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: 08/31/2015
Date of reporting period: 11/30/2014
Item 1 – Schedule of Investments
| Schedule of Investments November 30, 2014 (Unaudited) | BlackRock Defined Opportunity Credit Trust (BHL) |
| (Percentages shown are based on Net Assets) |
| Common Stocks (a) | Shares |
Value | ||||||
| Diversified Consumer Services — 0.6% | ||||||||
| Cengage Thomson Learning | 8,922 | $ | 232,864 | |||||
| Houghton Mifflin Harcourt Co. | 24,355 | 468,103 | ||||||
| Total Common Stocks — 0.6% | 700,967 | |||||||
| Asset-Backed Securities | Par (000) |
|||||||
| ALM Loan Funding, Series 2013-7RA, Class C, 3.68%, 4/24/24 (b)(c) | USD | 500 | 470,494 | |||||
| ALM XIV Ltd., Series 2014-14A (b)(c): | ||||||||
| Class B, 3.18%, 7/28/26 | 563 | 542,696 | ||||||
| Class C, 3.68%, 7/28/26 | 713 | 662,281 | ||||||
| Atlas Senior Loan Fund Ltd., Series 2014-6A, Class D, 3.96%, 10/15/26 (b)(c) | 250 | 232,151 | ||||||
| Atrium CDO Corp., Series 9A, Class D, 3.74%, 2/28/24 (b)(c) | 250 | 236,542 | ||||||
| Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D, 4.73%, 1/20/25 (b)(c) | 250 | 249,989 | ||||||
| Cent CLO 22, Ltd., Series 2014-22A, Class C, 3.98%, 11/07/26 (b)(c) | 250 | 236,475 | ||||||
| Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.23%, 4/20/23 (b)(c) | 215 | 210,483 | ||||||
| North End CLO Ltd., Series 2013-1A, Class D, 3.73%, 7/17/25 (b)(c) | 250 | 233,721 | ||||||
| Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.43%, 10/25/25 (b)(c) | 250 | 229,681 | ||||||
| Octagon Investment Partners XX Ltd., Series 2014-1A, Class C, 3.04%, 8/12/26 (b)(c) | 250 | 239,083 | ||||||
| Symphony CLO Ltd., Series 2012-10A, Class D, 5.48%, 7/23/23 (b)(c) | 350 | 350,497 | ||||||
| Voya CLO, Ltd., Series 2014-4A, Class SUB, 0.00%, 10/14/26 (c) | 1,000 | 925,000 | ||||||
| 4,819,093 | ||||||||
| Total Asset-Backed Securities — 3.7% | 4,819,093 | |||||||
| Corporate Bonds | Par (000) |
Value | ||||||
| Airlines — 0.7% | ||||||||
| American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (c) | USD | 250 | $ | 257,500 | ||||
| Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 12/17/16 | 46 | 51,645 | ||||||
| US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18 | 590 | 597,375 | ||||||
| 906,520 | ||||||||
| Auto Components — 0.4% | ||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | ||||||||
| 3.50%, 3/15/17 | 164 | 162,155 | ||||||
| 4.88%, 3/15/19 | 325 | 329,062 | ||||||
| 491,217 | ||||||||
| Chemicals — 0.1% | ||||||||
| INEOS Finance PLC, 8.38%, 2/15/19 (c) | 110 | 117,425 | ||||||
| Commercial Services & Supplies — 0.3% | ||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 2.98%, 12/01/17 (b) | 68 | 67,575 | ||||||
| AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (c) | 232 | 236,248 | ||||||
| United Rentals North America, Inc., 5.75%, 7/15/18 | 80 | 83,600 | ||||||
| 387,423 | ||||||||
| Communications Equipment — 0.4% | ||||||||
| Avaya, Inc., 7.00%, 4/01/19 (c) | 101 | 98,728 | ||||||
| Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20 | 342 | 365,085 | ||||||
| 463,813 | ||||||||
| Construction Materials — 0.1% | ||||||||
| HD Supply, Inc., 5.25%, 12/15/21 (c)(d) | 180 | 183,825 | ||||||
| Diversified Financial Services — 0.3% | ||||||||
| Ally Financial, Inc., 2.91%, 7/18/16 (b) | 275 | 277,538 | ||||||
| Reynolds Group Issuer, Inc., 7.13%, 4/15/19 | 120 | 124,275 | ||||||
| 401,813 | ||||||||
| Diversified Telecommunication Services — 0.3% | ||||||||
| Level 3 Financing, Inc.: | ||||||||
| 3.83%, 1/15/18 (b) | 228 | 229,254 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 1 |
| Schedule of Investments (continued) | BlackRock Defined Opportunity Credit Trust (BHL) |
| (Percentages shown are based on Net Assets) |
| Corporate Bonds | Par (000) |
Value | ||||||
| Diversified Telecommunication Services (concluded) | ||||||||
| Level 3 Financing, Inc. (concluded): | ||||||||
| 6.13%, 1/15/21 | USD | 127 | $ | 132,398 | ||||
| 361,652 | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
| Peabody Energy Corp., 6.00%, 11/15/18 | 325 | 309,563 | ||||||
| Health Care Providers & Services — 0.6% | ||||||||
| CHS/Community Health Systems, Inc., 6.88%, 2/01/22 | 71 | 75,171 | ||||||
| HCA, Inc., 5.88%, 5/01/23 | 85 | 89,781 | ||||||
| Tenet Healthcare Corp. (c): | ||||||||
| 5.00%, 3/01/19 | 325 | 320,125 | ||||||
| 5.50%, 3/01/19 | 240 | 241,200 | ||||||
| 726,277 | ||||||||
| Hotels, Restaurants & Leisure — 0.4% | ||||||||
| Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20 | 657 | 521,040 | ||||||
| Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
| Calpine Corp., 6.00%, 1/15/22 (c) | 80 | 85,400 | ||||||
| Dynegy Finance I, Inc. / Dynegy Finance II, Inc., 6.75%, 11/01/19 (c) | 325 | 338,000 | ||||||
| 423,400 | ||||||||
| Media — 0.2% | ||||||||
| NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (c) | 96 | 99,360 | ||||||
| Numericable Group SA, 6.00%, 5/15/22 (c) | 200 | 203,154 | ||||||
| 302,514 | ||||||||
| Metals & Mining — 0.0% | ||||||||
| Novelis, Inc., 8.38%, 12/15/17 | 60 | 62,550 | ||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| CONSOL Energy, Inc., 5.88%, 4/15/22 (c) | 140 | 139,650 | ||||||
| EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19 | 145 | 151,163 | ||||||
| 290,813 | ||||||||
| Road & Rail — 0.2% | ||||||||
| Florida East Coast Holdings Corp., 6.75%, 5/01/19 (c) | 196 | 200,410 | ||||||
| Wireless Telecommunication Services — 1.0% | ||||||||
| Digicel Group Ltd., 8.25%, 9/30/20 (c) | 310 | 317,750 | ||||||
| Sprint Communications, Inc., 7.00%, 3/01/20 (c) | 800 | 880,500 | ||||||
| Corporate Bonds | Par (000) |
Value | ||||||
| Wireless Telecommunication Services (concluded) | ||||||||
| T-Mobile USA, Inc., 6.13%, 1/15/22 | USD | 50 | $ | 50,875 | ||||
| 1,249,125 | ||||||||
| Total Corporate Bonds — 5.7% | 7,399,380 | |||||||
| Floating Rate Loan Interests (b) | ||||||||
| Aerospace & Defense — 2.3% | ||||||||
| BE Aerospace, Inc., 2014 Term Loan B, 1.00%, 11/19/21 | 670 | 670,697 | ||||||
| DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20 | 507 | 504,896 | ||||||
| TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21 | 275 | 278,666 | ||||||
| Transdigm, Inc.: | ||||||||
| Term Loan C, 3.75%, 2/28/20 | 221 | 218,880 | ||||||
| Term Loan D, 3.75%, 6/04/21 | 200 | 197,537 | ||||||
| TransUnion LLC, Term Loan, 4.00%, 4/09/21 | 1,085 | 1,074,724 | ||||||
| 2,945,400 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21 | 166 | 156,871 | ||||||
| CEVA Intercompany BV, Synthetic LC, 6.50%, 3/19/21 | 174 | 164,600 | ||||||
| CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21 | 30 | 28,380 | ||||||
| CEVA Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21 | 240 | 227,035 | ||||||
| 576,886 | ||||||||
| Airlines — 0.7% | ||||||||
| Delta Air Lines, Inc., 2018 Term Loan B1, 3.25%, 10/18/18 | 323 | 318,684 | ||||||
| Northwest Airlines, Inc.: | ||||||||
| 2.18%, 3/10/17 | 148 | 144,236 | ||||||
| 1.56%, 9/10/18 | 218 | 207,372 | ||||||
| US Airways Group, Inc., Term Loan B1, 3.50%, 5/23/19 | 257 | 252,757 | ||||||
| 923,049 | ||||||||
| Auto Components — 5.0% | ||||||||
| Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20 | 293 | 293,479 | ||||||
| Armored Autogroup, Inc., Term Loan B, 6.00%, 11/04/16 | 57 | 57,131 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 2 |
| Schedule of Investments (continued) | BlackRock Defined Opportunity Credit Trust (BHL) |
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Auto Components (concluded) | ||||||||
| Autoparts Holdings Ltd.: | ||||||||
| 1st Lien Term Loan, 6.50%, 7/29/17 | USD | 624 | $ | 624,164 | ||||
| 2nd Lien Term Loan, 10.50%, 1/29/18 | 238 | 231,760 | ||||||
| Dayco Products LLC, Term Loan B, 5.25%, 12/12/19 | 357 | 355,824 | ||||||
| FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19 | 328 | 321,769 | ||||||
| Gates Global, Inc., Term Loan B, 4.25%, 7/05/21 | 2,010 | 1,989,156 | ||||||
| Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19 | 1,150 | 1,153,231 | ||||||
| INA Beteiligungsgesellschaft mbH, Term Loan B, 4.25%, 5/15/20 | 575 | 575,558 | ||||||
| Transtar Holding Co., 1st Lien Term Loan, 5.75%, 10/09/18 | 481 | 476,104 | ||||||
| UCI International, Inc., Term Loan B, 5.50%, 7/26/17 | 337 | 335,824 | ||||||
| 6,414,000 | ||||||||
| Automobiles — 0.3% | ||||||||
| Chrysler Group LLC: | ||||||||
| 2018 Term Loan B, 3.25%, 12/31/18 | 189 | 187,734 | ||||||
| Term Loan B, 3.50%, 5/24/17 | 199 | 197,927 | ||||||
| 385,661 | ||||||||
| Banks — 0.3% | ||||||||
| Redtop Acquisitions Ltd.: | ||||||||
| 1st Lien Term Loan, 4.50%, 12/03/20 | 258 | 258,695 | ||||||
| 2nd Lien Term Loan, 8.25%, 6/03/21 | 69 | 69,562 | ||||||
| 328,257 | ||||||||
| Building Products — 3.6% | ||||||||
| Continental Building Products LLC, 1st Lien Term Loan, 4.00%, 8/28/20 | 359 | 353,399 | ||||||
| CPG International, Inc., Term Loan, 4.75%, 9/30/20 | 971 | 968,742 | ||||||
| GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21 | 318 | 313,029 | ||||||
| Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21 | 393 | 385,491 | ||||||
| Jeld-Wen, Inc., Term Loan B, 5.25%, 10/15/21 | 700 | 697,816 | ||||||
| Nortek, Inc., Term Loan, 3.75%, 10/30/20 | 479 | 473,715 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Building Products (concluded) | ||||||||
| Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21 | USD | 224 | $ | 220,891 | ||||
| Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20 | 386 | 382,434 | ||||||
| Wilsonart LLC: | ||||||||
| Incremental Term Loan B2, 4.00%, 10/31/19 | 109 | 107,333 | ||||||
| Term Loan B, 4.00%, 10/31/19 | 786 | 772,741 | ||||||
| 4,675,591 | ||||||||
| Capital Markets — 0.5% | ||||||||
| Affinion Group, Inc.: | ||||||||
| 2nd Lien Term Loan, 8.50%, 10/12/18 | 212 | 196,138 | ||||||
| Term Loan B, 6.75%, 4/30/18 | 300 | 287,259 | ||||||
| American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17 | 195 | 193,654 | ||||||
| 677,051 | ||||||||
| Chemicals — 4.5% | ||||||||
| Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19 | 254 | 253,533 | ||||||
| Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19 | 132 | 131,546 | ||||||
| Axalta Coating Systems US Holdings, Inc., Term Loan, 3.75%, 2/01/20 | 451 | 444,245 | ||||||
| CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/30/20 | 27 | 26,668 | ||||||
| Chemtura Corp., Term Loan B, 3.50%, 8/27/16 | 128 | 127,802 | ||||||
| Chromaflo Technologies Corp.: | ||||||||
| 1st Lien Term Loan, 4.50%, 12/02/19 | 258 | 255,792 | ||||||
| 2nd Lien Term Loan, 8.25%, 5/30/20 | 110 | 109,450 | ||||||
| Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19 | 474 | 472,798 | ||||||
| INEOS US Finance LLC, 6 Year Term Loan, 3.75%, 5/04/18 | 194 | 191,306 | ||||||
| MacDermid, Inc., 1st Lien Term Loan, 4.00%, 6/07/20 | 656 | 645,565 | ||||||
| Minerals Technologies, Inc., Term Loan B, 4.00%, 5/09/21 | 480 | 478,920 | ||||||
| Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17 | 579 | 574,480 | ||||||
| OXEA Finance LLC: | ||||||||
| 2nd Lien Term Loan, 8.25%, 7/15/20 | 315 | 305,550 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 3 |
| 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 | ||||||
| Chemicals (concluded) | ||||||||
| OXEA Finance LLC (concluded): | ||||||||
| Term Loan B2, 4.25%, 1/15/20 | USD | 579 | $ | 566,843 | ||||
| Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18 | 155 | 155,356 | ||||||
| Solenis International LP: | ||||||||
| 1st Lien Term Loan, 4.25%, 7/31/21 | 355 | 349,899 | ||||||
| 2nd Lien Term Loan, 7.75%, 7/31/22 | 390 | 382,079 | ||||||
| Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20 | 133 | 131,313 | ||||||
| Univar, Inc., Term Loan B, 5.00%, 6/30/17 | 222 | 220,323 | ||||||
| 5,823,468 | ||||||||
| Commercial Services & Supplies — 5.8% | ||||||||
| ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19 | 734 | 720,546 | ||||||
| ARAMARK Corp.: | ||||||||
| Extended Synthetic Line of Credit 2, 3.65%, 7/26/16 | 14 | 13,735 | ||||||
| Extended Synthetic Line of Credit 3, 3.65%, 7/26/16 | 9 | 9,289 | ||||||
| Term Loan E, 3.25%, 9/07/19 | 645 | 637,703 | ||||||
| Term Loan F, 3.25%, 2/24/21 | 195 | 192,278 | ||||||
| Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20 | 866 | 860,233 | ||||||
| Catalent Pharma Solutions, Inc.: | ||||||||
| Term Loan, 6.50%, 12/29/17 | 17 | 16,915 | ||||||
| Term Loan B, 4.25%, 5/20/21 | 1,038 | 1,038,824 | ||||||
| Connolly Corp.: | ||||||||
| 1st Lien Term Loan, 5.00%, 5/14/21 | 673 | 674,787 | ||||||
| 2nd Lien Term Loan, 8.00%, 5/14/22 | 325 | 324,594 | ||||||
| KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21 | 308 | 307,409 | ||||||
| Koosharem LLC, Exit Term Loan, 7.50%, 5/15/20 | 549 | 544,510 | ||||||
| Livingston International, Inc., 1st Lien Term Loan, 5.00%, 4/18/19 | 306 | 295,411 | ||||||
| Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19 | 986 | 979,094 | ||||||
| US Ecology, Inc., Term Loan, 3.75%, 6/17/21 | 224 | 223,035 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Commercial Services & Supplies (concluded) | ||||||||
| West Corp., Term Loan B10, 3.25%, 6/30/18 | USD | 598 | $ | 591,505 | ||||
| 7,429,868 | ||||||||
| Communications Equipment — 2.8% | ||||||||
| Amaya Holdings BV: | ||||||||
| 1st Lien Term Loan, 5.00%, 8/01/21 | 190 | 189,704 | ||||||
| 2nd Lien Term Loan, 8.00%, 8/01/22 | 1,325 | 1,348,187 | ||||||
| Applied Systems, Inc.: | ||||||||
| 1st Lien Term Loan, 4.25%, 1/25/21 | 328 | 326,443 | ||||||
| 2nd Lien Term Loan, 7.50%, 1/23/22 | 85 | 84,894 | ||||||
| Avaya, Inc., Extended Term Loan B3, 4.65%, 10/26/17 | 344 | 333,577 | ||||||
| CommScope, Inc., Term Loan B3, 2.66% - 2.83%, 1/21/17 | 157 | 155,808 | ||||||
| Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19 | 1,231 | 1,228,094 | ||||||
| 3,666,707 | ||||||||
| Construction & Engineering — 0.5% | ||||||||
| AECOM Technology Corp., Term Loan B, 3.75%, 10/15/21 | 192 | 192,382 | ||||||
| BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20 | 239 | 231,851 | ||||||
| Centaur Acquisition LLC, New 2nd Lien Term Loan, 8.75%, 2/20/20 | 280 | 284,200 | ||||||
| 708,433 | ||||||||
| Construction Materials — 1.5% | ||||||||
| Filtration Group Corp., 1st Lien Term Loan, 4.50%, 11/21/20 | 218 | 218,145 | ||||||
| HD Supply, Inc., Term Loan B, 4.00%, 6/28/18 | 1,600 | 1,593,930 | ||||||
| McJunkin Red Man Corp., Term Loan, 5.00%, 11/08/19 | 149 | 147,340 | ||||||
| 1,959,415 | ||||||||
| Containers & Packaging — 1.0% | ||||||||
| Ardagh Holdings USA, Inc., Incremental Term Loan, 4.00%, 12/17/19 | 209 | 208,079 | ||||||
| Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21 | 571 | 562,823 | ||||||
| BWAY Holding Company, Inc., Term Loan B, 5.50%, 8/14/20 | 344 | 344,826 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 4 |
| 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 | ||||||
| Containers & Packaging (concluded) | ||||||||
| Rexam PLC, 1st Lien Term Loan, 4.25%, 5/02/21 | USD | 170 | $ | 169,010 | ||||
| 1,284,738 | ||||||||
| Distributors — 1.5% | ||||||||
| ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20 | 1,139 | 1,116,447 | ||||||
| American Tire Distributors Holdings, Inc., Term Loan B, 5.75%, 6/01/18 | 328 | 328,875 | ||||||
| Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19 | 231 | 225,549 | ||||||
| VWR Funding, Inc., Term Loan, 3.41%, 4/03/17 | 275 | 272,936 | ||||||
| 1,943,807 | ||||||||
| Diversified Consumer Services — 3.0% | ||||||||
| Allied Security Holdings LLC: | ||||||||
| 1st Lien Term Loan, 4.25%, 2/12/21 | 653 | 648,683 | ||||||
| 2nd Lien Term Loan, 8.00%, 8/13/21 | 91 | 90,151 | ||||||
| Bright Horizons Family Solutions, Inc., Term Loan B, 3.75% - 5.00%, 1/30/20 | 634 | 627,642 | ||||||
| CT Technologies Intermediate Holdings, Inc., 2014 Term Loan, 1.00%, 11/13/21 | 135 | 134,325 | ||||||
| Garda World Securities Corp.: | ||||||||
| Delayed Draw Term Loan, 4.00%, 11/06/20 | 68 | 67,304 | ||||||
| Term Loan B, 4.00%, 11/06/20 | 267 | 263,099 | ||||||
| ROC Finance LLC, Term Loan, 5.00%, 6/20/19 | 248 | 236,286 | ||||||
| ServiceMaster Company, 2014 Term Loan B, 4.25%, 7/01/21 | 815 | 809,499 | ||||||
| Transfirst Holdings, Inc.: | ||||||||
| 2014 1st Lien Term Loan, 5.50%, 11/12/21 | 313 | 314,233 | ||||||
| 2014 2nd Lien Term Loan, 9.00%, 11/12/22 | 165 | 165,569 | ||||||
| Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20 | 625 | 486,013 | ||||||
| 3,842,804 | ||||||||
| Diversified Financial Services — 1.4% | ||||||||
| AssuredPartners Capital, Inc., 1st Lien Term Loan, 4.50%, 3/31/21 | 335 | 331,650 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Diversified Financial Services (concluded) | ||||||||
| Reynolds Group Holdings, Inc., Dollar Term Loan, 4.00%, 12/01/18 | USD | 743 | $ | 740,643 | ||||
| RPI Finance Trust, Term Loan B3, 3.25%, 11/09/18 | 86 | 85,955 | ||||||
| SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20 | 591 | 592,752 | ||||||
| 1,751,000 | ||||||||
| Diversified Telecommunication Services — 4.5% | ||||||||
| Consolidated Communications, Inc., Term Loan B, 4.25%, 12/23/20 | 688 | 689,182 | ||||||
| Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19 | 519 | 519,614 | ||||||
| Integra Telecom, Inc.: | ||||||||
| 2nd Lien Term Loan, 9.75%, 2/21/20 | 255 | 252,930 | ||||||
| Term Loan B, 5.25%, 2/22/19 | 458 | 454,448 | ||||||
| Level 3 Financing, Inc.: | ||||||||
| 2019 Term Loan, 4.00%, 8/01/19 | 350 | 348,751 | ||||||
| 2020 Term Loan B, 4.00%, 1/15/20 | 2,330 | 2,326,505 | ||||||
| Incremental Term Loan B5, 4.50%, 1/31/22 | 835 | 837,346 | ||||||
| Syniverse Holdings, Inc., Term Loan B, 4.00%, 4/23/19 | 446 | 438,175 | ||||||
| 5,866,951 | ||||||||
| Electric Utilities — 0.5% | ||||||||
| American Energy - Utica LLC: | ||||||||
| 2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18 | 51 | 49,865 | ||||||
| 2nd Lien Term Loan, 5.50%, 9/30/18 | 235 | 234,628 | ||||||
| Incremental 2nd Lien Term Loan, 11.00%, 9/30/18 | 51 | 49,873 | ||||||
| Energy Future Intermediate Holding Co LLC, DIP Term Loan, 4.25%, 6/19/16 | 325 | 325,205 | ||||||
| 659,571 | ||||||||
| Electrical Equipment — 1.5% | ||||||||
| Southwire Co., Term Loan, 3.25%, 2/10/21 | 264 | 257,001 | ||||||
| Texas Competitive Electric Holdings Co. LLC: | ||||||||
| DIP Term Loan, 3.75%, 5/05/16 | 581 | 584,560 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 5 |
| 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 | ||||||
| Electrical Equipment (concluded) | ||||||||
| Texas Competitive Electric Holdings Co. LLC (concluded): | ||||||||
| Extended Term Loan, 4.65%, 10/10/17 (a)(e) | USD | 1,505 | $ | 1,089,921 | ||||
| 1,931,482 | ||||||||
| Electronic Equipment, Instruments & Components — 0.5% | ||||||||
| CDW LLC, Term Loan, 3.25%, 4/29/20 | 651 | 642,182 | ||||||
| Energy Equipment & Services — 0.7% | ||||||||
| Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20 | 257 | 255,746 | ||||||
| Exgen Texas Power LLC, Term Loan B, 5.75%, 9/16/21 | 265 | 266,325 | ||||||
| MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20 | 357 | 346,883 | ||||||
| 868,954 | ||||||||
| Food & Staples Retailing — 1.4% | ||||||||
| Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15 | GBP | 484 | 755,009 | |||||
| New Albertson's, Inc., Term Loan, 4.75%, 6/27/21 | USD | 335 | 333,325 | |||||
| Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20 | 235 | 236,958 | ||||||
| Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19 | 510 | 507,243 | ||||||
| 1,832,535 | ||||||||
| Food Products — 3.5% | ||||||||
| CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20 | 257 | 253,753 | ||||||
| Del Monte Foods, Inc., 1st Lien Term Loan, 4.25% - 5.50%, 2/18/21 | 352 | 326,432 | ||||||
| Diamond Foods, Inc., Term Loan, 4.25%, 8/20/18 | 680 | 675,084 | ||||||
| Dole Food Co., Inc., Term Loan B, 4.50% - 5.75%, 11/01/18 | 592 | 589,582 | ||||||
| GFA Brands, Inc., Term Loan B, 4.50%, 7/09/20 | 109 | 107,811 | ||||||
| H.J. Heinz Co., Term Loan B1, 3.25%, 6/07/19 | 74 | 73,692 | ||||||
| Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21 | 469 | 468,825 | ||||||
| Pabst Brewing Company, Inc., Term Loan, 5.75%, 10/21/21 | 174 | 173,771 | ||||||
| Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19 | 373 | 370,655 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Food Products (concluded) | ||||||||
| Pinnacle Foods Finance LLC: | ||||||||
| Incremental Term Loan H, 3.00%, 4/29/20 | USD | 124 | $ | 121,946 | ||||
| Term Loan G, 3.00%, 4/29/20 | 605 | 596,468 | ||||||
| Reddy Ice Corp.: | ||||||||
| 1st Lien Term Loan, 6.75% - 7.75%, 5/01/19 | 561 | 505,305 | ||||||
| 2nd Lien Term Loan, 10.75%, 11/01/19 | 270 | 226,800 | ||||||
| 4,490,124 | ||||||||
| Health Care Equipment & Supplies — 6.2% | ||||||||
| Arysta LifeScience SPC LLC, 1st Lien Term Loan, 4.50%, 5/29/20 | 631 | 628,774 | ||||||
| Biomet, Inc., Term Loan B2, 3.66%, 7/25/17 | 707 | 705,055 | ||||||
| Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18 | 439 | 434,221 | ||||||
| DJO Finance LLC, 2017 Term Loan, 4.25%, 9/15/17 | 973 | 970,789 | ||||||
| Fresenius SE & Co. KGaA: | ||||||||
| Incremental Term Loan B, 2.33%, 6/28/19 | EUR | 119 | 147,947 | |||||
| Term Loan B, 2.23%, 8/07/19 | USD | 614 | 610,989 | |||||
| The Hologic, Inc., Term Loan B, 3.25%, 8/01/19 | 758 | 754,939 | ||||||
| Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18 | 95 | 94,842 | ||||||
| Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18 | 800 | 800,965 | ||||||
| Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21 | 507 | 502,796 | ||||||
| Millennium Laboratories, Inc., Term Loan B, 5.25%, 4/16/21 | 574 | 575,358 | ||||||
| National Vision, Inc.: | ||||||||
| 1st Lien Term Loan, 4.00%, 3/12/21 | 636 | 622,062 | ||||||
| 2nd Lien Term Loan, 6.75%, 3/11/22 | 245 | 227,237 | ||||||
| Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21 | 918 | 908,523 | ||||||
| 7,984,497 | ||||||||
| Health Care Providers & Services — 7.1% | ||||||||
| Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20 | 335 | 326,625 | ||||||
| Amsurg Corp., 1st Lien Term Loan B, 3.75% - 5.25%, 7/16/21 | 299 | 298,182 | ||||||
| Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18 | 242 | 243,902 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 6 |
| Schedule of Investments (continued) | BlackRock Defined Opportunity Credit Trust (BHL) |
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Health Care Providers & Services (concluded) | ||||||||
| CareCore National LLC, Term Loan B, 5.50%, 3/06/21 | USD | 275 | $ | 275,517 | ||||
| CHG Healthcare Services Inc., Term Loan, 4.25%, 11/19/19 | 393 | 391,824 | ||||||
| CHS/Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/21 | 1,950 | 1,953,305 | ||||||
| ConvaTec, Inc., Term Loan, 4.00%, 12/22/16 | 540 | 538,653 | ||||||
| DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21 | 2,209 | 2,199,807 | ||||||
| Envision Acquisition Co. LLC, Term Loan, 5.75%, 11/04/20 | 238 | 237,600 | ||||||
| Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18 | 423 | 421,132 | ||||||
| Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17 | 265 | 276,835 | ||||||
| HCA, Inc., Extended Term Loan B4, 2.98%, 5/01/18 | 233 | 231,778 | ||||||
| Ikaria, Inc.: | ||||||||
| 1st Lien Term Loan, 5.00%, 2/12/21 | 87 | 87,431 | ||||||
| 2nd Lien Term Loan, 8.75%, 2/14/22 | 70 | 70,350 | ||||||
| inVentiv Health, Inc., Incremental Term Loan B3, 7.75% - 8.50%, 7.75%, 5/15/18 | 218 | 215,998 | ||||||
| MPH Acquisition Holdings LLC, Term Loan, 3.75% - 8.50%, 3/31/21 | 499 | 491,065 | ||||||
| National Mentor Holdings, Inc., Term Loan B, 4.75%, 1/31/21 | 294 | 292,476 | ||||||
| Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20 | 226 | 225,888 | ||||||
| Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.00%, 6/29/18 | 420 | 417,589 | ||||||
| 9,195,957 | ||||||||
| Health Care Technology — 0.9% | ||||||||
| IMS Health, Inc., Term Loan, 3.50%, 3/17/21 | 756 | 747,066 | ||||||
| MedAssets, Inc., Term Loan B, 4.00%, 12/13/19 | 436 | 433,236 | ||||||
| 1,180,302 | ||||||||
| Hotels, Restaurants & Leisure — 11.2% | ||||||||
| 1011778 B.C. Unlimited Liability Co., 2014 Term Loan B, 4.50%, 10/27/21 | 1,280 | 1,282,803 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Hotels, Restaurants & Leisure (concluded) | ||||||||
| Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20 | USD | 252 | $ | 249,766 | ||||
| Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20 | 689 | 685,174 | ||||||
| Caesars Entertainment Operating Co., Inc.: | ||||||||
| Extended Term Loan B6, 6.99%, 3/01/17 | 373 | 339,780 | ||||||
| Term Loan B7, 9.75%, 1/28/18 | 327 | 300,618 | ||||||
| Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20 | 1,004 | 955,307 | ||||||
| CCM Merger, Inc., Term Loan B, 4.50%, 8/08/21 | 377 | 376,830 | ||||||
| Dave & Buster's, Inc., Term Loan, 4.50%, 7/25/20 | 154 | 153,997 | ||||||
| Diamond Resorts Corp., Term Loan, 5.50%, 5/09/21 | 549 | 544,510 | ||||||
| Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/27/20 | 330 | 331,650 | ||||||
| Great Wolf Resorts, Inc., Term Loan B, 5.75%, 8/06/20 | 275 | 273,969 | ||||||
| Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20 | 960 | 950,794 | ||||||
| Intrawest ULC, Term Loan, 5.50%, 12/09/20 | 367 | 368,374 | ||||||
| La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21 | 2,024 | 2,014,500 | ||||||
| Las Vegas Sands LLC, Term Loan B, 3.25%, 12/19/20 | 596 | 594,136 | ||||||
| MGM Resorts International, Term Loan B, 3.50%, 12/20/19 | 784 | 771,535 | ||||||
| Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20 | 390 | 386,221 | ||||||
| Playa Resorts Holding BV, Term Loan B, 4.00%, 8/06/19 | 246 | 243,134 | ||||||
| RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21 | 294 | 294,263 | ||||||
| Sabre, Inc.: | ||||||||
| Incremental Term Loan, 4.50%, 2/19/19 | 114 | 113,423 | ||||||
| Term Loan B, 4.00%, 2/19/19 | 314 | 311,872 | ||||||
| Scientific Games International, Inc., 2014 Term Loan B1, 4.25%, 10/18/20 | 349 | 343,526 | ||||||
| Station Casinos LLC, Term Loan B, 4.25%, 3/02/20 | 1,145 | 1,135,184 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 7 |
| 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 Finance (Luxembourg) Sarl, 2014 Term Loan B, 6.00%, 9/02/21 | USD | 765 | $ | 767,050 | ||||
| Twin River Management Group, Inc., Term Loan B, 5.25%, 7/10/20 | 264 | 265,659 | ||||||
| Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19 | 367 | 364,750 | ||||||
| 14,418,825 | ||||||||
| Household Products — 1.1% | ||||||||
| Bass Pro Group LLC, Term Loan, 3.75%, 11/20/19 | 633 | 628,773 | ||||||
| Prestige Brands, Inc., Term Loan, 4.13%, 1/31/19 | 269 | 269,205 | ||||||
| Spectrum Brands, Inc.: | ||||||||
| Term Loan A, 3.00% - 4.50%, 9/04/17 | 179 | 178,362 | ||||||
| Term Loan C, 3.50%, 9/04/19 | 340 | 337,907 | ||||||
| 1,414,247 | ||||||||
| Independent Power and Renewable Electricity Producers — 1.5% | ||||||||
| Calpine Corp., Term Loan B1, 4.00%, 4/01/18 | 875 | 873,736 | ||||||
| Granite Acquisition, Inc.: | ||||||||
| Term Loan B, 5.00%, 10/15/21 | 710 | 713,479 | ||||||
| Term Loan C, 5.00%, 10/15/21 | 31 | 31,393 | ||||||
| Terra-Gen Finance Company, LLC, Term Loan B, 5.25%, 11/26/21 | 375 | 375,000 | ||||||
| 1,993,608 | ||||||||
| Industrial Conglomerates — 0.8% | ||||||||
| Sequa Corp., Term Loan B, 5.25%, 6/19/17 | 1,037 | 1,010,905 | ||||||
| Insurance — 2.2% | ||||||||
| Alliant Holdings I, Inc., Term Loan B, 4.25%, 12/20/19 | 413 | 410,942 | ||||||
| CNO Financial Group, Inc.: | ||||||||
| Term Loan B1, 3.00%, 9/28/16 | 246 | 244,566 | ||||||
| Term Loan B2, 3.75%, 9/20/18 | 516 | 510,621 | ||||||
| Cooper Gay Swett & Crawford of Delaware Holding Corp.: | ||||||||
| 1st Lien Term Loan, 5.00%, 4/16/20 | 415 | 387,791 | ||||||
| 2nd Lien Term Loan C, 8.25%, 10/16/20 | 200 | 176,000 | ||||||
| Onex York Acquisition Corp., Term Loan B, 4.75%, 10/01/21 | 437 | 434,859 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Insurance (concluded) | ||||||||
| Sedgwick Claims Management Services, Inc.: | ||||||||
| 1st Lien Term Loan, 3.75%, 3/01/21 | USD | 458 | $ | 448,203 | ||||
| 2nd Lien Term Loan, 6.75%, 2/28/22 | 260 | 253,934 | ||||||
| 2,866,916 | ||||||||
| Internet Software & Services — 1.6% | ||||||||
| Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21 | 420 | 414,522 | ||||||
| Go Daddy Operating Co. LLC, Term Loan B, 4.75%, 5/13/21 | 574 | 572,129 | ||||||
| Interactive Data Corp., 2014 Term Loan, 4.50%, 5/02/21 | 579 | 581,009 | ||||||
| W3 Co.: | ||||||||
| 1st Lien Term Loan, 5.75%, 3/13/20 | 404 | 399,307 | ||||||
| 2nd Lien Term Loan, 9.25%, 9/11/20 | 155 | 149,974 | ||||||
| 2,116,941 | ||||||||
| IT Services — 4.3% | ||||||||
| Ceridian LLC, Term Loan B2, 4.50%, 5/09/17 | 515 | 510,291 | ||||||
| First Data Corp.: | ||||||||
| 2018 Extended Term Loan, 3.66%, 3/23/18 | 2,845 | 2,807,191 | ||||||
| 2018 Term Loan, 3.66%, 9/24/18 | 295 | 290,882 | ||||||
| Genpact International, Inc., Term Loan B, 3.50%, 8/30/19 | 429 | 428,714 | ||||||
| InfoGroup, Inc., Term Loan, 7.50%, 5/26/18 | 245 | 227,029 | ||||||
| SunGard Availability Services Capital, Inc., Term Loan B, 6.00%, 3/31/19 | 348 | 309,507 | ||||||
| SunGard Data Systems, Inc.: | ||||||||
| Term Loan C, 3.91%, 2/28/17 | 350 | 349,125 | ||||||
| Term Loan E, 4.00%, 3/08/20 | 126 | 126,047 | ||||||
| Vantiv, LLC, 2014 Term Loan B, 3.75%, 6/13/21 | 459 | 455,698 | ||||||
| 5,504,484 | ||||||||
| Leisure Products — 0.3% | ||||||||
| Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21 | 364 | 360,551 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 8 |
| 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 | ||||||
| Leisure Products (concluded) | ||||||||
| FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19 | USD | 94 | $ | 92,656 | ||||
| 453,207 | ||||||||
| Machinery — 3.0% | ||||||||
| Alliance Laundry Systems LLC: | ||||||||
| 2nd Lien Term Loan, 9.50%, 12/10/19 | 131 | 130,745 | ||||||
| Refinancing Term Loan, 4.25%, 12/10/18 | 350 | 348,509 | ||||||
| Faenza Acquisition GmbH: | ||||||||
| Term Loan B1, 4.25%, 8/30/20 | 270 | 268,826 | ||||||
| Term Loan B3, 4.25%, 8/30/20 | 81 | 80,358 | ||||||
| Gardner Denver, Inc., Term Loan, 4.25%, 7/30/20 | 353 | 343,709 | ||||||
| Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20 | 312 | 305,547 | ||||||
| Intelligrated, Inc., 1st Lien Term Loan, 4.50% - 5.75%, 7/30/18 | 342 | 339,017 | ||||||
| Mirror Bidco Corp., Term Loan, 4.25%, 12/28/19 | 450 | 445,941 | ||||||
| Mueller Water Products, Inc., Term Loan B, 4.50%, 11/19/21 | 180 | 180,675 | ||||||
| Navistar International Corp., Term Loan B, 5.75%, 8/17/17 | 206 | 207,204 | ||||||
| Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20 | 566 | 561,463 | ||||||
| Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19 | 322 | 314,063 | ||||||
| STS Operating, Inc., Term Loan, 4.75% - 6.00%, 2/12/21 | 154 | 154,225 | ||||||
| Wabash National Corp., Term Loan B, 4.50%, 5/08/19 | 237 | 237,314 | ||||||
| 3,917,596 | ||||||||
| Media — 14.6% | ||||||||
| Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20 | 589 | 589,342 | ||||||
| Advanstar Communications, Inc., 2nd Lien Term Loan, 9.50%, 6/06/20 | 255 | 256,275 | ||||||
| Cengage Learning Acquisitions, Inc.: | ||||||||
| 0.00%, 7/03/15 (e) | 591 | — | ||||||
| 7.00%, 3/31/20 | 1,368 | 1,367,906 | ||||||
| Charter Communications Operating LLC: | ||||||||
| Term Loan E, 3.00%, 7/01/20 | 459 | 452,731 | ||||||
| Term Loan G, 4.25%, 9/12/21 | 935 | 941,059 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Media (continued) | ||||||||
| Clear Channel Communications, Inc.: | ||||||||
| Term Loan B, 3.81%, 1/29/16 | USD | 161 | $ | 159,433 | ||||
| Term Loan D, 6.91%, 1/30/19 | 1,564 | 1,469,479 | ||||||
| Cumulus Media Holdings, Inc., 2013 Term Loan, 4.25%, 12/23/20 | 539 | 529,883 | ||||||
| Getty Images, Inc., Term Loan B, 4.75%, 10/18/19 | 45 | 42,313 | ||||||
| Gray Television, Inc., 2014 Term Loan B, 3.75%, 6/10/21 | 284 | 281,533 | ||||||
| Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20 | 454 | 452,503 | ||||||
| Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19 | 353 | 350,249 | ||||||
| Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19 | 983 | 976,628 | ||||||
| Liberty Cablevision of Puerto Rico LLC, 2014 1st Lien Term Loan, 4.50%, 1/07/22 | 350 | 348,250 | ||||||
| Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20 | 150 | 151,313 | ||||||
| Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20 | 114 | 113,044 | ||||||
| MCC Iowa LLC: | ||||||||
| Term Loan I, 2.63%, 6/30/17 | 249 | 246,258 | ||||||
| Term Loan J, 3.75%, 6/30/21 | 125 | 122,856 | ||||||
| Media General Inc., Term Loan B2, 4.25%, 7/31/20 | 260 | 259,350 | ||||||
| Media General, Inc., Delayed Draw Term Loan B, 4.25%, 7/31/20 | 381 | 381,406 | ||||||
| Mediacom Communications Corp., Term Loan F, 2.63%, 3/31/18 | 254 | 246,907 | ||||||
| Mediacom ILLC, Term Loan E, 3.13%, 10/23/17 | 479 | 471,569 | ||||||
| Mediacom Illinois LLC, Term Loan G, 3.75%, 6/30/21 | 310 | 308,450 | ||||||
| NEP/NCP Holdco, Inc., Incremental Term Loan, 4.25%, 1/22/20 | 396 | 390,517 | ||||||
| Numericable U.S. LLC: | ||||||||
| Term Loan B1, 4.50%, 5/21/20 | 509 | 508,869 | ||||||
| Term Loan B2, 4.50%, 5/21/20 | 440 | 440,241 | ||||||
| Salem Communications Corp., Term Loan B, 4.50%, 3/13/20 | 373 | 368,200 | ||||||
| SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21 | 708 | 698,246 | ||||||
| Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20 | 369 | 361,304 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 9 |
| 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) | ||||||||
| Tribune Co., 2013 Term Loan, 4.00%, 12/27/20 | USD | 844 | $ | 840,125 | ||||
| Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20 | 521 | 515,405 | ||||||
| UPC Financing Partnership, Term Loan AG, 3.76%, 3/31/21 | EUR | 281 | 349,438 | |||||
| Virgin Media Investment Holdings Ltd.: | ||||||||
| Term Loan B, 3.50%, 6/07/20 | USD | 780 | 771,506 | |||||
| Term Loan E, 4.25%, 6/30/23 | GBP | 650 | 1,011,117 | |||||
| WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19 | USD | 508 | 506,813 | |||||
| William Morris Endeavor Entertainment LLC : | ||||||||
| 1st Lien Term Loan, 5.25%, 5/06/21 | 284 | 276,532 | ||||||
| 2nd Lien Term Loan, 8.25%, 5/01/22 | 120 | 116,400 | ||||||
| Ziggo Financing Partnership: | ||||||||
| Term Loan B1, 3.25%, 1/15/22 | 425 | 417,961 | ||||||
| Term Loan B2A, 3.50%, 1/15/22 | 276 | 271,127 | ||||||
| Term Loan B3, 3.50%, 1/15/22 | 453 | 445,906 | ||||||
| 18,808,444 | ||||||||
| Metals & Mining — 1.3% | ||||||||
| Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20 | 100 | 98,938 | ||||||
| FMG Resources August 2006 Property Ltd., Term Loan B, 3.75%, 6/30/19 | 162 | 151,382 | ||||||
| Novelis, Inc., Term Loan, 3.75%, 3/10/17 | 782 | 780,384 | ||||||
| Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17 | 595 | 598,234 | ||||||
| 1,628,938 | ||||||||
| Multiline Retail — 2.0% | ||||||||
| 99¢ Only Stores, Term Loan, 4.50%, 1/11/19 | 450 | 449,017 | ||||||
| BJ's Wholesale Club, Inc.: | ||||||||
| 1st Lien Term Loan, 4.50%, 9/26/19 | 537 | 533,446 | ||||||
| 2nd Lien Term Loan, 8.50%, 3/26/20 | 200 | 200,142 | ||||||
| Hudson's Bay Co., 1st Lien Term Loan, 4.75% - 6.00%, 11/04/20 | 430 | 430,908 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Multiline Retail (concluded) | ||||||||
| Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20 | USD | 981 | $ | 974,495 | ||||
| 2,588,008 | ||||||||
| Oil, Gas & Consumable Fuels — 4.0% | ||||||||
| American Energy - Marcellus LLC, 1st Lien Term Loan, 5.25%, 8/04/20 | 209 | 197,765 | ||||||
| Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18 | 427 | 375,747 | ||||||
| Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21 | 733 | 674,440 | ||||||
| Drillships Ocean Ventures, Inc., Term Loan B, 5.50%, 7/25/21 | 116 | 107,103 | ||||||
| EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18 | 440 | 429,964 | ||||||
| Fieldwood Energy LLC: | ||||||||
| 1st Lien Term Loan, 3.88%, 9/28/18 | 312 | 298,283 | ||||||
| 2nd Lien Term Loan, 8.38%, 9/30/20 | 135 | 122,232 | ||||||
| Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | 159 | 157,390 | ||||||
| Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19 | 27 | 21,733 | ||||||
| Packers Holdings LLC, Term Loan B, 5.00%, 11/21/21 | 375 | 375,938 | ||||||
| Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20 | 325 | 326,625 | ||||||
| Panda Power Funds, Term Loan B1, 7.25%, 11/10/21 | 205 | 207,050 | ||||||
| Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19 | 360 | 362,700 | ||||||
| Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20 | 105 | 101,850 | ||||||
| Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21 | 405 | 397,912 | ||||||
| Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21 | 61 | 58,793 | ||||||
| Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 8/04/21 | 269 | 269,998 | ||||||
| Southcross Holdings Borrower LP, Term Loan B, 6.00%, 8/04/21 | 214 | 209,504 | ||||||
| TPF II Power LLC, Term Loan B, 5.50%, 10/02/21 | 360 | 362,477 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 10 |
| 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) | ||||||||
| WTG Holdings III Corp., 1st Lien Term Loan, 4.75%, 1/15/21 | USD | 134 | $ | 133,150 | ||||
| 5,190,654 | ||||||||
| Personal Products — 0.1% | ||||||||
| Prestige Brands, Inc., Term Loan B2, 4.50%, 9/03/21 | 99 | 99,104 | ||||||
| Pharmaceuticals — 6.1% | ||||||||
| Akorn, Inc., Term Loan B, 4.50%, 4/16/21 | 570 | 570,473 | ||||||
| Amneal Pharmaceuticals LLC, Term Loan, 4.75% - 6.00%, 11/01/19 | 277 | 276,508 | ||||||
| CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19 | 211 | 209,653 | ||||||
| Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 2/28/21 | 358 | 353,124 | ||||||
| Grifols Worldwide Operations USA, Inc., Term Loan B, 3.16%, 2/27/21 | 979 | 969,266 | ||||||
| JLL/Delta Dutch Newco BV, Term Loan, 4.25%, 3/11/21 | 364 | 355,572 | ||||||
| Mallinckrodt International Finance SA: | ||||||||
| Incremental Term Loan B1, 3.50%, 3/19/21 | 330 | 327,868 | ||||||
| Term Loan B, 3.50%, 3/19/21 | 527 | 522,488 | ||||||
| Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19 | 847 | 834,589 | ||||||
| Pharmaceutical Product Development LLC, Term Loan B, 4.00%, 12/05/18 | 984 | 980,958 | ||||||
| Quintiles Transnational Corp., Term Loan B3, 3.75%, 6/08/18 | 575 | 571,798 | ||||||
| Salix Pharmaceuticals, Ltd., Term Loan, 4.25%, 1/02/20 | 475 | 468,683 | ||||||
| Valeant Pharmaceuticals International, Inc., Term Loan B: | ||||||||
| Series C2, 3.50%, 12/11/19 | 524 | 520,608 | ||||||
| Series D2, 3.50%, 2/13/19 | 568 | 563,388 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Pharmaceuticals (concluded) | ||||||||
| Valeant Pharmaceuticals International, Inc., Term Loan B (concluded): | ||||||||
| Series E, 3.50%, 8/05/20 | USD | 326 | $ | 323,960 | ||||
| 7,848,936 | ||||||||
| Professional Services — 2.0% | ||||||||
| Advantage Sales & Marketing, Inc.: | ||||||||
| 2014 1st Lien Term Loan, 4.25%, 7/23/21 | 455 | 450,954 | ||||||
| 2014 2nd Lien Term Loan, 7.50%, 7/25/22 | 360 | 357,300 | ||||||
| Delayed Draw Term Loan, 4.25%, 7/23/21 | 15 | 15,032 | ||||||
| Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18 | 719 | 714,727 | ||||||
| Intertrust Group Holding BV, 2nd Lien Term Loan, 8.00%, 4/16/22 | 275 | 271,219 | ||||||
| SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19 |
424 | 420,373 | ||||||
| Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19 | 392 | 384,123 | ||||||
| 2,613,728 | ||||||||
| Real Estate Management & Development — 1.7% | ||||||||
| CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20 | 523 | 521,912 | ||||||
| DTZ US Borrower LLC: | ||||||||
| 1st Lien Term Loan, 5.50%, 11/04/21 | 308 | 309,571 | ||||||
| Delayed Draw Term Loan, 5.50%, 11/04/21 | 184 | 184,673 | ||||||
| Realogy Corp.: | ||||||||
| Extended Letter of Credit, 4.40%, 10/10/16 | 40 | 39,590 | ||||||
| Term Loan B, 3.75%, 3/05/20 | 1,185 | 1,180,208 | ||||||
| 2,235,954 | ||||||||
| Road & Rail — 0.8% | ||||||||
| Hertz Corp., Term Loan B2, 3.00%, 3/11/18 | 329 | 321,182 | ||||||
| Road Infrastructure Investment LLC: | ||||||||
| 1st Lien Term Loan, 4.25%, 3/31/21 | 463 | 446,676 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 11 |
| 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 | ||||||
| Road & Rail (concluded) | ||||||||
| Road Infrastructure Investment LLC (concluded): | ||||||||
| 2nd Lien Term Loan, 7.75%, 9/21/21 | USD | 225 | $ | 204,750 | ||||
| 972,608 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.7% | ||||||||
| Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21 | 1,172 | 1,171,476 | ||||||
| Freescale Semiconductor, Inc.: | ||||||||
| Term Loan B4, 4.25%, 2/28/20 | 530 | 525,578 | ||||||
| Term Loan B5, 5.00%, 1/15/21 | 163 | 163,520 | ||||||
| NXP BV, Term Loan D, 3.25%, 1/11/20 | 327 | 323,979 | ||||||
| 2,184,553 | ||||||||
| Software — 3.6% | ||||||||
| Evertec Group LLC, Term Loan B, 3.50%, 4/17/20 | 242 | 237,503 | ||||||
| GCA Services Group, Inc.: | ||||||||
| 2nd Lien Term Loan, 9.25%, 10/22/20 | 176 | 175,560 | ||||||
| Term Loan B, 4.25% - 5.50%, 11/01/19 | 399 | 396,085 | ||||||
| Infor US, Inc.: | ||||||||
| Term Loan B3, 3.75%, 6/03/20 | 196 | 192,971 | ||||||
| Term Loan B5, 3.75%, 6/03/20 | 982 | 967,759 | ||||||
| IQOR US, Inc., Term Loan B, 6.00%, 4/01/21 | 203 | 192,658 | ||||||
| Kronos Worldwide, Inc., 2014 Term Loan, 4.75%, 2/18/20 | 114 | 114,425 | ||||||
| Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20 | 409 | 421,505 | ||||||
| Mitchell International, Inc.: | ||||||||
| 1st Lien Term Loan, 4.50%, 10/12/20 | 506 | 505,334 | ||||||
| 2nd Lien Term Loan, 8.50%, 10/11/21 | 350 | 349,475 | ||||||
| Regit Eins GmbH, 1st Lien Term Loan, 6.00%, 1/08/21 | 220 | 214,522 | ||||||
| Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18 | 640 | 636,262 | ||||||
| Tibco Software, Inc., Term Loan B, 6.50%, 11/04/20 | 75 | 73,438 | ||||||
| Floating Rate Loan Interests (b) | Par (000) |
Value | ||||||
| Software (concluded) | ||||||||
| Websense, Inc., 2nd Lien Term Loan, 8.25%, 12/24/20 | USD | 115 | $ | 113,562 | ||||
| 4,591,059 | ||||||||
| Specialty Retail — 4.2% | ||||||||
| Academy Ltd., Term Loan, 4.50%, 8/03/18 | 520 | 518,641 | ||||||
| Equinox Holdings, Inc., Repriced Term Loan B, 4.50% - 5.50%, 1/31/20 | 299 | 297,127 | ||||||
| General Nutrition Centers, Inc., Term Loan, 3.25%, 3/04/19 | 329 | 321,757 | ||||||
| The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18 | 77 | 47,230 | ||||||
| Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18 | 368 | 356,054 | ||||||
| Leslie's Poolmart, Inc., New Term Loan, 4.25%, 10/16/19 | 550 | 540,397 | ||||||
| Michaels Stores, Inc.: | ||||||||
| Incremental 2014 Term Loan B2, 4.00%, 1/28/20 | 663 | 660,299 | ||||||
| Term Loan B, 3.75%, 1/28/20 | 516 | 511,691 | ||||||
| Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19 | 946 | 935,463 | ||||||
| Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17 | 773 | 768,930 | ||||||
| Things Remembered, Inc., Term Loan B, 8.25%, 5/24/18 | 389 | 369,816 | ||||||
| Toys 'R' Us-Delaware, Inc.: | ||||||||
| Term Loan B3, 5.25%, 5/25/18 | 9 | 6,915 | ||||||
| Term Loan B4, 9.75%, 4/24/20 | 28 | 25,827 | ||||||
| 5,360,147 | ||||||||
| Textiles, Apparel & Luxury Goods — 2.1% | ||||||||
| ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan, 5.50%, 5/27/21 | 498 | 493,769 | ||||||
| Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18 | 529 | 513,586 | ||||||
| J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21 | 468 | 444,071 | ||||||
| Kate Spade & Co., Term Loan B, 4.00%, 4/09/21 | 504 | 496,182 | ||||||
| Nine West Holdings, Inc.: | ||||||||
| Guarantee Term Loan, 6.25%, 1/08/20 | 185 | 169,506 | ||||||
| Term Loan B, 4.75%, 10/08/19 | 214 | 205,884 | ||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 12 |
| 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 | ||||||
| Textiles, Apparel & Luxury Goods (concluded) | ||||||||
| Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19 | USD | 380 | $ | 379,771 | ||||
| 2,702,769 | ||||||||
| Thrifts & Mortgage Finance — 0.3% | ||||||||
| IG Investment Holdings LLC, 1st Lien Term Loan, 5.25%, 10/31/19 | 442 | 440,330 | ||||||
| Wireless Telecommunication Services — 0.5% | ||||||||
| LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20 | 602 | 594,345 | ||||||
| Total Floating Rate Loan Interests — 132.9% | 171,544,996 | |||||||
| Non-Agency Mortgage Backed Securities — 0.3% | ||||||||
| Collateralized Mortgage Obligations — 0.3% | ||||||||
| Hilton USA Trust, Series 2013-HLT, Class EFX, 5.61%, 11/05/30 (b)(c) | 304 | 312,152 | ||||||
| Investment Companies | Shares |
|||||||
| Capital Markets — 0.0% | ||||||||
| Eaton Vance Floating-Rate Income Trust | 12 | 171 | ||||||
| Eaton Vance Senior Income Trust | 3,347 | 21,287 | ||||||
| Total Investment Companies — 0.0% | 21,458 | |||||||
| Warrants (f) | Par (000) |
Value | ||||||
| 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 | $ | 3,361 | |||||
| Total Long-Term Investments (Cost — $185,844,101) — 143.2% |
184,801,407 | |||||||
| Short-Term Securities | Shares |
|
||||||
| BlackRock Liquidity Funds, TempFund, Institutional Class, 0.07% (g)(h) | 2,339,263 | 2,339,263 | ||||||
| Total Short-Term Securities (Cost — $2,339,263) — 1.8% |
2,339,263 | |||||||
| Total Investments (Cost — $188,183,364*) — 145.0% |
187,140,670 | |||||||
| Liabilities in Excess of Other Assets — (45.0)% | (58,038,190) | |||||||
| Net Assets — 100.0% | $ | 129,102,480 | ||||||
| * | As of November 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|||||||
| Tax cost | $ | 188,632,460 | ||||||
| Gross unrealized appreciation | $ | 837,037 | ||||||
| Gross unrealized depreciation | (2,328,827) | |||||||
| Net unrealized depreciation | $ | (1,491,790) | ||||||
|
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 |
|||||||||||||||||
| Bank of America Securities, Inc. | $ | 183,825 | $ | 3,825 | |||||||||||||||
| (e) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | ||||||||||||||||||
| (f) | Warrants entitle the Fund 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. | ||||||||||||||||||
| (g) | Investments in issuers considered to be an affiliate of the Fund during the period ended November 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: | ||||||||||||||||||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 13 |
| Schedule of Investments (continued) | BlackRock Defined Opportunity Credit Trust (BHL) |
| Affiliate | Shares Held at August 31, 2014 |
Net Activity |
Shares Held at November 30, 2014 |
Income | |||||||||||||||||
| BlackRock Liquidity Funds, TempFund, Institutional Class | 2,958,501 | (619,238) | 2,339,263 | $ | 53 | ||||||||||||||||
| (h) | Represents the current yield as of report date. |
|
Portfolio Abbreviations | ||
| CLO | Collateralized Loan Obligation | |
| DIP | Debtor-In-Possession | |
| EUR | Euro | |
| GBP | British Pound | |
| USD | U.S. Dollar | |
| • | Forward foreign currency exchange contracts outstanding as of November 30, 2014 were as follows: |
| Currency Purchased |
Currency Sold |
Counterparty | Settlement Date |
Unrealized Appreciation/ (Depreciation) |
|||||
| EUR | 96,000 | USD | 119,153 | BNP Paribas S.A. | 1/21/15 | $ | 257 | ||
| GBP | 190,000 | USD | 305,464 | Deutsche Bank AG | 1/21/15 | (8,778 | ) | ||
| USD | 613,684 | EUR | 481,000 | JPMorgan Chase Bank N.A. | 1/21/15 | 15,391 | |||
| USD | 1,934,080 | GBP | 1,213,000 | Barclays Bank PLC | 1/21/15 | 39,972 | |||
| Total | $ | 46,842 | |||||||
| • | 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 statement purposes. 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. 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. The three levels of the fair value hierarchy are as follows: |
||
| • | Level 1 — unadjusted quoted prices 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 Fund's own assumptions used in determining the fair value of investments and derivative financial instruments) | ||
|
Changes in valuation techniques may result in transfers into or out of an
assigned level within the disclosure hierarchy. In accordance with the Fund'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. For information about
the Fund's policy regarding valuation of investments, please refer to the Fund's most recent financial statements as contained
in its annual report.
|
|||
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 14 |
| Schedule of Investments (continued) | BlackRock Defined Opportunity Credit Trust (BHL) |
|
The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of November 30, 2014:
|
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Investments: | ||||||||||||||||
| Long-Term Investments: | ||||||||||||||||
| Common Stocks | $ | 468,103 | $ | 232,864 | — | $ | 700,967 | |||||||||
| Asset-Backed Securities | — | 3,657,618 | $ | 1,161,475 | 4,819,093 | |||||||||||
| Corporate Bonds | — | 7,399,380 | — | 7,399,380 | ||||||||||||
| Floating Rate Loan Interests | — | 156,460,642 | 15,084,354 | 171,544,996 | ||||||||||||
| Investment Companies | 21,458 | — | — | 21,458 | ||||||||||||
| Non-Agency Mortgage-Backed Securities | — | 312,152 | — | 312,152 | ||||||||||||
| Warrants | — | — | 3,361 | 3,361 | ||||||||||||
| Short-Term Securities | 2,339,263 | — | — | 2,339,263 | ||||||||||||
| Liabilites: | ||||||||||||||||
| Unfunded Floating Rate Loan Interests | — | (236 | ) | — | (236 | ) | ||||||||||
| Total | $ | 2,828,824 | $ | 168,062,420 | $ | 16,249,190 | $ | 187,140,434 | ||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivative Financial Instruments 1 | |||||||||||||||
| Assets: | |||||||||||||||
| Foreign currency exchange contracts | — | $ | 55,620 | — | $ | 55,620 | |||||||||
| Liabilities: | |||||||||||||||
| Foreign currency exchange contracts | — | $ | (8,778 | ) | — | (8,778 | ) | ||||||||
| Total | — | $ | 46,842 | $ | 46,842 | ||||||||||
| 1 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
| The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of November 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Cash | $ | 28,730 | — | — | $ | 28,730 | ||||||||||
| Foreign currency at value | 5,667 | — | — | 5,667 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Bank borrowings payable | — | $ | (55,000,000 | ) | — | (55,000,000 | ) | |||||||||
| Total | $ | 34,397 | (55,000,000 | ) | — | $ | (54,965,603 | ) | ||||||||
There were no transfers between Level 1 and 2 during the period ended November 30, 2014.
| BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST | NOVEMBER 30, 2014 | 15 |
| Schedule of Investments (concluded) | BlackRock Defined Opportunity Credit Trust (BHL) |
| A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: |
| Asset-Backed Securities | Floating Rate Loan Interests | Warrants | Unfunded Floating Rate Loan Interests | Total | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Opening Balance, as of August 31, 2014 | $ | 921,580 | $ | 13,599,109 | — | $ | (85 | ) | $ | 14,520,604 | ||||||||||
| Transfers into Level 31 | — | 5,812,885 | $ | 3,214 | — | 5,816,099 | ||||||||||||||
| Transfers out of Level 32 | (921,580 | ) | (5,180,844 | ) | — | — | (6,102,424 | ) | ||||||||||||
| Accrued discounts/premiums | 163 | 6,862 | — | — | 7,025 | |||||||||||||||
| Net realized gain (loss) | — | (4,530 | ) | — | — | (4,530 | ) | |||||||||||||
| Net change in unrealized appreciation/depreciation3 | (2,238 | ) | (148,887 | ) | 147 | 85 | (150,893 | ) | ||||||||||||
| Purchases | 1,163,550 | 1,871,969 | — | — | 3,035,519 | |||||||||||||||
| Sales | — | (872.210 | ) | — | — | (872.210 | ) | |||||||||||||
| Closing Balance, as of November 30, 2014 | $ | 1,161,475 | $ | 15,084,354 | $ | 3,361 | — | $ | 16,249,190 | |||||||||||
| Net change in unrealized appreciation/depreciation on investments still held at November 30, 2014 | $ | (2,238 | ) | $ | (147,050 | ) | $ | 147 | — | $ | (149,141 | ) | ||||||||
| 1 | As of August 31, 2014, the Fund used observable inputs in determining the value of certain investments. As of November 30, 2014, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $5,723,067 transferred from Level 2 to Level 3 in the disclosure hierarchy. |
| 2 | As of August 31, 2014, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2014, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $6,102,424 transferred from Level 3 to Level 2 in the disclosure hierarchy. |
| 3 | Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at November 30, 2014 is generally due to investments no longer held or categorized as Level 3 at period end. |
| The Fund’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 TRUST | NOVEMBER 30, 2014 | 16 |
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 22, 2015
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 22, 2015
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Defined Opportunity Credit Trust |
Date: January 22, 2015
EX-99. CERT
CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Defined Opportunity Credit Trust, certify that:
1. I have reviewed this report on Form N-Q of BlackRock Defined Opportunity Credit Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: January 22, 2015
/s/ John M. Perlowski
| John M. Perlowski |
Chief Executive Officer (principal executive
officer) of
BlackRock Defined Opportunity Credit Trust
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Defined Opportunity Credit Trust, certify that:
1. I have reviewed this report on Form N-Q of BlackRock Defined Opportunity Credit Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: January 22, 2015
/s/ Neal J. Andrews
| Neal J. Andrews |
Chief Financial Officer (principal financial
officer) of
BlackRock Defined Opportunity Credit Trust