BHL Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted)

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: 08/31/2013

 

Date of reporting period: 11/30/2012

 

Item 1 – Schedule of Investments

Schedule of Investments November 30, 2012 (Unaudited)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Asset-Backed Securities
Anchorage Capital CLO Ltd., Series 2012-1A, Class B, 3.11%, 1/13/25 (a)(b)(c)		USD	500		$			472,500
Carlyle Global Market Strategies, Series 2012-4A, Class D, 4.81%, 1/20/25 (a)(b)(c)			250					241,705
Fraser Sullivan CLO Ltd., Series 2012-7A, Class C, 4.32%, 4/20/23 (a)(b)			215					202,463
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D, 4.53%, 4/17/23 (a)(b)			350					333,655
Highbridge Loan Management Ltd., Series 2012-1A, Class C, 5.71%, 9/20/22 (a)(b)			350					333,025
ING Investment Management, Series 2012-2A, Class D, 4.99%, 10/15/22 (a)(b)			350					337,750
LCM LP, Series 11A, Class D2, 4.27%, 4/19/22 (a)(b)			375					356,250
Marea CLO Ltd., Series 2012-1A, Class D, 5.01%, 10/16/23 (a)(b)			400					364,000
Octagon Investment Partners Ltd., Series 2012-1A, Class C, 4.31%, 1/15/24 (a)(b)(c)			250					231,000
Race Point CLO, Series 2012-6A, Class D, 4.81%, 5/24/23 (a)(b)			250					241,925
Symphony CLO Ltd. (a)(b):
	Series 2012-10A, Class D, 5.61%, 7/23/23		350					350,875
	Series 2012-9A, Class D, 4.58%, 4/16/22		500					476,500
West CLO Ltd., Series 2012-1A, Class C, 5.05%, 10/30/23 (a)(b)			250					241,850
Total Asset-Backed Securities – 3.2%							4,183,498
				Shares
Common Stocks (d)
Auto Components — 0.2%
Delphi Automotive Plc			5,981					203,294
Hotels, Restaurants & Leisure — 0.2%
BLB Worldwide Holdings, Inc.			21,020					302,163
Software — 0.2%
HMH Holdings/EduMedia			13,505					270,095
Total Common Stocks – 0.6%							775,552

 

				Par (000)			Value
Corporate Bonds
Airlines — 0.1%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23		USD	79		$			80,550
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18			53					59,744
								140,294
Auto Components — 0.9%
Icahn Enterprises LP:
	7.75%, 1/15/16		785					818,362
	8.00%, 1/15/18		340					361,250
								1,179,612
Building Products — 0.1%
Momentive Performance Materials, Inc., 8.88%, 10/15/20 (a)			160					158,800
Chemicals — 0.2%
Hexion US Finance Corp., 6.63%, 4/15/20			130					129,675
Ineos Finance Plc, 8.38%, 2/15/19 (a)			110					117,287
								246,962
Commercial Services & Supplies — 0.3%
ARAMARK Corp., 3.81%, 2/01/15 (b)			65					64,838
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (a)			304					320,517
								385,355
Communications Equipment — 0.5%
Zayo Group LLC/Zayo Capital, Inc.:
	8.13%, 1/01/20		380					415,150
	10.13%, 7/01/20		250					280,000
								695,150
Consumer Finance — 0.3%
Inmarsat Finance Plc, 7.38%, 12/01/17 (a)			325					346,125
Diversified Financial Services — 1.4%
Ally Financial, Inc., 2.62%, 12/01/14 (b)			440					438,270
FCE Bank Plc, 7.13%, 1/15/13		EUR	50					65,466
Reynolds Group Issuer, Inc.:
	7.13%, 4/15/19	USD	120					129,600
	5.75%, 10/15/20 (a)		930					950,925
	6.88%, 2/15/21		185					199,337
								1,783,598
Diversified Telecommunication Services — 0.1%
ITC Deltacom, Inc., 10.50%, 4/01/16			126					134,820

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     1

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Corporate Bonds
Energy Equipment & Services — 0.1%
FTS International Services LLC/FTS International Services, Inc., 8.13%, 11/15/18 (a)		USD	113		$			116,390
Health Care Providers & Services — 0.8%
CHS/Community Health Systems, Inc., 5.13%, 8/15/18			358					376,795
HCA, Inc., 6.50%, 2/15/20			375					420,937
Tenet Healthcare Corp., 6.25%, 11/01/18			185					203,500
								1,001,232
Health Care Technology — 0.8%
IMS Health, Inc., 12.50%, 3/01/18 (a)			850					1,005,125
Household Durables — 0.2%
Beazer Homes USA, Inc., 6.63%, 4/15/18 (a)			180					191,700
Independent Power Producers & Energy Traders — 1.6%
Calpine Corp., 7.25%, 10/15/17 (a)			220					235,400
Energy Future Holdings Corp., 10.00%, 1/15/20			230					244,375
Energy Future Intermediate Holding Co. LLC, 10.00%, 12/01/20			1,405					1,566,575
								2,046,350
IT Services — 0.2%
First Data Corp., 6.75%, 11/01/20 (a)			245					246,838
Machinery — 0.1%
UR Merger Sub Corp., 5.75%, 7/15/18 (a)			80					86,200
Media — 1.2%
AMC Networks, Inc., 7.75%, 7/15/21			105					119,175
Clear Channel Communications, Inc., 9.00%, 12/15/19 (a)			231					209,344
Clear Channel Worldwide Holdings, Inc. (a):
	6.50%, 11/15/22		192					191,040
	6.50%, 11/15/22		517					519,585
Unitymedia Hessen GmbH & Co. KG, 8.13%, 12/01/17 (a)			500					542,500
								1,581,644
Oil, Gas & Consumable Fuels — 0.1%
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			145					156,963
Paper & Forest Products — 0.1%
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (a)			155					162,363
				Par (000)			Value
Corporate Bonds
Pharmaceuticals — 0.1%
Valeant Pharmaceuticals International, 6.50%, 7/15/16 (a)		USD	85		$			89,675
Real Estate Management & Development — 0.1%
Realogy Corp., 7.63%, 1/15/20 (a)			165					183,975
Wireless Telecommunication Services — 1.7%
Cricket Communications, Inc., 7.75%, 5/15/16			1,125					1,189,687
Sprint Nextel Corp. (a):
	9.00%, 11/15/18		290					357,425
	7.00%, 3/01/20		550					636,625
								2,183,737
Total Corporate Bonds – 11.0%							14,122,908
Floating Rate Loan Interests (b)
Aerospace & Defense — 1.6%
DynCorp International, Term Loan B, 6.25%, 7/07/16			279					279,795
SI Organization, Inc., Term Loan B, 4.50%, 11/22/16			415					412,745
Spirit Aerosystems, Inc., Term Loan B, 3.75%, 4/18/19			368					369,376
TransDigm, Inc.:
	Add On Term Loan B2, 4.00%, 2/14/17		179					179,395
	Term Loan B, 4.00%, 2/14/17		531					532,991
Wesco Aircraft Hardware Corp., Term Loan B, 5.25%, 4/07/17			294					294,059
								2,068,361
Airlines — 1.1%
Delta Air Lines, Inc.:
	Term Loan, 3.64%, 9/16/15		360					336,600
	Term Loan B, 5.50%, 4/20/17		1,000					1,003,925
US Airways Group, Inc., Term Loan, 2.71%, 3/21/14			55					53,776
								1,394,301
Auto Components — 3.6%
Autoparts Holdings Ltd., First Lien Term Loan, 6.50%, 7/28/17			644					639,884
Federal-Mogul Corp.:
	Term Loan B, 2.15%, 12/29/14		867					804,704
	Term Loan C, 2.15%, 12/28/15		295					274,019
FleetPride Corp., First Lien Term Loan, 5.25%, 11/20/19			365					364,317

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     2

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Auto Components (concluded)
The Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19		USD	1,150		$			1,155,750
Schaeffler AG, Term Loan B, 4.11%, 1/27/15		EUR	470					599,034
Transtar Holding Co., First Lien Term Loan, 5.50%, 10/02/18		USD	495					497,475
UCI International, Inc., Term Loan B, 5.50%, 7/26/17			344					345,309
								4,680,492
Biotechnology — 0.5%
Grifols, Inc., Term Loan B, 4.50%, 6/01/17			636					642,243
Building Products — 1.9%
Armstrong World Industries, Inc., Term Loan B, 4.00%, 3/09/18			762					766,951
CPG International, Inc., Term Loan, 5.75%, 9/18/19			820					824,100
Wilsonart International Holdings LLC, Term Loan B, 5.50%, 10/19/19			800					804,000
								2,395,051
Capital Markets — 1.8%
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16			603					610,538
HarbourVest Partners LLC, Term Loan B, 4.75%, 11/21/17			385					385,481
Nuveen Investments, Inc.:
	Extended First Lien Term Loan, 5.81% - 5.86%, 5/13/17		391					390,814
	Extended Term Loan, 5.81% - 5.86%, 5/12/17		637					637,338
	Incremental Term Loan, 7.25%, 5/13/17		115					115,575
	Second Lien Term Loan, 8.25%, 2/28/19		145					147,175
								2,286,921
Chemicals — 5.0%
ADS Waste Holdings, Inc., Term Loan B, 5.25%, 10/09/19			1,125					1,136,812
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17			606					598,124
Ashland, Inc., Term Loan B, 3.75%, 8/23/18			277					279,679
Chemtura Corp., Exit Term Loan B, 5.50%, 8/27/16			655					662,781
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19			354					354,378
General Chemical Corp., Term Loan, 5.00% - 5.75%, 10/06/15			378					378,083
				Par (000)			Value
Floating Rate Loan Interests (b)
Chemicals (concluded)
INEOS US Finance LLC:
	3 Year Term Loan, 5.50%, 5/04/15	USD	90		$			90,977
	6 Year Term Loan, 6.50%, 5/04/18		616					622,856
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17			591					579,669
PolyOne Corp., Term Loan, 5.00%, 12/20/17			184					184,393
Styron Sarl LLC, Term Loan B, 8.00%, 8/02/17			251					240,226
Tronox Pigments (Netherlands) BV:
	Delayed Draw Term Loan, 4.25%, 2/08/18		186					186,944
	Term Loan B, 4.25%, 2/08/18		682					685,463
Univar, Inc., Term Loan B, 5.00%, 6/30/17			498					495,111
								6,495,496
Commercial Banks — 0.5%
Everest Acquisition LLC, Term Loan B1, 5.00%, 5/24/18			660					666,052
Commercial Services & Supplies — 4.7%
ACCO Brands Corp., Term Loan B, 4.25%, 4/30/19			645					650,319
Altegrity, Inc.:
	Term Loan, 2.96%, 2/21/15		170					157,675
	Tranche D Term Loan, 7.75%, 2/20/15		319					319,023
ARAMARK Corp.:
	Extended Synthetic LC, 3.46%, 7/26/16		9					9,391
	Extended Term Loan B, 3.46%, 7/26/16		211					211,138
	Extended Term Loan C, 3.46% - 3.61%, 7/26/16		116					116,572
	Letter of Credit, 3.46%, 7/26/16		14					13,885
AWAS Finance Luxembourg 2012 SA, Term Loan, 4.75%, 7/16/18			312					315,924
AWAS Finance Luxembourg Sarl, Term Loan B, 5.25%, 6/10/16			335					339,166
Delos Aircraft, Inc., Term Loan B2, 4.75%, 4/12/16			825					833,770
Garda World Security Corp., Term Loan B, 4.50%, 10/24/19			165					166,650
KAR Auction Services, Inc., Term Loan B, 5.00%, 5/19/17			1,184					1,191,209
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19			315					317,362
Protection One, Inc., Term Loan, 5.75%, 3/21/19			562					565,452

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     3

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Commercial Services & Supplies (concluded)
West Corp., Term Loan B6, 5.75%, 6/29/18		USD	898		$			911,216
								6,118,752
Communications Equipment — 2.9%
Avaya, Inc.:
	Extended Term Loan B3, 4.81%, 10/26/17		183					159,854
	Term Loan B1, 3.06%, 10/24/14		698					657,270
CommScope, Inc., Term Loan, 4.25%, 1/12/18			812					815,563
Zayo Group LLC, Term Loan B, 5.25%, 7/02/19			2,080					2,092,495
								3,725,182
Construction & Engineering — 0.9%
BakerCorp International, Inc., Term Loan B, 5.00%, 6/01/18			360					362,302
Safway Services LLC, First Out Term Loan, 9.00%, 12/16/17			750					750,000
								1,112,302
Construction Materials — 2.0%
HD Supply, Inc., Senior Debt B, 7.25%, 10/12/17			2,494					2,558,438
Consumer Finance — 2.3%
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17			1,870					1,874,675
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17			1,060					1,047,015
								2,921,690
Containers & Packaging — 0.5%
Berry Plastics Holding Corp., Term Loan C, 2.21%, 4/03/15			248					245,562
Sealed Air Corp., Term Loan, 4.00%, 10/03/18			385					387,887
								633,449
Diversified Consumer Services — 2.4%
Coinmach Service Corp.:
	Delayed Draw Term Loan, 3.21%, 11/20/14		241					233,388
	Term Loan B, 3.21%, 11/20/14		889					859,698
Education Management LLC, Term Loan C3, 8.25%, 3/29/18			248					213,805
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18			589					583,408
ServiceMaster Co.:
	Non-Extended Delayed Draw, 2.71%, 7/24/14		59					59,001
	Non-Extended Term Loan, 2.71%, 7/24/14		595					592,510
				Par (000)			Value
Floating Rate Loan Interests (b)
Diversified Consumer Services (concluded)
Weight Watchers International, Inc., Term Loan F, 4.00%, 3/15/19		USD	602		$			604,609
								3,146,419
Diversified Financial Services — 2.5%
Residential Capital LLC:
	DIP Term Loan A1, 5.00%, 11/18/13		580					580,244
	DIP Term Loan A2, 6.75%, 11/18/13		85					85,425
Reynolds Group Holdings Inc., Dollar Term Loan, 4.75%, 9/20/18			1,420					1,429,841
Telesat LLC, Term Loan B, 4.25%, 3/28/19			743					747,039
WMG Acquisition Corp., Term Loan, 5.25%, 10/25/18			370					372,660
								3,215,209
Diversified Telecommunication Services — 4.7%
Consolidated Communications, Inc., Term Loan B3, 11/29/18			880					876,700
Hawaiian Telcom Communications, Inc., Term Loan B, 7.00%, 2/28/17			530					538,946
Integra Telecom Holdings, Inc., Term Loan B, 9.25%, 4/15/15			806					804,421
Level 3 Financing, Inc.:
	2016 Term Loan B, 4.75%, 2/01/16		670					670,000
	2019 Term Loan B, 5.25%, 8/01/19		650					654,063
	Term Loan, 4.75%, 8/01/19		1,735					1,743,675
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17			740					730,047
								6,017,852
Electronic Equipment, Instruments & Components — 0.8%
CDW LLC, Extended Term Loan, 4.00%, 7/14/17			519					512,051
Sensata Technologies Finance Co. LLC, Term Loan, 4.00%, 5/11/18			480					481,377
								993,428
Energy Equipment & Services — 2.6%
Dynegy Midwest Generation LLC, Coal Co. Term Loan, 9.25%, 8/04/16			448					462,408
Dynegy Power LLC, Gas Co. Term Loan, 9.25%, 8/04/16			513					534,289
MEG Energy Corp., Term Loan B, 4.00%, 3/16/18			1,285					1,289,959

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     4

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Energy Equipment & Services (concluded)
Tervita Corp.:
	Incremental Term Loan, 6.50%, 11/14/14	USD	347		$			347,087
	Term Loan B, 3.21%, 11/14/14		740					726,284
								3,360,027
Food & Staples Retailing — 1.9%
Alliance Boots Holdings Ltd., Term Loan B1, 3.49%, 7/09/15		GBP	900					1,398,317
Pilot Travel Centers LLC, Term Loan B2, 4.25%, 8/07/19		USD	485					487,425
US Foods, Inc., Extended Term Loan B, 5.75%, 3/31/17			618					608,073
								2,493,815
Food Products — 2.3%
Advance Pierre Foods, Inc., Second Lien Term Loan, 5.75%, 7/10/17			545					550,041
Del Monte Foods Co., Term Loan, 4.50%, 3/08/18			888					887,866
Michael Foods Group, Inc., Term Loan, 4.25%, 2/23/18			181					181,998
Pinnacle Foods Finance LLC:
	Extended Term Loan B, 3.71%, 10/03/16		40					39,656
	Term Loan E, 4.75%, 10/17/18		501					502,843
Solvest Ltd. (Dole):
	Term Loan B-2, 5.04%, 7/06/18		278					278,793
	Term Loan C-2, 5.00% - 6.00%, 7/06/18		498					498,893
								2,940,090
Health Care Equipment & Supplies — 5.7%
Bausch & Lomb, Inc., Term Loan B, 5.25%, 5/17/19			1,327					1,343,258
Biomet, Inc., Extended Term Loan B, 3.96%, 7/25/17			311					313,501
BSN Medical Acquisition Holding GmbH, Term Loan B, 5.00%, 7/27/19			385					385,770
DJO Finance LLC:
	Extended Term Loan B2, 5.21%, 11/01/16		189					189,482
	Term Loan B3, 6.25%, 9/15/17		1,055					1,058,465
Hologic, Inc., Term Loan B, 4.50%, 8/01/19			1,491					1,505,549
Hupah Finance, Inc., Term Loan B, 6.25% - 7.25%, 1/21/19			353					356,316
Iasis Healthcare LLC, Term Loan, 5.00%, 5/03/18			157					156,900
				Par (000)			Value
Floating Rate Loan Interests (b)
Health Care Equipment & Supplies (concluded)
Immucor, Inc., Term Loan B1, 5.75%, 8/17/18		USD	817		$			824,590
Kinetic Concepts, Inc., Term Loan B1, 7.00%, 5/04/18			924					930,032
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18			214					216,071
								7,279,934
Health Care Providers & Services — 5.2%
Ardent Medical Services, Inc., Term Loan, 6.75%, 5/23/18			265					266,325
CHG Buyer Corp., First Lien Term Loan, 5.00%, 11/22/19			465					463,838
ConvaTec, Inc., Term Loan, 5.00%, 12/22/16			581					583,996
DaVita, Inc.:
	Term Loan B, 4.50%, 10/20/16		1,008					1,013,345
	Term Loan B2, 4.00%, 11/01/19		630					631,235
Emergency Medical Services Corp., Term Loan, 5.25%, 5/25/18			633					638,327
Genesis Healthcare Corp., Term Loan B, 10.75%, 9/25/17			170					163,625
Harden Healthcare LLC:
	Add on Term Loan A, 7.75%, 3/02/15		427					413,996
	Term Loan A, 8.50%, 3/02/15		284					277,833
HCA, Inc., Extended Term Loan B3, 3.46%, 5/01/18			235					235,134
inVentiv Health, Inc.:
	Combined Term Loan, 6.50%, 8/04/16		235					221,042
	Incremental Term Loan B-3, 6.75%, 5/15/18		405					395,310
Medpace, Inc., Term Loan, 6.50% - 7.25%, 6/16/17			507					481,915
Sheridan Holdings, Inc., First Lien Term Loan, 6.00%, 6/29/18			299					301,213
US Renal Care, Inc., First Lien Term Loan, 6.25%, 7/02/19			514					518,850
Vanguard Health Holding Co. II LLC (Vanguard Health Systems, Inc.), Term Loan B, 5.00%, 1/29/16			59					59,788
								6,665,772
Health Care Technology — 0.8%
IMS Health, Inc., Term Loan B, 4.50%, 8/25/17			754					759,022

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     5

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Health Care Technology (concluded)
MedAssets, Inc., Term Loan, 5.00%, 11/16/16		USD	334		$			334,218
								1,093,240
Hotels, Restaurants & Leisure — 7.7%
Alpha D2 Ltd., Extended Term Loan B2, 6.00%, 4/29/19			607					613,879
Boyd Gaming Corp., Incremental Term Loan, 6.00%, 12/17/15			380					383,754
Caesars Entertainment Operating Co., Inc.:
	Extended Term Loan B6, 5.46%, 1/26/18		160					143,729
	Incremental Term Loan B4, 9.50%, 10/31/16		346					352,672
	Term Loan, 3.22%, 4/25/17		250					255,000
	Term Loan B1, 3.21%, 1/28/15		665					644,219
	Term Loan B2, 3.21%, 1/28/15		570					552,188
Dunkin' Brands, Inc., Term Loan B2, 4.00%, 11/23/17			1,022					1,027,110
Golden Living, Term Loan, 5.00%, 5/04/18			146					140,343
Harrah's Property Co., Mezzanine Term Loan, 3.20%, 2/13/13			978					820,857
Kronos, Inc., Second Lien Term Loan, 9.75%, 4/24/20			345					345,000
OSI Restaurant Partners, LLC, Term Loan B, 4.75%, 10/24/19			595					600,206
Sabre, Inc., Non-Extended Initial Term Loan, 2.21%, 9/30/14			54					53,981
SeaWorld Parks & Entertainment, Inc., Term Loan B, 4.00%, 8/17/17			428					430,342
Six Flags Theme Parks, Inc., Term Loan B, 4.25%, 12/20/18			690					692,463
Station Casinos, Inc.:
	2011 Term Loan B2, 4.21%, 6/17/16		95					91,002
	Term Loan B, 5.50%, 9/07/19		860					862,150
	Term Loan B1, 3.21%, 6/17/16		351					340,066
Twin River Worldwide Holdings, Inc., Term Loan, 8.50%, 11/05/15			484					485,915
Wendy’s International, Inc., Term Loan B, 4.75%, 5/15/19			1,085					1,094,266
								9,929,142
Household Products — 1.3%
Prestige Brands, Inc., Term Loan, 5.25% - 6.25%, 1/31/19			507					512,537
Spectrum Brands, Inc.:
	Term Loan, 5.00%, 11/06/19		955					960,969
				Par (000)			Value
Floating Rate Loan Interests (b)
Household Products (concluded)
Spectrum Brands, Inc. (concluded):
	Term Loan, 7.75%, 11/06/19	CAD	215		$			216,439
								1,689,945
Independent Power Producers & Energy Traders — 0.9%
The AES Corp., Term Loan, 4.25%, 6/01/18		USD	771					777,266
Calpine Corp., Term Loan, 4.50%, 4/02/18			214					215,796
GenOn Energy, Inc., Term Loan B, 6.50%, 12/01/17			125					125,073
								1,118,135
Industrial Conglomerates — 1.6%
Sequa Corp.:
	Incremental Term Loan, 6.25%, 12/03/14		198					197,991
	Term Loan, 3.46% - 3.61%, 12/03/14		1,870					1,863,143
								2,061,134
Insurance — 1.3%
Asurion LLC, First Lien Term Loan, 5.50%, 5/24/18			299					301,058
CNO Financial Group, Inc.:
	Term Loan B-1, 4.25%, 9/28/16		410					411,025
	Term Loan B-2, 5.00%, 9/20/18		560					562,800
Cunningham Lindsey Group, Inc., Term Loan B, 1.00%, 10/29/19			370					370,925
								1,645,808
Internet Software & Services — 0.4%
Web.com Group, Inc., Term Loan B, 11.00%, 10/27/17			522					518,941
IT Services — 5.7%
Ceridian Corp., Extended Term Loan, 5.96%, 5/09/17			957					953,527
First Data Corp.:
	2018 Add-on Term Loan, 5.21%, 9/24/18		595					582,059
	Extended 2018 Term Loan B, 4.21%, 3/23/18		2,910					2,768,400
Genpact International, Inc., Term Loan B, 4.25%, 8/30/19			810					816,075
InfoGroup, Inc., Term Loan, 5.75%, 5/25/18			296					261,026
iPayment, Inc., Term Loan B, 5.75%, 5/08/17			494					490,623
NeuStar, Inc., Term Loan B, 5.00%, 11/08/18			211					212,218
TransUnion LLC, Term Loan B, 5.50%, 2/12/18			1,263					1,279,355
								7,363,283

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     6

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Leisure Equipment & Products — 0.8%
Eastman Kodak Co., DIP Term Loan B, 8.50%, 7/19/13		USD	520		$			519,047
FGI Operating Company LLC, Term Loan, 5.50% - 6.50%, 4/19/19			514					517,806
								1,036,853
Machinery — 1.5%
Intelligrated, Inc., First Lien Term Loan, 6.75%, 7/30/18			400					403,500
Rexnord Corp., Term Loan B, 4.50%, 4/02/18			313					315,114
Terex Corp.:
	Term Loan B, 4.50%, 4/28/17		599					604,268
	Term Loan B, 5.00%, 4/28/17	EUR	59					77,060
Wabash National Corp., Term Loan B, 6.00%, 5/02/19		USD	547					552,722
								1,952,664
Media — 15.1%
Affinion Group, Inc., Term Loan B, 6.50%, 7/16/15			262					241,367
AMC Entertainment, Inc., Term Loan B3, 4.75%, 2/22/18			323					325,582
AMC Networks, Inc., Term Loan B, 4.00%, 12/31/18			790					791,580
BBHI Acquisition LLC, Term Loan B, 4.50%, 12/14/17			627					628,900
Capsugel Holdings US, Inc., Term Loan B, 4.75%, 8/01/18			555					559,398
Catalina Marketing Corp., Extended Term Loan B, 5.71%, 9/29/17			538					537,861
Cengage Learning Acquisitions, Inc.:
	Non-Extended Term Loan, 2.71%, 7/03/14		227					173,155
	Tranche 1 Incremental, 7.50%, 7/03/14		368					297,876
Charter Communications Operating LLC:
	Extended Term Loan C, 3.46%, 9/06/16		805					808,486
	Term Loan D, 4.00%, 5/15/19		314					315,941
Clarke American Corp., Term Facility B, 2.71%, 6/30/14			89					85,806
Clear Channel Communications, Inc.:
	Term Loan A, 3.61%, 7/30/14		611					596,755
	Term Loan B, 3.86%, 1/29/16		438					355,059
	Term Loan C, 3.86%, 1/29/16		180					142,716
Cumulus Media, Inc., First Lien Term Loan, 5.75%, 9/17/18			610					612,181
				Par (000)			Value
Floating Rate Loan Interests (b)
Media (concluded)
EMI Music Publishing Ltd., Term Loan B, 5.50%, 6/29/18		USD	359		$			362,511
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17			695					702,819
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19			515					516,787
Gray Television, Inc., Term Loan B, 4.75%, 10/15/19			635					636,473
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 7.25%, 6/01/18			433					424,169
Hubbard Broadcasting, Term Loan B, 5.25%, 4/28/17			425					425,991
Intelsat Jackson Holdings Ltd., Term Loan B-1, 4.50%, 4/02/18			2,363					2,368,661
Interactive Data Corp., Term Loan B, 4.50%, 2/12/18			1,312					1,318,624
Kabel Deutschland GmbH, Term Loan F, 4.25%, 2/01/19			770					774,428
Lavena Holding 4 GmbH:
	Term Loan B, 2.95%, 3/06/15	EUR	460					560,346
	Term Loan C, 3.32%, 3/04/16		460					563,340
LIN Television Corp., Term Loan B, 5.00%, 12/21/18		USD	323					324,379
Mediacom LLC, Tranche E Term Loan, 4.50%, 10/23/17			489					484,840
Nielsen Finance LLC, Class B Term Loan, 3.96%, 5/02/16			629					631,906
Sinclair Television Group, Inc., Term Loan B, 4.00%, 10/28/16			296					296,833
Univision Communications, Inc., Extended Term Loan, 4.46%, 3/31/17			770					751,203
UPC Broadband Holding BV, Term Loan U, 4.11%, 12/29/17		EUR	196					254,321
UPC Financing Partnership, Term Loan T, 3.71%, 12/30/16		USD	80					79,583
WC Luxco Sarl, Term Loan B-3, 4.25%, 3/15/18			185					185,569
Weather Channel, Term Loan B, 4.25%, 2/13/17			831					838,151
WideOpenWest Finance LLC, First Lien Term Loan, 6.25%, 7/17/18			519					524,245
								19,497,842
Metals & Mining — 3.4%
Constellium Holdco BV, Term Loan B, 9.25%, 5/25/18			519					518,700
Metals USA, Inc., Term Loan, 11/15/19			455					450,450
Novelis, Inc., Term Loan, 4.00%, 3/10/17			1,157					1,159,891

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     7

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

				Par (000)			Value
Floating Rate Loan Interests (b)
Metals & Mining (concluded)
SunCoke Energy, Inc., Term Loan B, 4.00%, 7/26/18		USD	444		$			443,265
Walter Energy, Inc., Term Loan B, 5.75%, 4/02/18			1,141					1,144,190
Windsor Financing LLC, Term Loan B, 5.00%, 10/31/19			650					643,500
								4,359,996
Multiline Retail — 3.2%
99¢ Only Stores, Term Loan, 5.25%, 1/11/19			521					526,019
BJ's Wholesale Club, Inc.:
	First Lien Term Loan, 5.75%, 9/26/19		415					419,611
	Second Lien Term Loan, 9.75%, 3/26/20		285					292,410
Dollar General Corp., Tranche B-2 Term Loan, 2.96%, 7/07/14			316					316,764
HEMA Holding BV, Second Lien Term Loan, 5.11%, 1/05/17		EUR	1,800					2,106,892
The Neiman Marcus Group, Inc., Extended Term Loan, 4.75%, 5/16/18		USD	435					434,909
								4,096,605
Oil, Gas & Consumable Fuels — 3.6%
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17			985					967,762
Gibson Energy ULC, Term Loan B, 4.75%, 6/15/18			740					748,149
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15			489					489,431
Plains Exploration & Production, 7-Year Term Loan B, 4.00%, 9/13/19			900					903,375
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18			295					296,844
Vantage Drilling Co., Term Loan, 6.25%, 10/26/17			1,315					1,295,275
								4,700,836
Paper & Forest Products — 0.2%
NewPage Corp., DIP Term Loan, 8.75%, 3/07/13			200					199,876
Pharmaceuticals — 5.3%
Alkermes, Inc., Term Loan, 4.50%, 9/18/19			130					130,758
Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17			1,112					1,111,825
Par Pharmaceutical Cos., Inc., Term Loan B, 5.00%, 9/30/19			1,305					1,300,654
				Par (000)			Value
Floating Rate Loan Interests (b)
Pharmaceuticals (concluded)
Pharmaceutical Product Development, Inc., Term Loan B, 6.25%, 12/05/18		USD	1,395		$			1,415,146
Quintiles Transnational Corp., Term Loan B, 5.00%, 6/08/18			588					588,885
RPI Finance Trust, Incremental Tranche 2, 4.00%, 11/09/18			89					89,924
Valeant Pharmaceuticals International, Inc.:
	Series C Tranche B, 6.50%, 9/27/19		615					616,845
	Series D Tranche B, 4.25%, 2/13/19		1,020					1,024,140
Warner Chilcott Corp.:
	Incremental Term Loan B-1, 4.25%, 3/15/18		102					102,504
	Term Loan B-1, 4.25%, 3/15/18		269					269,919
	Term Loan B-2, 4.25%, 3/15/18		134					134,959
								6,785,559
Professional Services — 1.8%
Booz Allen Hamilton, Inc., Term Loan B, 4.50%, 7/31/19			645					649,973
Emdeon, Inc., Term Loan B1, 5.00%, 11/02/18			789					798,835
ON Assignment, Inc., Term Loan B, 5.00%, 5/15/19			256					257,568
Truven Health Analytics, Inc., Term Loan B, 5.75%, 6/01/19			603					603,337
								2,309,713
Real Estate Investment Trusts (REITs) — 0.6%
iStar Financial, Inc., Term Loan, 5.75%, 9/28/17			786					785,822
Real Estate Management & Development — 1.6%
Realogy Corp.:
	Extended Letter of Credit Loan, 4.46%, 10/10/16 (c)		97					97,213
	Extended Synthetic Letter of Credit, 3.24%, 10/10/13		23					22,730
	Extended Term Loan, 4.46%, 10/10/16		1,815					1,811,892
Stockbridge SBE Holdings LLC, Term Loan B, 13.00%, 5/02/17			85					83,938
								2,015,773
Road & Rail — 0.4%
Genesee & Wyoming, Inc., Term Loan A, 2.50%, 9/29/17			270					269,325
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18			234					233,241
								502,566

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     8

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

					Par (000)			Value
Floating Rate Loan Interests (b)
Semiconductors & Semiconductor Equipment — 0.8%
Freescale Semiconductor, Inc., Extended Term Loan B, 4.46%, 12/01/16		USD	629			$			609,430
NXP BV, Term Loan A-2, 5.50%, 3/03/17			391						397,012
									1,006,442
Software — 3.8%
Blackboard, Inc., Term Loan B, 7.50%, 10/04/18			116						116,661
GCA Services Group, Inc.:
	Second Lien Term Loan, 9.25%, 10/22/20		195						193,050
	Term Loan B, 5.25%, 10/22/19		440						438,165
Infor US, Inc., Term Loan B2, 5.25%, 4/05/18			1,781						1,797,008
Sophia LP, Term Loan B, 6.25%, 7/19/18			638						645,014
SS&C Technologies, Inc.:
	Term Loan B-1, 5.00%, 6/07/19		858						867,701
	Term Loan B-2, 5.00%, 6/07/19		89						89,762
WaveDivision Holdings LLC, Term Loan B, 5.50%, 8/09/19			700						708,750
									4,856,111
Specialty Retail — 6.8%
Academy Ltd., Term Loan, 4.75%, 8/03/18			794						795,985
Bass Pro Group LLC, Term Loan, 6.25%, 11/30/19			620						619,888
Burlington Coat Factory Warehouse Corp., Term Loan B1, 5.50%, 2/23/17			164						165,559
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19			920						915,400
Equinox Fitness Clubs, First Lien Term Loan, 5.75%, 11/16/19			455						453,863
The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18			122						118,036
Harbor Freight Tools USA, Inc., Term Loan B, 5.50%, 11/14/17			459						461,525
Jo-Ann Stores, Inc., Term Loan, 4.75%, 3/16/18			284						284,364
Leslie's Poolmart, Inc., Term Loan B, 5.25%, 10/28/19			695						696,337
Michaels Stores, Inc.:
	Extended Term Loan B3, 4.88% - 4.94%, 7/29/16		334						337,359
	Term Loan B2, 4.88% - 4.94%, 7/29/16		671						676,691
					Par (000)			Value
Floating Rate Loan Interests (b)
Specialty Retail (concluded)
Party City Holdings Inc., Term Loan B, 5.75%, 7/26/19			920			$			928,050
PETCO Animal Supplies, Inc., Term Loan, 4.50%, 11/24/17		USD	983						987,365
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18			315						308,700
Toys ‘R’ Us Delaware, Inc.:
	Term Loan, 6.00%, 9/01/16		299						294,675
	Term Loan B3, 5.25%, 5/25/18		95						92,221
The Yankee Candle Co., Inc., Term Loan B, 5.25%, 4/02/19			632						637,486
									8,773,504
Textiles, Apparel & Luxury Goods — 1.1%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18			920						901,967
Wolverine Worldwide, Inc., Term Loan B, 4.00%, 7/31/19			539						541,604
									1,443,571
Thrifts & Mortgage Finance — 0.3%
Insight Global, Inc., First Lien Term Loan, 6.00%, 10/31/19			450						447,750
Wireless Telecommunication Services — 2.3%
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19			490						492,146
MetroPCS Wireless, Inc., Tranche B-2 Term Loan, 4.07%, 11/03/16			759						762,120
Vodafone Americas Finance 2, Inc. (e):
	Term Loan, 6.88%, 8/11/15		1,314						1,340,404
	Term Loan B, 6.25%, 7/11/16		413						423,844
									3,018,514
Total Floating Rate Loan Interests – 129.7%								167,020,901
Warrants (f)					Shares
Software — 0.0%
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)			691						—
Total Warrants – 0.0%								—
Total Long-Term Investments (Cost – $183,408,553) – 144.5%								186,102,859

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

NOVEMBER 30, 2012     9

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL) (Percentages shown are based on Net Assets)

 

Short-Term Securities				Shares			Value
Money Market Funds — 2.4%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (g)(h)		3,110,802			$			3,110,802
Total Short-Term Securities (Cost – $3,110,802) – 2.4%							3,110,802
Total Investments (Cost - $186,519,355*) – 146.9%							189,213,661
Liabilities in Excess of Other Assets – (46.9)%							(60,399,228)
Net Assets – 100.0%					$		128,814,433

 

*	As of November 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

	Tax cost	$	186,774,889
	Gross unrealized appreciation	$	3,466,576
	Gross unrealized depreciation		(1,027,804)
	Net unrealized appreciation	$	2,438,772

 

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. 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)	When-issued security. Unsettled when-issued transactions were as follows:

 

	Counterparty		Value		Unrealized Appreciation
	Deutsche Bank AG	$	231,000	$	—
	JPMorgan Chase & Co.	$	472,500	$	—
	JPMorgan Chase & Co.	$	97,213	$	4,974
	Wells Fargo & Co.	$	241,705	$	3,893

 

(d)	Non-income producing security.
(e)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(f)	Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.
(g)	Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2012, 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, 2012			Net Activity		Shares Held at November 30, 2012		Income
	BlackRock Liquidity Funds, TempFund, Institutional Class		2,326,441		784,361			3,110,802	$	258

(h)	Represents the current yield as of report date.

Portfolio Abbreviations

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:

CAD	Canadian Dollar
DIP	Debtor-In-Possession
EUR	Euro
GBP	British Pound
USD	US Dollar

 

Foreign currency exchange contracts as of November 30, 2012 were as follows:

	Currency Purchased				Currency Sold				Counterparty		Settlement Date		Unrealized  Appreciation
	CAD			213,000		USD		213,917		Citigroup, Inc.		1/16/13	$	315
	USD			214,523		CAD		213,000		Goldman Sachs Group, Inc.		1/16/13		292
	USD			103,787		CAD		101,500		UBS AG		1/16/13		1,701
	USD			1,305,514		GBP		814,500		Goldman Sachs Group, Inc.		1/16/13		665
	EUR			11,000		USD		14,051		Citigroup, Inc.		1/23/13		262
	EUR			460,000		USD		594,032		Citigroup, Inc.		1/23/13		4,531
	EUR			560,000		USD		718,232		UBS AG		1/23/13		10,453
	USD			4,816,780		EUR		3,673,000		UBS AG		1/23/13		37,385
	Total												$	55,604

 

•	Credit default swap - sold protection outstanding as of November 30, 2012 were as follows:

 

Issuer

Receive Fixed Rate

Counterparty

Expiration Date

Issuer Credit Rating 1

Notional Amount (000) 2

Unrealized Appreciation

Caesars Entertainment Operating Co., Inc.

5.00%

JPMorgan Chase & Co.

12/20/15

CCC

$

124

$

3,896

 

1 Using Standard & Poor's rating of the underlying securities.

2 The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

 

•

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.

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques 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 that the Trust has the ability to access

 

 

•

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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 is not necessarily an indication of the risks 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 annual report.

 

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2012:

 

					Level 1						Level 2									Level 3						Total
Assets:
Investments:
	Long-Term Investments:
	Asset-Backed Securities					—		$			703,500					$				3,479,998						$						4,183,498
	Common Stocks					—					505,457									270,095						775,552
	Corporate Bonds					—					14,122,908									—						14,122,908
	Floating Rate Loan Interests					—					149,540,712									17,480,189						167,020,901
	Short-Term Securities	$				3,110,802					—									—												3,110,802
	Unfunded Loan Commitment					—					393									—												393
Total		$				3,110,802		$			164,872,970					$				21,230,282						$						189,214,054
			Level 1											Level 2				Level 3												Total
Derivative Financial Instruments 1
Assets:
	Credit contracts					—				$		3,896									—						$				3,896
	Foreign currency exchange contracts					—						55,604									—										55,604
	Total					—				$		59,500									—						$				59,500

 

1

Derivative financial instruments are swaps and foreign currency exchange contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

			Level 1				Level 2		Level 3				Total
Assets:
	Foreign currency at value	$		7,618			—				—	$			7,618
Liabilities:
	Loans payable			—	$		(49,000,000)				—			(49,000,000)
Total		$		7,618	$		(49,000,000)				—	$			(48,992,382)

 

There were no transfers between Level 1 and Level 2 during the period ended November 30, 2012.

 

 

 

 

 

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. 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:
Opening Balance, as of August 31, 2012	$3,427,772	—	$10,204,028	$13,631,800
Transfers into Level 3 1	—	$330,866	6,107,895	6,438,761
Transfers out of Level 3 1	—	—	(3,220,647)	(3,220,647)
Accrued discounts/ premiums	7,126	—	6,804	13,930
Net realized gain (loss)	69,457	—	15,514	84,971
Net change in unrealized appreciation/depreciation 2	169,663	(60,771)	57,281	166,173
Purchases	838,833	—	5,157,520	5,996,353
Sales	(1,032,853)	—	(848,206)	(1,881,059)
Closing Balance, as of November 30, 2012	$3,479,998	$270,095	$17,480,189	$21,230,282

 

1

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2012, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $6,438,761 transferred from Level 2 to Level 3 in the disclosure hierarchy. As of August 31, 2012, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 2012, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,220,647 transferred from Level 3 to Level 2 in the disclosure hierarchy.

2

The change in unrealized appreciation/depreciation on investments still held as of November 30, 2012 was $175,891.

 

The following table summarizes the valuation techniques used and unobservable inputs developed by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of November 30, 2012. The table does not include Level 3 investments with values derived utilizing transaction prices from recent prior transactions or third party pricing information without adjustment for which such inputs are also unobservable. A significant change in third party pricing information could result in a significantly lower or higher value of such Level 3 investments. The value of Level 3 investments derived using prices from prior transactions and/or third party pricing information is $19,479,753.

	Value	Valuation Techniques	Unobservable Inputs 1	Range of Unobservable Inputs Utilized	Weighted Average of Unobservable Inputs 2
Assets:
Floating Rate Loan Interests	$1,750,529	Market Comparable Companies	Yield	9.64%	9.64%
		Cost	N/A 3
Total	$1,750,529

 

1

A change to the unobservable input may result in a significant change to the value of the investment as follows:

 

Unobservable Input		Impact to Value if Input Increases			Impact to Value if Input Decreases
Yield		Decrease		Increase

 

² Unobservable inputs are weighted based on the value of the investments included in the range.

³ The Trust fair values certain of its Level 3 investments using prior transaction prices (acquisition cost), although the transaction may not have occurred during the current reporting period. In such cases, these investments are generally privately held investments. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Global Valuation Committee, or its delegate. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Trust.

 

 

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, 2013

 

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, 2013

 

By:  /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Defined Opportunity Credit Trust

 

Date: January 23, 2013