N-Q 1 bhlfinal.htm BR DEFINED OPPORTUNITY CREDIT TRUST BHL bhlfinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22126

Name of Fund: BlackRock Defined Opportunity Credit Trust (BHL)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
Defined Opportunity Credit Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2011

Date of reporting period: 05/31/2011

Item 1 – Schedule of Investments


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

    Par   
Asset-Backed Securities    (000)  Value 
ARES CLO Funds, Series 2005-     
10A, Class B, 0.70%, 9/18/17     
(a)(b)  USD  250  $ 221,898 
Canaras Summit CLO Ltd., Series     
2007-1A, Class B, 0.78%,       
6/19/21 (a)(b)    345  291,266 
Flagship CLO, Series 2006-1A,       
Class B, 0.64%, 9/20/19 (a)(b)  1,000  835,000 
Fraser Sullivan CLO Ltd., Series     
2006-2A, Class B, 0.70%,       
12/20/20 (a)(b)    500  428,750 
Gannett Peak CLO Ltd., Series       
2006-1X, Class A2, 0.66%,       
10/27/20    265  227,900 
Goldman Sachs Asset       
Management CLO Plc, Series     
2007-1A, Class B, 0.75%,       
8/01/22 (a)(b)    580  487,200 
Landmark CDO Ltd., Series 2006-     
8A, Class B, 0.66%, 10/19/20     
(a)(b)    495  425,398 
MAPS CLO Fund LLC, Series 2005-     
1A, Class C, 1.25%, 12/21/17     
(a)(b)    260  231,556 
Portola CLO Ltd., Series 2007-1X,     
Class B1, 1.76%, 11/15/21    350  315,000 
T2 Income Fund CLO Ltd., Series     
2007-1A, Class B, 0.90%,       
7/15/19 (a)(b)    300  271,434 
Total Asset-Backed Securities – 2.9%    3,735,402 
Common Stocks (c)    Shares   
Capital Markets — 0.2%       
E*Trade Financial Corp.    16,300  257,703 
Hotels, Restaurants & Leisure — 0.2%     
BLB Worldwide Holdings, Inc.    21,020  229,475 
Software — 0.2%       
HMH Holdings/EduMedia    53,267  266,335 
Total Common Stocks – 0.6%      753,513 
    Par   
Corporate Bonds    (000)   
Airlines — 0.4%       
Air Canada, 9.25%, 8/01/15 (a)  210  218,137 

 

    Par   
Corporate Bonds    (000)  Value 
Airlines (concluded)       
Delta Air Lines, Inc., Series B,       
9.75%, 12/17/16  USD  271  $ 286,771 
      504,908 
Auto Components — 0.9%       
Icahn Enterprises LP, 7.75%,       
1/15/16    1,125  1,155,938 
Chemicals — 0.4%       
CF Industries, Inc., 6.88%,       
5/01/18    415  476,731 
Commercial Banks — 1.2%       
CIT Group, Inc.:       
7.00%, 5/01/16    180  180,675 
7.00%, 5/01/17    1,390  1,395,213 
      1,575,888 
Commercial Services & Supplies —       
0.4%       
AWAS Aviation Capital Ltd., 7.00%,       
10/15/16 (a)    453  470,145 
Consumer Finance — 0.3%       
Inmarsat Finance Plc, 7.38%,       
12/01/17 (a)    425  450,500 
Containers & Packaging — 0.6%       
Berry Plastics Corp., 8.25%,       
11/15/15    700  750,750 
Diversified Financial Services —       
1.0%       
Ally Financial, Inc., 2.51%,       
12/01/14 (b)    1,025  1,009,722 
FCE Bank Plc, 7.13%, 1/15/13  EUR  50  75,661 
Reynolds Group Issuer, Inc.,       
6.88%, 2/15/21 (a)  USD  185  190,781 
      1,276,164 
Diversified Telecommunication       
Services — 0.4%       
ITC Deltacom, Inc., 10.50%,       
4/01/16    140  151,200 
Qwest Communications       
International, Inc., Series B,       
7.50%, 2/15/14    347  351,771 
      502,971 
Electronic Equipment, Instruments       
& Components — 0.2%       
CDW LLC, 8.00%, 12/15/18 (a)    230  246,675 

 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011  1 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Corporate Bonds    (000)  Value 
Health Care Providers & Services — 0.2%     
HCA, Inc., 7.25%, 9/15/20  USD  220  $ 239,800 
Health Care Technology — 0.8%     
IMS Health, Inc., 12.50%,       
3/01/18 (a)    850  1,011,500 
Hotels, Restaurants & Leisure —     
0.2%       
MGM Resorts International,       
11.13%, 11/15/17    240  278,400 
Household Durables — 0.6%       
Beazer Homes USA, Inc., 12.00%,     
10/15/17    715  807,950 
Independent Power Producers &     
Energy Traders — 2.1%       
Energy Future Holdings Corp.,       
10.00%, 1/15/20 (a)    400  433,063 
Energy Future Intermediate       
Holding Co. LLC, 10.00%,       
12/01/20 (a)    1,325  1,441,147 
NRG Energy, Inc., 7.63%,       
1/15/18 (a)    795  802,950 
      2,677,160 
IT Services — 0.3%       
First Data Corp., 7.38%,       
6/15/19 (a)    400  407,000 
Media — 1.2%       
Clear Channel Worldwide Holdings, Inc.:     
9.25%, 12/15/17    185  201,650 
Series B, 9.25%, 12/15/17  740  808,450 
Unitymedia Hessen GmbH & Co.     
KG (FKA UPC Germany GmbH),     
8.13%, 12/01/17 (a)    500  531,250 
      1,541,350 
Metals & Mining — 0.7%       
FMG Resources August 2006       
Property Ltd., 7.00%,       
11/01/15 (a)    385  400,400 
Novelis, Inc., 8.38%, 12/15/17 (a)  430  468,700 
      869,100 
Oil, Gas & Consumable Fuels —       
0.5%       
Alpha Natural Resources, Inc. (d):     
6.00%, 6/01/19    245  246,531 
6.25%, 6/01/21    305  310,338 
Coffeyville Resources LLC, 9.00%,     
4/01/15 (a)    126  136,710 
      693,579 
Paper & Forest Products — 0.3%     
Longview Fibre Paper & Packaging,     
Inc., 8.00%, 6/01/16    155  157,325 

 

    Par   
Corporate Bonds    (000)  Value 
Paper & Forest Products       
(concluded)       
Verso Paper Holdings LLC,       
11.50%, 7/01/14  USD  180  $ 195,300 
      352,625 
Pharmaceuticals — 0.2%       
Valeant Pharmaceuticals       
International, 6.50%,       
7/15/16 (a)    315  313,425 
Wireless Telecommunication       
Services — 1.1%       
Cricket Communications, Inc.,       
7.75%, 5/15/16    1,125  1,195,313 
Nextel Communications, Inc.,       
Series E, 6.88%, 10/31/13    275  277,406 
      1,472,719 
Total Corporate Bonds – 14.0%    18,075,278 
Floating Rate Loan Interests (b)     
Aerospace & Defense — 2.9%       
DynCorp International, Term Loan,     
6.25%, 7/05/16    555  557,855 
Hawker Beechcraft Acquisition Co., LLC:     
Letter of Credit Linked       
Deposit, 2.31%, 3/26/14    30  26,444 
Term Loan, 2.19% - 2.31%,     
3/26/14    487  427,642 
SI Organization, New Tranche B     
Term Loan, 4.50%, 11/22/16  873  877,002 
Scitor Corp., Term Loan B, 5.00%,     
2/15/17    523  523,250 
TransDigm, Inc., Term Loan (First     
Lien), 4.00% - 5.25%, 2/14/17  848  851,055 
Wesco Aircraft Hardware Corp.,       
Term Loan B, 4.25%, 4/04/17  432  435,240 
      3,698,488 
Airlines — 1.3%       
Delta Air Lines, Inc.:       
Credit New Term Loan B,       
5.50%, 4/20/17    1,700  1,681,938 
Auto Components — 1.3%       
Allison Transmission, Inc., Term     
Loan, 2.96%, 8/07/14    727  721,752 

 

2 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)  (000)  Value 
Auto Components (concluded)       
Armored Auto Group, Inc. (FKA       
Viking Acquisition, Inc.), Term     
Loan B, 6.00%, 11/04/16  USD  579  $ 578,550 
UCI International, Inc., Term Loan,     
5.50%, 7/26/17    349  351,598 
      1,651,900 
Automobiles — 0.7%       
Ford Motor Co.:       
Tranche B-1 Term Loan,       
2.95%, 12/16/13    851  850,426 
Tranche B-2 Term Loan,       
2.95%, 12/16/13    14  14,201 
      864,627 
Biotechnology — 0.3%       
Grifols SA, Term Loan B, 6.00%,     
11/23/16    385  387,968 
Building Products — 3.3%       
Armstrong World Industries, Inc.,     
Term Loan B, 4.00%, 3/09/18  450  450,938 
CPG International I, Inc., Term       
Loan B, 6.00%, 2/18/17    798  799,496 
Goodman Global, Inc., Initial Term     
Loan (First Lien), 5.75%,       
10/28/16    2,239  2,252,420 
Momentive Performance Materials     
(Blitz 06-103 GmbH), Tranche B-     
25 Term Loan, 4.69%, 5/05/15 EUR  568  803,977 
      4,306,831 
Capital Markets — 1.9%       
American Capital Ltd., Term Loan     
B, 7.50%, 12/31/13  USD  229  229,002 
HarbourVest Partners, Term Loan     
(First Lien), 6.25%, 12/14/16  948  952,552 
Nuveen Investments, Inc.:       
Extended Term Loan       
(First Lien), 5.76% - 5.81%,     
5/12/17    782  785,236 
Non Extended Term Loan       
(First Lien), 3.27% -3.31%,     
11/13/14    541  531,993 
      2,498,783 
Chemicals — 6.9%       
American Rock Salt Holdings LLC,     
Term Loan, 5.50%, 4/19/17  605  608,403 
Arizona Chemical Co. ,LLC,       
Term Loan B, 4.75%, 11/21/16  444  445,560 
Chemtura Corp., Term Facility, 5.50%,     
8/27/16    750  753,750 
Gentek, Inc., Tranche B Term Loan,     
5.00% - 5.75%, 3/03/17    995  995,829 
MDI Holdings LLC (FKA MacDermid,     
Inc.) ,Term Loan B, 2.19%, 4/12/14  452  447,502 
Nexeo Solutions, LLC, Term Loan     
B, 5.00%, 9/08/17    575  574,821 

 

  Par   
Floating Rate Loan Interests (b)  (000)  Value 
Chemicals (concluded)     
PQ Corp. (FKA Niagara Acquisition,     
Inc.), Original Term Loan (First     
Lien), 3.45% - 3.53%, 7/30/14 USD  641  $ 625,027 
Rockwood Specialties Group, Inc.,     
Term Loan B, 3.75%, 2/09/18  610  613,922 
Styron Sarl, Term Loan B, 6.00%,     
8/02/17  1,197  1,203,412 
Tronox Worldwide LLC, Exit Term     
Loan, 7.00%, 10/15/15  1,372  1,381,277 
Univar, Inc., Term Loan B, 5.00%,     
6/30/17  1,197  1,196,359 
    8,845,862 
Commercial Banks — 1.4%     
CIT Group Inc., Tranche 3 Term     
Loan, 6.25%, 8/11/15  1,786  1,802,577 
Commercial Services & Supplies —     
4.7%     
ARAMARK Corp.:     
Letter of Credit - 1 Facility,     
2.12%, 1/27/14  9  9,242 
Letter of Credit - 2 Facility,     
3.49%, 7/26/16  14  13,835 
US Term Loan, 2.18%,     
1/27/14  116  114,730 
US Term Loan B, 3.56%,     
7/26/16  211  210,370 
AWAS Finance Luxembourg Sarl,     
Loan B, 7.75%, 6/10/16  237  241,106 
Adesa, Inc. (KAR Holdings, Inc.),     
Initial Term Loan B, 5.00%,     
5/19/17  1,200  1,203,600 
Altegrity, Inc. (FKA US     
Investigations Services, Inc.),     
Tranche D Term Loan, 7.75%,     
2/21/15  744  750,423 
Delos Aircraft, Inc., Term Loan 2,     
7.00%, 3/17/16  825  826,473 
Diversey, Inc. (FKA Johnson     
Diversey, Inc.), Tranche B Dollar     
Term Loan, 4.00%, 11/24/15  253  253,182 
Protection One, Inc., Term Loan,     
6.00%, 5/16/16  449  449,397 
Quad/Graphics, Inc., Term Loan,     
5.50%, 4/14/16  273  272,710 
Synagro Technologies, Inc., Term     
Loan (First Lien), 2.20%,     
4/02/14  872  822,760 
Volume Services America, Inc.     
(Centerplate), Term Loan B,     
10.50% - 10.75%, 9/16/16  498  500,609 
West Corp., 4.52% - 4.71%, 7/15/16  397  397,544 
    6,065,981 
Communications Equipment — 1.9%     
Avaya, Inc., Term Loan B:     
3.01%, 10/24/14  556  536,766 

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011  3 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Communications Equipment (concluded)     
Avaya, Inc. Term Loan B (concluded):     
4.76%, 10/26/17  USD  907  $ 882,720 
CommScope, Inc., Term Loan B,     
5.00%, 1/14/18    1,000  1,005,000 
      2,424,486 
Construction & Engineering — 0.9%     
BakerCorp., Inc., Term Loan B,       
5.00%, 6/08/17    400  401,000 
Safway Services, LLC, First Out       
Tranche Loan, 9.00%,       
12/16/17    750  750,000 
      1,151,000 
Consumer Finance — 1.9%       
Springleaf Financial Funding Co.     
(FKA AGFS Funding Co.), Term     
Loan, 5.50%, 5/05/17    2,450  2,446,173 
Containers & Packaging — 1.3%     
Anchor Glass Container Corp.,       
Term Loan (First Lien), 6.00%,     
3/02/16    160  161,035 
Berry Plastics Holding Corp., Term     
Loan C, 2.23% - 2.26%,       
4/03/15    504  484,575 
Graham Packaging Co., LP, Term     
Loan D, 6.00%, 9/23/16    995  997,758 
      1,643,368 
Diversified Consumer Services —     
3.3%       
Coinmach Corp. Term Loan,       
3.22% - 3.24%, 11/20/14    245  236,413 
Coinmach Service Corp., Term       
Loan, 3.22% - 3.26%, 11/20/14  1,104  1,062,855 
Laureate Education:       
Closing Date Term Loan,       
3.52%, 8/17/14    737  731,183 
Delayed Draw Term Loan,       
3.52%, 8/17/14    110  109,477 
Series A New Term Loan,       
7.00%, 8/31/14    1,122  1,124,957 
ServiceMaster Co.:       
Closing Date Term Loan,       
2.72% - 2.81%, 7/24/14    925  902,482 
Delayed Draw Term Loan,       
2.70%, 7/24/14    92  89,874 
      4,257,241 
Diversified Financial Services —       
3.2%       
MSCI, Inc., Term Loan B, 3.75%,     
3/14/17    637  641,215 
Reynolds Group Holdings, Inc.,       
Term Loan E, 4.25%, 2/09/18  2,000  1,998,750 
TransUnion LLC, Replacement       
Term Loan, 4.75%, 2/12/18    1,468  1,473,234 
      4,113,199 

 

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Diversified Telecommunication       
Services — 2.7%       
Hawaiian Telcom Communications,       
Inc., Term Loan, 9.00%,       
11/01/15  USD  655  $ 671,626 
Integra Telecom Holdings, Inc.,       
Term Loan, 9.25% - 9.50%,       
4/15/15    819  820,688 
Level 3 Financing, Inc.:       
Incremental Tranche A Term       
Loan, 2.53%, 3/13/14    1,200  1,173,187 
Term Loan B, 11.50%,       
3/13/14    125  132,500 
US Telepacific Corp., Term Loan B,       
5.75%, 2/23/17    750  746,625 
      3,544,626 
Electronic Equipment, Instruments       
& Components — 2.6%       
Aeroflex Inc., Term Loan B, 4.25%,       
5/09/18    1,250  1,250,000 
CDW LLC (FKA CDW Corp.):       
Extended Term Loan B, 4.50%,       
7/14/17    516  513,852 
Non Extended Term Loan, 3.95%,     
10/10/14    631  628,867 
Sensata Technologies Finance       
Company, LLC, New Term Loan,       
3.27%, 5/11/18    950  951,385 
      3,344,104 
Energy Equipment & Services — 1.7%     
CCS Inc., Tranche B Term Loan,       
3.30%, 11/14/14    752  720,078 
MEG Energy Corp., Tranche D Term       
Loan, 4.00%, 3/16/16    1,550  1,553,148 
      2,273,226 
Food & Staples Retailing — 2.7%       
AB Acquisitions UK Topco 2 Ltd.       
(FKA Alliance Boots), Facility B1,       
3.59%, 7/05/15  GBP  900  1,443,487 
Bolthouse Farms, Inc., Term Loan       
(First Lien), 5.50% -5.75%,       
2/11/16  USD  473  475,046 
Pilot Travel Centers LLC, Initial       
Tranche B Term Loan, 4.25%,       
3/30/18    510  511,754 
U.S. Foodservice, Inc.:       
New Term Loan B, 5.75%, 5/25/17  100  98,333 
Term Loan B, 2.70%, 7/03/14    1,021  966,295 
      3,494,915 
Food Products — 5.8%       
Advance Pierre Foods, Term Loan,       
(Second Lien):       
7.00%, 9/30/16    955  960,375 
11.25%, 9/29/17    500  508,125 

 

4 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Food Products (concluded)       
CII Investment, LLC (FKA Cloverhill):     
Delayed Draw Term Loan,       
1.00% - 8.50%, 10/14/14  USD  148  $ 146,076 
Term Loan A, 8.25% - 8.50%,     
10/14/14    416  409,544 
Term Loan B, 8.50% - 8.75%,     
10/14/14    506  500,633 
Del Monte Corp., Term Loan B,       
4.50%, 3/08/18    2,790  2,789,110 
Green Mountain Coffee Roasters,     
Inc., Term Loan B Facility,       
5.50%, 12/16/16    144  144,545 
Michaels Foods Group, Inc. (FKA     
M-Foods Holdings, Inc.), Term     
Loan B, 4.25%, 2/23/18    537  539,231 
Pinnacle Foods Finance LLC,       
Tranche D Term Loan, 6.00%,     
4/02/14    532  537,110 
Solvest, Ltd. (Dole):       
Tranche B-1 Term Loan,       
5.50%, 3/02/17    276  277,144 
Tranche C-1 Term Loan,       
5.00%, 3/02/17    685  688,040 
      7,499,933 
Health Care Equipment & Supplies — 1.1%     
DJO Finance LLC (FKA ReAble       
Therapeutics Finance LLC), Term     
Loan, 3.19%, 5/20/14    339  336,067 
Iasis Healthcare LLC, Term Loan,     
5.00%, 5/03/18    1,100  1,100,825 
      1,436,892 
Health Care Providers & Services — 4.8%     
CHS/Community Health Systems, Inc.:     
Delayed Draw Term Loan,       
2.44% -2.50%, 7/25/14    25  24,492 
Non Extended Term Loan,       
2.44% -2.50%, 7/25/14    500  482,589 
ConvaTec, Inc., Dollar Term Loan,     
5.75%, 12/22/16    599  599,996 
DaVita, Inc., Tranche B Term Loan,     
4.50%, 10/20/16    898  902,800 
Emergency Medical Services, Term     
Loan, 5.25%, 5/02/18    900  897,911 
HCA, Inc., Tranche A-1 Term Loan,     
1.56%, 11/19/12    380  377,981 
Harden Healthcare, Inc.:       
Tranche A Additional Term       
Loan, 7.75%, 3/02/15    557  545,605 
Tranche A Term Loan, 8.50%,     
3/02/15    352  344,680 

 

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Health Care Providers & Services (concluded)   
inVentiv Health, Inc. (FKA Ventive       
Health, Inc.):       
Term Loan B, 4.75%, 8/04/16  USD  731  $ 731,807 
Term Loan B2, 4.75%,       
8/04/16    166  165,834 
Renal Advantage Holdings, Inc.,       
Tranche B Term Loan, 5.75%,       
12/16/16    599  601,867 
Vanguard Health Holding Co. II,       
LLC (Vanguard Health Systems,       
Inc.), Initial Term Loan, 5.00%,       
1/29/16    456  455,897 
      6,131,459 
Health Care Technology — 0.8%       
IMS Health, Inc., Tranche B Dollar       
Term Loan, 4.50%, 8/25/17    607  608,228 
MedAssets, Inc., Term Loan B,       
5.25%, 11/16/16    420  422,152 
      1,030,380 
Hotels, Restaurants & Leisure — 9.7%     
Ameristar Casinos, Inc., Term Loan       
B, 4.00%, 4/13/18    700  702,995 
BLB Management Services, Inc.       
(Wembly, Inc.), Loan (Exit),       
8.50%, 11/05/15    588  589,142 
Dunkin' Brands, Inc.:       
New Term Loan B, 4.25% -       
5.25%, 11/23/17    130  130,081 
Term Loan B, 4.25% - 5.25%,       
11/23/17    1,022  1,022,889 
Gateway Casinos & Entertainment,       
Ltd., Term Loan B, 6.50%,       
4/20/16  CAD  1,170  1,210,182 
Golden Living, Term Loan, 5.00%,       
5/04/18  USD  900  885,600 
Harrah's Operating Co., Inc.:       
Term Loan B-1, 3.27%,       
1/28/15    175  162,847 
Term Loan B- 2, 3.19% -       
3.27%, 1/28/15    145  134,923 
Term Loan B-3, 3.24% -       
3.31%, 1/28/15    2,990  2,782,424 
Term Loan B-4, 9.50%,       
10/31/16    267  282,834 
Pennsylvania National Gaming,       
Inc. Term Loan B, 1.94% -2.02%,       
10/03/12    566  564,098 
Seaworld Parks & Entertainment,       
Inc. (FKA SW Acquisitions Co.,       
Inc.), Term Loan B, 4.00%,       
8/17/17    1,205  1,209,076 
Six Flags Theme Parks, Inc.,       
Tranche B Term Loan (First       
Lien), 5.25%, 6/30/16    822  828,159 

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011  5 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Hotels, Restaurants & Leisure (concluded)     
Universal City Development       
Partners Ltd., Term Loan, 5.50%,     
11/06/14  USD  391  $ 393,541 
VML US Finance LLC (FKA Venetian     
Macau):       
New Project Term Loan,       
4.70%, 5/27/13    272  270,938 
Term B Delayed Draw Project     
Loan, 4.70%, 5/25/12    484  484,074 
Term B Funded Project Loan,     
4.70%, 5/27/13    844  843,220 
      12,497,023 
Household Durables — 0.5%       
Visant Corp. (FKA Jostens), Term     
Loan B, 5.25%, 12/22/16    608  607,873 
IT Services — 3.7%       
Ceridian Corp., US Term Loan,       
3.19%, 11/10/14    794  771,455 
First Data Corp.:       
Extended Term Loan B, 4.19%,     
3/23/18    3,021  2,817,695 
Initial Tranche B-1 Term Loan,     
2.94%, 9/24/14    113  105,913 
Initial Tranche B-2 Term Loan,     
2.94%, 9/24/14    93  87,326 
Initial Tranche B-3 Term Loan,     
2.94%, 9/24/14    149  139,344 
infoGROUP, Inc., Term Loan,       
5.75%, 5/22/18    390  387,075 
iPayment, Inc., Term Loan B,       
5.75%, 5/08/17    525  527,406 
      4,836,214 
Independent Power Producers &     
Energy Traders — 3.8%       
AES Corp., Term Loan B, 3.51%,     
5/17/18    1,000  999,063 
Calpine Corp., Term Loan B,       
4.50%, 4/02/18 (a)    2,075  2,079,150 
Texas Competitive Electric       
Holdings Co., LLC (TXU), Initial     
Tranche B-3 Term Loan, 3.73%,     
10/10/14    2,214  1,885,066 
      4,963,279 
Industrial Conglomerates — 1.1%     
Sequa Corp., Term Loan, 3.50% -     
3.56%, 12/03/14    1,388  1,370,359 
Insurance — 0.8%       
CNO Financial Group, Inc., Term     
Loan, 7.50%, 9/30/16    1,040  1,046,500 
Internet & Catalog Retail — 0.1%     
FTD Group, Inc., Tranche B Term     
Loan, 6.75%, 8/26/14    179  178,407 

 

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Machinery — 1.3%       
Navistar Financial Corp., Term       
Loan B, 4.50%, 12/16/12  USD  373  $ 372,639 
Tomkins Plc, Term Loan A, 4.25%,     
9/29/16    1,279  1,282,334 
      1,654,973 
Marine — 0.3%       
Horizon Lines, LLC:       
Revolving Loan, 0.50% -       
8.00%, 8/08/12    279  273,324 
Term Loan, 6.06%, 8/08/12  127  125,176 
      398,500 
Media — 20.9%       
Acosta, Inc., Term Loan, 4.75%,       
3/01/18    1,100  1,101,100 
Affinion Group, Inc., Tranche B       
Term Loan, 5.00%, 10/10/16  1,042  1,040,967 
Atlantic Broadband Finance, LLC,     
Term Loan B, 4.00%, 03/08/16  462  463,025 
Bresnan Telecommunications Co.     
LLC, Term Loan, 4.50%,       
12/14/17    1,446  1,451,964 
Cengage Learning Acquisitions, Inc.     
(Thomson Learning):       
Term Loan, 2.44%, 7/03/14  1,492  1,389,442 
Tranche 1 Incremental Term     
Loan, 7.50%, 7/03/14    374  374,243 
Cequel Communications LLC Term     
Loan, 2.21%, 11/05/13    529  526,327 
Charter Communications Operating, LLC:     
Term Loan B, 7.25%, 3/06/14  12  12,496 
Term Loan C, 3.56%, 9/06/16  1,606  1,606,494 
Clarke American Corp., Term       
Facility B, 2.69% - 2.81%,       
6/30/14    613  567,943 
Clear Channel Communications,     
Inc., Term Loan B, 3.84%,       
1/28/16    1,065  930,840 
Getty Images, Inc., Initial Term       
Loan, 5.25%, 11/07/16    995  1,000,597 
Gray Television, Inc., Term Loan B,     
3.81%, 12/31/14    345  342,287 
HMH Publishing Co., Ltd., Tranche     
A Term Loan, 6.03%, 6/12/14  612  576,497 
Hubbard Broadcasting, Second Lien     
Term Loan B, 5.25%, 4/28/17  500  503,125 
Intelsat Jackson Holdings S.A. (FKA     
Intelsat Jackson Holdings, Ltd.),     
Tranche B Term Loan, 5.25%,     
4/02/18    3,000  3,017,082 
Interactive Data Corp., Term Loan,     
4.75%, 2/12/18    1,250  1,253,118 
Knology, Inc., Term Loan B, 4.00%,     
8/18/17    549  547,939 

 

6 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Media (concluded)       
Lavena Holding 3 GmbH (Prosiebensat.1     
Media AG):       
Facility B1, 3.68%, 3/06/15  EUR  460  $ 604,127 
Facility C1, 3.93%, 3/04/16    460  604,127 
Mediacom Illinois, LLC (FKA       
Mediacom Communications,       
LLC), Tranche D Term Loan,       
5.50%, 3/31/17  USD  198  198,985 
Mediacom LLC Term Loan E,       
4.50%, 10/23/17    496  495,382 
Newsday LLC:       
Fixed Rate Term Loan, 10.50%,       
8/01/13    800  850,000 
Term Loan A, 6.53%, 8/01/13    500  513,750 
Nielsen Finance LLC, Class B       
Dollar Term Loan, 3.96%,       
5/02/16    949  949,492 
Sinclair Television Group, Inc., New       
Tranche B Term Loan, 4.00%,       
10/28/16    340  339,659 
Springer Science+Business Media       
SA, Facility A1, 6.75%, 6/30/15 EUR  1,100  1,590,924 
Sunshine Acquisition Ltd. (FKA HIT       
Entertainment), Term Facility,       
5.52%, 6/01/12  USD  1,017  1,004,881 
UPC Broadband Holding B.V., Term       
U, 5.24%, 12/31/17  EUR  630  905,080 
Univision Communications, Inc.,       
Extended First Lien Term Loan,       
4.46%, 3/31/17  USD  1,120  1,081,607 
Weather Channel, Term Loan B,       
4.25%, 2/13/17    1,147  1,153,339 
      26,996,839 
Metals & Mining — 3.1%       
Novelis Inc., Term Loan, 4.00%,       
3/10/17    1,397  1,402,174 
Walter Energy, Inc., Term Loan B,       
4.00%, 4/02/18    2,600  2,605,317 
      4,007,491 
Multi-Utilities — 0.2%       
FirstLight Power Resources, Inc.       
(FKA NE Energy, Inc.), Term B       
Advance (First Lien), 2.81%,       
11/01/13    196  194,239 
Multiline Retail — 2.2%       
Dollar General Corp., Tranche B-2       
Term Loan, 2.94% - 2.95%,       
7/07/14    316  314,753 
Hema Holding BV, Facility D,       
6.25%, 1/05/17  EUR  1,800  2,557,999 
      2,872,752 
Oil, Gas & Consumable Fuels — 1.4%     
EquiPower Resources Holdings,       
LLC, Term Loan B, 5.75%,       
1/26/18  USD  725  727,719 

 

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Oil, Gas & Consumable Fuels (concluded)     
Obsidian Natural Gas Trust, Term     
Loan, 7.00%, 11/02/15  USD  1,109  $ 1,125,354 
      1,853,073 
Paper & Forest Products — 0.4%     
Georgia-Pacific LLC, Term Loan B,     
2.31%, 12/21/12    546  545,504 
Personal Products — 0.2%       
NBTY, Inc., Term Loan B, 4.25%,     
10/02/17    239  238,375 
Pharmaceuticals — 2.1%       
Axcan Pharma, Inc., Term Loan,       
5.50%, 2/10/17    998  992,513 
Quinteles Transnational Corp.,       
Term Loan, 5.00%, 6/08/18    700  695,187 
Warner Chilcott Corp.:       
Term Loan B-1, 4.25%,       
3/15/18    457  457,997 
Term Loan B-2, 4.25%,       
3/15/18    229  228,999 
Term Loan B-3, 4.25%,       
3/15/18    314  314,873 
      2,689,569 
Professional Services — 1.4%       
Booz Allen Hamilton, Inc., Tranche     
B Term Loan, 4.00%, 8/03/17  950  954,241 
Fifth Third Processing Solutions,     
LLC, Term Loan B (First Lien),       
4.75%, 11/03/16    798  798,399 
      1,752,640 
Real Estate Investment Trusts (REITs) — 1.0%     
iStar Financial, Inc., Term Loan       
(Second Lien), 5.00%, 6/28/13  1,305  1,298,581 
Real Estate Management & Development — 1.6%   
Realogy Corp.:       
Extended Synthetic Letter of     
Credit Loan, 4.64%, 10/10/16  151  140,720 
Extended Term Loan B, 4.52%,     
10/10/16    2,089  1,941,711 
      2,082,431 
Road & Rail — 0.3%       
The Hertz Corp., Term Loan B,       
3.75%, 3/09/18    350  349,998 
Semiconductors & Semiconductor     
Equipment — 0.7%       
Freescale Semiconductor, Inc.,       
Extended Maturity Term Loan,     
4.46%, 12/01/16    442  439,771 
Microsemi Corp., Term Loan B,       
4.00%, 11/02/17    499  500,413 
      940,184 

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011  7 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (b)    (000)  Value 
Software — 0.9%       
Rovi Corp., Term Loan B, 4.00% -     
5.25%, 2/07/18  USD  450  $ 452,250 
Telcordia Technologies, Inc., Term     
Loan, 6.75%, 4/09/16    414  413,448 
Vertafore, Inc., New Term Loan B,     
5.25%, 7/29/16    309  310,384 
      1,176,082 
Specialty Retail — 3.8%       
Burlington Coat Factory       
Warehouse Corp., Term Loan B,     
6.25%, 2/18/17    449  448,651 
General Nutrition Centers, Inc.,       
Term Loan B, 4.25%, 3/02/18  1,125  1,125,844 
J. Crew Group, Inc., Term Loan B,     
4.75%, 3/07/18    375  367,617 
Jo-Ann Stores, Inc., Term Loan B,     
4.75%, 3/16/18    400  395,700 
Michaels Stores, Inc.:       
Term Loan B-1, 2.56%,       
10/31/13    334  329,898 
Term Loan B-2, 4.81%,       
7/31/16    231  231,335 
Petco Animal Supplies, Inc., Term     
Loan B, 4.50%, 11/24/17    1,089  1,088,027 
Toys 'R' Us Delaware, Inc., Initial     
Loan, 6.00%, 9/01/16    863  864,669 
      4,851,741 
Wireless Telecommunication       
Services — 1.6%       
Digicel International Finance Ltd.,     
US Term Loan (Non-Rollover),       
2.81%, 3/30/12    469  461,076 
MetroPCS Wireless, Inc., Tranche     
B-2 Term Loan, 4.07%,       
11/04/16    771  771,044 
Vodafone Americas Finance 2 Inc.,     
Initial Loan, 6.88%, 8/11/15    776  799,793 
      2,031,913 
Total Floating Rate Loan Interests –     
122.5%      158,030,498 

 

    Beneficial   
    Interest   
Other Interests (e)    (000)  Value 
Auto Components — 0.9%       
Delphi Debtor-in-Possession       
Holding Co. LLP, Class B       
Membership Interests  USD  —(f) $ 1,129,757 
Total Other Interests – 0.9%      1,129,757 
Total Long-Term Investments       
(Cost – $177,194,237) – 140.9%    181,724,448 
Short-Term Securities    Shares   
BlackRock Liquidity Funds,       
TempFund, Institutional Class,     
0.10% (g)(h)    355,312  355,312 
Total Short-Term Securities       
(Cost – $355,312) – 0.3%      355,312 
Total Investments       
(Cost – $177,549,549*) – 141.2%    182,079,760 
Liabilities in Excess of Other Assets – (41.2)%  (53,111,793) 
Net Assets – 100.0%    $ 128,967,967 


* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:

Aggregate cost  $ 177,548,999 
Gross unrealized appreciation  $ 5,274,135 
Gross unrealized depreciation  (743,374) 
Net unrealized appreciation  $ 4,530,761 


(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b) Variable rate security. Rate shown is as of report date.
(c) Non-income producing security.
(d) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty  Value  Appreciation 
Morgan Stanley & Co.  $ 556,869 $ 6,869 


(e) Other interests represent beneficial interest in liquidation trusts and
other reorganization entities and are non-income producing.
(f) Amount is less than $1,000.
(g) Investments in companies considered to be an affiliate of the Trust
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:

8 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011 

 


 BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (continued)

  Shares    Shares   
  Held at    Held at   
  August 31,  Net  May 31,   
Affiliate  2010  Activity  2011  Income 
BlackRock         
Liquidity         
Funds,         
TempFund,         
Institutional         
Class  1,172,197  (816,885)  355,312   $3,135 


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

• For Trust compliance purposes, the Trust’s industry classifications refer to
any one or more of the industry sub-classifications used by one or more
widely recognized market indexes or rating group indexes, and/or as
defined by Trust management. This definition may not apply for purposes
of this report, which may combine such industry sub-classifications for
reporting ease.

• Foreign currency exchange contracts as of May 31, 2011 were as follows:

                                                   Unrealized  
Currency      Settlement                    Appreciation    
Purchased  Currency Sold  Counterparty               Date                          (Depreciation) 
GBP  USD  Citibank NA  7/07/11                 $ 3,926 
USD  CAD  Citibank NA  7/07/11              10,572
    Deutsche     
USD  GBP  Bank AG  7/07/11              (14,320)
    London     
USD  EUR  UBS AG  7/27/11              80,341
Total      $ 80,519


•Fair Value Measurements – Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs are
summarized in three broad levels for financial reporting purposes as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in
the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value
of investments and derivative financial instruments)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For
information about the Trust’s policy regarding valuation of investments and
derivative financial instruments and other significant accounting policies,
please refer to the Trust’s most recent financial statements as contained in its
semi-annual report.

The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Trust's investments and derivative
financial instruments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:           
Investments:           
Asset- Backed         
Securities  —  $ 1,209,996          $ 2,525,406         $ 3,735,402 
Common Stocks $ 257,703  229,475  266,335  753,513 
Corporate Bonds.  —  18,075,278  —  18,075,278 
Floating Rate         
Loan Interests  —  145,097,980  12,932,518      158,030,498 
Other Interests  —  1,129,757  —  1,129,757 
Short- Term           
Securities  355,312  —  —  355,312 
Unfunded Loan         
Commitments.  —  —  —  — 
Liabilities:           
Unfunded Loan         
Commitments  —  (489)  (3,024)  (3,513) 
Total  $ 613,015  $165,741,997         $15,721,235      $182,076,247 

 

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Derivative Financial Instruments1       
Assets:         
Foreign currency         
exchange         
contracts  —  $ 94,839  —  $ 94,839 
Liabilities:         
Foreign currency         
exchange         
contracts  —  (14,320)  —  (14,320) 
Total  —  $ 80,519  —  $ 80,519 
1Derivative financial instruments are foreign currency exchange contracts, 
which are valued at the unrealized appreciation/ depreciation on the 
instrument.         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011  9 

 


BlackRock Defined Opportunity Credit Trust (BHL)
Schedule of Investments (concluded)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
  Asset-Backed  Common  Corporate  Floating Rate   
  Securities  Stocks  Bonds  Loan Interests  Total 
Assets:           
Balance, as of August 31, 2010  —  $ 270,181  $ 12,664  $ 20,437,083  $20,719,928 
Accrued discounts/premiums  $ 15,078  —  46  143,645  158,769 
Net realized gain (loss)  —  —  508  (11,522)  (11,014) 
Net change in unrealized           
appreciation/depreciation2  (17,900)  (3,846)  (295)  594,254  572,213 
Purchases  2,528,228  —  —  4,782,171  7,310,399 
Sales  —  —  (12,923)  (11,270,018)  (11,282,941) 
Transfers in3  —  —  —  5,060,443  5,060,443 
Transfers out3  —  —  —  (6,803,538)  (6,803,538) 
Balance, as of May 31, 2011  $2,525,406  $ 266,335  —  $12,932,518  $15,724,259 

2 The change in the unrealized appreciation/depreciation on the securities still held on May 31, 2011 was $306,072.
3 The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the
transfer.

A reconciliation of Level 3 investments and derivative financial instruments is presented when the Trust had a significant amount of Level 3 investments and
derivatives at the beginning and/or end of the period in relation to net assets.

  Unfunded Loan 
  Commitments 
Liabilities:   
 
Balance, as of August 31, 2010  $ (46,743) 
Accrued discounts/premiums  — 
Net realized gain (loss)  — 
Net change in unrealized   
appreciation/depreciation4.  43,719 
Purchases  — 
Sales  — 
Transfers in5  — 
Transfers out5  — 
Balance, as of May 31, 2011  $ (3,024) 

4 The change in the unrealized appreciation/depreciation on the securities still
held on May 31, 2011 was $(3,024).
5 The Trust’s policy is to recognize transfers in and transfers out as of the beginning
of the period of the event or the change in circumstances that caused the transfer.

10  BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST  MAY 31, 2011 

 


Item 2 – Controls and Procedures

2(a) – The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
31940 Act3)) areeffective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock Defined Opportunity Credit Trust

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust

Date: July 26, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust

Date: July 26, 2011

By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Defined Opportunity Credit Trust

Date: July 26, 2011