- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
26 Julio 2012 - 1:37PM
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: 05/31/2012
Item
1 – Schedule of Investments
|
Schedule of Investments
May 31, 2012 (Unaudited)
|
BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|
|
|
|
American Airlines Pass-Through
|
|
|
|
Trust, Series 2011-2, Class A,
|
|
|
|
8.63%, 10/15/21
|
USD
|
125
|
$
|
131,451
|
|
Fraser Sullivan CLO Ltd., Series
|
|
|
|
2012-7A, Class C, 4.47%,
|
|
|
|
|
4/20/23 (a)(b)
|
|
215
|
191,028
|
|
Gannett Peak CLO Ltd., Series
|
|
|
|
|
2006-1X, Class A2, 0.83%,
|
|
|
|
|
10/27/20 (b)
|
|
265
|
215,975
|
|
Goldentree Loan Opportunities VI
|
|
|
|
Ltd., Series 2012-6A, Class D,
|
|
|
|
4.61%, 4/17/22 (a)(b)
|
|
350
|
323,645
|
|
Goldman Sachs Asset
|
|
|
|
|
Management CLO Plc, Series
|
|
|
|
2007-1A, Class B, 0.92%,
|
|
|
|
|
8/01/22 (a)(b)
|
|
580
|
475,600
|
|
LCM LP, Series 11A, Class D2,
|
|
|
|
|
4.28%, 4/19/22 (a)(b)
|
|
375
|
334,500
|
|
MAPS CLO Fund LLC, Series 2005-
|
|
|
|
1A, Class C, 1.42%, 12/21/17
|
|
|
|
(a)(b)
|
|
260
|
245,544
|
|
Race Point CLO, Series 2012-6A,
|
|
|
|
Class D, 4.97%, 5/24/23 (a)(b)
|
250
|
234,050
|
|
Symphony CLO Ltd., Series 2012-
|
|
|
|
9A, Class D, 4.62%, 4/16/22
|
|
|
|
(a)(b)
|
|
500
|
463,850
|
|
Total Asset-Backed Securities – 2.1%
|
|
2,615,643
|
|
|
|
|
|
Shares
|
|
|
Common Stocks (c)
|
|
|
|
|
Auto Components — 0.7%
|
|
|
|
|
Delphi Automotive Plc
|
|
30,737
|
892,295
|
|
Hotels, Restaurants & Leisure — 0.2%
|
|
|
|
BLB Worldwide Holdings, Inc.
|
|
21,020
|
250,138
|
|
Software — 0.0%
|
|
|
|
|
HMH Holdings/EduMedia
|
|
53,267
|
533
|
|
Total Common Stocks – 0.9%
|
|
|
1,142,966
|
|
|
|
|
|
Par
(000)
|
|
|
Corporate Bonds
|
|
|
|
|
Airlines — 0.0%
|
|
|
|
|
Delta Air Lines, Inc., Series 2009-1,
|
|
|
|
Class B, 9.75%, 6/17/18
|
USD
|
55
|
59,216
|
|
Auto Components — 1.0%
|
|
|
|
|
Icahn Enterprises LP:
|
|
|
|
|
7.75%, 1/15/16
|
|
785
|
824,250
|
|
|
|
Par
(000)
|
Value
|
|
Corporate Bonds
|
|
|
|
|
Auto Components (concluded)
|
|
|
|
|
Icahn Enterprises LP (concluded):
|
|
|
|
|
8.00%, 1/15/18
|
USD
|
340
|
$
|
359,975
|
|
|
|
|
1,184,225
|
|
Chemicals — 0.4%
|
|
|
|
|
Hexion US Finance Corp., 6.63%,
|
|
|
|
|
4/15/20 (a)
|
|
245
|
248,062
|
|
Ineos Finance Plc (a):
|
|
|
|
|
8.38%, 2/15/19
|
|
110
|
113,025
|
|
7.50%, 5/01/20
|
|
160
|
158,400
|
|
|
|
|
519,487
|
|
Commercial Banks — 0.1%
|
|
|
|
|
CIT Group, Inc., 7.00%, 5/02/16 (a)
|
|
180
|
179,775
|
|
Commercial Services & Supplies — 0.3%
|
|
|
|
ARAMARK Corp., 3.97%, 2/01/15 (b)
|
65
|
64,675
|
|
AWAS Aviation Capital Ltd., 7.00%,
|
|
|
|
|
10/17/16 (a)
|
|
322
|
332,316
|
|
|
|
|
396,991
|
|
Consumer Finance — 0.3%
|
|
|
|
|
Inmarsat Finance Plc, 7.38%,
|
|
|
|
|
12/01/17 (a)
|
|
325
|
346,125
|
|
Diversified Financial Services — 0.6%
|
|
|
|
Ally Financial, Inc., 2.69%,
|
|
|
|
|
12/01/14 (b)
|
|
440
|
421,493
|
|
FCE Bank Plc, 7.13%, 1/15/13
|
EUR
|
50
|
63,757
|
|
Reynolds Group Issuer, Inc. (a):
|
|
|
|
|
7.13%, 4/15/19
|
USD
|
120
|
123,300
|
|
6.88%, 2/15/21
|
|
185
|
187,775
|
|
|
|
|
796,325
|
|
Diversified Telecommunication Services — 0.1%
|
|
|
ITC Deltacom, Inc., 10.50%,
|
|
|
|
|
4/01/16
|
|
140
|
147,350
|
|
Health Care Providers & Services — 0.5%
|
|
|
|
HCA, Inc., 6.50%, 2/15/20
|
|
400
|
422,500
|
|
Tenet Healthcare Corp., 6.25%,
|
|
|
|
|
11/01/18 (a)
|
|
185
|
186,850
|
|
|
|
|
609,350
|
|
Health Care Technology — 0.8%
|
|
|
|
|
IMS Health, Inc., 12.50%, 3/01/18 (a)
|
850
|
994,500
|
|
Household Durables — 0.4%
|
|
|
|
|
Beazer Homes USA, Inc., 12.00%,
|
|
|
|
|
10/15/17
|
|
405
|
436,387
|
|
Independent Power Producers & Energy Traders — 1.7%
|
|
|
Calpine Corp., 7.25%, 10/15/17 (a)
|
|
245
|
258,475
|
|
Energy Future Holdings Corp.,
|
|
|
|
|
10.00%, 1/15/20
|
|
285
|
302,813
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2012
|
1
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)
|
|
|
|
Par
(000)
|
Value
|
|
Corporate Bonds
|
|
|
|
|
Independent Power Producers & Energy Traders (concluded)
|
|
|
Energy Future Intermediate Holding
|
|
|
|
Co. LLC, 10.00%, 12/01/20
|
USD
|
1,405
|
$
|
1,513,887
|
|
|
|
|
2,075,175
|
|
Machinery — 0.1%
|
|
|
|
|
UR Financing Escrow Corp., 5.75%,
|
|
|
|
7/15/18 (a)
|
|
80
|
81,400
|
|
Media — 1.4%
|
|
|
|
|
AMC Networks, Inc., 7.75%,
|
|
|
|
|
7/15/21 (a)
|
|
105
|
116,550
|
|
Clear Channel Worldwide Holdings, Inc.:
|
|
|
|
9.25%, 12/15/17
|
|
185
|
197,950
|
|
Series B, 9.25%, 12/15/17
|
850
|
913,750
|
|
Unitymedia Hessen GmbH & Co.
|
|
|
|
KG, 8.13%, 12/01/17 (a)
|
|
500
|
527,500
|
|
|
|
|
1,755,750
|
|
Oil, Gas & Consumable Fuels — 0.2%
|
|
|
|
Coffeyville Resources LLC, 9.00%,
|
|
|
|
4/01/15 (a)
|
|
126
|
134,190
|
|
Everest Acquisition LLC/Everest
|
|
|
|
Acquisition Finance, Inc., 6.88%,
|
|
|
|
5/01/19 (a)
|
|
165
|
169,125
|
|
|
|
|
303,315
|
|
Paper & Forest Products — 0.1%
|
|
|
|
Longview Fibre Paper & Packaging,
|
|
|
|
Inc., 8.00%, 6/01/16 (a)
|
|
155
|
153,838
|
|
Pharmaceuticals — 0.2%
|
|
|
|
|
Valeant Pharmaceuticals International,
|
|
|
|
6.50%, 7/15/16 (a)
|
|
185
|
188,700
|
|
Real Estate Management & Development — 0.1%
|
|
|
Realogy Corp., 7.63%, 1/15/20 (a)
|
165
|
169,538
|
|
Wireless Telecommunication Services — 1.7%
|
|
|
|
Cricket Communications, Inc.,
|
|
|
|
|
7.75%, 5/15/16
|
|
1,125
|
1,186,875
|
|
Sprint Nextel Corp. (a):
|
|
|
|
|
9.00%, 11/15/18
|
|
290
|
313,925
|
|
7.00%, 3/01/20
|
|
550
|
554,125
|
|
|
|
|
2,054,925
|
|
Total Corporate Bonds – 10.0%
|
|
|
12,452,372
|
|
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Aerospace & Defense — 1.8%
|
|
|
|
|
DynCorp International, Term Loan
|
|
|
|
B, 6.25%, 7/07/16
|
|
326
|
324,524
|
|
SI Organization, Inc., New Term
|
|
|
|
|
Loan B, 4.50%, 11/22/16
|
|
417
|
405,974
|
|
Spirit Aerosystems, Inc., Term Loan
|
|
|
|
B, 3.75%, 4/18/19
|
|
410
|
409,078
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Aerospace & Defense (concluded)
|
|
|
|
|
TransDigm, Inc.:
|
|
|
|
|
Add on Term Loan B2, 4.00%,
|
|
|
|
|
2/14/17
|
USD
|
180
|
$
|
178,428
|
|
Term Loan (First Lien), 4.00%,
|
|
|
|
|
2/14/17
|
|
669
|
663,659
|
|
Wesco Aircraft Hardware Corp.,
|
|
|
|
|
Term Loan B, 4.25%, 4/07/17
|
|
294
|
292,846
|
|
|
|
|
2,274,509
|
|
Airlines — 0.8%
|
|
|
|
|
Delta Air Lines, Inc., Credit - New
|
|
|
|
|
Term Loan B, 5.50%, 4/20/17
|
|
1,005
|
998,770
|
|
Auto Components — 3.4%
|
|
|
|
|
Allison Transmission, Inc., Term
|
|
|
|
|
Loan B, 2.74%, 8/07/14
|
|
1,309
|
1,283,889
|
|
August LuxUK Holding Co. Sarl,
|
|
|
|
|
Luxco Term Loan, 6.25%,
|
|
|
|
|
4/27/18
|
|
57
|
56,662
|
|
Autoparts Holdings Ltd., First Lien
|
|
|
|
|
Term Loan, 6.50%, 7/28/17
|
|
647
|
625,731
|
|
Federal-Mogul Corp.:
|
|
|
|
|
Term Loan B, 2.18%,
|
|
|
|
|
12/29/14
|
|
643
|
604,869
|
|
Term Loan C, 2.18%,
|
|
|
|
|
12/28/15
|
|
181
|
169,735
|
|
The Goodyear Tire & Rubber
|
|
|
|
|
Company, Term Loan (Second
|
|
|
|
|
Lien), 4.75%, 4/30/19
|
|
695
|
672,850
|
|
Schaeffler AG, Term Loan C2,
|
|
|
|
|
6.00%, 1/27/17
|
|
480
|
477,600
|
|
UCI International, Inc., Term Loan,
|
|
|
|
|
5.50%, 7/26/17
|
|
346
|
344,761
|
|
|
|
|
4,236,097
|
|
Biotechnology — 0.5%
|
|
|
|
|
Grifols, Inc., Term Loan B, 4.50%,
|
|
|
|
|
6/01/17
|
|
685
|
675,282
|
|
Building Products — 3.4%
|
|
|
|
|
Armstrong World Industries, Inc.,
|
|
|
|
|
Term Loan B, 4.00%, 3/09/18
|
|
700
|
691,875
|
|
CPG International, Inc., Term Loan
|
|
|
|
|
B, 6.00%, 2/18/17
|
|
790
|
760,375
|
|
Goodman Global, Inc., Initial Term
|
|
|
|
|
Loan (First Lien), 5.75%,
|
|
|
|
|
10/28/16
|
|
2,094
|
2,086,521
|
|
Momentive Performance Materials,
|
|
|
|
|
Inc. (Nautilus), Extended Term
|
|
|
|
|
Loan, 3.89%, 5/05/15
|
EUR
|
562
|
638,005
|
|
|
|
|
4,176,776
|
|
Capital Markets — 1.8%
|
|
|
|
|
American Capital Ltd., Term Loan B,
|
|
|
|
|
7.50%, 12/31/13
|
USD
|
61
|
60,831
|
|
HarbourVest Partners, Term Loan
|
|
|
|
|
(First Lien), 6.25%, 12/16/16
|
|
799
|
799,363
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
Capital Markets (concluded)
|
|
|
|
|
Nuveen Investments, Inc.:
|
|
|
|
|
(First Lien), Term Loan, 5.97%,
|
|
|
|
5/13/17
|
USD
|
391
|
$
|
384,167
|
|
Incremental Term Loan, 7.25%,
|
|
|
|
5/13/17
|
|
160
|
159,600
|
|
Term Loan, 5.97%, 5/12/17
|
782
|
771,191
|
|
|
|
|
2,175,152
|
|
Chemicals — 7.0%
|
|
|
|
|
American Rock Salt Holdings LLC,
|
|
|
|
Term Loan, 5.50%, 4/25/17
|
|
609
|
577,188
|
|
Ashland, Inc., Term Loan B, 3.75%,
|
|
|
|
8/23/18
|
|
373
|
370,639
|
|
Chemtura Corp., Exit Term Loan B,
|
|
|
|
5.50%, 8/27/16
|
|
750
|
749,378
|
|
Gentek, Inc., Term Loan B, 5.00% -
|
|
|
|
5.75%, 10/06/15
|
|
491
|
491,210
|
|
Ineos US Finance LLC:
|
|
|
|
|
3 Year Term Loan, 5.50%,
|
|
|
|
|
5/04/15
|
|
90
|
89,494
|
|
6 year Term Loan, 6.50%,
|
|
|
|
|
5/04/18
|
|
3,100
|
3,036,326
|
|
Nexeo Solutions LLC, Term Loan B,
|
|
|
|
5.00% - 5.75%, 9/08/17
|
|
569
|
554,307
|
|
PolyOne Corp., Term Loan, 5.00%,
|
|
|
|
12/20/17
|
|
185
|
184,019
|
|
PQ Corp.(FKA Niagara Acquisition,
|
|
|
|
Inc.), Term Loan B, 3.99%,
|
|
|
|
|
7/30/14
|
|
1,071
|
1,026,909
|
|
Styron Sarl LLC, Term Loan B,
|
|
|
|
|
6.00% - 6.75%, 8/02/17
|
|
280
|
249,835
|
|
Tronox Worldwide LLC, Term Loan B,
|
|
|
|
4.25%, 2/08/18
|
|
581
|
571,254
|
|
Univar, Inc., Term Loan B, 5.00%,
|
|
|
|
6/30/17
|
|
881
|
856,388
|
|
|
|
|
8,756,947
|
|
Commercial Services & Supplies — 4.8%
|
|
|
|
ACCO Brands Corp., Term Loan B,
|
|
|
|
4.25%, 4/30/19
|
|
856
|
854,630
|
|
Altegrity, Inc.(FKA US Investigations
|
|
|
|
Services), Tranche D Term Loan,
|
|
|
|
7.75%, 2/20/15
|
|
637
|
631,254
|
|
ARAMARK Corp.:
|
|
|
|
|
Extended Term Loan B, 3.49%,
|
|
|
|
7/26/16
|
|
211
|
207,539
|
|
Extended Term Loan C, 3.49% -
|
|
|
|
3.72%, 7/26/16
|
|
116
|
114,585
|
|
Letter of Credit, 3.34%,
|
|
|
|
|
7/26/16
|
|
14
|
13,649
|
|
Letter of Credit Facility, 3.49%,
|
|
|
|
7/26/16
|
|
9
|
9,231
|
|
AWAS Finance Luxembourg Sarl,
|
|
|
|
Term Loan B, 5.25%, 6/10/16
|
361
|
359,636
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Commercial Services & Supplies (concluded)
|
|
|
|
Delos Aircraft, Inc., Term Loan B2,
|
|
|
|
4.75% - 7.00%, 4/12/16
|
USD
|
825
|
$
|
823,969
|
|
KAR Auction Services, Inc., Term
|
|
|
|
Loan B, 5.00%, 5/19/17
|
|
1,191
|
1,188,022
|
|
Protection One Alarm Monitoring,
|
|
|
|
Inc., Term Loan, 5.75%, 3/16/19
|
565
|
560,525
|
|
Synagro Technologies, Inc., Term
|
|
|
|
Loan B, 2.24% - 2.25%, 4/02/14
|
863
|
753,340
|
|
Volume Services America, Inc.,
|
|
|
|
|
Term Loan B, 10.50% - 11.75%,
|
|
|
|
9/16/16
|
|
493
|
489,629
|
|
|
|
|
6,006,009
|
|
Communications Equipment — 1.9%
|
|
|
|
Avaya, Inc.:
|
|
|
|
|
Term Loan B1, 3.22%,
|
|
|
|
|
10/24/14
|
|
566
|
533,251
|
|
Term Loan B3, 4.97%,
|
|
|
|
|
10/26/17
|
|
354
|
312,021
|
|
CommScope, Inc., Term Loan B,
|
|
|
|
4.25%, 1/12/18
|
|
816
|
810,514
|
|
Telesat LLC, Term Loan B, 4.25%,
|
|
|
|
3/28/19
|
|
745
|
735,024
|
|
|
|
|
2,390,810
|
|
Construction & Engineering — 0.9%
|
|
|
|
BakerCorp. International, Inc., Term
|
|
|
|
Loan B, 4.75%, 6/01/18
|
|
362
|
358,053
|
|
Safway Services LLC, First Out
|
|
|
|
|
Tranche Loan, 9.00%, 12/16/17
|
750
|
750,000
|
|
|
|
|
1,108,053
|
|
Construction Materials — 1.8%
|
|
|
|
|
HD Supply, Inc., Senior Debt B,
|
|
|
|
|
7.25%, 10/12/17
|
|
2,255
|
2,264,020
|
|
Consumer Finance — 1.6%
|
|
|
|
|
Springleaf Finance Corp.(FKA AGFS
|
|
|
|
Funding Co.), Term Loan, 5.50%,
|
|
|
|
5/10/17
|
|
2,135
|
1,968,641
|
|
Containers & Packaging — 0.8%
|
|
|
|
Berry Plastics Holding Corp., Term
|
|
|
|
Loan C, 2.24%, 4/03/15
|
|
249
|
239,270
|
|
Sealed Air Corp., Term Loan B,
|
|
|
|
|
4.75%, 10/03/18
|
|
717
|
717,763
|
|
|
|
|
957,033
|
|
Diversified Consumer Services — 4.3%
|
|
|
|
Coinmach Service Corp.:
|
|
|
|
|
Delayed Draw Term Loan,
|
|
|
|
|
3.24%, 11/20/14
|
|
242
|
225,508
|
|
Term Loan B, 3.24%,
|
|
|
|
|
11/20/14
|
|
1,018
|
946,964
|
|
Education Management LLC, Term
|
|
|
|
Loan C3, 8.25%, 3/29/18
|
|
310
|
303,490
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
Diversified Consumer Services (concluded)
|
|
|
|
Laureate Education, Inc., Extended
|
|
|
|
Term Loan, 5.25%, 8/15/18
|
USD
|
1,950
|
$
|
1,868,607
|
|
ServiceMaster Co.:
|
|
|
|
|
Delayed Draw Term Loan,
|
|
|
|
|
2.74%, 7/24/14
|
|
118
|
114,631
|
|
Term Loan, 2.74% - 2.97%,
|
|
|
|
|
7/24/14
|
|
1,183
|
1,151,127
|
|
Weight Watchers International, Inc.,
|
|
|
|
Term Loan F, 3.75%, 3/15/19
|
700
|
687,050
|
|
|
|
|
5,297,377
|
|
Diversified Financial Services — 1.9%
|
|
|
|
Reynolds Group Holdings, Inc.:
|
|
|
|
|
Tranche B Term Loan, 6.50%,
|
|
|
|
2/09/18
|
|
1,214
|
1,214,869
|
|
Tranche C Term Loan, 6.50%,
|
|
|
|
8/09/18
|
|
1,181
|
1,184,296
|
|
|
|
|
2,399,165
|
|
Diversified Telecommunication Services — 4.4%
|
|
|
Hawaiian Telcom Communications,
|
|
|
|
Inc., Term Loan B, 7.00%,
|
|
|
|
|
2/28/17
|
|
530
|
522,713
|
|
Integra Telecom Holdings, Inc.,
|
|
|
|
|
Term Loan B, 9.25%, 4/15/15
|
811
|
785,062
|
|
Level 3 Financing, Inc.:
|
|
|
|
|
Term Loan B2, 5.75%,
|
|
|
|
|
9/03/18
|
|
1,800
|
1,782,972
|
|
Term Loan B3, 5.75%,
|
|
|
|
|
8/31/18
|
|
550
|
544,797
|
|
Tranche A Term Loan, 2.49% -
|
|
|
|
2.72%, 3/13/14
|
|
1,200
|
1,167,504
|
|
U.S. Telepacific Corp., Term Loan B,
|
|
|
|
5.75%, 2/23/17
|
|
743
|
699,606
|
|
|
|
|
5,502,654
|
|
Electronic Equipment, Instruments & Components — 1.1%
|
|
|
CDW LLC(FKA CDW Corp.),
|
|
|
|
|
Extended Term Loan, 4.00%,
|
|
|
|
|
7/14/17
|
|
649
|
620,159
|
|
Sensata Technologies Finance Co.
|
|
|
|
LLC, Term Loan, 4.00%, 5/11/18
|
698
|
686,994
|
|
|
|
|
1,307,153
|
|
Energy Equipment & Services — 3.0%
|
|
|
|
Dynegy Midwest Generation LLC,
|
|
|
|
Coal Co. Term Loan, 9.25%,
|
|
|
|
|
8/04/16
|
|
515
|
525,399
|
|
Dynegy Power LLC, Gas Co. Term
|
|
|
|
Loan, 9.25%, 8/04/16
|
|
579
|
596,706
|
|
MEG Energy Corp., Term Loan B,
|
|
|
|
4.00%, 3/16/18
|
|
1,542
|
1,523,805
|
|
Tervita Corp.:
|
|
|
|
|
Incremental Term Loan, 6.50%,
|
|
|
|
10/17/14
|
|
349
|
347,379
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Energy Equipment & Services (concluded)
|
|
|
|
Tervita Corp. (concluded):
|
|
|
|
|
Term Loan B, (FKA CCS Corp.),
|
|
|
|
|
3.24%, 11/14/14
|
USD
|
744
|
$
|
713,642
|
|
|
|
|
3,706,931
|
|
Food & Staples Retailing — 1.8%
|
|
|
|
|
AB Acquisitions UK Topco 2 Ltd.,
|
|
|
|
|
Facility B1, 3.57%, 7/09/15
|
GBP
|
900
|
1,280,622
|
|
Bolthouse Farms, Inc., Term Loan
|
|
|
|
|
(First Lien), 5.50% - 5.75%,
|
|
|
|
|
2/11/16
|
USD
|
213
|
212,900
|
|
US Foods, Inc.(FKA US Foodservice,
|
|
|
|
|
Inc.), Term Loan B, 2.74%,
|
|
|
|
|
3/31/17
|
|
712
|
687,057
|
|
|
|
|
2,180,579
|
|
Food Products — 3.2%
|
|
|
|
|
Advance Pierre Foods:
|
|
|
|
|
Term Loan (First Lien), 7.00%,
|
|
|
|
|
9/30/16
|
|
851
|
851,450
|
|
Term Loan (Second Lien),
|
|
|
|
|
11.25%, 9/29/17
|
|
550
|
552,920
|
|
Del Monte Corp., Term Loan,
|
|
|
|
|
4.50%, 3/08/18
|
|
1,167
|
1,137,556
|
|
Michael Foods Group, Inc., Term
|
|
|
|
|
Loan B, 4.25% - 5.25%, 2/23/18
|
|
181
|
180,435
|
|
Pinnacle Foods Finance LLC:
|
|
|
|
|
Term Loan E, 4.75%,
|
|
|
|
|
10/17/18
|
|
503
|
498,919
|
|
Tranche B Term Loan, 3.74% -
|
|
|
|
|
3.97%, 10/03/16
|
|
40
|
39,277
|
|
Solvest Ltd. (Dole):
|
|
|
|
|
Tranche B-2 Term Loan, 5.00%
|
|
|
|
|
- 6.00%, 7/06/18
|
|
280
|
278,471
|
|
Tranche C-2 Term Loan, 5.00%
|
|
|
|
|
- 6.00%, 7/06/18
|
|
500
|
498,317
|
|
|
|
|
4,037,345
|
|
Health Care Equipment & Supplies — 3.4%
|
|
|
|
Bausch & Lomb, Inc., Term Loan B,
|
|
|
|
|
5.25%, 5/17/29
|
|
1,225
|
1,202,901
|
|
Biomet, Inc., Term Loan B, 3.24% -
|
|
|
|
|
3.47%, 3/25/15
|
|
313
|
305,201
|
|
DJO Finance LLC:
|
|
|
|
|
Term Loan B2, 5.24%,
|
|
|
|
|
11/01/16
|
|
190
|
188,370
|
|
Term Loan B3, 6.25%,
|
|
|
|
|
9/15/17
|
|
1,060
|
1,047,195
|
|
Hupah Finance Inc., Term Loan B,
|
|
|
|
|
6.25%, 1/21/19
|
|
355
|
356,111
|
|
Iasis Healthcare LLC, Term Loan,
|
|
|
|
|
5.00%, 5/03/18
|
|
348
|
342,937
|
|
Immucor, Inc., Term Loan B, 7.25%,
|
|
|
|
|
8/17/18
|
|
821
|
819,340
|
|
|
|
|
4,262,055
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
Health Care Providers & Services — 4.5%
|
|
|
|
CHS/Community Health Systems,
|
|
|
|
Inc., Non-Extended Term Loan,
|
|
|
|
2.49% - 2.72%, 7/25/14
|
USD
|
518
|
$
|
507,822
|
|
ConvaTec, Inc., Term Loan, 5.75%,
|
|
|
|
12/22/16
|
|
581
|
576,301
|
|
DaVita, Inc., Term Loan B, 4.50%,
|
|
|
|
10/20/16
|
|
1,013
|
1,006,877
|
|
Emergency Medical Services, Term
|
|
|
|
Loan, 5.25% - 6.00%, 5/25/18
|
717
|
707,779
|
|
Harden Healthcare LLC:
|
|
|
|
|
Term Loan A, 8.50%, 3/02/15
|
304
|
298,217
|
|
Tranche A, Additional Term
|
|
|
|
|
Loan, 7.75%, 3/02/15
|
|
459
|
449,367
|
|
inVentiv Health, Inc.:
|
|
|
|
|
Combined Term Loan, 6.50%,
|
|
|
|
8/04/16
|
|
461
|
431,608
|
|
Incremental Term Loan B-3,
|
|
|
|
6.75%, 5/15/18
|
|
407
|
386,615
|
|
Medpace, Inc., Term Loan, 6.50% -
|
|
|
|
7.25%, 6/16/17
|
|
546
|
524,040
|
|
Vanguard Health Holding Co. II LLC
|
|
|
|
(Vanguard Health Systems, Inc.),
|
|
|
|
Term Loan B, 5.00%, 1/29/16
|
60
|
59,423
|
|
Wolverine Healthcare, Term Loan B,
|
|
|
|
6.75%, 5/12/17
|
|
605
|
595,169
|
|
|
|
|
5,543,218
|
|
Health Care Technology — 1.3%
|
|
|
|
|
IMS Health, Inc., Term Loan B,
|
|
|
|
|
4.50%, 8/25/17
|
|
551
|
546,400
|
|
Kinetic Concepts, Inc., Term Loan
|
|
|
|
B, 7.00%, 5/04/18
|
|
693
|
697,165
|
|
MedAssets, Inc., Term Loan, 5.25%,
|
|
|
|
11/16/16
|
|
398
|
396,451
|
|
|
|
|
1,640,016
|
|
Hotels, Restaurants & Leisure — 7.3%
|
|
|
|
Alpha D2 Ltd.:
|
|
|
|
|
Term Loan B, 5.75%, 4/28/17
|
290
|
289,214
|
|
Term Loan B, 1.00%, 6/08/18
|
180
|
178,125
|
|
Ameristar Casinos, Inc., Term Loan
|
|
|
|
B, 4.00%, 4/16/18
|
|
563
|
559,922
|
|
Boyd Gaming Corp., Incremental
|
|
|
|
Term Loan, 6.00%, 12/17/15
|
390
|
391,872
|
|
Caesars Entertainment Operating Co.,
|
|
|
|
Inc.:
|
|
|
|
|
Extended Term Loan B6,
|
|
|
|
|
5.49%, 1/26/18
|
|
95
|
83,615
|
|
Incremental Term Loan B4,
|
|
|
|
|
9.50%, 10/31/16
|
|
493
|
496,637
|
|
Term Loan B1, 3.24% - 3.24%,
|
|
|
|
1/28/15
|
|
177
|
161,278
|
|
Term Loan B3, 3.24% - 3.47%,
|
|
|
|
1/28/15
|
|
2,266
|
2,067,651
|
|
DineEquity, Inc., Term Loan B,
|
|
|
|
|
1.00%, 10/19/17
|
|
40
|
39,661
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Hotels, Restaurants & Leisure (concluded)
|
|
|
|
Dunkin' Brands, Inc., Term Loan B,
|
|
|
|
4.00%, 11/23/17
|
USD
|
1,018
|
$
|
1,005,718
|
|
Golden Living, Term Loan, 5.00%,
|
|
|
|
5/04/18
|
|
147
|
136,565
|
|
Revolver, 2.49% - 4.50%,
|
|
|
|
|
6/14/13
|
|
4
|
4,384
|
|
OSI Restaurant Partners LLC:
|
|
|
|
|
Term Loan B, 2.56% - 4.50%,
|
|
|
|
6/14/14
|
|
45
|
44,329
|
|
Sabre, Inc., Non Extended Initial
|
|
|
|
Term Loan, 2.24%, 9/30/14
|
|
230
|
218,548
|
|
SeaWorld Parks & Entertainment,
|
|
|
|
Inc.(FKA SW Acquisitions Co.,
|
|
|
|
|
Inc.), Term Loan B, 4.00%,
|
|
|
|
|
8/17/17
|
|
619
|
609,232
|
|
Six Flags Theme Parks, Inc.,
|
|
|
|
|
Tranche B Term Loan (First Lien),
|
|
|
|
4.25%, 12/20/18
|
|
690
|
682,610
|
|
Station Casinos, Inc., Term Loan
|
|
|
|
B1, 3.24%, 6/17/16
|
|
394
|
370,275
|
|
Twin River Worldwide Holdings, Inc.,
|
|
|
|
Term Loan, 8.50%, 11/05/15
|
519
|
519,061
|
|
Wendy's International, Inc.:
|
|
|
|
|
Delayed Draw Term Loan, 0.50%,
|
|
|
|
5/15/19
|
|
541
|
534,317
|
|
Term Loan B, 4.75%, 5/15/19
|
679
|
669,567
|
|
|
|
|
9,062,580
|
|
Household Products — 0.5%
|
|
|
|
|
Prestige Brands, Inc., Term Loan,
|
|
|
|
5.25% - 6.25%, 1/31/19
|
|
617
|
616,732
|
|
Independent Power Producers & Energy Traders — 0.8%
|
|
|
The AES Corp., Term Loan, 4.25%,
|
|
|
|
6/01/18
|
|
990
|
978,001
|
|
Industrial Conglomerates — 2.3%
|
|
|
|
Schrader International, Term Loan
|
|
|
|
B, 6.25%, 4/27/18
|
|
43
|
43,587
|
|
Sequa Corp.:
|
|
|
|
|
Incremental Term Loan, 6.25%,
|
|
|
|
12/03/14
|
|
304
|
303,477
|
|
Term Loan, 3.72%, 12/03/14
|
2,538
|
2,488,574
|
|
|
|
|
2,835,638
|
|
Insurance — 0.9%
|
|
|
|
|
Asurion LLC, Term Loan (First Lien),
|
|
|
|
5.50%, 5/24/18
|
|
299
|
293,662
|
|
CNO Financial Group, Inc., Term
|
|
|
|
Loan B, 6.25%, 9/30/16
|
|
786
|
782,520
|
|
|
|
|
1,076,182
|
|
Internet Software & Services — 0.4%
|
|
|
|
Web.com Group, Inc., Term Loan B,
|
|
|
|
7.00%, 10/27/17
|
|
539
|
533,389
|
|
IT Services — 5.7%
|
|
|
|
|
Ceridian Corp., Term Loan, 3.24%,
|
|
|
|
11/10/14
|
|
698
|
659,431
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
IT Services (concluded)
|
|
|
|
|
First Data Corp.:
|
|
|
|
|
Extended Term Loan B, 4.24%,
|
|
|
|
3/23/18
|
USD
|
3,400
|
$
|
3,071,084
|
|
Term Loan B-1, 2.99%,
|
|
|
|
|
9/24/14
|
|
408
|
386,063
|
|
Term Loan B-3, 2.99%,
|
|
|
|
|
9/24/14
|
|
149
|
141,009
|
|
InfoGroup Inc., Term Loan B,
|
|
|
|
|
5.75%, 5/25/18
|
|
345
|
306,867
|
|
iPayment, Inc., Term Loan B,
|
|
|
|
|
5.75%, 5/08/17
|
|
494
|
492,266
|
|
NeuStar, Inc., Term Loan B, 5.00%,
|
|
|
|
11/08/18
|
|
408
|
408,970
|
|
SunGard Data Systems, Inc. (Solar
|
|
|
|
Capital Corp.), Tranche B Term
|
|
|
|
Loan, 3.86% - 4.09%, 2/26/16
|
143
|
141,103
|
|
TransUnion LLC, Term Loan B,
|
|
|
|
|
5.50%, 2/12/18
|
|
1,454
|
1,459,682
|
|
|
|
|
7,066,475
|
|
Leisure Equipment & Products — 0.6%
|
|
|
|
Eastman Kodak Co., DIP Term Loan
|
|
|
|
B, 8.50%, 7/19/13
|
|
392
|
392,071
|
|
Freedom Group, Inc., Term Loan,
|
|
|
|
5.50%, 4/19/19
|
|
405
|
403,481
|
|
|
|
|
795,552
|
|
Machinery — 2.5%
|
|
|
|
|
Harbor Freight Tools USA, Inc., Term
|
|
|
|
Loan B, 5.50%, 11/10/17
|
|
485
|
480,393
|
|
Rexnord Corp., Term Loan B,
|
|
|
|
|
5.00%, 4/02/18
|
|
314
|
312,327
|
|
Terex Corp.:
|
|
|
|
|
Term Loan, 6.00%, 4/28/17
|
EUR
|
60
|
72,896
|
|
Term Loan B, 5.50%, 4/28/17
|
USD
|
602
|
601,864
|
|
Tomkins LLC, Term Loan B, 4.25%,
|
|
|
|
9/29/16
|
|
1,166
|
1,159,434
|
|
Wabash National Corp., Term Loan
|
|
|
|
B, 6.00% - 7.00%, 5/02/19
|
|
550
|
544,500
|
|
|
|
|
3,171,414
|
|
Media — 17.9%
|
|
|
|
|
Acosta, Inc., Term Loan, 4.75%,
|
|
|
|
3/01/18
|
|
236
|
233,284
|
|
Affinion Group, Inc., Term Loan B,
|
|
|
|
5.00%, 7/16/15
|
|
264
|
243,591
|
|
AMC Entertainment, Inc., Term
|
|
|
|
|
Loan B3, 4.25%, 2/22/18
|
|
324
|
322,229
|
|
AMC Networks, Inc., Term Loan B,
|
|
|
|
4.00%, 12/31/18
|
|
794
|
786,560
|
|
Atlantic Broadband Finance LLC,
|
|
|
|
1st Lien Term Loan, 5.25%,
|
|
|
|
|
4/04/19
|
|
455
|
452,807
|
|
Bresnan Telecommunications Co.
|
|
|
|
LLC, Term Loan B, 4.50% -
|
|
|
|
|
5.25%, 12/14/17
|
|
1,432
|
1,404,426
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Media (continued)
|
|
|
|
|
Capsugel Healthcare Ltd., Term
|
|
|
|
|
Loan, 5.25%, 8/01/18
|
USD
|
585
|
$
|
584,194
|
|
Catalina Marketing Corp., Extended
|
|
|
|
|
Term Loan B, 5.74%, 9/29/17
|
|
538
|
516,346
|
|
Cengage Learning Acquisitions, Inc.:
|
|
|
|
|
Non-Extended Term Loan,
|
|
|
|
|
2.49%, 7/03/14
|
|
424
|
382,505
|
|
Tranche 1 Incremental Term
|
|
|
|
|
Loan, 7.50%, 7/03/14
|
|
370
|
354,275
|
|
Charter Communications Operating LLC:
|
|
|
|
Term Loan C, 3.72%, 9/06/16
|
|
809
|
796,990
|
|
Term Loan D, 4.00%, 5/15/19
|
|
315
|
310,647
|
|
Clarke American Corp., Term
|
|
|
|
|
Facility B, 2.74% - 2.97%,
|
|
|
|
|
6/30/14
|
|
89
|
81,263
|
|
Clear Channel Communications, Inc.:
|
|
|
|
Term Loan B, 3.89%, 1/28/16
|
|
1,166
|
907,223
|
|
Term Loan C, 3.89%, 1/28/16
|
|
158
|
121,680
|
|
Cumulus Media, Inc., Term Loan,
|
|
|
|
|
5.75%, 9/17/18
|
|
613
|
608,355
|
|
EMI Music Publishing Ltd., Term
|
|
|
|
|
Loan B, 1.00%, 11/14/17
|
|
460
|
457,125
|
|
Gray Television, Inc., Term Loan B,
|
|
|
|
|
3.74%, 12/31/14
|
|
639
|
632,383
|
|
HMH Publishing Co. Ltd., Term
|
|
|
|
|
Loan, 0.00%, 6/12/14 (c)(d)
|
|
602
|
333,602
|
|
Hubbard Broadcasting, Term Loan
|
|
|
|
|
B (Second Lien), 5.25%, 4/28/17
|
|
464
|
460,276
|
|
Intelsat Jackson Holdings SA,
|
|
|
|
|
Tranche B Term Loan, 5.25%,
|
|
|
|
|
4/02/18
|
|
2,970
|
2,943,389
|
|
Interactive Data Corp., Term Loan
|
|
|
|
|
B, 4.50%, 2/12/18
|
|
1,312
|
1,288,794
|
|
Kabel Deutschland GmbH, Term
|
|
|
|
|
Loan F, 4.25%, 2/01/19
|
|
640
|
629,203
|
|
Knology, Inc., Term Loan B, 4.00%,
|
|
|
|
|
8/18/17
|
|
243
|
242,027
|
|
Lavena Holding 3 GmbH
|
|
|
|
|
(Prosiebensat.1 Media AG),
|
|
|
|
|
Facility B1, 3.68%, 3/06/15
|
EUR
|
460
|
484,615
|
|
Lavena Holding 4 GmbH
|
|
|
|
|
(Prosiebensat.1 Media AG), Term
|
|
|
|
|
Loan C, 4.06%, 3/04/16
|
|
460
|
487,462
|
|
LIN Television Corp., Term Loan B,
|
|
|
|
|
5.00%, 12/21/18
|
USD
|
324
|
324,324
|
|
Mediacom LLC, Term Loan E,
|
|
|
|
|
4.50%, 10/23/17
|
|
491
|
487,811
|
|
Newsday LLC:
|
|
|
|
|
Fixed Rate Term Loan, 6.72%,
|
|
|
|
|
8/01/13
|
|
500
|
500,415
|
|
Fixed Rate Term Loan, 10.50%,
|
|
|
|
|
8/01/13
|
|
800
|
815,504
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
Media (concluded)
|
|
|
|
|
Nielsen Finance LLC, Class B Dollar
|
|
|
|
|
Term Loan, 3.99%, 5/02/16
|
USD
|
632
|
$
|
626,476
|
|
Sinclair Television Group, Inc.,
|
|
|
|
|
Tranche B Term Loan, 4.00%,
|
|
|
|
|
10/28/16
|
|
550
|
544,665
|
|
Univision Communications, Inc.,
|
|
|
|
|
Extended Term Loan, 4.49%,
|
|
|
|
|
3/31/17
|
|
988
|
905,074
|
|
UPC Broadband Holding B.V., Term
|
|
|
|
|
Loan U, 4.39%, 12/29/17
|
EUR
|
196
|
236,044
|
|
UPC Financing Partnership:
|
|
|
|
|
Term Loan, 4.75%, 12/29/17
|
USD
|
585
|
575,932
|
|
Term Loan T, 3.74%, 12/30/16
|
|
80
|
78,900
|
|
WC Luxco Sarl, Term Loan B3,
|
|
|
|
|
4.25%, 3/15/18
|
|
218
|
216,132
|
|
Weather Channel, Term Loan B,
|
|
|
|
|
4.25%, 2/13/17
|
|
946
|
939,228
|
|
|
|
|
22,315,756
|
|
Metals & Mining — 2.6%
|
|
|
|
|
Constellium Holding Co. BV, Term
|
|
|
|
|
Loan B, 9.25%, 5/22/18
|
|
200
|
195,000
|
|
Novelis, Inc., Term Loan, 4.00%,
|
|
|
|
|
3/10/17
|
|
1,318
|
1,288,889
|
|
SunCoke Energy, Inc., Term Loan B,
|
|
|
|
|
4.00%, 7/26/18
|
|
447
|
441,042
|
|
Walter Energy, Inc., Term Loan B,
|
|
|
|
|
4.00%, 4/02/18
|
|
1,349
|
1,295,650
|
|
|
|
|
3,220,581
|
|
Multiline Retail — 2.5%
|
|
|
|
|
99 Cents Only Stores, Term Loan B,
|
|
|
|
|
5.25% - 6.25%, 1/11/19
|
|
524
|
519,949
|
|
Dollar General Corp., Tranche B-2
|
|
|
|
|
Term Loan, 2.99%, 7/07/14
|
|
316
|
315,499
|
|
Hema Holding BV, Second Lien
|
|
|
|
|
Term Loan, 5.39%, 1/05/17
|
EUR
|
1,800
|
1,997,567
|
|
The Neiman Marcus Group, Inc.,
|
|
|
|
|
Term Loan, 4.75%, 5/16/18
|
USD
|
335
|
328,561
|
|
|
|
|
3,161,576
|
|
Oil, Gas & Consumable Fuels — 2.7%
|
|
|
|
Chesapeake Energy Corp.,
|
|
|
|
|
Unsecured Term Loan, 8.50%,
|
|
|
|
|
12/01/17
|
|
925
|
907,887
|
|
EP Energy LLC, Term Loan B,
|
|
|
|
|
6.50%, 4/24/18
|
|
435
|
435,274
|
|
EquiPower Resources Holdings LLC,
|
|
|
|
|
Term Loan B, 5.75%, 1/26/18
|
|
699
|
684,678
|
|
Gibson Energy, Term Loan B,
|
|
|
|
|
4.75%, 6/15/18
|
|
794
|
789,038
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Oil, Gas & Consumable Fuels (concluded)
|
|
|
|
Obsidian Natural Gas Trust, Term
|
|
|
|
Loan, 7.00%, 11/02/15
|
USD
|
579
|
$
|
578,951
|
|
|
|
|
3,395,828
|
|
Paper & Forest Products — 0.2%
|
|
|
|
NewPage Corp., DIP Term Loan,
|
|
|
|
8.00%, 3/07/13
|
|
200
|
201,584
|
|
Pharmaceuticals — 3.8%
|
|
|
|
|
Aptalis Pharma, Inc., Term Loan B,
|
|
|
|
5.50%, 2/10/17
|
|
988
|
954,913
|
|
Pharmaceutical Product
|
|
|
|
|
Development, Inc., Term Loan B,
|
|
|
|
6.25%, 12/05/18
|
|
1,402
|
1,402,365
|
|
Quintiles Transnational Corp., Term
|
|
|
|
Loan B, 5.00%, 6/08/18
|
|
591
|
581,496
|
|
RPI Finance Trust:
|
|
|
|
|
Incremental Tranche 2 Term
|
|
|
|
Loan, 4.00%, 11/09/18
|
|
90
|
89,213
|
|
Term Loan Tranche 2, 4.00%,
|
|
|
|
5/09/18
|
|
495
|
492,356
|
|
Valeant Pharmaceuticals
|
|
|
|
|
International:
|
|
|
|
|
Add-On Term Loan B, 4.75% -
|
|
|
|
6.00%, 2/13/19
|
|
785
|
767,141
|
|
Term Loan B-1, 4.25%,
|
|
|
|
|
3/15/18
|
|
317
|
314,373
|
|
Warner Chilcott Corp.:
|
|
|
|
|
Term Loan B-2, 4.25%,
|
|
|
|
|
3/15/18
|
|
158
|
157,187
|
|
|
|
|
4,759,044
|
|
Professional Services — 1.1%
|
|
|
|
|
Booz Allen Hamilton, Inc., Tranche
|
|
|
|
B Term Loan, 3.75%, 8/03/17
|
273
|
271,334
|
|
Emdeon, Inc., Term Loan B, 6.75%,
|
|
|
|
11/02/18
|
|
793
|
791,440
|
|
ON Assignment, Inc., Term Loan B,
|
|
|
|
5.00%, 5/15/19
|
|
280
|
276,850
|
|
|
|
|
1,339,624
|
|
Real Estate Investment Trusts (REITs) — 1.0%
|
|
|
|
iStar Financial, Inc.:
|
|
|
|
|
Term Loan A1, 5.00%,
|
|
|
|
|
6/28/13
|
|
1,235
|
1,229,597
|
|
Term Loan A2, 7.00%,
|
|
|
|
|
6/30/14
|
|
35
|
34,912
|
|
|
|
|
1,264,509
|
|
Real Estate Management & Development — 1.6%
|
|
|
Realogy Corp.:
|
|
|
|
|
Extended Letter of Credit Loan,
|
|
|
|
4.49%, 10/10/16
|
|
115
|
104,984
|
|
Extended Synthetic Letter of
|
|
|
|
Credit, 3.24%, 10/10/13
|
25
|
23,744
|
|
Extended Term Loan, 4.49%,
|
|
|
|
10/10/16
|
|
1,940
|
1,768,705
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 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)
|
|
|
|
|
Real Estate Management & Development (concluded)
|
|
|
Stockbridge SBE Holdings LLC,
|
|
|
|
|
Term Loan B, 13.00%, 5/02/17
|
USD
|
85
|
$
|
83,725
|
|
|
|
|
1,981,158
|
|
Road & Rail — 0.8%
|
|
|
|
|
Avis Budget Car Rental LLC,
|
|
|
|
|
Incremental Term Loan, 6.25%,
|
|
|
|
|
9/21/18
|
|
309
|
308,587
|
|
RailAmerica, Inc., Term Loan B,
|
|
|
|
|
4.00%, 3/01/19
|
|
450
|
447,939
|
|
Road Infrastructure Investment
|
|
|
|
|
LLC, Term Loan B, 6.25%,
|
|
|
|
|
3/30/18
|
|
235
|
231,475
|
|
|
|
|
988,001
|
|
Semiconductors & Semiconductor Equipment — 1.0%
|
|
|
Freescale Semiconductor, Inc.,
|
|
|
|
|
Extended Term Loan B, 4.49%,
|
|
|
|
|
12/01/16
|
|
934
|
875,012
|
|
NXP B.V., Term Loan A-2, 5.50%,
|
|
|
|
|
3/03/17
|
|
393
|
386,504
|
|
|
|
|
1,261,516
|
|
Software — 3.2%
|
|
|
|
|
Blackboard, Inc., Term Loan B,
|
|
|
|
|
7.50%, 10/04/18
|
|
254
|
242,441
|
|
Lawson Software, Inc., Term Loan
|
|
|
|
|
B, 6.25%, 4/05/18
|
|
1,785
|
1,781,501
|
|
Magic Newco LLC, Second Lien
|
|
|
|
|
Term Loan, 1.00%, 12/06/19
|
|
115
|
111,071
|
|
Sophia, LP, Term Loan B, 6.25%,
|
|
|
|
|
7/19/18
|
|
525
|
525,940
|
|
SS&C Technologies:
|
|
|
|
|
Term Loan B-1, 5.00%,
|
|
|
|
|
6/07/19
|
|
915
|
911,880
|
|
Term Loan B-2, 5.00%,
|
|
|
|
|
6/07/19
|
|
95
|
94,332
|
|
Vertafore, Inc., Term Loan B,
|
|
|
|
|
5.25%, 7/29/16
|
|
306
|
303,065
|
|
|
|
|
3,970,230
|
|
Specialty Retail — 5.6%
|
|
|
|
|
Academy Ltd., Term Loan, 6.00%,
|
|
|
|
|
8/03/18
|
|
798
|
798,000
|
|
Bass Pro Group LLC, Term Loan,
|
|
|
|
|
5.25% - 6.25%, 6/13/17
|
|
566
|
564,374
|
|
Burlington Coat Factory Warehouse
|
|
|
|
|
Corp., Term Loan B, 5.50% -
|
|
|
|
|
6.50%, 2/28/17
|
|
329
|
326,331
|
|
Claire's Stores, Inc., Term Loan B,
|
|
|
|
|
2.99% - 3.22%, 5/29/14
|
|
632
|
587,551
|
|
General Nutrition Centers, Inc.,
|
|
|
|
|
Term Loan B, 4.25%, 3/02/18
|
|
835
|
825,013
|
|
The Gymboree Corp., Term Loan,
|
|
|
|
|
5.00%, 2/23/18
|
|
146
|
135,408
|
|
Jo-Ann Stores, Inc., Term Loan B,
|
|
|
|
|
4.75%, 3/16/18
|
|
286
|
282,504
|
|
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests (b)
|
|
|
|
|
Specialty Retail (concluded)
|
|
|
|
|
Michaels Stores, Inc.:
|
|
|
|
|
Extended Term Loan B3,
|
|
|
|
|
5.00%, 7/29/16
|
USD
|
334
|
$
|
332,728
|
|
Term Loan B2, 5.00%,
|
|
|
|
|
7/29/16
|
|
671
|
667,609
|
|
Petco Animal Supplies, Inc., Term
|
|
|
|
Loan B, 4.50%, 11/24/17
|
|
983
|
969,621
|
|
Things Remembered, Inc., New
|
|
|
|
|
Term Loan B, 8.00%, 5/24/18
|
315
|
308,700
|
|
Toys ‘R’ Us Delaware, Inc.:
|
|
|
|
|
Term Loan, 6.00%, 9/01/16
|
376
|
366,790
|
|
Term Loan B3, 5.25%,
|
|
|
|
|
5/25/18
|
|
190
|
180,025
|
|
The Yankee Candle Co., Inc., New
|
|
|
|
Term Loan B, 5.25%, 4/02/19
|
635
|
630,079
|
|
|
|
|
6,974,733
|
|
Textiles, Apparel & Luxury Goods — 0.7%
|
|
|
|
Ascend Performance Materials LLC,
|
|
|
|
Term Loan B, 6.75%, 4/10/18
|
925
|
898,795
|
|
Wireless Telecommunication Services — 2.2%
|
|
|
Crown Castle International Corp.,
|
|
|
|
Term Loan B, 4.00%, 1/31/19
|
693
|
682,864
|
|
MetroPCS Wireless, Inc., Tranche B-
|
|
|
|
2 Term Loan, 4.07%, 11/03/16
|
763
|
745,144
|
|
Vodafone Americas Finance 2, Inc. (e):
|
|
|
|
Term Loan, 6.88%, 8/11/15
|
934
|
948,133
|
|
Term Loan B, 6.25%, 7/11/16
|
413
|
418,688
|
|
|
|
|
2,794,829
|
|
Total Floating Rate Loan Interests – 127.3%
|
158,528,319
|
|
Total Long-Term Investments
|
|
|
|
|
(Cost – $175,420,715) – 140.3%
|
|
174,739,300
|
|
|
|
Short-Term Securities
|
|
Shares
|
|
|
BlackRock Liquidity Funds,
|
|
|
|
|
TempFund, Institutional Class,
|
|
|
|
0.15% (f)(g)
|
|
1,775,041
|
1,775,041
|
|
Total Short-Term Securities
|
|
|
|
|
(Cost – $1,775,041) – 1.4%
|
|
|
1,775,041
|
|
Total Investments (Cost - $177,195,756*) – 141.7%
|
176,514,341
|
|
Liabilities in Excess of Other Assets – (41.7)%
|
(51,968,584)
|
|
Net Assets – 100.0%
|
|
|
$
|
124,545,757
|
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2012
|
8
|
|
Schedule of Investments
(continued)
|
BlackRock
Defined Opportunity Credit Trust (BHL)
|
|
|
*
|
As of May 31, 2012, gross unrealized appreciation and gross
unrealized depreciation based on cost for federal income tax purposes were as follows:
|
|
Tax cost
|
$
|
177,173,752
|
|
Gross unrealized appreciation
|
$
|
2,413,792
|
|
Gross unrealized depreciation
|
(3,073,203)
|
|
Net unrealized depreciation
|
$
|
(659,411)
|
|
|
(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)
|
Non-income producing security.
|
|
|
(d)
|
Issuer filed for bankruptcy and/or is in default of principal
and/or interest payments.
|
|
|
(e)
|
Represents a payment-in-kind security which may pay interest/dividends
in additional par/shares.
|
|
|
(f)
|
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
May 31,
2012
|
Income
|
|
BlackRock
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
Funds,
|
|
|
|
|
|
TempFund,
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
Class
|
2,230,753
|
(455,712)
|
1,775,041
|
$ 496
|
|
|
(g)
|
Represents the current yield as of report date.
|
|
|
•
|
Foreign currency exchange contracts as of May 31, 2012 were
as follows:
|
|
|
Currency
Purchased
|
Currency Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
|
|
|
|
|
|
Goldman
|
|
|
|
|
|
|
|
Sachs
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
Markets
|
|
|
|
USD
|
101,640
|
CAD
|
101,500
|
LP
|
7/18/12
|
$
|
3,469
|
|
|
|
|
|
Goldman
|
|
|
|
|
|
|
|
Sachs
|
|
|
|
|
|
|
|
Capital
|
|
|
|
USD
|
1,217,584
|
GBP
|
763,000
|
Markets LP
|
7/18/12
|
41,884
|
|
USD
|
4,101,240
|
EUR
|
3,107,000
|
Citibank NA
|
7/25/12
|
258,206
|
|
|
Total
|
|
|
|
|
$
|
303,559
|
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
|
|
FKA
|
Formerly Known As
|
|
GBP
|
British Pound
|
|
USD
|
US Dollar
|
|
|
•
|
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 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 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 instruments 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 semi-annual report.
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2012
|
9
|
|
Schedule of Investments
(continued)
|
BlackRock Defined Opportunity
Credit Trust (BHL)
|
The following tables summarize the inputs used as of May 31, 2012 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
|
|
|
—
|
|
|
$
|
131,451
|
|
|
$
|
2,484,192
|
|
|
$
|
2,615,643
|
|
|
Common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
—
|
|
|
|
1,142,433
|
|
|
|
533
|
|
|
|
1,142,966
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds
|
|
|
—
|
|
|
|
12,452,372
|
|
|
|
—
|
|
|
|
12,452,372
|
|
|
Floating Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interests
|
|
|
—
|
|
|
|
152,060,443
|
|
|
|
6,467,876
|
|
|
|
158,298,319
|
|
|
Short-Term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
$
|
1,775,041
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,775,041
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Loan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments
|
|
|
—
|
|
|
|
(155,796
|
)
|
|
|
—
|
|
|
|
(155,796
|
)
|
|
Total
|
|
$
|
1,775,041
|
|
|
$
|
165,630,903
|
|
|
$
|
8,952,601
|
|
|
|
176,358,545
|
|
|
Valuation Inputs
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Derivative Financial Instruments
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
exchange
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
contracts
|
|
|
—
|
|
|
$
|
303,559
|
|
|
|
—
|
|
|
$
|
303,559
|
|
|
Total
|
|
|
—
|
|
|
$
|
303,559
|
|
|
|
—
|
|
|
$
|
303,559
|
|
|
|
1
|
Derivative financial instruments are foreign currency exchange
contracts, which are valued at the unrealized appreciation/depreciation of the instruments.
|
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2012, such assets and liabilities are categorized within the
disclosure hierarchy as follows:
|
Valuation Inputs
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
|
|
$
|
31,648
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
31,648
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan payable
|
|
|
—
|
|
|
$
|
(44,000,000
|
)
|
|
|
—
|
|
|
|
(44,000,000
|
)
|
|
Total
|
|
$
|
31,648
|
|
|
$
|
(44,000,000
|
)
|
|
|
—
|
|
|
$
|
(43,968,352
|
)
|
There were no transfers between Level 1 and Level 2 during the period ended May 31, 2012.
Certain of the Trust’s investments are categorized as Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are
unobservable. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2012
|
10
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening balance, as of August
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31, 2011
|
|
$
|
2,378,561
|
|
|
$
|
106,534
|
|
|
$
|
10,822,191
|
|
|
$
|
13,307,286
|
|
|
|
|
Transfers into Level 3
1
|
|
|
—
|
|
|
|
|
|
|
|
1,117,494
|
|
|
|
1,117,494
|
|
|
|
|
Transfers out of Level 3
1
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,478,303
|
)
|
|
|
(5,478,303
|
)
|
|
Accrued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
discounts/premiums
|
|
|
31,141
|
|
|
|
—
|
|
|
|
11,743
|
|
|
|
42,884
|
|
|
|
|
Net realized gain (loss)
|
|
|
(38,467
|
)
|
|
|
—
|
|
|
|
16,210
|
|
|
|
(22,257
|
)
|
|
Net change in unrealized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
appreciation/depreciation
2
|
|
|
165,158
|
|
|
|
(106,001
|
)
|
|
|
55,759
|
|
|
|
114,916
|
|
|
|
|
Purchases
|
|
|
1,535,899
|
|
|
|
—
|
|
|
|
1,228,352
|
|
|
|
2,764,251
|
|
|
|
|
Sales
|
|
|
(1,588,100
|
)
|
|
|
—
|
|
|
|
(1,305,570
|
)
|
|
|
(2,893,670
|
)
|
|
Closing balance, as of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2012
|
|
$
|
2,484,192
|
|
|
$
|
533
|
|
|
$
|
6,467,876
|
|
|
$
|
8,952,601
|
|
|
|
1
|
Transfers into and transfers out of Level 3 represent the
beginning of the reporting period value. As of August 31, 2011, the Trust used significant unobservable inputs in determining
the value of certain investments. As of May 31, 2012, the Trust used observable inputs in determining the value on the same investments.
As a result, investments with a beginning of period value of $5,478,303 transferred from Level 3 to Level 2 in the disclosure
hierarchy.
|
|
|
2
|
The change in unrealized appreciation/depreciation on investments
still held as of May 31, 2012 was $26,374.
|
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.
|
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST
|
MAY 31, 2012
|
11
|
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.
|
Certifications
– Attached hereto
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock
Defined Opportunity Credit Trust
|
|
By:
|
/s/
John M. Perlowski
|
|
|
|
|
John
M. Perlowski
|
|
|
|
Chief
Executive Officer (principal executive officer) of
|
|
|
|
BlackRock
Defined Opportunity Credit Trust
|
Date:
July 25, 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:
July 25, 2012
|
|
By:
|
/s/
Neal J. Andrews
|
|
|
|
|
Neal
J. Andrews
|
|
|
|
Chief
Financial Officer (principal financial officer) of
|
|
|
|
BlackRock
Defined Opportunity Credit Trust
|
Date:
July 25, 2012
Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted) (NYSE:BHL)
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Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted) (NYSE:BHL)
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