- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
March 31 2011 - 3:13PM
Edgar (US Regulatory)
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 811-21280
Name of Fund: BlackRock Credit Allocation Income Trust III (BPP)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit Allocation Income Trust III, 55 East 52
nd
Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2011
Date of reporting period: 01/31/2011
Item 1 Schedule of Investments
|
|
|
|
|
Schedule of Investments
January 31, 2011 (Unaudited)
|
BlackRock Credit Allocation Income Trust III (BPP)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Aerospace
& Defense 3.6%
|
|
|
|
|
|
|
|
BE Aerospace, Inc., 8.50%,
7/01/18
|
|
$
|
1,215
|
|
$
|
1,324,350
|
|
Bombardier, Inc., 7.75%,
3/15/20 (a)
|
|
|
1,405
|
|
|
1,538,475
|
|
Goodrich Corp., 3.60%,
2/01/21
|
|
|
2,750
|
|
|
2,582,129
|
|
United Technologies Corp., 5.70%,
4/15/40
|
|
|
2,500
|
|
|
2,631,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,076,311
|
|
|
|
|
|
|
|
|
|
Airlines
0.9%
|
|
|
|
|
|
|
|
American Airlines Pass-Through
Trust, Series 2011-1, Class A,
5.25%, 7/31/22
|
|
|
640
|
|
|
641,600
|
|
Continental Airlines Pass-Through
Certificates, Series 2009-2,
Class B, 9.25%, 5/10/17
|
|
|
736
|
|
|
806,076
|
|
Delta Air Lines, Inc., Series 02G1,
6.72%, 7/02/24
|
|
|
588
|
|
|
599,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,047,531
|
|
|
|
|
|
|
|
|
|
Auto
Components 0.8%
|
|
|
|
|
|
|
|
Dana Holding Corp.:
|
|
|
|
|
|
|
|
6.50%,
2/15/19
|
|
|
220
|
|
|
223,850
|
|
6.75%,
2/15/21
|
|
|
150
|
|
|
152,250
|
|
Icahn Enterprises LP:
|
|
|
|
|
|
|
|
7.75%,
1/15/16
|
|
|
420
|
|
|
433,125
|
|
8.00%,
1/15/18
|
|
|
1,000
|
|
|
1,027,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,836,725
|
|
|
|
|
|
|
|
|
|
Beverages
0.5%
|
|
|
|
|
|
|
|
Constellation Brands, Inc., 7.25%,
5/15/17
|
|
|
955
|
|
|
1,021,850
|
|
|
|
|
|
|
|
|
|
Building
Products 0.1%
|
|
|
|
|
|
|
|
Building Materials Corp. of
America, 7.00%, 2/15/20 (a)
|
|
|
250
|
|
|
262,500
|
|
|
|
|
|
|
|
|
|
Capital
Markets 2.0%
|
|
|
|
|
|
|
|
Ameriprise Financial, Inc., 5.30%,
3/15/20 (b)
|
|
|
1,500
|
|
|
1,580,271
|
|
Morgan Stanley, 5.75%,
1/25/21 (b)
|
|
|
2,150
|
|
|
2,172,947
|
|
UBS AG, 2.25%, 1/28/14
|
|
|
775
|
|
|
777,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,530,498
|
|
|
|
|
|
|
|
|
|
Chemicals
0.3%
|
|
|
|
|
|
|
|
CF Industries, Inc., 7.13%,
5/01/20
|
|
|
525
|
|
|
583,406
|
|
|
|
|
|
|
|
|
|
Commercial
Banks 2.4%
|
|
|
|
|
|
|
|
Discover Bank, 8.70%,
11/18/19
|
|
|
550
|
|
|
658,572
|
|
Fifth Third Bamcorp, 3.63%,
1/25/16
|
|
|
1,350
|
|
|
1,360,307
|
|
Lloyds TSB Bank Plc, 4.88%,
1/21/16
|
|
|
1,025
|
|
|
1,025,876
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
|
|
Commercial
Banks (concluded)
|
|
|
|
|
|
|
|
RESPARCS Funding LP I,
8.00% (c)(d)(e)
|
|
$
|
4,000
|
|
$
|
1,680,000
|
|
Regions Financial Corp., 4.88%,
4/26/13
|
|
|
725
|
|
|
714,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,438,880
|
|
|
|
|
|
|
|
|
|
Commercial
Services & Supplies 5.2%
|
|
|
|
|
|
|
|
Aviation Capital Group, 7.13%,
10/15/20 (a)
|
|
|
4,500
|
|
|
4,608,249
|
|
Browning-Ferris Industries, Inc.,
7.40%, 9/15/35
|
|
|
1,824
|
|
|
2,170,031
|
|
Casella Waste Systems, Inc.,
7.75%, 2/15/19 (a)(f)
|
|
|
296
|
|
|
302,660
|
|
Clean Harbors, Inc., 7.63%,
8/15/16
|
|
|
630
|
|
|
667,800
|
|
Corrections Corp. of America,
7.75%, 6/01/17
|
|
|
1,600
|
|
|
1,748,000
|
|
Waste Management, Inc., 6.13%,
11/30/39
|
|
|
1,950
|
|
|
2,072,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,568,921
|
|
|
|
|
|
|
|
|
|
Communications
Equipment 0.9%
|
|
|
|
|
|
|
|
Brocade Communications
Systems, Inc., 6.88%, 1/15/20
|
|
|
1,450
|
|
|
1,544,250
|
|
CC Holdings GS V LLC, 7.75%,
5/01/17 (a)
|
|
|
440
|
|
|
484,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,028,250
|
|
|
|
|
|
|
|
|
|
Construction
Materials 0.2%
|
|
|
|
|
|
|
|
Inversiones CMPC SA, 4.75%,
1/19/18 (a)
|
|
|
400
|
|
|
394,058
|
|
|
|
|
|
|
|
|
|
Consumer
Finance 5.8%
|
|
|
|
|
|
|
|
American Express Credit Corp.,
2.75%, 9/15/15 (b)
|
|
|
2,900
|
|
|
2,847,620
|
|
Capital One Bank USA NA, 8.80%,
7/15/19
|
|
|
1,625
|
|
|
2,017,038
|
|
Inmarsat Finance Plc, 7.38%,
12/01/17 (a)
|
|
|
1,020
|
|
|
1,083,750
|
|
SLM Corp., 6.25%, 1/25/16
|
|
|
7,075
|
|
|
7,088,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,036,723
|
|
|
|
|
|
|
|
|
|
Containers
& Packaging 1.3%
|
|
|
|
|
|
|
|
Ball Corp.:
|
|
|
|
|
|
|
|
7.13%,
9/01/16
|
|
|
850
|
|
|
924,375
|
|
6.75%,
9/15/20
|
|
|
1,070
|
|
|
1,128,850
|
|
Crown Americas LLC, 6.25%,
2/01/21 (a)
|
|
|
400
|
|
|
403,000
|
|
Owens-Brockway Glass Container,
Inc., 6.75%, 12/01/14
|
|
|
270
|
|
|
277,425
|
|
Rock-Tenn Co., 9.25%, 3/15/16
|
|
|
150
|
|
|
164,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,898,275
|
|
|
|
|
|
|
|
|
|
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:
|
|
GO
|
General Obligation Bonds
|
RB
|
Revenue Bonds
|
|
|
|
|
|
|
BLACKROCK CREDIT ALLOCATION INCOME TRUST III
|
JANUARY 31, 2011
|
1
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust III (BPP)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
|
|
Diversified
Financial Services 1.7%
|
|
|
|
|
|
|
|
Ally Financial, Inc., 8.30%,
2/12/15
|
|
$
|
1,000
|
|
$
|
1,130,000
|
|
Citigroup, Inc., 4.59%,
12/15/15
|
|
|
475
|
|
|
496,006
|
|
Moodys Corp., 6.06%,
9/07/17
|
|
|
1,500
|
|
|
1,517,329
|
|
Reynolds Group Issuer, Inc.
(a)(f):
|
|
|
|
|
|
|
|
6.88%,
2/15/21
|
|
|
320
|
|
|
322,800
|
|
8.25%,
2/15/21
|
|
|
390
|
|
|
393,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,859,548
|
|
|
|
|
|
|
|
|
|
Diversified
Telecommunication Services 4.0%
|
|
|
|
|
|
|
|
AT&T Inc., 6.30%,
1/15/38 (b)
|
|
|
2,000
|
|
|
2,061,922
|
|
Frontier Communications Corp.,
8.50%, 4/15/20
|
|
|
1,500
|
|
|
1,691,250
|
|
Qwest Corp., 8.38%, 5/01/16
|
|
|
1,360
|
|
|
1,628,600
|
|
Verizon Communications, Inc.,
7.35%, 4/01/39 (b)
|
|
|
1,950
|
|
|
2,322,093
|
|
Windstream Corp.:
|
|
|
|
|
|
|
|
8.63%,
8/01/16
|
|
|
320
|
|
|
339,200
|
|
7.88%,
11/01/17
|
|
|
900
|
|
|
964,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,007,190
|
|
|
|
|
|
|
|
|
|
Electric
Utilities 1.7%
|
|
|
|
|
|
|
|
Progress Energy, Inc., 7.00%,
10/30/31
|
|
|
2,000
|
|
|
2,293,746
|
|
Southern California Edison Co.,
5.50%, 3/15/40
|
|
|
1,400
|
|
|
1,415,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,708,936
|
|
|
|
|
|
|
|
|
|
Electronic
Equipment, Instruments & Components 0.2%
|
|
|
|
|
|
|
|
Jabil Circuit, Inc., 8.25%,
3/15/18
|
|
|
400
|
|
|
458,000
|
|
|
|
|
|
|
|
|
|
Energy
Equipment & Services 1.1%
|
|
|
|
|
|
|
|
Halliburton Co., 7.45%,
9/15/39
|
|
|
1,945
|
|
|
2,445,211
|
|
|
|
|
|
|
|
|
|
Food &
Staples Retailing 3.4%
|
|
|
|
|
|
|
|
CVS Caremark Corp., 6.30%,
6/01/62 (g)
|
|
|
3,100
|
|
|
2,987,625
|
|
Wal-Mart Stores, Inc. (b):
|
|
|
|
|
|
|
|
5.25%,
9/01/35
|
|
|
1,850
|
|
|
1,821,266
|
|
6.20%,
4/15/38
|
|
|
2,500
|
|
|
2,756,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,565,401
|
|
|
|
|
|
|
|
|
|
Food
Products 1.0%
|
|
|
|
|
|
|
|
Kraft Foods, Inc.:
|
|
|
|
|
|
|
|
6.50%,
8/11/17
|
|
|
800
|
|
|
929,235
|
|
6.13%,
8/23/18
|
|
|
800
|
|
|
908,152
|
|
Smithfield Foods, Inc., 10.00%,
7/15/14
|
|
|
350
|
|
|
411,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,249,075
|
|
|
|
|
|
|
|
|
|
Gas
Utilities 1.1%
|
|
|
|
|
|
|
|
Nisource Finance Corp., 6.13%,
3/01/22
|
|
|
1,950
|
|
|
2,152,252
|
|
Targa Resources Partners LP,
6.88%, 2/01/21 (a)(f)
|
|
|
240
|
|
|
240,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,392,252
|
|
|
|
|
|
|
|
|
|
Health
Care Equipment & Supplies 2.2
%
|
|
|
|
|
|
|
|
Boston Scientific Corp., 7.38%,
1/15/40
|
|
|
1,425
|
|
|
1,522,359
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Health
Care Equipment & Supplies (concluded)
|
|
|
|
|
|
|
|
Fresenius US Finance II, Inc.,
9.00%, 7/15/15 (a)
|
|
$
|
1,000
|
|
$
|
1,148,750
|
|
Medtronic, Inc.:
|
|
|
|
|
|
|
|
6.50%,
3/15/39
|
|
|
300
|
|
|
343,604
|
|
5.55%,
3/15/40
|
|
|
1,765
|
|
|
1,821,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,836,699
|
|
|
|
|
|
|
|
|
|
Health
Care Providers & Services 3.5%
|
|
|
|
|
|
|
|
Aetna, Inc., 6.75%, 12/15/37
|
|
|
1,725
|
|
|
1,937,356
|
|
Aviv Healthcare Properties LP,
7.75%, 2/15/19 (a)(f)
|
|
|
220
|
|
|
226,050
|
|
HCA, Inc.:
|
|
|
|
|
|
|
|
8.50%,
4/15/19
|
|
|
800
|
|
|
892,000
|
|
7.25%,
9/15/20
|
|
|
1,250
|
|
|
1,337,500
|
|
Tenet Healthcare Corp.:
|
|
|
|
|
|
|
|
10.00%,
5/01/18
|
|
|
745
|
|
|
874,444
|
|
8.88%,
7/01/19
|
|
|
550
|
|
|
629,750
|
|
UnitedHealth Group, Inc., 6.88%,
2/15/38
|
|
|
1,725
|
|
|
1,968,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,865,848
|
|
|
|
|
|
|
|
|
|
Household
Durables 0.3%
|
|
|
|
|
|
|
|
Cemex Espana Luxembourg,
9.25%, 5/12/20 (a)
|
|
|
723
|
|
|
736,556
|
|
|
|
|
|
|
|
|
|
IT Services
0.1%
|
|
|
|
|
|
|
|
First Data Corp., 8.25%,
1/15/21 (a)
|
|
|
225
|
|
|
216,563
|
|
|
|
|
|
|
|
|
|
Independent
Power Producers & Energy Traders 0.3%
|
|
|
|
|
|
|
|
Energy Future Intermediate
Holding Co. LLC, 10.00%,
12/01/20
|
|
|
720
|
|
|
763,636
|
|
|
|
|
|
|
|
|
|
Insurance
3.2%
|
|
|
|
|
|
|
|
American International Group, Inc.,
6.40%, 12/15/20
|
|
|
810
|
|
|
864,240
|
|
Lincoln National Corp., 6.25%,
2/15/20 (b)
|
|
|
1,725
|
|
|
1,896,576
|
|
Northwestern Mutual Life
Insurance, 6.06%, 3/30/40 (a)
|
|
|
1,800
|
|
|
1,933,864
|
|
Principal Financial Group, Inc.,
8.88%, 5/15/19
|
|
|
475
|
|
|
602,973
|
|
Prudential Financial, Inc., 6.63%,
12/01/37
|
|
|
1,725
|
|
|
1,892,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,189,890
|
|
|
|
|
|
|
|
|
|
Life
Sciences Tools & Services 1.9%
|
|
|
|
|
|
|
|
Bio-Rad Laboratories, Inc., 8.00%,
9/15/16
|
|
|
1,830
|
|
|
2,017,575
|
|
Life Technologies Corp., 6.00%,
3/01/20
|
|
|
2,000
|
|
|
2,142,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,160,487
|
|
|
|
|
|
|
|
|
|
Machinery
1.7%
|
|
|
|
|
|
|
|
AGY Holding Corp., 11.00%,
11/15/14
|
|
|
390
|
|
|
349,050
|
|
Ingersoll-Rand Global Holding Co.,
Ltd., 9.50%, 4/15/14
|
|
|
1,725
|
|
|
2,075,827
|
|
|
|
|
|
|
|
2
|
BLACKROCK CREDIT ALLOCATION INCOME TRUST III
|
JANUARY 31, 2011
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust III (BPP)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Machinery
(concluded)
|
|
|
|
|
|
|
|
Navistar International Corp.,
8.25%, 11/01/21
|
|
$
|
1,245
|
|
$
|
1,372,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,797,490
|
|
|
|
|
|
|
|
|
|
Media
8.0%
|
|
|
|
|
|
|
|
CMP Susquehanna Corp., 3.44%,
5/15/14 (a)(e)
|
|
|
9
|
|
|
180
|
|
CSC Holdings LLC:
|
|
|
|
|
|
|
|
8.50%,
6/15/15
|
|
|
800
|
|
|
876,000
|
|
8.63%,
2/15/19
|
|
|
580
|
|
|
665,550
|
|
Comcast Corp., 6.30%,
11/15/17
|
|
|
1,725
|
|
|
1,974,521
|
|
Cox Communications, Inc., 8.38%,
3/01/39 (a)
|
|
|
1,725
|
|
|
2,212,696
|
|
DISH DBS Corp., 7.00%,
10/01/13
|
|
|
850
|
|
|
909,500
|
|
Gannett Co., Inc., 9.38%,
11/15/17
|
|
|
900
|
|
|
1,012,500
|
|
The New York Times Co., 6.63%,
12/15/16 (a)
|
|
|
1,725
|
|
|
1,753,031
|
|
News America, Inc., 6.15%,
3/01/37
|
|
|
2,000
|
|
|
2,044,506
|
|
Time Warner Cable, Inc., 6.75%,
6/15/39
|
|
|
1,950
|
|
|
2,090,815
|
|
Time Warner, Inc., 7.70%,
5/01/32
|
|
|
2,000
|
|
|
2,392,762
|
|
UPC Germany GmbH, 8.13%,
12/01/17 (a)
|
|
|
505
|
|
|
545,400
|
|
Virgin Media Secured Finance Plc,
6.50%, 1/15/18
|
|
|
1,300
|
|
|
1,378,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,855,461
|
|
|
|
|
|
|
|
|
|
Metals
& Mining 1.2%
|
|
|
|
|
|
|
|
Freeport-McMoRan Corp., 7.13%,
11/01/27
|
|
|
1,400
|
|
|
1,477,267
|
|
Teck Resources Ltd., 10.75%,
5/15/19
|
|
|
850
|
|
|
1,105,000
|
|
United States Steel Corp., 7.38%,
4/01/20
|
|
|
95
|
|
|
98,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,680,830
|
|
|
|
|
|
|
|
|
|
Multi-Utilities
1.5%
|
|
|
|
|
|
|
|
CenterPoint Energy, Inc.:
|
|
|
|
|
|
|
|
5.95%,
2/01/17
|
|
|
1,500
|
|
|
1,637,421
|
|
6.50%,
5/01/18
|
|
|
1,600
|
|
|
1,803,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,440,619
|
|
|
|
|
|
|
|
|
|
Multiline
Retail 2.5%
|
|
|
|
|
|
|
|
Dollar General Corp., 10.63%,
7/15/15
|
|
|
1,550
|
|
|
1,675,937
|
|
JC Penney Co., Inc., 5.65%,
6/01/20
|
|
|
4,100
|
|
|
3,956,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,632,437
|
|
|
|
|
|
|
|
|
|
Oil, Gas
& Consumable Fuels 5.1%
|
|
|
|
|
|
|
|
BP Capital Markets Plc, 3.88%,
3/10/15
|
|
|
700
|
|
|
733,254
|
|
Buckeye Partners LP, 4.88%,
2/01/21
|
|
|
475
|
|
|
474,041
|
|
Enbridge Energy Partners LP,
9.88%, 3/01/19
|
|
|
1,000
|
|
|
1,322,222
|
|
Enterprise Products Operating
LLC, 6.65%, 4/15/18
|
|
|
2,000
|
|
|
2,307,756
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Oil, Gas
& Consumable Fuels (concluded)
|
|
|
|
|
|
|
|
Kinder Morgan Energy Partners
LP, 6.85%, 2/15/20
|
|
$
|
2,000
|
|
$
|
2,303,964
|
|
Marathon Petroleum Corp., 3.50%,
3/01/16 (a)(f)
|
|
|
650
|
|
|
655,985
|
|
ONEOK Partners LP, 8.63%,
3/01/19
|
|
|
1,725
|
|
|
2,158,467
|
|
Oasis Petroleum, Inc., 7.25%,
2/01/19 (a)(f)
|
|
|
185
|
|
|
188,700
|
|
Petrobras International Finance
Co., 3.88%, 1/27/16
|
|
|
700
|
|
|
706,636
|
|
Range Resources Corp., 6.75%,
8/01/20
|
|
|
415
|
|
|
435,750
|
|
SM Energy Co., 0.63%,
2/15/19 (a)
|
|
|
235
|
|
|
235,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,521,775
|
|
|
|
|
|
|
|
|
|
Paper
& Forest Products 3.0%
|
|
|
|
|
|
|
|
Georgia-Pacific LLC, 8.25%,
5/01/16 (a)
|
|
|
1,635
|
|
|
1,839,375
|
|
International Paper Co.:
|
|
|
|
|
|
|
|
7.50%,
8/15/21
|
|
|
1,625
|
|
|
1,920,805
|
|
8.70%,
6/15/38
|
|
|
900
|
|
|
1,120,270
|
|
7.30%,
11/15/39
|
|
|
1,725
|
|
|
1,945,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,825,577
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals
5.6%
|
|
|
|
|
|
|
|
Abbott Laboratories, 6.15%,
11/30/37
|
|
|
235
|
|
|
261,233
|
|
Bristol-Myers Squibb Co.:
|
|
|
|
|
|
|
|
5.88%,
11/15/36
|
|
|
883
|
|
|
952,544
|
|
6.13%,
5/01/38
|
|
|
29
|
|
|
32,471
|
|
Eli Lilly & Co., 5.95%,
11/15/37
|
|
|
588
|
|
|
635,395
|
|
GlaxoSmithKline Capital, Inc.,
6.38%, 5/15/38 (b)
|
|
|
3,460
|
|
|
3,932,968
|
|
Merck & Co., Inc.:
|
|
|
|
|
|
|
|
6.50%,
12/01/33
|
|
|
990
|
|
|
1,176,340
|
|
6.55%,
9/15/37
|
|
|
1,979
|
|
|
2,350,330
|
|
Pfizer, Inc., 7.20%,
3/15/39
|
|
|
2,500
|
|
|
3,112,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,454,128
|
|
|
|
|
|
|
|
|
|
Professional
Services 0.1%
|
|
|
|
|
|
|
|
FTI Consulting, Inc., 7.75%,
10/01/16
|
|
|
100
|
|
|
105,000
|
|
|
|
|
|
|
|
|
|
Real
Estate Investment Trusts (REITs) 1.9%
|
|
|
|
|
|
|
|
AvalonBay Communities, Inc.,
6.10%, 3/15/20
|
|
|
1,725
|
|
|
1,940,811
|
|
ERP Operating LP, 5.75%,
6/15/17
|
|
|
1,715
|
|
|
1,895,645
|
|
HCP, Inc., 5.38%, 2/01/21
|
|
|
500
|
|
|
503,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,340,087
|
|
|
|
|
|
|
|
|
|
Road &
Rail 1.0%
|
|
|
|
|
|
|
|
Florida East Coast Railway Corp.,
8.13%, 2/01/17 (a)
|
|
|
80
|
|
|
83,000
|
|
Norfolk Southern Corp., 6.00%,
3/15/2105
|
|
|
2,500
|
|
|
2,245,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,328,813
|
|
|
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment 1.2%
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc.,
7.75%, 8/01/20
|
|
|
400
|
|
|
410,000
|
|
|
|
|
|
|
|
BLACKROCK CREDIT ALLOCATION INCOME TRUST III
|
JANUARY 31, 2011
|
3
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust III (BPP)
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment (concluded)
|
|
|
|
|
|
|
|
KLA-Tencor Corp., 6.90%,
5/01/18
|
|
$
|
918
|
|
$
|
1,013,978
|
|
National Semiconductor Corp.,
6.60%, 6/15/17
|
|
|
1,123
|
|
|
1,237,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,661,123
|
|
|
|
|
|
|
|
|
|
Specialty
Retail 1.0%
|
|
|
|
|
|
|
|
AutoNation, Inc., 6.75%,
4/15/18
|
|
|
940
|
|
|
970,550
|
|
AutoZone, Inc., 7.13%,
8/01/18
|
|
|
650
|
|
|
754,194
|
|
Limited Brands, Inc., 7.00%,
5/01/20
|
|
|
470
|
|
|
495,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,220,594
|
|
|
|
|
|
|
|
|
|
Tobacco
1.3%
|
|
|
|
|
|
|
|
Altria Group, Inc., 10.20%,
2/06/39 (b)
|
|
|
2,150
|
|
|
2,918,947
|
|
|
|
|
|
|
|
|
|
Wireless
Telecommunication Services 1.9%
|
|
|
|
|
|
|
|
American Tower Corp., 4.50%,
1/15/18
|
|
|
925
|
|
|
918,701
|
|
Cricket Communications, Inc.,
7.75%, 5/15/16
|
|
|
325
|
|
|
342,062
|
|
Nextel Communications, Inc.,
Series E, 6.88%, 10/31/13
|
|
|
395
|
|
|
397,469
|
|
SBA Tower Trust, 5.10%,
4/15/42 (a)
|
|
|
2,500
|
|
|
2,625,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,283,834
|
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds 86.7%
|
|
|
|
|
|
194,245,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Markets 3.9%
|
|
|
|
|
|
|
|
State Street Capital Trust III,
8.25% (c)(g)
|
|
|
1,385
|
|
|
1,398,005
|
|
State Street Capital Trust IV,
1.29%, 6/01/67 (g)
|
|
|
9,675
|
|
|
7,453,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,851,141
|
|
|
|
|
|
|
|
|
|
Commercial
Banks 5.3%
|
|
|
|
|
|
|
|
ABN AMRO North America Holding
Preferred Capital Repackaging
Trust I, 6.52% (a)(c)(g)
|
|
|
1,650
|
|
|
1,460,250
|
|
CBA Capital Trust I, 5.81%
(a)(c)
|
|
|
2,000
|
|
|
2,019,708
|
|
FCB/NC Capital Trust I, 8.05%,
3/01/28
|
|
|
1,100
|
|
|
1,092,837
|
|
NBP Capital Trust III,
7.38% (c)
|
|
|
2,000
|
|
|
1,700,000
|
|
National City Preferred Capital
Trust I, 12.00% (c)(g)
|
|
|
600
|
|
|
675,276
|
|
SunTrust Preferred Capital I,
5.85% (c)(g)
|
|
|
303
|
|
|
228,007
|
|
USB Capital XIII Trust, 6.63%,
12/15/39
|
|
|
1,725
|
|
|
1,794,259
|
|
Westpac Capital Trust IV,
5.26% (a)(c)(g)
|
|
|
3,000
|
|
|
2,876,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,846,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Trusts
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Consumer
Finance 0.8%
|
|
|
|
|
|
|
|
Capital One Capital V, 10.25%,
8/15/39
|
|
$
|
1,570
|
|
$
|
1,697,563
|
|
|
|
|
|
|
|
|
|
Diversified
Financial Services 4.6%
|
|
|
|
|
|
|
|
JPMorgan Chase Capital XXI,
Series U, 1.24%, 1/15/87 (g)
|
|
|
7,125
|
|
|
5,606,157
|
|
JPMorgan Chase Capital XXIII,
1.29%, 5/15/77 (g)
|
|
|
6,190
|
|
|
4,759,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,365,555
|
|
|
|
|
|
|
|
|
|
Electric
Utilities 0.4%
|
|
|
|
|
|
|
|
PPL Capital Funding, 6.70%,
3/30/67 (g)
|
|
|
900
|
|
|
884,250
|
|
|
|
|
|
|
|
|
|
Insurance
3.3%
|
|
|
|
|
|
|
|
AXA SA, 6.38% (a)(c)(g)
|
|
|
900
|
|
|
803,250
|
|
The Allstate Corp., 6.50%,
5/15/67 (g)
|
|
|
900
|
|
|
925,875
|
|
American General Capital II,
8.50%, 7/01/30
|
|
|
100
|
|
|
109,000
|
|
American General Institutional
Capital A, 7.57%, 12/01/45 (a)
|
|
|
200
|
|
|
206,000
|
|
Chubb Corp., 6.38%, 3/29/67
(g)
|
|
|
900
|
|
|
954,000
|
|
Liberty Mutual Group, Inc.,
10.75%, 6/15/88 (a)(g)
|
|
|
900
|
|
|
1,156,500
|
|
Lincoln National Corp., 7.00%,
5/17/66 (g)
|
|
|
900
|
|
|
891,000
|
|
MetLife, Inc., 6.40%,
12/15/66
|
|
|
900
|
|
|
849,420
|
|
Reinsurance Group of America,
6.75%, 12/15/65 (g)
|
|
|
1,300
|
|
|
1,257,366
|
|
ZFS Finance (USA) Trust IV, 5.88%,
5/09/32 (a)(g)
|
|
|
190
|
|
|
185,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,338,142
|
|
|
|
|
|
|
|
|
|
Multi-Utilities
0.4%
|
|
|
|
|
|
|
|
Puget Sound Energy, Inc., Series A,
6.97%, 6/01/67 (g)
|
|
|
925
|
|
|
908,433
|
|
|
|
|
|
|
|
|
|
Oil, Gas
& Consumable Fuels 0.4%
|
|
|
|
|
|
|
|
TransCanada PipeLines Ltd.,
6.35%, 5/15/67 (g)
|
|
|
900
|
|
|
902,890
|
|
|
|
|
|
|
|
|
|
Total
Capital Trusts 19.1%
|
|
|
|
|
|
42,794,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Banks 0.4%
|
|
|
|
|
|
|
|
SG Preferred Capital II,
6.30% (c)
|
|
|
1,000
|
|
|
910,000
|
|
|
|
|
|
|
|
|
|
Insurance
2.5%
|
|
|
|
|
|
|
|
Prudential Plc, 6.50% (c)
|
|
|
6,000,000
|
|
|
5,535,000
|
|
|
|
|
|
|
|
|
|
Media
0.0%
|
|
|
|
|
|
|
|
CMP Susquehanna Radio Holdings
Corp., 6.30% (a)(e)
|
|
|
2,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Preferred Stocks 2.9%
|
|
|
|
|
|
6,445,000
|
|
|
|
|
|
|
|
|
|
Total
Preferred Securities 22.0%
|
|
|
|
|
|
49,239,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
BLACKROCK CREDIT ALLOCATION INCOME TRUST III
|
JANUARY 31, 2011
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust
III (BPP)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
Taxable
Municipal Bonds
|
|
Par
(000)
|
|
Value
|
|
|
|
|
|
|
|
Metropolitan Transportation
Authority, RB, Build America
Bonds, 6.55%, 11/15/31
|
|
$
|
1,675
|
|
$
|
1,661,935
|
|
State of California, GO, Build
America Bonds, 7.35%,
11/01/39
|
|
|
825
|
|
|
832,780
|
|
|
|
|
|
|
|
|
|
Total Taxable Municipal Bonds 1.1%
|
|
|
|
|
|
2,494,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes, 1.75%,
7/31/15 (b)
|
|
|
8,235
|
|
|
8,247,188
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations 3.7%
|
|
|
|
|
|
8,247,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
(h)
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
Media 0.0%
|
|
|
|
|
|
|
|
CMP Susquehanna Radio Holdings
Corp. (Expires 3/26/19) (a)
|
|
|
2,345
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Warrants 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments
(Cost $251,734,553) 113.5%
|
|
|
|
|
|
254,227,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.17% (i)(j)
|
|
|
1,100,420
|
|
|
1,100,420
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities
(Cost $1,100,420) 0.5%
|
|
|
|
|
|
1,100,420
|
|
|
|
|
|
|
|
|
|
Total Investments
(Cost $252,834,973*) 114.0%
|
|
|
|
|
|
255,327,909
|
|
Liabilities in Excess of Other Assets (14.0)%
|
|
|
|
|
|
(31,305,117
|
)
|
|
|
|
|
|
|
|
|
Net Assets
100.0%
|
|
|
|
|
$
|
224,022,792
|
|
|
|
|
|
|
|
|
|
|
|
*
|
The cost and unrealized appreciation (depreciation) of investments as
of January 31, 2011, as computed for federal income tax purposes were as
follows:
|
|
|
|
|
|
Aggregate
cost
|
|
$
|
252,372,356
|
|
|
|
|
|
|
Gross
unrealized appreciation
|
|
$
|
9,191,751
|
|
Gross
unrealized depreciation
|
|
|
(6,236,198
|
)
|
|
|
|
|
|
Net
unrealized appreciation
|
|
$
|
2,955,553
|
|
|
|
|
|
|
|
|
(a)
|
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.
|
|
|
(b)
|
All or a
portion of security has been pledged as collateral in connection with open
reverse repurchase agreements.
|
|
|
(c)
|
Security is
perpetual in nature and has no stated maturity date.
|
|
|
(d)
|
Issuer filed
for bankruptcy and/or is in default of interest payments.
|
|
|
(e)
|
Non-income
producing security.
|
|
|
(f)
|
When-issued
security. Unsettled when-issued transactions were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Value
|
|
Unrealized
Appreciation
|
|
|
|
|
|
|
|
Bank of
America NA
|
|
$
|
461,923
|
|
$
|
6,155
|
|
Credit
Suisse Securities (USA) LLC
|
|
$
|
716,213
|
|
$
|
6,213
|
|
Deutsche
Bank Securities, Inc.
|
|
$
|
240,000
|
|
$
|
|
|
JPMorgan
Securities, Inc.
|
|
$
|
188,700
|
|
$
|
3,700
|
|
Morgan
Stanley Capital Services, Inc.
|
|
$
|
655,985
|
|
$
|
6,037
|
|
Pershing LLC
|
|
$
|
66,787
|
|
$
|
1,260
|
|
|
|
|
|
|
|
|
|
|
|
(g)
|
Variable
rate security. Rate shown is as of report date.
|
|
|
(h)
|
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.
|
|
|
(i)
|
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
Held at
October 31,
2010
|
|
Net
Activity
|
|
Shares
Held at
January 31,
2011
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds, TempFund,
Institutional Class
|
|
|
34,466,527
|
|
|
(33,366,107
|
)
|
|
1,100,420
|
|
$
|
6,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(j)
|
Represents
the current yield as of report date.
|
|
|
|
For Fund
compliance purposes, the Funds industry classifications refer to any one or
more of the industry sub-classifications used by one or more widely
recognized market indexes or rating group indexes, and/or as defined by Fund
management. This definition may not apply for purposes of this report, which
may combine such industry sub-classifications for reporting ease.
|
|
|
|
|
|
|
BLACKROCK CREDIT ALLOCATION
INCOME TRUST III
|
JANUARY 31, 2011
|
5
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust
III (BPP)
|
|
|
|
Reverse
repurchase agreements outstanding as of January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counter-party
|
|
Interest
Rate
|
|
Trade
Date
|
|
Maturity
Date
|
|
Net Closing
Amount
|
|
Face
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
Suisse Securities (USA) LLC
|
|
0.40
|
%
|
|
12/09/10
|
|
Open
|
|
$
|
2,855,568
|
|
$
|
2,853,856
|
|
Deutsche
Bank Securities, Inc.
|
|
0.40
|
%
|
|
12/09/10
|
|
Open
|
|
|
9,167,844
|
|
|
9,162,347
|
|
UBS
Securities
|
|
0.40
|
%
|
|
12/29/10
|
|
Open
|
|
|
1,502,145
|
|
|
1,501,594
|
|
UBS
Securities
|
|
0.38
|
%
|
|
1/10/11
|
|
Open
|
|
|
1,785,790
|
|
|
1,785,375
|
|
Credit
Suisse Securities (USA) LLC
|
|
0.40
|
%
|
|
1/26/11
|
|
Open
|
|
|
2,069,513
|
|
|
2,069,375
|
|
Deutsche
Bank Securities, Inc.
|
|
0.18
|
%
|
|
1/26/11
|
|
Open
|
|
|
8,276,423
|
|
|
8,276,175
|
|
UBS
Securities
|
|
0.38
|
%
|
|
1/26/11
|
|
Open
|
|
|
1,776,112
|
|
|
1,776,000
|
|
UBS
Securities
|
|
0.38
|
%
|
|
1/27/11
|
|
Open
|
|
|
4,224,473
|
|
|
4,224,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
$
|
31,657,868
|
|
$
|
31,648,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
futures contracts purchased as of January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
|
|
Issue
|
|
Exchange
|
|
Expiration
|
|
Notional
Value
|
|
Unrealized
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
30-Year U.S. Treasury Bond
|
|
Chicago Board of Trade
|
|
March 2011
|
|
$
|
1,383,890
|
|
$
|
(57,015
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
futures contracts sold as of January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
|
|
Issue
|
|
Exchange
|
|
Expiration
|
|
Notional
Value
|
|
Unrealized
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
10-Year U.S.
Treasury Note
|
|
Chicago Board of Trade
|
|
March 2011
|
|
$
|
6,038,980
|
|
$
|
(864
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
default swaps on single-name issuers buy protection outstanding as of
January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Pay
Fixed
Rate
|
|
Counterparty
|
|
Expiration Date
|
|
Notional
Amount
(000)
|
|
Unrealized
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The New York
Times Co.
|
|
1.00%
|
|
Barclays Bank Plc
|
|
12/20/16
|
|
$
|
1,725
|
|
$
|
(33,468
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
default swaps on single-name issuers sold protection outstanding as of
January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Receive
Fixed
Rate
|
|
Counterparty
|
|
Expiration Date
|
|
Issuer
Credit
Rating
1
|
|
Notional
Amount
(000)
2
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBIA
Insurance Corp.
|
|
5.00%
|
|
Citibank NA
|
|
3/20/12
|
|
CCC
|
|
$
|
750
|
|
$
|
22,187
|
|
Assured
Guaranty Ltd.
|
|
5.00%
|
|
Deutsche Bank AG
|
|
3/20/16
|
|
A-
|
|
$
|
750
|
|
|
(12,218
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Using
Standard and Poors ratings.
|
|
|
|
|
2
|
The maximum
potential amount the Fund may be required to pay should a negative credit
event take place as defined under the terms of agreement.
|
|
|
|
|
|
|
6
|
BLACKROCK CREDIT ALLOCATION
INCOME TRUST III
|
JANUARY 31, 2011
|
|
|
Schedule of Investments
(continued)
|
BlackRock Credit Allocation Income Trust
III (BPP)
|
|
|
|
|
Fair Value
Measurements - Various inputs are used in determining the fair value of
investments, which are 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 Funds own assumptions used in determining the fair value of investments
and derivative)
|
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 Funds policy regarding valuation of investments and other significant
accounting policies, please refer to the Funds most recent financial
statements as contained in its annual report.
The following
tables summarize the inputs used as of January 31, 2011 in determining the fair
valuation of the Funds investments and derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation
Inputs
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
|
|
$
|
194,245,935
|
|
|
|
|
$
|
194,245,935
|
|
Preferred Securities
|
|
|
|
|
|
49,239,651
|
|
|
|
|
|
49,239,651
|
|
Taxable Municipal Bonds
|
|
|
|
|
|
2,494,715
|
|
|
|
|
|
2,494,715
|
|
U.S. Treasury Obligations
|
|
|
|
|
|
8,247,188
|
|
|
|
|
|
8,247,188
|
|
Short-Term Securities
|
|
$
|
1,100,420
|
|
|
|
|
|
|
|
|
1,100,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,100,420
|
|
$
|
254,227,489
|
|
|
|
|
$
|
255,327,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments
1
|
|
|
|
|
|
Valuation
Inputs
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit contracts
|
|
|
|
|
$
|
22,187
|
|
|
|
|
$
|
22,187
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit contracts
|
|
|
|
|
|
(45,686
|
)
|
|
|
|
|
(45,686
|
)
|
Interest rate contracts
|
|
$
|
(57,879
|
)
|
|
|
|
|
|
|
|
(57,879
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(57,879
|
)
|
$
|
(23,499
|
)
|
|
|
|
$
|
(81,378
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Derivative
financial instruments are swaps and financial futures contracts. Swaps and
financial futures contracts are shown at the unrealized
appreciation/depreciation on the instrument.
|
|
|
|
|
|
|
BLACKROCK CREDIT ALLOCATION
INCOME TRUST III
|
JANUARY 31, 2011
|
7
|
|
|
|
|
|
|
Schedule of Investments
(concluded)
|
BlackRock Credit Allocation Income Trust
III (BPP)
|
The following
table is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks
|
|
Corporate
Bonds
|
|
Preferred
Securities
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, as
of October 31, 2010
|
|
$
|
54,708
|
|
$
|
180
|
|
$
|
270,532
|
|
$
|
325,420
|
|
Accrued
discounts/premiums
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized
gain (loss)
|
|
|
(1,062,064
|
)
|
|
|
|
|
431,796
|
|
|
(630,268
|
)
|
Net change
in unrealized appreciation/depreciation
2
|
|
|
1,129,550
|
|
|
|
|
|
(97,813
|
)
|
|
1,031,737
|
|
Purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
(122,194
|
)
|
|
|
|
|
(604,515
|
)
|
|
(726,709
|
)
|
Transfers in
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers
out
3
|
|
|
|
|
|
(180
|
)
|
|
|
|
|
(180
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, as of January 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
The net
change in unrealized appreciation/depreciation on securities still held at
January 31, 2011 was $0.
|
3
|
The Funds
policy is to recognize transfers in and transfers out as of the end of the
period of the event or the change in circumstances that caused the transfer.
|
|
|
|
|
|
|
8
|
BLACKROCK CREDIT ALLOCATION
INCOME TRUST III
|
JANUARY 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 Credit Allocation Income Trust III
|
|
|
|
By:
|
/s/ John M. Perlowski
|
|
|
|
John M. Perlowski
|
|
|
Chief Executive Officer (principal executive officer) of
|
|
|
BlackRock Credit Allocation Income Trust III
|
|
|
|
Date: March 25, 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 Credit Allocation Income Trust III
|
|
|
|
Date: March 25, 2011
|
|
|
|
By:
|
/s/ Neal J. Andrews
|
|
|
|
Neal J. Andrews
|
|
|
Chief Financial Officer (principal financial officer) of
|
|
|
BlackRock Credit Allocation Income Trust III
|
|
|
|
|
Date: March 25, 2011
|
|
|
|
|
Blackrock Credit Allocation Income Trust Iii (NYSE:BPP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Blackrock Credit Allocation Income Trust Iii (NYSE:BPP)
Historical Stock Chart
From Aug 2023 to Aug 2024