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

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22126

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
Defined Opportunity Credit Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 08/31/2009

Date of reporting period: 05/31/2009

Item 1 – Schedule of Investments

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
Aerospace & Defense - 2.0%  Avio SpA Facility B2, 2.444% - 3.936%, 12/15/14  USD  468  $ 317,865 
  Avio SpA Facility C2, 3.069% - 4.561%, 12/14/15    500  339,375 
  Hawker Beechcraft Acquisition Co. LLC Letter of Credit     
  Facility Deposit, 3.22%, 3/26/14    135  77,202 
  Hawker Beechcraft Acquisition Co. LLC Term Loan,     
  2.319% - 3.22%, 3/26/14    2,285  1,311,409 
        2,045,851 
Auto Components - 2.9%  Allison Transmission, Inc. Term Loan, 3.12% - 3.15%,     
  8/07/14    2,177  1,679,250 
  Dana Holding Corp. Term Advance, 7.25%, 1/31/15  1,318  623,235 
  The Goodyear Tire & Rubber Co., Term Loan       
  (Second Lien), 2.07%, 4/30/14    750  627,071 
        2,929,556 
Building Products - 1.6%  Building Materials Corp. of America Term Loan Advance,     
  3.063%, 2/22/14    743  626,722 
  Momentive Performance Materials (Blitz 06-103 GmbH)     
  Tranche B-2 Term Loan, 3.191%, 12/04/13                           EUR  1,000  965,680 
        1,592,402 
Capital Markets - 0.9%  Nuveen Investments, Inc. Term Loan, 3.313% - 4.232%,     
  11/13/14                           USD  1,307  933,273 
Chemicals - 7.9%  Ashland, Inc. Term Loan B, 7.65%, 5/13/14    900  898,875 
  Brenntag Holding GmbH & Co. KG Facility B2, 2.30% -     
  3.501%, 1/20/14    995  850,559 
  Cognis GMBH Facility C, 3.32%, 9/15/13    1,000  822,500 
  Huish Detergents Inc. Tranche B Term Loan, 2.07%, 4/26/14  990  910,730 
                                                                    Matrix Acquisition Corp. (MacDermid, Inc.) Tranche B Term
  Loan, 2.319%, 4/12/14    1,562  1,054,539 
  Nalco Co. Term Loan B, 6.50%, 5/06/16    1,225  1,227,297 
  PQ Corp. (fka Niagara Acquisition, Inc.) Loan (Second     
  Lien), 7.54%, 7/30/15    1,000  503,333 
  PQ Corp. (fka Niagara Acquisition, Inc.) Term Loan (First     
  Lien), 4.29% - 4.47%, 7/31/14    1,243  938,088 
  Solutia Inc. Loan, 7.25%, 2/28/14    990  797,283 
        8,003,204 
Commercial Services & Supplies -  Alliance Laundry Systems LLC Term Loan, 3.174% - 3.607%,     
3.8%  1/27/12    737  681,579 
  ARAMARK Corp. Facility Letter of Credit, 4.063%,       
  1/26/14    119  108,598 
  ARAMARK Corp. U.S. Term Loan, 3.095%, 1/26/14  1,881  1,709,402 
  Kion Group GmbH (formerly Neggio Holdings 3 GmbH)     
  Facility B, 2.319%, 12/29/14    500  210,938 
  Kion Group GmbH (formerly Neggio Holdings 3 GmbH)     
  Facility C, 2.819%, 12/29/15    500  210,938 
                                                                    Synagro Technologies, Inc. Term Loan (First Lien), 2.32% -
  2.34%, 4/02/14    990  737,494 
  West Corp. Term B-2 Loan, 2.684% - 2.789%, 10/24/13  210  181,366 
        3,840,315 

1

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
Computers & Peripherals - 0.9%  Intergraph Corp. Initial Term Loan (First Lien), 2.664%,     
  5/29/14                           USD  1,000  $ 915,000 
Containers & Packaging - 3.8%  Crown Americas LLC Additional Term B Dollar Loan,     
  2.094%, 11/15/12    495  475,102 
  Graphic Packaging International, Inc. Incremental Term     
  Loan, 3.099% - 3.958%, 5/16/14    1,480  1,372,761 
  Smurfit Kappa Acquisitions (JSG) C1 Term Loan Facility,     
  2.941% - 3.739%, 7/16/15                             EUR  500  617,908 
  Smurfit Kappa Acquisitions (JSG) Term B1, 2.691% -     
  4.912%, 7/16/14    500  617,908 
  Smurfit-Stone Container DIP Term loan, 8.75% - 10%,     
  7/28/10                           USD  744  751,247 
        3,834,926 
Diversified Consumer  Coinmach Corp. Term Loan, 3.31% - 3.76%, 11/14/14  1,485  1,128,571 
Services - 1.3%  Coinmach Laundry Corp. Delay Draw Term Loan, 3.40% -     
  5.25%, 11/14/14    250  185,000 
        1,313,571 
Diversified Telecommunication  BCM Ireland Holdings Ltd. (Eircom) Facility B, 2.816%,     
Services - 4.6%  8/14/14                           EUR  492  498,727 
  BCM Ireland Holdings Ltd. (Eircom) Facility C, 3.066%,     
  8/14/13    492  498,783 
  Hawaiian Telecom Communications, Inc. Tranche C Term     
  Loan, 4.75%, 5/30/14                           USD  502  253,471 
  Integra Telecom Holdings, Inc. Term Loan (First Lien),     
  5.47% - 7%, 8/31/13    1,977  1,598,413 
  PAETEC Holding Corp. Replacement Term Loan, 2.819%,     
  2/28/13    458  414,696 
  Time Warner Telecom Holdings Inc. Term Loan B Loan,     
  2.32%, 1/07/13    153  141,041 
  Wind Finance SA Euro Facility (Second Lien), 7.099%,     
  12/17/14                           EUR  1,000  1,291,068 
        4,696,199 
Electric Utilities - 0.4%  Astoria Generating Co. Acquisitions, LLC Second Lien     
  Term Loan C, 4.06%, 8/23/13                             USD  500  433,125 
Electronic Equipment,  Flextronics International Ltd. A Closing Date Loan,     
Instruments & Components - 2.5%     2.664% - 3.458%, 10/01/14    763  611,297 
  Flextronics International Ltd. Delay Draw Term Loan,     
  3.381%, 10/01/12    219  175,660 
  L-1 Identity Solutions Operating Co. Term Loan, 6.75%,     
  8/05/13    687  678,502 
  Matinvest 2 SAS/Butterfly Wendel US, Inc. (Deutsche     
  Connector) B-2 Facility, 2.661%, 6/22/14    909  561,470 
  Matinvest 2 SAS/Butterfly Wendel US, Inc. (Deutsche     
  Connector) C-2 Facility, 3.161%, 6/22/15    751  463,918 
        2,490,847 

2

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)         Value 
Energy Equipment & Services -  Dresser, Inc. Term B Loan, 3.104%, 5/04/14  USD  513  $ 445,062 
0.8%  Volnay Acquisition Co. I (aka CGG) B1 Term Loan Facility,     
  3.575% - 4.27%, 1/12/14    438  407,056 
        852,118 
Food & Staples Retailing - 1.2%  AB Acquisitions UK Topco 2 Ltd. Facility B2 UK Borrower,     
  3.599%, 7/09/15  GBP  1,000  1,234,154 
Food Products - 3.1%  Dole Food Co., Inc. Credit-Linked Deposit, 0.639% -     
  1.139%, 4/12/13  USD  127  126,429 
  Dole Food Co., Inc. Tranche B Term Loan, 7.25% - 8%,     
  4/12/13    223  221,581 
  Solvest, Ltd. (Dole) Tranche C Term Loan, 7.25% - 8%,     
  4/12/13    832  825,631 
  Wm. Wrigley Jr. Co. Tranche B Term Loan, 6.50%, 10/06/14  1,919  1,921,340 
        3,094,981 
Health Care Equipment &  Bausch & Lomb Inc. Delayed Draw Term Loan, 3.678% -     
Supplies - 2.8%  4.47%, 4/24/15    73  63,932 
  Bausch & Lomb Inc. Parent Term Loan, 4.47%, 4/24/15  387  336,709 
  Biomet, Inc. Dollar Term Loan, 3.313% - 4.222%, 3/25/15  975  915,636 
  DJO Finance LLC (ReAble Therapeutics Fin LLC) Term     
  Loan, 3.319% - 4.22%, 5/20/14    988  871,963 
  Hologic, Inc. Tranche B Term Loan, 3.625%, 3/31/13  208  198,804 
  Iasis Healthcare Delay Draw Term Loan, 5.704%, 3/14/14  32  28,945 
  Iasis Healthcare Line of Credit, 2.319%, 3/14/14  120  107,731 
  Iasis Healthcare Term Loan B, 2.319%, 3/14/14  347  311,323 
        2,835,043 
Health Care Providers &  CHS/Community Health Systems, Inc. Delayed Draw Term     
Services - 11.2%  Loan, 2.569%, 7/25/14    164  145,840 
  CHS/Community Health Systems, Inc. Funded Term Loan,     
  2.569% - 2.924%, 7/25/14    3,233  2,868,537 
  DaVita, Inc. Term Loan B, 1.82% - 2.74%, 10/05/12  800  747,125 
  Fresenius AG Term Loan B1, 6.75%, 7/06/14    717  716,400 
  Fresenius AG Term Loan B2, 6.75%, 7/06/14    433  432,737 
  HCA Inc. Tranche A-1 Term Loan, 2.97%, 11/17/12  3,405  3,046,571 
  HealthSouth Corp. Term Loan, 2.82% - 2.85%, 3/10/13  1,757  1,613,846 
  Surgical Care Affiliates, LLC Term Loan, 3.22%, 12/29/14  344  291,302 
  Symbion, Inc. Tranche A Term Loan, 3.569%, 8/23/13  476  351,865 
  Symbion, Inc. Tranche B Term Loan, 3.569%, 8/25/14  476  351,865 
  Vanguard Health Holding Co. II, LLC (Vanguard Health     
  System, Inc.) Replacement Term Loan, 2.569%, 9/23/11  860  812,700 
        11,378,788 
Health Care Technology - 0.4%  Sunquest Information Systems, Inc. (Misys Hospital     
  Systems, Inc.) Term Loan, 3.57% - 4.29%, 10/13/14  493  405,492 
Hotels, Restaurants & Leisure -  Harrah's Operating Co., Inc. Term B-2 Loan, 3.319% -     
3.3%  4.092%, 1/28/15    1,725  1,322,050 
  Penn National Gaming, Inc. Term Loan B, 2.06% - 2.72%,     
  10/03/12    982  923,534 
  QCE, LLC (Quiznos) Term Loan (First Lien), 3.50%,     
  5/05/13    990  631,506 

3

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
VML US Finance LLC (aka Venetian Macau) Term B Delayed
  Draw Project Loan, 2.57%, 5/25/12  USD  181  $ 150,746 
  VML US Finance LLC (aka Venetian Macau) Term B Funded     
  Project Loan, 2.57%, 5/27/13    319  266,254 
        3,294,090 
Household Durables - 2.6%  Jarden Corp. Term Loan B3, 3.72%, 1/24/12    1,432  1,372,653 
  Yankee Candle Co., Inc. Term Loan, 2.32% - 3.22%, 2/06/14  1,521  1,295,321 
        2,667,974 
Household Products - 0.3%  VI-JON, Inc. (VJCS Acquisition, Inc.) Tranche B Term     
  Loan, 2.566%, 4/24/14    350  311,500 
IT Services - 5.6%  Amadeus Global Travel Distribution SA Term Loan B,     
  2.45%, 5/22/15    955  712,100 
  Amadeus Global Travel Distribution SA Term Loan C,     
  2.95%, 5/22/16    955  712,100 
  Ceridian Corp U.S. Term Loan, 3.316%, 11/09/14  1,977  1,455,745 
  First Data Corp. Initial Tranche B-2 Term Loan, 3.059% -     
  3.069%, 9/24/14    1,371  1,004,981 
  First Data Corp. Initial Tranche B-3 Term Loan, 3.059% -     
  3.069%, 9/24/14    989  725,456 
  SunGard Data Systems Inc. (Solar Capital Corp.) New U.S.     
  Term Loan, 2.132% - 2.724%, 2/28/14    629  569,913 
  SunGard Data Systems Inc. (Solar Capital Corp.) New U.S.     
  Term Loan, 6.75%, 2/28/14    474  465,459 
        5,645,754 
Independent Power Producers &  Dynegy Holdings Inc. Term Letter of Credit Facility Term     
Energy Traders - 7.0%  Loan, 1.82%, 4/02/13    208  186,715 
  Dynegy Holdings Inc. Tranche B Term Loan, 1.82%, 4/02/13  17  15,146 
  Mirant North America, LLC Term Loan, 2.069%, 1/03/13  679  630,730 
  NRG Energy, Inc. Credit-Linked Deposit, 1.12%, 2/01/13  164  151,269 
  NRG Energy, Inc. Term Loan, 2.72%, 2/01/13    1,602  1,482,085 
  Texas Competitive Electric Holdings Co., LLC (TXU) Initial     
  Tranche B-1 Term Loan, 3.819% - 3.882%, 10/10/14  495  337,820 
  Texas Competitive Electric Holdings Co., LLC (TXU) Initial     
  Tranche B-2 Term Loan, 3.819%, 10/10/14    1,500  1,032,750 
  Texas Competitive Electric Holdings Co., LLC (TXU) Initial     
  Tranche B-3 Term Loan, 3.819% - 3.882%, 10/10/14  4,690  3,205,940 
        7,042,455 
Industrial Conglomerates - 0.7%  Sequa Corp. Term Loan, 3.61% - 4.08%, 12/03/14  989  744,095 
Insurance - 0.6%  Alliant Holdings I, Inc. Term Loan, 4.232%, 8/21/14  737  626,848 
Internet & Catalog Retail - 0.2%  FTD Group, Inc. Tranche B Term Loan, 6.75%, 8/04/14  249  238,800 
Life Sciences Tools &  Life Technologies Corp. Term B Facility, 5.25%, 11/20/15  1,244  1,240,485 
Services - 1.2%         
Machinery - 3.0%  LN Acquisition Corp. (Lincoln Industrial) Delayed Draw     
  Term Loan (First Lien), 2.90%, 7/11/14    254  225,899 
  LN Acquisition Corp. (Lincoln Industrial) Initial U.S. Term     
  Loan (First Lien), 2.90%, 7/11/14    677  602,398 

4

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
  Navistar International Corp. Revolving Credit-Linked     
  Deposit, 3.569% - 3.66%, 1/19/12  USD  533  $ 444,762 
  Navistar International Corp. Term Advance, 3.569%, 1/19/12  1,467  1,223,096 
  Oshkosh Truck Corp. Term B Loan, 3.03% - 7.32%, 12/06/13  583  499,222 
        2,995,377 
Media - 29.7%  AlixPartners, LLP Tranche C Term Loan, 2.35% - 3.14%,     
  10/12/13    500  472,500 
  Alpha Topco Ltd. (Formula One) Facility B1, 2.694%, 12/31/13  560  392,100 
  Alpha Topco Ltd. (Formula One) Facility B2, 2.694%, 12/31/13  378  264,852 
  Bresnan Communications, LLC Additional Term Loan B     
  (First Lien), 2.31% - 3.11%, 6/30/13    750  682,031 
  CSC Holdings Inc. (Cablevision) Incremental Term Loan,     
  2.094% - 2.25%, 3/29/13    1,724  1,615,645 
  Catalina Marketing Corp. Initial Term Loan, 3.395%, 10/01/14  799  724,800 
  Cengage Learning Acquisitions, Inc. (Thomson Learning)     
  Tranche 1 Incremental Term Loan, 7.50%, 7/03/14  2,481  2,378,278 
  Cequel Communications, LLC (aka Cebridge) Term Loan,     
  2.349% - 2.401%, 11/05/13    2,470  2,226,215 
  Charter Communications Operating, LLC Replacement     
  Term Loan, 4.25% - 6.25%, 3/06/14    1,287  1,090,571 
  Charter Communications Term Loan B1, 7.939%, 3/25/14  500  485,417 
  Clarke American Corp. Tranche B Term Loan, 2.819% -     
  3.72%, 6/30/14    1,476  1,137,860 
  Discovery Communications Holding, LLC Term B Loan,     
  3.22%, 5/14/14    485  452,695 
  FoxCo Acquisition Sub, LLC Term Loan, 6.50% - 7.25%,     
  7/14/15    674  426,303 
  Gray Television, Inc. Term Loan B - DD, 3.92%, 12/31/14  482  258,505 
  HMH Publishing Co. Ltd. (fka Education Media) Tranche A     
  Term Loan, 7.66%, 6/12/14    2,003  1,426,861 
  Hanley-Wood, LLC (FSC Acquisition) Term Loan, 2.563% -     
  2.599%, 3/08/14    495  176,462 
                                      Hargray Acquisition Co.,/DPC Acquisition LLC/HCP Acquisition
  LLC, Term Loan (First Lien), 3.257%, 6/27/14    491  420,870 
  Idearc Inc. (Verizon) Tranche B Term Loan, 3.22%,     
  11/17/14 (a)(b)    358  140,496 
  Insight Midwest Holdings, LLC B Term Loan, 2.41%,     
  4/07/14    500  461,042 
  Intelsat Corp. (fka PanAmSat Corp.) Term B-2-B, 2.914%,     
  1/03/14    662  603,422 
  Intelsat Corp. (fka PanAmSat Corp.) Term B-2-C, 2.914%,     
  1/03/14    662  603,422 
  Intelsat Corp. (fka PanAmSat Corp.) Tranche B-2-A Term     
  Loan, 2.914%, 1/03/14    662  603,605 
                                      Lavena Holding 3 GmbH (Prosiebensat.1 Media AG) Facility
  B1, 4.589%, 6/28/15  EUR  1,010  335,277 
                                      Lavena Holding 3 GmbH (Prosiebensat.1 Media AG) Facility
  C1, 4.839%, 6/30/16    1,010  335,277 

5

BlackRock Defined Opportunity Credit Trust         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
Industry  Floating Rate Loan Interests      (000)         Value 
  Local TV Finance, LLC Term Loan, 2.32%, 5/07/13  USD  1,973  $ 966,655 
  MCC Iowa LLC (Mediacom Broadband Group) Tranche D-1       
  Term Loan, 2.04%, 1/31/15      377  343,484 
  MCC Iowa LLC (Mediacom Broadband Group) Tranche D-2       
  Term Loan, 2.04%, 1/31/15      247  225,320 
  Mediacom Broadband (Term Loan E), 6.50%, 11/30/15    825  819,844 
  NTL Cable Plc Term Loan, 3.889%, 11/19/37    GBP  389  565,266 
  NTL Cable Plc Term Loan B, 5.389%, 9/03/12      469  683,579 
  NV Broadcasting, LLC Term Loan (First Lien), 5.25%,       
  11/01/13    USD  1,639  409,710 
  Newsday, LLC Fixed Rate Term Loan, 9.75%, 8/01/13    250  249,375 
  Newsday, LLC Floating Rate Term Loan, 6.631%, 8/01/13    500  478,125 
  Nielsen Finance LLC Dollar Term Loan, 2.382%, 8/09/13    2,466  2,171,110 
  Parkin Broadcasting, LLC Term Loan, 5.25%, 11/01/13    336  84,042 
  Sunshine Acquisition Ltd. (aka HIT Entertainment) Term       
  Facility, 3.26%, 7/31/14      1,751  927,916 
  Tribune Co. Term Debtor in Possession, 9%, 4/07/10    350  350,875 
  TWCC Holding Corp. Term Loan, 6.25%, 9/14/15    1,398  1,390,136 
  UPC Financing Partnership M Facility, 2.946%, 12/31/14  EUR  750  908,601 
  UPC Financing Partnership M Facility, 2.946%, 11/19/37    850  1,029,748 
  Virgin Media NTL Term Loan B, 5.389%, 9/03/12  GBP  281  408,934 
  Wallace Theater Corp. (Hollywood Theaters) First Lien       
  Term Loan, 5.50%, 7/31/09    USD  400  320,000 
          30,047,226 
Metals & Mining - 0.6%  Algoma Steel Inc. Term Loan, 2.82%, 6/20/13      992  600,417 
Multi-Utilities - 0.4%  FirstLight Power Resources, Inc. (fka NE Energy, Inc.) First       
  Lien Term Loan B, 3.75%, 11/01/13      443  396,054 
  FirstLight Power Resources, Inc. (fka NE Energy, Inc.)       
  Synthetic Letter of Credit, 3.75%, 11/01/13      57  51,030 
          447,084 
Multiline Retail - 1.4%  Dollar General Corp. Tranche B-1 Term Loan, 3.069% -       
  3.789%, 7/07/14      1,500  1,404,644 
Oil, Gas & Consumable Fuels -  Big West Oil, LLC Delayed Advance Loan, 6.50%, 5/15/14    567  445,413 
1.6%  Big West Oil, LLC Initial Advance Loan, 6.50%, 5/15/14    233  182,587 
  Petroleum GEO-Services ASA/PGS Finance, Inc. Term       
  Loan, 2.97%, 6/29/15      508  462,280 
  Vulcan Energy Corp. (fka Plains Resources Inc) Term B3       
  Loan, 5.50%, 8/12/11      500  482,500 
          1,572,780 
Paper & Forest Products - 3.4%  Georgia-Pacific LLC Term B Loan, 2.319% - 3.293%,       
  12/20/12      2,660  2,465,128 
  NewPage Corp. Term Loan, 4.063% - 5%, 12/22/14    1,217  978,322 
          3,443,450 
Personal Products - 0.9%  American Safety Razor Co., LLC Loan (Second Lien),       
  6.57%, 1/30/14      1,250  887,500 
Pharmaceuticals - 0.7%  Warner Chilcott Co., Inc. Tranche B Acquisition Date       
  Term Loan, 2.319% - 3.22%, 1/18/12      483  456,684 

6

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
  Warner Chilcott Corp. Tranche C Acquisition Date Term     
  Loan, 2.139%, 1/18/12  USD  217  $ 204,700 
        661,384 
Professional Services - 1.0%  Booz Allen Hamilton Inc. Tranche B Term Loan, 7.50%,     
  7/31/15    995  986,003 
Road & Rail - 0.7%  RailAmerica, Inc. Canadian Term Loan, 5.20%, 8/14/09  65  62,295 
  RailAmerica, Inc. U.S. Term Loan, 5.20%, 8/14/09  685  653,955 
        716,250 
Specialty Retail - 0.8%  Adesa, Inc. (KAR Holdings, Inc.) Initial Term Loan,     
  2.57% - 3.47%, 10/20/13    400  342,500 
General Nutrition Centers, Inc. Term Loan, 3.45% - 4.50%,
  9/16/13    560  481,600 
        824,100 
Textiles, Apparel & Luxury  Hanesbrands Inc. Term B Loan (First Lien), 5.085% -     
Goods - 0.4%  5.842%, 9/05/13    436  426,014 
Transportation Infrastructure -  SBA Telecommunications Term Loan, 1.994%, 11/01/10  993  883,966 
0.9%         
Wireless Telecommunication  Cricket Communications, Inc. (aka Leap Wireless) Term B     
Services - 3.6%  Loan, 5.75%, 6/16/13    1,567  1,573,302 
  Digicel Group Term Loan B, 3.75%, 3/01/12  925  839,438 
  MetroPCS Wireless, Inc. New Tranche B Term Loan,     
  2.625% - 3.313%, 11/03/13    1,275  1,199,658 
        3,612,398 
  Total Floating Rate Loan Interests - 122.7%    124,149,439 
  Corporate Bonds       
Chemicals - 0.2%  Nalco Co., 8.25%, 5/15/17 (c)    250  251,250 
Containers & Packaging - 0.5%  Crown Americas LLC, 7.625%, 5/15/17 (c)  280  274,400 
  Owens-Brockway Glass Container, Inc., 7.375%,     
  5/15/16 (c)    280  270,900 
        545,300 
Diversified Financial  FCE Bank Plc, 7.125%, 1/16/12                         EUR  100  120,165 
Services - 0.1%         
Diversified Telecommunication  Qwest Corp., 4.57%, 6/15/13 (d)                         USD  750  673,125 
Services - 0.7%         
Hotels, Restaurants &  MGM Mirage, 10.375%, 5/15/14 (c)    300  309,000 
Leisure - 0.6%  MGM Mirage, 11.125%, 11/15/17 (c)  240  251,400 
        560,400 
Independent Power Producers &  Calpine Construction Finance Co. LP, 8%, 6/01/16 (c)  750  713,437 
Energy Traders - 0.7%         
Media - 1.5%  DIRECTV Holdings LLC, 8.375%, 3/15/13  750  755,625 
  EchoStar DBS Corp., 6.375%, 10/01/11  750  724,688 
        1,480,313 
Paper & Forest Products - 0.2%  Verso Paper Holdings LLC, 11.50%, 7/01/14 (c)  200  183,936 
Wireless Telecommunication  Cricket Communications, Inc., 7.75%, 5/15/16 (c)  1,500  1,449,375 
Services - 1.4%         
  Total Corporate Bonds - 5.9%      5,977,301 
  Total Long-Term Investments       
  (Cost - $148,332,767) - 128.6%      130,126,740 

7

BlackRock Defined Opportunity Credit Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                                                                                       Short-Term Securities    Shares  Value 
                                                                                       BlackRock Liquidity Funds, TempFund, 0.535% (e)(f)  3,055,622  $ 3,055,622 
                                                                                       Total Short-Term Securities       
                                                                                       (Cost - $3,055,622) - 3.0%      3,055,622 
                                                                                       Total Investments (Cost - $151,388,389*)  - 131.6%    133,182,362 
                                                                                       Liabilities in Excess of Other Assets - (31.6)%    (31,956,193) 
                                                                                       Net Assets - 100.0%      $ 101,226,169 

* The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009, as computed
for federal income tax purposes, were as follows:

Aggregate cost  $ 151,186,800 
Gross unrealized appreciation  $ 933,368 
Gross unrealized depreciation  (18,937,806) 
Net unrealized depreciation  $ (18,004,438) 

(a) Issuer filed for bankruptcy and/or is in default of interest payments.
(b) Non-income producing security.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration to qualified institutional investors.

(d) Variable rate security. Rate shown is as of report date.
(e) Represents the current yield as of report date.
(f) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:

Affiliate  Net Activity  Income 
BlackRock Liquidity Funds, TempFund  3,055,622  $ 3,218 
BlackRock Liquidity Series, LLC Cash Sweep Series  $ (2,365,561)  $ 14,989 

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

• Foreign currency exchange contracts as of May 31, 2009 were as follows:

            Unrealized 
  Currency    Currency    Settlement  Appreciation 
  Purchased    Sold  Counterparty  Date  (Depreciation) 
EUR  73,000  USD  101,803  Citibank NA  6/02/09  $ 1,394 
USD  2,158,662  GBP  1,543,500  UBS AG  6/10/09  (335,970) 
USD  7,225,029  EUR  5,303,000  Citibank NA  7/15/09  (269,025) 
Total            $ (603,601) 

• Currency Abbreviations:

EUR  Euro 
GBP  British Pound 
USD  US Dollar 

8

BlackRock Defined Opportunity Credit Trust

Schedule of Investments May 31, 2009 (Unaudited)

• Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements"
clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of
investments, which are as follows:

• Level 1 - price quotations in active markets/exchanges for identical securities
• 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)

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

The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of the
Fund's investments:

Valuation  Investments in  Other Financial 
Inputs  Securities  Instruments* 
  Assets  Assets  Liabilities 
Level 1  $ 3,055,622  -  - 
Level 2  99,137,607  $ 1,394  $ (604,995) 
Level 3  30,989,133  -  - 
Total  $ 133,182,362  $ 1,394  $ (604,995) 

* Other financial instruments are foreign currency exchange contracts. Foreign currency exchange contracts
are valued at the unrealized appreciation/depreciation on the instrument.
The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value:

  Investments in 
  Securities 
Balance, as of August 31, 2008  $ 4,841,355 
Realized gain (loss)                     (195,253) 
Change in unrealized appreciation (depreciation)               (1,574,142) 
Net purchases (sales)               (1,826,790) 
Net transfers in/out of Level 3               29,743,963 
Balance, as of May 31, 2009  $ 30,989,133 

9

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 13(a)-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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Defined Opportunity Credit Trust

Date: July 15, 2009

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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust

Date: July 15, 2009

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

Date: July 15, 2009