Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

BHL Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted)

BHL Blackrock Defined Opportunity Credit Trust Blackrock Defined Opportunity Credit Trust (delisted)

Notizie Blackrock Defined Opportunity Credit Trust - BHL

Notizie Blackrock Defined Opportunity Credit Trust - BHL

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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 52 ^nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2013

Date of reporting period: 05/31/2013

Item 1 – Schedule of Investments

Schedule of Investments May 31, 2013 (Unaudited)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Asset-Backed Securities				Par (000)		Value

ACAS CLO Ltd., Series 2012-1A, Class D, 5.12%, 9/20/23 (a)(b)		USD	250		$		251,875
Atrium CDO Corp., Series 9A, Class D, 3.96%, 2/28/24 (a)(b)			250				239,532
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D, 4.78%, 1/20/25 (a)(b)			250				250,125
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.28%, 4/20/23 (a)(b)			215				214,998
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D, 4.48%, 4/17/22 (a)(b)			350				350,070
Highbridge Loan Management Ltd., Series 2012-1A, Class C, 5.27%, 9/20/22 (a)(b)			350				351,750
ING Investment Management, Series 2012-2A, Class D, 4.83%, 10/15/22 (a)(b)			350				352,450
LCM XI LP, Series 11A, Class D2, 4.23%, 4/19/22 (a)(b)			375				375,000
Marea CLO Ltd., Series 2012-1A, Class D, 4.83%, 10/16/23 (a)(b)			400				399,200
OZLM Funding Ltd., Series 2013-3A, Class C, 4.15%, 1/22/25 (a)(b)			250				245,825
Race Point VI CLO Ltd., Series 2012-6A, Class D, 4.77%, 5/24/23 (a)(b)			250				250,925
Symphony CLO Ltd. (a)(b):
	Series 2012-10A, Class D, 5.53%, 7/23/23		350				352,625
	Series 2012-9A, Class D, 4.53%, 4/16/22		500				500,200
West CLO Ltd., Series 2012-1A, Class C, 5.03%, 10/30/23 (a)(b)			250				251,094

Total Asset-Backed Securities – 3.3%						4,385,669

Common Stocks (c)				Shares

Hotels, Restaurants & Leisure — 0.4%
BLB Worldwide Holdings, Inc.			21,020				496,598

Software — 0.3%
HMH Holdings/EduMedia			13,505				357,200

Total Common Stocks – 0.7%						853,798

Corporate Bonds				Par (000)		Value


Airlines — 0.6%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23		USD	76		$		80,643
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18			155				162,750
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18			51				58,576
US Airways 2012-2 Class C Pass Through Trust, 5.45%, 6/03/18 (d)			495				487,575

							789,544

Auto Components — 0.4%
Icahn Enterprises LP, 8.00%, 1/15/18			340				360,400
Schaeffler Finance BV, 4.75%, 5/15/21 (a)			200				196,500

							556,900

Building Products — 0.2%
Momentive Performance Materials, Inc., 8.88%, 10/15/20			260				280,150

Chemicals — 0.1%
INEOS Finance Plc, 8.38%, 2/15/19 (a)			110				122,650

Commercial Services & Supplies — 0.3%
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (a)			286				299,334
UR Merger Sub Corp., 5.75%, 7/15/18			80				85,400

							384,734

Communications Equipment — 0.7%
Avaya, Inc., 7.00%, 4/01/19 (a)			206				192,095
Zayo Group LLC/Zayo Capital, Inc.:
	8.13%, 1/01/20		380				421,800
	10.13%, 7/01/20		250				290,625

							904,520

Consumer Finance — 0.3%
Inmarsat Finance Plc, 7.38%, 12/01/17 (a)			325				341,250

Diversified Financial Services — 1.3%
Ally Financial, Inc., 2.47%, 12/01/14 (b)			440				442,186
Reynolds Group Issuer, Inc.:
	7.13%, 4/15/19		120				127,800
	5.75%, 10/15/20		930				943,950
	6.88%, 2/15/21		185				197,487

							1,711,423

Energy Equipment & Services — 0.4%
Dynegy, Inc., 5.88%, 6/01/23 (a)			210				206,850

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Corporate Bonds				Par (000)				Value

Energy Equipment & Services (concluded)
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (a)		USD	113				$		120,345
Tervita Corp., 8.00%, 11/15/18 (a)			232						240,120

									567,315

Health Care Providers & Services — 0.9%
CHS/Community Health Systems, Inc., 5.13%, 8/15/18			358						373,215
HCA, Inc., 6.50%, 2/15/20			375						422,812
Tenet Healthcare Corp.:
	6.25%, 11/01/18		224						248,080
	4.50%, 4/01/21 (a)		174						170,955

									1,215,062

Health Care Technology — 0.8%
IMS Health, Inc., 12.50%, 3/01/18 (a)			850						997,688

Household Durables — 0.1%
Beazer Homes USA, Inc., 6.63%, 4/15/18			180						195,075

Household Products — 0.1%
Spectrum Brands, Inc., 9.50%, 6/15/18			115						127,219

Independent Power Producers & Energy Traders — 1.4%
Energy Future Intermediate Holding Co. LLC:
	10.00%, 12/01/20					1,405			1,599,944
	10.00%, 12/01/20 (a)					230			260,762

									1,860,706

IT Services — 0.4%
First Data Corp. (a):
	7.38%, 6/15/19		200						211,000
	6.75%, 11/01/20		245						256,025

									467,025

Media — 0.9%
AMC Networks, Inc., 7.75%, 7/15/21					105				118,912
Clear Channel Communications, Inc., 9.00%, 12/15/19 (a)(d)					84				84,420
Clear Channel Worldwide Holdings, Inc. (a):
	6.50%, 11/15/22				192				201,600
	6.50%, 11/15/22				517				545,435
Lynx I Corp., 5.38%, 4/15/21 (a)					200				208,000

									1,158,367

Oil, Gas & Consumable Fuels — 0.5%
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			145						156,600

Corporate Bonds				Par (000)				Value

Oil, Gas & Consumable Fuels (concluded)
Offshore Group Investment Ltd., 7.13%, 4/01/23 (a)		USD	90				$		92,925
Pacific Drilling SA, 5.38%, 6/01/20 (a)(d)			205						202,950
Petrobras Global Finance BV, 3.00%, 1/15/19			170						165,812

									618,287

Real Estate Management & Development — 0.1%
Realogy Corp., 7.63%, 1/15/20 (a)			165						186,863

Wireless Telecommunication Services — 0.7%
Sprint Nextel Corp. (a):
	9.00%, 11/15/18		290						351,625
	7.00%, 3/01/20		550						618,750

									970,375

Total Corporate Bonds – 10.2%								13,455,153

Floating Rate Loan Interests (b)

Aerospace & Defense — 1.4%
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20			515						517,833
DynCorp International LLC, Term Loan B, 6.25%, 7/07/16			255						256,896
The SI Organization, Inc., Term Loan B, 5.50%, 11/22/16			413						410,644
Spirit Aerosystems, Inc., Term Loan B, 3.75%, 4/18/19			366						369,047
Transdigm, Inc., Term Loan C, 3.75%, 2/28/20			224						226,738

									1,781,158

Airlines — 1.4%
Delta Air Lines, Inc.:
	Term Loan, 3.52%, 9/16/15		343						327,845
	Term Loan B, 5.00%, 4/20/17		560						565,513
Northwest Airlines, Inc.:
	2.30%, 3/10/17		119						110,243
	2.30%, 3/10/17		119						110,243
	1.68%, 9/10/18		101						89,243
	1.68%, 9/10/18		100						88,431
	1.68%, 9/10/18		99						87,422
US Airways Group, Inc., Term Loan B1, 4.50%, 5/23/19			460						459,540

									1,838,480

Auto Components — 4.3%
Affinia Group Intermediate Holdings Inc., Term Loan B2, 4.75%, 4/15/20			360						360,900
Autoparts Holdings Ltd., First Lien Term Loan, 6.50%, 7/28/17			627						617,510

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)		Value

Auto Components (concluded)
Federal-Mogul Corp.:
	Term Loan B, 2.13% - 2.14%, 12/29/14	USD	1,518		$		1,485,123
	Term Loan C, 2.13% - 2.14%, 12/28/15		1,238				1,209,742
The Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19			1,150				1,156,072
Schaeffler AG, Term Loan C, 4.25%, 1/27/17			50				50,604
Transtar Holding Co., First Lien Term Loan, 5.50%, 10/09/18			493				497,450
UCI International, Inc., Term Loan B, 5.50%, 7/26/17			341				342,605

							5,720,006

Biotechnology — 0.3%
Grifols, Inc., Term Loan B, 4.25%, 6/01/17			327				328,916

Building Products — 1.4%
Armstrong World Industries, Inc., Term Loan B, 3.50%, 3/16/20			260				260,325
CPG International, Inc., Term Loan, 5.75%, 9/18/19			816				821,342
Wilsonart International Holdings LLC, Term Loan B, 4.00%, 10/31/19			798				798,200

							1,879,867

Capital Markets — 2.0%
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16			523				529,537
HarbourVest Partners LLC, Term Loan B, 4.75%, 11/21/17			349				351,632
Knight Capital Group, Inc., Term Loan B, 5.25%, 11/10/17			435				430,650
Nuveen Investments, Inc.:
	Incremental Term Loan, 4.19%, 5/13/17		1,143				1,146,248
	Second Lien Term Loan, 6.50%, 2/28/19		147				147,368

							2,605,435

Chemicals — 4.4%
AI Chem & Cy S.C.A.:
	Second Lien Term Loan, 8.25%, 4/03/20		125				128,125
	Term Loan B1, 4.50%, 10/03/19		257				258,540
	Term Loan B2, 4.50%, 10/03/19		133				134,310
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17			528				530,784
Chemtura Corp., Exit Term Loan B, 5.50%, 8/27/16			652				657,690
Floating Rate Loan Interests (b)				Par (000)		Value

Chemicals (concluded)
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19		USD	482		$		483,498
General Chemical Corp., Term Loan, 5.00% - 5.75%, 10/06/15			345				347,786
INEOS US Finance LLC:
	3 year Term Loan, 2.19%, 5/04/15		89				89,207
	6 Year Term Loan, 4.00%, 5/04/18		326				326,267
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17			588				586,104
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.50%, 3/19/20			797				803,720
Univar, Inc., Term Loan B, 5.00%, 6/30/17			411				407,889
US Coatings Acquisition, Inc., Term Loan, 4.75%, 2/03/20			1,015				1,022,237

							5,776,157

Commercial Services & Supplies — 4.5%
ADS Waste Holdings, Inc., Term Loan B, 4.25%, 10/09/19			907				912,404
Altegrity, Inc.:
	Term Loan, 5.00%, 2/21/15		190				188,220
	Tranche D Term Loan, 7.75%, 2/20/15		249				251,469
ARAMARK Corp.:
	Extended LC-3 Facility, 3.70%, 7/26/16		9				9,458
	Extended Letter of Credit, 3.70%, 7/26/16		14				13,985
AWAS Finance Luxembourg SA, Term Loan, 3.50%, 7/16/18			304				307,369
AWAS Finance Luxembourg Sarl, Term Loan B, 3.50%, 6/10/16			319				320,850
Catalent Pharma Solutions Inc., Term Loan, 6.50%, 12/29/17			115				116,294
Garda World Security Corp., Term Loan B, 4.50%, 11/13/19			164				165,817
KAR Auction Services, Inc., Term Loan B, 3.75%, 5/19/17			597				605,298
Learning Care Group (US) No. 2 Inc, Term Loan B, 6.00%, 5/08/19			260				260,489
Livingston International Inc., First Lien Term Loan, 5.00%, 4/16/19			310				310,583
Livingston International, Inc., Second Lien Term Loan, 9.00%, 4/16/20			205				208,075
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19			314				316,830

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)		Value

Commercial Services & Supplies (concluded)
Protection One, Inc., Term Loan, 4.25%, 3/21/19		USD	559		$		563,546
Spin Holdco Inc., Term Loan B, 4.25%, 11/14/19			720				723,600
West Corp., Term Loan B8, 4.25%, 6/29/18			690				695,030

							5,969,317

Communications Equipment — 3.5%
Alcatel-Lucent USA, Inc.:
	Term Loan B, 6.25%, 8/01/16		440				444,462
	Term Loan C, 7.25%, 1/30/19		858				866,248
	Term Loan D, 7.50%, 1/30/19	EUR	244				321,216
Arris Group, Inc., Term Loan B, 3.50%, 4/17/20		USD	175				174,891
Avaya, Inc.:
	Extended Term Loan B3, 4.77%, 10/26/17		581				521,048
	Term Loan B5, 8.00%, 3/30/18		143				136,201
CommScope, Inc., Term Loan, 3.75%, 1/12/18			443				446,898
Riverbed Technology, Inc., Term Loan, 4.00%, 12/18/19			347				350,416
Zayo Group, LLC, Term Loan B, 4.50%, 7/02/19			1,299				1,299,362

							4,560,742

Construction & Engineering — 0.9%
BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20			359				361,227
Centaur LLC:
	First Lien Term Loan, 5.25%, 2/15/19		570				574,988
	Second Lien Term Loan, 8.75%, 2/15/20		280				283,676

							1,219,891

Construction Materials — 1.5%
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17			1,921				1,935,061

Consumer Finance — 0.7%
Moneygram International, Inc, Term Loan B, 4.25%, 3/20/20			315				315,788
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17			575				576,924

							892,712

Containers & Packaging — 1.7%
Berlin Packaging LLC:
	First Lien Term Loan, 4.75%, 4/02/19		100				101,042
	Second Lien Term Loan, 8.75%, 4/02/20		135				137,025
Clondalkin Acquisition BV, Term Loan B, 5.75%, 5/29/20			235				235,000
Floating Rate Loan Interests (b)				Par (000)		Value

Containers & Packaging (concluded)
Pact Group Pty Ltd., Term Loan B, 3.75%, 5/29/20		USD	1,000		$		1,010,000
Sealed Air Corp., Term Loan, 4.00%, 10/03/18			378				382,635
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19			395				393,025

							2,258,727

Distributors — 1.3%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20			1,150				1,153,220
Crossmark Holdings, Inc., Term Loan, 4.50%, 12/20/19			234				234,412
VWR Funding, Inc., Extended Term Add on Loan, 4.19%, 4/03/17			279				281,627

							1,669,259

Diversified Consumer Services — 2.3%
Bright Horizons Family Solutions, Inc., Term Loan B, 4.00% - 5.25%, 1/30/20			643				647,730
Dundee Holdco 4 Limited, Term Loan, 5.50%, 4/09/20			210				211,313
Education Management LLC, Term Loan C3, 8.25%, 3/29/18			57				54,000
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18			551				552,456
ServiceMaster Co., Term Loan, 4.25%, 1/31/17			868				867,660
Weight Watchers International, Inc., Term Loan B2, 3.75%, 4/02/20			635				634,644

							2,967,803

Diversified Financial Services — 2.3%
ION Trading Technologies Ltd Inc:
	First Lien Term Loan, 4.50%, 5/22/20		395				397,797
	Second Lien Term Loan, 8.25%, 5/21/21		80				80,600
Reynolds Group Holdings Inc., Dollar Term Loan, 4.75%, 9/28/18			753				758,938
ROC Finance LLC, Term Loan, 5.00%, 5/15/19			250				251,750
Telesat LLC, Term Loan B, 3.50%, 3/28/19			739				743,243
WMG Acquisition Corp.:
	Delayed Draw Term Loan 1, 4.25%, 7/01/20		338				335,714
	Delayed Draw Term Loan 2, 3.75%, 7/01/20		52				52,012
	Term Loan, 3.75%, 7/01/20		410				412,050

							3,032,104

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)		Value

Diversified Telecommunication Services — 4.5%
Consolidated Communications, Inc., Term Loan B3, 5.25%, 12/31/18		USD	878		$		885,261
Hawaiian Telcom Communications, Inc., Term Loan B, 7.00%, 2/28/17			525				527,916
Integra Telecom Inc.:
	First Lien Term Loan, 6.00%, 2/22/19		465				469,650
	Second Lien Term Loan, 9.75%, 2/21/20		245				251,605
Level 3 Financing, Inc.:
	2016 Term Loan B, 4.75%, 2/01/16		667				672,483
	2019 Term Loan B, 5.25%, 8/01/19		220				222,889
	Term Loan, 4.75%, 8/01/19		1,735				1,747,475
Syniverse Holdings, Inc., Delayed Draw Term Loan, 4.00%, 4/23/19			460				461,582
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17			737				735,361

							5,974,222

Electronic Equipment, Instruments & Components — 0.4%
CDW LLC, Term Loan, 3.50%, 4/29/20			525				523,031

Energy Equipment & Services — 1.2%
API Heat Transfer, Inc., Term Loan, 5.25%, 4/30/19			375				375,000
Dynegy Holdings Inc., Term Loan B2, 4.00%, 4/23/20			260				260,595
MEG Energy Corp., Term Loan, 3.75%, 3/31/20			523				525,287
Tervita Corp., Term Loan, 6.25%, 5/15/18			234				236,408
Unifrax Corp., Term Loan, 4.25%, 11/28/18			219				220,685

							1,617,975

Food & Staples Retailing — 4.3%
Alliance Boots Holdings Ltd., Term Loan B1, 3.49%, 7/09/15		GBP	900				1,362,331
JC Penney Corp., Inc., First Lien Term Loan, 6.00%, 5/21/18		USD	1,260				1,276,544
Pilot Travel Centers LLC, Term Loan B2, 4.25%, 8/07/19			483				477,749
Rite Aid Corp.:
	Second Lien Term Loan, 5.75%, 8/21/20		235				242,294
	Term Loan 6, 4.00%, 2/21/20		225				226,172
Sprouts Farmers Markets Holdings, LLC, Term Loan, 4.50%, 4/23/20			345				345,000
Floating Rate Loan Interests (b)				Par (000)		Value

Food & Staples Retailing (concluded)
Supervalue, Inc., Term Loan B, 5.00%, 3/21/19		USD	520		$		517,743
US Foods, Inc., Term Loan, 4.50%, 3/29/19			1,150				1,145,688

							5,593,521

Food Products — 2.6%
Advance Pierre Foods, Inc., Term Loan, 5.75%, 7/10/17			544				546,867
Del Monte Foods Co., Term Loan, 4.00%, 3/08/18			665				667,822
Dole Food Co., Inc., Term Loan, 3.75%, 4/01/20			690				691,601
Michael Foods Group, Inc., Term Loan, 4.25%, 2/23/18			170				172,191
Performance Food Group Co., Second Lien Term Loan, 6.25%, 11/29/19			675				675,169
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/20			700				700,000

							3,453,650

Health Care Equipment & Supplies — 5.1%
Arysta LifeScience Corp.:
	First Lien Term Loan, 4.50%, 5/25/20		940				944,117
	Second Lien Term Loan, 8.25%, 11/30/20		380				383,918
Bausch & Lomb, Inc., Term Loan B, 4.00%, 5/17/19			1,055				1,056,745
Biomet, Inc., Extended Term Loan B, 3.94% - 4.03%, 7/25/17			464				466,168
BSN Medical Acquisition Holding GmbH, Term Loan B1A, 5.00%, 8/28/19			385				388,369
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19			351				352,117
DJO Finance LLC, Term Loan B3, 4.75%, 9/15/17			1,053				1,065,925
Hologic, Inc., Term Loan B, 4.50%, 8/01/19			950				955,254
IASIS Healthcare LLC, Term Loan B2, 4.50%, 5/03/18			96				96,440
Immucor, Inc., Term Loan B2, 5.00%, 8/17/18			813				818,102
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18			213				217,655

							6,744,810

Health Care Providers & Services — 4.9%
American Renal Holdings, Inc.:
	First Lien Term Loan, 4.50%, 9/20/19		660				661,241
	Second Lien Term Loan, 8.50%, 2/14/20		410				412,390

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)					Par (000)		Value

Health Care Providers & Services (concluded)
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18		USD	264			$		267,200
CHG Buyer Corp., First Lien Term Loan, 5.00%, 11/22/19			459					463,532
ConvaTec, Inc., Term Loan, 5.00%, 12/22/16			563					569,479
DaVita, Inc.:
	Term Loan B, 4.50%, 10/20/16		1,003					1,011,699
	Term Loan B2, 4.00%, 11/01/19		408					412,816
Emergency Medical Services Corp., Term Loan, 4.00%, 5/25/18			555					557,454
Genesis HealthCare Corp., Term Loan B, 10.00% - 10.75%, 9/25/17			287					295,413
HCA, Inc., Extended Term Loan B4, 2.95%, 5/01/18			235					235,750
inVentiv Health, Inc.:
	Combined Term Loan, 7.50%, 8/04/16		260					256,596
	Incremental Term Loan B3, 7.75%, 5/15/18		219					216,476
Surgical Care Affiliates, Inc., Term Loan B, 4.25%, 6/29/18			425					426,330
US Renal Care, Inc., First Lien Term Loan, 6.25%, 7/02/19			511					516,888
Vanguard Health Holdings Co. II LLC, Term Loan B, 3.75%, 1/29/16			169					170,819

								6,474,083

Health Care Technology — 1.6%
IMS Health, Inc., Term Loan B1, 3.75%, 9/01/17			745					748,567
Kinetic Concepts, Inc., Term Loan C1, 5.50%, 5/04/18			919					930,033
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19			270					271,388
Merge Healthcare Inc, Term Loan B, 6.00%, 4/23/19			185					185,925

								2,135,913

Hotels, Restaurants & Leisure — 6.7%
Alpha D2 Ltd., Extended Term Loan B2, 6.00%, 4/30/19				329				332,539
Boyd Gaming Corp., Incremental Term Loan, 6.00%, 12/17/15				370				374,571
Caesars Entertainment Operating Co., Inc.:
	Extended Term Loan B6, 5.44%, 1/26/18			125				111,591
	Term Loan, 9.25%, 4/25/17			320				326,400
Golden Living, Term Loan, 5.00%, 5/04/18				365				351,324
Floating Rate Loan Interests (b)					Par (000)		Value

Hotels, Restaurants & Leisure (concluded)
Harrah's Property Co., Mezzanine Term Loan, 3.69%, 2/13/14		USD	3,051			$		2,783,764
Kasima LLC, Term Loan B, 3.25%, 5/14/21			550					551,034
MGM Resorts International, Term Loan B, 3.50%, 12/20/19			543					544,342
OSI Restaurant Partners LLC, Term Loan, 3.50%, 10/25/19			240					239,827
Sabre, Inc., Term Loan B, 5.25%, 2/19/19			319					322,963
Six Flags Theme Parks, Inc., Term Loan B, 4.00% - 5.25%, 12/20/18			305					308,824
Station Casinos, Inc., Term Loan B, 5.00%, 3/01/20			1,200					1,211,100
Travelport LLC:
	Extended Delayed Draw Term Loan, 4.96%, 8/21/15		134					132,985
	Second Lien Term Loan 1, 9.50%, 1/29/16		200					207,778
Twin River Worldwide Holdings, Inc., Term Loan B, 5.25%, 11/09/18			570					576,787
Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19			472					474,838

								8,850,667

Household Products — 1.4%
Anchor Hocking LLC, Term Loan, 7.50%, 5/06/20			95					95,950
Prestige Brands, Inc., Term Loan, 3.75%, 1/31/19			465					468,619
Spectrum Brands, Inc., Term Loan, 4.50% - 5.50%, 12/17/19			925					935,302
Waddington North America Inc.:
	First Lien Term Loan, 4.75%, 5/15/20		275					275,687
	Second Lien Term Loan, 8.50%, 11/16/20		95					95,475

								1,871,033

Independent Power Producers & Energy Traders — 1.9%
The AES Corp., Term Loan B, 3.75%, 6/01/18			766					773,382
Calpine Corp., Term Loan B1, 4.00%, 4/02/18			213					215,063
La Frontera Generation, LLC, Term Loan, 4.50%, 9/30/20			1,080					1,088,100
Star West Generation LLC, Term Loan B, 5.00%, 3/13/20			410					411,025

								2,487,570

Industrial Conglomerates — 0.8%
Sequa Corp., Term Loan B, 5.25%, 6/19/17			1,053					1,062,656

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)		Value

Insurance — 2.3%
Alliant Holdings I, Inc., Term Loan B, 5.00%, 12/20/19		USD	424		$		426,057
Asurion LLC, Term Loan B1, 4.50%, 5/24/19			648				651,040
CNO Financial Group, Inc.:
	Term Loan B1, 3.00%, 9/28/16		369				371,078
	Term Loan B2, 3.75%, 9/20/18		535				537,905
Cooper Gay Swett & Crawford Ltd, First Lien Term Loan, 5.00%, 4/06/20			420				424,725
Cooper Gay Swett & Crawford Ltd., Second Lien Term Loan, 8.25%, 10/05/20			200				203,500
Cunningham Lindsey US, Inc., First Lien Term Loan, 5.00%, 12/10/19			369				372,304

							2,986,609

Internet Software & Services — 0.4%
Web.com Group, Inc., Term Loan B, 4.50%, 10/27/17			512				518,364

IT Services — 4.9%
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19			214				215,535
Ceridian Corp., Extended Term Loan, 5.95%, 5/09/17			954				960,622
First Data Corp.:
	2018 Term Loan, 4.20%, 9/24/18		445				442,713
	Extended 2018 Term Loan B, 4.20%, 3/23/18		2,250				2,239,208
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19			661				666,733
InfoGroup, Inc., Term Loan, 7.50%, 5/25/18			245				222,945
SunGard Data Systems, Inc.:
	Term Loan D, 4.50%, 1/31/20		264				267,642
	Term Loan E, 4.00%, 3/08/20		145				146,541
TransUnion LLC, Term Loan, 4.25%, 2/10/19			1,256				1,264,840

							6,426,779

Leisure Equipment & Products — 0.2%
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19			207				207,144

Life Sciences Tools & Services — 0.2%
Patheon, Inc., Term Loan, 7.25%, 12/06/18			274				277,045

Machinery — 2.7%
Alliance Laundry Systems LLC:
	Second Lien Term Loan, 9.50%, 12/10/19		131				133,527
Floating Rate Loan Interests (b)				Par (000)		Value

Machinery (concluded)
Alliance Laundry Systems LLC (concluded):
	Term Loan, 4.50%, 12/07/18	USD	229		$		230,410
Dematic SA, Term Loan, 5.25%, 12/27/19			569				572,839
Generac Power Systems, Inc., Term Loan B, 3.50%, 5/29/20			785				784,670
Intelligrated, Inc., First Lien Term Loan, 4.50%, 7/30/18			398				400,488
Navistar International Corp., Term Loan B, 5.75%, 8/07/17			206				209,467
Rexnord LLC, Term Loan B, 3.75%, 4/02/18			196				198,497
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			648				648,511
Terex Corp., Term Loan B, 5.00%, 4/28/17		EUR	34				44,597
Wabash National Corp., Term Loan B, 4.50%, 5/02/19		USD	340				341,725

							3,564,731

Media — 14.0%
AMC Entertainment, Inc., Term Loan, 3.50%, 4/30/20			265				265,538
BBHI Acquisition LLC, Term Loan B, 5.25%, 12/14/17			455				455,461
Capsugel Holdings US, Inc., Term Loan B, 4.75%, 8/01/18			530				534,743
Catalina Marketing Corp., 2017 Term Loan B, 5.69%, 9/29/17			508				515,479
Cengage Learning Acquisitions, Inc.:
	Non Extended Term Loan, 2.70%, 7/03/14		226				177,608
	Tranche 1 Incremental, 7.50%, 7/03/14		366				287,850
Charter Communications Operating LLC, Term Loan E, 3.00%, 4/10/20			465				462,177
Clear Channel Communications, Inc.:
	Term Loan B, 3.84%, 1/29/16		373				345,835
	Term Loan C, 3.84%, 1/29/16		42				39,035
	Term Loan D, 6.94%, 1/22/19		1,339				1,249,544
Cumulus Media, Inc., First Lien Term Loan, 4.50%, 9/17/18			581				586,010
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18			358				360,328
Fender Musical Instrument Corp., Term Loan B, 5.75%, 4/03/19			70				69,854
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17			692				700,461
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19			329				330,356
Gray Television, Inc., Term Loan B, 4.75%, 10/15/19			392				397,019

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)						Par (000)			Value

Media (concluded)
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 5.25%, 6/01/18				USD			431	$		430,650
Hubbard Broadcasting, Term Loan B, 4.50%, 4/28/17							403			405,253
Intelsat Jackson Holdings SA, Term Loan B1, 4.25%, 4/02/18							1,605			1,614,851
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18							875			876,928
Kabel Deutschland GmbH, Term Loan F1, 3.25%, 2/01/19							212			211,788
Lavena Holding 4 GmbH:
	Term Loan B, 2.62%, 3/06/15	EUR					460			592,020
	Term Loan C, 3.00%, 3/04/16						460			595,013
Mediacom LLC, Term Loan E, 4.50%, 10/23/17		USD					486			488,579
NEP Supershooters LP:
	Second Lien Term Loan, 9.50%, 8/18/20						131			135,591
	Term Loan, 4.75%, 1/18/20						658			665,348
Nielsen Finance LLC, Term Loan E, 2.95%, 5/02/16							626			631,356
Rentpath, Inc., Term Loan B, 6.25%, 5/29/20							540			531,225
Salem Communications Corp., Term Loan B, 4.50%, 3/16/20							400			404,740
Sinclair Television Group Inc., Term Loan B, 3.00%, 4/09/20							375			376,808
Univision Communications, Inc., Converted Extended Term Loan, 4.50%, 3/02/20							715			712,689
UPC Financing Partnership, Term Loan AG, 3.86%, 3/26/21		EUR					281			365,756
Virgin Media Investment Holdings:
	Term Loan B, 3.50%, 6/05/20	USD					935			933,195
	Term Loan C, 4.50%, 6/05/20	GBP					650			995,481
WC Luxco Sarl, Term Loan B3, 4.25%, 3/15/18		USD					184			184,673
WideOpenWest Finance LLC, Term Loan B, 4.75%, 3/26/19							516			519,651

										18,448,893

Metals & Mining — 4.6%
Ameriforge Group, Inc.:
	First Lien Term Loan, 6.00%, 12/19/19				374					378,428
	Second Lien Term Loan, 8.75%, 12/18/20				185					188,700
Constellium Holdco BV, Term Loan B, 6.25%, 3/25/20					830					843,488
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17					1,436					1,442,182
Murray Energy Corp., Term Loan B, 4.75%, 5/24/19					195					196,121
Floating Rate Loan Interests (b)						Par (000)			Value

Metals & Mining (concluded)
Novelis, Inc., Term Loan, 3.75%, 3/10/17			USD		1,151			$		1,166,655
SunCoke Energy, Inc., Term Loan B, 4.00%, 7/26/18					137					136,844
Walter Energy, Inc., Term Loan B, 5.75%, 4/02/18					990					993,043
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17					635					655,907

										6,001,368

Multiline Retail — 3.4%
99 ¢ Only Stores, Term Loan, 5.25%, 1/11/19					459					464,765
Apex Tool Group LLC, Term Loan B, 4.50%, 2/01/20					485					488,109
BJ's Wholesale Club, Inc.:
	Replacement Term Loan, 4.25%, 9/26/19				413					414,088
	Second Lien Term Loan, 9.75%, 3/26/20				285					291,983
HEMA Holding BV, Second Lien Term Loan, 5.12%, 1/05/17		EUR			1,800					2,185,139
The Neiman Marcus Group, Inc., Extended Term Loan, 4.00%, 5/16/18		USD			690					689,282

										4,533,366

Oil, Gas & Consumable Fuels — 6.5%
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17					985					1,009,064
Everest Acquisition LLC, Term Loan B3, 3.50%, 5/24/18					660					663,135
Gibson Energy ULC, Term Loan B, 4.75%, 6/15/18					737					745,156
GIM Channelview Cogeneration, LLC, Term Loan B, 4.25%, 5/04/20					455					456,137
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15					404					406,252
Pacific Drilling S.A., Term Loan B, 4.50%, 5/30/18					555					557,253
Panda Temple Power LCC, Term Loan B, 7.25%, 4/03/19					360					367,650
Philadelphia Energy Solutions LLC, Term Loan B, 6.25%, 4/04/18					585					595,237
Power Team Services, LLC:
	Delayed Draw Term Loan, 0.50%, 5/06/20				24					24,460
	First Lien Term Loan, 4.25%, 5/06/20				196					195,679
	Second Lien Term Loan, 8.25%, 11/06/20				105					104,475
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.50%, 3/27/20					440					442,200

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)		Value

Oil, Gas & Consumable Fuels (concluded)
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18		USD	295		$		296,549
Teine Energy Ltd., Second Lien Term Loan, 7.50%, 5/09/19			385				385,962
Tesoro Corp., Term Loan B, 2.52%, 1/29/16			540				545,400
Total Safety US, Inc.:
	First Lien Term Loan, 5.75%, 2/21/20		410				412,562
	Second Lien Term Loan, 9.25%, 8/21/20		155				156,932
Vantage Drilling Co.:
	Term Loan, 6.25%, 10/26/17		765				771,740
	Term Loan B, 5.75%, 3/22/19		350				354,084

							8,489,927

Paper & Forest Products — 0.2%
NewPage Corp., Exit Term Loan, 7.75%, 12/21/18			315				321,300

Pharmaceuticals — 4.3%
Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17			1,107				1,109,741
Par Pharmaceutical, Term Loan B, 4.25%, 9/30/19			1,073				1,074,546
Pharmaceutical Product Development, Inc., Term Loan B, 4.25%, 12/05/18			1,088				1,095,197
Quintiles Transnational Corp., Term Loan B, 4.50%, 6/08/18			577				582,483
RPI Finance Trust, Incremental Tranche 2, 4.00%, 11/09/18			88				88,699
Valeant Pharmaceuticals International, Inc.:
	Term Loan C1, 3.50%, 12/11/19		613				616,818
	Term Loan D1, 3.50%, 2/13/19		664				667,132
Warner Chilcott Corp.:
	Incremental Term Loan B1, 4.25%, 3/15/18		101				102,015
	Term Loan B1, 4.25%, 3/15/18		233				234,353
	Term Loan B2, 4.25%, 3/15/18		83				83,043

							5,654,027

Professional Services — 2.0%
Booz Allen Hamilton, Inc., Term Loan B, 4.50%, 7/31/19			642				646,056
Emdeon Business Services, LLC, Term Loan B2, 3.75%, 11/02/18			726				730,024
ON Assignment, Inc, Term Loan B, 3.50%, 4/30/20			260				261,378
Floating Rate Loan Interests (b)				Par (000)		Value

Professional Services (concluded)
Sirva Worldwide, Inc., Term Loan, 7.50%, 3/27/19		USD	430		$		426,775
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/01/19			600				601,465

							2,665,698

Real Estate Investment Trusts (REITs) — 0.5%
iStar Financial, Inc., Term Loan, 4.50%, 9/28/17			711				717,882

Real Estate Management & Development — 1.7%
Realogy Corp.:
	Extended Letter of Credit, 4.45%, 10/10/16		88				88,334
	Extended Term Loan, 4.50%, 3/05/20		2,055				2,073,413
	Letter of Credit, 6.20%, 10/10/13		21				20,836

							2,182,583

Road & Rail — 0.4%
Genesee & Wyoming, Inc., Term Loan A, 2.19%, 9/29/17			252				252,636
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18			229				231,071

							483,707

Semiconductors & Semiconductor Equipment — 0.9%
Freescale Semiconductor, Inc., Term Loan B4, 5.00%, 3/02/20			790				793,523
NXP BV, Term Loan C, 4.75%, 1/11/20			434				442,591

							1,236,114

Software — 4.0%
Blackboard, Inc., Term Loan B2, 6.25%, 10/04/18			115				117,350
CompuCom Systems, Inc., Term Loan B, 4.25%, 5/08/20			200				200,750
Evertec, Inc., Term Loan B, 3.50%, 4/15/20			245				244,326
GCA Services Group, Inc.:
	Second Lien Term Loan, 9.25%, 10/22/20		220				223,300
	Term Loan B, 5.25%, 11/01/19		439				441,728
Infor US, Inc., Term Loan B2, 5.25% - 6.25%, 4/05/18			1,082				1,091,910
Kronos, Inc., Second Lien Term Loan, 9.75%, 4/30/20			345				360,525
RP Crown Parent LLC, First Lien Term Loan, 6.75%, 12/21/18			359				363,926
Sophia LP, Term Loan B, 4.50%, 7/19/18			628				632,519

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)				Par (000)			Value

Software (concluded)
SS&C Technologies, Inc.:
	Term Loan B-1, 5.00%, 6/07/19	USD	783		$			786,938
	Term Loan B-2, 5.00%, 6/07/19		81					81,407
StoneRiver Holdings, Inc.:
	First Lien Term Loan, 4.75%, 11/20/19		455					455,191
	Second Lien Term Loan, 8.75%, 11/20/20		225					225,000

								5,224,870

Specialty Retail — 6.9%
Academy Ltd., Term Loan, 4.50%, 8/03/18			790					796,801
Atlantic Aviation FBO, Inc., Term Loan B, 3.25%, 5/20/20			135					135,127
Bass Pro Group LLC, Term Loan, 4.00%, 11/20/19			608					610,135
Burlington Coat Factory Warehouse Corp., Term Loan B1, 5.50%, 2/23/17			152					152,949
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19			853					857,671
Equinox Holdings, Inc, Repriced Term Loan B, 4.50%, 1/31/20			455					457,844
The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18			77					75,676
Harbor Freight Tools USA, Inc., Term Loan B, 6.50%, 11/14/17			457					462,636
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18			283					284,654
Leslie's Poolmart, Inc., Term Loan B, 4.00% - 5.25%, 10/16/19			727					733,741
Michaels Stores, Inc., Term Loan, 3.75%, 1/28/20			670					672,841
Party City Holdings, Inc., Term Loan B, 4.25%, 7/29/19			1,202					1,201,875
PETCO Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17			785					792,365
Reddy Ice Corp.:
	First Lien Term Loan, 6.75%, 3/28/19		570					572,137
	Secod Lien Term Loan, 10.75%, 11/01/19		270					270,000
SRAM LLC, Term Loan B, 4.00% - 5.25%, 4/10/20			193					193,332
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18			398					396,221
Toys ‘R’ Us Delaware, Inc., Term Loan B3, 5.25%, 5/25/18			38					37,370
The Yankee Candle Co., Inc., Term Loan B, 5.25%, 4/02/19			388					388,387

								9,091,762

Floating Rate Loan Interests (b)				Par (000)			Value

Textiles, Apparel & Luxury Goods — 1.3%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18		USD	916		$			920,329
PVH Corp., Term Loan B, 3.25%, 2/13/20			350					351,487
Wolverine Worldwide, Inc., Term Loan B, 4.00%, 7/31/19			495					499,252

								1,771,068

Thrifts & Mortgage Finance — 0.6%
Insight Global, Inc., First Lien Term Loan, 6.00%, 10/31/19			449					452,242
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18			375					379,376

								831,618

Trading Companies & Distributors — 0.4%
WESCO Distribution, Inc., Term Loan B, 4.50%, 12/12/19			509					511,686

Wireless Telecommunication Services — 2.2%
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19			489					491,219
Light Tower Fiber LLC, First Lien Term Loan, 4.50%, 4/13/20			610					614,959
Vodafone Americas Finance 2, Inc. (e):
	PIK Term Loan, 6.88%, 8/11/15		1,314					1,330,548
	Term Loan B, 6.25%, 7/11/16		413					422,812

								2,859,538

Total Floating Rate Loan Interests – 133.9%							176,230,845

Warrants (f)				Shares

HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)			691					—

Total Long-Term Investments (Cost – $191,705,182) – 148.1%							194,925,465

Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (g)(h)			5,559,196			5,559,196

Total Short-Term Securities (Cost – $5,559,196) – 4.2%							5,559,196

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

(Percentages shown are based on Net Assets)

		Value
*Total Investments (Cost -- $197,264,378) – 152.3%**		$	200,484,661
Liabilities in Excess of Other Assets – (52.3)%			(68,845,335)
Net Assets – 100.0%		$	131,639,326

*	As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
	Tax cost	$	197,519,912
		$	3,786,997
	Gross unrealized depreciation		(822,248)
	Net unrealized appreciation	$	2,964,749

Notes to Schedule of Investments

(a)

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.

(b)

Variable rate security. Rate shown is as of report date.

(c)

Non-income producing security.

(d)

When-issued security. Unsettled when-issued transactions were as follows:

Counterparty

Value

Unrealized Appreciation
(Depreciation)

Bank of America Corp.

18,352

2,007

Citigroup Inc.

66,068

7,223

Goldman Sachs Group, Inc.

202,950

(2,050)

Goldman Sachs Group, Inc.

487,575

(7,425)

(e)

Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(f)

Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

(g)

Investments in issuers considered to be an affiliate of the Trust during the period ended May 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares
Held at
August 31, 2012

Net
Activity

Shares
Held at
May 31, 2013

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

2,326,441

3,232,755

5,559,196

744

(h)

Represents the current yield as of report date.

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:

DIP

Debtor-In-Possession

EUR

Euro

GBP

British Pound

USD

US Dollar

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

•

Foreign currency exchange contracts as of May 31, 2013 were as follows:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

GBP

647,000

USD

984,174

Citigroup, Inc.

7/17/13

(1,408)

GBP

720,000

USD

1,113,757

Goldman Sachs Group, Inc.

7/17/13

(20,107)

USD

97,970

CAD

100,000

Barclays Plc

7/17/13

1,615

USD

1,223,206

GBP

799,000

Barclays Plc

7/17/13

9,558

USD

965,333

GBP

642,000

Citigroup, Inc.

7/17/13

(9,839)

USD

1,098,245

GBP

720,000

Goldman Sachs Group, Inc.

7/17/13

4,594

USD

3,884,701

EUR

2,976,000

Barclays Plc

7/23/13

15,589

USD

130,628

EUR

100,000

Deutsche Bank AG

7/23/13

618

USD

73,707

EUR

56,000

Goldman Sachs Group, Inc.

7/23/13

901

Total

1,521

•

Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows:

Issuer

Receive
Fixed
Rate

Counterparty

Expiration
Date

Credit Rating ³

Notional
Amount
(000) ²

Unrealized Appreciation (Depreciation)

Caesars Entertainment Operating Co., Inc.

5.00%

JPMorgan Chase & Co.

12/20/15

CCC--

USD

1,797

Caesars Entertainment Operating Co., Inc.

5.00%

JPMorgan Chase & Co.

12/20/15

USD

124

11,753

Caesars Entertainment Operating Co., Inc.

5.00%

Goldman Sachs Group, Inc.

3/20/16

CCC--

USD

241

Caesars Entertainment Operating Co., Inc.

5.00%

Goldman Sachs Group, Inc.

3/20/16

CCC--

USD

241

Caesars Entertainment Operating Co., Inc.

5.00%

Goldman Sachs Group, Inc.

3/20/16

CCC--

USD

143

(1,068)

Caesars Entertainment Operating Co., Inc.

5.00%

Goldman Sachs Group, Inc.

6/20/16

CCC--

USD

190

(5,284)

Caesars Entertainment Operating Co., Inc.

5.00%

Goldman Sachs Group, Inc.

3/20/17

CCC--

USD

(5,777)

Caesars Entertainment Operating Co., Inc.

5.00%

Deutsche Bank AG

6/20/17

CCC--

USD

127

(7,339)

Total

(5,436)

Using Standard & Poor's (“S&P”) rating of the underlying securities of the indexes.

The maximum potential amount the Fund may pay should a negative event take place as defined under the terms of agreement.

Using S&P’s rating of the issuer.

•

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. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:
			Level 1				Level 2			Level 3				Total
Assets:
Investments:
Long-Term Investments:
	Asset-Backed Securities			—				—	$	4,385,669		$		4,385,669
	Common Stocks			—	$			853,798		—				853,798
	Corporate Bonds			—				13,455,153		—				13,455,153
	Floating Rate Loan Interests			—				159,195,154		17,035,691				176,230,845
Short-Term Securities		$		5,559,196				—		—				5,559,196
Total		$	5,559,196			$		173,504,105	$		21,421,360		$	200,484,661


			Level 1				Level 2			Level 3				Total
Derivative Financial Instruments ¹
Assets:
Credit contracts			—				$ 14,032			—		$		14,032
Foreign currency exchange contracts			—				32,875			—				32,875
Liabilities:
Credit contracts			—				(19,468)			—				(19,468)
Foreign currency exchange contracts			—				(31,354)			—				(31,354)
Total			—				$ (3,915)			—		$		(3,915)

Derivative financial instruments are swaps and foreign currency exchange contracts. Swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

Schedule of Investments (concluded)

BlackRock Defined Opportunity Credit Trust (BHL)

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

			Level 1			Level 2	Level 3		Total
Assets:
Foreign currency at value	$	34,893			—		—	$	34,893
Liabilities:
Loans payable		—			$ (53,000,000)		—		(53,000,000)
Total	$	34,893		$ (53,000,000)			—	$	(52,965,107)

There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.

Certain of the Trust's investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
	Asset-Backed Securities		Floating Rate Loan Interests	Total
Assets:
Opening Balance, as of August 31, 2012	$	3,427,772	$ 10,204,028	$	13,631,800
Transfers into Level 3 ¹		—	2,294,266		2,294,266
Transfers out of Level 3 ²		—	(3,270,541)		(3,270,541)
Accrued discounts/premiums		17,907	24,394		42,301
Net realized gain (loss)		69,457	121,657		191,114
Net change in unrealized appreciation/ depreciation ³		330,278	176,203		506,481
Purchases		1,573,108	12,736,821		14,309,929
Sales		(1,032,853)	(5,251,137)		(6,283,990)
Closing Balance, as of May 31, 2013	$	4,385,669	$ 17,035,691		$ 21,421,360

BLACKROCK DEFINED OPPORTUNITY CREDIT TRUST

MAY 31, 2013

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 25, 2013

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 25, 2013

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Defined Opportunity Credit Trust

Date: July 25, 2013

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Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used observable inputs in determining the value of certain investments. As of May 31, 2013, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $2,294,266 transferred from Level 2 to Level 3 in the disclosure hierarchy.

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used significant unobservable inputs in determining the value of certain investments. As of May 31, 2013, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,270,541 transferred from Level 3 to Level 2 in the disclosure hierarchy.

The change in unrealized appreciation/depreciation on investments still held as of May 31, 2013 was $528,857.