0000891092-13-006498.txt : 20130725 0000891092-13-006498.hdr.sgml : 20130725 20130725155208 ACCESSION NUMBER: 0000891092-13-006498 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130531 FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130725 EFFECTIVENESS DATE: 20130725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Defined Opportunity Credit Trust CENTRAL INDEX KEY: 0001412914 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-22126 FILM NUMBER: 13986362 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-882-0052 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Strategic Income Opportunities Trust DATE OF NAME CHANGE: 20070921 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Opportunities Trust DATE OF NAME CHANGE: 20070920 N-Q 1 e54664nq.htm QUARTERLY SCHEDULE

 

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 52nd 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: 05/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments May 31, 2013 (Unaudited)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Asset-Backed Securities   Par
(000)		   Value  
 
ACAS CLO Ltd., Series 2012-1A, Class D, 5.12%, 9/20/23 (a)(b) USD 250 $ 251,875  
Atrium CDO Corp., Series 9A,   Class D, 3.96%, 2/28/24 (a)(b)   250   239,532  
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A,    Class D, 4.78%, 1/20/25 (a)(b)   250   250,125  
Fraser Sullivan CLO VII Ltd.,   Series 2012-7A, Class C, 4.28%, 4/20/23 (a)(b)   215   214,998  
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D, 4.48%, 4/17/22 (a)(b)   350   350,070  
Highbridge Loan Management Ltd., Series 2012-1A, Class C, 5.27%, 9/20/22 (a)(b)   350   351,750  
ING Investment Management, Series 2012-2A, Class D, 4.83%, 10/15/22 (a)(b)   350   352,450  
LCM XI LP, Series 11A, Class D2, 4.23%, 4/19/22 (a)(b)   375   375,000  
Marea CLO Ltd., Series 2012-1A, Class D, 4.83%, 10/16/23 (a)(b)   400   399,200  
OZLM Funding Ltd., Series 2013-3A, Class C,    4.15%, 1/22/25 (a)(b)   250   245,825  
Race Point VI CLO Ltd., Series 2012-6A, Class D,   4.77%, 5/24/23 (a)(b)   250   250,925  
Symphony CLO Ltd. (a)(b):  
  Series 2012-10A, Class D, 5.53%, 7/23/23   350   352,625  
  Series 2012-9A, Class D, 4.53%, 4/16/22   500   500,200  
West CLO Ltd., Series 2012-1A, Class C, 5.03%, 10/30/23 (a)(b)   250   251,094  
 
Total Asset-Backed Securities – 3.3%   4,385,669  




 
Common Stocks (c)     Shares          
 
Hotels, Restaurants & Leisure — 0.4%  
BLB Worldwide Holdings, Inc.   21,020   496,598  
 
Software — 0.3%  
HMH Holdings/EduMedia   13,505   357,200  
 
Total Common Stocks – 0.7%   853,798  
                   

 

Corporate Bonds   Par
(000)		   Value  
 
 
Airlines — 0.6%  
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23  USD 76 $ 80,643  
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18   155   162,750  
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18   51   58,576  
US Airways 2012-2 Class C Pass Through Trust, 5.45%,    6/03/18 (d)   495   487,575  
  
  789,544  
 
Auto Components — 0.4%  
Icahn Enterprises LP, 8.00%, 1/15/18   340   360,400  
Schaeffler Finance BV, 4.75%, 5/15/21 (a)   200   196,500  
  
  556,900  
 
Building Products — 0.2%  
Momentive Performance Materials, Inc., 8.88%, 10/15/20   260   280,150  
 
Chemicals — 0.1%  
INEOS Finance Plc, 8.38%, 2/15/19 (a)   110   122,650  
 
Commercial Services & Supplies — 0.3%  
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (a)   286   299,334  
UR Merger Sub Corp., 5.75%, 7/15/18   80   85,400  
  
  384,734  
 
Communications Equipment — 0.7%  
Avaya, Inc., 7.00%, 4/01/19 (a)   206   192,095  
Zayo Group LLC/Zayo Capital, Inc.:  
  8.13%, 1/01/20   380   421,800  
  10.13%, 7/01/20   250   290,625  
  
  904,520  
 
Consumer Finance — 0.3%  
Inmarsat Finance Plc, 7.38%, 12/01/17 (a)   325   341,250  
 
Diversified Financial Services — 1.3%  
Ally Financial, Inc., 2.47%, 12/01/14 (b)   440   442,186  
Reynolds Group Issuer, Inc.:  
  7.13%, 4/15/19   120   127,800  
  5.75%, 10/15/20   930   943,950  
  6.88%, 2/15/21   185   197,487  
  
  1,711,423  
 
Energy Equipment & Services — 0.4%  
Dynegy, Inc., 5.88%, 6/01/23 (a)   210   206,850  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20131
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Corporate Bonds   Par
(000)		   Value  
 
Energy Equipment & Services (concluded)  
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (a)  USD 113 $ 120,345  
Tervita Corp., 8.00%, 11/15/18 (a)   232   240,120  
  
  567,315  
 
Health Care Providers & Services — 0.9%  
CHS/Community Health Systems, Inc., 5.13%, 8/15/18   358   373,215  
HCA, Inc., 6.50%, 2/15/20   375   422,812  
Tenet Healthcare Corp.:  
  6.25%, 11/01/18   224   248,080  
  4.50%, 4/01/21 (a)   174   170,955  
  
  1,215,062  
 
Health Care Technology — 0.8%  
IMS Health, Inc., 12.50%,  3/01/18 (a)   850   997,688  
 
Household Durables — 0.1%  
Beazer Homes USA, Inc., 6.63%, 4/15/18   180   195,075  
 
Household Products — 0.1%  
Spectrum Brands, Inc., 9.50%, 6/15/18   115   127,219  
 
Independent Power Producers & Energy Traders — 1.4%  
Energy Future Intermediate Holding Co. LLC:  
  10.00%, 12/01/20   1,405   1,599,944  
  10.00%, 12/01/20 (a)   230   260,762  
  
  1,860,706  
 
IT Services — 0.4%  
First Data Corp. (a):  
  7.38%, 6/15/19   200   211,000  
  6.75%, 11/01/20   245   256,025  
  
  467,025  
 
Media — 0.9%  
AMC Networks, Inc., 7.75%, 7/15/21   105   118,912  
Clear Channel Communications, Inc., 9.00%, 12/15/19 (a)(d)   84   84,420  
Clear Channel Worldwide Holdings, Inc. (a):  
  6.50%, 11/15/22   192   201,600  
  6.50%, 11/15/22   517   545,435  
Lynx I Corp., 5.38%, 4/15/21 (a)   200   208,000  
  
  1,158,367  
 
Oil, Gas & Consumable Fuels — 0.5%  
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19   145   156,600  
           
Corporate Bonds   Par
(000)		   Value  
 
Oil, Gas & Consumable Fuels (concluded)  
Offshore Group Investment Ltd., 7.13%, 4/01/23 (a)  USD 90 $ 92,925  
Pacific Drilling SA, 5.38%, 6/01/20 (a)(d)   205   202,950  
Petrobras Global Finance BV, 3.00%, 1/15/19   170   165,812  
  
  618,287  
 
Real Estate Management & Development — 0.1%  
Realogy Corp., 7.63%, 1/15/20 (a)   165   186,863  
 
Wireless Telecommunication Services — 0.7%  
Sprint Nextel Corp. (a):  
  9.00%, 11/15/18   290   351,625  
  7.00%, 3/01/20   550   618,750  
  
  970,375  
 
Total Corporate Bonds – 10.2%   13,455,153  




 

Floating Rate Loan Interests (b)  
 
Aerospace & Defense — 1.4%  
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20   515   517,833  
DynCorp International LLC, Term Loan B, 6.25%, 7/07/16   255   256,896  
The SI Organization, Inc., Term Loan B, 5.50%, 11/22/16   413   410,644  
Spirit Aerosystems, Inc., Term Loan B, 3.75%, 4/18/19   366   369,047  
Transdigm, Inc., Term Loan C, 3.75%, 2/28/20   224   226,738  
  
  1,781,158  
 
Airlines — 1.4%  
Delta Air Lines, Inc.:  
  Term Loan, 3.52%, 9/16/15   343   327,845  
  Term Loan B, 5.00%, 4/20/17   560   565,513  
Northwest Airlines, Inc.:  
  2.30%, 3/10/17   119   110,243  
  2.30%, 3/10/17   119   110,243  
  1.68%, 9/10/18   101   89,243  
  1.68%, 9/10/18   100   88,431  
  1.68%, 9/10/18   99   87,422  
US Airways Group, Inc., Term Loan B1, 4.50%, 5/23/19   460   459,540  
  
  1,838,480  
 
Auto Components — 4.3%  
Affinia Group Intermediate Holdings Inc., Term Loan B2, 4.75%, 4/15/20   360   360,900  
Autoparts Holdings Ltd., First Lien Term Loan, 6.50%, 7/28/17   627   617,510  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20132
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Auto Components (concluded)  
Federal-Mogul Corp.:  
  Term Loan B, 2.13% - 2.14%, 12/29/14 USD 1,518 $ 1,485,123  
  Term Loan C, 2.13% - 2.14%, 12/28/15   1,238   1,209,742  
The Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19   1,150   1,156,072  
Schaeffler AG, Term Loan C, 4.25%, 1/27/17   50   50,604  
Transtar Holding Co., First Lien Term Loan, 5.50%, 10/09/18   493   497,450  
UCI International, Inc., Term Loan B, 5.50%, 7/26/17   341   342,605  
  
  5,720,006  
 
Biotechnology — 0.3%  
Grifols, Inc., Term Loan B, 4.25%, 6/01/17   327   328,916  
 
Building Products — 1.4%  
Armstrong World Industries, Inc., Term Loan B, 3.50%, 3/16/20   260   260,325  
CPG International, Inc., Term Loan, 5.75%, 9/18/19   816   821,342  
Wilsonart International Holdings LLC, Term Loan B, 4.00%, 10/31/19   798   798,200  
  
  1,879,867  
 
Capital Markets — 2.0%  
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16   523   529,537  
HarbourVest Partners LLC, Term Loan B, 4.75%, 11/21/17   349   351,632  
Knight Capital Group, Inc., Term Loan B, 5.25%, 11/10/17   435   430,650  
Nuveen Investments, Inc.:  
  Incremental Term Loan, 4.19%, 5/13/17   1,143   1,146,248  
  Second Lien Term Loan, 6.50%, 2/28/19   147   147,368  
  
  2,605,435  
 
Chemicals — 4.4%  
AI Chem & Cy S.C.A.:  
  Second Lien Term Loan, 8.25%, 4/03/20   125   128,125  
  Term Loan B1, 4.50%, 10/03/19   257   258,540  
  Term Loan B2, 4.50%, 10/03/19   133   134,310  
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17   528   530,784  
Chemtura Corp., Exit Term Loan B, 5.50%, 8/27/16   652   657,690  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Chemicals (concluded)  
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19 USD 482 $ 483,498  
General Chemical Corp., Term Loan, 5.00% - 5.75%, 10/06/15   345   347,786  
INEOS US Finance LLC:  
  3 year Term Loan, 2.19%, 5/04/15   89   89,207  
  6 Year Term Loan, 4.00%, 5/04/18   326   326,267  
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17   588   586,104  
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.50%, 3/19/20   797   803,720  
Univar, Inc., Term Loan B, 5.00%, 6/30/17   411   407,889  
US Coatings Acquisition, Inc., Term Loan, 4.75%, 2/03/20   1,015   1,022,237  
  
  5,776,157  
 
Commercial Services & Supplies — 4.5%  
ADS Waste Holdings, Inc., Term Loan B, 4.25%, 10/09/19   907   912,404  
Altegrity, Inc.:  
  Term Loan, 5.00%, 2/21/15   190   188,220  
  Tranche D Term Loan, 7.75%, 2/20/15   249   251,469  
ARAMARK Corp.:  
  Extended LC-3 Facility, 3.70%, 7/26/16   9   9,458  
  Extended Letter of Credit, 3.70%, 7/26/16   14   13,985  
AWAS Finance Luxembourg SA, Term Loan, 3.50%, 7/16/18   304   307,369  
AWAS Finance Luxembourg Sarl, Term Loan B, 3.50%, 6/10/16   319   320,850  
Catalent Pharma Solutions Inc., Term Loan, 6.50%, 12/29/17   115   116,294  
Garda World Security Corp., Term Loan B, 4.50%, 11/13/19   164   165,817  
KAR Auction Services, Inc., Term Loan B, 3.75%, 5/19/17   597   605,298  
Learning Care Group (US) No. 2 Inc, Term Loan B, 6.00%, 5/08/19   260   260,489  
Livingston International Inc., First Lien Term Loan, 5.00%, 4/16/19   310   310,583  
Livingston International, Inc., Second Lien Term Loan, 9.00%, 4/16/20   205   208,075  
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19   314   316,830  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20133
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Commercial Services & Supplies (concluded)  
Protection One, Inc., Term Loan, 4.25%, 3/21/19 USD 559 $ 563,546  
Spin Holdco Inc., Term Loan B, 4.25%, 11/14/19   720   723,600  
West Corp., Term Loan B8, 4.25%, 6/29/18   690   695,030  
  
  5,969,317  
 
Communications Equipment — 3.5%  
Alcatel-Lucent USA, Inc.:  
  Term Loan B, 6.25%, 8/01/16   440   444,462  
  Term Loan C, 7.25%, 1/30/19   858   866,248  
  Term Loan D, 7.50%, 1/30/19 EUR 244   321,216  
Arris Group, Inc., Term Loan B, 3.50%, 4/17/20 USD 175   174,891  
Avaya, Inc.:  
  Extended Term Loan B3, 4.77%, 10/26/17   581   521,048  
  Term Loan B5, 8.00%, 3/30/18   143   136,201  
CommScope, Inc., Term Loan, 3.75%, 1/12/18   443   446,898  
Riverbed Technology, Inc., Term Loan, 4.00%, 12/18/19   347   350,416  
Zayo Group, LLC, Term Loan B, 4.50%, 7/02/19   1,299   1,299,362  
  
  4,560,742  
 
Construction & Engineering — 0.9%  
BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20   359   361,227  
Centaur LLC:  
  First Lien Term Loan, 5.25%, 2/15/19   570   574,988  
  Second Lien Term Loan, 8.75%, 2/15/20   280   283,676  
  
  1,219,891  
 
Construction Materials — 1.5%  
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17   1,921   1,935,061  
 
Consumer Finance — 0.7%  
Moneygram International, Inc, Term Loan B, 4.25%, 3/20/20   315   315,788  
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17   575   576,924  
  
  892,712  
 
Containers & Packaging — 1.7%  
Berlin Packaging LLC:  
  First Lien Term Loan, 4.75%, 4/02/19   100   101,042  
  Second Lien Term Loan, 8.75%, 4/02/20   135   137,025  
Clondalkin Acquisition BV, Term Loan B, 5.75%, 5/29/20   235   235,000  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Containers & Packaging (concluded)  
Pact Group Pty Ltd., Term Loan B, 3.75%, 5/29/20 USD 1,000 $ 1,010,000  
Sealed Air Corp., Term Loan, 4.00%, 10/03/18   378   382,635  
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19   395   393,025  
  
  2,258,727  
 
Distributors — 1.3%  
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20   1,150   1,153,220  
Crossmark Holdings, Inc., Term Loan, 4.50%, 12/20/19   234   234,412  
VWR Funding, Inc., Extended Term Add on Loan, 4.19%, 4/03/17   279   281,627  
  
  1,669,259  
 
Diversified Consumer Services — 2.3%  
Bright Horizons Family Solutions, Inc., Term Loan B, 4.00% - 5.25%, 1/30/20   643   647,730  
Dundee Holdco 4 Limited, Term Loan, 5.50%, 4/09/20   210   211,313  
Education Management LLC, Term Loan C3, 8.25%, 3/29/18   57   54,000  
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18   551   552,456  
ServiceMaster Co., Term Loan, 4.25%, 1/31/17   868   867,660  
Weight Watchers International, Inc., Term Loan B2, 3.75%, 4/02/20   635   634,644  
  
  2,967,803  
 
Diversified Financial Services — 2.3%  
ION Trading Technologies Ltd Inc:  
  First Lien Term Loan, 4.50%, 5/22/20   395   397,797  
  Second Lien Term Loan, 8.25%, 5/21/21   80   80,600  
Reynolds Group Holdings Inc., Dollar Term Loan, 4.75%, 9/28/18   753   758,938  
ROC Finance LLC, Term Loan, 5.00%, 5/15/19   250   251,750  
Telesat LLC, Term Loan B, 3.50%, 3/28/19   739   743,243  
WMG Acquisition Corp.:  
  Delayed Draw Term Loan 1, 4.25%, 7/01/20   338   335,714  
  Delayed Draw Term Loan 2, 3.75%, 7/01/20   52   52,012  
  Term Loan, 3.75%, 7/01/20   410   412,050  
  
  3,032,104  
 
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20134
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Diversified Telecommunication Services — 4.5%  
Consolidated Communications, Inc., Term Loan B3, 5.25%, 12/31/18 USD 878 $ 885,261  
Hawaiian Telcom Communications, Inc., Term Loan B, 7.00%, 2/28/17   525   527,916  
Integra Telecom Inc.:  
  First Lien Term Loan, 6.00%, 2/22/19   465   469,650  
  Second Lien Term Loan, 9.75%, 2/21/20   245   251,605  
Level 3 Financing, Inc.:  
  2016 Term Loan B, 4.75%, 2/01/16   667   672,483  
  2019 Term Loan B, 5.25%, 8/01/19   220   222,889  
  Term Loan, 4.75%, 8/01/19   1,735   1,747,475  
Syniverse Holdings, Inc., Delayed Draw Term Loan, 4.00%, 4/23/19   460   461,582  
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17   737   735,361  
  
  5,974,222  
 
Electronic Equipment, Instruments & Components — 0.4%  
CDW LLC, Term Loan, 3.50%, 4/29/20   525   523,031  
 
Energy Equipment & Services — 1.2%  
API Heat Transfer, Inc., Term Loan, 5.25%, 4/30/19   375   375,000  
Dynegy Holdings Inc., Term Loan B2, 4.00%, 4/23/20   260   260,595  
MEG Energy Corp., Term Loan, 3.75%, 3/31/20   523   525,287  
Tervita Corp., Term Loan, 6.25%, 5/15/18   234   236,408  
Unifrax Corp., Term Loan, 4.25%, 11/28/18   219   220,685  
  
  1,617,975  
 
Food & Staples Retailing — 4.3%  
Alliance Boots Holdings Ltd., Term Loan B1, 3.49%, 7/09/15 GBP 900   1,362,331  
JC Penney Corp., Inc., First Lien Term Loan, 6.00%, 5/21/18 USD 1,260   1,276,544  
Pilot Travel Centers LLC, Term Loan B2, 4.25%, 8/07/19   483   477,749  
Rite Aid Corp.:  
  Second Lien Term Loan, 5.75%, 8/21/20   235   242,294  
  Term Loan 6, 4.00%, 2/21/20   225   226,172  
Sprouts Farmers Markets Holdings, LLC, Term Loan, 4.50%, 4/23/20   345   345,000  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Food & Staples Retailing (concluded)  
Supervalue, Inc., Term Loan B, 5.00%, 3/21/19 USD 520 $ 517,743  
US Foods, Inc., Term Loan, 4.50%, 3/29/19   1,150   1,145,688  
  
  5,593,521  
 
Food Products — 2.6%  
Advance Pierre Foods, Inc., Term Loan, 5.75%, 7/10/17   544   546,867  
Del Monte Foods Co., Term Loan, 4.00%, 3/08/18   665   667,822  
Dole Food Co., Inc., Term Loan, 3.75%, 4/01/20   690   691,601  
Michael Foods Group, Inc., Term Loan, 4.25%, 2/23/18   170   172,191  
Performance Food Group Co., Second Lien Term Loan, 6.25%, 11/29/19   675   675,169  
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/20   700   700,000  
  
  3,453,650  
 
Health Care Equipment & Supplies — 5.1%  
Arysta LifeScience Corp.:  
  First Lien Term Loan, 4.50%, 5/25/20   940   944,117  
  Second Lien Term Loan, 8.25%, 11/30/20   380   383,918  
Bausch & Lomb, Inc., Term Loan B, 4.00%, 5/17/19   1,055   1,056,745  
Biomet, Inc., Extended Term Loan B, 3.94% - 4.03%, 7/25/17   464   466,168  
BSN Medical Acquisition Holding GmbH, Term Loan B1A, 5.00%, 8/28/19   385   388,369  
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19   351   352,117  
DJO Finance LLC, Term Loan B3, 4.75%, 9/15/17   1,053   1,065,925  
Hologic, Inc., Term Loan B, 4.50%, 8/01/19   950   955,254  
IASIS Healthcare LLC, Term Loan B2, 4.50%, 5/03/18   96   96,440  
Immucor, Inc., Term Loan B2, 5.00%, 8/17/18   813   818,102  
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18   213   217,655  
  
  6,744,810  
 
Health Care Providers & Services — 4.9%  
American Renal Holdings, Inc.:  
  First Lien Term Loan, 4.50%, 9/20/19   660   661,241  
  Second Lien Term Loan, 8.50%, 2/14/20   410   412,390  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20135
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Health Care Providers & Services (concluded)  
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18 USD 264 $ 267,200  
CHG Buyer Corp., First Lien Term Loan, 5.00%, 11/22/19   459   463,532  
ConvaTec, Inc., Term Loan, 5.00%, 12/22/16   563   569,479  
DaVita, Inc.:  
  Term Loan B, 4.50%, 10/20/16   1,003   1,011,699  
  Term Loan B2, 4.00%, 11/01/19   408   412,816  
Emergency Medical Services Corp., Term Loan, 4.00%, 5/25/18   555   557,454  
Genesis HealthCare Corp., Term Loan B, 10.00% - 10.75%, 9/25/17   287   295,413  
HCA, Inc., Extended Term Loan B4, 2.95%, 5/01/18   235   235,750  
inVentiv Health, Inc.:  
  Combined Term Loan, 7.50%, 8/04/16   260   256,596  
  Incremental Term Loan B3, 7.75%, 5/15/18   219   216,476  
Surgical Care Affiliates, Inc., Term Loan B, 4.25%, 6/29/18   425   426,330  
US Renal Care, Inc., First Lien Term Loan, 6.25%, 7/02/19   511   516,888  
Vanguard Health Holdings Co. II LLC, Term Loan B, 3.75%, 1/29/16   169   170,819  
  
  6,474,083  
 
Health Care Technology — 1.6%  
IMS Health, Inc., Term Loan B1, 3.75%, 9/01/17   745   748,567  
Kinetic Concepts, Inc., Term Loan C1, 5.50%, 5/04/18   919   930,033  
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19   270   271,388  
Merge Healthcare Inc, Term Loan B, 6.00%, 4/23/19   185   185,925  
  
  2,135,913  
 
Hotels, Restaurants & Leisure — 6.7%  
Alpha D2 Ltd., Extended Term Loan B2, 6.00%, 4/30/19   329   332,539  
Boyd Gaming Corp., Incremental Term Loan, 6.00%, 12/17/15   370   374,571  
Caesars Entertainment Operating Co., Inc.:  
  Extended Term Loan B6, 5.44%, 1/26/18   125   111,591  
  Term Loan, 9.25%, 4/25/17   320   326,400  
Golden Living, Term Loan, 5.00%, 5/04/18   365   351,324  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Hotels, Restaurants & Leisure (concluded)  
Harrah's Property Co., Mezzanine Term Loan, 3.69%, 2/13/14 USD 3,051 $ 2,783,764  
Kasima LLC, Term Loan B, 3.25%, 5/14/21   550   551,034  
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   543   544,342  
OSI Restaurant Partners LLC, Term Loan, 3.50%, 10/25/19   240   239,827  
Sabre, Inc., Term Loan B, 5.25%, 2/19/19   319   322,963  
Six Flags Theme Parks, Inc., Term Loan B, 4.00% - 5.25%, 12/20/18   305   308,824  
Station Casinos, Inc., Term Loan B, 5.00%, 3/01/20   1,200   1,211,100  
Travelport LLC:  
  Extended Delayed Draw Term Loan, 4.96%, 8/21/15   134   132,985  
  Second Lien Term Loan 1, 9.50%, 1/29/16   200   207,778  
Twin River Worldwide Holdings, Inc., Term Loan B, 5.25%, 11/09/18   570   576,787  
Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19   472   474,838  
  
  8,850,667  
 
Household Products — 1.4%  
Anchor Hocking LLC, Term Loan, 7.50%, 5/06/20   95   95,950  
Prestige Brands, Inc., Term Loan, 3.75%, 1/31/19   465   468,619  
Spectrum Brands, Inc., Term Loan, 4.50% - 5.50%, 12/17/19   925   935,302  
Waddington North America Inc.:  
  First Lien Term Loan, 4.75%, 5/15/20   275   275,687  
  Second Lien Term Loan, 8.50%, 11/16/20   95   95,475  
  
  1,871,033  
 
Independent Power Producers & Energy Traders — 1.9%  
The AES Corp., Term Loan B, 3.75%, 6/01/18   766   773,382  
Calpine Corp., Term Loan B1, 4.00%, 4/02/18   213   215,063  
La Frontera Generation, LLC, Term Loan, 4.50%, 9/30/20   1,080   1,088,100  
Star West Generation LLC, Term Loan B, 5.00%, 3/13/20   410   411,025  
  
  2,487,570  
 
Industrial Conglomerates — 0.8%  
Sequa Corp., Term Loan B, 5.25%, 6/19/17   1,053   1,062,656  
 
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20136
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Insurance — 2.3%  
Alliant Holdings I, Inc., Term Loan B, 5.00%, 12/20/19 USD 424 $ 426,057  
Asurion LLC, Term Loan B1, 4.50%, 5/24/19   648   651,040  
CNO Financial Group, Inc.:  
  Term Loan B1, 3.00%, 9/28/16   369   371,078  
  Term Loan B2, 3.75%, 9/20/18   535   537,905  
Cooper Gay Swett & Crawford Ltd, First Lien Term Loan, 5.00%, 4/06/20   420   424,725  
Cooper Gay Swett & Crawford Ltd., Second Lien Term Loan, 8.25%, 10/05/20   200   203,500  
Cunningham Lindsey US, Inc., First Lien Term Loan, 5.00%, 12/10/19   369   372,304  
  
  2,986,609  
 
Internet Software & Services — 0.4%  
Web.com Group, Inc., Term Loan B, 4.50%, 10/27/17   512   518,364  
 
IT Services — 4.9%  
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19   214   215,535  
Ceridian Corp., Extended Term Loan, 5.95%, 5/09/17   954   960,622  
First Data Corp.:  
  2018 Term Loan, 4.20%, 9/24/18   445   442,713  
  Extended 2018 Term Loan B, 4.20%, 3/23/18   2,250   2,239,208  
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19   661   666,733  
InfoGroup, Inc., Term Loan, 7.50%, 5/25/18   245   222,945  
SunGard Data Systems, Inc.:  
  Term Loan D, 4.50%, 1/31/20   264   267,642  
  Term Loan E, 4.00%, 3/08/20   145   146,541  
TransUnion LLC, Term Loan, 4.25%, 2/10/19   1,256   1,264,840  
  
  6,426,779  
 
Leisure Equipment & Products — 0.2%  
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19   207   207,144  
 
Life Sciences Tools & Services — 0.2%  
Patheon, Inc., Term Loan, 7.25%, 12/06/18   274   277,045  
 
Machinery — 2.7%  
Alliance Laundry Systems LLC:  
  Second Lien Term Loan, 9.50%, 12/10/19   131   133,527  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Machinery (concluded)  
Alliance Laundry Systems LLC (concluded):  
  Term Loan, 4.50%, 12/07/18 USD 229 $ 230,410  
Dematic SA, Term Loan, 5.25%, 12/27/19   569   572,839  
Generac Power Systems, Inc., Term Loan B, 3.50%, 5/29/20   785   784,670  
Intelligrated, Inc., First Lien Term Loan, 4.50%, 7/30/18   398   400,488  
Navistar International Corp., Term Loan B, 5.75%, 8/07/17   206   209,467  
Rexnord LLC, Term Loan B, 3.75%, 4/02/18   196   198,497  
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19   648   648,511  
Terex Corp., Term Loan B, 5.00%, 4/28/17 EUR 34   44,597  
Wabash National Corp., Term Loan B, 4.50%, 5/02/19 USD 340   341,725  
  
  3,564,731  
 
Media — 14.0%  
AMC Entertainment, Inc., Term Loan, 3.50%, 4/30/20   265   265,538  
BBHI Acquisition LLC, Term Loan B, 5.25%, 12/14/17   455   455,461  
Capsugel Holdings US, Inc., Term Loan B, 4.75%, 8/01/18   530   534,743  
Catalina Marketing Corp., 2017 Term Loan B, 5.69%, 9/29/17   508   515,479  
Cengage Learning Acquisitions, Inc.:  
  Non Extended Term Loan, 2.70%, 7/03/14   226   177,608  
  Tranche 1 Incremental, 7.50%, 7/03/14   366   287,850  
Charter Communications Operating LLC, Term Loan E, 3.00%, 4/10/20   465   462,177  
Clear Channel Communications, Inc.:  
  Term Loan B, 3.84%, 1/29/16   373   345,835  
  Term Loan C, 3.84%, 1/29/16   42   39,035  
  Term Loan D, 6.94%, 1/22/19   1,339   1,249,544  
Cumulus Media, Inc., First Lien Term Loan, 4.50%, 9/17/18   581   586,010  
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18   358   360,328  
Fender Musical Instrument Corp., Term Loan B, 5.75%, 4/03/19   70   69,854  
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17   692   700,461  
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19   329   330,356  
Gray Television, Inc., Term Loan B, 4.75%, 10/15/19   392   397,019  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20137
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Media (concluded)  
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 5.25%, 6/01/18 USD 431 $ 430,650  
Hubbard Broadcasting, Term Loan B, 4.50%, 4/28/17   403   405,253  
Intelsat Jackson Holdings SA, Term Loan B1, 4.25%, 4/02/18   1,605   1,614,851  
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18   875   876,928  
Kabel Deutschland GmbH, Term Loan F1, 3.25%, 2/01/19   212   211,788  
Lavena Holding 4 GmbH:  
  Term Loan B, 2.62%, 3/06/15        EUR 460   592,020  
  Term Loan C, 3.00%, 3/04/16   460   595,013  
Mediacom LLC, Term Loan E, 4.50%, 10/23/17        USD 486   488,579  
NEP Supershooters LP:  
  Second Lien Term Loan, 9.50%, 8/18/20   131   135,591  
  Term Loan, 4.75%, 1/18/20   658   665,348  
Nielsen Finance LLC, Term Loan E, 2.95%, 5/02/16   626   631,356  
Rentpath, Inc., Term Loan B, 6.25%, 5/29/20   540   531,225  
Salem Communications Corp., Term Loan B, 4.50%, 3/16/20   400   404,740  
Sinclair Television Group Inc., Term Loan B, 3.00%, 4/09/20   375   376,808  
Univision Communications, Inc., Converted Extended Term Loan, 4.50%, 3/02/20   715   712,689  
UPC Financing Partnership, Term Loan AG, 3.86%, 3/26/21        EUR 281   365,756  
Virgin Media Investment Holdings:  
  Term Loan B, 3.50%, 6/05/20        USD 935   933,195  
  Term Loan C, 4.50%, 6/05/20        GBP 650   995,481  
WC Luxco Sarl, Term Loan B3, 4.25%, 3/15/18        USD 184   184,673  
WideOpenWest Finance LLC, Term Loan B, 4.75%, 3/26/19   516   519,651  
  
  18,448,893  
 
Metals & Mining — 4.6%  
Ameriforge Group, Inc.:  
  First Lien Term Loan, 6.00%, 12/19/19   374   378,428  
  Second Lien Term Loan, 8.75%, 12/18/20   185   188,700  
Constellium Holdco BV, Term Loan B, 6.25%, 3/25/20   830   843,488  
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17   1,436   1,442,182  
Murray Energy Corp., Term Loan B, 4.75%, 5/24/19   195   196,121  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Metals & Mining (concluded)  
Novelis, Inc., Term Loan, 3.75%, 3/10/17 USD 1,151 $ 1,166,655  
SunCoke Energy, Inc., Term Loan B, 4.00%, 7/26/18   137   136,844  
Walter Energy, Inc., Term Loan B, 5.75%, 4/02/18   990   993,043  
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17   635   655,907  
  
  6,001,368  
 
Multiline Retail — 3.4%  
99¢ Only Stores, Term Loan, 5.25%, 1/11/19   459   464,765  
Apex Tool Group LLC, Term Loan B, 4.50%, 2/01/20   485   488,109  
BJ's Wholesale Club, Inc.:  
  Replacement Term Loan, 4.25%, 9/26/19   413   414,088  
  Second Lien Term Loan, 9.75%, 3/26/20   285   291,983  
HEMA Holding BV, Second Lien Term Loan, 5.12%, 1/05/17  EUR 1,800   2,185,139  
The Neiman Marcus Group, Inc., Extended Term Loan, 4.00%, 5/16/18  USD 690   689,282  
  
  4,533,366  
 
Oil, Gas & Consumable Fuels — 6.5%  
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17   985   1,009,064  
Everest Acquisition LLC, Term Loan B3, 3.50%, 5/24/18   660   663,135  
Gibson Energy ULC, Term Loan B, 4.75%, 6/15/18   737   745,156  
GIM Channelview Cogeneration, LLC, Term Loan B, 4.25%, 5/04/20   455   456,137  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15   404   406,252  
Pacific Drilling S.A., Term Loan B, 4.50%, 5/30/18   555   557,253  
Panda Temple Power LCC, Term Loan B, 7.25%, 4/03/19   360   367,650  
Philadelphia Energy Solutions LLC, Term Loan B, 6.25%, 4/04/18   585   595,237  
Power Team Services, LLC:  
  Delayed Draw Term Loan, 0.50%, 5/06/20   24   24,460  
  First Lien Term Loan, 4.25%, 5/06/20   196   195,679  
  Second Lien Term Loan, 8.25%, 11/06/20   105   104,475  
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.50%, 3/27/20   440   442,200  
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20138
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Oil, Gas & Consumable Fuels (concluded)  
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18 USD 295 $ 296,549  
Teine Energy Ltd., Second Lien Term Loan, 7.50%, 5/09/19   385   385,962  
Tesoro Corp., Term Loan B, 2.52%, 1/29/16   540   545,400  
Total Safety US, Inc.:  
  First Lien Term Loan, 5.75%, 2/21/20   410   412,562  
  Second Lien Term Loan, 9.25%, 8/21/20   155   156,932  
Vantage Drilling Co.:  
  Term Loan, 6.25%, 10/26/17   765   771,740  
  Term Loan B, 5.75%, 3/22/19   350   354,084  
  
  8,489,927  
 
Paper & Forest Products — 0.2%  
NewPage Corp., Exit Term Loan, 7.75%, 12/21/18   315   321,300  
 
Pharmaceuticals — 4.3%  
Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17   1,107   1,109,741  
Par Pharmaceutical, Term Loan B, 4.25%, 9/30/19   1,073   1,074,546  
Pharmaceutical Product Development, Inc., Term Loan B, 4.25%, 12/05/18   1,088   1,095,197  
Quintiles Transnational Corp., Term Loan B, 4.50%, 6/08/18   577   582,483  
RPI Finance Trust, Incremental Tranche 2, 4.00%, 11/09/18   88   88,699  
Valeant Pharmaceuticals International, Inc.:  
  Term Loan C1, 3.50%, 12/11/19   613   616,818  
  Term Loan D1, 3.50%, 2/13/19   664   667,132  
Warner Chilcott Corp.:  
  Incremental Term Loan B1, 4.25%, 3/15/18   101   102,015  
  Term Loan B1, 4.25%, 3/15/18   233   234,353  
  Term Loan B2, 4.25%, 3/15/18   83   83,043  
  
  5,654,027  
 
Professional Services — 2.0%  
Booz Allen Hamilton, Inc., Term Loan B, 4.50%, 7/31/19   642   646,056  
Emdeon Business Services, LLC, Term Loan B2, 3.75%, 11/02/18   726   730,024  
ON Assignment, Inc, Term Loan B, 3.50%, 4/30/20   260   261,378  
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Professional Services (concluded)  
Sirva Worldwide, Inc., Term Loan, 7.50%, 3/27/19 USD 430 $ 426,775  
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/01/19   600   601,465  
  
  2,665,698  
 
Real Estate Investment Trusts (REITs) — 0.5%  
iStar Financial, Inc., Term Loan, 4.50%, 9/28/17   711   717,882  
 
Real Estate Management & Development — 1.7%  
Realogy Corp.:  
  Extended Letter of Credit, 4.45%, 10/10/16   88   88,334  
  Extended Term Loan, 4.50%, 3/05/20   2,055   2,073,413  
  Letter of Credit, 6.20%, 10/10/13   21   20,836  
  
  2,182,583  
 
Road & Rail — 0.4%  
Genesee & Wyoming, Inc., Term Loan A, 2.19%, 9/29/17   252   252,636  
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18   229   231,071  
  
  483,707  
 
Semiconductors & Semiconductor Equipment — 0.9%  
Freescale Semiconductor, Inc., Term Loan B4, 5.00%, 3/02/20   790   793,523  
NXP BV, Term Loan C, 4.75%, 1/11/20   434   442,591  
  
  1,236,114  
 
Software — 4.0%  
Blackboard, Inc., Term Loan B2, 6.25%, 10/04/18   115   117,350  
CompuCom Systems, Inc., Term Loan B, 4.25%, 5/08/20   200   200,750  
Evertec, Inc., Term Loan B, 3.50%, 4/15/20   245   244,326  
GCA Services Group, Inc.:  
  Second Lien Term Loan, 9.25%, 10/22/20   220   223,300  
  Term Loan B, 5.25%, 11/01/19   439   441,728  
Infor US, Inc., Term Loan B2, 5.25% - 6.25%, 4/05/18   1,082   1,091,910  
Kronos, Inc., Second Lien Term Loan, 9.75%, 4/30/20   345   360,525  
RP Crown Parent LLC, First Lien Term Loan, 6.75%, 12/21/18   359   363,926  
Sophia LP, Term Loan B, 4.50%, 7/19/18   628   632,519  
                                   

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20139
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Software (concluded)  
SS&C Technologies, Inc.:  
  Term Loan B-1, 5.00%, 6/07/19 USD 783 $ 786,938  
  Term Loan B-2, 5.00%, 6/07/19   81   81,407  
StoneRiver Holdings, Inc.:  
  First Lien Term Loan, 4.75%, 11/20/19   455   455,191  
  Second Lien Term Loan, 8.75%, 11/20/20   225   225,000  
  
  5,224,870  
 
Specialty Retail — 6.9%  
Academy Ltd., Term Loan, 4.50%, 8/03/18   790   796,801  
Atlantic Aviation FBO, Inc., Term Loan B, 3.25%, 5/20/20   135   135,127  
Bass Pro Group LLC, Term Loan, 4.00%, 11/20/19   608   610,135  
Burlington Coat Factory Warehouse Corp., Term Loan B1, 5.50%, 2/23/17   152   152,949  
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19   853   857,671  
Equinox Holdings, Inc, Repriced Term Loan B, 4.50%, 1/31/20   455   457,844  
The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18   77   75,676  
Harbor Freight Tools USA, Inc., Term Loan B, 6.50%, 11/14/17   457   462,636  
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18   283   284,654  
Leslie's Poolmart, Inc., Term Loan B, 4.00% - 5.25%, 10/16/19   727   733,741  
Michaels Stores, Inc., Term Loan, 3.75%, 1/28/20   670   672,841  
Party City Holdings, Inc., Term Loan B, 4.25%, 7/29/19   1,202   1,201,875  
PETCO Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17   785   792,365  
Reddy Ice Corp.:  
  First Lien Term Loan, 6.75%, 3/28/19   570   572,137  
  Secod Lien Term Loan, 10.75%, 11/01/19   270   270,000  
SRAM LLC, Term Loan B, 4.00% - 5.25%, 4/10/20   193   193,332  
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18   398   396,221  
Toys ‘R’ Us Delaware, Inc., Term Loan B3, 5.25%, 5/25/18   38   37,370  
The Yankee Candle Co., Inc., Term Loan B, 5.25%, 4/02/19   388   388,387  
  
  9,091,762  
 
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Textiles, Apparel & Luxury Goods — 1.3%  
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18 USD 916 $ 920,329  
PVH Corp., Term Loan B, 3.25%, 2/13/20   350   351,487  
Wolverine Worldwide, Inc., Term Loan B, 4.00%, 7/31/19   495   499,252  
  
  1,771,068  
 
Thrifts & Mortgage Finance — 0.6%  
Insight Global, Inc., First Lien Term Loan, 6.00%, 10/31/19   449   452,242  
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18   375   379,376  
  
  831,618  
 
Trading Companies & Distributors — 0.4%  
WESCO Distribution, Inc., Term Loan B, 4.50%, 12/12/19   509   511,686  
 
Wireless Telecommunication Services — 2.2%  
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19   489   491,219  
Light Tower Fiber LLC, First Lien Term Loan, 4.50%, 4/13/20   610   614,959  
Vodafone Americas Finance 2, Inc. (e):  
  PIK Term Loan, 6.88%, 8/11/15   1,314   1,330,548  
  Term Loan B, 6.25%, 7/11/16   413   422,812  
  
  2,859,538  
 
Total Floating Rate Loan Interests – 133.9%   176,230,845  




 

Warrants (f)   Shares      
 
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)   691   —  
 
Total Long-Term Investments
(Cost – $191,705,182) – 148.1% 		  194,925,465  




 

Short-Term Securities  
 
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (g)(h)   5,559,196   5,559,196  
 
Total Short-Term Securities
(Cost – $5,559,196) – 4.2% 		  5,559,196  
 
                                   

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201310
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

 

        Value
Total Investments (Cost -- $197,264,378*) – 152.3%     $       200,484,661 
Liabilities in Excess of Other Assets – (52.3)%       (68,845,335)
Net Assets – 100.0%     $       131,639,326 
           
* As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:        
  Tax cost     $       197,519,912 
        $       3,786,997 
  Gross unrealized depreciation       (822,248)
  Net unrealized appreciation     $       2,964,749 
           

 

   

Notes to Schedule of Investments

  
(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) When-issued security. Unsettled when-issued transactions were as follows:  
   
  Counterparty   Value   Unrealized Appreciation
(Depreciation)		  
   
  Bank of America Corp.   $ 18,352 $ 2,007  
  Citigroup Inc.   $ 66,068 $ 7,223  
  Goldman Sachs Group, Inc.   $ 202,950 $ (2,050)  
  Goldman Sachs Group, Inc.   $ 487,575 $ (7,425)  
                     
(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 May 31, 2013, 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
May 31, 2013		   Income  
  BlackRock Liquidity Funds, TempFund, Institutional Class   2,326,441   3,232,755   5,559,196 $ 744  
                     
 
(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:    
DIP Debtor-In-Possession  
EUR Euro  
GBP British Pound  
USD US Dollar  
     
     
                                                               
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201311
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

 

• Foreign currency exchange contracts as of May 31, 2013 were as follows:  
   
  Currency
Purchased		 Currency
Sold		   Counterparty Settlement
Date		 Unrealized
 Appreciation
(Depreciation)		  
   
  GBP   647,000   USD   984,174   Citigroup, Inc.   7/17/13 $ (1,408)  
  GBP   720,000   USD   1,113,757   Goldman Sachs Group, Inc.   7/17/13   (20,107)  
  USD   97,970   CAD   100,000   Barclays Plc   7/17/13   1,615  
  USD   1,223,206   GBP   799,000   Barclays Plc   7/17/13   9,558  
  USD   965,333   GBP   642,000   Citigroup, Inc.   7/17/13   (9,839)  
  USD   1,098,245   GBP   720,000   Goldman Sachs Group, Inc.   7/17/13   4,594  
  USD   3,884,701   EUR   2,976,000   Barclays Plc   7/23/13   15,589  
  USD   130,628   EUR   100,000   Deutsche Bank AG   7/23/13   618  
  USD   73,707   EUR   56,000   Goldman Sachs Group, Inc.   7/23/13   901  
  Total $ 1,521  
   
• Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows:  
 
  Issuer   Receive
Fixed
Rate		   Counterparty   Expiration
Date		   Credit Rating3   Notional
Amount
(000)2		   Unrealized Appreciation (Depreciation)  
 
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase & Co.   12/20/15   CCC--   USD   34 $ 1,797  
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase & Co.   12/20/15       USD   124   11,753  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC--   USD   49   241  
 
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC--   USD   49   241  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC--   USD   143   (1,068)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   6/20/16   CCC--   USD   190   (5,284)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/17   CCC--   USD   89   (5,777)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Deutsche Bank AG   6/20/17   CCC--   USD   127   (7,339)  
 
  Total $ (5,436)    
 
     
1 Using Standard & Poor's (“S&P”) rating of the underlying securities of the indexes.  
2 The maximum potential amount the Fund may pay should a negative event take place as defined under the terms of agreement.  
3 Using S&P’s rating of the issuer.  
     
• 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.  
                                                                                                                 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201312
 
Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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 or 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 fair value classification 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, please refer to the Trust's most recent financial statements as contained in its semi-annual report.  
   
The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:  
  Level 1   Level 2   Level 3   Total  
Assets:  
Investments:  
   Long-Term Investments:  
  Asset-Backed Securities   —   — $ 4,385,669 $ 4,385,669  
  Common Stocks   — $ 853,798   —   853,798  
  Corporate Bonds   —   13,455,153   —   13,455,153  
  Floating Rate Loan Interests   —   159,195,154   17,035,691   176,230,845  
   Short-Term Securities $ 5,559,196   —   —   5,559,196  
Total $ 5,559,196 $ 173,504,105 $ 21,421,360 $ 200,484,661  
                 
                 
  Level 1   Level 2   Level 3   Total  
Derivative Financial Instruments1              
Assets:                
   Credit contracts —   $                            14,032   — $ 14,032  

   Foreign currency exchange         contracts

—                               32,875   —   32,875  
Liabilities:                
   Credit contracts —                               (19,468)   —   (19,468)  

   Foreign currency exchange

contracts

—   (31,354)   —   (31,354)  
Total —   $                            (3,915)   — $ (3,915)  
                                                                                                                 
1Derivative financial instruments are swaps and foreign currency exchange contracts. Swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201313
 
Schedule of Investments (concluded)

BlackRock Defined Opportunity Credit Trust (BHL)

 

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, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
  Level 1   Level 2   Level 3   Total
Assets:
Foreign currency at value $ 34,893   —   —       $ 34,893
Liabilities:
Loans payable   —        $      (53,000,000)   —   (53,000,000)
Total $ 34,893 $      (53,000,000)   — $ (52,965,107)
                                         

There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.

 

Certain of the Trust's investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

                                               

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

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 31   — 2,294,266   2,294,266
Transfers out of Level 32   — (3,270,541)   (3,270,541)
Accrued discounts/premiums   17,907 24,394   42,301
Net realized gain (loss)   69,457 121,657   191,114
Net change in unrealized appreciation/ depreciation3   330,278 176,203   506,481
Purchases   1,573,108 12,736,821   14,309,929
Sales   (1,032,853) (5,251,137)   (6,283,990)
Closing Balance, as of May 31, 2013 $ 4,385,669 $                   17,035,691   $       21,421,360
           
             
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 May 31, 2013, 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 $2,294,266 transferred from Level 2 to Level 3 in the disclosure hierarchy.
2 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 significant unobservable inputs in determining the value of certain investments. As of May 31, 2013, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,270,541 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3 The change in unrealized appreciation/depreciation on investments still held as of May 31, 2013 was $528,857.
             

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201314
 

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: July 25, 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: July 25, 2013

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Defined Opportunity Credit Trust

 

Date: July 25, 2013

   
 EX-99.CERT 2 e54664ex99cert.htm CERTIFICATIONS

 

EX-99.CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Defined Opportunity Credit Trust, certify that:

1.                   I have reviewed this report on Form N-Q of BlackRock Defined Opportunity Credit Trust;

2.                   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.                   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.                   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)                   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)                   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)                   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)                   disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.                   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)                   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)                   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 25, 2013

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust

 
 

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Defined Opportunity Credit Trust, certify that:

1.                   I have reviewed this report on Form N-Q of BlackRock Defined Opportunity Credit Trust;

2.                   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.                   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.                   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)                   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)                   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)                   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)                   disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.                   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)                   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)                   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 25, 2013

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of
BlackRock Defined Opportunity Credit Trust