- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
July 29 2011 - 5:18PM
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 811-22126
Name of Fund: BlackRock Defined Opportunity Credit Trust (BHL)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
Defined Opportunity Credit Trust, 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: 08/31/2011
Date of reporting period: 05/31/2011
Item 1 Schedule of Investments
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Asset-Backed Securities
|
|
(000)
|
Value
|
ARES CLO Funds, Series 2005-
|
|
|
10A, Class B, 0.70%, 9/18/17
|
|
|
(a)(b)
|
USD
|
250
|
$ 221,898
|
Canaras Summit CLO Ltd., Series
|
|
|
2007-1A, Class B, 0.78%,
|
|
|
|
6/19/21 (a)(b)
|
|
345
|
291,266
|
Flagship CLO, Series 2006-1A,
|
|
|
|
Class B, 0.64%, 9/20/19 (a)(b)
|
1,000
|
835,000
|
Fraser Sullivan CLO Ltd., Series
|
|
|
2006-2A, Class B, 0.70%,
|
|
|
|
12/20/20 (a)(b)
|
|
500
|
428,750
|
Gannett Peak CLO Ltd., Series
|
|
|
|
2006-1X, Class A2, 0.66%,
|
|
|
|
10/27/20
|
|
265
|
227,900
|
Goldman Sachs Asset
|
|
|
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Management CLO Plc, Series
|
|
|
2007-1A, Class B, 0.75%,
|
|
|
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8/01/22 (a)(b)
|
|
580
|
487,200
|
Landmark CDO Ltd., Series 2006-
|
|
|
8A, Class B, 0.66%, 10/19/20
|
|
|
(a)(b)
|
|
495
|
425,398
|
MAPS CLO Fund LLC, Series 2005-
|
|
|
1A, Class C, 1.25%, 12/21/17
|
|
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(a)(b)
|
|
260
|
231,556
|
Portola CLO Ltd., Series 2007-1X,
|
|
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Class B1, 1.76%, 11/15/21
|
|
350
|
315,000
|
T2 Income Fund CLO Ltd., Series
|
|
|
2007-1A, Class B, 0.90%,
|
|
|
|
7/15/19 (a)(b)
|
|
300
|
271,434
|
Total Asset-Backed Securities – 2.9%
|
|
3,735,402
|
Common Stocks (c)
|
|
Shares
|
|
Capital Markets — 0.2%
|
|
|
|
E*Trade Financial Corp.
|
|
16,300
|
257,703
|
Hotels, Restaurants & Leisure — 0.2%
|
|
|
BLB Worldwide Holdings, Inc.
|
|
21,020
|
229,475
|
Software — 0.2%
|
|
|
|
HMH Holdings/EduMedia
|
|
53,267
|
266,335
|
Total Common Stocks – 0.6%
|
|
|
753,513
|
|
|
Par
|
|
Corporate Bonds
|
|
(000)
|
|
Airlines — 0.4%
|
|
|
|
Air Canada, 9.25%, 8/01/15 (a)
|
210
|
218,137
|
|
|
|
|
|
|
Par
|
|
Corporate Bonds
|
|
(000)
|
Value
|
Airlines (concluded)
|
|
|
|
Delta Air Lines, Inc., Series B,
|
|
|
|
9.75%, 12/17/16
|
USD
|
271
|
$ 286,771
|
|
|
|
504,908
|
Auto Components — 0.9%
|
|
|
|
Icahn Enterprises LP, 7.75%,
|
|
|
|
1/15/16
|
|
1,125
|
1,155,938
|
Chemicals — 0.4%
|
|
|
|
CF Industries, Inc., 6.88%,
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|
|
|
5/01/18
|
|
415
|
476,731
|
Commercial Banks — 1.2%
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|
|
|
CIT Group, Inc.:
|
|
|
|
7.00%, 5/01/16
|
|
180
|
180,675
|
7.00%, 5/01/17
|
|
1,390
|
1,395,213
|
|
|
|
1,575,888
|
Commercial Services & Supplies —
|
|
|
|
0.4%
|
|
|
|
AWAS Aviation Capital Ltd., 7.00%,
|
|
|
|
10/15/16 (a)
|
|
453
|
470,145
|
Consumer Finance — 0.3%
|
|
|
|
Inmarsat Finance Plc, 7.38%,
|
|
|
|
12/01/17 (a)
|
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425
|
450,500
|
Containers & Packaging — 0.6%
|
|
|
|
Berry Plastics Corp., 8.25%,
|
|
|
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11/15/15
|
|
700
|
750,750
|
Diversified Financial Services —
|
|
|
|
1.0%
|
|
|
|
Ally Financial, Inc., 2.51%,
|
|
|
|
12/01/14 (b)
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|
1,025
|
1,009,722
|
FCE Bank Plc, 7.13%, 1/15/13
|
EUR
|
50
|
75,661
|
Reynolds Group Issuer, Inc.,
|
|
|
|
6.88%, 2/15/21 (a)
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USD
|
185
|
190,781
|
|
|
|
1,276,164
|
Diversified Telecommunication
|
|
|
|
Services — 0.4%
|
|
|
|
ITC Deltacom, Inc., 10.50%,
|
|
|
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4/01/16
|
|
140
|
151,200
|
Qwest Communications
|
|
|
|
International, Inc., Series B,
|
|
|
|
7.50%, 2/15/14
|
|
347
|
351,771
|
|
|
|
502,971
|
Electronic Equipment, Instruments
|
|
|
|
& Components — 0.2%
|
|
|
|
CDW LLC, 8.00%, 12/15/18 (a)
|
|
230
|
246,675
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
1
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Corporate Bonds
|
|
(000)
|
Value
|
Health Care Providers & Services — 0.2%
|
|
|
HCA, Inc., 7.25%, 9/15/20
|
USD
|
220
|
$ 239,800
|
Health Care Technology — 0.8%
|
|
|
IMS Health, Inc., 12.50%,
|
|
|
|
3/01/18 (a)
|
|
850
|
1,011,500
|
Hotels, Restaurants & Leisure —
|
|
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0.2%
|
|
|
|
MGM Resorts International,
|
|
|
|
11.13%, 11/15/17
|
|
240
|
278,400
|
Household Durables — 0.6%
|
|
|
|
Beazer Homes USA, Inc., 12.00%,
|
|
|
10/15/17
|
|
715
|
807,950
|
Independent Power Producers &
|
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Energy Traders — 2.1%
|
|
|
|
Energy Future Holdings Corp.,
|
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|
|
10.00%, 1/15/20 (a)
|
|
400
|
433,063
|
Energy Future Intermediate
|
|
|
|
Holding Co. LLC, 10.00%,
|
|
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12/01/20 (a)
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|
1,325
|
1,441,147
|
NRG Energy, Inc., 7.63%,
|
|
|
|
1/15/18 (a)
|
|
795
|
802,950
|
|
|
|
2,677,160
|
IT Services — 0.3%
|
|
|
|
First Data Corp., 7.38%,
|
|
|
|
6/15/19 (a)
|
|
400
|
407,000
|
Media — 1.2%
|
|
|
|
Clear Channel Worldwide Holdings, Inc.:
|
|
|
9.25%, 12/15/17
|
|
185
|
201,650
|
Series B, 9.25%, 12/15/17
|
740
|
808,450
|
Unitymedia Hessen GmbH & Co.
|
|
|
KG (FKA UPC Germany GmbH),
|
|
|
8.13%, 12/01/17 (a)
|
|
500
|
531,250
|
|
|
|
1,541,350
|
Metals & Mining — 0.7%
|
|
|
|
FMG Resources August 2006
|
|
|
|
Property Ltd., 7.00%,
|
|
|
|
11/01/15 (a)
|
|
385
|
400,400
|
Novelis, Inc., 8.38%, 12/15/17 (a)
|
430
|
468,700
|
|
|
|
869,100
|
Oil, Gas & Consumable Fuels —
|
|
|
|
0.5%
|
|
|
|
Alpha Natural Resources, Inc. (d):
|
|
|
6.00%, 6/01/19
|
|
245
|
246,531
|
6.25%, 6/01/21
|
|
305
|
310,338
|
Coffeyville Resources LLC, 9.00%,
|
|
|
4/01/15 (a)
|
|
126
|
136,710
|
|
|
|
693,579
|
Paper & Forest Products — 0.3%
|
|
|
Longview Fibre Paper & Packaging,
|
|
|
Inc., 8.00%, 6/01/16
|
|
155
|
157,325
|
|
|
|
|
|
|
Par
|
|
Corporate Bonds
|
|
(000)
|
Value
|
Paper & Forest Products
|
|
|
|
(concluded)
|
|
|
|
Verso Paper Holdings LLC,
|
|
|
|
11.50%, 7/01/14
|
USD
|
180
|
$ 195,300
|
|
|
|
352,625
|
Pharmaceuticals — 0.2%
|
|
|
|
Valeant Pharmaceuticals
|
|
|
|
International, 6.50%,
|
|
|
|
7/15/16 (a)
|
|
315
|
313,425
|
Wireless Telecommunication
|
|
|
|
Services — 1.1%
|
|
|
|
Cricket Communications, Inc.,
|
|
|
|
7.75%, 5/15/16
|
|
1,125
|
1,195,313
|
Nextel Communications, Inc.,
|
|
|
|
Series E, 6.88%, 10/31/13
|
|
275
|
277,406
|
|
|
|
1,472,719
|
Total Corporate Bonds – 14.0%
|
|
18,075,278
|
Floating Rate Loan Interests (b)
|
|
|
Aerospace & Defense — 2.9%
|
|
|
|
DynCorp International, Term Loan,
|
|
|
6.25%, 7/05/16
|
|
555
|
557,855
|
Hawker Beechcraft Acquisition Co., LLC:
|
|
|
Letter of Credit Linked
|
|
|
|
Deposit, 2.31%, 3/26/14
|
|
30
|
26,444
|
Term Loan, 2.19% - 2.31%,
|
|
|
3/26/14
|
|
487
|
427,642
|
SI Organization, New Tranche B
|
|
|
Term Loan, 4.50%, 11/22/16
|
873
|
877,002
|
Scitor Corp., Term Loan B, 5.00%,
|
|
|
2/15/17
|
|
523
|
523,250
|
TransDigm, Inc., Term Loan (First
|
|
|
Lien), 4.00% - 5.25%, 2/14/17
|
848
|
851,055
|
Wesco Aircraft Hardware Corp.,
|
|
|
|
Term Loan B, 4.25%, 4/04/17
|
432
|
435,240
|
|
|
|
3,698,488
|
Airlines — 1.3%
|
|
|
|
Delta Air Lines, Inc.:
|
|
|
|
Credit New Term Loan B,
|
|
|
|
5.50%, 4/20/17
|
|
1,700
|
1,681,938
|
Auto Components — 1.3%
|
|
|
|
Allison Transmission, Inc., Term
|
|
|
Loan, 2.96%, 8/07/14
|
|
727
|
721,752
|
|
|
2 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
(000)
|
Value
|
Auto Components (concluded)
|
|
|
|
Armored Auto Group, Inc. (FKA
|
|
|
|
Viking Acquisition, Inc.), Term
|
|
|
Loan B, 6.00%, 11/04/16
|
USD
|
579
|
$ 578,550
|
UCI International, Inc., Term Loan,
|
|
|
5.50%, 7/26/17
|
|
349
|
351,598
|
|
|
|
1,651,900
|
Automobiles — 0.7%
|
|
|
|
Ford Motor Co.:
|
|
|
|
Tranche B-1 Term Loan,
|
|
|
|
2.95%, 12/16/13
|
|
851
|
850,426
|
Tranche B-2 Term Loan,
|
|
|
|
2.95%, 12/16/13
|
|
14
|
14,201
|
|
|
|
864,627
|
Biotechnology — 0.3%
|
|
|
|
Grifols SA, Term Loan B, 6.00%,
|
|
|
11/23/16
|
|
385
|
387,968
|
Building Products — 3.3%
|
|
|
|
Armstrong World Industries, Inc.,
|
|
|
Term Loan B, 4.00%, 3/09/18
|
450
|
450,938
|
CPG International I, Inc., Term
|
|
|
|
Loan B, 6.00%, 2/18/17
|
|
798
|
799,496
|
Goodman Global, Inc., Initial Term
|
|
|
Loan (First Lien), 5.75%,
|
|
|
|
10/28/16
|
|
2,239
|
2,252,420
|
Momentive Performance Materials
|
|
|
(Blitz 06-103 GmbH), Tranche B-
|
|
|
25 Term Loan, 4.69%, 5/05/15 EUR
|
568
|
803,977
|
|
|
|
4,306,831
|
Capital Markets — 1.9%
|
|
|
|
American Capital Ltd., Term Loan
|
|
|
B, 7.50%, 12/31/13
|
USD
|
229
|
229,002
|
HarbourVest Partners, Term Loan
|
|
|
(First Lien), 6.25%, 12/14/16
|
948
|
952,552
|
Nuveen Investments, Inc.:
|
|
|
|
Extended Term Loan
|
|
|
|
(First Lien), 5.76% - 5.81%,
|
|
|
5/12/17
|
|
782
|
785,236
|
Non Extended Term Loan
|
|
|
|
(First Lien), 3.27% -3.31%,
|
|
|
11/13/14
|
|
541
|
531,993
|
|
|
|
2,498,783
|
Chemicals — 6.9%
|
|
|
|
American Rock Salt Holdings LLC,
|
|
|
Term Loan, 5.50%, 4/19/17
|
605
|
608,403
|
Arizona Chemical Co. ,LLC,
|
|
|
|
Term Loan B, 4.75%, 11/21/16
|
444
|
445,560
|
Chemtura Corp., Term Facility, 5.50%,
|
|
|
8/27/16
|
|
750
|
753,750
|
Gentek, Inc., Tranche B Term Loan,
|
|
|
5.00% - 5.75%, 3/03/17
|
|
995
|
995,829
|
MDI Holdings LLC (FKA MacDermid,
|
|
|
Inc.) ,Term Loan B, 2.19%, 4/12/14
|
452
|
447,502
|
Nexeo Solutions, LLC, Term Loan
|
|
|
B, 5.00%, 9/08/17
|
|
575
|
574,821
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
(000)
|
Value
|
Chemicals (concluded)
|
|
|
PQ Corp. (FKA Niagara Acquisition,
|
|
|
Inc.), Original Term Loan (First
|
|
|
Lien), 3.45% - 3.53%, 7/30/14 USD
|
641
|
$ 625,027
|
Rockwood Specialties Group, Inc.,
|
|
|
Term Loan B, 3.75%, 2/09/18
|
610
|
613,922
|
Styron Sarl, Term Loan B, 6.00%,
|
|
|
8/02/17
|
1,197
|
1,203,412
|
Tronox Worldwide LLC, Exit Term
|
|
|
Loan, 7.00%, 10/15/15
|
1,372
|
1,381,277
|
Univar, Inc., Term Loan B, 5.00%,
|
|
|
6/30/17
|
1,197
|
1,196,359
|
|
|
8,845,862
|
Commercial Banks — 1.4%
|
|
|
CIT Group Inc., Tranche 3 Term
|
|
|
Loan, 6.25%, 8/11/15
|
1,786
|
1,802,577
|
Commercial Services & Supplies —
|
|
|
4.7%
|
|
|
ARAMARK Corp.:
|
|
|
Letter of Credit - 1 Facility,
|
|
|
2.12%, 1/27/14
|
9
|
9,242
|
Letter of Credit - 2 Facility,
|
|
|
3.49%, 7/26/16
|
14
|
13,835
|
US Term Loan, 2.18%,
|
|
|
1/27/14
|
116
|
114,730
|
US Term Loan B, 3.56%,
|
|
|
7/26/16
|
211
|
210,370
|
AWAS Finance Luxembourg Sarl,
|
|
|
Loan B, 7.75%, 6/10/16
|
237
|
241,106
|
Adesa, Inc. (KAR Holdings, Inc.),
|
|
|
Initial Term Loan B, 5.00%,
|
|
|
5/19/17
|
1,200
|
1,203,600
|
Altegrity, Inc. (FKA US
|
|
|
Investigations Services, Inc.),
|
|
|
Tranche D Term Loan, 7.75%,
|
|
|
2/21/15
|
744
|
750,423
|
Delos Aircraft, Inc., Term Loan 2,
|
|
|
7.00%, 3/17/16
|
825
|
826,473
|
Diversey, Inc. (FKA Johnson
|
|
|
Diversey, Inc.), Tranche B Dollar
|
|
|
Term Loan, 4.00%, 11/24/15
|
253
|
253,182
|
Protection One, Inc., Term Loan,
|
|
|
6.00%, 5/16/16
|
449
|
449,397
|
Quad/Graphics, Inc., Term Loan,
|
|
|
5.50%, 4/14/16
|
273
|
272,710
|
Synagro Technologies, Inc., Term
|
|
|
Loan (First Lien), 2.20%,
|
|
|
4/02/14
|
872
|
822,760
|
Volume Services America, Inc.
|
|
|
(Centerplate), Term Loan B,
|
|
|
10.50% - 10.75%, 9/16/16
|
498
|
500,609
|
West Corp., 4.52% - 4.71%, 7/15/16
|
397
|
397,544
|
|
|
6,065,981
|
Communications Equipment — 1.9%
|
|
|
Avaya, Inc., Term Loan B:
|
|
|
3.01%, 10/24/14
|
556
|
536,766
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
3
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Communications Equipment (concluded)
|
|
|
Avaya, Inc. Term Loan B (concluded):
|
|
|
4.76%, 10/26/17
|
USD
|
907
|
$ 882,720
|
CommScope, Inc., Term Loan B,
|
|
|
5.00%, 1/14/18
|
|
1,000
|
1,005,000
|
|
|
|
2,424,486
|
Construction & Engineering — 0.9%
|
|
|
BakerCorp., Inc., Term Loan B,
|
|
|
|
5.00%, 6/08/17
|
|
400
|
401,000
|
Safway Services, LLC, First Out
|
|
|
|
Tranche Loan, 9.00%,
|
|
|
|
12/16/17
|
|
750
|
750,000
|
|
|
|
1,151,000
|
Consumer Finance — 1.9%
|
|
|
|
Springleaf Financial Funding Co.
|
|
|
(FKA AGFS Funding Co.), Term
|
|
|
Loan, 5.50%, 5/05/17
|
|
2,450
|
2,446,173
|
Containers & Packaging — 1.3%
|
|
|
Anchor Glass Container Corp.,
|
|
|
|
Term Loan (First Lien), 6.00%,
|
|
|
3/02/16
|
|
160
|
161,035
|
Berry Plastics Holding Corp., Term
|
|
|
Loan C, 2.23% - 2.26%,
|
|
|
|
4/03/15
|
|
504
|
484,575
|
Graham Packaging Co., LP, Term
|
|
|
Loan D, 6.00%, 9/23/16
|
|
995
|
997,758
|
|
|
|
1,643,368
|
Diversified Consumer Services —
|
|
|
3.3%
|
|
|
|
Coinmach Corp. Term Loan,
|
|
|
|
3.22% - 3.24%, 11/20/14
|
|
245
|
236,413
|
Coinmach Service Corp., Term
|
|
|
|
Loan, 3.22% - 3.26%, 11/20/14
|
1,104
|
1,062,855
|
Laureate Education:
|
|
|
|
Closing Date Term Loan,
|
|
|
|
3.52%, 8/17/14
|
|
737
|
731,183
|
Delayed Draw Term Loan,
|
|
|
|
3.52%, 8/17/14
|
|
110
|
109,477
|
Series A New Term Loan,
|
|
|
|
7.00%, 8/31/14
|
|
1,122
|
1,124,957
|
ServiceMaster Co.:
|
|
|
|
Closing Date Term Loan,
|
|
|
|
2.72% - 2.81%, 7/24/14
|
|
925
|
902,482
|
Delayed Draw Term Loan,
|
|
|
|
2.70%, 7/24/14
|
|
92
|
89,874
|
|
|
|
4,257,241
|
Diversified Financial Services —
|
|
|
|
3.2%
|
|
|
|
MSCI, Inc., Term Loan B, 3.75%,
|
|
|
3/14/17
|
|
637
|
641,215
|
Reynolds Group Holdings, Inc.,
|
|
|
|
Term Loan E, 4.25%, 2/09/18
|
2,000
|
1,998,750
|
TransUnion LLC, Replacement
|
|
|
|
Term Loan, 4.75%, 2/12/18
|
|
1,468
|
1,473,234
|
|
|
|
4,113,199
|
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Diversified Telecommunication
|
|
|
|
Services — 2.7%
|
|
|
|
Hawaiian Telcom Communications,
|
|
|
|
Inc., Term Loan, 9.00%,
|
|
|
|
11/01/15
|
USD
|
655
|
$ 671,626
|
Integra Telecom Holdings, Inc.,
|
|
|
|
Term Loan, 9.25% - 9.50%,
|
|
|
|
4/15/15
|
|
819
|
820,688
|
Level 3 Financing, Inc.:
|
|
|
|
Incremental Tranche A Term
|
|
|
|
Loan, 2.53%, 3/13/14
|
|
1,200
|
1,173,187
|
Term Loan B, 11.50%,
|
|
|
|
3/13/14
|
|
125
|
132,500
|
US Telepacific Corp., Term Loan B,
|
|
|
|
5.75%, 2/23/17
|
|
750
|
746,625
|
|
|
|
3,544,626
|
Electronic Equipment, Instruments
|
|
|
|
& Components — 2.6%
|
|
|
|
Aeroflex Inc., Term Loan B, 4.25%,
|
|
|
|
5/09/18
|
|
1,250
|
1,250,000
|
CDW LLC (FKA CDW Corp.):
|
|
|
|
Extended Term Loan B, 4.50%,
|
|
|
|
7/14/17
|
|
516
|
513,852
|
Non Extended Term Loan, 3.95%,
|
|
|
10/10/14
|
|
631
|
628,867
|
Sensata Technologies Finance
|
|
|
|
Company, LLC, New Term Loan,
|
|
|
|
3.27%, 5/11/18
|
|
950
|
951,385
|
|
|
|
3,344,104
|
Energy Equipment & Services — 1.7%
|
|
|
CCS Inc., Tranche B Term Loan,
|
|
|
|
3.30%, 11/14/14
|
|
752
|
720,078
|
MEG Energy Corp., Tranche D Term
|
|
|
|
Loan, 4.00%, 3/16/16
|
|
1,550
|
1,553,148
|
|
|
|
2,273,226
|
Food & Staples Retailing — 2.7%
|
|
|
|
AB Acquisitions UK Topco 2 Ltd.
|
|
|
|
(FKA Alliance Boots), Facility B1,
|
|
|
|
3.59%, 7/05/15
|
GBP
|
900
|
1,443,487
|
Bolthouse Farms, Inc., Term Loan
|
|
|
|
(First Lien), 5.50% -5.75%,
|
|
|
|
2/11/16
|
USD
|
473
|
475,046
|
Pilot Travel Centers LLC, Initial
|
|
|
|
Tranche B Term Loan, 4.25%,
|
|
|
|
3/30/18
|
|
510
|
511,754
|
U.S. Foodservice, Inc.:
|
|
|
|
New Term Loan B, 5.75%, 5/25/17
|
100
|
98,333
|
Term Loan B, 2.70%, 7/03/14
|
|
1,021
|
966,295
|
|
|
|
3,494,915
|
Food Products — 5.8%
|
|
|
|
Advance Pierre Foods, Term Loan,
|
|
|
|
(Second Lien):
|
|
|
|
7.00%, 9/30/16
|
|
955
|
960,375
|
11.25%, 9/29/17
|
|
500
|
508,125
|
|
|
4 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Food Products (concluded)
|
|
|
|
CII Investment, LLC (FKA Cloverhill):
|
|
|
Delayed Draw Term Loan,
|
|
|
|
1.00% - 8.50%, 10/14/14
|
USD
|
148
|
$ 146,076
|
Term Loan A, 8.25% - 8.50%,
|
|
|
10/14/14
|
|
416
|
409,544
|
Term Loan B, 8.50% - 8.75%,
|
|
|
10/14/14
|
|
506
|
500,633
|
Del Monte Corp., Term Loan B,
|
|
|
|
4.50%, 3/08/18
|
|
2,790
|
2,789,110
|
Green Mountain Coffee Roasters,
|
|
|
Inc., Term Loan B Facility,
|
|
|
|
5.50%, 12/16/16
|
|
144
|
144,545
|
Michaels Foods Group, Inc. (FKA
|
|
|
M-Foods Holdings, Inc.), Term
|
|
|
Loan B, 4.25%, 2/23/18
|
|
537
|
539,231
|
Pinnacle Foods Finance LLC,
|
|
|
|
Tranche D Term Loan, 6.00%,
|
|
|
4/02/14
|
|
532
|
537,110
|
Solvest, Ltd. (Dole):
|
|
|
|
Tranche B-1 Term Loan,
|
|
|
|
5.50%, 3/02/17
|
|
276
|
277,144
|
Tranche C-1 Term Loan,
|
|
|
|
5.00%, 3/02/17
|
|
685
|
688,040
|
|
|
|
7,499,933
|
Health Care Equipment & Supplies — 1.1%
|
|
|
DJO Finance LLC (FKA ReAble
|
|
|
|
Therapeutics Finance LLC), Term
|
|
|
Loan, 3.19%, 5/20/14
|
|
339
|
336,067
|
Iasis Healthcare LLC, Term Loan,
|
|
|
5.00%, 5/03/18
|
|
1,100
|
1,100,825
|
|
|
|
1,436,892
|
Health Care Providers & Services — 4.8%
|
|
|
CHS/Community Health Systems, Inc.:
|
|
|
Delayed Draw Term Loan,
|
|
|
|
2.44% -2.50%, 7/25/14
|
|
25
|
24,492
|
Non Extended Term Loan,
|
|
|
|
2.44% -2.50%, 7/25/14
|
|
500
|
482,589
|
ConvaTec, Inc., Dollar Term Loan,
|
|
|
5.75%, 12/22/16
|
|
599
|
599,996
|
DaVita, Inc., Tranche B Term Loan,
|
|
|
4.50%, 10/20/16
|
|
898
|
902,800
|
Emergency Medical Services, Term
|
|
|
Loan, 5.25%, 5/02/18
|
|
900
|
897,911
|
HCA, Inc., Tranche A-1 Term Loan,
|
|
|
1.56%, 11/19/12
|
|
380
|
377,981
|
Harden Healthcare, Inc.:
|
|
|
|
Tranche A Additional Term
|
|
|
|
Loan, 7.75%, 3/02/15
|
|
557
|
545,605
|
Tranche A Term Loan, 8.50%,
|
|
|
3/02/15
|
|
352
|
344,680
|
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Health Care Providers & Services (concluded)
|
|
inVentiv Health, Inc. (FKA Ventive
|
|
|
|
Health, Inc.):
|
|
|
|
Term Loan B, 4.75%, 8/04/16
|
USD
|
731
|
$ 731,807
|
Term Loan B2, 4.75%,
|
|
|
|
8/04/16
|
|
166
|
165,834
|
Renal Advantage Holdings, Inc.,
|
|
|
|
Tranche B Term Loan, 5.75%,
|
|
|
|
12/16/16
|
|
599
|
601,867
|
Vanguard Health Holding Co. II,
|
|
|
|
LLC (Vanguard Health Systems,
|
|
|
|
Inc.), Initial Term Loan, 5.00%,
|
|
|
|
1/29/16
|
|
456
|
455,897
|
|
|
|
6,131,459
|
Health Care Technology — 0.8%
|
|
|
|
IMS Health, Inc., Tranche B Dollar
|
|
|
|
Term Loan, 4.50%, 8/25/17
|
|
607
|
608,228
|
MedAssets, Inc., Term Loan B,
|
|
|
|
5.25%, 11/16/16
|
|
420
|
422,152
|
|
|
|
1,030,380
|
Hotels, Restaurants & Leisure — 9.7%
|
|
|
Ameristar Casinos, Inc., Term Loan
|
|
|
|
B, 4.00%, 4/13/18
|
|
700
|
702,995
|
BLB Management Services, Inc.
|
|
|
|
(Wembly, Inc.), Loan (Exit),
|
|
|
|
8.50%, 11/05/15
|
|
588
|
589,142
|
Dunkin' Brands, Inc.:
|
|
|
|
New Term Loan B, 4.25% -
|
|
|
|
5.25%, 11/23/17
|
|
130
|
130,081
|
Term Loan B, 4.25% - 5.25%,
|
|
|
|
11/23/17
|
|
1,022
|
1,022,889
|
Gateway Casinos & Entertainment,
|
|
|
|
Ltd., Term Loan B, 6.50%,
|
|
|
|
4/20/16
|
CAD
|
1,170
|
1,210,182
|
Golden Living, Term Loan, 5.00%,
|
|
|
|
5/04/18
|
USD
|
900
|
885,600
|
Harrah's Operating Co., Inc.:
|
|
|
|
Term Loan B-1, 3.27%,
|
|
|
|
1/28/15
|
|
175
|
162,847
|
Term Loan B- 2, 3.19% -
|
|
|
|
3.27%, 1/28/15
|
|
145
|
134,923
|
Term Loan B-3, 3.24% -
|
|
|
|
3.31%, 1/28/15
|
|
2,990
|
2,782,424
|
Term Loan B-4, 9.50%,
|
|
|
|
10/31/16
|
|
267
|
282,834
|
Pennsylvania National Gaming,
|
|
|
|
Inc. Term Loan B, 1.94% -2.02%,
|
|
|
|
10/03/12
|
|
566
|
564,098
|
Seaworld Parks & Entertainment,
|
|
|
|
Inc. (FKA SW Acquisitions Co.,
|
|
|
|
Inc.), Term Loan B, 4.00%,
|
|
|
|
8/17/17
|
|
1,205
|
1,209,076
|
Six Flags Theme Parks, Inc.,
|
|
|
|
Tranche B Term Loan (First
|
|
|
|
Lien), 5.25%, 6/30/16
|
|
822
|
828,159
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
5
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Hotels, Restaurants & Leisure (concluded)
|
|
|
Universal City Development
|
|
|
|
Partners Ltd., Term Loan, 5.50%,
|
|
|
11/06/14
|
USD
|
391
|
$ 393,541
|
VML US Finance LLC (FKA Venetian
|
|
|
Macau):
|
|
|
|
New Project Term Loan,
|
|
|
|
4.70%, 5/27/13
|
|
272
|
270,938
|
Term B Delayed Draw Project
|
|
|
Loan, 4.70%, 5/25/12
|
|
484
|
484,074
|
Term B Funded Project Loan,
|
|
|
4.70%, 5/27/13
|
|
844
|
843,220
|
|
|
|
12,497,023
|
Household Durables — 0.5%
|
|
|
|
Visant Corp. (FKA Jostens), Term
|
|
|
Loan B, 5.25%, 12/22/16
|
|
608
|
607,873
|
IT Services — 3.7%
|
|
|
|
Ceridian Corp., US Term Loan,
|
|
|
|
3.19%, 11/10/14
|
|
794
|
771,455
|
First Data Corp.:
|
|
|
|
Extended Term Loan B, 4.19%,
|
|
|
3/23/18
|
|
3,021
|
2,817,695
|
Initial Tranche B-1 Term Loan,
|
|
|
2.94%, 9/24/14
|
|
113
|
105,913
|
Initial Tranche B-2 Term Loan,
|
|
|
2.94%, 9/24/14
|
|
93
|
87,326
|
Initial Tranche B-3 Term Loan,
|
|
|
2.94%, 9/24/14
|
|
149
|
139,344
|
infoGROUP, Inc., Term Loan,
|
|
|
|
5.75%, 5/22/18
|
|
390
|
387,075
|
iPayment, Inc., Term Loan B,
|
|
|
|
5.75%, 5/08/17
|
|
525
|
527,406
|
|
|
|
4,836,214
|
Independent Power Producers &
|
|
|
Energy Traders — 3.8%
|
|
|
|
AES Corp., Term Loan B, 3.51%,
|
|
|
5/17/18
|
|
1,000
|
999,063
|
Calpine Corp., Term Loan B,
|
|
|
|
4.50%, 4/02/18 (a)
|
|
2,075
|
2,079,150
|
Texas Competitive Electric
|
|
|
|
Holdings Co., LLC (TXU), Initial
|
|
|
Tranche B-3 Term Loan, 3.73%,
|
|
|
10/10/14
|
|
2,214
|
1,885,066
|
|
|
|
4,963,279
|
Industrial Conglomerates — 1.1%
|
|
|
Sequa Corp., Term Loan, 3.50% -
|
|
|
3.56%, 12/03/14
|
|
1,388
|
1,370,359
|
Insurance — 0.8%
|
|
|
|
CNO Financial Group, Inc., Term
|
|
|
Loan, 7.50%, 9/30/16
|
|
1,040
|
1,046,500
|
Internet & Catalog Retail — 0.1%
|
|
|
FTD Group, Inc., Tranche B Term
|
|
|
Loan, 6.75%, 8/26/14
|
|
179
|
178,407
|
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Machinery — 1.3%
|
|
|
|
Navistar Financial Corp., Term
|
|
|
|
Loan B, 4.50%, 12/16/12
|
USD
|
373
|
$ 372,639
|
Tomkins Plc, Term Loan A, 4.25%,
|
|
|
9/29/16
|
|
1,279
|
1,282,334
|
|
|
|
1,654,973
|
Marine — 0.3%
|
|
|
|
Horizon Lines, LLC:
|
|
|
|
Revolving Loan, 0.50% -
|
|
|
|
8.00%, 8/08/12
|
|
279
|
273,324
|
Term Loan, 6.06%, 8/08/12
|
127
|
125,176
|
|
|
|
398,500
|
Media — 20.9%
|
|
|
|
Acosta, Inc., Term Loan, 4.75%,
|
|
|
|
3/01/18
|
|
1,100
|
1,101,100
|
Affinion Group, Inc., Tranche B
|
|
|
|
Term Loan, 5.00%, 10/10/16
|
1,042
|
1,040,967
|
Atlantic Broadband Finance, LLC,
|
|
|
Term Loan B, 4.00%, 03/08/16
|
462
|
463,025
|
Bresnan Telecommunications Co.
|
|
|
LLC, Term Loan, 4.50%,
|
|
|
|
12/14/17
|
|
1,446
|
1,451,964
|
Cengage Learning Acquisitions, Inc.
|
|
|
(Thomson Learning):
|
|
|
|
Term Loan, 2.44%, 7/03/14
|
1,492
|
1,389,442
|
Tranche 1 Incremental Term
|
|
|
Loan, 7.50%, 7/03/14
|
|
374
|
374,243
|
Cequel Communications LLC Term
|
|
|
Loan, 2.21%, 11/05/13
|
|
529
|
526,327
|
Charter Communications Operating, LLC:
|
|
|
Term Loan B, 7.25%, 3/06/14
|
12
|
12,496
|
Term Loan C, 3.56%, 9/06/16
|
1,606
|
1,606,494
|
Clarke American Corp., Term
|
|
|
|
Facility B, 2.69% - 2.81%,
|
|
|
|
6/30/14
|
|
613
|
567,943
|
Clear Channel Communications,
|
|
|
Inc., Term Loan B, 3.84%,
|
|
|
|
1/28/16
|
|
1,065
|
930,840
|
Getty Images, Inc., Initial Term
|
|
|
|
Loan, 5.25%, 11/07/16
|
|
995
|
1,000,597
|
Gray Television, Inc., Term Loan B,
|
|
|
3.81%, 12/31/14
|
|
345
|
342,287
|
HMH Publishing Co., Ltd., Tranche
|
|
|
A Term Loan, 6.03%, 6/12/14
|
612
|
576,497
|
Hubbard Broadcasting, Second Lien
|
|
|
Term Loan B, 5.25%, 4/28/17
|
500
|
503,125
|
Intelsat Jackson Holdings S.A. (FKA
|
|
|
Intelsat Jackson Holdings, Ltd.),
|
|
|
Tranche B Term Loan, 5.25%,
|
|
|
4/02/18
|
|
3,000
|
3,017,082
|
Interactive Data Corp., Term Loan,
|
|
|
4.75%, 2/12/18
|
|
1,250
|
1,253,118
|
Knology, Inc., Term Loan B, 4.00%,
|
|
|
8/18/17
|
|
549
|
547,939
|
|
|
6 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Media (concluded)
|
|
|
|
Lavena Holding 3 GmbH (Prosiebensat.1
|
|
|
Media AG):
|
|
|
|
Facility B1, 3.68%, 3/06/15
|
EUR
|
460
|
$
604,127
|
Facility C1, 3.93%, 3/04/16
|
|
460
|
604,127
|
Mediacom Illinois, LLC (FKA
|
|
|
|
Mediacom Communications,
|
|
|
|
LLC), Tranche D Term Loan,
|
|
|
|
5.50%, 3/31/17
|
USD
|
198
|
198,985
|
Mediacom LLC Term Loan E,
|
|
|
|
4.50%, 10/23/17
|
|
496
|
495,382
|
Newsday LLC:
|
|
|
|
Fixed Rate Term Loan, 10.50%,
|
|
|
|
8/01/13
|
|
800
|
850,000
|
Term Loan A, 6.53%, 8/01/13
|
|
500
|
513,750
|
Nielsen Finance LLC, Class B
|
|
|
|
Dollar Term Loan, 3.96%,
|
|
|
|
5/02/16
|
|
949
|
949,492
|
Sinclair Television Group, Inc., New
|
|
|
|
Tranche B Term Loan, 4.00%,
|
|
|
|
10/28/16
|
|
340
|
339,659
|
Springer Science+Business Media
|
|
|
|
SA, Facility A1, 6.75%, 6/30/15 EUR
|
1,100
|
1,590,924
|
Sunshine Acquisition Ltd. (FKA HIT
|
|
|
|
Entertainment), Term Facility,
|
|
|
|
5.52%, 6/01/12
|
USD
|
1,017
|
1,004,881
|
UPC Broadband Holding B.V., Term
|
|
|
|
U, 5.24%, 12/31/17
|
EUR
|
630
|
905,080
|
Univision Communications, Inc.,
|
|
|
|
Extended First Lien Term Loan,
|
|
|
|
4.46%, 3/31/17
|
USD
|
1,120
|
1,081,607
|
Weather Channel, Term Loan B,
|
|
|
|
4.25%, 2/13/17
|
|
1,147
|
1,153,339
|
|
|
|
26,996,839
|
Metals & Mining — 3.1%
|
|
|
|
Novelis Inc., Term Loan, 4.00%,
|
|
|
|
3/10/17
|
|
1,397
|
1,402,174
|
Walter Energy, Inc., Term Loan B,
|
|
|
|
4.00%, 4/02/18
|
|
2,600
|
2,605,317
|
|
|
|
4,007,491
|
Multi-Utilities — 0.2%
|
|
|
|
FirstLight Power Resources, Inc.
|
|
|
|
(FKA NE Energy, Inc.), Term B
|
|
|
|
Advance (First Lien), 2.81%,
|
|
|
|
11/01/13
|
|
196
|
194,239
|
Multiline Retail — 2.2%
|
|
|
|
Dollar General Corp., Tranche B-2
|
|
|
|
Term Loan, 2.94% - 2.95%,
|
|
|
|
7/07/14
|
|
316
|
314,753
|
Hema Holding BV, Facility D,
|
|
|
|
6.25%, 1/05/17
|
EUR
|
1,800
|
2,557,999
|
|
|
|
2,872,752
|
Oil, Gas & Consumable Fuels — 1.4%
|
|
|
EquiPower Resources Holdings,
|
|
|
|
LLC, Term Loan B, 5.75%,
|
|
|
|
1/26/18
|
USD
|
725
|
727,719
|
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Oil, Gas & Consumable Fuels (concluded)
|
|
|
Obsidian Natural Gas Trust, Term
|
|
|
Loan, 7.00%, 11/02/15
|
USD
|
1,109
|
$ 1,125,354
|
|
|
|
1,853,073
|
Paper & Forest Products — 0.4%
|
|
|
Georgia-Pacific LLC, Term Loan B,
|
|
|
2.31%, 12/21/12
|
|
546
|
545,504
|
Personal Products — 0.2%
|
|
|
|
NBTY, Inc., Term Loan B, 4.25%,
|
|
|
10/02/17
|
|
239
|
238,375
|
Pharmaceuticals — 2.1%
|
|
|
|
Axcan Pharma, Inc., Term Loan,
|
|
|
|
5.50%, 2/10/17
|
|
998
|
992,513
|
Quinteles Transnational Corp.,
|
|
|
|
Term Loan, 5.00%, 6/08/18
|
|
700
|
695,187
|
Warner Chilcott Corp.:
|
|
|
|
Term Loan B-1, 4.25%,
|
|
|
|
3/15/18
|
|
457
|
457,997
|
Term Loan B-2, 4.25%,
|
|
|
|
3/15/18
|
|
229
|
228,999
|
Term Loan B-3, 4.25%,
|
|
|
|
3/15/18
|
|
314
|
314,873
|
|
|
|
2,689,569
|
Professional Services — 1.4%
|
|
|
|
Booz Allen Hamilton, Inc., Tranche
|
|
|
B Term Loan, 4.00%, 8/03/17
|
950
|
954,241
|
Fifth Third Processing Solutions,
|
|
|
LLC, Term Loan B (First Lien),
|
|
|
|
4.75%, 11/03/16
|
|
798
|
798,399
|
|
|
|
1,752,640
|
Real Estate Investment Trusts (REITs) — 1.0%
|
|
|
iStar Financial, Inc., Term Loan
|
|
|
|
(Second Lien), 5.00%, 6/28/13
|
1,305
|
1,298,581
|
Real Estate Management & Development — 1.6%
|
|
Realogy Corp.:
|
|
|
|
Extended Synthetic Letter of
|
|
|
Credit Loan, 4.64%, 10/10/16
|
151
|
140,720
|
Extended Term Loan B, 4.52%,
|
|
|
10/10/16
|
|
2,089
|
1,941,711
|
|
|
|
2,082,431
|
Road & Rail — 0.3%
|
|
|
|
The Hertz Corp., Term Loan B,
|
|
|
|
3.75%, 3/09/18
|
|
350
|
349,998
|
Semiconductors & Semiconductor
|
|
|
Equipment — 0.7%
|
|
|
|
Freescale Semiconductor, Inc.,
|
|
|
|
Extended Maturity Term Loan,
|
|
|
4.46%, 12/01/16
|
|
442
|
439,771
|
Microsemi Corp., Term Loan B,
|
|
|
|
4.00%, 11/02/17
|
|
499
|
500,413
|
|
|
|
940,184
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
7
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
Par
|
|
Floating Rate Loan Interests (b)
|
|
(000)
|
Value
|
Software — 0.9%
|
|
|
|
Rovi Corp., Term Loan B, 4.00% -
|
|
|
5.25%, 2/07/18
|
USD
|
450
|
$ 452,250
|
Telcordia Technologies, Inc., Term
|
|
|
Loan, 6.75%, 4/09/16
|
|
414
|
413,448
|
Vertafore, Inc., New Term Loan B,
|
|
|
5.25%, 7/29/16
|
|
309
|
310,384
|
|
|
|
1,176,082
|
Specialty Retail — 3.8%
|
|
|
|
Burlington Coat Factory
|
|
|
|
Warehouse Corp., Term Loan B,
|
|
|
6.25%, 2/18/17
|
|
449
|
448,651
|
General Nutrition Centers, Inc.,
|
|
|
|
Term Loan B, 4.25%, 3/02/18
|
1,125
|
1,125,844
|
J. Crew Group, Inc., Term Loan B,
|
|
|
4.75%, 3/07/18
|
|
375
|
367,617
|
Jo-Ann Stores, Inc., Term Loan B,
|
|
|
4.75%, 3/16/18
|
|
400
|
395,700
|
Michaels Stores, Inc.:
|
|
|
|
Term Loan B-1, 2.56%,
|
|
|
|
10/31/13
|
|
334
|
329,898
|
Term Loan B-2, 4.81%,
|
|
|
|
7/31/16
|
|
231
|
231,335
|
Petco Animal Supplies, Inc., Term
|
|
|
Loan B, 4.50%, 11/24/17
|
|
1,089
|
1,088,027
|
Toys 'R' Us Delaware, Inc., Initial
|
|
|
Loan, 6.00%, 9/01/16
|
|
863
|
864,669
|
|
|
|
4,851,741
|
Wireless Telecommunication
|
|
|
|
Services — 1.6%
|
|
|
|
Digicel International Finance Ltd.,
|
|
|
US Term Loan (Non-Rollover),
|
|
|
|
2.81%, 3/30/12
|
|
469
|
461,076
|
MetroPCS Wireless, Inc., Tranche
|
|
|
B-2 Term Loan, 4.07%,
|
|
|
|
11/04/16
|
|
771
|
771,044
|
Vodafone Americas Finance 2 Inc.,
|
|
|
Initial Loan, 6.88%, 8/11/15
|
|
776
|
799,793
|
|
|
|
2,031,913
|
Total Floating Rate Loan Interests –
|
|
|
122.5%
|
|
|
158,030,498
|
|
|
|
|
|
|
Beneficial
|
|
|
|
Interest
|
|
Other Interests (e)
|
|
(000)
|
Value
|
Auto Components — 0.9%
|
|
|
|
Delphi Debtor-in-Possession
|
|
|
|
Holding Co. LLP, Class B
|
|
|
|
Membership Interests
|
USD
|
—(f)
|
$
1,129,757
|
Total Other Interests – 0.9%
|
|
|
1,129,757
|
Total Long-Term Investments
|
|
|
|
(Cost – $177,194,237) – 140.9%
|
|
181,724,448
|
Short-Term Securities
|
|
Shares
|
|
BlackRock Liquidity Funds,
|
|
|
|
TempFund, Institutional Class,
|
|
|
0.10% (g)(h)
|
|
355,312
|
355,312
|
Total Short-Term Securities
|
|
|
|
(Cost – $355,312) – 0.3%
|
|
|
355,312
|
Total Investments
|
|
|
|
(Cost – $177,549,549*) – 141.2%
|
|
182,079,760
|
Liabilities in Excess of Other Assets – (41.2)%
|
(53,111,793)
|
Net Assets – 100.0%
|
|
$ 128,967,967
|
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:
|
|
Aggregate cost
|
$ 177,548,999
|
Gross unrealized appreciation
|
$ 5,274,135
|
Gross unrealized depreciation
|
(743,374)
|
Net unrealized appreciation
|
$ 4,530,761
|
(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) Variable rate security. Rate shown is as of report date.
(c) Non-income producing security.
(d) When-issued security. Unsettled when-issued transactions were as
follows:
|
|
|
|
|
Unrealized
|
Counterparty
|
Value
|
Appreciation
|
Morgan Stanley & Co.
|
$ 556,869
|
$
6,869
|
(e) Other interests represent beneficial interest in liquidation trusts and
other reorganization entities and are non-income producing.
(f) Amount is less than $1,000.
(g) Investments in companies considered to be an affiliate of the Trust
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:
|
|
8 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(continued)
|
|
|
|
|
|
Shares
|
|
Shares
|
|
|
Held at
|
|
Held at
|
|
|
August 31,
|
Net
|
May 31,
|
|
Affiliate
|
2010
|
Activity
|
2011
|
Income
|
BlackRock
|
|
|
|
|
Liquidity
|
|
|
|
|
Funds,
|
|
|
|
|
TempFund,
|
|
|
|
|
Institutional
|
|
|
|
|
Class
|
1,172,197
|
(816,885)
|
355,312
|
$3,135
|
(h) Represents the current yield as of report date.
• For Trust compliance purposes, the Trust’s 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 Trust management. This definition may not apply for purposes
of this report, which may combine such industry sub-classifications for
reporting ease.
•
Foreign currency exchange contracts as of May 31, 2011 were as follows:
|
|
|
|
|
|
|
|
Unrealized
|
Currency
|
|
|
Settlement Appreciation
|
Purchased
|
Currency Sold
|
Counterparty
|
Date (Depreciation)
|
GBP
|
USD
|
Citibank NA
|
7/07/11
|
$
3,926
|
USD
|
CAD
|
Citibank NA
|
7/07/11
|
10,572
|
|
|
Deutsche
|
|
|
USD
|
GBP
|
Bank AG
|
7/07/11
|
(14,320)
|
|
|
London
|
|
|
USD
|
EUR
|
UBS AG
|
7/27/11
|
80,341
|
Total
|
|
|
$ 80,
519
|
•Fair Value Measurements – Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs are
summarized in three broad levels for financial reporting purposes as follows:
• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in
the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value
of investments and derivative financial instruments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For
information about the Trust’s policy regarding valuation of investments and
derivative financial instruments and other significant accounting policies,
please refer to the Trust’s most recent financial statements as contained in its
semi-annual report.
The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Trust's investments and derivative
financial instruments:
|
|
|
|
|
|
Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets:
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
Asset- Backed
|
|
|
|
|
Securities
|
—
|
$ 1,209,996 $ 2,525,406 $ 3,735,402
|
Common Stocks
|
$
257,703
|
229,475
|
266,335
|
753,513
|
Corporate Bonds.
|
—
|
18,075,278
|
—
|
18,075,278
|
Floating Rate
|
|
|
|
|
Loan Interests
|
—
|
145,097,980
|
12,932,518 158,030,498
|
Other Interests
|
—
|
1,129,757
|
—
|
1,129,757
|
Short- Term
|
|
|
|
|
|
Securities
|
355,312
|
—
|
—
|
355,312
|
Unfunded Loan
|
|
|
|
|
Commitments.
|
—
|
—
|
—
|
—
|
Liabilities:
|
|
|
|
|
|
Unfunded Loan
|
|
|
|
|
Commitments
|
—
|
(489)
|
(3,024)
|
(3,513)
|
Total
|
$ 613,015
|
$165,741,997
|
$15,721,235 $182,076,247
|
|
|
|
|
|
Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Derivative Financial Instruments
1
|
|
|
|
Assets:
|
|
|
|
|
Foreign currency
|
|
|
|
|
exchange
|
|
|
|
|
contracts
|
—
|
$ 94,839
|
—
|
$
94,839
|
Liabilities:
|
|
|
|
|
Foreign currency
|
|
|
|
|
exchange
|
|
|
|
|
contracts
|
—
|
(14,320)
|
—
|
(14,320)
|
Total
|
—
|
$ 80,519
|
—
|
$
80,519
|
1
Derivative financial instruments are foreign currency exchange contracts,
|
which are valued at the unrealized appreciation/ depreciation on the
|
instrument.
|
|
|
|
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
9
|
BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments
(concluded)
|
|
|
|
|
|
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determi
ning fair value:
|
|
Asset-Backed
|
Common
|
Corporate
|
Floating Rate
|
|
|
Securities
|
Stocks
|
Bonds
|
Loan Interests
|
Total
|
Assets:
|
|
|
|
|
|
Balance, as of August 31, 2010
|
—
|
$ 270,181
|
$ 12,664
|
$ 20,437,083
|
$20,719,928
|
Accrued discounts/premiums
|
$ 15,078
|
—
|
46
|
143,645
|
158,769
|
Net realized gain (loss)
|
—
|
—
|
508
|
(11,522)
|
(11,014)
|
Net change in unrealized
|
|
|
|
|
|
appreciation/depreciation
2
|
(17,900)
|
(3,846)
|
(295)
|
594,254
|
572,213
|
Purchases
|
2,528,228
|
—
|
—
|
4,782,171
|
7,310,399
|
Sales
|
—
|
—
|
(12,923)
|
(11,270,018)
|
(11,282,941)
|
Transfers in
3
|
—
|
—
|
—
|
5,060,443
|
5,060,443
|
Transfers out
3
|
—
|
—
|
—
|
(6,803,538)
|
(6,803,538)
|
Balance, as of May 31, 2011
|
$2,525,406
|
$ 266,335
|
—
|
$12,932,518
|
$15,724,259
|
2
The change in the unrealized appreciation/depreciation on the securities still held on May 31, 2011 was $306,072.
3
The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the
transfer.
A reconciliation of Level 3 investments and derivative financial instruments is presented when the Trust had a significant amount of Level 3 investments and
derivatives at the beginning and/or end of the period in relation to net assets.
|
|
|
Unfunded Loan
|
|
Commitments
|
Liabilities:
|
|
|
|
Balance, as of August 31, 2010
|
$
(46,743)
|
Accrued discounts/premiums
|
—
|
Net realized gain (loss)
|
—
|
Net change in unrealized
|
|
appreciation/depreciation
4
.
|
43,719
|
Purchases
|
—
|
Sales
|
—
|
Transfers in
5
|
—
|
Transfers out
5
|
—
|
Balance, as of May 31, 2011
|
$ (3,024)
|
4
The change in the unrealized appreciation/depreciation on the securities still
held on May 31, 2011 was $(3,024).
5
The Trust’s policy is to recognize transfers in and transfers out as of the beginning
of the period of the event or the change in circumstances that caused the transfer.
|
|
|
10
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2011
|
Item 2 Controls and Procedures
2(a) The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
31940 Act3)) areeffective 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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust
Date: July 26, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
By:
/S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust
Date: July 26, 2011
By:
/S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Defined Opportunity Credit Trust
Date: July 26, 2011
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