BlackRock Corporate High Yield Fund III, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund seeks to provide shareholders with current income by investing primarily in a diversified portfolio of fixed income securities that are rated in the lower rating categories of the established rating services (Ba or lower by Moody's or BB or lower by S&P's) or are unrated securities of comparable quality. The Fund may purchase and write call and put options. The Fund may invest in preferred stocks. The Fund may invest in various derivative instruments, including swaps, foreign currency exchange contracts and options. The Fund's investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. The Company's sub-advisor is BlackRock Financial Management, Inc.