- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
March 31 2010 - 6:01AM
Edgar (US Regulatory)
UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, 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: 10/31/2010
Date of reporting period: 01/31/2010
Item 1 Schedule of Investments
Schedule of Investments
January 31, 2010 (Unaudited)
BlackRock Credit Allocation Income Trust III (BPP)
(Percentages shown are based on Net Assets)
|
|
|
Common Stocks
|
Shares
|
Value
|
Specialty Retail 0.0%
|
|
|
Lazy Days Reorganization Common
|
|
|
Stock (a)
|
8,575 $
|
33,444
|
Total Common Stocks 0.0%
33,444
|
|
Par
|
|
Corporate Bonds
|
(000)
|
|
Commercial Banks 0.5%
|
|
|
RESPARCS Funding LP I,
|
|
|
8.00% (a)(b)(c)
|
$ 4,000
|
970,000
|
Communications Equipment 0.7%
|
|
|
Brocade Communications Systems,
|
|
|
Inc., 6.88%, 1/15/20 (d)
|
1,450
|
1,479,000
|
Consumer Finance 0.9%
|
|
|
Capital One Bank USA NA,
|
|
|
8.80%, 7/15/19
|
1,625
|
1,970,589
|
Containers & Packaging 0.1%
|
|
|
Impress Holdings BV, 3.38%,
|
|
|
9/15/13 (d)(e)
|
240
|
228,600
|
Diversified Financial Services 1.8%
|
|
|
Bank of America Corp.,
|
|
|
7.63%, 6/01/19
|
3,325
|
3,804,239
|
Diversified Telecommunication Services 0.4%
|
|
Qwest Corp., 8.38%, 5/01/16
|
810
|
886,950
|
Food Products 0.8%
|
|
|
Kraft Foods, Inc., 6.50%, 8/11/17
|
800
|
885,230
|
Kraft Foods, Inc., 6.13%, 8/23/18
|
800
|
859,694
|
|
|
1,744,924
|
Health Care Providers & Services 1.9%
|
|
|
Aetna, Inc., 6.75%, 12/15/37
|
1,725
|
1,937,956
|
UnitedHealth Group, Inc., 6.88%,
|
|
|
2/15/38
|
1,725
|
1,926,011
|
|
|
3,863,967
|
Hotels, Restaurants & Leisure 0.5%
|
|
|
Greektown Holdings, LLC, 10.75%,
|
|
|
12/01/13 (b)(c)(d)
|
362
|
43,440
|
Icahn Enterprises LP, 8.00%,
|
|
|
1/15/18 (d)
|
1,000
|
960,000
|
|
|
1,003,440
|
Insurance 7.1%
|
|
|
Kingsway America, Inc.,
|
|
|
7.50%, 2/01/14
|
9,000
|
6,772,500
|
Lincoln National Corp.,
|
|
|
8.75%, 7/01/19
|
850
|
1,032,979
|
Lincoln National Corp.,
|
|
|
6.25%, 2/15/20
|
1,725
|
1,781,399
|
Prudential Financial, Inc.,
|
|
|
6.63%, 12/01/37
|
1,725
|
1,859,985
|
QBE Insurance Group Ltd., 9.75%,
|
|
|
3/14/14 (d)
|
2,975
|
3,398,357
|
|
|
14,845,220
|
|
|
|
|
|
|
Par
|
|
Corporate Bonds
|
|
(000)
|
Value
|
Machinery 1.2%
|
|
|
|
AGY Holding Corp., 11.00%,
|
|
|
|
11/15/14
|
$ 460
|
$ 368,000
|
Ingersoll-Rand Global Holding Co.
|
|
|
|
Ltd., 9.50%, 4/15/14
|
|
1,725
|
2,109,965
|
|
|
|
2,477,965
|
Media 4.6%
|
|
|
|
CMP Susquehanna Corp., 3.20%,
|
|
|
|
5/15/14 (d)
|
|
9
|
180
|
COX Communications, Inc., 8.38%,
|
|
|
|
3/01/39 (d)
|
|
1,725
|
2,182,870
|
Comcast Corp., 6.30%, 11/15/17
|
|
1,725
|
1,906,698
|
Comcast Holdings Corp., 6.30%,
|
|
|
|
11/15/29 (f)
|
|
110
|
3,332,853
|
Local Insight Regatta Holdings, Inc.,
|
|
|
|
11.00%, 12/01/17
|
|
700
|
455,000
|
UPC Germany GmbH, 8.13%,
|
|
|
|
12/01/17 (d)
|
|
505
|
510,050
|
Virgin Media Secured Finance Plc,
|
|
|
|
6.50%, 1/15/18 (d)
|
|
1,300
|
1,278,875
|
|
|
|
9,666,526
|
Oil, Gas & Consumable Fuels 1.1%
|
|
|
|
EXCO Resources, Inc., 7.25%,
|
|
|
|
1/15/11
|
|
40
|
40,000
|
ONEOK Partners LP, 8.63%,
|
|
|
|
3/01/19
|
|
1,725
|
2,153,928
|
|
|
|
2,193,928
|
Paper & Forest Products 2.7%
|
|
|
|
Georgia-Pacific LLC, 8.25%,
|
|
|
|
5/01/16 (d)
|
|
835
|
893,450
|
International Paper Co., 7.50%,
|
|
|
|
8/15/21
|
|
1,625
|
1,844,643
|
International Paper Co., 8.70%,
|
|
|
|
6/15/38
|
|
900
|
1,120,325
|
International Paper Co., 7.30%,
|
|
|
|
11/15/39
|
|
1,725
|
1,860,017
|
|
|
|
5,718,435
|
Professional Services 0.1%
|
|
|
|
FTI Consulting, Inc., 7.75%,
|
|
|
|
10/01/16
|
|
100
|
101,500
|
Real Estate Investment Trusts (REITs) 1.9%
|
|
|
AvalonBay Communities, Inc.,
|
|
|
|
6.10%, 3/15/20
|
|
1,725
|
1,828,750
|
ERP Operating LP, 5.38%, 8/01/16
|
|
440
|
456,871
|
ERP Operating LP, 5.75%, 6/15/17
|
|
1,715
|
1,775,798
|
|
|
|
4,061,419
|
Tobacco 2.0%
|
|
|
|
Altria Group, Inc., 9.70%, 11/10/18
|
|
1,725
|
2,160,402
|
Altria Group, Inc., 9.25%, 8/06/19
|
|
1,600
|
1,970,023
|
|
|
|
4,130,425
|
Wireless Telecommunication Services 0.5%
|
|
|
Cricket Communications, Inc.,
|
|
|
|
7.75%, 5/15/16
|
|
325
|
327,031
|
BlackRock Credit Allocation Income Trust III January 31, 2010 1
Schedule of Investments
(continued)
BlackRock Credit Allocation Income Trust III (BPP)
(Percentages shown are based on Net Assets)
|
|
|
|
Par
|
|
Corporate Bonds
|
(000)
|
Value
|
Wireless Telecommunication Services
|
|
|
(concluded)
|
|
|
Nextel Communications, Inc.,
|
|
|
Series E, 6.88%, 10/31/13
|
$ 805 $
|
750,663
|
|
|
1,077,694
|
Total Corporate Bonds 28.8%
60,224,821
|
Investment Companies
|
Shares
|
|
UltraShort Real Estate ProShares
|
60,000
|
495,000
|
Total Investment Companies 0.2%
|
|
495,000
|
Preferred Securities
|
|
|
|
Par
|
|
Capital Trusts
|
(000)
|
|
Building Products 0.3%
|
|
|
C8 Capital SPV Ltd., 6.64% (b)(d)(e)
|
$ 970
|
686,799
|
Capital Markets 3.8%
|
|
|
State Street Capital Trust III,
|
|
|
8.25% (b)(e)
|
1,385
|
1,417,271
|
State Street Capital Trust IV, 1.25%,
|
|
|
6/01/67 (e)
|
9,675
|
6,629,571
|
|
|
8,046,842
|
Commercial Banks 11.4%
|
|
|
Bank of Ireland Capital Funding II,
|
|
|
LP, 5.57% (b)(d)(e)
|
854
|
486,780
|
Bank of Ireland Capital Funding III,
|
|
|
LP, 6.11% (b)(d)(e)
|
1,471
|
838,470
|
Barclays Bank Plc, 5.93% (b)(d)(e)
|
890
|
745,375
|
CBA Capital Trust I, 5.81% (b)(d)
|
5,000
|
4,773,400
|
FCB/NC Capital Trust I, 8.05%,
|
|
|
3/01/28
|
1,100
|
963,413
|
Lloyds TSB Bank Plc, 6.90% (b)
|
4,399
|
3,618,177
|
Mizuho Capital Investment 1 Ltd.,
|
|
|
6.69%, 12/31/49 (d)(e)
|
5,000
|
4,259,765
|
NBP Capital Trust III, 7.38% (b)
|
2,000
|
1,475,000
|
National City Preferred Capital Trust
|
|
|
I, 12.00% (b)(e)
|
600
|
682,956
|
SunTrust Preferred Capital I,
|
|
|
5.85% (b)(e)
|
303
|
207,555
|
USB Capital XIII Trust, 6.63%,
|
|
|
12/15/39
|
1,725
|
1,708,199
|
Wells Fargo Capital XIII, Series
|
|
|
GMTN, 7.70%, 12/29/49 (b)(e)
|
1,700
|
1,649,000
|
Westpac Capital Trust IV,
|
|
|
5.26% (b)(d)(e)
|
3,000
|
2,491,050
|
|
|
23,899,140
|
Diversified Financial Services 4.5%
|
|
|
JPMorgan Chase Capital XXI,
|
|
|
Series U, 1.20%, 1/15/87 (e)
|
7,125
|
4,974,646
|
|
|
|
|
|
|
Par
|
|
Capital Trust
|
|
(000)
|
Value
|
Diversified Financial Services (concluded)
|
|
|
JPMorgan Chase Capital XXIII,
|
|
|
|
1.25%, 5/15/77 (e)
|
$ 6,190
|
$ 4,334,888
|
|
|
|
9,309,534
|
Electric Utilities 0.4%
|
|
|
|
PPL Capital Funding, 6.70%,
|
|
|
|
3/30/67 (e)
|
|
900
|
787,500
|
Insurance 7.5%
|
|
|
|
AXA SA, 6.38% (b)(d)(e)
|
|
900
|
730,125
|
The Allstate Corp., 6.50%,
|
|
|
|
5/15/67 (e)
|
|
900
|
841,500
|
Chubb Corp., 6.38%, 3/29/67 (e)
|
|
900
|
864,000
|
Genworth Financial, Inc., 6.15%,
|
|
|
|
11/15/66 (e)
|
|
1,475
|
1,039,875
|
Liberty Mutual Group, Inc., 10.75%,
|
|
|
|
6/15/88 (d)(e)
|
|
900
|
990,000
|
Lincoln National Corp., 7.00%,
|
|
|
|
5/17/66 (e)
|
|
900
|
753,750
|
MetLife, Inc., 6.40%, 12/15/66
|
|
900
|
792,000
|
Nationwide Life Global Funding I,
|
|
|
|
6.75%, 5/15/67
|
|
900
|
724,281
|
Progressive Corp., 6.70%,
|
|
|
|
6/15/67 (e)
|
|
900
|
828,000
|
Reinsurance Group of America,
|
|
|
|
6.75%, 12/15/65 (e)
|
|
1,300
|
1,152,580
|
The Travelers Cos., Inc., 6.25%,
|
|
|
|
3/15/67 (e)
|
|
900
|
846,321
|
White Mountains Re Group Ltd.,
|
|
|
|
7.51% (b)(d)(e)
|
|
2,600
|
2,216,188
|
ZFS Finance, 5.88%, 5/09/32 (d)(e)
|
|
190
|
162,319
|
ZFS Finance, 6.50%, 5/09/67 (d)(e)
|
|
2,209
|
1,966,010
|
Zenith National Insurance Capital
|
|
|
|
Trust I, 8.55%, 8/01/28 (d)
|
|
1,800
|
1,748,250
|
|
|
|
15,655,199
|
Multi-Utilities 0.4%
|
|
|
|
Puget Sound Energy, Inc., Series A,
|
|
|
|
6.97%, 6/01/67 (e)
|
|
925
|
825,396
|
Oil, Gas & Consumable Fuels 0.4%
|
|
|
|
TransCanada PipeLines Ltd., 6.35%,
|
|
|
|
5/15/67 (e)
|
|
900
|
854,222
|
Total Capital Trusts 28.7%
|
|
|
60,064,632
|
Preferred Stocks
|
|
Shares
|
|
Capital Markets 0.0%
|
|
|
|
Lehman Brothers Holdings Inc.,
|
|
|
|
Series D, 5.67% (a)(c)
|
|
31,100
|
6,220
|
Commercial Banks 9.0%
|
|
|
|
Banesto Holdings, Ltd., Series A,
|
|
|
|
10.50% (d)
|
|
30,000
|
774,375
|
Barclays Bank Plc, 8.13%
|
|
100,000
|
2,460,000
|
First Republic Preferred Capital
|
|
|
|
Corp., 7.25%
|
|
98,852
|
2,070,949
|
HSBC USA, Inc., Series H, 6.50%
|
|
330,000
|
8,085,000
|
2 BlackRock Credit Allocation Income Trust III January 31, 2010
Schedule of Investments
January 31, 2010 (Unaudited)
BlackRock Credit Allocation Income Trust III (BPP)
(Percentages shown are based on Net Assets)
|
|
|
Preferred Stocks
|
Shares
|
Value
|
Commercial Banks (concluded)
|
|
|
Royal Bank of Scotland Group Plc,
|
|
|
Series M, 6.40%
|
10,000 $
|
116,700
|
Santander Finance Preferred SA
|
|
|
Unipersonal, 10.50%
|
38,500
|
1,085,700
|
Santander Perpetual SA Unipersonal,
|
|
|
6.67% (d)(e)
|
625,000
|
592,646
|
Union Planter Preferred Funding
|
|
|
Corp., 7.75%
|
60
|
3,538,125
|
|
|
18,723,495
|
Diversified Financial Services 1.8%
|
|
|
JPMorgan Chase & Co., Series E,
|
|
|
6.15%
|
75,000
|
3,712,500
|
Electric Utilities 0.6%
|
|
|
Alabama Power Co., 6.50%
|
50,000
|
1,290,000
|
Insurance 16.5%
|
|
|
Arch Capital Group Ltd., Series A,
|
|
|
8.00%
|
117,414
|
2,929,479
|
Aspen Insurance Holdings Ltd.,
|
|
|
7.40% (e)
|
115,000
|
2,553,000
|
Endurance Specialty Holdings Ltd.,
|
|
|
Series A, 7.75%
|
172,400
|
4,032,436
|
MetLife, Inc., Series B, 6.50%
|
314,500
|
7,510,260
|
PartnerRe Ltd., Series C, 6.75%
|
209,400
|
5,006,754
|
Prudential Plc, 6.50%
|
62,000
|
1,395,620
|
Prudential Plc, 6.50% (b)
|
6,000,000
|
4,968,000
|
RenaissanceRe Holdings Ltd.,
|
|
|
Series D, 6.60%
|
210,000
|
4,544,400
|
Zurich RegCaPS Funding Trust II,
|
|
|
6.58% (d)
|
2,000
|
1,663,750
|
|
|
34,603,699
|
Media 0.0%
|
|
|
CMP Susquemanna Radio Holdings
|
|
|
Corp. (a)(d)(e)
|
2,052
|
-
|
Real Estate Investment Trusts (REITs) 2.3%
|
|
BRE Properties, Inc., Series D, 6.75%
|
20,000
|
444,200
|
Public Storage, Series F, 6.45%
|
20,000
|
442,600
|
Public Storage, Series M, 6.63%
|
35,000
|
798,700
|
SunTrust Real Estate Investment
|
|
|
Trust, 9.00%
|
30
|
3,027,188
|
|
|
4,712,688
|
Specialty Retail 0.1%
|
|
|
Lazy Days RV Center, Inc.
|
182
|
181,809
|
Total Preferred Stocks 30.3%
63,230,411
|
|
Shares
|
|
Trust Preferreds
|
(000)
|
|
Capital Markets 1.2%
|
|
|
Structured Asset Trust Unit
|
|
|
Repackagings, 6.25%, 7/15/32
|
11
|
251,156
|
Structured Asset Trust Unit
|
|
|
Repackagings, 6.00%, 2/15/33
|
103
|
2,213,077
|
|
|
2,464,233
|
|
|
|
|
Shares
|
|
Trust Preferreds
|
(000)
|
Value
|
Diversified Financial Services 0.8%
|
|
|
ING Groep NV, 7.20% (b)
|
70
|
$ 1,369,900
|
PPLUS Trust Certificates, Series
|
|
|
VAL-1, Class A, 7.25%, 4/15/32
|
11
|
264,815
|
|
|
1,634,715
|
Food Products 1.1%
|
|
|
Corporate-Backed Trust Certificates,
|
|
|
Kraft Foods, Inc. Debenture
|
|
|
Backed, Series 2003-11, 5.88%,
|
|
|
11/01/31
|
100
|
2,362,672
|
Insurance 1.1%
|
|
|
Everest Re Capital Trust, 6.20%,
|
|
|
3/29/34
|
30
|
606,667
|
Financial Security Assurance
|
|
|
Holdings Ltd., 5.60%, 7/15/03
|
15
|
219,395
|
The Phoenix Cos., Inc., 7.45%,
|
|
|
1/15/32
|
79
|
1,425,917
|
|
|
2,251,979
|
Media 6.1%
|
|
|
Comcast Corp., 7.00%, 9/15/55
|
50
|
1,251,320
|
Comcast Corp., 6.63%, 5/15/56
|
470
|
11,341,100
|
Corporate-Backed Trust Certificates,
|
|
|
News America Debenture Backed,
|
|
|
Series 2002-9, 8.13%, 12/01/45
|
7
|
178,309
|
|
|
12,770,729
|
Oil, Gas & Consumable Fuels 1.8%
|
|
|
Nexen, Inc., 7.35%, 11/01/43
|
155
|
3,676,600
|
Wireless Telecommunication Services 0.8%
|
|
Structured Repackaged Asset-
|
|
|
Backed Trust Securities, Sprint
|
|
|
Capital Corp. Debenture Backed,
|
|
|
Series 2004-2, 6.50%, 11/15/28
|
103
|
1,761,552
|
Total Trust Preferreds 12.9%
|
|
26,922,480
|
Total Preferred Securities 71.9%
|
|
150,217,523
|
Warrants (g)
|
Shares
|
|
Media 0.0%
|
|
|
CMP Susquemanna Radio Holdings
|
|
|
Corp. (expires 3/26/19) (d)
|
2,345
|
-
|
Total Warrants 0.0%
|
|
-
|
BlackRock Credit Allocation Income Trust III January 31, 2010 3
Schedule of Investments
(continued)
BlackRock Credit Allocation Income Trust III (BPP)
(Percentages shown are based on Net Assets)
|
|
|
Options Purchased
|
Contracts
|
Value
|
Exchange-Traded Put Options 0.0%
|
|
|
10-Year U.S. Treasury Bond Future
|
85 $
|
13,281
|
Total Options Purchased
|
|
|
(Cost $17,338) 0.0%
|
|
13,281
|
Total Long-Term Investments
|
|
|
(Cost $235,779,403) 100.9%
210,984,069
|
Short-Term Securities
|
Shares
|
|
BlackRock Liquidity Funds,
|
|
|
TempFund, Institutional Class,
|
|
|
0.10% (h)(i)
|
68,668,495
|
68,668,495
|
Total Short-Term Securities
|
|
|
(Cost $68,668,495) 32.9%
|
|
68,668,495
|
Total Investments
|
|
|
(Cost $304,447,898*) 133.8%
|
|
279,652,564
|
Liabilities in Excess of Other Assets (0.1)%
|
(184,419)
|
Preferred Shares, at Redemption Value (33.7)%
|
(70,427,257)
|
Net Assets Applicable to Common Shares 100.0%
$
|
209,040,888
|
|
|
|
*
|
The cost and unrealized appreciation (depreciation) of investments as of
|
|
January 31, 2010, as computed for federal income tax purposes, were
|
|
as follows:
|
|
|
Aggregate cost
|
$ 305,985,443
|
|
Gross unrealized appreciation
|
$ 5,900,008
|
|
Gross unrealized depreciation
|
(32,232,887)
|
|
Net unrealized depreciation
|
$ (26,332,879)
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
|
|
(b)
|
Security is perpetual in nature and has no stated maturity date.
|
(c)
|
Issuer filed for bankruptcy and/or is in default of interest payments.
|
(d)
|
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.
|
|
(e)
|
Variable rate security. Rate shown is as of report date.
|
|
(f)
|
Convertible security.
|
|
|
|
(g)
|
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.
|
|
|
(h)
|
Investments in companies considered to be an affiliate of the Fund, for
|
|
purposes of Section 2(a)(3) of the Investment Company Act of 1940,
|
|
were as follows:
|
|
|
|
|
|
|
Net
|
|
|
Affiliate
|
|
Activity
|
Income
|
|
BlackRock Liquidity Funds,
|
|
|
|
|
TempFund, Institutional Class
|
$ 17,210,121 $
|
19,561
|
(i)
|
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 ratings group indexes, and/or as
|
defined by Fund management. This definition may not apply for purposes
|
of this report, which may combine industry sub-classifications for reporting
|
ease.
|
|
|
|
|
|
Financial futures contracts purchased as of January 31, 2010 were as
|
follows:
|
|
|
|
|
|
|
|
Expiration
|
Notional
|
Unrealized
|
Contracts
|
Issue
|
Date
|
Value
|
Depreciation
|
13
|
30-Year
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
Treasury
|
March
|
|
|
|
|
Bond
|
2010
$
|
1,562,849
|
$
(18,286)
|
Credit default swaps on single-name issues buy protection outstanding as
|
of January 31, 2010 were as follows:
|
|
|
|
Received
|
|
Notional
|
|
|
Fixed
|
Counter-
|
|
Amount
|
Unrealized
|
Issuer
|
Rate
|
party
|
Expiration
|
(000)
|
Depreciation
|
Nordstrom,
|
5.20% Deutsche
|
June
|
|
|
Inc.
|
|
Bank AG
|
2014
|
$ 1,000
|
$ (182,326)
|
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, repayment 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)
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.
4 BlackRock Credit Allocation Income Trust III January 31, 2010
Schedule Investments
BlackRock Credit Allocation Income Trust III (BPP)
of
(continued)
|
|
The following table summarizes the inputs used as of January 31, 2010
|
in determining the fair valuation of the Funds investments:
|
|
Investments in
|
Valuation Inputs
|
Securities
|
|
Assets
|
Level 1
|
|
Long-Term Investments:
|
|
Preferred Stocks
|
$ 48,484,518
|
Trust Preferreds
|
26,703,085
|
Investment Companies
|
495,000
|
Short-Term Securities
|
68,668,495
|
Total Level 1
|
144,351,098
|
Level 2
|
|
Long-Term Investments:
|
|
Capital Trusts
|
56,446,455
|
Corporate Bonds
|
60,224,641
|
Preferred Stocks
|
11,536,896
|
Trust Preferreds
|
219,395
|
Total Level 2
|
128,427,387
|
Level 3
|
|
Long-Term Investments:
|
|
Capital Trusts
|
3,618,177
|
Common Stocks
|
33,444
|
Corporate Bonds
|
180
|
Preferred Stocks
|
3,208,997
|
Total Level 3
|
6,860,798
|
Total
|
$ 279,639,283
|
|
|
|
|
Other Financial Instruments
1
|
|
Assets
|
Liabilities
|
Level 1
|
$ 13,281$
|
(18,286)
|
Level 2
|
-
|
(182,326)
|
Level 3
|
-
|
--
|
Total
|
$ 13,281$
|
(200,612)
|
1
Other financial instruments are financial futures contracts, options
|
purchased and swaps. Options purchased are valued at market value
|
and financial futures contracts and swaps are valued at the unrealized
|
appreciation/depreciation on the instrument.
|
|
BlackRock Credit Allocation Income Trust III January 31, 2010 5
Schedule Investments
BlackRock Credit Allocation Income Trust III (BPP)
of
(concluded)
|
|
|
|
|
|
|
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine
|
fair value:
|
|
|
|
|
|
|
|
|
Investments in Securities
|
|
|
|
Capital
|
Common
|
Corporate
|
|
Preferred
|
|
|
Trusts
|
Stocks
|
Bonds
|
|
Stocks
|
Total
|
Balance, as of October 31, 2009
|
-
|
-
|
$ 12,000
|
$ 3,027,189 $
|
3,039,189
|
Accrued discounts/premiums
|
-
|
-
|
-
|
|
-
|
-
|
Realized gain (loss)
|
-
|
-
|
-
|
|
-
|
-
|
Change in unrealized appreciation
|
-
|
|
|
|
|
|
(depreciation)
3
|
|
$ (1,150,814)
|
1,172,438
|
|
9,090
|
30,714
|
Net purchases (sales)
|
-
|
1,184,258
|
(1,184,258)
|
|
172,718
|
172,718
|
Net transfers in (out) of Level 3
|
$ 3,618,177
|
-
|
-
|
|
-
|
3,618,177
|
Balance, as of January 31, 2010
|
$ 3,618,177
|
$ 33,444
|
$ 180
|
$ 3,208,997 $
|
6,860,798
|
3
The change in unrealized appreciation/depreciation on securities still held at January 31, 2010 was $30,714.
|
|
BlackRock Credit Allocation Income Trust III January 31, 2010 6
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 13(a)-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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Credit Allocation Income Trust III
Date: March 19, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Credit Allocation Income Trust III
Date: March 19, 2010
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Credit Allocation Income Trust III
Date: March 19, 2010
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