N-Q 1 e57010nq.htm QUARTERLY REPORT

 

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: 08/31/2014

 

Date of reporting period: 11/30/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments November 30, 2013 (Unaudited) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
   
Common Stocks
Shares		   Value  
 
   
Hotels, Restaurants & Leisure — 0.4%  
BLB Worldwide Holdings, Inc.   21,020 $ 514,990  
 
Software — 0.3%  
HMH Holdings/EduMedia (a)   24,355   377,503  
 
Total Common Stocks — 0.7%   892,493  
 
 
Asset-Backed Securities (b)(c) Par
(000)		      
 
   
ALM Loan Funding, Series 2013-7RA, Class C, 3.71%, 4/24/24 USD 835   807,946  
ARES CLO Ltd., Series 2013-2A, Class C, 3.00%, 7/28/25   500   482,500  
Atrium CDO Corp., Series 9A, Class D, 3.74%, 2/28/24   250   239,125  
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D, 4.74%, 1/20/25   250   252,977  
Figueroa CLO Ltd., Series 2013-1A, Class C, 3.89%, 3/21/24   250   241,125  
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.24%, 4/20/23   215   213,259  
Highbridge Loan Management Ltd., Series 2012-1A, Class C, 5.25%, 9/20/22   350   351,225  
Marea CLO Ltd., Series 2012-1A, Class D, 4.79%, 10/16/23   400   401,520  
Neuberger Berman CLO XV, Series 2013-15A, Class C, 3.10%, 10/15/25   500   481,890  
North End CLO Ltd., Series 2013-1A, Class D, 3.73%, 7/17/25   250   237,575  
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.42%, 10/25/25   250   234,472  
Race Point CLO Ltd., Series 2012-6A, Class D, 4.74%, 5/24/23   250   250,350  
Symphony CLO Ltd., Series 2012-10A, Class D, 5.49%, 7/23/23   350   351,750  
Total Asset-Backed Securities — 3.5%   4,545,714  
 
 
Corporate Bonds        
 
Airlines — 0.5%  
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 12/17/16 USD  49   55,893  
           

 

Corporate Bonds

   Par
(000)		   Value  
 
Airlines (concluded)  
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18 USD 590 $ 581,858  
   
    637,751  
 
Auto Components — 0.3%  
Icahn Enterprises LP/Icahn Enterprise Finance Corp., 8.00%, 1/15/18   340   354,875  
 
Chemicals — 0.1%  
Ineos Finance PLC, 8.38%, 2/15/19 (c)   110   122,238  
 
Commercial Services & Supplies — 0.3%  
AWAS Aviation Capital, Ltd., 7.00%, 10/17/16 (c)   268   277,751  
UR Merger Sub Corp., 5.75%, 7/15/18   80   85,900  
   
    363,651  
 
Communications Equipment — 0.4%  
Avaya, Inc., 7.00%, 4/01/19 (c)   101   98,222  
Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20   380   418,950  
   
    517,172  
 
Diversified Financial Services — 0.3%  
Ally Financial, Inc., 2.93%, 7/18/16 (b)   275   281,166  
Reynolds Group Issuer, Inc., 7.13%, 4/15/19   120   128,400  
   
    409,566  
 
Diversified Telecommunication Services — 0.3%  
Level 3 Financing, Inc. (c):          
  3.85%, 1/15/18 (b)   228   229,710  
  6.13%, 1/15/21   127   128,905  
   
    358,615  
 
Health Care Technology — 0.7%  
IMS Health, Inc., 12.50%, 3/01/18 (c)   850   1,003,000  
 
Household Durables — 0.1%  
Beazer Homes USA, Inc., 6.63%, 4/15/18   180   193,500  
 
Independent Power Producers & Energy Traders — 0.8%  
Calpine Corp., 6.00%, 1/15/22 (c)   80   82,200  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 20131
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
   
Corporate Bonds   Par
(000)		   Value  
 
Independent Power Producers & Energy Traders (concluded)  
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.:          
  10.00%, 12/01/20 (c) USD 230 $ 243,800  
  10.00%, 12/01/20   700   743,750  
   
    1,069,750  
 
Media — 0.1%  
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (c)   96   99,120  
 
Oil, Gas & Consumable Fuels — 0.1%  
EP Energy LLC/Everest Acquisition Finance, Inc., Series WI, 6.88%, 5/01/19   145   156,237  
 
Road & Rail — 0.1%  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 3.00%, 12/01/17 (b)(c)   68   67,830  
 
Wireless Telecommunication Services — 0.0%  
T-Mobile USA, Inc., 6.13%, 1/15/22   50   50,938  
 
Total Corporate Bonds — 4.1%   5,404,243  
 
 
Floating Rate Loan Interests (b)  
 
Aerospace & Defense — 2.1%  
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20   512   516,909  
SI Organization, Inc., Term Loan B, 5.50%, 11/22/16   411   398,826  
Spirit Aerosystems, Inc., Term Loan B, 3.75%, 4/18/19   364   365,018  
Transdigm, Inc., Term Loan C, 3.75%, 2/28/20   223   224,262  
TransUnion LLC, Term Loan, 4.25%, 2/10/19   1,250   1,256,604  
   
    2,761,619  
 
Airlines — 1.4%  
Delta Air Lines, Inc., Term Loan:          
  3.50%, 9/16/15   326   315,318  
  B1, 4.00%, 10/18/18   557   558,876  
Northwest Airlines, Inc., Term Loan:          
  2.24%, 3/10/17   208   192,290  
  1.62%, 9/10/18   273   240,481  
             
Floating Rate Loan Interests (b) Par
(000)		   Value  
 
Airlines (concluded)  
US Airways Group, Inc., Term Loan B1, 4.25%, 5/23/19 USD  460 $ 461,380  
   
    1,768,345  
 
Auto Components — 4.3%  
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20   359   363,589  
Armored Autogroup, Inc., Term Loan B, 6.00%, 11/04/16   60   59,637  
Autoparts Holdings Ltd., 1st Lien Term Loan, 6.50%, 7/28/17   627   615,159  
Federal-Mogul Corp.:          
  Term Loan B, 2.10% - 2.11%, 12/29/14   1,354   1,336,155  
  Term Loan C, 2.10% - 2.11%, 12/28/15   1,262   1,245,186  
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19   1,150   1,160,063  
Schaeffler AG, Term Loan C, 4.25%, 1/27/17   50   50,271  
Transtar Holding Co., 1st Lien Term Loan, 5.50%, 10/09/18   490   483,924  
UCI International, Inc., Term Loan B, 5.50%, 7/26/17   340   339,313  
   
    5,653,297  
 
Biotechnology — 0.3%  
Grifols, Inc., Term Loan B, 4.25%, 6/01/17   324   325,834  
 
Building Products — 1.9%  
Armstrong World Industries, Inc., Term Loan B, 3.50%, 3/16/20   259   258,297  
Continental Building Products LLC, 1st Lien Term Loan, 4.50%, 8/14/20   270   268,650  
CPG International, Inc., Term Loan, 4.75%, 9/30/20   785   785,981  
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20   340   341,336  
Wilsonart International Holdings LLC:          
  Incremental Term Loan B2, 4.00%, 10/31/19   110   108,625  
  Term Loan B, 4.00%, 10/31/19   794   786,394  
   
    2,549,283  
 
Capital Markets — 0.6%  
American Capital Holdings, Inc., Term Loan, 4.00%, 8/22/16   162   162,927  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Capital Markets (concluded)  
HarbourVest Partners LLC, Term Loan B, 4.75%, 11/21/17 USD  315 $ 315,640  
KCG Holdings, Inc., Term Loan B, 5.75%, 12/05/17   272   273,405  
   
    751,972  
 
Chemicals — 4.6%  
Allnex USA, Inc.:          
  Term Loan B1, 4.50%, 10/03/19   256   257,092  
  Term Loan B2, 4.50%, 10/03/19   133   133,392  
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17   222   222,998  
Axalta Coating Systems US Holdings Inc., Term Loan, 4.75%, 2/01/20   731   736,503  
Chemtura Corp., Term Loan B, 3.50%, 8/27/16   496   497,856  
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19   479   480,019  
General Chemical Corp., Term Loan, 5.00%, 10/06/15   266   267,338  
INEOS US Finance LLC:          
  3 Year Term Loan, 2.16%, 5/04/15   88   88,410  
  6 Year Term Loan, 4.00%, 5/04/18   256   256,025  
MacDermid, Inc., 1st Lien Term Loan, 4.00%, 6/08/20   354   355,883  
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17   585   581,288  
OXEA Finance LLC:          
  2nd Lien Term Loan, 8.25%, 7/15/20   315   320,021  
  Term Loan B2, 4.25%, 1/15/20   585   588,071  
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18   159   160,220  
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20   135   134,326  
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.50%, 3/19/20   690   697,469  
Univar, Inc., Term Loan B, 5.00%, 6/30/17   224   220,212  
   
    5,997,123  
 
Commercial Banks — 0.7%  
Fly Funding II Sarl, Term Loan B, 4.50%, 8/08/18   55   55,310  
           
Floating Rate Loan Interests (b) Par
(000)		   Value  
 
Commercial Banks (concluded)  
Redtop Acquisitions Ltd.:          
  1st Lien Term Loan, 3.27%, 11/30/20 USD  190 $ 190,712  
  2nd Lien Term Loan, 8.25%, 5/31/21   70   70,350  
Santander Asset Management, Term Loan, 4.25%, 11/11/20   595   595,000  
   
    911,372  
 
Commercial Services & Supplies — 3.8%  
ADS Waste Holdings, Inc., Term Loan B, 4.25%, 10/09/19   902   905,720  
AWAS Finance Luxembourg 2012 SA, Term Loan, 3.50%, 7/16/18   295   295,613  
Catalent Pharma Solutions, Inc., Term Loan, 6.50%, 12/29/17   115   116,294  
KAR Auction Services, Inc., Term Loan B, 3.75%, 5/19/17   556   557,245  
Learning Care Group (US) No. 2, Inc., Term Loan B, 6.00%, 5/08/19   139   139,698  
Livingston International, Inc.:          
  1st Lien Term Loan, 5.00%, 4/16/19   309   308,838  
  2nd Lien Term Loan, 9.00%, 4/20/20   200   201,680  
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19   313   312,638  
Protection One, Inc., Term Loan, 4.25%, 3/21/19   472   470,956  
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19   930   930,586  
West Corp., Term Loan B8, 3.75%, 6/29/18   681   683,388  
   
    4,922,656  
 
Communications Equipment — 2.1%  
Alcatel-Lucent USA, Inc.:          
  Term Loan C, 5.75%, 1/30/19   769   775,014  
  Term Loan D, 6.25%, 1/30/19 EUR 243   330,409  
Avaya, Inc.:          
  Extended Term Loan B3, 4.74%, 10/26/17 USD 373   356,825  
  Term Loan B5, 8.00%, 3/30/18   67   66,540  
CommScope, Inc., Term Loan, 3.75%, 1/12/18   441   440,846  
Riverbed Technology, Inc., Term Loan, 4.00%, 12/18/19   177   178,052  
Zayo Group LLC, Term Loan B, 4.00%, 7/02/19   651   650,623  
   
    2,798,309  
 
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Construction & Engineering — 1.1%  
BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20 USD  357 $ 354,659  
Centaur LLC:          
  1st Lien Term Loan, 5.25%, 2/20/19   567   572,822  
  2nd Lien Term Loan, 8.75%, 2/15/20   280   285,600  
USIC Holdings, Inc., 1st Lien Term Loan, 4.75%, 7/10/20   269   270,335  
   
    1,483,416  
 
Construction Materials — 1.6%  
Filtration Group Corp.:          
  1st Lien Term Loan, 4.50%, 11/30/20   220   221,558  
  2nd Lien Term Loan, 8.25%, 11/30/21   120   121,950  
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17   1,616   1,624,783  
McJunkin Red Man Corp., Term Loan, 5.00%, 11/12/19   150   151,078  
   
    2,119,369  
 
Consumer Finance — 0.5%  
Springleaf Financial Funding Co., Term Loan B2, 4.75%, 9/25/19   700   707,000  
 
Containers & Packaging — 1.7%  
Clondalkin Acquisition BV, 1st Lien Term Loan B, 5.75%, 5/29/20   234   236,757  
Pact Group (USA), Inc., Term Loan B, 3.75%, 5/29/20   998   988,153  
Polarpak, Inc., 1st Lien Canadian Borrower, 4.50%, 6/05/20   119   119,744  
Sealed Air Corp., 2013 Term Loan, 4.00%, 10/03/18   331   331,634  
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19   394   394,012  
WNA Holdings, Inc.:          
  1st Lien US Borrower, 4.50%, 6/05/20   65   65,046  
  2nd Lien Term Loan, 8.50%, 12/07/20   95   95,713  
   
    2,231,059  
 
Distributors — 1.3%  
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20   1,150   1,148,563  
Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19   233   232,071  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Distributors (concluded)          
VWR Funding, Inc., Extended Add on Term Loan, 4.16%, 4/03/17 USD 278 $ 278,595  
   
    1,659,229  
 
Diversified Consumer Services — 1.6%  
Bright Horizons Family Solutions, Inc., Term Loan B, 4.00%, 1/30/20   640   642,967  
Doncasters Finance US LLC, Term Loan, 5.50%, 4/09/20   209   210,649  
Garda World Security Corp., Term Loan B, 4.00%, 11/06/20   270   270,812  
ServiceMaster Co., Term Loan, 4.25%, 1/31/17   469   461,355  
Weight Watchers International, Inc., Term Loan B2, 3.75%, 4/02/20   632   541,790  
   
    2,127,573  
 
Diversified Financial Services — 2.1%  
ION Trading Technologies Sarl:          
  1st Lien Term Loan, 4.50%, 5/22/20   394   395,738  
  2nd Lien Term Loan, 8.25%, 5/21/21   80   80,734  
Kasima LLC, Term Loan B, 3.25%, 5/17/21   355   353,892  
Reynolds Group Holdings, Inc., Dollar Term Loan, 4.00%, 12/31/18   749   753,798  
ROC Finance LLC, Term Loan, 5.00%, 5/15/19   250   239,220  
RPI Finance Trust, Term Loan B3, 3.50%, 11/09/18   88   88,194  
WMG Acquisition Corp., Term Loan, 3.75%, 7/01/20   800   799,000  
   
    2,710,576  
 
Diversified Telecommunication Services — 4.3%  
Consolidated Communications, Inc., Term Loan B3, 5.25%, 12/31/18   873   878,029  
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19   525   525,578  
Integra Telecom, Inc.:          
  1st Lien Term Loan, 5.25%, 2/22/19   463   467,158  
  2nd Lien Term Loan, 9.75%, 2/21/20   245   251,022  
Level 3 Financing, Inc.:          
  2019 Term Loan, 4.00%, 8/01/19   220   221,329  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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 (concluded)  
Level 3 Financing, Inc. (concluded):          
  2020 Term Loan B, 4.00%, 1/15/20 USD 2,160 $ 2,173,500  
Syniverse Holdings, Inc., Term Loan B, 4.00%, 4/23/19   446   448,767  
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17   733   732,113  
   
    5,697,496  
 
Electric Utilities — 0.3%  
American Energy - Utica, LLC, 2nd Lien Term Loan, 11.00%, 9/10/18   222   222,022  
Sandy Creek Energy Associates, L.P., Term Loan B, 5.00%, 11/06/20   225   225,614  
   
    447,636  
 
Electrical Equipment — 0.4%  
Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, 4.67%, 10/10/17   695   480,683  
 
Electronic Equipment, Instruments & Components — 0.4%  
CDW LLC, Term Loan, 3.25%, 4/29/20   522   519,764  
 
Energy Equipment & Services — 0.6%  
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20   259   259,620  
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20   361   362,983  
Unifrax Corp., Term Loan, 4.25%, 11/28/18   218   218,667  
   
    841,270  
 
Food & Staples Retailing — 2.0%  
Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15 GBP 900   1,470,211  
Rite Aid Corp.:          
  2nd Lien Term Loan, 5.75%, 8/21/20 USD 235   240,581  
  Term Loan 6, 4.00%, 2/21/20   224   225,433  
Supervalu, Inc., Refinancing Term Loan B, 5.00%, 3/21/19   516   518,561  
US Foods, Inc., Refinancing Term Loan, 4.50%, 3/29/19   200   199,999  
   
    2,654,785  
 
Food Products — 3.9%  
AdvancePierre Foods, Inc., Term Loan, 5.75%, 7/10/17   541   537,397  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Food Products (concluded)  
CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20 USD  260 $ 260,000  
Del Monte Foods Co., Term Loan:          
  1st Lien, 4.50%, 11/06/20   395   396,975  
  4.00%, 3/08/18   647   649,071  
Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18   605   607,686  
GFA Brands, Inc., Term Loan B, 5.00%, 7/09/20   110   109,999  
H.J. Heinz Co., Term Loan B1, 3.25%, 6/07/19   75   75,158  
Michael Foods Group, Inc., Term Loan, 4.25%, 2/23/18   167   168,240  
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19   713   710,538  
Pinnacle Foods Finance LLC:          
  Incremental Term Loan H, 3.25%, 4/29/20   125   124,809  
  Term Loan G, 3.25%, 4/29/20   697   695,455  
Reddy Ice Corp.:          
  1st Lien Term Loan, 6.75% - 7.75%, 5/01/19   567   566,798  
  2nd Lien Term Loan, 10.75%, 11/01/19   270   265,275  
   
    5,167,401  
 
Gas Utilities — 0.3%  
EFS Cogen Holdings I, Inc., Term Loan B, 2.75%, 12/01/20   325   325,000  
 
Health Care Equipment & Supplies — 4.5%  
ARAMARK Corp.:          
  Extended Synthetic 4C, 3.65%, 7/26/16   14   13,881  
  Extended Synthetic 4C-3, 3.65%, 7/26/16   9   9,388  
Arysta LifeScience Corp.:          
  1st Lien Term Loan, 4.50%, 5/29/20   938   941,757  
  2nd Lien Term Loan, 8.25%, 11/30/20   380   386,175  
Biomet, Inc., Term Loan B2, 3.67%, 7/25/17   758   763,665  
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19   350   348,821  
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/28/20   27   27,106  
DJO Finance LLC, Term Loan B3, 4.75%, 9/15/17   983   992,232  
The Hologic Inc., Term Loan B, 3.75%, 8/01/19   768   770,583  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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 Equipment & Supplies (concluded)  
Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18 USD  96 $ 96,226  
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18   808   810,982  
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18   212   198,512  
Onex Carestream Finance LP:          
  1st Lien Term Loan, 5.00%, 6/07/19   306   309,352  
  2nd Lien Term Loan, 9.50%, 6/07/19   245   246,531  
   
    5,915,211  
 
Health Care Providers & Services — 5.4%  
American Renal Holdings, Inc.:          
  1st Lien Term Loan, 4.50%, 9/20/19   657   655,058  
  2nd Lien Term Loan, 8.50%, 2/14/20   410   403,850  
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18   263   262,355  
CHG Buyer Corp., Term Loan, 4.25%, 11/19/19   414   415,623  
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16   563   565,757  
DaVita, Inc.:          
  Term Loan B, 4.50%, 10/20/16   998   1,002,781  
  Term Loan B2, 4.00%, 11/01/19   406   408,511  
Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18   427   428,458  
Fresenius SE & Co. KGaA:          
  Incremental TL B, 2.25%, 6/30/19 EUR 120   162,649  
  Term Loan B, 2.25%, 8/07/19 USD 620   619,225  
Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17   279   282,281  
HCA, Inc., Extended Term Loan B4, 2.91%, 5/01/18   235   235,021  
Ikaria Acquisition, Inc.:          
  1st Lien Term Loan, 7.25%, 7/03/18   138   139,287  
  2nd Lien Term Loan, 11.00%, 7/03/19   90   91,800  
inVentiv Health, Inc.:          
  Combined Term Loan, 7.50%, 8/04/16   260   256,759  
  Incremental Term Loan B3, 7.75%, 5/15/18   219   216,531  
Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.25%, 6/29/18   424   424,997  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Health Care Providers & Services (concluded)  
US Renal Care, Inc., Incremental 1st Lien Term Loan, 5.25%, 7/03/19 USD  483 $ 487,075  
   
    7,058,018  
 
Health Care Technology — 0.8%  
IMS Health, Inc., Term Loan B1, 3.75%, 9/01/17   745   746,824  
Kinetic Concepts, Inc., Term Loan D1, 4.50%, 5/04/18   120   121,170  
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19   207   206,949  
   
    1,074,943  
 
Hotels, Restaurants & Leisure — 11.8%  
Bally Technologies, Inc., Term Loan B, 4.25%, 8/31/20   430   432,507  
Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20   270   270,338  
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/17/20   750   757,500  
Caesars Entertainment Resort Properties, LLC, Term Loan B, 7.00%, 10/12/20   4,025   3,952,067  
Drumm Investors LLC, Term Loan, 5.00%, 5/04/18   363   353,777  
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/28/20   330   337,838  
Hilton Worldwide Finance, LLC, Term Loan B2, 4.00%, 10/26/20   3,651   3,660,850  
Intrawest ULC, Term Loan, 5.50%, 11/26/20   370   370,462  
Marina District Finance Co., Inc., Term Loan B, 6.75%, 8/15/18   270   270,338  
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   540   539,814  
OSI Restaurant Partners LLC, Term Loan, 3.50%, 10/25/19   240   240,050  
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20   519   520,484  
Playa Resorts Holding BV, Term Loan B, 4.75%, 8/06/19   410   413,333  
Sabre, Inc.:          
  Incremental Term Loan, 4.50%, 2/19/19   115   114,785  
  Term Loan B, 5.25%, 2/19/19   318   319,388  
Six Flags Theme Parks, Inc., Term Loan B, 4.00% - 5.25%, 12/20/18   303   304,617  
Station Casinos, Inc., Term Loan B, 5.00%, 3/02/20   1,194   1,206,191  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Hotels, Restaurants & Leisure (concluded)  
Travelport LLC:          
  2nd Lien Term Loan 1, 9.50%, 1/29/16 USD  250 $ 258,173  
  Refinancing Term Loan, 6.25%, 6/26/19   269   274,951  
Twin River Management Group, Inc., Term Loan B, 5.25%, 11/09/18   568   573,370  
Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19   371   370,974  
   
    15,541,807  
 
Household Products — 1.1%  
Prestige Brands, Inc., Term Loan, 3.75%, 1/31/19   442   442,588  
Spectrum Brands, Inc., Term Loan:          
  4.50% - 5.50%, 12/17/19   700   702,798  
  A, 3.00%, 9/07/17   235   235,195  
  C, 3.50%, 9/04/19   50   50,124  
   
    1,430,705  
 
Independent Power Producers & Energy Traders — 1.8%  
AES Corp., Refinancing Term Loan B, 3.75%, 6/01/18   762   766,455  
Calpine Corp., Term Loan B1, 4.00%, 4/02/18   212   213,463  
La Frontera Generation LLC, Term Loan, 4.50%, 9/30/20   1,012   1,021,252  
Star West Generation LLC, Term Loan B, 4.25%, 3/13/20   408   410,500  
   
    2,411,670  
 
Industrial Conglomerates — 0.8%  
Sequa Corp., Term Loan B, 5.25%, 12/19/17   1,047   1,033,302  
 
Insurance — 2.6%  
Alliant Holdings I, Inc., Term Loan B, 4.75%, 12/20/19   422   422,606  
Asurion LLC, Term Loan B1, 4.50%, 5/24/19   645   644,680  
CNO Financial Group, Inc.:          
  Term Loan B1, 3.00%, 9/28/16   328   328,997  
  Term Loan B2, 3.75%, 9/20/18   519   519,771  
Cooper Gay Swett & Crawford Ltd.:          
  1st Lien Term Loan, 5.00%, 4/16/20   419   413,319  
  2nd Lien Term Loan, 8.25%, 10/16/20   200   196,166  
Cunningham Lindsey US, Inc., 1st Lien Term Loan, 5.00%, 12/10/19   367   366,307  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Insurance (concluded)  
Hub International Ltd., Term Loan B, 4.75%, 10/02/20 USD  440 $ 444,237  
National Financial Partners Corp., Term Loan, 5.25%, 7/01/20   130   131,134  
   
    3,467,217  
 
Internet Software & Services — 1.3%  
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18   873   871,726  
W3 Co.:          
  1st Lien Term Loan, 5.75%, 3/13/20   408   408,970  
  2nd Lien Term Loan, 9.25%, 9/11/20   155   156,159  
Web.com Group, Inc., Term Loan B, 4.50%, 10/27/17   300   302,229  
   
    1,739,084  
 
IT Services — 3.7%  
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19   213   213,387  
Ceridian Corp., Term Loan B, 4.42%, 5/09/17   899   903,015  
First Data Corp., 2018 Term Loan:          
  4.17%, 9/24/18   270   270,589  
  Extended B, 4.17%, 3/23/18   2,140   2,143,790  
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19   659   660,122  
InfoGroup, Inc., Term Loan, 8.00%, 5/25/18   245   198,446  
Moneygram International, Inc., Term Loan B, 4.25%, 3/27/20   68   68,810  
SunGard Data Systems, Inc.:          
  Term Loan D, 4.50%, 1/31/20   263   264,409  
  Term Loan E, 4.00%, 3/09/20   144   145,357  
   
    4,867,925  
 
Leisure Equipment & Products — 0.2%  
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19   206   207,899  
 
Life Sciences Tools & Services — 0.2%  
Patheon, Inc., Term Loan, 7.25%, 12/06/18   272   274,804  
 
Machinery — 4.6%  
Allegion PLC, Term Loan B, 3.00%, 9/30/20   210   210,065  
Alliance Laundry Systems LLC:          
  2nd Lien Term Loan, 9.50%, 12/10/19   131   132,054  
  Refinancing Term Loan, 4.25%, 12/10/18   210   210,728  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Machinery (concluded)  
Dayco Products LLC, Term Loan B, 5.25%, 11/26/19 USD 360 $ 357,300  
Faenza Acquisition GmbH:          
  Term Loan B1, 4.25%, 8/31/20   274   275,286  
  Term Loan B3, 4.25%, 8/28/20   83   83,732  
Gardner Denver, Inc., Term Loan:          
  EUR, 4.75%, 7/30/20 EUR 127   173,637  
  4.25%, 7/30/20 USD 761   756,882  
Generac Power Systems, Inc., Term Loan B, 3.50%, 5/31/20   783   783,037  
Intelligrated, Inc., 1st Lien Term Loan, 4.50%, 7/30/18   396   396,990  
Mirror Bidco Corp., Term Loan, 5.25%, 12/27/19   566   568,316  
Navistar International Corp., Term Loan B, 5.75%, 8/17/17   206   208,747  
Pacific Industrial Services US Finco LLC:          
  1st Lien Term Loan, 5.00%, 10/02/18   500   505,315  
  2nd Lien Term Loan, 8.75%, 4/02/19   195   198,900  
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20   481   480,645  
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19   291   290,775  
Terex Corp., Term Loan, 4.00%, 4/28/17 EUR 34   46,465  
Wabash National Corp., Term Loan B, 4.50%, 5/02/19 USD 314   314,951  
   
    5,993,825  
 
Marine — 0.7%  
HGIM Corp., Term Loan B, 5.50%, 6/18/20   920   923,450  
 
Media — 13.8%  
Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20   695   696,522  
Advanstar Communications, Inc., 2nd Lien Term Loan, 9.50%, 6/06/20   255   255,000  
Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18   501   500,100  
Catalina Marketing Corp., Term Loan B, 5.25%, 10/12/20   575   579,887  
Cengage Learning Acquisitions, Inc.:          
  Non-Extended Term Loan, 4.75%, 7/03/14   226   169,649  
             
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Media (continued)  
Cengage Learning Acquisitions, Inc. (concluded):          
  Tranche 1 Incremental, 7.50%, 7/03/14 USD 365 $ 274,684  
Charter Communications Operating LLC, Term Loan E, 3.00%, 7/01/20   464   457,140  
Clear Channel Communications, Inc.:          
  Term Loan B, 3.81%, 1/29/16   148   142,080  
  Term Loan C, 3.81%, 1/29/16   42   40,147  
Clear Channel Communications, Inc.          
  Term Loan D, 6.91%, 1/30/19   1,564   1,474,046  
Cumulus Media Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/17/18   559   561,249  
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18   356   357,653  
EW Scripps Co., Term Loan B, 3.25%, 11/14/20   350   350,875  
Fender Musical Instruments Corp., 2019 Term Loan B, 5.75%, 4/03/19   67   67,956  
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17   660   661,416  
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19   45   41,751  
Gray Television, Inc., Term Loan B, 4.75%, 10/15/19   117   116,973  
Hemisphere Media Group, Inc., Term Loan, 6.25%, 7/30/20   504   505,314  
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 4.25%, 6/01/18   428   429,366  
Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19   397   400,478  
Intelsat Jackson Holdings SA, Term Loan B2, 2.00%, 6/30/19   1,183   1,184,249  
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20   150   150,188  
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20   115   115,058  
Media General, Inc., Delayed Draw Term Loan B, 5.50%, 7/31/20   420   423,940  
Mediacom LLC, Term Loan E, 4.50%, 10/23/17   484   484,152  
NEP/NCP Holdco, Inc., Term Loan:          
  2nd Lien, 9.50%, 7/22/20   131   134,633  
  4.75%, 1/22/20   655   656,688  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Media (concluded)  
Nielsen Finance LLC, Term Loan E, 2.92%, 5/02/16 USD 538 $ 538,682  
Rentpath, Inc., Term Loan B, 6.25%, 5/29/20   539   526,530  
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20   389   390,470  
Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20   373   370,095  
Springer Science & Business Media Deutschland GmbH, Term Loan B2, 5.00%, 8/14/20   495   496,341  
Tribune Company, 2013 Term Loan, 4.00%, 11/12/20   650   646,951  
TWCC Holding Corp., 2nd Lien Term Loan, 7.00%, 6/26/20   465   476,044  
Univision Communications, Inc., Converted Extended Term Loan, 4.50%, 3/02/20   711   713,790  
UPC Financing Partnership, Term Loan AG, 3.88%, 3/31/21 EUR 281   383,747  
Virgin Media Investment Holdings Ltd.:          
  Term Loan B, 3.50%, 6/08/20 USD 780   779,938  
  Term Loan C, 4.50%, 6/05/20 GBP 650   1,073,571  
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19 USD 514   516,303  
   
    18,143,656  
 
Metals & Mining — 4.0%  
Ameriforge Group, Inc.:          
  1st Lien Term Loan, 5.00%, 12/19/19   372   375,288  
  2nd Lien Term Loan, 8.75%, 12/18/20   185   188,700  
API Heat Transfer, Inc., Term Loan, 5.25%, 5/03/19   373   370,793  
Constellium Holdco BV, Term Loan B, 6.00%, 3/25/20   826   845,464  
FMG Resources August 2006 Property Ltd., Term Loan, 4.25%, 6/28/19   1,130   1,139,994  
Murray Energy Corp., Term Loan B, 4.75%, 5/24/19   90   89,960  
Novelis, Inc., Term Loan, 3.75%, 3/10/17   790   793,249  
SunCoke Energy, Inc., Term Loan B, 4.00%, 7/26/18   137   135,650  
Walter Energy, Inc., Term Loan B, 6.75%, 4/02/18   720   704,286  
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17   619   633,462  
   
    5,276,846  
 
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Multiline Retail — 3.6%  
99 Cents Only Stores, Term Loan, 4.50%, 1/11/19 USD 454 $ 456,316  
Apex Tool Group LLC, Term Loan B, 4.50%, 1/31/20   483   483,381  
BJ's Wholesale Club, Inc.:          
  1st Lien Term Loan, 4.50%, 9/26/19   541   542,432  
  2nd Lien Term Loan, 8.50%, 3/26/20   200   203,750  
HEMA Holding BV, Extended 2nd Lien TL, 5.88%, 1/05/18 EUR 1,800   2,266,488  
Hudson's Bay Co.:          
  1st Lien Term Loan, 4.75%, 11/04/20 USD 465   470,654  
  2nd Lien Term Loan, 8.25%, 11/04/21   35   35,933  
JC Penney Corp., Inc., 1st Lien Term Loan, 6.00%, 5/22/18   259   253,284  
   
    4,712,238  
 
Oil, Gas & Consumable Fuels — 6.7%  
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/20/20   872   875,770  
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17   985   1,004,700  
Drillships Financing Holding, Inc., Term Loan B2, 5.50%, 7/15/16   838   847,678  
EP Energy LLC, Term Loan B3, 3.50%, 5/24/18   440   440,110  
Fieldwood Energy LLC, 1st Lien Term Loan, 3.88%, 9/28/18   265   266,614  
GIM Channelview Cogeneration LLC, Term Loan B, 4.25%, 5/08/20   454   456,699  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15   320   320,223  
Offshore Group Investment Ltd.:          
  6.25%, 10/25/17   696   698,425  
  5.75%, 3/28/19   348   351,405  
Pacific Drilling SA, Term Loan B, 4.50%, 6/04/18   554   558,113  
Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19   360   369,000  
Philadelphia Energy Solutions LLC, Term Loan B, 6.25%, 4/04/18   373   332,856  
Power Team Services LLC:          
  1st Lien Term Loan, 4.25%, 5/06/20   195   192,568  
  2nd Lien Term Loan, 8.25%, 11/06/20   105   103,162  
  Delayed Draw Term Loan, 4.25%, 5/06/20   11   10,497  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 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  
 
Oil, Gas & Consumable Fuels (concluded)  
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.50%, 3/27/20 USD 416 $ 417,179  
Samson Investment Co., 2nd Lien Term Loan, 6.00%, 9/25/18   295   295,737  
State Class Tankers II LLC, Term Loan B, 6.75%, 6/22/20   400   403,000  
Tesoro Corp., Term Loan B, 2.41%, 5/30/16   537   537,300  
Western Refining, Inc., Term Loan B, 4.25%, 11/12/20   335   337,724  
   
    8,818,760  
 
Paper & Forest Products — 0.2%  
NewPage Corp., Exit Term Loan, 7.75%, 12/21/18   313   319,689  
 
Pharmaceuticals — 4.9%  
Akorn, Inc., Term Loan B, 4.50%, 8/27/20   410   411,283  
Amneal Pharmaceuticals LLC, Term Loan, 7.00%, 11/01/19   280   280,000  
Aptalis Pharma, Inc., Term Loan B, 6.00%, 9/18/20   1,201   1,212,486  
Envision Acquisition Co. LLC, 1st Lien Term Loan, 5.75%, 11/04/20   240   240,600  
Par Pharmaceutical Cos., Inc., Refinancing Term Loan B, 4.25%, 9/30/19   1,068   1,072,642  
Pharmaceutical Product Development LLC, Term Loan B, 4.25%, 12/05/18   918   923,553  
Quintiles Transnational Corp., Term Loan B, 4.00%, 6/08/18   577   577,015  
Valeant Pharmaceuticals International, Inc.:          
  Series C2 Term Loan B, 3.75%, 12/11/19   607   611,327  
  Series D2 Term Loan B, 3.75%, 2/13/19   657   661,350  
  Term Loan E, 4.50%, 8/05/20   407   411,105  
   
    6,401,361  
 
Professional Services — 1.7%  
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18   722   724,208  
ON Assignment, Inc., Refinancing Term Loan B, 3.50%, 4/30/20   248   247,545  
Sirva Worldwide, Inc., Term Loan, 7.50%, 3/27/19   428   435,337  
TriNet Group, Inc., Term Loan B2, 5.00%, 8/14/20   260   260,000  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Professional Services (concluded)  
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19 USD 597 $ 599,205  
   
    2,266,295  
 
Real Estate Investment Trusts (REITs) — 0.6%  
iStar Financial, Inc., Term Loan, 4.50%, 10/16/17   622   624,699  
Starwood Property Trust, Inc., Term Loan B, 3.50%, 4/17/20   125   124,454  
   
    749,153  
 
Real Estate Management & Development — 1.4%  
CityCenter Holdings LLC, Term Loan B, 5.00%, 10/16/20   575   581,290  
Realogy Corp.:          
  Extended Letter of Credit, 4.45%, 10/10/16   87   87,982  
  Extended Term Loan, 4.50%, 3/05/20   1,197   1,209,085  
   
    1,878,357  
 
Road & Rail — 0.4%  
Genesee & Wyoming, Inc., Term Loan A, 1.91%, 9/29/17   240   239,845  
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18   229   230,070  
   
    469,915  
 
Semiconductors & Semiconductor Equipment — 1.3%  
Freescale Semiconductor, Inc.:          
  Term Loan B4, 5.00%, 2/28/20   746   753,944  
  Term Loan B5, 5.00%, 1/15/21   165   166,708  
NXP BV:          
  Term Loan C, 4.75%, 1/11/20   432   432,061  
  Term Loan D, 3.25%, 1/10/20   330   330,247  
   
    1,682,960  
 
Software — 5.0%  
Blackboard, Inc., Term Loan B3, 4.75%, 10/04/18   115   115,673  
BMC Software Finance, Inc., Term Loan, 5.00%, 9/10/20   560   562,800  
Chromaflo Technologies Corp.:          
  1st Lien Term Loan, 4.50%, 11/30/19   260   260,000  
  2nd Lien Term Loan, 8.25%, 5/30/20   110   110,550  
CompuCom Systems, Inc., Refinancing Term Loan B, 4.25%, 5/11/20   140   138,890  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201310
 
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)  
Evertec Group LLC, Term Loan B, 3.50%, 4/17/20 USD 244 $ 237,972  
GCA Services Group, Inc.:          
  2nd Lien Term Loan, 9.25%, 10/22/20   220   222,200  
  Term Loan B, 5.25%, 11/01/19   424   423,932  
Infor US, Inc., Term Loan B2, 5.25%, 4/05/18   924   928,158  
Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20   410   422,300  
Mitchell International, Inc.:          
  1st Lien Term Loan, 4.50%, 10/12/20   250   251,563  
  2nd Lien Term Loan, 8.50%, 10/08/21   350   354,375  
RP Crown Parent LLC, 1st Lien Term Loan, 6.75%, 12/21/18   357   360,501  
Sophia LP, Term Loan B, 4.50%, 7/19/18   605   609,190  
SS&C Technologies, Inc.:          
  Term Loan B1, 3.25%, 6/07/19   675   676,065  
  Term Loan B2, 3.25%, 6/07/19   70   69,938  
StoneRiver Holdings, Inc.:          
  1st Lien Term Loan, 4.50%, 11/29/19   187   186,548  
  2nd Lien Term Loan, 8.50%, 5/29/20   214   215,242  
Websence, Inc.:          
  2nd Lien Term Loan, 8.25%, 12/24/20   170   169,788  
  Term Loan B, 4.50%, 6/25/20   185   184,307  
   
    6,499,992  
 
Specialty Retail — 6.5%  
Academy Ltd., Term Loan, 4.50%, 8/03/18   786   789,660  
Atlantic Aviation FBO, Inc., Term Loan B, 3.25%, 6/01/20   135   134,536  
Bass Pro Group LLC, Term Loan, 4.00%, 11/20/19   639   641,545  
Burlington Coat Factory Warehouse Corp., Term Loan B2, 4.25%, 2/23/17   151   152,238  
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19   848   848,960  
Equinox Holdings, Inc., Repriced Term Loan B, 4.50% - 5.50%, 1/31/20   453   454,989  
Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18   77   74,999  
           
Floating Rate Loan Interests (b)   Par
(000)		   Value  
 
Specialty Retail (concluded)  
Harbor Freight Tools USA, Inc., 1st Lien Term Loan, 4.75%, 7/26/19 USD 455 $ 460,099  
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18   221   221,658  
Leslie's Poolmart, Inc., Term Loan B, 4.25%, 10/16/19   696   697,552  
Michaels Stores, Inc., Term Loan, 3.75%, 1/28/20   602   603,372  
The Neiman Marcus Group, Inc., Term Loan, 5.00%, 10/26/20   700   704,200  
Party City Holdings, Inc., Refinancing Term Loan B, 4.25%, 7/29/19   1,111   1,113,329  
Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17   781   784,530  
Sprouts Farmers Markets Holdings LLC, Term Loan, 4.00%, 4/23/20   177   177,449  
SRAM LLC, Term Loan B, 4.00%, 4/10/20   189   188,679  
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18   396   394,231  
Toys 'R' Us-Delaware, Inc., Term Loan B3, 5.25%, 5/25/18   37   33,271  
   
    8,475,297  
 
Textiles, Apparel & Luxury Goods — 0.9%  
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18   911   866,143  
Phillips-Van Heusen Corp., Term Loan B, 3.25%, 2/13/20   291   291,623  
True Religion Apparel, Inc., 1st Lien Term Loan, 5.88%, 7/30/19   45   43,031  
   
    1,200,797  
 
Thrifts & Mortgage Finance — 0.6%  
IG Investments Holdings LLC, 1st Lien Term Loan, 5.25%, 10/31/19   447   448,438  
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18   373   377,401  
   
    825,839  
 
Trading Companies & Distributors — 0.1%  
WESCO Distribution, Inc., Term Loan B, 4.50%, 12/12/19   127   127,509  
 
Wireless Telecommunication Services — 0.8%  
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19   372   372,851  
                         

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201311
 
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  
 
Light Tower Fiber LLC, 1st Lien Term Loan, 4.50%, 4/13/20 USD 608 $ 608,731  
   
    981,582  
 
Total Floating Rate Loan Interests — 135.9%   178,382,173  
 
 
Non-Agency Mortgage-Backed Securities — 0.2%  
 
Commercial Mortgage-Backed Securities— 0.2%  
Hilton USA Trust 2013-HLT, Series 2013-HLT, Class EFX, 5.22%, 11/05/30 (b)(c)(d)   304   305,520  
 
 
Warrants — 0.0% (e) Shares      
 
   
Software — 0.0%  
HMH Holdings/EduMedia, (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)   691   —  
 
                         
Total Long-Term Investments
(Cost — $187,415,662) — 144.4%		   189,530,143  
   
       

Short-Term Securities    
Shares		   Value  
 
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.07% (f)(g)   3,300,634 $ 3,300,634  
 
Total Short-Term Securities
(Cost — $3,300,634) — 2.5%		   3,300,634  
 
Total Investments
(Cost — $190,716,296*) — 146.9%		   192,830,777  
Liabilities in Excess of Other Assets — (46.9)%   (61,552,860)  
   
Net Assets — 100.0% $ 131,277,917  
 
                         
* As of November 30, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost $ 191,170,578  
   
Gross unrealized appreciation $ 2,738,263  
Gross unrealized depreciation   (1,078,064)  
   
Net unrealized appreciation $ 1,660,199  
   

 

Notes to Schedule of Investments

(a) Non-income producing security.
(b) Variable rate security. Rate shown is as of report date.
(c) 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.
(d) When-issued security. Unsettled when-issued transactions were as follows:

 

   
 
  Counterparty   Value   Unrealized
Appreciation		  
 
  J.P. Morgan Securities LLC   $ 305,520   —  
                     
 
                                     

 

(e) 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, if any.
(f) Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 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, 2013		   Net
Activity		   Shares
Held at
November 30, 2013		   Income  
 
  BlackRock Liquidity Funds, TempFund, Institutional Class   1,298,269   2,002,365   3,300,634 $ 42  
                     
 
                                           

 

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

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201312
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   

 

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:
   
ADS American Depositary Shares
CAD Canadian Dollar
CLO Collateralized Loan Obligation
DIP Debtor-In-Possession
EUR Euro
GBP British Pound
USD US Dollar
     

 

• Foreign currency exchange contracts as of November 30, 2013 were as follows:  
 
Currency
Purchased		   Currency
Sold		 Counterparty Settlement
Date		   Unrealized
Appreciation/ (Depreciation)		  
 
USD 2,872,246   EUR 2,127,000 Barclays Bank PLC 1/22/14 $ (17,986)  
USD 96,556   CAD 100,000 Barclays Bank PLC 1/23/14   2,564  
USD 2,287,017   GBP 1,417,000 Barclays Bank PLC 1/23/14   (30,767)  
Total             $ (46,189)  

 

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201313
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   

 

• Credit default swaps - sold protection outstanding as of November 30, 2013 were as follows:
 
  Issuer/Index   Receive
Fixed
Rate		   Counterparty/
Clearinghouse		   Expiration
Date		   Credit Rating1   Notional
Amount
(000)2		 Market
Value		 Premiums
Received		   Unrealized Appreciation (Depreciation)  
 
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase Bank N.A.   12/20/15   CCC-   USD   124 $ (31,086) $ (31,876) $ 790  
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase Bank N.A.   12/20/15   CCC-   USD   34   (8,619)   (7,662)   (957)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   3/20/16   CCC-   USD   49   (14,305)   (10,681)   (3,624)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   3/20/16   CCC-   USD   49   (14,305)   (10,681)   (3,624)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   3/20/16   CCC-   USD   143   (41,515)   (29,544)   (11,971)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   6/20/16   CCC-   USD   190   (62,604)   (42,085)   (20,519)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   9/20/16   CCC-   USD   500   (184,988)   (107,288)   (77,700)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Deutsche Bank AG   9/20/16   CCC-   USD   473   (174,867)   (99,123)   (75,744)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Bank USA   3/20/17   CCC-   USD   89   (38,659)   (23,035)   (15,624)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Deutsche Bank AG   6/20/17   CCC-   USD   127   (57,701)   (35,010)   (22,691)  
  Total $ (628,649) $ (396,985)   $ (231,664)  
                                                               

 

  1 Using Standard & Poor’s rating of the issuer.
  2 The maximum potential amount the Trust may pay should a negative event take place as defined under the terms of agreement.

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201314
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   

 

• 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 ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
   
• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

  • Level 1 — unadjusted price quotations in active markets/exchanges for identical assets 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 hierarchy 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 annual report.

 

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2013:

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
Long-Term Investments:  
  Common Stocks   —   — $ 892,493 $ 892,493  
  Asset-Backed Securities   —   —   4,545,714   4,545,714  
  Corporate Bonds   — $ 5,404,243   —   5,404,243  
  Floating Rate Loan Interests   —   162,673,532   15,708,641   178,382,173  
  Non-Agency Mortgage-Backed Securities   —   305,520   —   305,520  
  Short-Term Securities $ 3,300,634   —   —   3,300,634  
  Unfunded Loan Commitments   —   480       480  
Liabilities:                  
  Unfunded Loan Commitments       (112)       (112)  
     
Total $ 3,300,634 $ 168,383,663 $ 21,146,848 $ 192,831,145  
     
                                   
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201315
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   

 

  Level 1   Level 2   Level 3   Total
Derivative Financial Instruments1            
Assets:              
  Credit contracts — $ 790   — $ 790
  Foreign currency exchange contracts —   2,564   —   2,564
Liabilities:              
  Credit contracts —   (232,454)   —   (232,454)

  Foreign currency exchange contracts

 —   (48,753)   —   (48,753)
Total   — $ (277,853)     —   $ (277,853)
                         

 

1 Derivative 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.

 

Certain of the Trust's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash pledged for financial futures contracts $ 12,769   —   — $ 12,769  
Liabilities:    
  Bank overdraft     $ (788,584)       (788,584)  
  Bank overdraft on foreign currency at value   —   (213,847)   —   (213,847)  
  Loans payable   —   (53,049,511)   —   (53,049,511)  
Total $ 12,769 $ (54,051,942)   — $ (54,039,173)  
                                   

 

There were no transfers between Level 1 and Level 2 during the year ended November 30, 2013.

 

 

 

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.

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201316
 
Schedule of Investments (concluded) BlackRock Defined Opportunity Credit Trust (BHL)
   

 

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:

 

  Common
Stocks

 

Asset-Backed Securities

Floating Rate

Loan Interests

 

Total

Assets:            
Opening Balance, as of August 31, 2013   —   $ 4,422,403 $ 21,940,408 $ 26,362,811
Transfers into Level 31 $ 906,055   — 5,076,476   5,982,531
Transfers out of Level 32   —   — (12,083,540)   (12,083,540)
Accrued discounts/premiums   —   4,951 8,952   13,903
Net realized gain (loss)   353   39,182 9,704   49,239
Net change in unrealized appreciation/ depreciation3   17,856   (16,742) 66,345   67,459
Purchases   —   1,203,390 2,737,315   3,940,705
Sales   (31,771)   (1,107,470) (2,047,019)   (3,186,260)
Closing Balance, as of November 30, 2013 $ 892,493   $ 4,545,714 $ 15,708,641 $ 21,146,848
                 

 

   
1 As of August 31, 2013, the Trust used observable inputs in determining the value of certain investments. As of  November 30, 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 $5,982,531 transferred from Level 2 to Level 3 in the disclosure hierarchy.
2 As of August 31, 2013, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 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 $12,083,540 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3 The change in unrealized appreciation/depreciation on investments still held as of November 30, 2013 was $112,293.

 

 

 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTNOVEMBER 30, 201317
 

Item 2 – Controls and Procedures

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

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

Item 3 – Exhibits

Certifications – Attached hereto

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

 

BlackRock Defined Opportunity Credit Trust

 

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Defined Opportunity Credit Trust

 

Date: January 24, 2014

 

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

 

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Defined Opportunity Credit Trust

 

Date: January 24, 2014

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Defined Opportunity Credit Trust

 

Date: January 24, 2014