- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
January 26 2012 - 11:28AM
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: John M. Perlowski, Chief Executive Officer, BlackRock Defined Opportunity Credit Trust, 55 East 52
nd
Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2012
Date of reporting period: 11/30/2011
Item 1 – Schedule of Investments
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Schedule of Investments
November 30, 2011 (Unaudited)
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BlackRock
Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
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Asset-Backed Securities
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Par
(000)
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Value
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ARES CLO Funds, Series 2005-
10A, Class B, 0.74%, 9/18/17
(a)(b)
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USD
|
250
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|
$
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223,020
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|
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Canaras Summit CLO Ltd., Series
2007-1A, Class B, 0.83%,
6/19/21 (a)(b)
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|
345
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|
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273,775
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Flagship CLO, Series 2006-1A,
Class B, 0.70%, 9/20/19 (a)(b)
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1,000
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752,500
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Fraser Sullivan CLO Ltd., Series
2006-2A, Class B, 0.75%,
12/20/20 (a)(b)
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500
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407,500
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Gannett Peak CLO Ltd., Series
2006-1X, Class A2, 0.78%,
10/27/20 (b)
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265
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196,100
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Goldman Sachs Asset
Management CLO Plc, Series
2007-1A, Class B, 0.88%,
8/01/22 (a)(b)
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580
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429,200
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Landmark CDO Ltd., Series 2006-
8A, Class B, 0.77%, 10/19/20
(a)(b)
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495
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384,560
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MAPS CLO Fund LLC, Series 2005-
1A, Class C, 1.30%, 12/21/17
(a)(b)
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260
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227,500
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Portola CLO Ltd., Series 2007-1X,
Class B1, 1.91%, 11/15/21 (b)
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350
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290,255
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T2 Income Fund CLO Ltd., Series
2007-1A, Class B, 1.00%,
7/15/19 (a)(b)
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300
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267,963
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3,452,373
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Total Asset-Backed Securities – 2.8%
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3,452,373
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Common
Stocks (c)
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Shares
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Auto Components — 0.7%
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Delphi Debtor-in-Possession Holding Co. LLP:
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Class B Membership Interest
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13,173
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267,662
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Class B Membership Interest
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30,737
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608,531
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876,193
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Capital Markets — 0.1%
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E*Trade Financial Corp.
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16,300
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149,634
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Hotels, Restaurants & Leisure — 0.1%
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BLB Worldwide Holdings, Inc.
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21,020
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123,492
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Software — 0.1%
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HMH Holdings/EduMedia
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53,267
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79,901
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Total Common Stocks – 1.0%
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1,229,220
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Corporate
Bonds
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Par
(000)
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Value
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Airlines — 0.3%
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Air Canada, 9.25%, 8/01/15 (a)
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USD
|
180
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$
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163,800
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American Airlines Pass-Through
Trust, Series 2011-2, Class A,
8.63%, 4/15/23
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129
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123,840
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Delta Air Lines, Inc., Series B,
9.75%, 12/17/16
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70
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73,749
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361,389
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Auto Components — 1.0%
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Icahn Enterprises LP, 7.75%,
1/15/16
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1,125
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1,160,156
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Chemicals — 0.5%
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CF Industries, Inc., 6.88%,
5/01/18
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415
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476,731
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Lyondell Chemical Co., 11.00%,
5/01/18
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130
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139,823
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LyondellBasell Industries NV,
6.00%, 11/15/21 (a)
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45
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45,900
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662,454
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Commercial Banks — 1.0%
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CIT Group, Inc.:
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7.00%, 5/01/15
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140
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140,000
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7.00%, 5/02/16 (a)
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180
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177,750
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7.00%, 5/01/17
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808
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799,920
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7.00%, 5/02/17 (a)
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130
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128,050
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1,245,720
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Commercial Services & Supplies — 0.4%
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ARAMARK Corp., 3.93%, 2/01/15 (b)
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65
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61,263
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AWAS Aviation Capital Ltd., 7.00%,
10/17/16 (a)
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430
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430,304
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491,567
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Consumer Finance — 0.3%
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Inmarsat Finance Plc, 7.38%,
12/01/17 (a)
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325
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332,313
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Containers & Packaging — 0.5%
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Ball Corp., 5.75%, 5/15/21
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235
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239,700
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Berry Plastics Corp., 8.25%,
11/15/15
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280
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296,800
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Graphic Packaging International,
Inc., 9.50%, 6/15/17
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100
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109,000
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645,500
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Diversified Financial Services — 1.4%
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Ally Financial, Inc., 2.53%,
12/01/14 (b)
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1,025
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892,227
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Portfolio
Abbreviations
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To simplify the listings of
portfolio holdings in the Schedule of Investments, the names and descriptions
of many of the securities have been abbreviated according to the following
list:
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CAD
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Canadian Dollar
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EUR
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Euro
|
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FKA
|
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Formerly Known As
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BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
1
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Schedule of Investments
(continued)
|
BlackRock
Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
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Corporate Bonds
|
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Par
(000)
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Value
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Diversified Financial Services (concluded)
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FCE Bank Plc:
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7.13%, 1/15/13
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EUR
|
50
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$
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68,529
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4.75%, 1/19/15
|
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175
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225,741
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Reynolds Group Issuer, Inc. (a):
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7.13%, 4/15/19
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USD
|
245
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239,487
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7.88%, 8/15/19
|
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|
100
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100,500
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Reynolds Group Issuer, Inc.,
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6.88%, 2/15/21 (a)
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USD
|
185
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176,675
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1,703,159
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Diversified Telecommunication Services — 0.4%
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ITC Deltacom, Inc., 10.50%,
4/01/16
|
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140
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144,375
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|
Qwest Communications
International, Inc., Series B,
7.50%, 2/15/14
|
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|
347
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349,169
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493,544
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Health Care Providers & Services — 1.5%
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HCA, Inc.:
|
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6.50%, 2/15/20
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535
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532,325
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7.25%, 9/15/20
|
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|
670
|
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|
688,425
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7.50%, 2/15/22
|
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|
115
|
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|
113,275
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Omnicare, Inc., 7.75%, 6/01/20
|
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|
250
|
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|
263,437
|
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|
Tenet Healthcare Corp., 6.25%,
11/01/18 (a)
|
|
|
185
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182,225
|
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1,779,687
|
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Health Care Technology — 0.8%
|
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|
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IMS Health, Inc., 12.50%,
3/01/18 (a)
|
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|
850
|
|
|
947,750
|
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Hotels,
Restaurants & Leisure — 0.5%
|
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MGM Resorts International:
|
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10.38%, 5/15/14
|
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|
175
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|
196,000
|
|
|
11.13%, 11/15/17
|
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|
390
|
|
|
436,313
|
|
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|
|
|
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|
632,313
|
|
|
Household Durables — 0.6%
|
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|
|
|
|
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|
Beazer Homes USA, Inc., 12.00%,
10/15/17
|
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|
715
|
|
|
743,600
|
|
|
Independent Power Producers & Energy Traders —
2.9%
|
|
|
|
|
|
|
|
|
Calpine Corp., 7.25%, 10/15/17
(a)
|
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|
1,750
|
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|
1,785,000
|
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|
Energy Future Holdings Corp.,
10.00%, 1/15/20
|
|
|
400
|
|
|
410,000
|
|
|
Energy Future Intermediate
Holding Co. LLC, 10.00%,
12/01/20
|
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|
1,325
|
|
|
1,364,750
|
|
|
|
|
|
|
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|
3,559,750
|
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|
IT Services — 0.2%
|
|
|
|
|
|
|
|
|
First Data Corp., 7.38%, 6/15/19
(a)
|
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|
200
|
|
|
188,000
|
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|
Media — 1.9%
|
|
|
|
|
|
|
|
|
AMC Networks, Inc., 7.75%,
7/15/21 (a)
|
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|
105
|
|
|
111,038
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|
CCH II LLC, 13.50%, 11/30/16
|
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|
500
|
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|
576,250
|
|
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|
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Corporate
Bonds
|
|
Par
(000)
|
|
Value
|
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|
Media (concluded)
|
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Clear Channel Worldwide Holdings, Inc.:
|
|
|
|
|
|
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|
|
9.25%, 12/15/17
|
|
USD
|
185
|
|
$
|
193,787
|
|
|
Series B, 9.25%, 12/15/17
|
|
|
850
|
|
|
894,625
|
|
|
Unitymedia Hessen GmbH & Co.
KG (FKA UPC Germany GmbH),
8.13%, 12/01/17 (a)
|
|
|
500
|
|
|
516,250
|
|
|
|
|
|
|
|
|
2,291,950
|
|
|
Oil, Gas & Consumable Fuels — 0.8%
|
|
|
|
|
|
|
|
|
Alpha Natural Resources, Inc.:
|
|
|
|
|
|
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|
|
6.00%, 6/01/19
|
|
|
170
|
|
|
162,350
|
|
|
6.25%, 6/01/21
|
|
|
95
|
|
|
90,725
|
|
|
Coffeyville Resources LLC, 9.00%,
4/01/15 (a)
|
|
|
126
|
|
|
134,190
|
|
|
Peabody Energy Corp., 6.00%,
11/15/18 (a)
|
|
|
615
|
|
|
614,231
|
|
|
|
|
|
|
|
|
1,001,496
|
|
|
Paper & Forest Products — 0.3%
|
|
|
|
|
|
|
|
|
Longview Fibre Paper & Packaging,
Inc., 8.00%, 6/01/16 (a)
|
|
|
155
|
|
|
155,775
|
|
|
Verso Paper Holdings LLC,
11.50%, 7/01/14
|
|
|
180
|
|
|
183,600
|
|
|
|
|
|
|
|
|
339,375
|
|
|
Pharmaceuticals
— 0.5%
|
|
|
|
|
|
|
|
|
Valeant Pharmaceuticals International,
6.50%, 7/15/16 (a)
|
|
|
575
|
|
|
556,313
|
|
|
Wireless Telecommunication Services — 1.2%
|
|
|
|
|
|
|
|
|
Cricket Communications, Inc.,
7.75%, 5/15/16
|
|
|
1,125
|
|
|
1,122,187
|
|
|
Sprint Nextel Corp., 9.00%,
11/15/18 (a)
|
|
|
290
|
|
|
292,175
|
|
|
|
|
|
|
|
|
1,414,362
|
|
|
Total Corporate Bonds – 17.0%
|
|
|
|
|
|
20,550,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
|
|
|
|
|
|
|
Aerospace & Defense — 1.6%
|
|
|
|
|
|
|
|
|
DynCorp International LLC, Term
Loan B, 6.25%, 7/07/16
|
|
|
365
|
|
|
356,689
|
|
|
SI Organization, Inc., New Term
Loan B, 4.50%, 11/22/16
|
|
|
420
|
|
|
400,688
|
|
|
TransDigm, Inc., Term Loan (First
Lien), 4.00%, 2/14/17
|
|
|
844
|
|
|
834,885
|
|
|
Wesco Aircraft Hardware Corp.,
Term Loan B, 4.25%, 4/07/17
|
|
|
299
|
|
|
298,660
|
|
|
|
|
|
|
|
|
1,890,922
|
|
|
Airlines — 0.9%
|
|
|
|
|
|
|
|
|
Delta Air Lines, Inc., Credit - New
Term Loan B, 5.50%, 4/20/17
|
|
|
1,147
|
|
|
1,091,489
|
|
|
Auto Components — 2.5%
|
|
|
|
|
|
|
|
|
Allison Transmission, Inc., Term
Loan B, 2.75%, 8/07/14
|
|
|
1,704
|
|
|
1,641,575
|
|
|
Autoparts Holdings, Ltd., First Lien
Term Loan, 6.50%, 7/28/17
|
|
|
650
|
|
|
649,395
|
|
|
|
|
|
|
|
|
|
|
2
|
BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock
Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Auto
Components (concluded)
|
|
|
|
|
|
|
|
|
Federal-Mogul Corp.:
|
|
|
|
|
|
|
|
|
Term
Loan B, 2.20%,
12/29/14
|
|
USD
|
276
|
|
$
|
254,335
|
|
|
Term
Loan C, 2.19%,
12/28/15
|
|
|
141
|
|
|
129,762
|
|
|
UCI International, Inc., Term Loan,
5.50%, 7/26/17
|
|
|
347
|
|
|
347,160
|
|
|
|
|
|
|
|
|
3,022,227
|
|
|
Biotechnology — 0.4%
|
|
|
|
|
|
|
|
|
Grifols SA, Term Loan B, 6.00%,
6/01/17
|
|
|
444
|
|
|
442,285
|
|
|
Building Products — 3.3%
|
|
|
|
|
|
|
|
|
Armstrong World Industries, Inc.,
Term Loan B, 4.00%, 3/09/18
|
|
|
448
|
|
|
442,153
|
|
|
CPG International, Inc., Term Loan
B, 6.00%, 2/18/17
|
|
|
794
|
|
|
742,390
|
|
|
Goodman Global Holdings, Inc.,
Initial Term Loan (First Lien),
5.75%, 10/28/16
|
|
|
2,094
|
|
|
2,087,484
|
|
|
Momentive Performance Materials,
Inc. (Nautilus), Tranche B-2B
Term Loan, 4.70%, 5/05/15
|
|
EUR
|
565
|
|
|
702,666
|
|
|
|
|
|
|
|
|
3,974,693
|
|
|
Capital Markets — 1.9%
|
|
|
|
|
|
|
|
|
American Capital Ltd., Term Loan
B, 7.50%, 12/31/13
|
|
USD
|
162
|
|
|
161,087
|
|
|
HarbourVest Partners, Term Loan
(First Lien), 6.25%, 12/14/16
|
|
|
882
|
|
|
877,756
|
|
|
Nuveen Investments, Inc. (First Lien):
|
|
|
|
|
|
|
|
|
3.37% - 3.42%, 11/13/14
|
|
|
391
|
|
|
368,852
|
|
|
5.87% - 6.00%, 5/12/17
|
|
|
782
|
|
|
740,687
|
|
|
Incremental
Term Loan,
6.45%, 5/13/17
|
|
|
160
|
|
|
156,600
|
|
|
|
|
|
|
|
|
2,304,982
|
|
|
Chemicals — 5.8%
|
|
|
|
|
|
|
|
|
American Rock Salt Holdings LLC,
Term Loan, 5.50%, 4/25/17
|
|
|
602
|
|
|
591,440
|
|
|
Ashland, Inc., Term Loan B, 3.75%,
8/23/18
|
|
|
430
|
|
|
430,271
|
|
|
Chemtura Corp., Exit Term Loan B,
5.50%, 8/27/16
|
|
|
750
|
|
|
749,062
|
|
|
Gentek, Inc., Term Loan B, 5.00% -
5.75%, 10/06/15
|
|
|
666
|
|
|
657,337
|
|
|
MDI Holdings LLC, Term Loan B,
2.26%, 4/11/14
|
|
|
448
|
|
|
436,199
|
|
|
Nexeo Solutions LLC, Term Loan B,
5.00%, 9/08/17
|
|
|
572
|
|
|
549,240
|
|
|
Polyone Corp., Term Loan B,
5.00%, 11/01/17
|
|
|
185
|
|
|
184,769
|
|
|
PQ Corp., Term Loan B, 3.51% -
3.68%, 7/30/14
|
|
|
706
|
|
|
661,569
|
|
|
Styron Sarl LLC, New Term Loan B,
6.00%, 8/02/17
|
|
|
618
|
|
|
531,503
|
|
|
Tronox Worldwide LLC, Exit Term
Loan, 7.00%, 10/15/15
|
|
|
1,365
|
|
|
1,362,559
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Chemicals (concluded)
|
|
|
|
|
|
|
|
|
Univar, Inc., Term Loan B, 5.00%,
6/30/17
|
|
USD
|
936
|
|
$
|
902,201
|
|
|
|
|
|
|
|
|
7,056,150
|
|
|
Commercial Services & Supplies — 3.9%
|
|
|
|
|
|
|
|
|
Adesa, Inc. (KAR Holdings, Inc.),
Term Loan B, 5.00%, 5/19/17
|
|
|
1,197
|
|
|
1,180,305
|
|
|
Altegrity, Inc., Tranche D Term
Loan, 7.75%, 2/20/15
|
|
|
697
|
|
|
693,643
|
|
|
ARAMARK Corp.:
|
|
|
|
|
|
|
|
|
Letter of Credit - 1 Facility,
2.11%, 1/27/14
|
|
|
9
|
|
|
9,150
|
|
|
Letter of Credit - 2 Facility,
3.49%, 7/26/16
|
|
|
14
|
|
|
13,476
|
|
|
US Term Loan, 2.24%,
1/27/14
|
|
|
116
|
|
|
113,588
|
|
|
US Term Loan B, 3.62%,
7/26/16
|
|
|
211
|
|
|
204,905
|
|
|
AWAS Finance Luxembourg Sarl,
Term Loan B, 5.25%, 6/10/16
|
|
|
276
|
|
|
272,434
|
|
|
Delos Aircraft, Inc., Term Loan B2,
7.00%, 3/17/16
|
|
|
825
|
|
|
825,825
|
|
|
Synagro Technologies, Inc., Term
Loan B, 2.28%, 4/02/14
|
|
|
868
|
|
|
732,341
|
|
|
Volume Services America, Inc.,
(Centerplate) Term Loan B,
10.50% - 10.75%, 9/16/16
|
|
|
495
|
|
|
486,956
|
|
|
West Corp., Term Loan B4, 4.58% -
4.67%, 7/15/16
|
|
|
197
|
|
|
194,881
|
|
|
|
|
|
|
|
|
4,727,504
|
|
|
Communications Equipment — 1.0%
|
|
|
|
|
|
|
|
|
Avaya, Inc., Term Loan B1, 3.26%,
10/24/14
|
|
|
449
|
|
|
417,026
|
|
|
CommScope, Inc., Term Loan B,
5.00%, 1/14/18
|
|
|
820
|
|
|
816,149
|
|
|
|
|
|
|
|
|
1,233,175
|
|
|
Construction & Engineering — 0.9%
|
|
|
|
|
|
|
|
|
BakerCorp., Inc., Term Loan B,
5.00%, 6/01/18
|
|
|
339
|
|
|
335,250
|
|
|
Safway Services LLC, First Out
Tranche Loan, 9.00%, 12/16/17
|
|
|
750
|
|
|
750,000
|
|
|
|
|
|
|
|
|
1,085,250
|
|
|
Consumer Finance — 1.7%
|
|
|
|
|
|
|
|
|
Springleaf Finance Corp., Term
Loan, 5.50%, 5/10/17
|
|
|
2,420
|
|
|
2,097,850
|
|
|
Containers & Packaging — 1.0%
|
|
|
|
|
|
|
|
|
Berry Plastics Holding Corp., Term
Loan C, 2.25%, 4/03/15
|
|
|
502
|
|
|
472,393
|
|
|
Sealed Air Corp., Term Loan B,
4.75%, 10/03/18
|
|
|
721
|
|
|
726,433
|
|
|
|
|
|
|
|
|
1,198,826
|
|
|
Diversified Consumer Services — 3.4%
|
|
|
|
|
|
|
|
|
Coinmach Corp., Delayed Draw
Term Loan, 3.23% - 3.32%,
11/20/14
|
|
|
244
|
|
|
216,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
3
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock
Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Diversified
Consumer Services (concluded)
|
|
|
|
|
|
|
|
|
Coinmach Service Corp., Term
Loan, 3.25% - 3.32%, 11/20/14
|
|
USD
|
1,024
|
|
$
|
909,944
|
|
|
Laureate Education, Inc., Extended
Term Loan, 5.25%, 8/15/18
|
|
|
1,960
|
|
|
1,826,180
|
|
|
ServiceMaster Co.:
|
|
|
|
|
|
|
|
|
Closing
Date Term Loan,
2.76%, 7/24/14
|
|
|
108
|
|
|
102,089
|
|
|
Delayed
Draw Term Loan,
2.75% - 2.83%, 7/24/14
|
|
|
1,084
|
|
|
1,025,142
|
|
|
|
|
|
|
|
|
4,080,035
|
|
|
Diversified Financial Services — 2.0%
|
|
|
|
|
|
|
|
|
Reynolds Group Holdings, Inc.:
|
|
|
|
|
|
|
|
|
Term
Loan E, 6.50%, 2/09/18
|
|
|
1,234
|
|
|
1,211,690
|
|
|
Tranche
C Term Loan, 5.25% -
6.50%, 8/09/18
|
|
|
1,200
|
|
|
1,178,400
|
|
|
|
|
|
|
|
|
2,390,090
|
|
|
Diversified Telecommunication Services — 4.5%
|
|
|
|
|
|
|
|
|
Hawaiian Telcom Communications,
Inc., Term Loan, 9.00%,
11/01/15 (d)
|
|
|
655
|
|
|
658,417
|
|
|
Integra Telecom Holdings, Inc.,
Term Loan, 9.25%, 4/15/15
|
|
|
815
|
|
|
712,037
|
|
|
Level 3 Financing, Inc.:
|
|
|
|
|
|
|
|
|
Incremental
Tranche A Term
Loan, 2.65%, 3/13/14
|
|
|
1,200
|
|
|
1,126,500
|
|
|
Term
Loan B, 5.75%, 8/31/18
|
|
|
550
|
|
|
532,125
|
|
|
Term
Loan B2, 5.75%,
9/03/18
|
|
|
1,800
|
|
|
1,741,500
|
|
|
US Telepacific Corp., Term Loan B,
5.75%, 2/23/17
|
|
|
747
|
|
|
705,385
|
|
|
|
|
|
|
|
|
5,475,964
|
|
|
Electronic Equipment, Instruments & Components —
1.6%
|
|
|
|
|
|
|
|
|
Aeroflex, Inc., Term Loan B, 4.25%,
5/09/18
|
|
|
397
|
|
|
375,230
|
|
|
CDW LLC, Non-Extended Term
Loan, 3.75%, 10/10/14
|
|
|
631
|
|
|
605,895
|
|
|
Sensata Technologies Finance Co.,
LLC, New Term Loan, 4.00%,
5/11/18
|
|
|
948
|
|
|
934,197
|
|
|
|
|
|
|
|
|
1,915,322
|
|
|
Energy Equipment & Services — 2.7%
|
|
|
|
|
|
|
|
|
CCS Corp., Tranche B Term Loan,
3.37%, 11/14/14
|
|
|
748
|
|
|
682,345
|
|
|
Dynegy Holdings, Inc.:
|
|
|
|
|
|
|
|
|
Coal
Co. Term Loan, 9.25%,
8/04/16
|
|
|
518
|
|
|
517,073
|
|
|
Gas
Co. Term Loan, 9.25%,
8/04/16
|
|
|
582
|
|
|
586,202
|
|
|
MEG Energy Corp., Tranche D Term
Loan, 4.00%, 3/16/18
|
|
|
1,550
|
|
|
1,532,841
|
|
|
|
|
|
|
|
|
3,318,461
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Food & Staples Retailing — 1.9%
|
|
|
|
|
|
|
|
|
AB Acquisitions UK Topco 2 Ltd.,
Facility B1, 3.63%, 7/09/15
|
|
GBP
|
900
|
|
$
|
1,256,054
|
|
|
B&G Foods, Inc., Term Loan B,
3.50%, 11/30/18
|
|
USD
|
175
|
|
|
175,073
|
|
|
Bolthouse Farms, Inc., Term Loan
(First Lien), 5.50% - 5.75%,
2/11/16
|
|
|
223
|
|
|
221,492
|
|
|
US Foodservice, Inc., Term Loan B,
2.76%, 7/03/14
|
|
|
710
|
|
|
645,072
|
|
|
|
|
|
|
|
|
2,297,691
|
|
|
Food Products — 3.9%
|
|
|
|
|
|
|
|
|
Advance Pierre Foods, Inc., Term
Loan (Second Lien):
|
|
|
|
|
|
|
|
|
7.00%, 9/30/16
|
|
|
950
|
|
|
944,460
|
|
|
11.25%, 9/29/17
|
|
|
500
|
|
|
497,290
|
|
|
Del Monte Corp., Term Loan,
4.50%, 3/08/18
|
|
|
1,584
|
|
|
1,497,010
|
|
|
Michaels Foods Group, Inc. (FKA
M-Foods Holdings, Inc.), Term
Loan B, 4.25%, 2/23/18
|
|
|
131
|
|
|
128,850
|
|
|
Pinnacle Foods Finance LLC:
|
|
|
|
|
|
|
|
|
Tranche
B Term Loan, 2.75% -
2.87%, 4/02/14
|
|
|
40
|
|
|
39,137
|
|
|
Tranche
D Term Loan, 6.00%,
4/02/14
|
|
|
532
|
|
|
531,680
|
|
|
Solvest, Ltd. (Dole):
|
|
|
|
|
|
|
|
|
Tranche
B-2 Term Loan,
5.05%, 7/06/18
|
|
|
360
|
|
|
357,031
|
|
|
Tranche
C-2 Term Loan,
5.03%, 7/06/18
|
|
|
785
|
|
|
778,932
|
|
|
|
|
|
|
|
|
4,774,390
|
|
|
Health Care Equipment & Supplies — 1.8%
|
|
|
|
|
|
|
|
|
Biomet, Inc., Dollar Term Loan,
3.25% - 3.36%, 3/25/15
|
|
|
314
|
|
|
302,661
|
|
|
DJO Finance LLC, Term Loan,
3.26%, 5/20/14
|
|
|
467
|
|
|
449,132
|
|
|
Iasis Healthcare LLC, Term Loan,
5.00%, 5/03/18
|
|
|
690
|
|
|
663,291
|
|
|
Immucor, Inc., Term Loan B,
7.25%, 8/17/18
|
|
|
825
|
|
|
827,887
|
|
|
|
|
|
|
|
|
2,242,971
|
|
|
Health Care Providers & Services — 6.5%
|
|
|
|
|
|
|
|
|
CHS/Community Health Systems, Inc.:
|
|
|
|
|
|
|
|
|
Non-Extended
Delayed Draw
Term Loan, 2.51%, 7/25/14
|
|
|
37
|
|
|
35,591
|
|
|
Non-Extended
Term Loan,
2.51% - 2.77%, 7/25/14
|
|
|
726
|
|
|
699,498
|
|
|
ConvaTec, Inc., Dollar Term Loan,
5.75%, 12/22/16
|
|
|
596
|
|
|
582,994
|
|
|
DaVita, Inc., Term Loan B, 4.50%,
10/20/16
|
|
|
893
|
|
|
888,784
|
|
|
Emergency Medical Services, Term
Loan, 5.25%, 5/25/18
|
|
|
856
|
|
|
828,863
|
|
|
|
|
|
|
|
|
|
|
4
|
BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust
(BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Health Care Providers & Services (concluded)
|
|
|
|
|
|
|
|
|
Harden
Healthcare LLC:
|
|
|
|
|
|
|
|
|
Tranche A Additional Term
Loan, 8.50%, 3/02/15
|
|
USD
|
338
|
|
$
|
330,870
|
|
|
Tranche A Term Loan, 7.75%,
3/02/15
|
|
|
509
|
|
|
498,571
|
|
|
HCA, Inc., Tranche B-3 Term Loan,
3.62%, 5/01/18
|
|
|
380
|
|
|
359,206
|
|
|
Health Management Associates,
Term Loan B, 3.50%, 11/16/18
|
|
|
1,255
|
|
|
1,249,252
|
|
|
inVentiv
Health, Inc.:
|
|
|
|
|
|
|
|
|
Combined Term Loan, 6.50%,
8/04/16
|
|
|
861
|
|
|
840,837
|
|
|
Incremental Term Loan B3,
6.75%, 5/15/18
|
|
|
349
|
|
|
341,392
|
|
|
Medpace, Inc., Term Loan, 6.50% -
7.25%, 6/16/17
|
|
|
549
|
|
|
523,937
|
|
|
Renal Advantage Holdings, Inc.,
Term Loan B, 5.75%, 12/16/16
|
|
|
596
|
|
|
594,011
|
|
|
Vanguard Health Holding Co. II,
LLC (Vanguard Health Systems,
Inc.), Term Loan B, 5.00%,
1/29/16
|
|
|
60
|
|
|
59,025
|
|
|
|
|
|
|
|
|
7,832,831
|
|
|
Health Care Technology — 1.4%
|
|
|
|
|
|
|
|
|
IMS Health, Inc., Tranche B Dollar
Term Loan, 4.50%, 8/25/17
|
|
|
554
|
|
|
552,373
|
|
|
Kinetic Concepts, Inc., Term Loan
B, 7.00%, 5/04/18
|
|
|
695
|
|
|
698,259
|
|
|
MedAssets, Inc., Term Loan,
5.25%, 11/16/16
|
|
|
400
|
|
|
395,929
|
|
|
|
|
|
|
|
|
1,646,561
|
|
|
Hotels, Restaurants & Leisure — 5.3%
|
|
|
|
|
|
|
|
|
Ameristar Casinos, Inc., Term Loan
B, 4.00%, 4/13/18
|
|
|
572
|
|
|
568,331
|
|
|
Boyd Gaming Corp., Incremental
Term Loan, 6.00%, 12/17/15
|
|
|
395
|
|
|
389,735
|
|
|
Caesars Entertainment Operating Co.,
Inc.:
|
|
|
|
|
|
|
|
|
Incremental Term Loan B-4,
9.50%, 10/31/16
|
|
|
496
|
|
|
488,548
|
|
|
Term Loan B-1, 3.42%,
1/28/15
|
|
|
175
|
|
|
149,298
|
|
|
Term Loan B-2, 3.26% -
3.42%, 1/28/15
|
|
|
97
|
|
|
82,534
|
|
|
Term Loan B-3, 3.42%,
1/28/15
|
|
|
2,277
|
|
|
1,942,850
|
|
|
Dunkin’ Brands, Inc., Term Loan B,
4.00%, 11/23/17
|
|
|
907
|
|
|
892,063
|
|
|
Golden Living, Term Loan, 5.00%,
5/04/18
|
|
|
288
|
|
|
248,624
|
|
|
SeaWorld Parks & Entertainment,
Inc., Term Loan B, 4.00%,
8/17/17
|
|
|
620
|
|
|
616,021
|
|
|
Six Flags Theme Parks, Inc.,
Tranche B Term Loan, (First
Lien), 5.25% - 6.00%, 6/30/16
|
|
|
577
|
|
|
574,308
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Hotels, Restaurants & Leisure (concluded)
|
|
|
|
|
|
|
|
|
Twin River Worldwide Holdings,
Inc., Term Loan, 8.50%,
11/05/15
|
|
USD
|
530
|
|
$
|
523,410
|
|
|
|
|
|
|
|
|
6,475,722
|
|
|
Independent Power Producers & Energy Traders — 2.3%
|
|
|
|
|
|
|
|
|
The AES Corp., Term Loan, 4.25%,
6/01/18
|
|
|
995
|
|
|
983,806
|
|
|
Texas Competitive Electric
Holdings Co. LLC (TXU),
Extended Term Loan, 4.75%,
10/10/17
|
|
|
2,734
|
|
|
1,780,143
|
|
|
|
|
|
|
|
|
2,763,949
|
|
|
Industrial Conglomerates — 1.7%
|
|
|
|
|
|
|
|
|
Sequa Corp.:
|
|
|
|
|
|
|
|
|
Incremental Term Loan,
7.00%, 12/03/14
|
|
|
305
|
|
|
304,238
|
|
|
Term Loan, 3.63% - 3.70%,
12/03/14
|
|
|
1,763
|
|
|
1,698,789
|
|
|
|
|
|
|
|
|
2,003,027
|
|
|
Insurance — 0.7%
|
|
|
|
|
|
|
|
|
CNO Financial Group, Inc., Term
Loan, 6.25%, 9/30/16
|
|
|
862
|
|
|
857,526
|
|
|
Internet Software & Services — 0.4%
|
|
|
|
|
|
|
|
|
Web.com Group, Inc., Term Loan B,
7.00%, 10/27/17
|
|
|
550
|
|
|
485,375
|
|
|
IT Services — 5.1%
|
|
|
|
|
|
|
|
|
Ceridian Corp., US Term Loan,
3.26% - 3.38%, 11/10/14
|
|
|
660
|
|
|
585,112
|
|
|
First Data
Corp.:
|
|
|
|
|
|
|
|
|
Extended Term Loan B, 4.26%,
3/23/18
|
|
|
3,012
|
|
|
2,514,130
|
|
|
Term Loan B-1, 3.00%,
9/24/14
|
|
|
313
|
|
|
277,382
|
|
|
Term Loan B-3, 3.00%,
9/24/14
|
|
|
149
|
|
|
132,034
|
|
|
infoGROUP, Inc., Term Loan,
5.75%, 5/22/18
|
|
|
345
|
|
|
330,140
|
|
|
iPayment, Inc., Term Loan B,
5.75%, 5/08/17
|
|
|
505
|
|
|
493,763
|
|
|
NeuStar, Inc., Term Loan B, 5.00%,
11/08/18
|
|
|
410
|
|
|
409,652
|
|
|
TransUnion LLC, Replacement
Term Loan, 4.75%, 2/12/18
|
|
|
1,461
|
|
|
1,453,541
|
|
|
|
|
|
|
|
|
6,195,754
|
|
|
Machinery — 1.7%
|
|
|
|
|
|
|
|
|
Navistar Financial Corp., Term
Loan B, 4.56%, 12/16/12
|
|
|
371
|
|
|
369,356
|
|
|
Terex Corp.:
|
|
|
|
|
|
|
|
|
Term Loan, 6.03%, 4/28/17
|
|
EUR
|
60
|
|
|
79,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY
CREDIT TRUST
|
NOVEMBER 30, 2011
|
5
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust
(BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Machinery (concluded)
|
|
|
|
|
|
|
|
|
Terex Corp.
(concluded):
|
|
|
|
|
|
|
|
|
Term Loan B, 5.50%, 4/28/17
|
|
USD
|
500
|
|
$
|
498,750
|
|
|
Tomkins LLC, Term Loan A, 4.25%,
9/29/16
|
|
|
1,172
|
|
|
1,161,895
|
|
|
|
|
|
|
|
|
2,109,011
|
|
|
Media — 17.8%
|
|
|
|
|
|
|
|
|
Acosta, Inc., Term Loan, 4.75%,
3/01/18
|
|
|
616
|
|
|
596,079
|
|
|
Affinion Group, Inc., Tranche B
Term Loan, 5.00%, 10/10/16
|
|
|
737
|
|
|
672,192
|
|
|
AMC Networks, Inc., Term Loan B,
4.00%, 12/31/18
|
|
|
798
|
|
|
791,353
|
|
|
Atlantic Broadband Finance LLC,
Term Loan B, 4.00%, 3/08/16
|
|
|
434
|
|
|
420,654
|
|
|
Bresnan Telecommunications Co.
LLC, Term Loan, 4.50%,
12/14/17
|
|
|
1,439
|
|
|
1,403,147
|
|
|
Capsugel Healthcare Ltd., Term
Loan, 5.25%, 8/01/18
|
|
|
600
|
|
|
599,436
|
|
|
Catalina Marketing Corp., Term
Loan B, 3.01%, 10/01/14
|
|
|
105
|
|
|
99,371
|
|
|
Cengage
Learning Acquisitions, Inc.:
|
|
|
|
|
|
|
|
|
Term Loan, 2.51%, 7/03/14
|
|
|
426
|
|
|
359,523
|
|
|
Tranche 1 Incremental Term
Loan, 7.50%, 7/03/14
|
|
|
372
|
|
|
343,012
|
|
|
Charter Communications Operating,
LLC:
|
|
|
|
|
|
|
|
|
Extended Term Loan, 3.62%,
9/06/16
|
|
|
1,049
|
|
|
1,029,347
|
|
|
Term Loan, 7.25%, 3/06/14
|
|
|
12
|
|
|
12,286
|
|
|
Clarke American Corp., Term
Facility B, 2.76% - 2.87%,
6/30/14
|
|
|
227
|
|
|
191,429
|
|
|
Clear Channel Communications,
Inc., Term Loan B, 3.91%,
1/28/16
|
|
|
995
|
|
|
740,340
|
|
|
Cumulus Media, Inc., Term Loan,
5.75%, 9/17/18
|
|
|
550
|
|
|
535,106
|
|
|
Gray Television, Inc., Term Loan B,
3.75%, 12/31/14
|
|
|
642
|
|
|
626,856
|
|
|
HMH Publishing Co., Ltd., Tranche
A Term Loan, 6.44%, 6/12/14
|
|
|
607
|
|
|
417,208
|
|
|
Hubbard Broadcasting, Term Loan
B (Second Lien), 5.25%,
4/28/17
|
|
|
499
|
|
|
490,022
|
|
|
Intelsat Jackson Holdings SA,
Tranche B Term Loan, 5.25%,
4/02/18
|
|
|
2,985
|
|
|
2,945,210
|
|
|
Interactive Data Corp., New Term
Loan B, 4.50%, 2/12/18
|
|
|
1,318
|
|
|
1,292,007
|
|
|
Knology, Inc., Term Loan B, 4.00%,
8/18/17
|
|
|
247
|
|
|
240,216
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Media (concluded)
|
|
|
|
|
|
|
|
|
Lavena
Holding 3 GmbH
(Prosiebensat.1 Media AG):
|
|
|
|
|
|
|
|
|
Facility B1, 4.20%, 3/06/15
|
|
EUR
|
460
|
|
$
|
473,795
|
|
|
Facility C1, 4.45%, 3/04/16
|
|
|
460
|
|
|
476,889
|
|
|
Mediacom Illinois, LLC, Tranche D
Term Loan, 5.50%, 3/31/17
|
|
USD
|
197
|
|
|
194,025
|
|
|
Mediacom LLC, Term Loan E,
4.50%, 10/23/17
|
|
|
494
|
|
|
477,703
|
|
|
Newsday LLC,
Fixed Rate Term Loan:
|
|
|
|
|
|
|
|
|
6.65%, 8/01/13
|
|
|
500
|
|
|
503,125
|
|
|
10.50%, 8/01/13
|
|
|
800
|
|
|
823,000
|
|
|
Nielsen Finance LLC, Class B
Dollar Term Loan, 4.00%,
5/02/16
|
|
|
635
|
|
|
618,543
|
|
|
Sinclair Television Group, Inc., New
Tranche B Term Loan, 4.00%,
10/28/16
|
|
|
337
|
|
|
335,723
|
|
|
Sunshine Acquisition Ltd., Term
Facility, 5.50%, 6/01/12
|
|
|
1,012
|
|
|
997,743
|
|
|
Univision Communications, Inc.,
Extended First Lien Term Loan,
4.51%, 3/31/17
|
|
|
813
|
|
|
727,203
|
|
|
UPC Broadband Holding B.V., Term
Loan U, 5.37%, 12/29/17
|
|
EUR
|
386
|
|
|
485,878
|
|
|
UPC Financing Partnership, Term
Loan, 4.75%, 12/29/17
|
|
USD
|
475
|
|
|
463,719
|
|
|
WC Luxco Sarl, New Term Loan B3,
4.25%, 3/15/18
|
|
|
219
|
|
|
215,343
|
|
|
Weather Channel, Term Loan B,
4.25%, 2/13/17
|
|
|
965
|
|
|
959,279
|
|
|
|
|
|
|
|
|
21,556,762
|
|
|
Metals & Mining — 2.7%
|
|
|
|
|
|
|
|
|
Novelis, Inc., Term Loan, 3.75%,
3/10/17
|
|
|
1,325
|
|
|
1,300,925
|
|
|
SunCoke Energy, Inc., Term Loan
B, 4.00% - 5.25%, 7/26/18
|
|
|
449
|
|
|
441,020
|
|
|
Walter Energy, Inc., Term Loan B,
4.00%, 4/02/18
|
|
|
1,574
|
|
|
1,543,707
|
|
|
|
|
|
|
|
|
3,285,652
|
|
|
Multi-Utilities — 0.1%
|
|
|
|
|
|
|
|
|
FirstLight Power Resources, Inc.,
Term B Advance (First Lien),
2.81%, 11/01/13
|
|
|
184
|
|
|
177,064
|
|
|
Multiline Retail — 2.0%
|
|
|
|
|
|
|
|
|
Dollar General Corp., Tranche B-2
Term Loan, 3.00%, 7/07/14
|
|
|
316
|
|
|
314,001
|
|
|
Hema Holding BV, Facility D,
6.36%, 1/05/17
|
|
EUR
|
1,800
|
|
|
1,975,246
|
|
|
The Neiman Marcus Group, Inc.,
|
|
|
|
|
|
|
|
|
Term Loan, 4.75%, 5/16/18
|
|
USD
|
175
|
|
|
168,170
|
|
|
|
|
|
|
|
|
2,457,417
|
|
|
Oil, Gas & Consumable Fuels — 2.0%
|
|
|
|
|
|
|
|
|
EquiPower Resources Holdings,
LLC, Term Loan B, 5.75%,
1/26/18
|
|
|
699
|
|
|
691,664
|
|
|
|
|
|
|
|
|
|
|
6
|
BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust
(BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
|
Par
(000)
|
|
Value
|
|
|
Oil, Gas & Consumable Fuels (concluded)
|
|
|
|
|
|
|
|
|
Gibson Energy, Term Loan B,
5.75%, 6/15/18
|
|
USD
|
798
|
|
$
|
795,007
|
|
|
Obsidian Natural Gas Trust, Term
Loan, 7.00%, 11/02/15
|
|
|
931
|
|
|
925,852
|
|
|
|
|
|
|
|
|
2,412,523
|
|
|
Paper & Forest Products — 0.2%
|
|
|
|
|
|
|
|
|
NewPage Corp., DIP Term Loan,
8.00%, 3/07/13
|
|
|
200
|
|
|
200,750
|
|
|
Pharmaceuticals — 3.0%
|
|
|
|
|
|
|
|
|
Aptalis Pharma, Inc., Term Loan B,
5.50%, 2/10/17
|
|
|
993
|
|
|
944,115
|
|
|
Endo Pharmaceuticals Holdings,
Inc., Term Loan B, 4.00%,
6/18/18
|
|
|
390
|
|
|
389,397
|
|
|
Pharmaceutical Products Development,
Term Loan B, 7.00%, 12/05/18
|
|
|
830
|
|
|
818,289
|
|
|
Quintiles Transnational Corp., Term
Loan B, 5.00%, 6/08/18
|
|
|
594
|
|
|
575,707
|
|
|
RPI Finance Trust, Term Loan
Tranche 2, 4.00%, 5/09/18
|
|
|
499
|
|
|
495,219
|
|
|
Warner
Chilcott Corp.:
|
|
|
|
|
|
|
|
|
Term Loan B-1, 4.25%,
3/15/18
|
|
|
318
|
|
|
313,226
|
|
|
Term Loan B-2, 4.25%,
3/15/18
|
|
|
159
|
|
|
156,613
|
|
|
|
|
|
|
|
|
3,692,566
|
|
|
Professional Services — 1.6%
|
|
|
|
|
|
|
|
|
Booz Allen Hamilton, Inc., Tranche
B Term Loan, 4.00%, 8/03/17
|
|
|
274
|
|
|
272,794
|
|
|
Emdeon, Inc., Term Loan B, 6.75%,
11/02/18
|
|
|
850
|
|
|
852,423
|
|
|
Fifth Third Processing Solutions,
LLC, Term Loan B (First Lien),
4.50%, 11/03/16
|
|
|
794
|
|
|
789,381
|
|
|
|
|
|
|
|
|
1,914,598
|
|
|
Real Estate Investment Trusts (REITs) — 0.8%
|
|
|
|
|
|
|
|
|
Istar Financial, Inc., Term Loan
(Second Lien), 5.00%, 6/28/13
|
|
|
926
|
|
|
913,691
|
|
|
Real Estate Management & Development — 1.4%
|
|
|
|
|
|
|
|
|
Realogy Corp.:
|
|
|
|
|
|
|
|
|
Delayed Draw Term Loan,
3.44%, 10/10/13
|
|
|
735
|
|
|
679,538
|
|
|
Extended Synthetic Letter of
Credit, 4.44%, 10/10/16
|
|
|
27
|
|
|
23,526
|
|
|
Extended Term Loan, 4.69%,
10/10/16
|
|
|
809
|
|
|
716,282
|
|
|
Letter of Credit, 3.20%,
10/10/13
|
|
|
25
|
|
|
23,539
|
|
|
Term Loan, 3.44%, 10/10/13
|
|
|
239
|
|
|
221,195
|
|
|
|
|
|
|
|
|
1,664,080
|
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Road & Rail — 0.7%
|
|
|
|
|
|
|
|
|
Avis Budget Car Rental LLC,
Incremental Term Loan, 6.25%,
9/21/18
|
|
USD
|
485
|
|
$
|
485,912
|
|
|
The Hertz Corp., Term Loan B,
3.75%, 3/09/18
|
|
|
348
|
|
|
344,005
|
|
|
|
|
|
|
|
|
829,917
|
|
|
Semiconductors & Semiconductor Equipment — 0.9%
|
|
|
|
|
|
|
|
|
Freescale Semiconductor, Inc.,
Extended Term Loan B, 4.50%,
12/01/16
|
|
|
439
|
|
|
414,084
|
|
|
Microsemi Corp., Term Loan B,
5.75%, 2/02/18
|
|
|
315
|
|
|
314,411
|
|
|
NXP B.V., Incremental Term Loan,
5.50%, 3/03/17
|
|
|
420
|
|
|
402,940
|
|
|
|
|
|
|
|
|
1,131,435
|
|
|
Software — 0.8%
|
|
|
|
|
|
|
|
|
Blackboard, Inc., Term Loan B,
7.50%, 10/04/18
|
|
|
255
|
|
|
242,038
|
|
|
Rovi Corp., Tranche B Term Loan,
4.00%, 2/07/18
|
|
|
448
|
|
|
444,114
|
|
|
Vertafore, Inc., Term Loan B,
5.25%, 7/29/16
|
|
|
308
|
|
|
300,599
|
|
|
|
|
|
|
|
|
986,751
|
|
|
Specialty Retail — 4.6%
|
|
|
|
|
|
|
|
|
Academy Ltd., Term Loan, 6.00%,
8/03/18
|
|
|
800
|
|
|
785,336
|
|
|
Burlington Coat Factory
Warehouse Corp., Term Loan B,
6.25%, 2/23/17
|
|
|
444
|
|
|
431,848
|
|
|
General Nutrition Centers, Inc.,
Term Loan B, 4.25%, 3/02/18
|
|
|
835
|
|
|
815,519
|
|
|
J. Crew Group, Inc., Term Loan B,
4.75%, 3/07/18
|
|
|
373
|
|
|
342,809
|
|
|
Jo-Ann Stores, Inc., Term Loan,
4.75%, 3/16/18
|
|
|
293
|
|
|
277,134
|
|
|
Michaels
Stores, Inc.:
|
|
|
|
|
|
|
|
|
Term Loan B-1, 2.63% -
2.69%, 10/31/13
|
|
|
334
|
|
|
324,822
|
|
|
Term Loan B-2, 4.89% -
4.94%, 7/31/16
|
|
|
641
|
|
|
623,199
|
|
|
Petco Animal Supplies, Inc., Term
Loan, 4.50%, 11/24/17
|
|
|
1,089
|
|
|
1,056,330
|
|
|
Toys ‘R’ Us Delaware, Inc., Initial
Loan, 6.00%, 9/01/16
|
|
|
909
|
|
|
895,994
|
|
|
|
|
|
|
|
|
5,552,991
|
|
|
Wireless Telecommunication Services — 1.8%
|
|
|
|
|
|
|
|
|
Digicel International, Tranche A,
2.88%, 3/30/12
|
|
|
235
|
|
|
233,541
|
|
|
MetroPCS Wireless, Inc., Tranche
B-2 Term Loan, 4.07% - 4.13%,
11/04/16
|
|
|
767
|
|
|
748,757
|
|
|
Vodafone Americas Finance 2, Inc. (d):
|
|
|
|
|
|
|
|
|
PIK Term Loan, 6.88%,
8/11/15
|
|
|
803
|
|
|
800,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK DEFINED
OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
7
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust (BHL)
|
|
(Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
|
Floating
Rate Loan Interests (b)
|
|
Par
(000)
|
|
Value
|
|
|
Wireless
Telecommunication Services (concluded)
|
|
|
|
|
|
|
|
|
Vodafone Americas Finance 2, Inc. (d)
(concluded):
|
|
|
|
|
|
|
|
|
Term Loan B, 6.25%, 7/11/16
|
|
USD
|
400
|
|
$
|
397,000
|
|
|
|
|
|
|
|
|
2,180,036
|
|
|
Total
Floating Rate Loan Interests – 112.2%
|
|
|
|
|
|
135,946,266
|
|
|
Total
Long-Term Investments
(Cost – $164,716,152) – 133.0%
|
|
|
|
|
|
161,178,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities
|
|
Shares
|
|
|
|
|
|
BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.13% (e)(f)
|
|
|
784,236
|
|
|
784,236
|
|
|
Total
Short-Term Securities
(Cost – $784,236) – 0.7%
|
|
|
|
|
|
784,236
|
|
|
Total
Investments (Cost — $165,500,388*) - 133.7%
|
|
|
|
|
|
161,962,493
|
|
|
Liabilities
in Excess of Other Assets – (33.7)%
|
|
|
|
|
|
(40,797,887
|
)
|
|
Net Assets
– 100.0%
|
|
|
|
|
$
|
121,164,606
|
|
|
|
|
|
*
|
The cost and unrealized
appreciation (depreciation) of investments as of November 30, 2011, as
computed for federal income tax purposes, were as follows:
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
165,478,384
|
|
|
Gross unrealized
appreciation
|
|
$
|
1,888,508
|
|
|
Gross unrealized
depreciation
|
|
|
(5,404,399
|
)
|
|
Net unrealized depreciation
|
|
$
|
(3,515,891
|
)
|
|
|
|
|
(a)
|
Security exempt from
registration pursuant to Rule 144A under 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)
|
Represents a
payment-in-kind security which may pay interest/dividends in additional
par/shares.
|
|
|
|
|
(e)
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate
|
|
Shares
Held at
August 31,
2011
|
|
Net
Activity
|
|
Shares
Held at
November 30,
2011
|
|
Income
|
|
|
BlackRock
Liquidity
Funds,
TempFund,
Institutional
Class
|
|
|
2,230,753
|
|
|
1,446,517
|
|
|
784,236
|
|
$
|
98
|
|
|
|
|
|
(f)
|
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. These
definitions may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease.
|
|
|
|
|
•
|
Foreign currency exchange
contracts as of November 30, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
Purchased
|
|
Currency
Sold
|
|
Counterparty
|
|
Settlement
Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
GBP
|
|
150,000
|
|
USD
|
|
235,026
|
|
Citibank
NA
|
|
1/18/12
|
|
$
|
210
|
|
|
GBP
|
|
18,000
|
|
USD
|
|
28,607
|
|
Deutsche
Bank AG
|
|
1/18/12
|
|
|
(379
|
)
|
|
USD
|
|
98,283
|
|
CAD
|
|
101,500
|
|
Deutsche
Bank AG
|
|
1/18/12
|
|
|
(1,116
|
)
|
|
USD
|
|
1,464,410
|
|
GBP
|
|
939,000
|
|
Citibank
NA
|
|
1/18/12
|
|
|
(8,168
|
)
|
|
EUR
|
|
527,000
|
|
USD
|
|
717,641
|
|
Deutsche
Bank AG
|
|
1/25/12
|
|
|
(9,141
|
)
|
|
USD
|
|
5,240,125
|
|
EUR
|
|
3,811,000
|
|
Citibank
NA
|
|
1/25/12
|
|
|
116,613
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
$
|
98,019
|
|
|
|
|
|
|
|
|
|
|
8
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
|
|
|
|
|
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust (BHL)
|
|
|
|
|
|
•
|
Fair Value Measurements -
Various inputs are used in determining the fair value of investments and
derivative financial instruments. These inputs are categorized into a disclosure
hierarchy consisting of three broad levels for financial reporting purposes
as follows:
|
|
|
|
|
|
|
•
|
Level 1 — unadjusted 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)
|
Changes valuations techniques
ay result in transfers in or out of an assigned level within the disclosure
hierarchy. The categorization of a value determined for investments and
derivative financial instruments is based on the pricing transparency of the
investment and derivative financial instrument and does not necessarily
correspond to the Trust’s perceived risk of 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
annual report.
The following tables
summarize the inputs used as of November 30, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed
Securities
|
|
|
—
|
|
$
|
1,149,318
|
|
$
|
2,303,055
|
|
$
|
3,452,373
|
|
|
Common
Stocks
|
|
$
|
149,634
|
|
|
123,492
|
|
|
956,094
|
|
|
1,229,220
|
|
|
Corporate
Bonds
|
|
|
—
|
|
|
20,550,398
|
|
|
—
|
|
|
20,550,398
|
|
|
Floating Rate
Loan Interests
|
|
|
—
|
|
|
128,107,597
|
|
|
7,838,669
|
|
|
135,946,266
|
|
|
Short-Term
Securities
|
|
|
784,236
|
|
|
—
|
|
|
—
|
|
|
784,236
|
|
|
Total
|
|
$
|
933,870
|
|
$
|
149,930,805
|
|
$
|
11,097,818
|
|
$
|
161,962,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
Derivative Financial Instruments
1
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
Exchange
Contracts
|
|
|
—
|
|
$
|
116,823
|
|
|
—
|
|
$
|
116,823
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
Exchange
Contracts
|
|
|
—
|
|
|
(18,804
|
)
|
|
—
|
|
|
(18,804
|
)
|
|
Total
|
|
|
—
|
|
$
|
98,019
|
|
|
—
|
|
$
|
98,019
|
|
|
|
|
|
1
|
Derivative financial
instruments are foreign currency exchange contracts, which are valued at
unrealized appreciation/depreciation on the instrument.
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
NOVEMBER 30, 2011
|
9
|
|
|
|
|
|
|
|
Schedule of Investments
(concluded)
|
BlackRock Defined Opportunity Credit Trust (BHL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table is a
reconciliation of Level 3 investments for which significant unobservable
inputs were used in determining fair value:
|
|
|
|
Asset-
Backed
Securities
|
|
Common
Stocks
|
|
Floating
Rate
Loan Interests
|
|
Total
|
|
|
Assets/Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, as of August 31, 2011
|
|
$
|
2,378,561
|
|
$
|
106,534
|
|
$
|
10,822,191
|
|
$
|
13,307,286
|
|
|
Accrued discounts/premiums
|
|
|
10,124
|
|
|
—
|
|
|
8,046
|
|
|
18,170
|
|
|
Net realized gain (loss)
|
|
|
—
|
|
|
—
|
|
|
6,555
|
|
|
6,555
|
|
|
Net change in unrealized
appreciation/depreciation
2
|
|
|
(85,630
|
)
|
|
595,039
|
|
|
15,579
|
|
|
524,988
|
|
|
Purchases
|
|
|
—
|
|
|
254,521
|
|
|
—
|
|
|
254,521
|
|
|
Sales
|
|
|
—
|
|
|
—
|
|
|
(709,940
|
)
|
|
(709,940
|
)
|
|
Transfers in
3
|
|
|
—
|
|
|
—
|
|
|
2,795,979
|
|
|
2,795,979
|
|
|
Transfers out
3
|
|
|
—
|
|
|
—
|
|
|
(5,099,741
|
)
|
|
(5,099,741
|
)
|
|
Balance,
as of November 30, 2011
|
|
$
|
2,303,055
|
|
$
|
956,094
|
|
$
|
7,838,669
|
|
$
|
11,097,818
|
|
|
|
|
|
2
|
The change in unrealized
appreciation/depreciation on securities still held on November 30, 2011 was
$525,878.
|
|
|
|
|
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 derivative financial
instruments at the beginning and/or end of period in relation to net assets.
|
|
|
|
|
|
|
|
|
10
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
NOVEMBER
30, 2011
|
|
Item 2 –
|
Controls and Procedures
|
|
|
|
|
2(a) –
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this
report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
|
|
|
|
|
2(b) –
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
|
|
|
|
Item 3 –
|
Exhibits
|
|
|
|
|
|
Certifications – Attached hereto
|
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
BlackRock 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: January 23, 2012
|
|
|
|
|
|
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: January 23, 2012
|
|
|
|
|
|
By:
|
/s/ Neal J. Andrews
|
|
|
|
|
Neal J. Andrews
|
|
|
|
Chief Financial Officer (principal financial officer) of
|
|
|
|
BlackRock Defined Opportunity Credit Trust
|
|
|
|
|
|
|
Date: January 23, 2012
|
Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted) (NYSE:BHL)
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