- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
January 27 2009 - 4:35PM
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 811-22126
Name of Fund: BlackRock Defined Opportunity Credit Trust (BHL)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Defined Opportunity
Credit Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2008 – 11/30/2008
Item 1 – Schedule of Investments
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BlackRock Defined Opportunity Credit Trust
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Schedule of Investments November 30, 2008 (Unaudited)
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(Percentages shown are based on Net Assets)
|
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|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
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|
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(000)
|
|
Value
|
|
Aerospace & Defense - 2.6%
|
|
Avio Holding SpA Term Loan B, 3.556%, 9/25/14
|
|
USD
|
|
471
|
|
$ 305,322
|
|
|
|
Avio Holding SpA Term Loan C, 4.181%, 9/25/15
|
|
|
|
500
|
|
324,000
|
|
Hawker Beechcraft Acquisition Co. LLC Letter of Credit,
|
|
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4.801%, 3/26/14
|
|
|
|
|
|
162
|
|
85,034
|
|
Hawker Beechcraft Acquisition Co. LLC Term Loan B,
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5.762%, 3/26/14
|
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|
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2,769
|
|
1,451,811
|
|
|
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|
|
|
|
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|
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2,166,167
|
|
Auto Components - 2.5%
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|
Allison Transmission, Inc. Term Loan, 4.38% - 5.57%,
|
|
|
|
|
|
|
|
|
|
8/07/14
|
|
|
|
|
|
2,198
|
|
1,309,702
|
|
|
|
Dana Holding Corp. Term Advance, 6.75% - 7.52%, 1/31/15
|
|
|
|
1,325
|
|
785,988
|
|
|
|
|
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|
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|
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2,095,690
|
|
Automobiles - 0.5%
|
|
Ford Motor Co. Term Loan, 4.43%, 12/15/13
|
|
|
|
995
|
|
397,975
|
|
Biotechnology - 0.4%
|
|
Talecris Biotherapeutics Holdings Corp. Term Loan, 6.31%,
|
|
|
|
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|
|
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12/06/13
|
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|
397
|
|
348,356
|
|
Building Products - 1.5%
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Building Materials Corp. of America Term Loan Advance,
|
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|
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|
6.50% - 6.625%, 2/22/14
|
|
|
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|
747
|
|
460,264
|
|
|
|
Momentive Performance Materials Term Loan B-2, 5.686%,
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|
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12/04/13
|
|
|
|
EUR
|
|
1,000
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|
800,417
|
|
|
|
|
|
|
|
|
|
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1,260,681
|
|
Capital Markets - 0.7%
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|
Nuveen Investments, Inc. Term Loan B, 4.436% - 6.769%,
|
|
|
|
|
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11/13/14
|
|
|
|
USD
|
|
1,313
|
|
599,474
|
|
Chemicals - 6.0%
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|
Brenntag Holdings GMBH & Co. KG Facility B-2, 5.071%,
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|
|
|
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1/24/13
|
|
|
|
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|
1,000
|
|
710,000
|
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Cognis Deutschland Term Loan C, 4.819%, 9/15/13
|
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|
|
1,000
|
|
602,000
|
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|
Huish Detergents, Inc. Term Loan B, 5.77%, 4/26/14
|
|
|
|
995
|
|
774,412
|
|
|
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Matrix Acquisition (MacDermid, Inc.) Tranche B Term Loan,
|
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|
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5.762%, 12/15/13
|
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|
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|
|
1,717
|
|
1,081,862
|
|
|
|
PQ Corp. First Lien Term Loan, 6.72% - 7.02%, 5/29/16
|
|
|
|
998
|
|
617,203
|
|
|
|
PQ Corp. Second Lien Term Loan, 9.97%, 5/29/15
|
|
|
|
1,000
|
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475,000
|
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Solutia, Inc. Term Loan, 8.50%, 2/28/14
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|
995
|
|
728,828
|
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4,989,305
|
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Commercial Services & Supplies -
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ARAMARK Corp. Letter of Credit Facility, 2.676% - 5.025%,
|
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5.8%
|
|
1/26/14
|
|
|
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|
149
|
|
118,275
|
|
|
|
ARAMARK Corp. U.S. Term Loan B, 5.637%, 1/26/14
|
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2,351
|
|
1,861,725
|
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Alliance Laundry Systems LLC Term Loan, 5.50%, 1/27/12
|
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|
921
|
|
690,789
|
|
|
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Kion Group GmbH Term Facility Loan B, 3.436%, 12/28/14
|
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|
|
500
|
|
268,000
|
|
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|
Kion Group GmbH Term Facility Loan C, 3.936%, 12/23/15
|
|
|
|
500
|
|
268,000
|
|
Synagro Technologies, Inc. First Lien, 4.24% - 5.77%,
|
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|
4/01/14
|
|
|
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|
995
|
|
666,625
|
|
|
|
West Corp. Term Loan B-2, 3.774% - 5.594%, 10/31/13
|
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1,490
|
|
924,669
|
|
|
|
|
|
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4,798,083
|
|
Communications Equipment - 0.8%
|
|
Sorenson Communications Tranche C Term Loan, 4%,
|
|
|
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|
|
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10/27/14
|
|
|
|
|
|
831
|
|
664,529
|
|
Computers & Peripherals - 1.4%
|
|
Intergraph Corp. Initial Term Loan First Lien, 4.196%,
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5/15/14
|
|
|
|
|
|
1,500
|
|
1,151,250
|
1
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
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|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
|
|
(000)
|
|
Value
|
|
Containers & Packaging - 2.9%
|
|
Crown Americas Additional Term B Dollar Loan, 3.159%,
|
|
|
|
|
|
|
|
|
|
11/30/12
|
|
|
|
USD
|
|
495
|
|
$ 420,663
|
|
Graphic Packaging International Corp. Incremental Term
|
|
|
|
Loan, 4.161% - 7.385%, 5/16/14
|
|
|
|
|
|
1,481
|
|
1,141,338
|
|
Smurfit Kappa Group Term Loan B-1, 5.597% - 6.996%,
|
|
|
|
7/16/14
|
|
|
|
EUR
|
|
500
|
|
403,674
|
|
|
|
Smurfit Kappa Group Term Loan C-1 Facility,
|
|
|
|
|
|
|
|
|
|
5.847% - 7.443%, 7/16/15
|
|
|
|
|
|
500
|
|
403,674
|
|
|
|
|
|
|
|
|
|
|
|
2,369,349
|
|
Diversified Consumer Services -
|
|
Coinmach Corp. Term Loan , 4.46% - 5.22%, 11/15/14
|
|
USD
|
|
1,492
|
|
1,119,361
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
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Diversified Telecommunication
|
|
BCM Ireland Holdings (Eircom) Term Loan B, 5.526%,
|
|
|
|
|
|
|
|
Services - 6.2%
|
|
8/14/14
|
|
|
|
EUR
|
|
493
|
|
455,133
|
|
BCM Ireland Holdings (Eircom) Term Loan C, 5.517%,
|
|
|
|
8/14/13
|
|
|
|
|
|
493
|
|
455,184
|
|
|
|
Hawaiian Telcom Communications Inc. Term Loan C, 6.262%,
|
|
|
|
|
|
|
|
|
|
6/01/14
|
|
|
|
USD
|
|
500
|
|
199,167
|
|
|
|
Integra Telecom, Inc. First Lien Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
6.446% - 8.012%, 8/31/13
|
|
|
|
|
|
1,987
|
|
1,132,850
|
|
PaeTec Holdings Corp. Replacement Term Loan, 3.936%,
|
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|
|
1/24/13
|
|
|
|
|
|
973
|
|
637,088
|
|
|
|
Time Warner Telecom Holdings Term Loan B,
|
|
|
|
|
|
|
|
|
|
3.44% - 4.20%, 2/23/14
|
|
|
|
|
|
1,534
|
|
1,198,696
|
|
|
|
Wind Finance Term Loan, 11.473%, 12/17/14
|
|
EUR
|
|
1,000
|
|
1,059,282
|
|
|
|
|
|
|
|
|
|
|
|
5,137,400
|
|
Electric Utilities - 0.4%
|
|
Astoria Generating Co. Acquisitions, LLC Second Lien Term
|
|
|
|
|
|
|
|
|
|
Loan C, 6.96%, 8/23/13
|
|
|
|
USD
|
|
500
|
|
342,500
|
|
Electronic Equipment &
|
|
Deutsch Connectors Term Loan B, 5.384%, 7/27/14
|
|
|
|
55
|
|
39,296
|
|
Instruments - 3.4%
|
|
Deutsch Connectors Term Loan B-2, 5.384%, 7/27/14
|
|
|
|
854
|
|
606,280
|
|
|
|
Deutsch Connectors Term Loan C-2, 5.634%, 7/27/15
|
|
|
|
751
|
|
533,412
|
|
|
|
Flextronics International Ltd. A Closing Rate Loan, 5.041% -
|
|
|
|
|
|
|
|
|
|
7.069%, 10/01/14
|
|
|
|
|
|
1,549
|
|
1,043,207
|
|
|
|
Flextronics International Ltd. Delay Draw Term Loan A-1,
|
|
|
|
|
|
|
|
|
|
7.069%, 10/05/14
|
|
|
|
|
|
444
|
|
298,710
|
|
|
|
L-1 Identity Solutions Operating Co. Term Loan B, 7.294% -
|
|
|
|
|
|
|
|
|
|
7.50%, 8/05/13
|
|
|
|
|
|
375
|
|
317,813
|
|
|
|
|
|
|
|
|
|
|
|
2,838,718
|
|
Energy Equipment & Services - 2.5%
|
|
Compagnie Generale de Geophysique Term Loan, 3.436% -
|
|
|
|
|
|
|
|
|
|
5.704%, 1/12/14
|
|
|
|
|
|
1,247
|
|
1,015,872
|
|
|
|
Dresser, Inc. Term Loan B, 3.686% - 4.486%, 5/15/14
|
|
|
|
1,488
|
|
1,013,871
|
|
|
|
|
|
|
|
|
|
|
|
2,029,743
|
|
Food & Staples Retailing - 1.3%
|
|
Alliance Boots Plc Acquisition Term Loan Facility B-2 UK
|
|
|
|
|
|
|
|
|
|
Borrower, 6.076%, 7/09/15
|
|
|
|
GBP
|
|
1,000
|
|
1,084,248
|
|
Food Products - 0.6%
|
|
Dole Food Co., Inc. Letter of Credit, 4.819%, 4/12/13
|
|
USD
|
|
73
|
|
51,704
|
2
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
|
|
(000)
|
|
Value
|
|
|
|
Dole Food Co., Inc. Term Loan B, 5% - 5.313%, 4/12/13
|
|
USD
|
|
130
|
|
$ 91,641
|
|
|
|
Dole Food Co., Inc. Term Loan C, 3.50% - 6.813%, 4/12/13
|
|
|
|
486
|
|
341,428
|
|
|
|
|
|
|
|
|
|
|
|
484,773
|
|
Health Care Equipment &
|
|
Bausch & Lomb, Inc. Delay Draw Term Loan, 7.012%,
|
|
|
|
|
|
|
|
Supplies - 4.7%
|
|
4/24/15
|
|
|
|
|
|
240
|
|
172,973
|
|
|
|
Bausch & Lomb, Inc. Parent Term Loan, 7.012%, 4/24/15
|
|
|
|
1,589
|
|
1,144,506
|
|
|
|
Biomet, Inc. Term Loan B, 6.762%, 3/25/15
|
|
|
|
|
|
1,484
|
|
1,204,113
|
|
|
|
DJO Finance LLC Term Loan, 4.436% - 6.762%, 5/20/14
|
|
|
|
993
|
|
744,375
|
|
|
|
Hologic, Inc. Term Loan B, 6.75%, 3/31/13
|
|
|
|
|
|
300
|
|
261,272
|
|
Inverness Medical Innovations, Inc. First Lien Term Loan,
|
|
|
|
5.476% - 5.50%, 6/30/14
|
|
|
|
|
|
499
|
|
351,610
|
|
|
|
|
|
|
|
|
|
|
|
3,878,849
|
|
Health Care Providers & Services -
|
|
Community Health Systems, Inc. Funded Term Loan,
|
|
|
|
|
|
|
|
8.5%
|
|
4.018% - 4.446%, 7/25/14
|
|
|
|
|
|
3,292
|
|
2,410,896
|
|
|
|
HCA, Inc. Term Loan B, 6.012%, 11/15/12
|
|
|
|
|
|
2,992
|
|
2,237,120
|
|
|
|
HealthSouth Corp. Term Loan B, 4.27% - 4.90%, 3/10/13
|
|
|
|
1,824
|
|
1,429,481
|
|
|
|
Surgical Care Affiliates LLC Term Loan, 5.762%, 6/29/14
|
|
|
|
496
|
|
287,814
|
|
|
|
Symbion, Inc. Term Loan B, 4.686% - 6.67%, 8/01/14
|
|
|
|
478
|
|
315,493
|
|
|
|
Symbion, Inc. Tranche A Term Loan, 4.686% -6.67%, 8/01/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
478
|
|
315,493
|
|
|
|
|
|
|
|
|
|
|
|
6,996,297
|
|
Health Care Technology - 0.5%
|
|
Sunquest Holdings, Inc. (Misys Hospital Systems) Term Loan,
|
|
|
|
|
|
|
|
|
|
6.37% - 6.67%, 10/11/14
|
|
|
|
|
|
496
|
|
392,038
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure - 3.2%
|
|
Harrah's Operating Co., Inc. Term Loan B-2,
|
|
|
|
|
|
|
|
|
|
|
|
6.535% - 6.762%, 1/28/15
|
|
|
|
|
|
1,734
|
|
1,012,077
|
|
Penn National Gaming, Inc. Term Loan B, 3.19% - 4.55%,
|
|
|
|
10/03/12
|
|
|
|
|
|
987
|
|
803,642
|
|
|
|
QCE LLC First Lien Term Loan, 5.813%, 5/05/13
|
|
|
|
995
|
|
547,201
|
|
|
|
VMLUS Finance LLC (Venetian Macau) Delay Draw Term
|
|
|
|
181
|
|
101,220
|
|
|
|
Loan, 6.02%, 4/11/13
|
|
|
|
|
|
|
|
|
|
|
|
VMLUS Finance LLC (Venetian Macau) Term Loan B Funded
|
|
|
|
|
|
|
|
|
|
Project, 6.02%, 5/26/11
|
|
|
|
|
|
319
|
|
178,780
|
|
|
|
|
|
|
|
|
|
|
|
2,642,920
|
|
Household Durables - 2.7%
|
|
Jarden Corp. Term Loan B-3, 6.262%, 1/24/12
|
|
|
|
1,737
|
|
1,357,806
|
|
The Yankee Candle Co., Inc. Term Loan, 3.42% - 5.77%,
|
|
|
|
2/06/14
|
|
|
|
|
|
1,606
|
|
863,127
|
|
|
|
|
|
|
|
|
|
|
|
2,220,933
|
|
Household Products - 0.5%
|
|
VI/Jon Inc. (VJCS Acquisition) Term Loan B, 3.724%, 4/24/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
425,000
|
|
IT Services - 8.5%
|
|
Amadeus Global Travel Distribution SA Term
|
|
|
|
|
|
|
|
|
|
Loan B-2, 4.85%, 5/04/15
|
|
|
|
|
|
968
|
|
429,985
|
|
|
|
Amadeus Global Travel Distribution SA Term
|
|
|
|
|
|
|
|
|
|
Loan B-3 Facility, 6.481%, 7/15/13
|
|
|
|
EUR
|
|
307
|
|
181,301
|
|
|
|
Amadeus Global Travel Distribution SA Term
|
|
|
|
|
|
|
|
|
|
Loan B-4 Facility, 6.481%, 7/15/13
|
|
|
|
|
|
186
|
|
109,791
|
3
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
|
|
(000)
|
|
Value
|
|
Amadeus Global Travel Distribution SA Term Loan C-2,
|
|
|
|
5.35%, 6/30/13
|
|
|
|
USD
|
|
968
|
|
$ 433,374
|
|
Amadeus Global Travel Distribution SA Term Loan C-3
|
|
|
|
Facility, 6.981%, 7/15/14
|
|
|
|
EUR
|
|
307
|
|
181,301
|
|
Amadeus Global Travel Distribution SA Term Loan C-4,
|
|
|
|
6.981%, 7/15/14
|
|
|
|
|
|
186
|
|
109,791
|
|
|
|
Ceridian Corp. U.S. Term Loan, 4.423%, 11/09/14
|
|
USD
|
|
2,000
|
|
1,440,000
|
|
|
|
First Data Corp. Term Loan B-2, 4.149% - 6.512%, 9/24/14
|
|
|
|
2,731
|
|
1,846,970
|
|
|
|
First Data Corp. Term Loan B-3, 5.948% - 6.512%, 9/24/14
|
|
|
|
994
|
|
670,758
|
|
SunGard Data Systems Inc. (Solar Capital Corp.) New
|
|
|
|
U.S.Term Loan B, 4.138%, 2/28/14
|
|
|
|
|
|
1,987
|
|
1,386,494
|
|
|
|
SunGard Data Systems Inc. (Solar Capital Corp.) Term Loan
|
|
|
|
|
|
|
|
|
|
B, 7.25%, 2/28/14
|
|
|
|
|
|
250
|
|
199,531
|
|
|
|
|
|
|
|
|
|
|
|
6,989,296
|
|
Independent Power Producers &
|
|
Dynegy, Inc. Line of Credit, 2.94%, 4/02/13
|
|
|
|
|
|
208
|
|
153,342
|
|
Energy Traders - 7.6%
|
|
Dynegy, Inc. Term Loan B, 2.94%, 4/02/13
|
|
|
|
|
|
17
|
|
12,502
|
|
|
|
Mirant North America LLC Term Loan, 3.161%, 1/03/13
|
|
|
|
750
|
|
608,181
|
|
|
|
NRG Energy, Inc. Letter of Credit, 5.262%, 2/01/13
|
|
|
|
328
|
|
272,024
|
|
|
|
NRG Energy, Inc. Term Loan B, 5.262%, 2/01/13
|
|
|
|
2,078
|
|
1,722,776
|
|
Texas Competitive Electric Holdings Co. LLC (TXU) Initial
|
|
|
|
Term Loan B-1, 5.268% - 7.262%, 10/10/14
|
|
|
|
|
|
498
|
|
336,495
|
|
Texas Competitive Electric Holdings Co. LLC (TXU) Initial
|
|
|
|
Term Loan B-3, 5.268% - 7.262%, 10/10/14
|
|
|
|
|
|
4,714
|
|
3,180,964
|
|
|
|
|
|
|
|
|
|
|
|
6,286,284
|
|
Industrial Conglomerates - 0.8%
|
|
Sequa Corp. Term Loan B, 5.02% - 7.02%, 12/03/14
|
|
|
|
990
|
|
675,806
|
|
Insurance - 0.8%
|
|
Alliant Holdings I, Inc. Term Loan, 6.762%,
|
|
|
|
|
|
|
|
|
|
|
|
10/23/14
|
|
|
|
|
|
992
|
|
630,226
|
|
Internet & Catalog Retail - 0.3%
|
|
FTD Group, Inc. Term Loan B, 6.526% - 7.50%, 8/26/14
|
|
|
|
250
|
|
216,250
|
|
Life Sciences Tools & Services - 1.9%
|
|
Invitrogen Term Loan B, 6%, 6/11/15
|
|
|
|
|
|
1,750
|
|
1,591,406
|
|
Machinery - 2.9%
|
|
Lincoln Industrials Delay Draw First Lien, 4.27%, 7/11/14
|
|
|
|
269
|
|
201,989
|
|
|
|
Lincoln Industrials Initial U.S. First Lien Term Loan, 4.27%,
|
|
|
|
|
|
|
|
|
|
7/11/14
|
|
|
|
|
|
718
|
|
538,636
|
|
Navistar International Corp. Revolving Credit, 4.686% -
|
|
|
|
5.903%, 1/19/12
|
|
|
|
|
|
533
|
|
288,000
|
|
|
|
Navistar International Corp. Term Advance, 4.686%,
|
|
|
|
|
|
|
|
|
|
1/19/12
|
|
|
|
|
|
1,467
|
|
792,000
|
|
|
|
OshKosh Truck Corp. Term Loan B, 2.93% - 5.21%,
|
|
|
|
|
|
|
|
|
|
12/06/13
|
|
|
|
|
|
901
|
|
565,866
|
|
|
|
|
|
|
|
|
|
|
|
2,386,491
|
|
Media - 35.9%
|
|
Alpha Topco Ltd. Term Loan B, 3.681%, 12/31/13
|
|
|
|
393
|
|
256,143
|
|
|
|
Alpha Topco Ltd. Term Loan B-1, 3.681%, 12/31/13
|
|
|
|
571
|
|
372,571
|
|
|
|
Alix Partners, LLP Tranche C Term Loan, 6.75%, 10/30/13
|
|
|
|
500
|
|
410,000
|
|
|
|
Bresnan Communications LLC First Lien Added Term Loan B,
|
|
|
|
|
|
|
|
|
|
6.06%, 9/29/13
|
|
|
|
|
|
1,000
|
|
750,000
|
|
|
|
Bresnan Communications LLC Initial Term Loan B, 4.39% -
|
|
|
|
|
|
|
|
|
|
5.47%, 9/29/13
|
|
|
|
|
|
500
|
|
375,000
|
|
|
|
Cablevision Systems Corp. Term Loan, 4.569%, 3/28/13
|
|
|
|
2,233
|
|
1,848,275
|
4
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
|
|
(000)
|
|
Value
|
|
Casema NV (Essent Kablecom) B-1 Term Loan Facility,
|
|
|
|
5.892%, 9/30/14
|
|
|
|
EUR
|
|
171
|
|
$ 186,632
|
|
Casema NV (Essent Kablecom) B-2 Term Loan Facility,
|
|
|
|
5.892%, 11/02/14
|
|
|
|
|
|
329
|
|
359,287
|
|
Casema NV (Essent Kablecom) Term Loan C, 6.392%,
|
|
|
|
11/02/15
|
|
|
|
|
|
500
|
|
545,919
|
|
|
|
Catalina Marketing Corp. Initial Term Loan, 6.762%,
|
|
|
|
|
|
|
|
|
|
10/01/14
|
|
|
|
USD
|
|
2,484
|
|
1,608,194
|
|
|
|
Cequel Communications LLC (Cebridge) Term Loan,
|
|
|
|
|
|
|
|
|
|
4.235% - 6.334%, 11/05/13
|
|
|
|
|
|
2,482
|
|
1,653,528
|
|
|
|
Charter Communications, Inc. Term Loan B, 5.47%,
|
|
|
|
|
|
|
|
|
|
3/06/14
|
|
|
|
|
|
1,746
|
|
1,173,190
|
|
Clarke American Corp. Term Loan B, 6.262% - 6.383%,
|
|
|
|
12/31/14
|
|
|
|
|
|
1,484
|
|
823,429
|
|
|
|
Dex Media West Term Loan B2, 7% - 7.77%, 10/24/14
|
|
|
|
750
|
|
367,500
|
|
Discovery Communications Holding LLC Term Loan B,
|
|
|
|
5.762%, 5/14/14
|
|
|
|
|
|
990
|
|
800,214
|
|
Education Media and Publishing Group Ltd. Term Loan B,
|
|
|
|
7.516%, 11/14/14
|
|
|
|
|
|
2,000
|
|
1,260,000
|
|
|
|
FoxCo Acquisition Sub Term Loan B, 7.25%, 7/14/15
|
|
|
|
500
|
|
320,000
|
|
|
|
Getty Images, Inc. Term Loan, 8.053%, 6/30/15
|
|
|
|
500
|
|
426,875
|
|
Gray Television, Inc. Delay Draw Term Loan B, 3.04% -
|
|
|
|
5.65%, 12/31/14
|
|
|
|
|
|
1,776
|
|
763,749
|
|
HIT Entertainment Ltd. First Lien Term Loan, 4.71%,
|
|
|
|
8/31/12
|
|
|
|
|
|
1,751
|
|
875,393
|
|
|
|
Hanley-Wood LLC Term Loan B, 4.608% - 6.25%, 3/08/14
|
|
|
|
499
|
|
236,903
|
|
Hargray Acquisition Co. First Lien Term Loan, 6.012%,
|
|
|
|
6/18/14
|
|
|
|
|
|
491
|
|
387,740
|
|
|
|
Idearc, Inc. (Verizon) Term Loan B, 3.44% - 5.77%,
|
|
|
|
|
|
|
|
|
|
11/17/14
|
|
|
|
|
|
369
|
|
119,769
|
|
|
|
Insight Midwest Holdings LLC Delay Draw Term Loan, 4.85%,
|
|
|
|
|
|
|
|
|
|
4/06/14
|
|
|
|
|
|
1,000
|
|
777,143
|
|
|
|
Intelsat Corp. Term Loan B, 6.65% - 9.15%, 1/03/14
|
|
|
|
665
|
|
510,260
|
|
|
|
Lavena Holding 3 (ProSiebenSat.1 Media AG) Term Loan B,
|
|
|
|
|
|
|
|
|
|
7.167% - 7.526%, 6/28/15
|
|
|
|
EUR
|
|
1,010
|
|
117,674
|
|
|
|
Lavena Holding 3 (ProSiebenSat.1 Media AG) Term Loan B,
|
|
|
|
|
|
|
|
|
|
7.417% - 7.776%, 6/30/16
|
|
|
|
|
|
1,010
|
|
117,674
|
|
|
|
Local TV Finance, LLC Term Loan, 3.96% - 5.77%, 5/07/13
|
|
USD
|
|
1,987
|
|
973,838
|
|
MCC Iowa LLC (Mediacom Broadband Group) Term Loan
|
|
|
|
D-1, 2.84%, 1/31/15
|
|
|
|
|
|
249
|
|
175,109
|
|
MCC Iowa LLC (Mediacom Communications) Term Loan
|
|
|
|
D-2, 2.59%, 1/31/15
|
|
|
|
|
|
882
|
|
620,741
|
|
Mediacom Illinois LLC (Mediacom Communications) Term
|
|
|
|
Loan C, 2.84%, 1/31/15
|
|
|
|
|
|
1,489
|
|
1,019,716
|
|
|
|
NTL Cable Plc (Virgin) Term Loan, 8.148%, 11/19/37
|
|
GBP
|
|
444
|
|
509,010
|
|
|
|
NTL Cable Plc (Virgin) Term Loan B, 9.647%, 9/03/12
|
|
|
|
469
|
|
537,855
|
|
|
|
New Vision Television (Parkin Broadcasting) Term Loan B,
|
|
|
|
|
|
|
|
|
|
5.82%, 10/21/13
|
|
|
|
USD
|
|
337
|
|
168,510
|
|
|
|
New Vision Television Term Loan B, 5.82%, 10/21/13
|
|
|
|
1,643
|
|
821,495
|
|
|
|
Newsday LLC Fixed Rate Term Loan, 9.75%, 7/02/13
|
|
|
|
250
|
|
207,500
|
5
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
|
|
(000)
|
|
Value
|
|
|
|
Newsday LLC Floating Rate Term Loan, 9.008%, 8/01/13
|
|
USD
|
|
500
|
|
$ 405,000
|
|
|
|
Nielsen Finance LLC Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
|
3.76% - 4.803%, 8/15/13
|
|
|
|
|
|
2,479
|
|
1,641,615
|
|
|
|
PanAmSat Corp. Term Loan B, 9.15%, 1/03/14
|
|
|
|
665
|
|
510,106
|
|
|
|
PanAmSat Corp. Term Loan B2C, 9.15%, 1/03/14
|
|
|
|
665
|
|
510,106
|
|
|
|
Thomson Learning, Inc. Term Loan B-2, 7.50%, 7/05/14
|
|
|
|
2,494
|
|
2,094,750
|
|
|
|
UPC Financing Partnership (United Pan Europe
|
|
|
|
|
|
|
|
|
|
Communications) Term Loan M, 6.481%, 12/31/14
|
|
EUR
|
|
750
|
|
635,549
|
|
|
|
UPC Financing Partnership (United Pan Europe
|
|
|
|
|
|
|
|
|
|
Communications) Term Loan N1, 5.47%, 12/31/14
|
|
USD
|
|
1,000
|
|
706,000
|
|
|
|
Virgin Media NTL Term Loan B, 8.274%, 9/03/12
|
|
GBP
|
|
281
|
|
321,758
|
|
|
|
Weather Channel Term Loan B, 7.25%, 6/01/15
|
|
USD
|
|
400
|
|
343,000
|
|
|
|
|
|
|
|
|
|
|
|
29,644,720
|
|
Metals & Mining - 0.9%
|
|
Algoma Steel, Inc. Term Loan B, 5.35%, 6/19/13
|
|
|
|
997
|
|
728,157
|
|
Multi-Utilities - 0.4%
|
|
NE Energy Letter of Credit, 3.663%, 10/03/13
|
|
|
|
57
|
|
41,946
|
|
|
|
NE Energy Term Loan B, 4.125%, 10/31/13
|
|
|
|
|
|
443
|
|
325,554
|
|
|
|
|
|
|
|
|
|
|
|
367,500
|
|
Multiline Retail - 2.2%
|
|
Dollar General Term Loan B-1, 5.182% - 6.17%, 7/03/14
|
|
|
|
1,500
|
|
1,151,625
|
|
|
|
Neiman Marcus Group, Inc. Term Loan, 4.565%, 4/06/13
|
|
|
|
1,000
|
|
625,000
|
|
|
|
|
|
|
|
|
|
|
|
1,776,625
|
|
Oil, Gas & Consumable Fuels - 1.8%
|
|
Petroleum Geo-Services ASA/PGS Finance, Inc. Term Loan B,
|
|
|
|
|
|
|
|
|
|
5.51%, 6/06/15
|
|
|
|
|
|
1,458
|
|
1,071,721
|
|
|
|
Vulcan Energy Term Loan B-3, 6.25%, 9/03/11
|
|
|
|
500
|
|
423,750
|
|
|
|
|
|
|
|
|
|
|
|
1,495,471
|
|
Paper & Forest Products - 4.7%
|
|
Boise Paper LLC (Aldbra Sub LLC) Tranche B Term Loan,
|
|
|
|
|
|
|
|
|
|
7.50%, 2/05/15
|
|
|
|
|
|
995
|
|
805,950
|
|
|
|
Georgia-Pacific LLC First Lien Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
|
4.567% - 5.512%, 12/22/12
|
|
|
|
|
|
2,874
|
|
2,204,737
|
|
|
|
NewPage Corp. Tem Loan B, 7%, 12/21/14
|
|
|
|
|
|
1,236
|
|
906,647
|
|
|
|
|
|
|
|
|
|
|
|
3,917,334
|
|
Personal Products - 1.1%
|
|
American Safety Razor Co. LLC Second Lien Term Loan,
|
|
|
|
|
|
|
|
|
|
7.69%, 1/25/14
|
|
|
|
|
|
1,250
|
|
875,000
|
|
Pharmaceuticals - 1.0%
|
|
Warner Chilcott Term Loan B, 5.762%, 1/18/12
|
|
|
|
635
|
|
535,235
|
|
|
|
Warner Chilcott Term Loan C, 5.762%, 1/30/13
|
|
|
|
305
|
|
256,663
|
|
|
|
|
|
|
|
|
|
|
|
791,898
|
|
Professional Services - 1.0%
|
|
Booz Allen Hamilton, Inc. Term Loan B, 8%, 7/01/15
|
|
|
|
1,000
|
|
854,688
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management &
|
|
Capital Automotive L.P. Term Loan, 4.60%, 12/16/10
|
|
|
|
600
|
|
251,400
|
|
Development - 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 0.7%
|
|
Rail America, Inc. Canadian Term Loan, 7.883%, 6/30/09
|
|
|
|
65
|
|
53,489
|
|
|
|
Rail America, Inc. U.S. Term Loan, 7.883%, 6/30/09
|
|
|
|
215
|
|
176,439
|
|
|
|
Rail America, Inc. U.S. Term Loan B, 7.883%, 6/30/09
|
|
|
|
470
|
|
385,072
|
|
|
|
|
|
|
|
|
|
|
|
615,000
|
|
Specialty Retail - 2.5%
|
|
ADESA, Inc. (Kar Holding, Inc.) Term Loan B, 6.02%, 10/20/13
|
|
|
|
927
|
|
550,300
|
|
|
|
General Nutrition Centres, Inc. Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
6.08% - 6.303%, 9/26/13
|
|
|
|
|
|
993
|
|
658,320
|
6
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
Industry
|
|
Floating Rate Loan Interests
|
|
|
|
(000)
|
|
Value
|
|
|
|
|
|
Michaels Stores, Inc. Replacements Loan, 5.25% - 6.813%,
|
|
|
|
|
|
|
|
|
|
|
|
10/31/13
|
|
|
|
USD
|
|
992
|
|
$ 486,278
|
|
|
|
|
|
Sally Beauty Co., Inc. Term Loan B, 3.69% - 4.45%, 11/16/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
499
|
|
366,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,061,307
|
|
Textiles, Apparel & Luxury Goods -
|
|
Hanesbrands, Inc. Term Loan B, 4.75% - 5.266%, 9/05/13
|
|
|
|
500
|
|
397,969
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication
|
|
Alltel Corp. Term Loan B-2, 5.316%, 5/16/15
|
|
|
|
489
|
|
462,792
|
|
Services - 6.8%
|
|
Alltel Corp. Term Loan B-3, 4.997%, 5/16/15
|
|
|
|
1,980
|
|
1,887,128
|
|
|
|
|
|
Cricket Communications, Inc. Term Loan B, 7.262%,
|
|
|
|
|
|
|
|
|
|
|
|
6/16/13
|
|
|
|
|
|
1,072
|
|
874,560
|
|
|
|
|
|
MetroPCS Wireless, Inc. New Tranche B Term Loan 3.688% -
|
|
|
|
|
|
|
|
|
|
|
|
5.50%, 11/03/13
|
|
|
|
|
|
2,040
|
|
1,580,685
|
|
|
|
|
|
NTELOS, Inc. Term Loan B-1 Facility, 3.69%, 8/14/11
|
|
|
|
995
|
|
838,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,643,332
|
|
|
|
|
|
Total Floating Rate Loan Interests - 143.6%
|
|
|
|
|
|
118,629,799
|
|
|
|
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication
|
|
Qwest Corp., 5.246%, 6/15/13 (a)
|
|
|
|
1,500
|
|
1,050,000
|
|
Services - 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds - 1.3%
|
|
|
|
|
|
1,050,000
|
|
|
|
|
|
Total Long-Term Investments
|
|
|
|
|
|
|
|
|
|
|
|
(Cost - $163,751,362)
|
|
- 144.9%
|
|
|
|
|
|
119,679,799
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
Short-Term Securities
|
|
|
|
|
|
(000)
|
|
|
|
|
|
|
|
BlackRock Liquidity Series, LLC
|
|
|
|
|
|
|
|
|
|
|
|
Cash Sweep Series, 1.64% (b)(c)
|
|
USD
|
|
643
|
|
642,814
|
|
|
|
|
|
Total Short-Term Securities
|
|
|
|
|
|
|
|
|
|
|
|
(Cost - $642,814) - 0.8%
|
|
|
|
|
|
642,814
|
|
|
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost - $164,394,176*)
|
|
- 145.7%
|
|
|
|
|
|
120,322,613
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (45.7)%
|
|
|
|
|
|
(37,714,792)
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
|
|
|
|
|
$ 82,607,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
The cost and unrealized appreciation (depreciation) of investments as of
|
|
|
|
|
|
|
|
|
|
November 30, 2008, as computed for federal income tax purposes, were as follows:
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$ 164,192,587
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$ 107,417
|
|
|
|
|
|
|
|
|
|
Gross unrealized depreciation
|
|
(43,977,391)
|
|
|
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$ (43,869,974)
|
|
|
|
|
|
|
(a) Variable rate security. Rate shown is as of report date.
(b) 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:
|
|
|
Affiliate
|
|
Net Activity
|
|
Income
|
|
|
|
BlackRock Liquidity Series, LLC
|
|
|
|
|
|
|
|
Cash Sweep Series
|
|
$ (1,722,747)
|
|
$ 9,559
|
|
(c)
|
|
Represents the current yield as of report date.
|
|
|
|
|
•
For Fund compliance purposes, the Fund's 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.
7
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
|
Schedule of Investments November 30, 2008 (Unaudited)
|
|
|
|
|
|
|
|
•
Foreign currency exchange contracts as of November 30, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
Currency
|
|
Currency
|
|
|
|
Settlement
|
|
Appreciation
|
|
|
|
Purchased
|
|
Sold
|
|
|
|
Date
|
|
(Depreciation)
|
|
USD
|
|
9,293,367
|
|
EUR
|
|
7,360,500
|
|
12/10/08
|
|
$ (55,705)
|
|
EUR
|
|
2,765,000
|
|
USD
|
|
3,563,034
|
|
1/21/09
|
|
(51,691)
|
|
USD
|
|
254,176
|
|
EUR
|
|
200,000
|
|
1/21/09
|
|
191
|
|
USD
|
|
1,958,859
|
|
GBP
|
|
1,239,000
|
|
12/10/08
|
|
53,414
|
|
GBP
|
|
420,000
|
|
USD
|
|
665,602
|
|
1/21/09
|
|
(19,389)
|
|
Total
|
|
|
|
|
|
|
|
|
|
$ (73,180)
|
•
Currency Abbreviations:
EUR Euro
GBP British Pound
USD U.S. Dollar
•
Credit default swaps on traded indexes- sold protection outstanding as of November 30, 2008 were as follows:
|
|
|
|
|
|
|
|
|
Notional
|
|
|
|
|
|
Receivable
|
|
|
|
|
|
Amount
|
|
Unrealized
|
|
Issuer
|
|
fixed rate
|
|
Counterparty
|
|
Expiration
|
|
|
|
(000)
1
|
|
Depreciation
|
|
LCDX Corp.
|
|
5.75%
|
|
Deutsche Bank AG
|
|
September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
EUR
|
|
2,500
|
|
$ (486,340)
|
(1)
The maximum potential amount the Fund may be required to pay should a negative credit event take place
as defined under the terms of the agreement.
•
Effective September 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies
the definition of fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of 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 securities
•
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the
extent observable inputs are not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology 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 other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2008 in determining the fair
valuation of the Fund's investments:
|
Valuation
|
|
Investments in
|
|
Other Financial
|
|
Inputs
|
|
Securities
|
|
Instruments*
|
|
Level 1
|
|
-
|
|
-
|
|
Level 2
|
|
$ 103,695,782
|
|
$ (559,520)
|
|
Level 3
|
|
16,626,831
|
|
-
|
|
Total
|
|
$ 120,322,613
|
|
$ (559,520)
|
* Other financial instruments are swaps and foreign currency
exchange contracts.
8
BlackRock Defined Opportunity Credit Trust
Schedule of Investments November 30, 2008 (Unaudited)
The following is a reconciliation of investments for unobservable inputs (Level 3) were
used in determining fair value:
|
|
|
Investments in Securities
|
|
|
|
Balance, as of September 1, 2008
|
|
$ 4,841,355
|
|
Accrued premiums
|
|
60,037
|
|
Realized gain (loss)
|
|
181,455
|
|
Change in unrealized appreciation
|
|
|
|
(depreciation)
|
|
(7,799,917)
|
|
Net sales
|
|
(1,345,186)
|
|
Net transfers in/out of Level 3
|
|
20,689,087
|
|
Balance, as of November 30, 2008
|
|
$ 16,626,831
|
9
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 Defined Opportunity Credit Trust
By:
/s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Defined Opportunity Credit Trust
Date: January 20, 2009
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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust
Date: January 20, 2009
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Defined Opportunity Credit Trust
Date: January 20, 2009
|
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