N-Q 1 e65190nq.htm FORM N-Q

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: 05/31/2015

 

Item 1 –Schedule of Investments
 
 
Schedule of Investments May 31, 2015 (Unaudited) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Common Stocks (a)
Shares		   Value  
 
Diversified Consumer Services — 0.7%  
Cengage Thomson Learning   8,922 $ 245,355  
Houghton Mifflin Harcourt Co.   24,355   642,485  
 
Total Common Stocks — 0.7%   887,840  
 
 
 
Asset-Backed Securities (b) Par
(000)		      
 
   
ALM Loan Funding, Series 2013-7RA, Class C, 3.73%, 4/24/24 (c) USD 500   493,538  
ALM XIV Ltd., Series 2014-14A, Class C, 3.73%, 7/28/26 (c)   713   694,645  
Atlas Senior Loan Fund Ltd., Series 2014-6A, Class D, 3.98%, 10/15/26 (c)   250   245,206  
Atrium CDO Corp., Series 9A, Class D, 3.79%, 2/28/24 (c)   250   247,220  
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D, 4.78%, 1/20/25 (c)   250   250,303  
Cent CLO 22 Ltd., Series 2014-22A, Class C, 4.03%, 11/07/26 (c)   250   243,775  
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.28%, 4/20/23 (c)   215   215,006  
LCM XVIII LP, Series 18A, Class INC, 0.00%, 4/20/27 (d)   500   450,000  
North End CLO Ltd., Series 2013-1A, Class D, 3.78%, 7/17/25 (c)   250   241,700  
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.48%, 10/25/25 (c)   250   239,714  
Voya CLO Ltd., Series 2014-4A, Class SUB, 0.00%, 10/14/26 (d)   1,000   932,100  
   
    4,253,207  
 
Total Asset-Backed Securities — 3.3%   4,253,207  
 
 
 
Corporate Bonds  
 
Airlines — 0.7%  
American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (b)   250   252,500  
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 12/17/16   44   48,630  
                 
Corporate Bonds Par
(000)		   Value  
 
Airlines (concluded)  
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18 USD  590 $ 600,325  
   
    901,455  
 
Auto Components — 0.1%  
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 3.50%, 3/15/17   164   165,845  
 
Commercial Services & Supplies — 0.2%  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 3.03%, 12/01/17 (c)   68   68,680  
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b)   214   216,772  
   
    285,452  
 
Communications Equipment — 0.1%  
Avaya, Inc., 7.00%, 4/01/19 (b)   101   101,000  
 
Containers & Packaging — 0.2%  
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 3.29%, 12/15/19 (b)(c)   260   255,775  
 
Diversified Telecommunication Services — 0.3%  
Level 3 Financing, Inc.:          
  3.91%, 1/15/18 (c)   228   230,850  
  6.13%, 1/15/21   127   134,620  
   
    365,470  
 
Health Care Equipment & Supplies — 0.1%  
DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)   75   77,250  
 
Media — 0.5%  
Altice Financing SA, 6.63%, 2/15/23 (b)   200   207,250  
Altice US Finance I Corp., 5.38%, 7/15/23 (b)(e)   275   275,000  
Numericable Group SA, 6.00%, 5/15/22 (b)   200   201,750  
   
    684,000  
 
Metals & Mining — 0.0%  
Novelis, Inc., 8.38%, 12/15/17   60   62,775  
 
Oil, Gas & Consumable Fuels — 0.2%  
California Resources Corp., 5.50%, 9/15/21   100   94,750  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20151
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value  
 
Oil, Gas & Consumable Fuels (concluded)  
CONSOL Energy, Inc., 5.88%, 4/15/22 USD  140 $ 130,550  
   
    225,300  
 
Pharmaceuticals — 0.5%  
Valeant Pharmaceuticals International, Inc. (b):          
  5.38%, 3/15/20   315   328,387  
  5.88%, 5/15/23   190   196,888  
  6.13%, 4/15/25   105   109,200  
   
    634,475  
 
Wireless Telecommunication Services — 0.4%  
Communications Sales & Leasing, Inc., 6.00%, 4/15/23 (b)   110   110,550  
Sprint Communications, Inc., 7.00%, 3/01/20 (b)   275   303,531  
T-Mobile USA, Inc., 6.13%, 1/15/22   50   52,438  
   
    466,519  
 
Total Corporate Bonds — 3.3%   4,225,316  
 
 
 
Floating Rate Loan Interests (c)  
 
Aerospace & Defense — 2.3%  
BE Aerospace, Inc., 2014 Term Loan B, 4.00%, 12/16/21   668   674,380  
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20   505   505,018  
TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21   275   288,406  
Transdigm, Inc.:          
  2015 Term Loan E, 3.50%, 5/14/22   220   218,288  
  Term Loan D, 3.75%, 6/04/21   199   198,117  
TransUnion LLC, Term Loan, 4.00%, 4/09/21   1,079   1,075,636  
   
    2,959,845  
 
Air Freight & Logistics — 0.4%  
CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21   156   148,155  
CEVA Intercompany BV, Dutch Term Loan, 6.50%, 3/19/21   163   154,674  
CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21   25   24,225  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Air Freight & Logistics (concluded)  
CEVA Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21 USD  225 $ 213,344  
   
    540,398  
 
Airlines — 0.7%  
Delta Air Lines, Inc., 2018 Term Loan B1, 3.25%, 10/18/18   321   321,030  
Northwest Airlines, Inc.:          
  2.25%, 3/10/17   120   116,431  
  1.63%, 9/10/18   127   121,203  
  1.64%, 9/10/18   64   61,440  
US Airways Group, Inc., Term Loan B1, 3.50%, 5/23/19   255   254,323  
   
    874,427  
 
Auto Components — 4.0%  
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20   282   281,623  
Autoparts Holdings Ltd.:          
  1st Lien Term Loan, 7.00%, 7/29/17   593   569,908  
  2nd Lien Term Loan, 10.50%, 1/29/18   200   178,553  
Dayco Products LLC, Term Loan B, 5.25%, 12/12/19   356   355,944  
FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19   326   323,253  
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21   2,000   1,990,710  
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19   633   637,444  
INA Beteiligungsgesellschaft mbH, Term Loan B, 4.25%, 5/15/20   460   462,157  
UCI International, Inc., Term Loan B, 5.50%, 7/26/17   335   331,774  
   
    5,131,366  
 
Automobiles — 0.4%  
Chrysler Group LLC, Term Loan B:          
  2018, 3.25%, 12/31/18   188   188,100  
  3.50%, 5/24/17   318   317,849  
   
    505,949  
 
Banks — 0.3%  
Redtop Acquisitions Ltd.:          
  1st Lien Term Loan, 4.50%, 12/03/20   257   256,429  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20152
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Banks (concluded)  
Redtop Acquisitions Ltd. (concluded):          
  2nd Lien Term Loan, 8.25%, 6/03/21 USD  69 $ 69,298  
   
    325,727  
 
Building Products — 4.0%  
Continental Building Products LLC, 1st Lien Term Loan, 4.00%, 8/28/20   326   325,414  
CPG International, Inc., Term Loan, 4.75%, 9/30/20   1,261   1,251,859  
GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21   317   307,296  
Hanson Building Products Ltd., 1st Lien Term Loan, 6.50%, 2/18/22   145   145,196  
Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21   391   390,319  
Jeld-Wen, Inc., Term Loan B, 5.25%, 10/15/21   698   701,741  
Nortek, Inc., Term Loan, 3.50%, 10/30/20   476   474,613  
Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21   223   222,639  
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20   383   383,174  
Wilsonart LLC:          
  Incremental Term Loan B2, 4.00%, 10/31/19   109   108,308  
  Term Loan B, 4.00%, 10/31/19   782   779,717  
   
    5,090,276  
 
Capital Markets — 0.7%  
Affinion Group, Inc., Term Loan B, 6.75%, 4/30/18   298   287,633  
American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17   195   194,751  
RPI Finance Trust, Term Loan B4, 3.50%, 11/09/20   385   385,385  
   
    867,769  
 
Chemicals — 5.1%  
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19   252   252,850  
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19   131   131,192  
Axalta Coating Systems US Holdings, Inc., Term Loan, 3.75%, 2/01/20   448   448,056  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Chemicals (continued)  
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/30/20 USD  27 $ 26,722  
Charter NEX US Holdings, Inc., Term Loan B, 5.25%, 2/07/22   270   271,458  
Chemours Company Co., Term Loan B, 3.75%, 5/22/22   266   266,342  
Chemtura Corp., Term Loan B, 3.50%, 8/27/16   62   62,329  
Chromaflo Technologies Corp.:          
  1st Lien Term Loan, 4.50%, 12/02/19   257   255,473  
  2nd Lien Term Loan, 8.25%, 6/02/20   110   107,246  
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19   472   463,160  
INEOS US Finance LLC, 6 Year Term Loan, 3.75%, 5/04/18   193   192,505  
Klockner-Pentaplast of America, Inc., Term Loan, 5.00%, 4/28/20   165   165,156  
Kronos Worldwide Inc., 2015 Term Loan, 4.00%, 2/18/20   114   113,944  
MacDermid, Inc.:          
  1st Lien Term Loan, 4.50%, 6/07/20   652   654,689  
  Term Loan B2, 4.75%, 6/07/20   166   166,960  
Minerals Technologies, Inc., Term Loan B, 4.00%, 5/07/21   448   448,984  
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17   326   321,409  
OXEA Finance LLC:          
  2nd Lien Term Loan, 8.25%, 7/15/20   315   288,855  
  Term Loan B2, 4.25%, 1/15/20   576   555,095  
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18   154   154,813  
Solenis International LP:          
  1st Lien Term Loan, 4.25%, 7/31/21   353   353,313  
  2nd Lien Term Loan, 7.75%, 7/31/22   390   377,083  
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20   133   132,306  
Trinseo Materials Operating SCA, Term Loan B, 4.25%, 10/13/21   130   130,270  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20153
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Chemicals (concluded)  
Univar, Inc., Term Loan B, 5.00%, 6/30/17 USD  220 $ 220,087  
   
    6,560,297  
 
Commercial Services & Supplies — 6.7%  
ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19   724   720,503  
ARAMARK Corp.:          
  Extended Synthetic Line of Credit 2, 0.03%, 7/26/16   14   13,753  
  Extended Synthetic Line of Credit 3, 3.65%, 7/26/16   9   9,301  
  Term Loan E, 3.25%, 9/07/19   645   646,168  
  Term Loan F, 3.25%, 2/24/21   194   193,826  
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20   861   856,442  
Catalent Pharma Solutions, Inc., Term Loan B, 4.25%, 5/20/21   758   760,322  
Connolly Corp.:          
  1st Lien Term Loan, 4.50%, 5/14/21   800   801,441  
  2nd Lien Term Loan, 8.00%, 5/14/22   325   326,219  
Creative Artists Agency LLC, Term Loan B, 5.50%, 12/17/21   239   241,421  
Dealer Tire LLC, Term Loan B, 5.50%, 12/22/21   182   183,727  
KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21   306   306,615  
Koosharem LLC, Exit Term Loan, 7.50%, 5/15/20   546   543,152  
Livingston International, Inc., 1st Lien Term Loan, 5.00%, 4/18/19   305   301,529  
PSSI Holdings LLC, Term Loan B, 5.00%, 12/02/21   374   375,933  
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19   1,231   1,227,690  
US Ecology, Inc., Term Loan, 3.75%, 6/17/21   203   202,943  
Waste Industries USA, Inc., Term Loan B, 4.25%, 2/27/20   207   207,852  
West Corp., Term Loan B10, 3.25%, 6/30/18   598   597,262  
   
    8,516,099  
 
Communications Equipment — 2.2%  
Applied Systems, Inc.:          
  1st Lien Term Loan, 4.25%, 1/25/21   327   326,921  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Communications Equipment (concluded)  
Applied Systems, Inc. (concluded):          
  2nd Lien Term Loan, 7.50%, 1/24/22 USD  85 $ 85,425  
Avaya, Inc., Term Loan B7, 6.25%, 4/16/20   640   630,669  
Blue Coat Systems, Inc., 2015 Term Loan, 4.50%, 5/15/22   285   285,356  
CommScope, Inc.:          
  Incremental Term Loan B, 3.75%, 5/21/22   210   210,263  
  Term Loan B3, 2.69%, 1/21/17   156   155,654  
Riverbed Technology, Inc., Term Loan B, 6.00%, 4/24/22   135   136,266  
Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 3.75%, 5/06/21   1,031   1,029,163  
   
    2,859,717  
 
Construction & Engineering — 0.4%  
AECOM Technology Corp., Term Loan B, 3.75%, 10/15/21   191   192,599  
Centaur Acquisition LLC, 2nd Lien Term Loan, 8.75%, 2/20/20   280   281,633  
   
    474,232  
 
Construction Materials — 1.7%  
Filtration Group Corp., 1st Lien Term Loan, 4.25%, 11/21/20   217   217,724  
HD Supply, Inc., Term Loan B, 4.00%, 6/28/18   1,596   1,597,035  
Headwaters, Inc., Term Loan B, 4.50%, 3/24/22   164   164,776  
McJunkin Red Man Corp., Term Loan, 5.00%, 11/08/19   148   146,826  
   
    2,126,361  
 
Containers & Packaging — 0.9%  
Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21   571   571,076  
BWAY Holding Co., Inc., Term Loan B, 5.50%, 8/14/20   342   343,553  
Rexam PLC, 1st Lien Term Loan, 4.25%, 5/02/21   169   168,988  
   
    1,083,617  
 
Distributors — 1.0%  
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20   664   662,971  
American Tire Distributors Holdings, Inc., 2015 Term Loan, 5.25%, 9/01/21   350   353,209  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20154
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Distributors (concluded)  
Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19 USD  230 $ 216,217  
   
    1,232,397  
 
Diversified Consumer Services — 2.6%  
Allied Security Holdings LLC:          
  1st Lien Term Loan, 4.25%, 2/12/21   650   649,981  
  2nd Lien Term Loan, 8.00%, 8/13/21   321   321,825  
Bright Horizons Family Solutions, Inc.:          
  Incremental Term Loan B1, 4.50%, 1/30/20   80   80,099  
  Term Loan B, 4.00%, 1/30/20   630   631,276  
CT Technologies Intermediate Holdings, Inc., 2014 Term Loan, 6.00%, 12/01/21   175   174,881  
ROC Finance LLC, Term Loan, 5.00%, 6/20/19   246   242,453  
ServiceMaster Co., 2014 Term Loan B, 4.25%, 7/01/21   1,211   1,213,952  
Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20   94   46,488  
   
    3,360,955  
 
Diversified Financial Services — 2.8%  
AssuredPartners Capital, Inc., 1st Lien Term Loan, 5.00%, 3/31/21   598   597,662  
Diamond US Holding LLC, Term Loan B, 4.75%, 12/17/21   224   224,999  
Jefferies Finance LLC, Term Loan, 4.50%, 5/01/20   600   597,000  
Onex Wizard US Acquisition, Inc., Term Loan, 4.25%, 3/13/22   465   466,962  
Reynolds Group Holdings, Inc., Dollar Term Loan, 4.50%, 12/01/18   723   725,414  
SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20   421   422,215  
TransFirst, Inc.:          
  2014 1st Lien Term Loan, 5.50%, 11/12/21   312   312,548  
  2014 2nd Lien Term Loan, 9.00%, 11/12/22   165   165,198  
   
    3,511,998  
 
Diversified Telecommunication Services — 4.3%  
Altice Financing SA, Term Loan:          
  Delayed Draw, 5.50%, 7/02/19   394   397,480  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Diversified Telecommunication Services (concluded)  
Altice Financing SA, Term Loan (concluded):          
  5.25%, 2/04/22 USD  160 $ 161,533  
Consolidated Communications, Inc., Term Loan B, 4.25%, 12/23/20   519   519,936  
GCI Holdings, Inc., Term Loan B, 4.75%, 2/02/22   540   544,050  
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19   517   518,606  
Integra Telecom, Inc.:          
  2015 1st Lien Term Loan, 5.25%, 8/05/20   511   507,764  
  2nd Lien Term Loan, 9.75%, 2/21/20   168   168,433  
Level 3 Financing, Inc.:          
  2013 Term Loan B, 4.00%, 1/15/20   2,330   2,328,555  
  2019 Term Loan, 4.00%, 8/01/19   350   349,320  
   
    5,495,677  
 
Electric Utilities — 0.4%  
American Energy - Marcellus LLC, 1st Lien Term Loan, 5.25%, 8/04/20   209   158,561  
American Energy - Utica LLC:          
  2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18   52   49,002  
  2nd Lien Term Loan, 5.50%, 9/30/18   238   223,219  
  Incremental 2nd Lien Term Loan, 11.00%, 9/30/18   52   49,010  
   
    479,792  
 
Electrical Equipment — 0.7%  
Southwire Co., Term Loan, 3.25%, 2/10/21   262   261,912  
Texas Competitive Electric Holdings Co. LLC:          
  DIP Term Loan, 3.75%, 5/05/16   448   450,186  
  Extended Term Loan, 4.67%, 10/10/17 (a)(f)   380   230,850  
   
    942,948  
 
Electronic Equipment, Instruments & Components — 0.5%  
CDW LLC, Term Loan, 3.25%, 4/29/20   648   646,150  
 
Energy Equipment & Services — 1.1%  
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20   255   256,536  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20155
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Energy Equipment & Services (concluded)  
Exgen Texas Power LLC, Term Loan B, 5.75%, 9/16/21 USD  264 $ 264,097  
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20   954   937,828  
   
    1,458,461  
 
Food & Staples Retailing — 1.1%  
New Albertson's, Inc., Term Loan, 4.75%, 6/27/21   333   334,158  
Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20   235   237,350  
Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19   509   510,342  
US Foods, Inc., Refinancing Term Loan, 4.50%, 3/31/19   379   379,866  
   
    1,461,716  
 
Food Products — 3.4%  
CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20   256   252,259  
Diamond Foods, Inc., Term Loan, 4.25%, 8/20/18   677   676,759  
Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18   627   630,407  
H.J. Heinz Co., Term Loan B1, 3.00%, 6/07/19   54   54,149  
Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21   466   467,837  
Pabst Brewing Co., Inc., Term Loan, 5.75%, 10/21/21   428   430,195  
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19   371   372,254  
Pinnacle Foods Finance LLC:          
  Incremental Term Loan H, 3.00%, 4/29/20   123   122,715  
  Term Loan G, 3.00%, 4/29/20   605   603,435  
Post Holdings Inc., Series A Incremental Term Loan, 3.75%, 6/02/21   225   224,219  
Reddy Ice Corp.:          
  1st Lien Term Loan, 6.75%, 5/01/19   364   321,786  
  2nd Lien Term Loan, 10.75%, 11/01/19   270   206,550  
   
    4,362,565  
 
Health Care Equipment & Supplies — 4.5%  
Auris Luxembourg III Sarl, Term Loan B, 5.50%, 1/17/22   224   223,962  
Biomet, Inc., Term Loan B2, 3.68%, 7/25/17   707   705,740  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Health Care Equipment & Supplies (concluded)  
Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18 USD  437 $ 435,698  
DJO Finance LLC, 2015 Term Loan, 4.25%, 4/21/20   710   711,108  
Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18   613   614,576  
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18   796   799,374  
Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21   500   499,662  
Millennium Health LLC, Term Loan B, 5.25%, 4/16/21   349   239,655  
National Vision, Inc., 1st Lien Term Loan, 4.00%, 3/12/21   703   694,694  
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21   694   683,740  
Sage Products Holdings III LLC, Refinancing Term Loan B2, 5.00%, 12/13/19   69   69,046  
   
    5,677,255  
 
Health Care Providers & Services — 8.5%  
Acadia Healthcare Co., Inc., Term Loan B, 4.25%, 2/11/22   112   112,663  
Air Medical Group Holdings, Inc., Term Loan B, 4.50%, 4/06/22   455   452,889  
Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20   335   328,300  
Amsurg Corp., 1st Lien Term Loan B, 3.75%, 7/16/21   298   298,494  
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18   241   240,961  
Aspen Dental Management, Inc., 2015 Term Loan B, 5.50%, 4/30/22   190   191,307  
CHG Healthcare Services Inc., Term Loan, 4.25%, 11/19/19   566   568,065  
Community Health Systems, Inc.:          
  Term Loan F, 3.53%, 12/31/18   339   339,652  
  Term Loan G, 3.75%, 12/31/19   555   554,809  
  Term Loan H, 4.00%, 1/27/21   1,021   1,022,456  
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16   346   346,060  
Curo Health Services LLC, 2015 1st Lien Term Loan, 6.50%, 2/07/22   350   352,478  
DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21   2,198   2,202,235  
Envision Acquisition Co. LLC, Term Loan, 5.75%, 11/04/20   236   236,769  
                 


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20156
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Health Care Providers & Services (concluded)  
Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18 USD  421 $ 421,206  
Genesis HealthCare Corp., Term Loan B, 10.00%, 12/04/17   265   270,212  
HC Group Holdings III, Inc., Term Loan B, 6.00%, 4/07/22   170   171,294  
HCA, Inc., Term Loan B5, 2.94%, 3/31/17   314   314,124  
MPH Acquisition Holdings LLC, Term Loan, 3.75%, 3/31/21   465   463,925  
National Mentor Holdings, Inc., Term Loan B, 4.25%, 1/31/21   317   317,701  
Sterigenics-Nordion Holdings LLC, Term Loan B, 4.25%, 5/15/22   215   215,000  
Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20   256   256,489  
Surgical Care Affiliates, Inc., Term Loan B, 4.25%, 3/17/22   461   461,777  
Tenet Healthcare Corp., Interim Term Loan, 4.50%, 3/22/16   525   525,000  
U.S. Renal Care, Inc., 2013 Term Loan, 4.25%, 7/03/19   195   194,668  
   
    10,858,534  
 
Health Care Technology — 0.9%  
IMS Health, Inc., Term Loan, 3.50%, 3/17/21   752   751,085  
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19   424   423,553  
   
    1,174,638  
 
Hotels, Restaurants & Leisure — 11.0%  
Amaya Holdings BV:          
  1st Lien Term Loan, 5.00%, 8/01/21   189   188,672  
  2nd Lien Term Loan, 8.00%, 8/01/22   1,225   1,239,798  
Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20   249   250,123  
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20   666   647,957  
Burger King Newco, Term Loan B, 3.75%, 12/10/21   1,087   1,087,815  
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20   1,352   1,298,490  
                 
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Hotels, Restaurants & Leisure (concluded)  
CCM Merger, Inc., Term Loan B, 4.50%, 8/08/21 USD  364 $ 366,217  
Diamond Resorts Corp., Term Loan, 5.50%, 5/09/21   421   421,856  
ESH Hospitality, Inc., Term Loan, 5.00%, 6/24/19   210   213,675  
Hilton Worldwide Finance LLC,
Term Loan B2, 3.50%, 10/26/20		   884   885,800  
Intrawest ULC, Term Loan, 4.75%, 12/09/20   365   367,432  
La Quinta Intermediate Holdings LLC,
Term Loan B, 4.00%, 4/14/21		   1,904   1,907,694  
Las Vegas Sands LLC, Term Loan B, 3.25%, 12/19/20   593   592,423  
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   780   778,651  
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20   342   343,347  
RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21   293   294,032  
Sabre, Inc.:          
  Incremental Term Loan, 4.00%, 2/19/19   113   113,310  
  Term Loan B, 4.00%, 2/19/19   522   522,546  
Scientific Games International, Inc., 2014 Term Loan B1, 6.00%, 10/18/20   347   348,196  
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20   1,094   1,095,570  
Travelport Finance (Luxembourg) Sarl, 2014 Term Loan B, 5.75%, 9/02/21   761   767,409  
Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19   366   365,432  
   
    14,096,445  
 
Household Products — 0.9%  
Bass Pro Group LLC, Term Loan, 3.75%, 11/20/19   629   629,272  
Spectrum Brands, Inc.:          
  Term Loan A, 3.00%, 9/04/17   172   171,991  
  Term Loan C, 3.50%, 9/04/19   338   338,807  
   
    1,140,070  
 
Independent Power and Renewable Electricity Producers — 2.1%  
Aria Energy Operating LLC, Term Loan, 5.00%, 5/12/22   330   331,650  
Calpine Corp., Term Loan B5, 3.50%, 5/19/22   555   553,552  
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20157
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Independent Power and Renewable Electricity Producers (concluded)  
Energy Future Intermediate Holding Co. LLC, DIP Term Loan, 4.25%, 6/19/16 USD  648 $ 650,548  
Granite Acquisition Inc.:          
  Term Loan B, 5.00%, 12/19/21   708   716,625  
  Term Loan C, 5.00%, 12/19/21   31   31,611  
Terra-Gen Finance Co. LLC, Term Loan B, 5.25%, 12/09/21   374   377,803  
   
    2,661,789  
 
Industrial Conglomerates — 0.3%  
Sequa Corp., Term Loan B, 5.25%, 6/19/17   481   423,815  
 
Insurance — 1.6%  
Alliant Holdings I, Inc., Term Loan B, 5.00%, 12/20/19   411   414,190  
AmWINS Group LLC, 2014 2nd Lien Term Loan, 9.50%, 9/04/20   249   250,289  
Cooper Gay Swett & Crawford of Delaware Holding Corp., 1st Lien Term Loan, 5.00%, 4/16/20   368   341,914  
Sedgwick Claims Management Services, Inc.:          
  1st Lien Term Loan, 3.75%, 3/01/21   455   449,935  
  2nd Lien Term Loan, 6.75%, 2/28/22   260   255,939  
York Risk Services Holding Corp., Term Loan B, 4.75%, 10/01/21   327   323,880  
   
    2,036,147  
 
Internet Software & Services — 1.8%  
Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21   420   419,069  
Go Daddy Operating Co. LLC, Term Loan B, 4.25%, 5/13/21   571   572,382  
Interactive Data Corp., 2014 Term Loan, 4.75%, 5/02/21   860   862,299  
W3 Co.:          
  1st Lien Term Loan, 5.75%, 3/13/20   284   263,118  
  2nd Lien Term Loan, 9.25%, 9/11/20   155   135,286  
   
    2,252,154  
 
IT Services — 4.1%  
Epicor Software Corp., 1st Lien Term Loan, 4.75%, 5/08/22   495   495,465  
                         
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
IT Services (concluded)  
First Data Corp.:          
  2018 Extended Term Loan, 3.68%, 3/24/18 USD  2,845 $ 2,842,235  
  2018 Term Loan, 3.68%, 9/24/18   295   294,776  
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19   427   427,184  
InfoGroup, Inc., Term Loan, 7.50%, 5/26/18   245   237,032  
SunGard Data Systems, Inc.:          
  Term Loan C, 3.93%, 2/28/17   350   350,147  
  Term Loan E, 4.00%, 3/08/20   126   126,553  
Vantiv LLC, 2014 Term Loan B, 3.75%, 6/13/21   391   391,813  
   
    5,165,205  
 
Leisure Products — 0.3%  
Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21   364   360,552  
 
Machinery — 2.4%  
Alliance Laundry Systems LLC:          
  2nd Lien Term Loan, 9.50%, 12/10/19   131   131,564  
  Refinancing Term Loan, 4.25%, 12/10/18   344   344,437  
Allison Transmission, Inc., Term Loan B3, 3.50%, 8/23/19   275   275,973  
Faenza Acquisition GmbH:          
  Term Loan B1, 4.25%, 8/30/20   262   263,375  
  Term Loan B3, 4.25%, 8/30/20   79   79,293  
Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20   47   47,340  
Infiltrator Systems, Inc., 2015 Term Loan, 5.25%, 5/19/22   340   340,458  
Mueller Water Products, Inc., Term Loan B, 4.00%, 11/25/21   180   180,726  
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20   563   561,925  
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19   664   644,651  
Wabash National Corp., 2015 Term Loan B, 4.25%, 3/16/22   248   249,562  
   
    3,119,304  
 
Manufacture Goods — 0.1%  
KP Germany Erste GmbH, 1st Lien Term Loan, 5.00%, 4/22/20   70   70,579  
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20158
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
Media — 11.1%  
Cengage Learning Acquisitions, Inc., 1st Lien Term Loan, 8.25%, 3/31/20 USD  1,313 $ 1,316,380  
Clear Channel Communications, Inc., Term Loan D, 6.94%, 1/30/19   1,364   1,273,611  
Gray Television, Inc., 2014 Term Loan B, 3.75%, 6/10/21   254   253,926  
Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20   452   452,496  
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19   688   684,943  
Liberty Cablevision of Puerto Rico LLC, 1st Lien Term Loan, 4.50%, 1/07/22   350   350,290  
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20   113   113,417  
MCC Iowa LLC:          
  Term Loan I, 2.65%, 6/30/17   248   247,505  
  Term Loan J, 3.75%, 6/30/21   124   123,938  
Media General, Inc., Term Loan B, 4.25%, 7/31/20   548   549,933  
Mediacom Communications Corp., Term Loan F, 2.65%, 3/31/18   252   251,188  
Mediacom Illinois LLC, Term Loan E, 3.15%, 10/23/17   476   474,821  
Mediacom Illinois LLC, Term Loan G, 3.75%, 6/30/21   308   308,160  
Numericable U.S. LLC:          
  Term Loan B1, 4.50%, 5/21/20   507   508,673  
  Term Loan B2, 4.50%, 5/21/20   439   440,071  
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20   130   130,116  
SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21   705   701,419  
Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20   368   366,592  
Tribune Co., 2013 Term Loan, 4.00%, 12/27/20   1,144   1,144,701  
TWCC Holding Corp., Refinancing Term Loan B, 5.75%, 2/13/20   355   354,890  
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20   518   517,125  
Virgin Media Investment Holdings Ltd.:          
  Term Loan B, 3.50%, 6/07/20   525   523,615  
  Term Loan E, 4.25%, 6/30/23 GBP 650   995,467  
                         
Floating Rate Loan Interests (c) Par
(000)		   Value  
Media (concluded)  
WideOpenWest Finance LLC, 2015 Term Loan B, 4.50%, 4/01/19 USD 952 $ 950,988  
Ziggo Financing Partnership:          
  Term Loan B1, 3.50%, 1/15/22   425   423,053  
  Term Loan B2A, 3.50%, 1/15/22   276   274,430  
  Term Loan B3, 3.50%, 1/15/22   453   451,338  
   
    14,183,086  
 
Metals & Mining — 1.2%  
Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20   100   84,333  
Novelis, Inc., Term Loan:          
  2015 B, 4.00%, 5/18/22   338   337,539  
  3.75%, 3/10/17   778   776,998  
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17   302   303,102  
   
    1,501,972  
 
Multiline Retail — 2.3%  
99¢ Only Stores, Term Loan, 4.50%, 1/11/19   448   446,449  
BJ's Wholesale Club, Inc.:          
  1st Lien Term Loan, 4.50%, 9/26/19   1,033   1,035,799  
  2nd Lien Term Loan, 8.50%, 3/26/20   200   202,000  
Dollar Tree, Inc., Term Loan B, 4.25%, 3/09/22   470   474,310  
Hudson's Bay Co., 1st Lien Term Loan, 4.75%, 11/04/20   151   151,690  
The Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20   578   578,259  
   
    2,888,507  
 
Oil, Gas & Consumable Fuels — 3.8%  
Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18   425   298,214  
CITGO Holding Inc., 2015 Term Loan B, 9.50%, 5/12/18   429   434,467  
Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21   506   433,159  
EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18   440   436,836  
Fieldwood Energy LLC, 1st Lien Term Loan, 3.88%, 9/28/18   206   199,085  
Green Energy Partners/Stonewall LLC, Term Loan B1, 6.50%, 11/13/21   205   207,136  
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 20159
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Oil, Gas & Consumable Fuels (concluded)  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 USD 80 $ 79,028  
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19   27   18,805  
Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20   325   323,375  
Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19   210   200,550  
Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20   105   103,688  
Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21   404   399,948  
Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21   61   56,979  
Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 8/04/21   268   266,970  
Southcross Holdings Borrower LP, Term Loan B, 6.00%, 8/04/21   213   205,919  
Stonewall Gas Gathering LLC, Term Loan B, 8.75%, 1/28/22   249   251,245  
TPF II Power LLC, Term Loan B, 5.50%, 10/02/21   359   363,926  
Veresen Midstream Limited Partnership, Term Loan B1, 5.25%, 3/31/22   380   382,850  
WTG Holdings III Corp., 1st Lien Term Loan, 4.75%, 1/15/21   133   133,146  
   
    4,795,326  
 
Personal Products — 0.2%  
Prestige Brands, Inc., Term Loan B3, 3.50%, 9/03/21   302   302,360  
 
Pharmaceuticals — 7.1%  
Akorn, Inc., Term Loan B, 4.50%, 4/16/21   567   568,035  
Amneal Pharmaceuticals LLC, Term Loan:          
  5.00%, 11/01/19   275   276,370  
  Incremental, 4.50%, 11/01/19   125   125,430  
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19   210   208,324  
Concordia Healthcare Corp., Term Loan B, 4.75%, 4/21/22   190   191,425  
Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 3/01/21   356   356,222  
Grifols Worldwide Operations USA, Inc., Term Loan B, 3.19%, 2/27/21   974   975,828  
                         
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Pharmaceuticals (concluded)  
Horizon Pharma Holdings USA, Inc., Term Loan B, 4.50%, 4/22/21 USD 502 $ 504,010  
JLL/Delta Dutch Newco BV, Term Loan, 4.25%, 3/11/21   587   584,743  
Mallinckrodt International Finance SA:          
  Incremental Term Loan B1, 3.50%, 3/19/21   328   328,196  
  Term Loan B, 3.25%, 3/19/21   525   523,850  
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19   843   842,361  
Pharmaceutical Product Development LLC, Term Loan B, 4.00%, 12/05/18   1,079   1,079,967  
Valeant Pharmaceuticals International, Inc.:          
  Series C2 Term Loan B, 3.50%, 12/11/19   524   524,741  
  Series D2 Term Loan B, 3.50%, 2/13/19   568   566,963  
  Series E Term Loan B, 3.50%, 8/05/20   326   326,208  
  Term Loan B F1, 4.00%, 4/01/22   1,122   1,124,285  
   
    9,106,958  
 
Professional Services — 2.3%  
Acosta Holdco, Inc., 2014 Term Loan, 4.25%, 9/26/21   304   304,893  
Advantage Sales & Marketing, Inc.:          
  2014 1st Lien Term Loan, 4.25%, 7/23/21   488   487,270  
  2014 2nd Lien Term Loan, 7.50%, 7/25/22   160   161,240  
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18   715   716,493  
Intertrust Group Holding BV, 2nd Lien Term Loan, 8.00%, 4/16/22   275   275,517  
SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19   421   423,507  
TransUnion LLC, Term Loan B2, 4.00%, 4/09/21   165   164,381  
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19   390   390,136  
   
    2,923,437  
 
Real Estate Management & Development — 1.8%  
CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20   523   524,395  
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201510
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Real Estate Management & Development (concluded)  
DTZ US Borrower LLC, 1st Lien Term Loan, 5.50%, 11/04/21 USD 491 $ 493,008  
Realogy Corp.:          
  Extended Letter of Credit, 0.02%, 10/10/16   40   39,845  
  Term Loan B, 3.75%, 3/05/20   1,179   1,180,288  
   
    2,237,536  
 
Road & Rail — 1.2%  
Coyote Logistics LLC, Term Loan, 6.25%, 3/26/22   275   276,375  
The Hertz Corp., Term Loan B2, 3.50%, 3/11/18   327   326,325  
PODS LLC, 1st Lien Term Loan, 5.25%, 2/02/22   250   252,500  
Road Infrastructure Investment LLC:          
  1st Lien Term Loan, 4.25%, 3/31/21   460   456,897  
  2nd Lien Term Loan, 7.75%, 9/21/21   225   211,500  
   
    1,523,597  
 
Semiconductors & Semiconductor Equipment — 1.6%  
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21   1,015   1,015,363  
Freescale Semiconductor, Inc.:          
  Term Loan B4, 4.25%, 2/28/20   528   529,009  
  Term Loan B5, 5.00%, 1/15/21   163   163,663  
NXP BV, Term Loan D, 3.25%, 1/11/20   325   323,831  
   
    2,031,866  
 
Software — 3.9%  
Evertec Group LLC, Term Loan B, 3.50%, 4/17/20   241   237,403  
GCA Services Group, Inc.:          
  2nd Lien Term Loan, 9.25%, 10/22/20   176   176,880  
  Term Loan B, 4.25%, 11/01/19   385   384,636  
Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 4.00%, 5/11/22   542   540,999  
Infor US, Inc.:          
  Term Loan B3, 3.75%, 6/03/20   195   194,076  
  Term Loan B5, 3.75%, 6/03/20   977   972,394  
IQOR US, Inc., Term Loan B, 6.00%, 4/01/21   202   188,154  
           
                         
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Software (concluded)  
Kronos, Inc.:          
  2nd Lien Term Loan, 9.75%, 4/30/20 USD  409 $ 422,786  
  Initial Incremental Term Loan, 4.50%, 10/30/19   243   243,769  
Mitchell International, Inc.:          
  1st Lien Term Loan, 4.50%, 10/12/20   497   498,138  
  2nd Lien Term Loan, 8.50%, 10/11/21   350   349,345  
Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18   637   637,248  
Tibco Software, Inc., Term Loan B, 6.50%, 12/04/20   75   74,794  
   
    4,920,622  
 
Specialty Retail — 4.6%  
Academy Ltd., Term Loan, 4.50%, 8/03/18   517   518,509  
Equinox Holdings, Inc., Repriced Term Loan B, 5.00%, 1/31/20   298   299,110  
General Nutrition Centers, Inc., Term Loan, 3.25%, 3/04/19   329   325,049  
Leslie's Poolmart, Inc., Term Loan, 4.25%, 10/16/19   547   547,498  
Michaels Stores, Inc.:          
  Incremental 2014 Term Loan B2, 4.00%, 1/28/20   660   662,283  
  Term Loan B, 3.75%, 1/28/20   514   514,005  
Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19   941   942,281  
Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17   635   635,807  
PetSmart, Inc., Term Loan B, 4.25%, 3/11/22   1,165   1,168,250  
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18   365   308,594  
   
    5,921,386  
 
Technology Hardware, Storage & Peripherals — 0.6%  
Dell, Inc.:          
  Term Loan B, 4.50%, 4/29/20   447   447,238  
  Term Loan C, 3.75%, 10/29/18   367   366,490  
   
    813,728  
 
Textiles, Apparel & Luxury Goods — 1.6%  
ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan, 5.50%, 5/27/21   495   495,827  
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18   526   462,947  
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201511
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Textiles, Apparel & Luxury Goods (concluded)  
J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21 USD  465 $ 422,893  
Kate Spade & Co., Term Loan B, 4.00%, 4/09/21   314   313,459  
Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19   378   379,036  
   
    2,074,162  
 
Thrifts & Mortgage Finance — 0.3%  
IG Investment Holdings LLC, Term Loan B, 6.00%, 10/29/21   440   440,610  
 
Transportation Infrastructure — 0.2%  
Penn Products Terminals LLC, Term Loan B, 4.75%, 3/19/22   256   257,883  
 
Wireless Telecommunication Services — 0.7%  
Communications Sales & Leasing, Inc., Term Loan B, 5.00%, 10/24/22   300   298,875  
LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20   599   598,426  
   
    897,301  
Total Floating Rate Loan Interests — 130.7%   166,725,563  
 
 
 
   
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   309,850  
 
 
 
Investment Companies
Shares		      
Capital Markets — 0.0%  
Eaton Vance Floating-Rate Income Trust   12   172  
                         
Investment Companies
Shares		   Value  
 
Capital Markets (concluded)  
Eaton Vance Senior Income Trust   3,347 $ 21,555   
 
Total Investment Companies — 0.0%   21,727   
 
 
 
Warrants (g)  
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   8,901   
 
Total Long-Term Investments
(Cost — $176,341,186) — 138.3%		   176,432,404   
 
 
 
Short-Term Securities          
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.08% (h)(i)   2,689,511   2,689,511   
 
Total Short-Term Securities
(Cost — $2,689,511) — 2.1%		   2,689,511   
 
Total Investments
(Cost — $179,030,697*) — 140.4%		   179,121,915   
Liabilities in Excess of Other Assets — (40.4)%   (51,505,470)  
   
Net Assets — 100.0% $ 127,616,445   
 
* As of May 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:  
     
Tax cost $ 179,479,793   
                     
Gross unrealized appreciation $ 1,370,539   
Gross unrealized depreciation   (1,728,417)  
                     
Net unrealized depreciation $ (357,878)  
                     
                         


BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201512
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   
   
 Notes to Schedule of Investments
   
(a) Non-income producing security.
(b) 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.
(c) Variable rate security. Rate shown is as of report date.
(d) Zero-coupon bond.
(e) When-issued security. Unsettled when-issued transactions were as follows:

 

 
  Counterparty   Value   Unrealized
Appreciation
(Depreciation)		  
 
  J.P. Morgan Securities LLC   $ 275,000   —  
 
                                     

(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) 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.
(h) During the period ended May 31, 2015, investments in issuers considered to be an affiliate of the Fund 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, 2014		     Net
Activity		   Shares
Held at
May 31, 2015		   Income            
 
  BlackRock Liquidity Funds,TempFund, Institutional Class   2,958,501     (268,990)   2,689,511 $ 201  
 
                                           

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

Portfolio Abbreviations

   
CLO Collateralized Loan Obligation
DIP Debtor-In-Possession
GBP British Pound
USD U.S. Dollar
     

• As of May 31, 2015, forward foreign currency contracts outstanding were as follows:

 

Currency
Purchased		   Currency
Sold		 Counterparty Settlement
Date		   Unrealized
Depreciation		  
USD 773,292   GBP 523,000 Barclays Bank PLC 7/21/15 $ (25,778)  
                   
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201513
 
Schedule of Investments (continued) BlackRock Defined Opportunity Credit Trust (BHL)
   
• For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector 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. 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 Fund 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 and derivative financial instruments, refer to the Fund's most recent financial statements as contained in its semi-annual report.

As of May 31, 2015, the following table summarizes the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy:
     

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
Long-Term Investments1:  
  Asset-Backed Securities   — $ 2,385,632 $ 1,867,575 $ 4,253,207  
  Common Stocks $ 642,485   245,355   —   887,840  
  Corporate Bonds   —   4,225,316   —   4,225,316  
  Floating Rate Loan Interests   —   155,892,868   10,832,695   166,725,563  
  Investment Companies   21,727   —   —   21,727  
  Non-Agency Mortgage-Backed Securities   —   309,850   —   309,850  
  Warrants   —   —   8,901   8,901  
Short-Term Securities:  
  Money Market Funds   2,689,511   —   —   2,689,511  
Total $ 3,353,723 $ 163,059,021 $ 12,709,171 $ 179,121,915  
                                 

 

    Level 1   Level 2   Level 3   Total
Derivative Financial Instruments1                
Liabilities:                
Foreign currency exchange contracts   — $ (25,778)   — $ (25,778)

 

1 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.  
                                 
BLACKROCK DEFINED OPPORTUNITY CREDIT TRUSTMAY 31, 201514
 
Schedule of Investments (concluded) BlackRock Defined Opportunity Credit Trust (BHL)
   
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of May 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash $ 925,516   —   — $ 925,516  
  Foreign currency at value   2,286   —   —   2,286  
Liabilities:    
  Bank borrowings payable   — $ (50,000,000)   —   (50,000,000)  
Total $ 927,802 $ (50,000,000)   — $ (49,072,198)  
                                   

 During the period ended May 31, 2015, there were no transfers between Level 1 and 2.

 

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  236,452    2,960,957   $3,214    —    3,200,623 
Transfers out of Level 32  (676,305)   (6,249,839)   —    —    (6,926,144)
Accrued discounts/premiums  5,186    15,622    —    —    20,808 
Net realized gain (loss)  1,600    (48,783)   —    —    (47,183)
Net change in unrealized appreciation (depreciation)3,4  31,137    (133,941)   5,687    85    (97,032)
Purchases  1,594,800    4,319,708    —    —    5,914,508 
Sales  (246,875)   (3,630,138)   —    —    (3,877,013)
Closing Balance, as of May 31, 2015 $1,867,575   $10,832,695   $8,901    —   $12,709,171 
Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2015 $31,137   $(142,615)  $5,687    —   $(105,791)

 

   
1 As of August 31, 2014, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2015, 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 $3,200,623 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 May 31, 2015, the  Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $6,926,144 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3 Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.
4 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2015 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 TRUSTMAY 31, 201515
 
Item 2 –Controls and Procedures
2(a) –The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3 –Exhibits

Certifications – Attached hereto

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

BlackRock Defined Opportunity Credit Trust

By:/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Defined Opportunity Credit Trust

Date: July 23, 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: July 23, 2015

By:/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Defined Opportunity Credit Trust

Date: July 23, 2015