
155 |
|
|
228,358 |
|
|
Pregis Corp., 12.38%, 10/15/13 |
USD |
|
565 |
|
|
560,762 |
|
|
Smurfit Kappa Acquisitions (c): |
|
|
|
|
|
|
|
|
7.25%, 11/15/17 |
EUR |
|
495 |
|
|
735,506 |
|
|
7.75%, 11/15/19 |
|
|
470 |
|
|
705,123 |
|
|
|
|
|
|
|
|
5,393,837 |
|
|
Diversified Consumer Services — |
|
|
|
|
|
|
|
|
Service Corp. International, |
USD |
|
3,000 |
|
|
3,266,250 |
|
|
Diversified Financial Services — |
|
|
|
|
|
|
|
|
Ally Financial, Inc.: |
|
|
|
|
|
|
|
|
7.50%, 12/31/13 |
|
|
280 |
|
|
302,400 |
|
|
8.30%, 2/12/15 |
|
|
540 |
|
|
602,100 |
|
|
6.25%, 12/01/17 (c) |
|
|
660 |
|
|
679,904 |
|
|
8.00%, 3/15/20 |
|
|
440 |
|
|
485,650 |
|
|
7.50%, 9/15/20 |
|
|
670 |
|
|
721,088 |
|
|
8.00%, 11/01/31 |
|
|
880 |
|
|
965,614 |
|
|
8.00%, 11/01/31 |
|
|
1,760 |
|
|
1,949,200 |
|
|
Axcan Intermediate Holdings, Inc., |
|
|
450 |
|
|
496,125 |
|
|
FCE Bank Plc, 7.13%, 1/15/13 |
EUR |
|
1,050 |
|
|
1,588,874 |
|
|
General Motors Financial Co., Inc., |
USD |
|
780 |
|
|
785,930 |
|
|
KION Finance SA, 7.88%, |
EUR |
|
160 |
|
|
224,500 |
|
|
Leucadia National Corp., 8.13%, |
USD |
|
1,175 |
|
|
1,304,250 |
|
|
Reynolds Group DL Escrow, Inc., |
|
|
1,000 |
|
$ |
1,070,000 |
|
|
Reynolds Group Issuer, Inc.: |
|
|
|
|
|
|
|
|
8.50%, 10/15/16 (c) |
EUR |
|
400 |
|
|
603,702 |
|
|
8.50%, 10/15/16 |
|
|
210 |
|
|
316,944 |
|
|
7.13%, 4/15/19 (c) |
USD |
|
245 |
|
|
254,800 |
|
|
9.00%, 4/15/19 (c) |
|
|
1,250 |
|
|
1,326,562 |
|
|
6.88%, 2/15/21 (c) |
|
|
730 |
|
|
752,813 |
|
|
8.25%, 2/15/21 (c) |
|
|
960 |
|
|
976,800 |
|
|
|
|
|
|
|
|
15,407,256 |
|
|
Diversified Telecommunication |
|
|
|
|
|
|
|
|
Broadview Networks Holdings, |
|
|
1,035 |
|
|
1,014,300 |
|
|
GCI, Inc., 6.75%, 6/01/21 (c) |
|
|
288 |
|
|
290,880 |
|
|
ITC Deltacom, Inc., 10.50%, |
|
|
280 |
|
|
302,400 |
|
|
Level 3 Escrow, Inc., 8.13%, |
|
|
1,410 |
|
|
1,424,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
3 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Diversified Telecommunication Services (concluded) |
|
|
|
|
|
|
|
|
Level 3 Financing, Inc.: |
|
|
|
|
|
|
|
|
9.25%, 11/01/14 |
|
USD |
84 |
|
$ |
86,520 |
|
|
8.75%, 2/15/17 |
|
|
1,030 |
|
|
1,060,900 |
|
|
10.00%, 2/01/18 |
|
|
110 |
|
|
119,075 |
|
|
Qwest Communications International, |
|
|
|
|
|
|
|
|
7.50%, 2/15/14 |
|
|
2,020 |
|
|
2,047,775 |
|
|
8.00%, 10/01/15 |
|
|
600 |
|
|
657,000 |
|
|
Series B, 7.50%, 2/15/14 |
|
|
1,450 |
|
|
1,469,937 |
|
|
Qwest Corp., 7.63%, 6/15/15 |
|
|
525 |
|
|
602,766 |
|
|
Windstream Corp.: |
|
|
|
|
|
|
|
|
8.13%, 8/01/13 |
|
|
460 |
|
|
504,850 |
|
|
7.88%, 11/01/17 |
|
|
910 |
|
|
995,313 |
|
|
|
|
|
|
|
|
10,575,816 |
|
|
Electronic Equipment, Instruments & Components — 0.5% |
|
|
|
|
|
|
|
|
CDW LLC: |
|
|
|
|
|
|
|
|
11.00%, 10/12/15 |
|
|
11 |
|
|
11,825 |
|
|
11.50%, 10/12/15 (i) |
|
|
660 |
|
|
711,975 |
|
|
8.00%, 12/15/18 (c) |
|
|
570 |
|
|
611,325 |
|
|
Elster Finance BV, 6.25%, |
|
EUR |
114 |
|
|
164,072 |
|
|
|
|
|
|
|
|
1,499,197 |
|
|
Energy Equipment & Services — 1.5% |
|
|
|
|
|
|
|
|
Calfrac Holdings LP, 7.50%, |
|
USD |
245 |
|
|
253,575 |
|
|
Compagnie Generale de Geophysique- |
|
|
|
|
|
|
|
|
7.50%, 5/15/15 |
|
|
128 |
|
|
131,200 |
|
|
7.75%, 5/15/17 |
|
|
250 |
|
|
262,500 |
|
|
Exterran Holdings, Inc., 7.25%, |
|
|
445 |
|
|
458,350 |
|
|
Frac Tech Services LLC, 7.13%, |
|
|
805 |
|
|
853,300 |
|
|
Key Energy Services, Inc., 6.75%, |
|
|
450 |
|
|
455,625 |
|
|
MEG Energy Corp., 6.50%, |
|
|
580 |
|
|
584,350 |
|
|
Oil States International, Inc., |
|
|
705 |
|
|
709,406 |
|
|
Thermon Industries, Inc., 9.50%, |
|
|
444 |
|
|
473,970 |
|
|
|
|
|
|
|
|
4,182,276 |
|
|
Food & Staples Retailing — 0.5% |
|
|
|
|
|
|
|
|
BI-LO LLC, 9.25%, 2/15/19 (c) |
|
|
245 |
|
|
253,575 |
|
|
Rite Aid Corp.: |
|
|
|
|
|
|
|
|
9.75%, 6/12/16 |
|
|
410 |
|
|
458,175 |
|
|
7.50%, 3/01/17 |
|
|
670 |
|
|
673,350 |
|
|
|
|
|
|
|
|
1,385,100 |
|
|
Food Products — 0.8% |
|
|
|
|
|
|
|
|
Blue Merger Sub, Inc., 7.63%, |
|
|
1,060 |
|
|
1,081,862 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Food Products (concluded) |
|
|
|
|
|
|
|
|
Boparan Holdings, Ltd. (c): |
|
|
|
|
|
|
|
|
9.75%, 4/30/18 |
|
EUR |
102 |
|
$ |
147,522 |
|
|
9.88%, 4/30/18 |
|
GBP |
145 |
|
|
237,350 |
|
|
Darling International, Inc., 8.50%, |
|
USD |
240 |
|
|
261,600 |
|
|
JBS USA LLC, 7.25%, 6/01/21 (c) |
|
|
130 |
|
|
127,400 |
|
|
Reddy Ice Corp., 11.25%, |
|
|
440 |
|
|
454,300 |
|
|
Smithfield Foods, Inc., 10.00%, |
|
|
70 |
|
|
81,900 |
|
|
|
|
|
|
|
|
2,391,934 |
|
|
Health Care Equipment & Supplies — 1.0% |
|
|
|
|
|
|
|
|
DJO Finance LLC: |
|
|
|
|
|
|
|
|
10.88%, 11/15/14 |
|
|
2,320 |
|
|
2,505,600 |
|
|
7.75%, 4/15/18 (c) |
|
|
135 |
|
|
138,712 |
|
|
Hologic, Inc., 2.00%, |
|
|
255 |
|
|
248,944 |
|
|
|
|
|
|
|
|
2,893,256 |
|
|
Health Care Providers & Services — 6.2% |
|
|
|
|
|
|
|
|
Aviv Healthcare Properties LP, |
|
|
415 |
|
|
424,338 |
|
|
ConvaTec Healthcare E SA (c): |
|
|
|
|
|
|
|
|
7.38%, 12/15/17 |
|
EUR |
600 |
|
|
889,363 |
|
|
10.50%, 12/15/18 |
|
USD |
470 |
|
|
507,600 |
|
|
Crown Newco 3 Plc, 7.00%, |
|
GBP |
364 |
|
|
598,780 |
|
|
DaVita, Inc., 6.38%, 11/01/18 |
|
USD |
400 |
|
|
409,500 |
|
|
Gentiva Health Services, Inc., |
|
|
710 |
|
|
799,637 |
|
|
HCA, Inc.: |
|
|
|
|
|
|
|
|
9.13%, 11/15/14 |
|
|
1,785 |
|
|
1,866,441 |
|
|
8.50%, 4/15/19 |
|
|
305 |
|
|
341,219 |
|
|
7.25%, 9/15/20 |
|
|
2,910 |
|
|
3,171,900 |
|
|
HealthSouth Corp., 8.13%, |
|
|
215 |
|
|
236,500 |
|
|
IASIS Healthcare LLC, 8.38%, |
|
|
935 |
|
|
940,844 |
|
|
inVentiv Health, Inc., 10.00%, |
|
|
650 |
|
|
676,812 |
|
|
Omnicare, Inc.: |
|
|
|
|
|
|
|
|
6.13%, 6/01/13 |
|
|
22 |
|
|
22,000 |
|
|
6.88%, 12/15/15 |
|
|
460 |
|
|
472,650 |
|
|
7.75%, 6/01/20 |
|
|
625 |
|
|
671,094 |
|
|
STHI Holding Corp., 8.00%, |
|
|
320 |
|
|
329,600 |
|
|
Tenet Healthcare Corp.: |
|
|
|
|
|
|
|
|
9.00%, 5/01/15 |
|
|
1,799 |
|
|
1,958,661 |
|
|
10.00%, 5/01/18 |
|
|
644 |
|
|
737,380 |
|
|
8.88%, 7/01/19 |
|
|
2,279 |
|
|
2,535,387 |
|
|
|
|
|
|
|
|
17,589,706 |
|
|
Health Care Technology — 1.1% |
|
|
|
|
|
|
|
|
IMS Health, Inc., 12.50%, |
|
|
2,405 |
|
|
2,861,950 |
|
|
|
|
|
|
|
|
|
|
4 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Health Care Technology (concluded) |
|
|
|
|
|
|
|
|
MedAssets, Inc., 8.00%, |
|
USD |
385 |
|
$ |
397,031 |
|
|
|
|
|
|
|
|
3,258,981 |
|
|
Hotels, Restaurants & Leisure — 2.4% |
|
|
|
|
|
|
|
|
Boyd Gaming Corp., 9.13%, |
|
|
130 |
|
|
134,712 |
|
|
Caesars Entertainment Operating |
|
|
2,130 |
|
|
1,970,250 |
|
|
Cirsa Funding Luxembourg SA, |
|
EUR |
53 |
|
|
79,323 |
|
|
Diamond Resorts Corp., 12.00%, |
|
USD |
1,190 |
|
|
1,282,225 |
|
|
El Dorado Resorts LLC, 8.63%, |
|
|
300 |
|
|
298,500 |
|
|
Enterprise Inns Plc, 6.50%, |
|
GBP |
324 |
|
|
475,684 |
|
|
Harrah’s Operating Co., Inc., |
|
USD |
130 |
|
|
146,250 |
|
|
Little Traverse Bay Bands of |
|
|
300 |
|
|
270,000 |
|
|
MGM Mirage, 13.00%, 11/15/13 |
|
|
110 |
|
|
132,688 |
|
|
MGM Resorts International: |
|
|
|
|
|
|
|
|
10.38%, 5/15/14 |
|
|
255 |
|
|
294,525 |
|
|
11.13%, 11/15/17 |
|
|
820 |
|
|
951,200 |
|
|
Sugarhouse HSP Gaming Prop. |
|
|
150 |
|
|
154,875 |
|
|
Travelport LLC: |
|
|
|
|
|
|
|
|
4.94%, 9/01/14 (g) |
|
|
160 |
|
|
139,200 |
|
|
9.88%, 9/01/14 |
|
|
75 |
|
|
69,563 |
|
|
9.00%, 3/01/16 |
|
|
120 |
|
|
105,300 |
|
|
Tropicana Entertainment LLC, |
|
|
305 |
|
|
31 |
|
|
Vail Resorts, Inc., 6.50%, |
|
|
185 |
|
|
188,931 |
|
|
|
|
|
|
|
|
6,693,257 |
|
|
Household Durables — 2.9% |
|
|
|
|
|
|
|
|
American Standard Americas, |
|
|
410 |
|
|
429,475 |
|
|
Ashton Woods USA LLC, 21.57%, |
|
|
880 |
|
|
530,200 |
|
|
Beazer Homes USA, Inc.: |
|
|
|
|
|
|
|
|
8.13%, 6/15/16 |
|
|
315 |
|
|
300,825 |
|
|
12.00%, 10/15/17 |
|
|
1,345 |
|
|
1,519,850 |
|
|
9.13%, 6/15/18 |
|
|
1,220 |
|
|
1,159,000 |
|
|
Ideal Standard International SPRL, |
|
EUR |
154 |
|
|
228,824 |
|
|
Jarden Corp., 7.50%, 1/15/20 |
|
|
305 |
|
|
453,190 |
|
|
Ryland Group, Inc., 6.63%, |
|
USD |
675 |
|
|
655,594 |
|
|
Standard Pacific Corp.: |
|
|
|
|
|
|
|
|
10.75%, 9/15/16 |
|
|
1,390 |
|
|
1,605,450 |
|
|
8.38%, 5/15/18 |
|
|
645 |
|
|
656,288 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Household Durables (concluded) |
|
|
|
|
|
|
|
|
Standard Pacific Corp. (concluded): |
|
USD |
780 |
|
$ |
781,950 |
|
|
|
|
|
|
|
|
8,320,646 |
|
|
Household Products — 0.1% |
|
|
|
|
|
|
|
|
Ontex IV SA, 7.50%, 4/15/18 (c) |
|
EUR |
150 |
|
|
220,182 |
|
|
IT Services — 2.3% |
|
|
|
|
|
|
|
|
Eagle Parent Canada, Inc., 8.63%, |
|
USD |
1,050 |
|
|
1,061,812 |
|
|
First Data Corp.: |
|
|
|
|
|
|
|
|
9.88%, 9/24/15 |
|
|
195 |
|
|
201,338 |
|
|
9.88%, 9/24/15 |
|
|
345 |
|
|
355,350 |
|
|
7.38%, 6/15/19 (c) |
|
|
940 |
|
|
956,450 |
|
|
8.88%, 8/15/20 (c) |
|
|
535 |
|
|
580,475 |
|
|
12.63%, 1/15/21 (c) |
|
|
2,114 |
|
|
2,298,975 |
|
|
SunGard Data Systems, Inc.: |
|
|
|
|
|
|
|
|
7.38%, 11/15/18 |
|
|
480 |
|
|
489,600 |
|
|
7.63%, 11/15/20 |
|
|
600 |
|
|
622,500 |
|
|
|
|
|
|
|
|
6,566,500 |
|
|
Independent Power Producers & Energy Traders — 3.1% |
|
|
|
|
|
|
|
|
Calpine Corp. (c): |
|
|
|
|
|
|
|
|
7.50%, 2/15/21 |
|
|
475 |
|
|
494,000 |
|
|
7.88%, 1/15/23 |
|
|
645 |
|
|
675,637 |
|
|
Energy Future Holdings Corp.: |
|
|
|
|
|
|
|
|
10.00%, 1/15/20 |
|
|
3,395 |
|
|
3,675,624 |
|
|
Series R, 6.55%, 11/15/34 |
|
|
390 |
|
|
202,800 |
|
|
Energy Future Intermediate |
|
|
174 |
|
|
189,252 |
|
|
NRG Energy, Inc., 7.63%, |
|
|
2,170 |
|
|
2,191,700 |
|
|
Texas Competitive Electric Holdings Co. |
|
|
|
|
|
|
|
|
10.25%, 11/01/15 |
|
|
835 |
|
|
532,313 |
|
|
11.50%, 10/01/20 (c) |
|
|
830 |
|
|
840,375 |
|
|
|
|
|
|
|
|
8,801,701 |
|
|
Industrial Conglomerates — 2.4% |
|
|
|
|
|
|
|
|
ALBA Group Plc & Co. KG, 8.00%, |
|
EUR |
107 |
|
|
158,900 |
|
|
Sequa Corp. (c): |
|
|
|
|
|
|
|
|
11.75%, 12/01/15 |
|
USD |
2,340 |
|
|
2,503,800 |
|
|
13.50%, 12/01/15 |
|
|
3,954 |
|
|
4,230,792 |
|
|
|
|
|
|
|
|
6,893,492 |
|
|
Insurance — 1.4% |
|
|
|
|
|
|
|
|
Alliant Holdings I, Inc., 11.00%, |
|
|
1,700 |
|
|
1,806,250 |
|
|
CNO Financial Group, Inc., 9.00%, |
|
|
467 |
|
|
504,360 |
|
|
Genworth Financial, Inc.: |
|
|
|
|
|
|
|
|
7.63%, 9/24/21 |
|
|
430 |
|
|
448,592 |
|
|
6.15%, 11/15/66 (g) |
|
|
865 |
|
|
668,212 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
5 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Insurance (concluded) |
|
|
|
|
|
|
|
|
USI Holdings
Corp., 4.14%, |
|
USD |
680 |
|
$ |
651,100 |
|
|
|
|
|
|
|
|
4,078,514 |
|
|
Leisure Equipment & Products — |
|
|
|
|
|
|
|
|
Cinemark USA, Inc., 7.38%, |
|
|
100 |
|
|
100,000 |
|
|
Machinery — 1.8% |
|
|
|
|
|
|
|
|
AGY Holding Corp., 11.00%, |
|
|
980 |
|
|
954,275 |
|
|
Navistar International Corp.: |
|
|
|
|
|
|
|
|
3.00%, 10/15/14 (f) |
|
|
1,960 |
|
|
2,851,800 |
|
|
8.25%, 11/01/21 |
|
|
140 |
|
|
153,825 |
|
|
Oshkosh Corp., 8.25%, 3/01/17 |
|
|
80 |
|
|
87,200 |
|
|
Titan International, Inc. (c): |
|
|
|
|
|
|
|
|
5.63%, 1/15/17 (f) |
|
|
240 |
|
|
689,400 |
|
|
7.88%, 10/01/17 |
|
|
465 |
|
|
499,875 |
|
|
|
|
|
|
|
|
5,236,375 |
|
|
Media — 15.0% |
|
|
|
|
|
|
|
|
AMC Entertainment, Inc., 8.75%, |
|
|
405 |
|
|
434,869 |
|
|
Affinion Group, Inc., 7.88%, |
|
|
815 |
|
|
774,250 |
|
|
CCH II LLC, 13.50%, 11/30/16 |
|
|
3,013 |
|
|
3,585,112 |
|
|
CCO Holdings LLC: |
|
|
|
|
|
|
|
|
7.25%, 10/30/17 |
|
|
50 |
|
|
52,000 |
|
|
7.88%, 4/30/18 |
|
|
110 |
|
|
116,600 |
|
|
6.50%, 4/30/21 |
|
|
878 |
|
|
864,830 |
|
|
CMP Susquehanna Corp., 3.42%, |
|
|
160 |
|
|
152,000 |
|
|
CSC Holdings, Inc., 8.50%, |
|
|
390 |
|
|
436,800 |
|
|
Catalina Marketing Corp., 10.50%, |
|
|
610 |
|
|
649,650 |
|
|
Cengage Learning Acquisitions, |
|
|
870 |
|
|
826,500 |
|
|
Checkout Holding Corp., 6.93%, |
|
|
875 |
|
|
575,313 |
|
|
Citadel Broadcasting Corp., |
|
|
385 |
|
|
416,281 |
|
|
Clear Channel Worldwide Holdings, Inc.: |
|
|
|
|
|
|
|
|
9.25%, 12/15/17 |
|
|
1,525 |
|
|
1,662,250 |
|
|
Series B, 9.25%, 12/15/17 |
|
|
5,570 |
|
|
6,085,225 |
|
|
Cox Enterprises, Inc.: |
|
|
|
|
|
|
|
|
Loan Close 2, 4.00%, |
|
|
648 |
|
|
648,241 |
|
|
Loan Close 3, 12.00%, |
|
|
741 |
|
|
741,125 |
|
|
Shares Loan, 4.00%, 8/15/18 |
|
|
764 |
|
|
764,359 |
|
|
Cumulus Media, Inc., 7.75%, |
|
|
360 |
|
|
360,000 |
|
|
DISH DBS Corp.: |
|
|
|
|
|
|
|
|
7.00%, 10/01/13 |
|
|
90 |
|
|
96,975 |
|
|
6.75%, 6/01/21 (c) |
|
|
860 |
|
|
868,600 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Media (concluded) |
|
|
|
|
|
|
|
|
Gray Television, Inc., 10.50%, |
|
USD |
935 |
|
$ |
993,437 |
|
|
Harland Clarke Holdings Corp.: |
|
|
|
|
|
|
|
|
5.01%, 5/15/15 (g) |
|
|
350 |
|
|
302,750 |
|
|
9.50%, 5/15/15 |
|
|
350 |
|
|
332,500 |
|
|
Intelsat Luxembourg SA: |
|
|
|
|
|
|
|
|
11.25%, 6/15/16 |
|
|
560 |
|
|
593,600 |
|
|
11.50%, 2/04/17 (i) |
|
|
260 |
|
|
281,775 |
|
|
11.50%, 2/04/17 (c)(i) |
|
|
1,170 |
|
|
1,267,987 |
|
|
Interactive Data Corp., 10.25%, |
|
|
1,030 |
|
|
1,145,875 |
|
|
Kabel BW Erste Beteiligungs |
|
EUR |
673 |
|
|
1,009,676 |
|
|
Liberty Media Corp., 3.13%, |
|
USD |
1,113 |
|
|
1,342,556 |
|
|
Live Nation Entertainment, Inc., |
|
|
735 |
|
|
744,188 |
|
|
Musketeer GmbH, 9.50%, |
|
EUR |
425 |
|
|
666,663 |
|
|
NAI Entertainment Holdings LLC, |
|
USD |
620 |
|
|
669,600 |
|
|
Nielsen Finance LLC: |
|
|
|
|
|
|
|
|
11.63%, 2/01/14 |
|
|
117 |
|
|
137,768 |
|
|
7.75%, 10/15/18 (c) |
|
|
2,145 |
|
|
2,300,512 |
|
|
Odeon & UCI Finco Plc, 9.00%, |
|
GBP |
207 |
|
|
335,446 |
|
|
ProQuest LLC, 9.00%, |
|
USD |
500 |
|
|
518,125 |
|
|
ProtoStar I Ltd., 18.00%, |
|
|
850 |
|
|
425 |
|
|
Rainbow National Services LLC, |
|
|
1,582 |
|
|
1,641,325 |
|
|
Regal Entertainment Group, |
|
|
335 |
|
|
355,938 |
|
|
UPC Germany GmbH (c): |
|
|
|
|
|
|
|
|
8.13%, 12/01/17 |
|
EUR |
441 |
|
|
671,928 |
|
|
8.13%, 12/01/17 |
|
USD |
755 |
|
|
802,188 |
|
|
9.63%, 12/01/19 |
|
EUR |
570 |
|
|
906,417 |
|
|
UPC Holding BV, 9.88%, 4/15/18 |
|
USD |
500 |
|
|
560,000 |
|
|
UPCB Finance II Ltd., 6.38%, |
|
EUR |
822 |
|
|
1,141,472 |
|
|
Unitymedia GmbH, 9.63%, |
|
EUR |
168 |
|
|
267,154 |
|
|
Univision Communications, Inc., |
|
USD |
320 |
|
|
320,000 |
|
|
Virgin Media Secured Finance Plc, |
|
GBP |
618 |
|
|
1,103,021 |
|
|
Xefin Lux SCA, 8.00%, 6/01/18 |
|
EUR |
254 |
|
|
365,531 |
|
|
Ziggo Bond Co. BV, 8.00%, |
|
|
388 |
|
|
582,799 |
|
|
Ziggo Finance BV, 6.13%, |
|
|
800 |
|
|
1,157,036 |
|
|
|
|
|
|
|
|
42,628,672 |
|
|
|
|
|
|
|
|
|
|
|
|
6 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Metals & Mining — 4.4% |
|
|
|
|
|
|
|
|
Drummond Co., Inc.: |
|
|
|
|
|
|
|
|
9.00%, 10/15/14 (c) |
|
USD |
630 |
|
$ |
661,500 |
|
|
7.38%, 2/15/16 |
|
|
225 |
|
|
230,062 |
|
|
FMG Resources August 2006 Pty |
|
|
1,580 |
|
|
1,643,200 |
|
|
Foundation PA Coal Co., 7.25%, |
|
|
1,975 |
|
|
2,016,969 |
|
|
Goldcorp, Inc., 2.00%, 8/01/14 (f) |
|
|
595 |
|
|
765,319 |
|
|
JMC Steel Group, 8.25%, |
|
|
380 |
|
|
392,350 |
|
|
James River Escrow, Inc., 7.88%, |
|
|
220 |
|
|
224,400 |
|
|
New World Resources NV, 7.88%, |
|
EUR |
655 |
|
|
985,028 |
|
|
Newmont Mining Corp., Series A, |
|
USD |
430 |
|
|
577,275 |
|
|
Novelis, Inc., 8.75%, 12/15/20 (c) |
|
|
3,525 |
|
|
3,895,125 |
|
|
Ryerson, Inc.: |
|
|
|
|
|
|
|
|
7.65%, 11/01/14 (g) |
|
|
325 |
|
|
329,469 |
|
|
12.00%, 11/01/15 |
|
|
265 |
|
|
285,537 |
|
|
Steel Dynamics, Inc., 7.38%, |
|
|
205 |
|
|
217,812 |
|
|
Taseko Mines Ltd., 7.75%, |
|
|
330 |
|
|
334,950 |
|
|
|
|
|
|
|
|
12,558,996 |
|
|
Multiline Retail — 1.7% |
|
|
|
|
|
|
|
|
Dollar General Corp., 11.88%, |
|
|
4,351 |
|
|
4,971,018 |
|
|
Oil, Gas & Consumable Fuels — |
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc. (e): |
|
|
|
|
|
|
|
|
6.00%, 6/01/19 |
|
|
720 |
|
|
724,500 |
|
|
6.25%, 6/01/21 |
|
|
905 |
|
|
920,837 |
|
|
Arch Coal, Inc., 7.25%, 10/01/20 |
|
|
785 |
|
|
828,175 |
|
|
Berry Petroleum Co., 8.25%, |
|
|
510 |
|
|
534,225 |
|
|
Bill Barrett Corp., 9.88%, 7/15/16 |
|
|
45 |
|
|
51,075 |
|
|
Carrizo Oil & Gas, Inc., 8.63%, |
|
|
230 |
|
|
244,375 |
|
|
Chaparral Energy, Inc., 8.25%, |
|
|
255 |
|
|
263,925 |
|
|
Chesapeake Energy Corp.: |
|
|
|
|
|
|
|
|
6.63%, 8/15/20 |
|
|
1,291 |
|
|
1,357,164 |
|
|
6.13%, 2/15/21 |
|
|
850 |
|
|
864,875 |
|
|
2.25%, 12/15/38 (f) |
|
|
800 |
|
|
744,000 |
|
|
Clayton Williams Energy, Inc., |
|
|
320 |
|
|
319,200 |
|
|
Coffeyville Resources LLC, 9.00%, |
|
|
266 |
|
|
288,610 |
|
|
Concho Resources, Inc., 7.00%, |
|
|
410 |
|
|
429,475 |
|
|
Connacher Oil and Gas Ltd., |
|
|
480 |
|
|
474,000 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
|
Value |
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Consol Energy, Inc., 8.25%, |
|
USD |
1,990 |
|
$ |
2,208,900 |
|
|
Continental Resources, Inc., |
|
|
370 |
|
|
394,050 |
|
|
Copano Energy LLC, 7.13%, |
|
|
335 |
|
|
338,350 |
|
|
Crestwood Midstream Partners |
|
|
180 |
|
|
210,525 |
|
|
Crosstex Energy LP, 8.88%, |
|
|
|
|
|
195,300 |
|
|
Denbury Resources, Inc.: |
|
|
|
|
|
|
|
|
8.25%, 2/15/20 |
|
|
737 |
|
|
814,385 |
|
|
6.38%, 8/15/21 |
|
|
350 |
|
|
354,375 |
|
|
Energy Transfer Equity LP, 7.50%, |
|
|
135 |
|
|
147,150 |
|
|
Energy XXI Gulf Coast, Inc. (c): |
|
|
|
|
|
|
|
|
9.25%, 12/15/17 |
|
|
425 |
|
|
457,937 |
|
|
7.75%, 6/15/19 |
|
|
900 |
|
|
904,500 |
|
|
EV Energy Partners LP, 8.00%, |
|
|
315 |
|
|
327,600 |
|
|
Forbes Energy Services, Ltd., |
|
|
365 |
|
|
366,825 |
|
|
Hilcorp Energy I LP, 7.63%, |
|
|
770 |
|
|
812,350 |
|
|
Linn Energy LLC (c): |
|
|
|
|
|
|
|
|
6.50%, 5/15/19 |
|
|
250 |
|
|
250,000 |
|
|
8.63%, 4/15/20 |
|
|
1,100 |
|
|
1,204,500 |
|
|
7.75%, 2/01/21 |
|
|
590 |
|
|
622,450 |
|
|
MarkWest Energy Partners LP, |
|
|
135 |
|
|
139,050 |
|
|
Niska Gas Storage US LLC, 8.88%, |
|
|
1,870 |
|
|
2,010,250 |
|
|
OGX Petroleo e Gas Participacoes |
|
|
3,970 |
|
|
4,063,295 |
|
|
Oasis Petroleum, Inc., 7.25%, |
|
|
365 |
|
|
367,738 |
|
|
Peabody Energy Corp., 6.50%, |
|
|
455 |
|
|
489,694 |
|
|
Petrohawk Energy Corp.: |
|
|
|
|
|
|
|
|
10.50%, 8/01/14 |
|
|
370 |
|
|
419,950 |
|
|
7.88%, 6/01/15 |
|
|
460 |
|
|
485,300 |
|
|
Range Resources Corp., 8.00%, |
|
|
400 |
|
|
437,000 |
|
|
SM Energy Co., 6.63%, |
|
|
285 |
|
|
291,769 |
|
|
SandRidge Energy, Inc., 7.50%, |
|
|
915 |
|
|
947,025 |
|
|
Teekay Corp., 8.50%, 1/15/20 |
|
|
660 |
|
|
721,050 |
|
|
|
|
|
|
|
|
28,025,754 |
|
|
Paper & Forest Products — 2.8% |
|
|
|
|
|
|
|
|
Ainsworth Lumber Co. Ltd., |
|
|
1,162 |
|
|
1,150,845 |
|
|
Boise Paper Holdings LLC: |
|
|
|
|
|
|
|
|
9.00%, 11/01/17 |
|
|
125 |
|
|
139,219 |
|
|
8.00%, 4/01/20 |
|
|
165 |
|
|
178,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
7 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Paper & Forest Products (concluded) |
|
|
|
|
|
|
|
|
Clearwater Paper Corp.: |
|
|
|
|
|
|
|
|
10.63%, 6/15/16 |
|
USD |
390 |
|
$ |
441,675 |
|
|
7.13%, 11/01/18 (c) |
|
|
585 |
|
|
608,400 |
|
|
Georgia-Pacific LLC, 8.25%, |
|
|
1,600 |
|
|
1,816,000 |
|
|
NewPage Corp., 11.38%, |
|
|
2,695 |
|
|
2,600,675 |
|
|
Sappi Papier Holding GmbH, |
|
|
140 |
|
|
141,750 |
|
|
Verso Paper Holdings LLC, |
|
|
756 |
|
|
820,260 |
|
|
|
|
|
|
|
|
7,897,024 |
|
|
Pharmaceuticals — 0.2% |
|
|
|
|
|
|
|
|
Valeant Pharmaceuticals |
|
|
|
|
|
|
|
|
6.50%, 7/15/16 |
|
|
280 |
|
|
278,600 |
|
|
6.75%, 10/01/17 |
|
|
205 |
|
|
202,950 |
|
|
7.00%, 10/01/20 |
|
|
195 |
|
|
191,100 |
|
|
|
|
|
|
|
|
672,650 |
|
|
Professional Services — 0.3% |
|
|
|
|
|
|
|
|
FTI Consulting, Inc., 6.75%, |
|
|
920 |
|
|
938,400 |
|
|
Real Estate Investment Trusts |
|
|
|
|
|
|
|
|
FelCor Lodging LP, 6.75%, |
|
|
1,405 |
|
|
1,397,975 |
|
|
Longview Fibre Paper & |
|
|
345 |
|
|
350,175 |
|
|
Omega Healthcare Investors, Inc., |
|
|
540 |
|
|
538,650 |
|
|
The Rouse Co. LP, 6.75%, |
|
|
520 |
|
|
536,900 |
|
|
|
|
|
|
|
|
2,823,700 |
|
|
Real Estate Management & |
|
|
|
|
|
|
|
|
CB Richard Ellis Services, Inc., |
|
|
335 |
|
|
352,588 |
|
|
Forest City Enterprises, Inc., |
|
|
1,425 |
|
|
1,385,812 |
|
|
IVG Immobilien AG, 8.00%, |
|
EUR |
100 |
|
|
124,842 |
|
|
Realogy Corp. (c): |
|
|
|
|
|
|
|
|
11.50%, 4/15/17 |
|
USD |
795 |
|
|
838,725 |
|
|
12.00%, 4/15/17 |
|
|
300 |
|
|
314,250 |
|
|
7.88%, 2/15/19 |
|
|
2,655 |
|
|
2,668,275 |
|
|
Shea Homes LP, 8.63%, |
|
|
1,120 |
|
|
1,132,600 |
|
|
|
|
|
|
|
|
6,817,092 |
|
|
Road & Rail — 2.0% |
|
|
|
|
|
|
|
|
Avis Budget Car Rental LLC: |
|
|
|
|
|
|
|
|
9.63%, 3/15/18 |
|
|
510 |
|
|
559,725 |
|
|
8.25%, 1/15/19 |
|
|
775 |
|
|
803,094 |
|
|
Florida East Coast Railway Corp., |
|
|
410 |
|
|
427,425 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Road & Rail (concluded) |
|
|
|
|
|
|
|
|
The Hertz Corp. (c): |
|
|
|
|
|
|
|
|
7.50%, 10/15/18 |
|
USD |
645 |
|
$ |
677,250 |
|
|
6.75%, 4/15/19 |
|
|
445 |
|
|
449,450 |
|
|
7.38%, 1/15/21 |
|
|
495 |
|
|
512,325 |
|
|
Hertz Holdings Netherlands BV (concluded): |
|
|
|
|
|
|
|
|
8.50%, 7/31/15 |
|
EUR |
110 |
|
|
169,382 |
|
|
8.50%, 7/31/15 (c) |
|
EUR |
1,325 |
|
|
2,040,283 |
|
|
|
|
|
|
|
|
5,638,934 |
|
|
Semiconductors & Semiconductor |
|
|
|
|
|
|
|
|
Lam Research Corp., 1.25%, |
|
USD |
102 |
|
|
104,805 |
|
|
Linear Technology Corp., Series A, |
|
|
435 |
|
|
469,256 |
|
|
Spansion LLC, 7.88%, |
|
|
280 |
|
|
286,300 |
|
|
|
|
|
|
|
|
860,361 |
|
|
Specialty Retail — 2.0% |
|
|
|
|
|
|
|
|
Asbury Automotive Group, Inc., |
|
|
365 |
|
|
380,513 |
|
|
Claire’s Escrow Corp., 8.88%, |
|
|
285 |
|
|
273,600 |
|
|
Hillman Group, Inc., 10.88%, |
|
|
530 |
|
|
583,000 |
|
|
House of Fraser Plc, 8.88%, |
|
GBP |
285 |
|
|
466,481 |
|
|
Ltd. Brands, Inc., 8.50%, 6/15/19 |
|
USD |
785 |
|
|
919,431 |
|
|
PETCO Animal Supplies, Inc., |
|
|
455 |
|
|
487,987 |
|
|
Phones4u Finance Plc, 9.50%, |
|
GBP |
400 |
|
|
651,475 |
|
|
Sonic Automotive, Inc., 9.00%, |
|
USD |
370 |
|
|
394,975 |
|
|
Toys ‘R’ Us-Delaware, Inc., 7.38%, |
|
|
420 |
|
|
436,800 |
|
|
United Auto Group, Inc., 7.75%, |
|
|
1,025 |
|
|
1,055,750 |
|
|
|
|
|
|
|
|
5,650,012 |
|
|
Transportation Infrastructure — |
|
|
|
|
|
|
|
|
Aguila 3 SA, 7.88%, 1/31/18 (c) |
|
|
431 |
|
|
440,698 |
|
|
Wireless Telecommunication |
|
|
|
|
|
|
|
|
Clearwire Communications LLC, |
|
|
290 |
|
|
317,188 |
|
|
Cricket Communications, Inc.: |
|
|
|
|
|
|
|
|
10.00%, 7/15/15 |
|
|
765 |
|
|
832,894 |
|
|
7.75%, 5/15/16 |
|
|
220 |
|
|
233,750 |
|
|
Digicel Group Ltd. (c): |
|
|
|
|
|
|
|
|
8.88%, 1/15/15 |
|
|
700 |
|
|
721,000 |
|
|
9.13%, 1/15/15 |
|
|
1,783 |
|
|
1,840,947 |
|
|
8.25%, 9/01/17 |
|
|
1,180 |
|
|
1,239,000 |
|
|
10.50%, 4/15/18 |
|
|
500 |
|
|
565,000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
8 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
FiberTower Corp., 9.00%, |
|
USD |
302 |
|
$ |
182,631 |
|
|
Intelsat Jackson Holdings SA (c): |
|
|
|
|
|
|
|
|
7.25%, 10/15/20 |
|
|
335 |
|
|
335,838 |
|
|
7.50%, 4/01/21 |
|
|
370 |
|
|
374,625 |
|
|
iPCS, Inc., 2.40%, 5/01/13 (g) |
|
|
815 |
|
|
789,531 |
|
|
MetroPCS Wireless, Inc.: |
|
|
|
|
|
|
|
|
7.88%, 9/01/18 |
|
|
360 |
|
|
387,450 |
|
|
6.63%, 11/15/20 |
|
|
830 |
|
|
827,925 |
|
|
NII Capital Corp., 7.63%, 4/01/21 |
|
|
381 |
|
|
404,336 |
|
|
NII Holdings, Inc., 3.13%, |
|
|
370 |
|
|
370,000 |
|
|
Sprint Capital Corp., 6.88%, |
|
|
1,440 |
|
|
1,396,800 |
|
|
|
|
|
|
|
|
10,818,915 |
|
|
Total Corporate Bonds – 104.4% |
|
|
|
|
|
297,367,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (g) |
|
|
|
|
|
|
|
|
Airlines — 0.4% |
|
|
|
|
|
|
|
|
Delta Air Lines, Inc., Credit New |
|
|
1,050 |
|
|
1,038,844 |
|
|
Building Products — 0.2% |
|
|
|
|
|
|
|
|
Goodman Global, Inc., Term Loan |
|
|
625 |
|
|
643,594 |
|
|
Capital Markets — 0.1% |
|
|
|
|
|
|
|
|
Marsico Parent Co., LLC, Term |
|
|
371 |
|
|
283,606 |
|
|
Chemicals — 0.3% |
|
|
|
|
|
|
|
|
PQ Corp. (FKA Niagara Acquisition, |
|
|
290 |
|
|
282,622 |
|
|
Styron Sarl, Term Loan B, 6.00%, |
|
|
493 |
|
|
495,892 |
|
|
|
|
|
|
|
|
778,514 |
|
|
Commercial Services & Supplies — |
|
|
|
|
|
|
|
|
AWAS Finance Luxembourg Sarl, |
|
|
519 |
|
|
529,135 |
|
|
Delos Aircraft, Inc., Term Loan 2, |
|
|
550 |
|
|
550,982 |
|
|
Volume Services America, Inc. |
|
|
995 |
|
|
1,001,219 |
|
|
|
|
|
|
|
|
2,081,336 |
|
|
Construction & Engineering — |
|
|
|
|
|
|
|
|
Safway Services, LLC, Last Out |
|
|
2,000 |
|
|
2,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (g) |
|
Par |
|
Value |
|
||
|
Consumer Finance — 1.8% |
|
|
|
|
|
|
|
|
Springleaf Financial Funding Co. |
|
USD |
5,150 |
|
$ |
5,141,956 |
|
|
Food Products — 0.3% |
|
|
|
|
|
|
|
|
Advance Pierre Foods, Term Loan |
|
|
900 |
|
|
914,625 |
|
|
Health Care Providers & |
|
|
|
|
|
|
|
|
Harden Healthcare, Inc.: |
|
|
|
|
|
|
|
|
Tranche A Additional Term |
|
|
487 |
|
|
477,404 |
|
|
Tranche A Term Loan, 8.50%, |
|
|
440 |
|
|
430,850 |
|
|
inVentiv Health, Inc. (FKA Ventive |
|
|
893 |
|
|
894,657 |
|
|
|
|
|
|
|
|
1,802,911 |
|
|
Hotels, Restaurants & Leisure — |
|
|
|
|
|
|
|
|
Harrah’s Operating Co., Inc., Term |
|
|
364 |
|
|
338,364 |
|
|
Travelport LLC (FKA Travelport, |
|
|
1,333 |
|
|
1,060,029 |
|
|
|
|
|
|
|
|
1,398,393 |
|
|
Household Durables — 0.1% |
|
|
|
|
|
|
|
|
Visant Corp. (FKA Jostens), Term |
|
|
363 |
|
|
362,275 |
|
|
IT Services — 0.0% |
|
|
|
|
|
|
|
|
First Data Corp.: |
|
|
|
|
|
|
|
|
Initial B-1 Term Loan, 2.94%, |
|
|
26 |
|
|
23,899 |
|
|
Initial B-2 Term Loan, 2.94%, |
|
|
37 |
|
|
34,369 |
|
|
Initial B-3 Term Loan, 2.94%, |
|
|
54 |
|
|
50,025 |
|
|
|
|
|
|
|
|
108,293 |
|
|
Independent Power Producers & |
|
|
|
|
|
|
|
|
Texas Competitive Electric |
|
|
3,134 |
|
|
2,668,622 |
|
|
Media — 4.0% |
|
|
|
|
|
|
|
|
Cengage Learning Acquisitions, |
|
|
1,702 |
|
|
1,702,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
9 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (g) |
|
Par |
|
Value |
|
||
|
Media (concluded) |
|
|
|
|
|
|
|
|
HMH Publishing Co., Ltd., Tranche |
|
USD |
939 |
|
$ |
884,414 |
|
|
Intelsat Jackson Holdings S.A. (FKA |
|
|
7,300 |
|
|
7,341,566 |
|
|
Newsday LLC, Fixed Rate Term |
|
|
1,325 |
|
|
1,407,812 |
|
|
|
|
|
|
|
|
11,336,377 |
|
|
Oil, Gas
& Consumable Fuels — |
|
|
|
|
|
|
|
|
Obsidian Natural Gas Trust, Term |
|
|
2,161 |
|
|
2,193,331 |
|
|
Paper & Forest Products — 0.5% |
|
|
|
|
|
|
|
|
Verso Paper Finance Holdings |
|
|
1,409 |
|
|
1,268,187 |
|
|
Pharmaceuticals — 0.3% |
|
|
|
|
|
|
|
|
Axcan Pharma, Inc., Term Loan, |
|
|
998 |
|
|
992,513 |
|
|
Real
Estate Investment Trusts |
|
|
|
|
|
|
|
|
iStar Financial, Inc., Term Loan |
|
|
1,958 |
|
|
1,947,871 |
|
|
Real
Estate Management & |
|
|
|
|
|
|
|
|
Realogy Corp.: |
|
|
|
|
|
|
|
|
Extended
Synthetic Letter of |
|
|
134 |
|
|
124,176 |
|
|
Extended
Term Loan B, |
|
|
737 |
|
|
684,564 |
|
|
|
|
|
|
|
|
808,740 |
|
|
Specialty Retail — 0.0% |
|
|
|
|
|
|
|
|
Claire’s Stores, Inc., Term Loan B, |
|
|
113 |
|
|
103,898 |
|
|
Wireless
Telecommunication |
|
|
|
|
|
|
|
|
Vodafone Americas Finance 2 Inc., |
|
|
1,812 |
|
|
1,866,182 |
|
|
Total
Floating Rate Loan Interests – |
|
|
|
|
|
39,740,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Agency Obligations |
|
|
|
|
|
|
|
|
Republic of Indonesia, 4.88%, |
|
|
530 |
|
|
537,950 |
|
|
Total
Foreign Agency |
|
|
|
|
|
537,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Interests (m) |
|
Beneficial |
|
Value |
|
||
|
Auto Components — 3.0% |
|
|
|
|
|
|
|
|
Delphi Debtor-in-Possession |
|
USD |
— |
(n) |
$ |
8,455,858 |
|
|
Lear Corp. Escrow |
|
|
460 |
|
|
12,650 |
|
|
|
|
|
|
|
|
8,468,508 |
|
|
Hotels,
Restaurants & Leisure — |
|
|
|
|
|
|
|
|
Buffets, Inc. |
|
|
575 |
|
|
6 |
|
|
Media — 0.0% |
|
|
|
|
|
|
|
|
Adelphia Escrow |
|
|
750 |
|
|
7 |
|
|
Adelphia Recovery Trust |
|
|
941 |
|
|
94 |
|
|
|
|
|
|
|
|
101 |
|
|
Total Other Interests – 3.0% |
|
|
|
|
|
8,468,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks |
|
Shares |
|
|
|
|
|
|
Auto Components — 1.0% |
|
|
|
|
|
|
|
|
Dana Holding Corp., 4.00% (c)(f) |
|
|
17,500 |
|
|
2,721,250 |
|
|
Diversified Financial Services — 1.7% |
|
|
|
|
|
|
|
|
Ally Financial, Inc., 7.00% (c) |
|
|
2,430 |
|
|
2,347,304 |
|
|
Citigroup, Inc., 7.50% (f) |
|
|
21,900 |
|
|
2,638,950 |
|
|
|
|
|
|
|
|
4,986,254 |
|
|
Household Durables — 0.1% |
|
|
|
|
|
|
|
|
Beazer Homes USA, Inc., 7.50% (f) |
|
|
10,132 |
|
|
235,265 |
|
|
Media — 0.2% |
|
|
|
|
|
|
|
|
CMP Susquehanna Radio Holdings |
|
|
37,314 |
|
|
317,169 |
|
|
TRA Global, Inc. (a) |
|
|
286,652 |
|
|
352,582 |
|
|
|
|
|
|
|
|
669,751 |
|
|
Professional Services — 0.1% |
|
|
|
|
|
|
|
|
Nielsen Holdings NV, 6.25% (a)(f) |
|
|
450,000 |
|
|
281,531 |
|
|
Real Estate Investment Trusts (REITs) — 0.1% |
|
|
|
|
|
|
|
|
MPG Office Trust, Inc., Series A, |
|
|
8,994 |
|
|
148,401 |
|
|
Thrifts
& Mortgage Finance — |
|
|
|
|
|
|
|
|
Fannie Mae, Series O (a) |
|
|
30,000 |
|
|
150,000 |
|
|
Freddie Mac, Series Z (a) |
|
|
75,961 |
|
|
240,037 |
|
|
|
|
|
|
|
|
390,037 |
|
|
Total Preferred Stocks – 3.3% |
|
|
|
|
|
9,432,489 |
|
|
|
|
|
|
|
||
|
10 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Preferred Securities (concluded) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Trust Preferreds |
|
Shares |
|
Value |
|
||
|
Diversified Financial Services — 1.2% |
|
|
|
|
|
|
|
|
GMAC Capital Trust I, Series 2, 8.13% |
|
|
123,700 |
|
$ |
3,249,599 |
|
|
Total Trust Preferreds– 1.2% |
|
|
|
|
|
3,249,599 |
|
|
Total Preferred Securities – 4.5% |
|
|
|
|
|
12,682,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants (o) |
|
|
|
|
|
|
|
|
Containers & Packaging — 0.0% |
|
|
|
|
|
|
|
|
MDP Acquisitions Plc (Expires |
|
|
700 |
|
|
45,036 |
|
|
Health
Care Providers & |
|
|
|
|
|
|
|
|
HealthSouth Corp. (Expires |
|
|
32,042 |
|
|
— |
|
|
Hotels,
Restaurants & |
|
|
|
|
|
|
|
|
Buffets Restaurants Holdings, Inc. |
|
|
485 |
|
|
5 |
|
|
Media — 0.1% |
|
|
|
|
|
|
|
|
CMP Susquehanna Radio |
|
|
42,640 |
|
|
356,301 |
|
|
New Vision Holdings LLC (Expires |
|
|
22,447 |
|
|
224 |
|
|
|
|
|
|
|
|
356,525 |
|
|
Software — 0.0% |
|
|
|
|
|
|
|
|
Bankruptcy Management |
|
|
334 |
|
|
3 |
|
|
HMH Holdings/EduMedia (Expires |
|
|
11,225 |
|
|
— |
|
|
|
|
|
|
|
|
3 |
|
|
Total Warrants – 0.1% |
|
|
|
|
|
401,569 |
|
|
Total
Long-Term Investments |
|
|
|
|
|
378,484,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds, |
|
|
2,007,409 |
|
|
2,007,409 |
|
|
Total
Short-Term Investments |
|
|
|
|
|
2,007,409 |
|
|
|
|
|
|
|
|
|
|
|
Options Purchased |
|
Contracts |
|
Value |
|
||
|
Exchange-Traded
Put Options — |
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust, Strike |
|
|
212 |
|
$ |
28,620 |
|
|
Over-the-Counter
Call Options — |
|
|
|
|
|
|
|
|
Marsico Parent Superholdco LLC, |
|
|
19 |
|
|
— |
|
|
Total
Options Purchased |
|
|
|
|
|
28,620 |
|
|
Total
Investments |
|
|
|
|
|
380,520,069 |
|
|
Liabilities in Excess of Other Assets – (33.6)% |
|
|
|
|
|
(95,767,864 |
) |
|
Net Assets – 100.0% |
|
|
|
|
$ |
284,752,205 |
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of May 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
|
$ |
365,424,617 |
|
|
Gross unrealized appreciation |
|
|
|
|
$ |
26,874,008 |
|
|
Gross unrealized depreciation |
|
|
|
|
|
(11,749,482 |
) |
|
Net unrealized appreciation |
|
|
|
|
$ |
15,124,526 |
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
|
|
(b) |
Restricted security as to resale. As of report date the Fund held less than 0.0% of its net assets, with a current market value of $4,115 and an original cost of $295, in these securities. |
|
|
|
|
(c) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(d) |
All or a portion of security has been pledged as collateral in connection with swaps. |
|
|
|
|
(e) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
Bank of America |
|
$ |
369,200 |
|
$ |
(444 |
) |
|
|
Barclays Capital |
|
$ |
40,400 |
|
$ |
603 |
|
|
|
Citigroup |
|
$ |
1,232,200 |
|
$ |
18,400 |
|
|
|
Deutsche Bank |
|
$ |
1,140,955 |
|
$ |
9,612 |
|
|
|
Goldman Sachs |
|
$ |
80,800 |
|
$ |
1,206 |
|
|
|
JP Morgan |
|
$ |
4,233,295 |
|
$ |
93,295 |
|
|
|
Jefferies & Company |
|
$ |
366,825 |
|
$ |
1,825 |
|
|
|
Merrill Lynch & Co., Inc. |
|
$ |
335,446 |
|
$ |
282 |
|
|
|
Morgan Stanley |
|
$ |
1,857,700 |
|
$ |
22,700 |
|
|
|
|
|
|
|
|
(f) |
Convertible security. |
|
|
|
|
|
|
||
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
11 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
|
|
(g) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
(h) |
Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date. |
|
|
|
|
(i) |
Represents a payment-in-kind security which may pay interest/dividends in additional par/shares. |
|
|
|
|
(j) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(k) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(l) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
|
|
|
|
(m) |
Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing. |
|
|
|
|
(n) |
Amount is less than $1,000. |
|
|
|
|
(o) |
Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. |
|
|
|
|
(p) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
BlackRock Liquidity Funds, TempFund, Institutional Class |
|
|
1,845,167 |
|
|
162,242 |
|
|
2,007,409 |
|
$ |
662 |
|
|
|
|
|
(q) |
Represents the current yield as of report date. |
|
|
|
|
• |
Foreign currency exchange contracts as of May 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
Currency Sold |
|
Counterparty |
|
Settlement |
|
Unrealized |
|
|||
|
EUR |
163,000 |
|
USD |
232,661 |
|
UBS AG |
|
6/1/11 |
|
$ |
1,912 |
|
|
USD |
467,121 |
|
CAD |
449,000 |
|
Citibank NA |
|
7/07/11 |
|
|
4,090 |
|
|
USD |
2,862,068 |
|
GBP |
1,750,500 |
|
Citibank NA |
|
7/07/11 |
|
|
(16,277 |
) |
|
USD |
1,165,903 |
|
GBP |
714,000 |
|
UBS AG |
|
7/07/11 |
|
|
(8,126 |
) |
|
USD |
512,163 |
|
EUR |
354,500 |
|
Citibank NA |
|
7/27/11 |
|
|
2,684 |
|
|
USD |
18,567,368 |
|
EUR |
12,776,000 |
|
UBS AG |
|
7/27/11 |
|
|
206,047 |
|
|
Total |
|
|
|
|
|
|
|
|
|
$ |
190,330 |
|
|
|
|
|
• |
Financial futures contracts sold as of May 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
|
Notional |
|
|
Unrealized |
|
|
179 |
|
S&P
500 |
|
Chicago |
|
June 2011 |
|
$ |
11,747,755 |
|
$ |
(280,150 |
) |
|
|
|
|
• |
Credit default swaps on traded indexes – sold protection outstanding as of May 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index |
|
Receive |
|
Counterparty |
|
Expiration |
|
Credit |
|
Notional |
|
Unrealized |
|
||
|
Dow Jones CDX North America High Yield Index Series 10, 10 – 15% |
|
0.00 |
% |
Deutsche Bank AG |
|
6/20/11 |
|
CCC |
|
$ |
1,386 |
|
$ |
(1,103 |
) |
|
|
|
|
1 Using Standard & Poor’s (“S&P’s”) rating of the underlying securities. |
|
|
|
|
|
2 The maximum potential amount the Fund may pay should a negative event take place as defined under the terms of agreement. |
|
|
|
|
|
|
|
|
|
|
|
• |
Credit default swaps on single-name issues – buy protection outstanding as of May 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer |
|
Pay |
|
Counterparty |
|
Expiration |
|
|
Notional |
|
|
Unrealized |
|
|
K. Hovnanian Enterprises, Inc. |
|
5.00 |
% |
Goldman Sachs Bank USA |
|
12/20/13 |
|
$ |
1,000 |
|
$ |
64,321 |
|
|
Louisiana- |
|
|
|
JPMorgan Chase |
|
|
|
|
|
|
|
|
|
|
Pacific Corp. |
|
5.00 |
% |
Bank NA |
|
3/20/14 |
|
$ |
500 |
|
|
(97,009 |
) |
|
Republic of |
|
|
|
Deutsche Bank |
|
|
|
|
|
|
|
|
|
|
Hungary |
|
1.00 |
% |
AG |
|
12/20/15 |
|
$ |
300 |
|
|
(10,994 |
) |
|
|
|
|
|
Deutsche Bank |
|
|
|
|
|
|
|
|
|
|
Israel (State of) |
|
1.00 |
% |
AG |
|
3/20/16 |
|
$ |
675 |
|
|
(11,523 |
) |
|
iStar Financial, |
|
|
|
Deutsche Bank |
|
|
|
|
|
|
|
|
|
|
Inc. |
|
5.00 |
% |
AG |
|
12/20/16 |
|
$ |
225 |
|
|
(44,082 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
$ |
(99,287 |
) |
|
|
|
|
• |
Credit default swaps on single-name issues – sold protection outstanding as of May 31, 2011 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer |
|
Receive |
|
Counterparty |
|
Expiration |
|
Issuer |
|
Notional |
|
Unrealized |
|
||
|
Advanced |
|
5.00 |
% |
JPMorgan |
|
3/20/15 |
|
B+ |
|
$ |
600 |
|
$ |
65,183 |
|
|
Micro |
|
|
|
Chase Bank |
|
|
|
|
|
|
|
|
|
|
|
|
Devices, Inc. |
|
|
|
NA |
|
|
|
|
|
|
|
|
|
|
|
|
ARAMARK |
|
5.00 |
% |
Goldman |
|
3/20/16 |
|
B |
|
$ |
500 |
|
|
1,910 |
|
|
Corp. |
|
|
|
Sachs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
ARAMARK |
|
5.00 |
% |
Goldman |
|
6/20/16 |
|
B |
|
$ |
300 |
|
|
— |
|
|
Corp. |
|
|
|
Sachs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
Chesapeake |
|
5.00 |
% |
JPMorgan |
|
3/20/16 |
|
BB+ |
|
$ |
275 |
|
|
2,036 |
|
|
Energy |
|
|
|
Chase Bank |
|
|
|
|
|
|
|
|
|
|
|
|
Corp. |
|
|
|
NA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesapeake |
|
5.00 |
% |
Credit Suisse |
|
3/20/16 |
|
BB+ |
|
$ |
275 |
|
|
2,036 |
|
|
Energy |
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesapeake |
|
5.00 |
% |
Goldman |
|
3/20/16 |
|
BB+ |
|
$ |
275 |
|
|
43 |
|
|
Energy |
|
|
|
Sachs |
|
|
|
|
|
|
|
|
|
|
|
|
Corp. |
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
General |
|
5.00 |
% |
Deutsche |
|
3/20/21 |
|
B |
|
$ |
400 |
|
|
7,734 |
|
|
Motors Co. |
|
|
|
Bank AG |
|
|
|
|
|
|
|
|
|
|
|
|
iStar |
|
5.00 |
% |
Deutsche |
|
9/20/11 |
|
B+ |
|
$ |
225 |
|
|
14,878 |
|
|
Financial, |
|
|
|
Bank AG |
|
|
|
|
|
|
|
|
|
|
|
|
Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas |
|
5.00 |
% |
Goldman |
|
6/20/16 |
|
D |
|
$ |
250 |
|
|
(8,835 |
) |
|
Competitive |
|
|
|
Sachs |
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Co. LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas |
|
5.00 |
% |
Goldman |
|
9/20/12 |
|
D |
|
$ |
500 |
|
|
8,293 |
|
|
Competitive |
|
|
|
Sachs |
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Co. LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
93,278 |
|
|
|
|
|
|
1 Using S&P’s rating. |
||
|
|
|
|
|
2 The maximum potential amount the Fund may pay should a negative event take place as defined under the terms of agreement. |
||
|
|
|
|
|
• |
Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes, as follows: |
|
|
|
|
|
|
|
• |
Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
|
|
|
|
|
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report. |
||
|
|
|
|
|
The following tables summarize the inputs used as of May 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments: |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$ |
15,500,398 |
|
$ |
798,762 |
|
$ |
2,987,208 |
|
$ |
19,286,368 |
|
|
Corporate Bonds |
|
|
— |
|
|
291,544,486 |
|
|
5,822,896 |
|
|
297,367,382 |
|
|
Floating Rate |
|
|
— |
|
|
27,427,679 |
|
|
12,312,389 |
|
|
39,740,068 |
|
|
Foreign Agency |
|
|
— |
|
|
537,950 |
|
|
— |
|
|
537,950 |
|
|
Other Interests |
|
|
94 |
|
|
8,455,858 |
|
|
12,663 |
|
|
8,468,615 |
|
|
Preferred Stocks |
|
|
3,412,653 |
|
|
5,350,085 |
|
|
669,751 |
|
|
9,432,489 |
|
|
Warrants |
|
|
45,036 |
|
|
— |
|
|
356,533 |
|
|
401,569 |
|
|
Trust Preferreds |
|
|
3,249,599 |
|
|
— |
|
|
— |
|
|
3,249,599 |
|
|
Short-Term |
|
|
2,007,409 |
|
|
— |
|
|
— |
|
|
2,007,409 |
|
|
Total |
|
$ |
24,215,189 |
|
$ |
334,114,820 |
|
$ |
22,161,440 |
|
$ |
380,491,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Derivative Financial Instruments1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit contracts |
|
|
— |
|
$ |
166,434 |
|
|
— |
|
$ |
166,434 |
|
|
Equity contracts |
|
$ |
28,620 |
|
|
— |
|
|
— |
|
|
28,620 |
|
|
Foreign currency |
|
|
— |
|
|
214,733 |
|
|
— |
|
|
214,733 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit contracts |
|
|
— |
|
|
(173,546 |
) |
|
— |
|
|
(173,546 |
) |
|
Equity contracts |
|
|
(280,150 |
) |
|
— |
|
|
— |
|
|
(280,150 |
) |
|
Foreign currency |
|
|
— |
|
|
(24,403 |
) |
|
— |
|
|
(24,403 |
) |
|
Total |
|
$ |
(251,530 |
) |
$ |
183,218 |
|
|
— |
|
$ |
(68,312 |
) |
|
|
|
|
|
1 Derivative financial instruments are financial futures contracts, swaps, foreign currency exchange contracts and options. Financial futures contracts, swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value. |
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
13 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Corporate High Yield Fund III, Inc. (CYE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Common |
|
Corporate |
|
Floating Rate |
|
Other |
|
Preferred |
|
Warrants |
|
Unfunded |
|
Total |
|
||||||||
|
Assets/Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, as of February 28, 2011 |
|
$ |
719,326 |
|
$ |
5,493,390 |
|
$ |
10,323,930 |
|
$ |
12,664 |
|
$ |
463,230 |
|
$ |
234 |
|
$ |
(25,965 |
) |
$ |
16,986,809 |
|
|
Accrued discounts/ premium |
|
|
— |
|
|
7,610 |
|
|
19,163 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,773 |
|
|
Realized gain (loss) |
|
|
— |
|
|
2,054 |
|
|
1,833 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,887 |
|
|
Net change in unrealized appreciation/ depreciation2 |
|
|
(1,378,085 |
) |
|
670,274 |
|
|
1,207,828 |
|
|
(1 |
) |
|
206,521 |
|
|
356,299 |
|
|
25,965 |
|
|
1,088,801 |
|
|
Purchases |
|
|
3,915,113 |
|
|
385,201 |
|
|
23,369 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,323,683 |
|
|
Sales |
|
|
— |
|
|
(848,420 |
) |
|
(2,491,564 |
) |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
(3,339,984 |
) |
|
Transfers in3 |
|
|
1,754 |
|
|
112,787 |
|
|
4,150,330 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,264,871 |
|
|
Transfers out3 |
|
|
(270,900 |
) |
|
— |
|
|
(922,500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,193,400 |
) |
|
Balance, as of May 31, 2011 |
|
$ |
2,987,208 |
|
$ |
5,822,896 |
|
$ |
12,312,389 |
|
$ |
12,663 |
|
$ |
669,751 |
|
$ |
356,533 |
|
$ |
— |
|
$ |
22,161,440 |
|
|
|
|
|
2 |
The change in unrealized appreciation/depreciation on securities still held at May 31, 2011 was $(280,343). |
|
|
|
|
3 |
The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer. |
|
|
|
|
A reconciliation of Level 3 investments and derivatives is presented when the Fund had a significant amount of Level 3 investments and derivatives at the beginning and/or end of the period in relation to net assets. |
|
|
|
|
|
|
|
|
|
|
14 |
BLACKROCK CORPORATE HIGH YIELD FUND III, INC. |
MAY 31, 2011 |
|
Item 2 – |
Controls and Procedures | ||
|
|
| ||
|
2(a) – |
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. | ||
|
|
| ||
|
2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
|
|
| ||
|
Item 3 – |
Exhibits | ||
|
|
| ||
|
|
Certifications – Attached hereto | ||
|
|
| ||
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
|
|
| ||
|
|
BlackRock Corporate High Yield Fund III, Inc. | ||
|
|
||
| By: | /s/ John M. Perlowski | ||
| John M. Perlowski | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock Corporate High Yield Fund III, Inc. | |||
| Date: July 26, 2011 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
| By: | /s/ John M. Perlowski | ||
| John M. Perlowski | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock Corporate High Yield Fund III, Inc. | |||
| Date: July 26, 2011 | |||
| By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Corporate High Yield Fund III, Inc. | |||
| Date: July 26, 2011 | |||