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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: Anne F. Ackerley, 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: 08/31/2010

Date of reporting period: 05/31/2010

Item 1 – Schedule of Investments

Schedule of Investments May 31, 2010 (Unaudited)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

Common Stocks                                             Shares               Value
Capital Markets — 0.2%       
E*Trade Financial Corp. (a)                                    163,000        $ 241,240
Software — 0.5%       
HMH Holdings/EduMedia (a)                                  105,177           657,359
Total Common Stocks – 0.7%                                                       898,599
    Par   
Corporate Bonds (000)
Airlines — 0.3%       
Delta Air Lines, Inc., Series B,       
9.75%, 12/17/16                         USD                       300           324,750
Auto Components — 0.9%       
Delphi International Holdings       
   Unsecured, 12.00%, 10/06/14  13  12,923 
Icahn Enterprises LP (b):       
       7.75%, 1/15/16    375  352,500 
       8.00%, 1/15/18    750  705,000 
1,070,423  
Building Products — 0.3%       
Building Materials Corp. of       
America, 7.00%, 2/15/20 (b)                                   375              371,250
Chemicals — 0.7%       
CF Industries, Inc., 6.88%,       
   5/01/18    415  415,519 
LBI Escrow Corp., 8.00%,       
   11/01/17 (b)    475  483,312 
898,831  
Commercial Services & Supplies — 0.5%     
Clean Harbors, Inc., 7.63%,       
   8/15/16    400  410,000 
The Geo Group, Inc., 7.75%,       
   10/15/17 (b)    250  249,063 
659,063  
Consumer Finance — 0.4%       
Inmarsat Finance Plc, 7.38%,       
12/01/17 (b)                                                             425          423,938
Containers & Packaging — 0.8%     
Berry Plastics Corp.:       
       8.25%, 11/15/15    700  687,750 
       9.50%, 5/15/18 (b)    325  290,875 
978,625 
Diversified Financial Services — 2.4%     
CIT Group, Inc., 7.00%, 5/01/17  1,375  1,240,937 
FCE Bank Plc:       
       7.13%, 1/16/12  EUR  600  732,605 
       7.13%, 1/15/13    50  60,437 

  Par   
Corporate Bonds (000) Value
Diversified Financial Services     
(concluded)     
GMAC, Inc., 8.30%, 2/12/15 (b) USD  850  $ 853,188 
2,887,167 
Diversified Telecommunication Services — 1.4%   
ITC Deltacom, Inc., 10.50%,     
   4/01/16 (b)  250  240,000 
New Communications Holdings, Inc. (b):     
7.88%, 4/15/15  500  496,250 
8.25%, 4/15/17  290  287,100 
Qwest Corp., 8.38%, 5/01/16  640  694,400 
1,717,750 
Energy Equipment & Services — 0.4%     
Expro Finance Luxembourg SCA,     
8.50%, 12/15/16 (b)                                                500        485,000
Food Products — 1.1%     
B&G Foods, Inc., 7.63%, 1/15/18  300  299,250 
Bumble Bee Foods LLC, 7.75%,     
   12/15/15 (b)  210  208,950 
Smithfield Foods, Inc., 10.00%,     
   7/15/14 (b)  740  792,262 
1,300,462 
Health Care Providers & Services — 0.6%     
American Renal Holdings, 8.38%,     
   5/15/18 (b)  135  131,288 
DaVita, Inc., 6.63%, 3/15/13  405  401,962 
HCA, Inc., 7.25%, 9/15/20  220  219,450 
752,700 
Health Care Technology — 0.8%     
IMS Health, Inc., 12.50%,     
3/01/18 (b)                                                        850          975,375 
Hotels, Restaurants & Leisure — 0.2%     
MGM Mirage, 11.13%,     
11/15/17 (b)                                                       240          259,800 
Household Durables — 0.7%     
Beazer Homes USA, Inc., 12.00%,     
10/15/17                                                            715         793,650 
IT Services — 0.3%     
SunGard Data Systems, Inc.,     
4.88%, 1/15/14                                                  383         357,148 
Independent Power Producers &     
Energy Traders — 2.7%     
Calpine Construction Finance Co.     
   LP, 8.00%, 6/01/16 (b)  1,165  1,176,650 
Energy Future Holdings Corp.,     
   10.00%, 1/15/20 (b)  400  398,000 
NRG Energy, Inc., 7.25%, 2/01/14  1,700  1,678,750 
    3,253,400 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

EUR  Euro  MSCI  Morgan Stanley Capital International 
FKA  Formerly Known As  USD  US Dollar 
GBP  British Pound     

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

1

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Corporate Bonds                                                        (000)                 Value
Media — 1.5%       
Clear Channel Worldwide Holdings,     
   Inc. (b):       
       Series A, 9.25%, 12/15/17  USD  185  $ 187,312 
       Series B, 9.25%, 12/15/17    740  752,950 
DISH DBS Corp., 7.00%, 10/01/13  425  431,375 
UPC Germany GmbH, 8.13%,       
   12/01/17 (b)    500  490,000 
1,861,637 
Oil, Gas & Consumable Fuels — 0.1%     
Coffeyville Resources LLC, 9.00%,     
4/01/15 (b)                                                                140           138,600 
Paper & Forest Products — 1.4%       
NewPage Corp., 11.38%,       
   12/31/14    1,565  1,463,275 
Verso Paper Holdings LLC,       
   11.50%, 7/01/14 (b)    200  213,500 
1,676,775 
Textiles, Apparel & Luxury Goods — 0.4%     
Phillips-Van Heusen Corp., 7.38%,     
5/15/20                                                                     445           447,225 
Wireless Telecommunication Services — 1.5%     
Cricket Communications, Inc.,       
   7.75%, 5/15/16    1,125  1,141,875 
Nextel Communications, Inc.,       
   Series E, 6.88%, 10/31/13    525  502,687 
Sprint Capital Corp., 8.38%,       
   3/15/12    175  180,250 
1,824,812 
Total Corporate Bonds – 19.4%                                                     23,458,381
Floating Rate Loan Interests (c)
Aerospace & Defense — 0.9%       
Hawker Beechcraft Acquisition Co., LLC:     
       Letter of Credit Facility       
       Deposit, 2.10%, 3/26/14    37  30,702 
       Term Loan, 2.34%, 3/26/14  628  516,205 
TASC, Inc.:       
       Tranche A Term Loan, 5.50%,     
       12/18/14    166  165,474 
       Tranche B Term Loan, 5.75%,     
       12/18/15    329  329,175 
1,041,556 
Auto Components — 2.7%       
Affinion Group Holdings, Inc., Term     
   Loan B, 5.00%, 4/08/16    750  717,187 
Allison Transmission, Inc., Term       
   Loan, 3.01% - 3.10%, 8/07/14  2,135  1,935,670 

    Par   
Floating Rate Loan Interests (c)                              (000)                   Value
Auto Components (concluded)       
Dana Holding Corp., Term       
   Advance, 4.53% - 4.73%,       
   1/30/15  USD  519 $  499,342 
Exide Technologies, Term Loan,       
   3.69%, 5/15/12  EUR  150  167,076 
3,319,275 
Automobiles — 1.3%       
Ford Motor Co.:       
       Tranche B-1 Term Loan,       
       3.31% - 3.34%, 12/15/13  USD  1,467  1,366,249 
       Tranche B-2 Term Loan,       
       3.26%, 12/15/13    249  230,664 
1,596,913 
Beverages — 0.9%       
SW Acquisitions Co., Inc.,       
Term Loan, 5.75%, 6/01/16                                    1,123       1,118,992 
Building Products — 1.8%       
Building Materials Corp. of       
   America, Term Loan Advance,       
   3.13%, 2/22/14    486  469,047 
Goodman Global, Inc., Term Loan,       
   6.25%, 2/13/14    1,223  1,221,858 
Momentive Performance Materials       
   (Blitz 06-103 GmbH),       
   Tranche B-2 Term Loan, 2.68%,       
   12/04/13  EUR  493  529,633 
2,220,538 
Capital Markets — 0.2%       
Nuveen Investments, Inc., Term       
Loan, 3.32% - 3.33%, 11/13/14 USD                          298         252,629 
Chemicals — 7.2%       
CF Industries Holdings, Inc., Bridge       
   Loan, 4.50%, 3/17/15    1,190  1,188,727 
Chemtura Corp., Debtor in       
   Possession Return of Capital       
   Term Loan, 6.00%, 1/26/11    850  851,594 
Gentek Holding, LLC, Tranche B       
   Term Loan, 7.00%, 10/29/14    499  498,438 
Huish Detergents, Inc., Tranche B       
   Term Loan, 2.11%, 4/26/14    234  222,468 
Lyondell Chemical Co., Exit Term       
   Loan, 5.50%, 3/24/16    400  399,572 
Matrix Acquisition Corp. (FKA       
   MacDermid, Inc.), Tranche B       
   Term Loan, 2.65%, 4/12/14    1,486  1,356,023 
Nalco Co., Term Loan, 6.50%,       
   5/13/16    1,216  1,214,800 
PQ Corp. (FKA Niagara Acquisition,       
   Inc.), Term Loan (First Lien),       
   3.59% - 3.61%, 7/30/14    1,230  1,117,745 
Rockwood Specialties Group, Inc.,       
   Term Loan H, 6.00%, 5/15/14    700  698,687 

2 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)                               (000)                 Value
Chemicals (concluded)       
Solutia, Inc., Term Loan, 4.75%,       
   3/01/17  USD  1,100  $ 1,098,166 
8,646,220  
Commercial Services & Supplies — 5.1%     
ARAMARK Corp.:       
       Letter of Credit,       
       2.23%, 1/26/14    19  17,870 
       Line of Credit, 3.60%,       
       7/26/16    31  29,689 
       Term Loan B, 3.54%, 7/26/16  466  451,437 
       US Term Loan, 2.17%,       
       1/26/14    285  271,724 
Adesa, Inc. (KAR Holdings, Inc.),       
   Initial Term Loan, 3.11%,       
   10/21/13    326  309,129 
Advanced Disposal Services, Inc.,     
   Term Loan B, 6.00%, 1/14/15  399  397,504 
Alliance Laundry Systems LLC,       
   Term Loan, 2.79% - 2.84%,       
   1/27/12    513  497,157 
Casella Waste Systems, Inc., Term     
   Loan B, 7.00%, 4/09/14    560  558,440 
International Lease Finance Corp.:     
       Term Loan 1, 6.75%, 2/23/15  950  927,675 
       Term Loan 2, 7.00%, 3/05/16  425  413,525 
Johnson Diversey, Inc., Tranche B     
   Dollar, 5.50%, 11/24/15    499  498,750 
Synagro Technologies, Inc., Term     
   Loan (First Lien), 2.34% -2.36%,     
   4/02/14    980  880,639 
West Corp., Incremental Term       
   Loan B-3, 7.25%, 10/24/13    895  893,963 
6,147,502 
Communications Equipment — 0.2%     
Sorenson Communications, Term     
Loan C, 6.00%, 10/27/14                                         190         185,250 
Construction & Engineering — 1.1%     
Safway Services, LLC, First Out       
   Term Loan, 9.00%, 12/14/17    750  750,000 
Welding Services, Term Loan B,       
   5.50%, 3/23/16    550  548,854 
1,298,854 
Consumer Finance — 3.0%       
American General Finance Corp.,     
   Term Loan, 7.25%, 4/16/16    1,750  1,694,000 
Chrysler Financial Corp., Term       
   Loan (Second Lien), 6.84%,       
   8/02/13    1,955  1,929,515 
3,623,515 
Containers & Packaging — 1.9%       
Anchor Glass Container Corp.,       
   Term Loan B, 6.00%, 2/18/16  523  517,854 

    Par   
Floating Rate Loan Interests (c)                                    (000)                     Value
Containers & Packaging (concluded)     
BWAY Corp.:       
       Term Loan, 5.50%, 5/21/17  USD  457  $ 454,674 
       Term Loan Canada, 5.50%,       
       5/20/17    43  42,743 
Berry Plastics Holding Corp.,       
   Term Loan C, 2.26%, 4/03/15    677  605,855 
Smurfit Kappa Acquisitions (JSG):       
       C1 Term Loan Facility, 4.04% -       
       4.27%, 7/16/15    303  362,530 
       Term B1, 3.80% - 4.37%,       
       7/16/14  EUR  306  366,368 
2,350,024 
Diversified Consumer Services — 2.9%     
Coinmach Laundry Corp., Delayed       
   Draw Term Loan, 3.30% - 3.47%,       
   11/14/14  USD  247  215,320 
Coinmach Service Corp., Term       
   Loan, 3.47%, 11/14/14    1,470  1,277,916 
Laureate Education, Series A New       
   Term Loan, 7.00%, 8/15/14    1,990  1,965,622 
3,458,858 
Diversified Financial Services — 3.3%     
CIT Group, Inc., Tranche 2A Term       
   Loan, 9.50%, 1/20/12    739  754,405 
MSCI, Inc., Term Loan B, 4.75%,       
   6/30/16    1,575  1,569,094 
Reynolds Group Holdings, Inc., US       
   Term Loan, 6.25%, 5/05/16    1,689  1,662,627 
3,986,126 
Diversified Telecommunication       
Services — 3.1%       
Hawaiian Telcom Communications,       
   Inc., Tranche C Term Loan,       
   4.75%, 5/30/14    513  361,604 
Integra Telecom Holdings, Inc.,       
   Term Loan, 9.25%, 4/12/15    825  820,528 
Level 3 Communications,       
   Incremental Term Loan, 2.55%       
   3/13/14    1,300  1,168,608 
US Telepacific Corp., Term Loan       
   (Second Lien), 9.25%, 7/25/15    175  174,672 
Wind Finance SL SA, Euro Facility       
   (Second Lien), 7.65%,       
   12/17/14  EUR  1,000  1,216,407 
3,741,819 
Electrical Equipment — 0.4%       
Baldor Electric Co., Term Loan,       
5.25%, 1/31/14                            USD                            513           510,056 
Electronic Equipment, Instruments &     
Components — 2.9%       
CDW Computer Centers, Inc., Term       
   Loan B, 3.30%, 10/10/14    1,000  880,000 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

3

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)                                    (000)                   Value
Electronic Equipment, Instruments &     
Components (concluded)       
Flextronics International Ltd.:       
       A Closing Date Loan, 2.54% -       
       2.55%, 10/01/14  USD  103 $  96,027 
       Term Loan B, 2.54%,       
       10/01/12    563  538,919 
L-1 Identity Solutions Operating       
   Co., Term Loan, 6.75%, 8/05/13    634  630,534 
Matinvest 2 SAS/Butterfly Wendel US,     
   Inc. (Deutsche Connector):       
       B-2 Facility, 3.87%, 6/22/14    832  713,322 
       B-2 Facility, 3.87%, 6/22/14    54  46,234 
       C-2 Facility, 4.12%, 6/22/15    705  604,754 
       C-2 Facility, 4.12%, 6/22/15    27  22,834 
3,532,624 
Energy Equipment & Services — 0.4%     
MEG Energy Corp., Term Loan D,       
6.00%, 4/03/16                                                            498          490,193 
Food & Staples Retailing — 2.9%       
AB Acquisitions UK Topco 2 Ltd.       
   (FKA Alliance Boots), Facility B1,       
   3.56%, 7/09/15  GBP  500  650,543 
Bolthouse Farms, Inc., Term Loan       
   B, 5.50%, 2/04/16  USD  500  497,656 
Pierre Foods, Term Loan B,       
   7.00%, 2/17/16    494  496,219 
Pilot Travel Centers, Term Loan B,       
   5.25%, 11/18/15    1,000  998,393 
Rite Aid Corp., Tranche 4 Term       
   Loan, 9.50%, 6/10/15    897  909,464 
3,552,275 
Food Products — 3.4%       
CII Investment, LLC (FKA Cloverhill),     
   Term Loan B:       
       8.50%, 10/14/14    482  481,836 
       8.50%, 10/14/14    586  586,021 
Dole Food Co., Inc.:       
       Credit-Linked Deposit, 8.07%,       
       4/12/13    127  127,265 
       Term Loan B, 5.00% - 5.50%,       
       2/10/17    383  382,861 
       Term Loan C, 5.00% - 5.50%,       
       2/10/17    952  950,931 
Pilgrim's Pride Corp., Term Loan A,       
   5.29%, 12/01/12    550  544,500 
Pinnacle Foods Finance LLC,       
   Tranche C Term Loan, 7.50%,       
   4/02/14    1,100  1,087,282 
4,160,696 
Health Care Equipment & Supplies — 1.7%     
Biomet, Inc., Dollar Term Loan,       
   3.28% - 3.35%, 3/25/15    408  396,795 

    Par   
Floating Rate Loan Interests (c)                               (000)                   Value
Health Care Equipment & Supplies (concluded)   
DJO Finance LLC (ReAble       
   Therapeutics Finance LLC), Term     
   Loan, 3.35%, 5/20/14  USD  881 $  846,663 
Fresenius AG:       
       Term Loan C1, 4.50%,       
       9/01/14    509  508,096 
       Term Loan C2, 4.50%,       
       9/01/14    291  290,237 
2,041,791 
Health Care Providers & Services — 5.2%     
Ardent Health Services, Inc., Term     
   Loan, 6.50%, 8/10/15    700  684,250 
CHS/Community Health Systems, Inc.:     
       Delayed Draw Term Loan,       
       2.79%, 7/25/14    78  73,194 
       Funded Term Loan, 2.60% -     
       2.79%, 7/25/14    1,540  1,439,608 
DaVita, Inc., Tranche B-1 Term       
   Loan, 1.79% - 1.85%, 10/05/12  200  195,111 
HCA, Inc.:       
       Tranche A-1 Term Loan,       
       1.79%, 11/16/12    1,795  1,698,198 
       Tranche B-1 Term Loan,       
       2.54%, 11/18/13    70  66,150 
Harden Healthcare, Term Loan A,     
   8.50%, 2/22/15    398  390,218 
Renal Advantage Holdings, Inc.,     
   Term Loan, 6.00%, 5/25/16    525  522,375 
Vanguard Health Holding Co. II,       
   LLC (Vanguard Health Systems,     
   Inc.), Initial Term Loan, 5.00%,     
   1/29/16    1,200  1,183,800 
6,252,904 
Health Care Technology — 1.1%     
IMS Healthcare, Term Loan B,       
5.25%, 2/16/16                                                     1,287       1,275,780 
Hotels, Restaurants & Leisure — 4.6%     
BLB Worldwide Holdings, Inc.       
   (Wembley, Inc.), First Priority       
   Term Loan, 4.75%, 7/18/11    1,000  703,333 
Blackstone UTP Capital LLC, Term     
   Loan B, 5.50% - 6.00%,       
   10/23/14    400  398,080 
Harrah's Operating Co., Inc.:       
       Term Loan B-2, 3.32%,       
       1/28/15    331  276,074 
       Term Loan B-3, 3.29% -       
       3.32%, 1/28/15    1,050  875,000 
       Term Loan B-4, 9.50%,       
       10/31/16    748  748,644 
Penn National Gaming, Inc.,       
   Term Loan B, 2.05% - 2.12%,       
   10/03/12    566  549,210 

4 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)                                (000)                  Value
Hotels, Restaurants & Leisure (concluded)     
Six Flags Theme Parks, Inc., Exit     
   Term Loan, 6.00%, 4/19/16  USD  850 

$ 844,378 

VML US Finance LLC (FKA Venetian     
   Macau) Term B:       
       Delayed Draw Project Loan,     
       4.80%, 5/25/12    416  400,265 
       Funded Project Loan, 4.80%,     
       5/27/13    725  698,871 
5,493,855 
IT Services — 4.2%       
Amadeus Global Travel Distribution SA:     
       Term Loan B, 3.78%, 5/22/15  648  618,663 
       Term Loan C, 4.28%, 5/22/16  662  631,776 
Ceridian Corp., US Term Loan,       
   3.35%, 11/09/14    746  683,698 
First Data Corp.:       
       Initial Tranche B-2 Term Loan,     
       3.03% - 3.04%, 9/24/14    1,019  856,885 
       Initial Tranche B-3 Term Loan,     
       3.03% - 3.04%, 9/24/14    1,459  1,227,908 
SunGard Data Systems, Inc. (Solar     
   Capital Corp.), Incremental Term     
   Loan, 6.75%, 2/28/14    1,040  1,032,280 
5,051,210 
Independent Power Producers &     
Energy Traders — 1.3%       
Dynegy Holdings, Inc.:       
       Term Letter of Credit Facility,     
       4.11%, 4/02/13    486  461,960 
       Tranche B Term Loan, 4.11%,     
       4/02/13    39  37,093 
Texas Competitive Electric       
   Holdings Co., LLC (TXU), Initial     
   Tranche B-3 Term Loan,       
   3.79% - 3.80%, 10/10/14    1,458  1,113,570 
1,612,623 
Industrial Conglomerates — 1.8%     
Sequa Corp., Term Loan, 3.48% -     
3.55%, 12/03/14                                                   2,339       2,136,271 
Insurance — 0.6%       
Alliant Holdings I, Inc., Term Loan,     
3.29%, 8/21/14                                                       730           667,933 
Internet & Catalog Retail — 0.2%     
FTD Group, Inc., Tranche B Term     
Loan, 6.75%, 8/26/14                                               191          190,580  
Machinery — 1.9%       
Accuride Corp., Term Loan, 9.75%,     
   1/31/12    460  457,604 
Bucyrus International, Term       
   Loan C, 4.50%, 1/26/16    515  511,998 

    Par   
Floating Rate Loan Interests (c)                              (000)                  Value
Machinery (concluded)       
LN Acquisition Corp. (Lincoln Industrial):     
       Delayed Draw Term Loan (First     
       Lien), 3.59%, 7/11/14  USD  245 $  231,861 
       Initial US Term Loan (First       
       Lien), 3.54% - 3.59%,       
       7/11/14    637  601,687 
Oshkosh Truck Corp., Term Loan B,     
   6.26%, 12/06/13    495  494,294 
2,297,444 
Marine — 0.3%       
Horizon Lines, Inc.:       
       Return of Capital, 3.51% -       
       3.57%, 8/08/12    218  186,254 
       Term Loan A, 3.55%, 8/08/12  155  139,243 
325,497 
Media — 17.9%       
Cengage Learning Acquisitions,       
   Inc. (Thomson Learning),       
   Tranche 1 Incremental Term       
   Loan, 7.50%, 7/03/14    1,886  1,895,034 
Cequel Communications, LLC,       
   Term Loan, 2.29%, 11/05/13  532  506,994 
Charter Communications Operating,     
   LLC:       
       New Term Loan, 2.30%,       
       3/06/14    337  311,490 
       Term Loan B1, 2.30%,       
       3/25/14    325  324,949 
       Term Loan C, 3.55%, 9/06/16  2,531  2,356,130 
FoxCo Acquisition Sub, LLC, Term     
   Loan, 7.50%, 7/14/15    653  636,309 
HMH Publishing Co., Ltd., Tranche     
   A Term Loan, 5.53%, 6/12/14  883  808,047 
Hanley-Wood, LLC (FSC       
   Acquisition), Term Loan,       
   2.63% - 2.75%, 3/10/14    739  406,616 
Harland Clarke Holdings Corp.       
   (FKA Clarke American Corp.),       
   Tranche B Term Loan, 2.79% -     
   2.85%, 6/30/14    621  541,327 
Insight Midwest Holdings, LLC,       
   Term Loan B, 2.03% - 2.04%,       
   4/07/14    250  236,072 
Intelsat Corp. (FKA PanAmSat Corp.):     
       Tranche B-2-A Term Loan,       
       2.79%, 1/03/14    240  228,736 
       Tranche B-2-B Term Loan,       
       2.79%, 1/03/14    240  228,666 
       Tranche B-2-C Term Loan,       
       2.79%, 1/03/14    240  228,666 
Lamar Media Corp., Term Loan B,     
   4.25%, 12/30/16    525  524,016 

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

5

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)                                (000)                    Value
Media (concluded)       
Lavena Holding 3 GmbH       
   (Prosiebensat.1 Media AG):       
       Facility B1, 3.34%, 6/28/15  EUR  510  $ 462,855 
       Facility C1, 3.59%, 6/30/16    510  462,855 
Local TV Finance, LLC, Term Loan,       
   2.30%, 5/07/13  USD  224  201,362 
Mediacom Broadband, Term Loan       
   E, 4.50%, 10/23/17    1,075  1,050,364 
Newsday, LLC:       
       Fixed Rate Term Loan,       
       10.50%, 8/01/13    750  787,500 
       Floating Rate Term Loan,       
       6.55%, 8/01/13    500  504,583 
Nielsen Finance LLC, Dollar Term Loan:     
       2.30%, 8/09/13    244  228,035 
       4.05%, 8/09/13    200  186,550 
       Class B, 4.05%, 5/01/16    1,156  1,112,708 
Regal Cinemas Corp., Term       
   Loan B, 3.79%, 11/06/16    500  496,042 
Sinclair Television Group, Inc.,       
   Tranche B Term Loan, 6.75%,       
   10/29/15    462  462,260 
Springer Science+Business Media       
   SA, Facility A1, 6.75%, 7/01/16  EUR  1,100  1,344,797 
Sunshine Acquisition Ltd. (FKA HIT       
   Entertainment), Term Facility,       
   5.60%, 3/20/12  USD  601  553,098 
UPC Financing Partnership, Facility       
   U, 4.99%, 12/31/17  EUR  800  907,386 
Virgin NTL Cable Plc, Term Loan B,       
   4.41%, 12/31/15  GBP  750  1,044,560 
Weather Channel, Term Loan B,       
   5.00%, 9/14/15  USD  1,132  1,128,546 
Worldcolor Press Inc. and       
   Worldcolor (USA) Corp. (FKA       
   Quebecor World, Inc.), Advance,       
   9.00%, 7/23/12    796  802,179 
Yell Group Plc TPI, Term Loan A,       
   2.48%, 8/09/11    703  682,031 
21,650,763 
Multi-Utilities — 0.2%       
FirstLight Power Resources, Inc. (FKA     
   NE Energy, Inc.):       
       Synthetic Letter of Credit,       
       2.81%, 11/01/13    25  23,230 
       Term B Advance (First Lien),       
       2.81%, 11/01/13    238  224,554 
247,784 
Multiline Retail — 2.4%       
Dollar General Corp., Tranche B-1       
   Term Loan, 3.09% - 3.10%,       
   7/07/14    526  504,848 

    Par   
Floating Rate Loan Interests (c)                                   (000)                     Value
Multiline Retail (concluded)       
Hema Holding BV, Facility D,       
   5.42%, 1/01/17  EUR  1,800  $ 1,943,797 
The Neiman Marcus Group, Inc.,       
   Term Loan, 2.25% - 2.28%,       
   4/06/13  USD  495  451,481 
2,900,126 
Oil, Gas & Consumable Fuels — 1.6%     
Big West Oil, LLC:       
       Delayed Draw Loan, 4.50%,       
       5/15/14    442  436,384 
       Initial Advance Loan, 4.50%,       
       5/15/14    352  347,123 
       Initial Advance Loan, 12.00%,       
       1/26/15    325  325,542 
Tronox Worldwide LLC:       
       Tranche B-1 Term Loan,       
       9.00%, 6/24/10    631  632,559 
       Tranche B-2 Term Loan,       
       9.00%, 6/24/10    169  169,941 
1,911,549 
Paper & Forest Products — 0.6%       
Georgia-Pacific LLC, Term Loan B,       
2.29% - 2.54%, 12/23/12                                          754             735,467 
Personal Products — 0.3%       
American Safety Razor Co., LLC:       
       Loan (Second Lien), 10.50%,       
       1/30/14    500  206,250 
       Term Loan (First Lien), 6.75%,       
       7/31/13    193  175,000 
381,250 
Pharmaceuticals — 1.4%       
Warner Chilcott Co., LLC, Term       
   Loan A, 5.50%, 10/30/14    628  626,896 
Warner Chilcott Corp.:       
       Additional Term Loan, 5.75%,       
       4/30/15    289  288,423 
       Term Loan B-1, 5.75%,       
       4/30/15    481  480,277 
       Term Loan B-2, 5.75%,       
       4/30/15    269  268,854 
1,664,450 
Professional Services — 0.8%       
Booz Allen Hamilton, Inc., Tranche       
B Term Loan, 7.50%, 7/31/15                                      985            985,924 
Real Estate Management &       
Development — 1.7%       
Realogy Corp.:       
       Delayed Draw Term Loan B,       
       3.29%, 10/10/13    1,047  882,892 
       Initial Term Loan B, 3.29%,       
       10/10/13    590  497,287 

6 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)                                   (000)                  Value
Real Estate Management & Development (concluded)   
Realogy Corp. (concluded):       
       Synthetic Letter of Credit,       
       3.35%, 10/10/13  USD  159 $  133,885 
       Term Loan (Second Lien),       
       13.50%, 10/15/17    500  525,000 
2,039,064 
Software — 1.1%       
Reynolds & Reynolds, Term Loan,       
   5.25%, 4/16/17    543  538,438 
Telcordia Technologies, Inc., Term       
   Loan B, 6.75%, 4/09/16    800  786,000 
1,324,438 
Specialty Retail — 1.7%       
Bass Pro Group LLC Term Loan B,       
   5.00% - 5.75%, 4/06/15    460  457,401 
Burlington Coat Factory       
   Warehouse Corp., Term Loan,       
   2.67%, 5/28/13    190  174,393 
General Nutrition Centers, Inc.,       
   Term Loan, 2.54% - 2.60%,       
   9/16/13    275  262,044 
Matalan, Term Loan, 5.57%,       
   3/24/16  GBP  300  430,863 
Michaels Stores, Inc.:       
       Term Loan B-1, 2.56% -       
       2.81%, 10/31/13  USD  511  464,954 
       Term Loan B-2, 4.81% -       
       5.06%, 7/31/16    249  236,905 
2,026,560 
Textiles, Apparel & Luxury Goods — 1.2%     
Hanesbrands, Inc., New Term       
   Loan, 5.25% - 5.50%, 12/10/15    461  460,366 
PVH/Hilfiger, US Term Loan B,       
   4.75%, 4/19/16    950  949,555 
1,409,921 
Wireless Telecommunication Services — 2.3%     
Cavtel Holdings, LLC, Term Loan,       
   10.50%, 12/31/12    212  195,368 
Digicel International Finance Ltd.,       
   Tranche A, 2.81%, 3/30/12    1,463  1,423,144 
MetroPCS Wireless, Inc., Tranche B       
   Term Loan, 2.56% - 2.63%,       
   11/03/13    1,262  1,208,655 
2,827,167 
Total Floating Rate Loan Interests –     
101.7%      122,684,266 

  Beneficial   
  Interest   
Other Interests (d)                                       (000)                    Value
Auto Components — 1.0%     
Delphi Debtor-in-Possession     
Holding Co. LLP, Class B     
Membership Interest —(e)                                                   $ 1,174,939
Total Other Interests – 1.0%                                                  1,174,939
Total Long-Term Investments     
(Cost – $149,246,693) – 122.8%                                    148,216,185
Short-Term Securities Shares
BlackRock Liquidity Funds,     
   TempFund, Institutional Class,     
0.16% (f)(g)                                                 5,149,860        5,149,860
Total Short-Term Securities     
(Cost – $5,149,860) – 4.3%                                                 5,149,860
Total Investments     
(Cost – $154,396,553*) – 127.1%    153,366,045 
Liabilities in Excess of Other Assets – (27.1)%  (32,678,414) 
Net Assets – 100.0%  $ 120,687,631 

* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2010, as computed for federal income tax purposes, were as

follows:   
Aggregate cost  $ 154,396,553 
Gross unrealized appreciation  $ 2,875,629 
Gross unrealized depreciation  (3,906,137) 
Net unrealized depreciation  $ (1,030,508) 

(a) Non-income producing security.
(b) 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.
(c) Variable rate security. Rate shown is as of report date.
(d) Other interests represent beneficial interest in liquidation trusts and other
reorganization entities and are non-income producing.
(e) Amount is less than $1,000.

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

7

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(f) Investments in companies considered to be an affiliate of the Trust, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, as

amended, were as follows:

  Shares Held    Shares Held   
  at    at   
  August 31,  Net  May 31,   
Affiliate  2009  Activity  2010  Income 
BlackRock         
 Liquidity Funds,         
 TempFund,         
 Institutional         
 Class  --  5,149,860  5,149,860  $3,317 

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

• Foreign currency exchange contracts as of May 31, 2010 were as follows:

              Unrealized 
Currency    Currency  Counter-        Settlement             Appreciation      
Purchased     Sold  party  Date     (Depreciation) 
EUR  95,000  USD  117,865  Citibank     
        NA  7/14/10  $ (1,226) 
USD  9,709,369  EUR  7,736,500  BNP     
        Paribas  7/14/10  210,585 
GBP  1,493,000  USD  2,215,909  Citibank     
        NA  7/28/10  (56,487) 
USD  1,150,088  GBP  742,500  Citibank     
        NA  7/28/10  76,162 
USD  3,369,054  GBP  2,177,500  Royal     
        Bank of     
        Scotland  7/28/10  219,596 
Total            $ 448,630 

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

• 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
assets and liabilities

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

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

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

8 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

The following tables summarize the inputs used as of May 31, 2010 in determining the fair valuation of the Trust's investments:

Investments in Securities
Valuation Inputs    Level 1      Level 2     Level 3        Total      
Assets:                   
Long-Term Investments:                   
   Common Stocks  $ 241,240   --    $ 657,359  $ 898,599 
   Corporate Bonds      $ 23,445,458    12,923    23,458,381 
   Floating Rate Loan Interests    --  106,196,139    16,488,127    122,684,266 
   Other Interests      --   --      1,174,939    1,174,939 
Short-Term Securities      5,149,860   --      --    5,149,860 
Total  $ 5,391,100  $ 129,641,597  $ 18,333,348  $ 153,366,045 
             Other Financial Instruments1           
Valuation Inputs  Level 1    Level 2    Level 3    Total        
Assets   --   $ 506,343  $ 6,322     $ 512,665          
Liabilities   -- (57,713)    (22,731)   (80,444)   
Total   --   $ 448,630  $ (16,409)            $ 432,221                   

1 Other financial instruments are foreign currency exchange contracts and unfunded loan commitments,
which are value at the unrealized appreciation/depreciation on the instrument.

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to   
determine fair value:             
    Investments in Securities       
    Corporate  Floating Rate Loan     
  Common Stock  Bonds  Interests    Other Interests  Total 
Balance, as of August 31, 2009  --  --  $ 24,495,356    --  $ 24,495,356 
Accrued discounts/premiums  --  --  382,046    --  382,046 
Realized gain (loss)  --  --  184,697    --  184,697 
Change in unrealized appreciation             
(depreciation)2  --  --  2,969,575    --  2,969,575 
Net purchases (sales)  --  --  (8,597,257)    --  (8,597,257) 
Net transfers in/out of Level 3  $ 657,359  $ 12,923  (2,946,290)  $ 1,174,939  (1,101,069) 
Balance, as of May 31, 2010  $ 657,359  $ 12,923  $ 16,488,127  $ 1,174,939  $ 18,333,348 
2 The change in the unrealized appreciation/depreciation on securities still held on May 31, 2010 was $66,628.   

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

9

Schedule of Investments (concluded)

BlackRock Defined Opportunity Credit Trust (BHL)

The following table is a reconciliation of Level 3 other financial instruments for which significant unobservable inputs were used
in determining fair value:

  Other Financial   
  Instruments3   
  Assets  Liabilities 
Balance, as of August 31, 2009  $ 60,517  -- 
Accrued discounts/premiums  --  -- 
Realized gain (loss)  --  -- 
Change in unrealized appreciation (depreciation)  (54,195) $  (22,731) 
Net purchases/sales  --  -- 
Net transfers in/out of level 3  --  -- 
Balance, as of May 31, 2010  $ 6,322 $  (22,731) 
 3Other financial instruments are unfunded loan commitments.     

10 BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Defined Opportunity Credit Trust

Date: July 23, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Defined Opportunity Credit Trust

Date: July 23, 2010

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

Date: July 23, 2010