Edgar Filing: BLACKROCK CREDIT ALLOCATION INCOME TRUST

BLACKROCK CREDIT ALLOCATION INCOME TRUST

JULY 31, 2017

BLACKROCK CREDIT ALLOCATION INCOME TRUST

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: 811-21972


Name of Fund:		BlackRock Credit Allocation Income Trust (BTZ)

Fund Address:		100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit

Allocation Income 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: 10/31/2017

Date of reporting period: 07/31/2017

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2017 (Unaudited)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Asset-Backed Securities (a)(b)	Par (000)			Value
Asset-Backed Securities — 3.2%
ALM Loan Funding, Series 2012-5A, Class BR, (3 mo. LIBOR US + 3.000%), 4.16%, 10/18/26		USD	1,000	$	1,003,274
ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.450%), 4.76%, 7/28/26			4,500		4,524,367
ALM XVII Ltd., Series 2015-17A, Class B1, (3 mo. LIBOR US + 3.400%), 4.70%, 1/15/28			1,400		1,416,856
AMMC CLO Ltd., Series 2015-17A, Class C, (3 mo. LIBOR US + 3.250%), 4.43%, 11/15/27			1,000		1,004,426
Anchorage Capital CLO 3 Ltd., Series 2014-3A, Class C, (3 mo. LIBOR US + 3.500%), 4.81%, 4/28/26			1,000		1,000,035
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.250%), 4.56%, 7/22/26			1,300		1,300,956
Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 3.900%), 5.07%, 1/30/24			750		753,706
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class DR, (3 mo. LIBOR US + 3.600%), 4.90%, 10/15/26			2,500		2,504,403
Atrium X, Series 10A, Class DR, (3 mo. LIBOR US + 3.000%), 4.30%, 7/16/25			1,500		1,499,405
Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class B, (3 mo. LIBOR US + 3.050%), 4.35%, 4/18/27			1,000		1,001,158
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.350%), 4.54%, 11/23/25			1,000		1,001,686
Carlyle Global Market Strategies CLO Ltd.:
Series 2013-3A, Class C, (3 mo. LIBOR US + 3.400%), 4.70%, 7/15/25			1,000		1,002,941
Series 2016-1A, Class C, (3 mo. LIBOR US + 4.900%), 6.21%, 4/20/27			1,000		1,014,351
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.000%), 5.31%, 10/20/29			1,000		1,010,357


Asset-Backed Securities (a)(b)	Par (000)			Value
Asset-Backed Securities (continued)
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, (3 mo. LIBOR US + 3.500%), 4.67%, 10/29/26		USD	1,000	$	1,001,918
Highbridge Loan Management Ltd.:
Series 4A-2014, Class B, (3 mo. LIBOR US + 3.000%), 4.31%, 7/28/25			750		750,867
Series 6A-2015, Class C, (3 mo. LIBOR US + 3.070%), 4.24%, 5/05/27			1,500		1,501,377
Series 8A-2016, Class D, (3 mo. LIBOR US + 4.850%), 6.16%, 4/20/27			500		508,866
ING IM CLO Ltd., Series 2013-2A, Class C, (3 mo. LIBOR US + 3.500%), 4.81%, 4/25/25			1,000		1,004,337
LCM XVIII LP, Series 18A, Class C1, (3 mo. LIBOR US + 3.150%), 4.46%, 4/20/27			1,000		1,000,342
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.600%), 4.91%, 10/20/26			1,000		1,000,015
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR, (3 mo. LIBOR US + 2.150%), 3.46%, 1/19/25			1,000		1,001,703
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.250%), 4.56%, 7/20/26			2,000		2,000,441
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.200%), 3.52%, 1/27/26			2,000		2,003,689
Mill Creek II CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.850%), 6.16%, 4/20/28			1,000		1,012,827
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class C2, (3 mo. LIBOR US + 3.250%), 4.56%, 1/23/27			1,600		1,607,571
Octagon Investment Partners XXVI Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.950%), 6.25%, 4/15/27			500		507,333


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Asset-Backed Securities (a)(b)		Par (000)		Value
Asset-Backed Securities (continued)
OZLM XI Ltd., Series 2015-11A, Class B, (3 mo. LIBOR US + 3.000%), 4.17%, 1/30/27	USD		2,750	$	2,750,672
Regatta IV Funding, Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.000%), 3.31%, 7/25/26 (c)			1,500		1,500,000
Regatta V Funding Ltd., Series 2014-1A :
Class BR, (3 mo. LIBOR US + 2.300%), 3.61%, 10/25/26			1,000		1,002,292
Class C, (3 mo. LIBOR US + 3.450%), 4.76%, 10/25/26			1,000		999,989
Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US + 4.800%), 6.10%, 4/15/28			1,000		1,015,613
Symphony CLO XV Ltd., Series 2014-15A :
Class CR, (3 mo. LIBOR US + 2.200%), 3.50%, 10/17/26			2,500		2,506,131
Class DR, (3 mo. LIBOR US + 3.350%), 4.65%, 10/17/26			1,000		999,937
Venture XIII CLO Ltd., Series 2013-13A, Class D, (3 mo. LIBOR US + 3.550%), 4.78%, 6/10/25			800		800,344
Webster Park CLO Ltd., Series 2015-1A, Class B1, (3 mo. LIBOR US + 3.100%), 4.41%, 1/20/27			4,000		4,005,128
Total Asset-Backed Securities — 3.2%					50,519,313



Corporate Bonds
Aerospace & Defense — 0.6%
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (b)			536		554,090
KLX, Inc., 5.88%, 12/01/22 (b)			725		762,156
Mexico City Airport Trust, 4.25%, 10/31/26 (b)			1,350		1,388,813
TransDigm, Inc.:
6.00%, 7/15/22			4,360		4,556,200
6.50%, 7/15/24			1,560		1,651,650

					8,912,909


Corporate Bonds		Par (000)		Value
Air Freight & Logistics — 0.1%
XPO Logistics, Inc. (b):
6.50%, 6/15/22	USD		1,565	$	1,625,644
6.13%, 9/01/23			352		366,080

					1,991,724
Airlines — 0.8%
American Airlines Group, Inc., 4.63%, 3/01/20 (b)			692		714,054
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18			2,040		2,093,550
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 7/02/24			2,885		3,249,283
Turkish Airlines Pass Through Trust, Series 2015-1 Class A, 4.20%, 9/15/28 (b)			2,700		2,626,019
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,425		3,546,898
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 4/23/22 (b)			743		759,305

					12,989,109
Auto Components — 0.7%
Allison Transmission, Inc., 5.00%, 10/01/24 (b)			68		70,380
General Motors Financial Co., Inc., 4.35%, 1/17/27			2,710		2,761,726
Goodyear Tire & Rubber Co., 5.00%, 5/31/26			535		551,050
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			3,950		4,002,140
6.00%, 8/01/20			3,108		3,193,470

					10,578,766
Automobiles — 0.5%
Ford Motor Co., 7.45%, 7/16/31			3,660		4,675,775
General Motors Co.:
4.88%, 10/02/23			1,875		2,026,374
6.25%, 10/02/43			940		1,064,764

					7,766,913
Banks — 4.6%
Barclays PLC, 4.84%, 5/09/28			4,975		5,168,567
CIT Group, Inc.:
5.50%, 2/15/19 (b)			3,967		4,162,573
5.00%, 8/01/23			660		715,275
City National Corp., 5.25%, 9/15/20			2,900		3,153,614
Cooperatieve Rabobank UA, 3.95%, 11/09/22 (d)			3,775		3,973,482


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Banks (continued)
Credit Suisse Group AG, 6.50%, 8/08/23 (b)	USD		6,000	$	6,795,000
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 4/17/26 (d)			5,000		5,360,515
Discover Bank/Greenwood, 8.70%, 11/18/19			748		846,733
Fifth Third Bancorp, (3 mo. LIBOR US + 3.033%), 5.10% (e)(f)			5,000		5,162,500
HSBC Finance Corp., 6.68%, 1/15/21 (d)			5,150		5,842,036
Intesa Sanpaolo SpA, 5.71%, 1/15/26 (b)			5,840		6,195,796
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23			10,080		11,215,966
SunTrust Banks, Inc., (3 mo. LIBOR US + 3.102%), 5.05% (e)(f)			5,270		5,329,288
Wells Fargo & Co. (d):
4.13%, 8/15/23			4,000		4,257,844
5.61%, 1/15/44			4,119		4,918,856

					73,098,045
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (d)			6,170		6,929,336
Molson Coors Brewing Co., 4.20%, 7/15/46			1,665		1,645,100

					8,574,436
Biotechnology — 0.5%
Amgen, Inc., 4.66%, 6/15/51 (d)			6,709		7,285,652
Building Products — 0.2%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (b)			424		450,500
Building Materials Corp. of America, 6.00%, 10/15/25 (b)			1,832		1,957,950
Masonite International Corp., 5.63%, 3/15/23 (b)			610		640,500
Standard Industries, Inc., 5.13%, 2/15/21 (b)			420		435,750
USG Corp., 4.88%, 6/01/27 (b)			445		459,462

					3,944,162
Capital Markets — 2.6%
E*Trade Financial Corp., 5.38%, 11/15/22			1,348		1,413,698
Goldman Sachs Group, Inc.:
6.25%, 9/01/17			625		627,304
7.50%, 2/15/19 (d)			5,165		5,598,023
5.25%, 7/27/21			1,175		1,294,422


Corporate Bonds		Par (000)		Value
Capital Markets (continued)
Goldman Sachs Group, Inc. (continued):
5.75%, 1/24/22 (d)	USD		5,500	$	6,197,494
6.25%, 2/01/41			15,000		19,604,400
Morgan Stanley, 5.63%, 9/23/19 (d)			6,770		7,274,927

					42,010,268
Chemicals — 1.1%
Axalta Coating Systems LLC, 4.88%, 8/15/24 (b)			715		738,237
Basell Finance Co. BV, 8.10%, 3/15/27 (b)(d)			6,000		8,017,218
Chemours Co., 5.38%, 5/15/27			317		334,039
Huntsman International LLC:
4.88%, 11/15/20			72		75,600
5.13%, 11/15/22			2,495		2,647,819
NOVA Chemicals Corp. (b):
4.88%, 6/01/24			956		961,975
5.25%, 6/01/27			2,071		2,076,177
Platform Specialty Products Corp. (b):
10.38%, 5/01/21			165		181,913
6.50%, 2/01/22			1,372		1,423,450
PQ Corp., 6.75%, 11/15/22 (b)			935		1,012,624

					17,469,052
Commercial Services & Supplies — 2.9%
Aviation Capital Group Corp. (b):
7.13%, 10/15/20			31,000		35,275,148
6.75%, 4/06/21			7,850		8,916,540
CD&R Waterworks Merger Sub LLC, 6.13%, 8/15/25 (b)(g)			437		445,740
KAR Auction Services, Inc., 5.13%, 6/01/25 (b)			859		895,508
United Rentals North America, Inc., 7.63%, 4/15/22			315		329,175

					45,862,111
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b)			467		502,025
CommScope Technologies LLC, 5.00%, 3/15/27 (b)			2,896		2,903,240
CommScope, Inc., 5.50%, 6/15/24 (b)			254		267,653
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 5/15/25			1,418		1,536,757
5.75%, 1/15/27 (b)			593		628,580

					5,838,255


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Construction & Engineering — 0.2%
BlueLine Rental Finance Corp., 9.25%, 3/15/24 (b)	USD		2,288	$	2,482,480
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23			825		808,500

					3,290,980
Construction Materials — 0.5%
Allegion US Holding Co., Inc., 5.75%, 10/01/21			1,907		1,968,977
HD Supply, Inc. (b):
5.25%, 12/15/21			3,278		3,441,900
5.75%, 4/15/24			1,701		1,822,196
PulteGroup, Inc., 5.50%, 3/01/26			926		996,608

					8,229,681
Consumer Discretionary — 0.2%
Brand Energy & Infrastructure Services, Inc., 8.50%, 7/15/25 (b)			2,160		2,300,400
Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (b)			475		490,437

					2,790,837
Consumer Finance — 1.1%
Ally Financial, Inc.:
5.13%, 9/30/24			590		628,940
4.63%, 3/30/25			136		140,579
8.00%, 11/01/31			5,539		6,875,284
Capital One Bank USA NA, 3.38%, 2/15/23 (d)			2,000		2,029,782
Discover Financial Services, 3.85%, 11/21/22			3,252		3,364,919
IHS Markit Ltd., 4.75%, 2/15/25 (b)			452		475,730
Navient Corp.:
6.63%, 7/26/21			461		494,423
7.25%, 9/25/23			996		1,089,674
Total System Services, Inc., 3.80%, 4/01/21			1,630		1,699,785

					16,799,116
Containers & Packaging — 1.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 2/15/25 (b)			811		863,715
Ball Corp., 4.38%, 12/15/20			681		713,347
International Paper Co., 7.30%, 11/15/39 (d)			10,000		13,663,090
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC: 5.75%, 10/15/20			2,866		2,930,485


Corporate Bonds		Par (000)		Value
Containers & Packaging (continued)
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC: (continued)
6.88%, 2/15/21	USD		68	$	69,926
7.00%, 7/15/24 (b)			1,247		1,348,319
Sealed Air Corp., 6.88%, 7/15/33 (b)			182		210,892

					19,799,774
Diversified Consumer Services — 0.4%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (b)			1,295		1,443,925
Service Corp. International, 4.50%, 11/15/20			4,382		4,447,730

					5,891,655
Diversified Financial Services — 4.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
4.63%, 10/30/20			961		1,024,995
4.63%, 7/01/22			518		556,345
Air Lease Corp., 3.75%, 2/01/22			5,000		5,221,660
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,256,881
Bank of America Corp.:
5.00%, 5/13/21 (d)			17,100		18,701,381
4.45%, 3/03/26			1,765		1,861,161
Citigroup, Inc., 6.68%, 9/13/43 (d)			4,125		5,578,526
Ford Motor Credit Co. LLC, 5.88%, 8/02/21			9,420		10,521,895
General Motors Financial Co., Inc.:
6.75%, 6/01/18			1,700		1,768,447
4.38%, 9/25/21			2,260		2,391,116
4.25%, 5/15/23			1,681		1,762,507
ING Bank NV, 5.00%, 6/09/21 (b)(d)			8,000		8,758,176
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)			1,705		1,751,888
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,310,340
Resparcs Funding LP I, 8.00% (f)(h)			4,000		680,000
Royal Bank of Scotland Group PLC:
6.10%, 6/10/23			2,500		2,784,992
5.13%, 5/28/24			5,250		5,577,033

					77,507,343
Diversified Telecommunication Services — 6.2%
AT&T, Inc.:
5.00%, 3/01/21 (d)			8,575		9,325,287
6.30%, 1/15/38 (d)			12,000		14,063,796
4.30%, 12/15/42			265		243,313


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued):
4.35%, 6/15/45	USD		367	$	332,495
CenturyLink, Inc.:
Series S, 6.45%, 6/15/21			1,660		1,792,285
Series Y, 7.50%, 4/01/24			1,181		1,282,861
Frontier Communications Corp.:
6.25%, 9/15/21			491		431,923
7.63%, 4/15/24			1,309		1,061,926
6.88%, 1/15/25			3,964		3,142,738
Level 3 Financing, Inc.:
5.38%, 8/15/22			2,095		2,152,613
5.13%, 5/01/23			1,183		1,230,320
5.38%, 1/15/24			754		793,585
5.38%, 5/01/25			2,003		2,128,188
Telefonica Emisiones SAU:
3.19%, 4/27/18			6,550		6,615,140
5.21%, 3/08/47			5,000		5,542,860
Verizon Communications, Inc. (d):
5.15%, 9/15/23			8,775		9,762,916
6.40%, 9/15/33			9,475		11,519,023
6.55%, 9/15/43			13,225		16,183,274
5.01%, 4/15/49			10,578		10,541,781

					98,146,324
Electric Utilities — 4.5%
CMS Energy Corp., 5.05%, 3/15/22			9,900		10,881,120
Duke Energy Corp., 3.55%, 9/15/21			3,650		3,809,830
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.440%), 6.75%, 6/15/76 (e)			7,500		8,550,000
Great Plains Energy, Inc., 5.29%, 6/15/22 (i)			5,550		6,125,502
Midland Cogeneration Venture LP, 5.25%, 3/15/25 (b)			3,953		4,001,711
NiSource Finance Corp., 6.80%, 1/15/19			472		503,195
Oncor Electric Delivery Co. LLC (d):
4.10%, 6/01/22			4,150		4,429,399
5.30%, 6/01/42			2,750		3,316,261
Progress Energy, Inc., 7.00%, 10/30/31			12,000		16,221,540
Puget Energy, Inc.:
6.00%, 9/01/21			275		311,205
5.63%, 7/15/22			5,550		6,231,595
Southern Co., 4.40%, 7/01/46			7,500		7,820,122

					72,201,480
Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp., 5.00%, 9/01/23			306		319,005
Jabil Circuit, Inc., 8.25%, 3/15/18			2,600		2,700,750


Corporate Bonds		Par (000)		Value
Electronic Equipment, Instruments & Components (continued)
Sanmina Corp., 4.38%, 6/01/19 (b)	USD		1,415	$	1,452,144

					4,471,899
Energy Equipment & Services — 0.5%
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			473		477,730
GrafTech International Ltd., 6.38%, 11/15/20			890		809,900
Halliburton Co., 5.00%, 11/15/45			6,615		7,182,025
Noble Holding International Ltd., 4.63%, 3/01/21			34		28,634
Transocean, Inc., 6.00%, 3/15/18			156		158,730

					8,657,019
Food & Staples Retailing — 1.4%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (b):
6.63%, 6/15/24			775		728,500
5.75%, 3/15/25			1,120		1,002,400
CVS Health Corp.:
4.75%, 12/01/22			289		317,041
5.00%, 12/01/24			183		203,145
5.13%, 7/20/45 (d)			3,879		4,451,424
Dollar Tree, Inc.:
5.25%, 3/01/20			105		108,084
5.75%, 3/01/23			3,938		4,169,358
H.J. Heinz Finance Co., 7.13%, 8/01/39 (b)			4,415		5,811,897
Wal-Mart Stores, Inc., 5.25%, 9/01/35 (d)			5,150		6,338,476

					23,130,325
Food Products — 0.9%
Aramark Services, Inc., 5.13%, 1/15/24			815		865,603
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (b)			465		478,950
Kraft Foods, Inc.:
6.50%, 8/11/17 (d)			4,450		4,454,583
6.13%, 8/23/18			4,840		5,054,049
Kraft Heinz Foods Co., 4.38%, 6/01/46			2,475		2,404,839
Post Holdings, Inc., 5.00%, 8/15/26 (b)			1,349		1,384,411
TreeHouse Foods, Inc., 6.00%, 2/15/24 (b)			431		462,248

					15,104,683


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Health Care Equipment & Supplies — 0.6%
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)	USD		2,065	$	1,946,262
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (b):
4.88%, 4/15/20			517		515,707
5.75%, 8/01/22			1,370		1,339,175
5.63%, 10/15/23			381		364,808
5.50%, 4/15/25			125		115,625
Medtronic, Inc., 4.63%, 3/15/45 (d)			4,565		5,176,208

					9,457,785
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22			191		197,208
Amsurg Corp., 5.63%, 7/15/22			1,466		1,520,975
Centene Corp.:
5.63%, 2/15/21			875		910,000
6.13%, 2/15/24			645		701,438
CHS/Community Health Systems, Inc.:
6.88%, 2/01/22			1,111		952,682
6.25%, 3/31/23			2,166		2,220,150
DaVita, Inc., 5.13%, 7/15/24			761		782,403
HCA, Inc.:
3.75%, 3/15/19			4,364		4,462,190
6.50%, 2/15/20			10,421		11,384,942
7.50%, 2/15/22			2,214		2,557,170
5.88%, 3/15/22			340		376,040
4.75%, 5/01/23			236		248,390
5.38%, 2/01/25			440		468,600
5.88%, 2/15/26			1,297		1,413,730
5.50%, 6/15/47			2,570		2,692,075
HealthSouth Corp.:
5.13%, 3/15/23			512		524,800
5.75%, 11/01/24			637		649,740
Hologic, Inc., 5.25%, 7/15/22 (b)			742		783,738
MEDNAX, Inc., 5.25%, 12/01/23 (b)			587		604,610
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (b)			829		897,392
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (b)			1,109		1,192,175
Tenet Healthcare Corp.:
6.00%, 10/01/20			5,095		5,458,019
7.50%, 1/01/22 (b)			394		425,520
8.13%, 4/01/22			1,907		2,051,932
6.75%, 6/15/23			1,758		1,736,025
4.63%, 7/15/24 (b)			513		510,435
THC Escrow Corp. III, 5.13%, 5/01/25 (b)			435		437,719


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc., 6.88%, 2/15/38 (d)	USD		10,000	$	14,370,230

					60,530,328
Hotels, Restaurants & Leisure — 0.5%
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)			910		950,950
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (b):
5.00%, 6/01/24			600		625,500
5.25%, 6/01/26			650		689,000
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/01/27 (b)			817		842,531
MGM Resorts International, 6.75%, 10/01/20			214		237,540
New Red Finance, Inc. (b):
6.00%, 4/01/22			2,215		2,286,987
4.25%, 5/15/24			1,577		1,585,863
Sabre GLBL, Inc. (b):
5.38%, 4/15/23			594		620,730
5.25%, 11/15/23			294		305,760

					8,144,861
Household Durables — 0.8%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)			1,647		1,721,115
CalAtlantic Group, Inc., 8.38%, 1/15/21			3,015		3,535,087
Lennar Corp.:
4.75%, 11/15/22			1,805		1,915,556
4.88%, 12/15/23			466		495,125
Newell Brands, Inc.:
3.85%, 4/01/23			2,585		2,741,403
4.20%, 4/01/26			955		1,021,644
TRI Pointe Group, Inc.:
4.38%, 6/15/19			920		943,000
5.88%, 6/15/24			625		665,625

					13,038,555
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,161,338
6.13%, 12/15/24			231		247,170
5.75%, 7/15/25			1,002		1,072,140

					2,480,648
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp.:
6.00%, 1/15/22 (b)			1,548		1,596,375


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
Calpine Corp. (continued):
5.88%, 1/15/24 (b)	USD		823	$	847,690
5.75%, 1/15/25			1,064		993,510
Dynegy, Inc., 6.75%, 11/01/19			1,945		2,016,722
NRG Energy, Inc., 6.63%, 1/15/27			2,746		2,821,515
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,893,277

					10,169,089
Industrial Conglomerates — 0.0%
Vertiv Group Corp, 9.25%, 10/15/24 (b)			623		688,415
Insurance — 3.2%
American International Group, Inc., 6.40%, 12/15/20			8,710		9,863,370
Aon Corp., 5.00%, 9/30/20 (d)			7,700		8,347,947
Aon PLC, 4.25%, 12/12/42 (d)			6,500		6,387,082
Forethought Financial Group, Inc., 8.63%, 4/15/21 (b)			3,400		3,915,423
MetLife, Inc., 6.40%, 12/15/66			5,000		5,780,750
Northwestern Mutual Life Insurance Co., 6.06%, 3/30/40 (b)(d)			12,000		15,617,088
Radian Group, Inc., 5.25%, 6/15/20			1,045		1,102,475

					51,014,135
Internet Software & Services — 0.1%
Equinix, Inc., 5.88%, 1/15/26			1,061		1,161,795
Netflix, Inc., 5.50%, 2/15/22			563		609,447
Symantec Corp., 5.00%, 4/15/25 (b)			347		363,483

					2,134,725
IT Services — 0.6%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)			1,755		1,858,106
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538		606,255
First Data Corp. (b):
5.38%, 8/15/23			764		797,425
7.00%, 12/01/23			4,908		5,294,505
5.75%, 1/15/24			720		760,500
Gartner, Inc., 5.13%, 4/01/25 (b)			483		510,773

					9,827,564


Corporate Bonds		Par (000)		Value
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 3/01/20	USD		12,000	$	13,076,856
Media — 7.5%
21st Century Fox America, Inc., 6.15%, 3/01/37 (d)			9,575		12,024,390
A&E Television Networks LLC, 3.11%, 8/22/19 (c)			5,000		5,030,500
Altice Financing SA, 7.50%, 5/15/26 (b)			2,172		2,408,314
Altice Luxembourg SA (b):
7.75%, 5/15/22			2,362		2,509,625
7.63%, 2/15/25			1,752		1,918,440
Altice US Finance I Corp. (b):
5.38%, 7/15/23			2,919		3,064,950
5.50%, 5/15/26			1,211		1,283,660
AMC Networks, Inc.:
4.75%, 12/15/22			685		704,694
5.00%, 4/01/24			432		444,960
4.75%, 8/01/25			614		619,403
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/01/27 (b)			3,266		3,376,227
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35			479		560,396
6.48%, 10/23/45			9,584		11,297,658
6.83%, 10/23/55			3,540		4,216,579
Cinemark USA, Inc., 5.13%, 12/15/22			349		359,906
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			10,189		10,541,114
Cox Communications, Inc. (b):
8.38%, 3/01/39 (d)			5,000		6,848,195
4.60%, 8/15/47 (g)			625		624,963
CSC Holdings LLC:
8.63%, 2/15/19			4,005		4,385,475
6.63%, 10/15/25 (b)			832		917,280
DISH DBS Corp., 7.75%, 7/01/26			1,901		2,276,447
Grupo Televisa SAB, 5.00%, 5/13/45 (d)			3,345		3,323,558
Hughes Satellite Systems Corp.:
5.25%, 8/01/26			1,017		1,066,579
6.63%, 8/01/26			685		749,219
Intelsat Jackson Holdings SA, 5.50%, 8/01/23			114		98,325
Interpublic Group of Cos., Inc., 3.75%, 2/15/23			6,025		6,268,404
MDC Partners, Inc., 6.50%, 5/01/24 (b)			1,036		1,041,180


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Media (continued)
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)	USD		1,471	$	1,471,000
NBCUniversal Enterprise, Inc., 5.25% (b)(f)			5,600		5,992,000
Nexstar Broadcasting, Inc., 5.63%, 8/01/24 (b)			495		511,706
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 2/15/22			249		257,715
SFR Group SA (b):
6.00%, 5/15/22			4,544		4,754,069
7.38%, 5/01/26			5,843		6,325,047
TEGNA, Inc., 5.50%, 9/15/24 (b)			351		365,479
Time Warner Cable, Inc., 6.55%, 5/01/37			3,519		4,214,083
Time Warner, Inc.:
4.65%, 6/01/44			28		27,775
4.85%, 7/15/45			97		99,952
Tribune Media Co., 5.88%, 7/15/22			1,308		1,370,130
Univision Communications, Inc. (b):
5.13%, 5/15/23			5,293		5,398,860
5.13%, 2/15/25			999		1,001,497
Virgin Media Secured Finance PLC, 5.50%, 8/15/26 (b)			487		516,220

					120,265,974
Metals & Mining — 3.2%
Alcoa Nederland Holding BV, 7.00%, 9/30/26 (b)			291		323,010
Alcoa, Inc.:
5.13%, 10/01/24			1,671		1,777,526
6.75%, 1/15/28			178		200,695
Anglo American Capital PLC, 4.45%, 9/27/20 (b)			136		142,460
AngloGold Ashanti Holdings PLC, 5.13%, 8/01/22			5,000		5,198,750
ArcelorMittal:
6.13%, 6/01/18			2,575		2,645,812
7.25%, 3/01/41			455		525,525
Commercial Metals Co., 4.88%, 5/15/23			2,194		2,243,365
Constellium NV:
4.63%, 5/15/21	EUR		490		588,833
8.00%, 1/15/23 (b)	USD		1,728		1,818,720
6.63%, 3/01/25 (b)			1,353		1,353,000
First Quantum Minerals Ltd. (b):
7.00%, 2/15/21			138		143,175
7.25%, 5/15/22			912		945,589
FMG Resources August 2006 Property Ltd., 9.75%, 3/01/22 (b)			826		938,501


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Freeport-McMoRan, Inc.:
2.38%, 3/15/18	USD		4,664	$	4,658,170
4.00%, 11/14/21			500		499,375
3.55%, 3/01/22			236		228,920
3.88%, 3/15/23			5,360		5,179,100
5.40%, 11/14/34			2,250		2,117,115
5.45%, 3/15/43			1,542		1,418,640
Kinross Gold Corp., 4.50%, 7/15/27 (b)			331		329,759
Novelis Corp. (b):
6.25%, 8/15/24			2,862		3,062,912
5.88%, 9/30/26			2,060		2,168,150
Peabody Energy Corp. (b):
6.00%, 3/31/22			357		364,140
6.38%, 3/31/25			375		378,750
Southern Copper Corp., 5.88%, 4/23/45			3,870		4,260,345
Steel Dynamics, Inc.:
5.13%, 10/01/21			1,105		1,138,150
6.38%, 8/15/22			1,430		1,483,625
5.25%, 4/15/23			309		321,746
5.50%, 10/01/24			240		256,800
5.00%, 12/15/26			35		36,925
Teck Resources Ltd.:
4.50%, 1/15/21			370		384,338
8.50%, 6/01/24 (b)			799		926,840
6.00%, 8/15/40			1,861		1,981,965
5.20%, 3/01/42			640		620,800
United States Steel Corp., 8.38%, 7/01/21 (b)			944		1,044,300

					51,705,826
Oil, Gas & Consumable Fuels — 14.0%
California Resources Corp., 8.00%, 12/15/22 (b)			1,065		678,937
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23			62		61,613
Cheniere Corpus Christi Holdings LLC:
7.00%, 6/30/24			1,231		1,409,495
5.13%, 6/30/27 (b)			1,412		1,470,245
CONSOL Energy, Inc., 5.88%, 4/15/22			7,210		7,241,544
Continental Resources, Inc., 5.00%, 9/15/22			7,519		7,448,472
DCP Midstream LLC, 6.75%, 9/15/37 (b)			1,527		1,649,160
Denbury Resources, Inc., 9.00%, 5/15/21 (b)			182		173,355
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,589,640
El Paso LLC:
7.80%, 8/01/31			197		251,548
7.75%, 1/15/32			4,586		5,869,686


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
El Paso Natural Gas Co. LLC, 8.63%, 1/15/22	USD		2,345	$	2,845,531
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/01/20			5,075		5,590,087
Enbridge Energy Partners LP, 9.88%, 3/01/19 (d)			6,000		6,689,604
Energy Transfer Equity LP:
7.50%, 10/15/20			598		675,740
5.88%, 1/15/24			5,241		5,647,177
5.50%, 6/01/27			870		913,500
Energy Transfer Partners LP:
5.20%, 2/01/22			10,200		11,072,916
6.13%, 12/15/45			3,579		3,917,402
Enterprise Products Operating LLC:
4.90%, 5/15/46			5,375		5,816,384
Series N, 6.50%, 1/31/19 (d)			12,000		12,789,768
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/24 (b)			415		419,150
Gulfport Energy Corp. (b):
6.00%, 10/15/24			444		438,450
6.38%, 5/15/25			558		557,302
Kinder Morgan Energy Partners LP:
6.85%, 2/15/20 (d)			12,000		13,298,784
4.25%, 9/01/24			2,170		2,246,380
5.40%, 9/01/44			3,615		3,706,420
Matador Resources Co., 6.88%, 4/15/23			93		98,580
MEG Energy Corp. (b):
7.00%, 3/31/24			2,844		2,339,190
6.50%, 1/15/25			2,021		1,955,317
Midcontinent Express Pipeline LLC, 6.70%, 9/15/19 (b)			3,500		3,753,750
MPLX LP:
4.13%, 3/01/27			825		837,278
5.20%, 3/01/47			3,500		3,616,004
Murphy Oil Corp., 6.88%, 8/15/24			752		799,000
Nexen Energy ULC, 6.40%, 5/15/37			2,000		2,530,504
NGPL PipeCo LLC (b):
7.12%, 12/15/17			2,859		2,909,032
4.38%, 8/15/22			509		523,634
4.88%, 8/15/27			531		546,266
7.77%, 12/15/37			690		855,600
Noble Energy, Inc.:
5.63%, 5/01/21			1,784		1,838,769
5.05%, 11/15/44			3,500		3,622,601
Noble Holding International Ltd., 7.75%, 1/15/24			1,112		884,987
Oasis Petroleum, Inc., 6.88%, 1/15/23			133		130,673


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK Partners LP, 8.63%, 3/01/19 (d)	USD		10,000	$	10,964,980
PDC Energy, Inc., 7.75%, 10/15/22			1,225		1,280,125
Petroleos Mexicanos:
3.50%, 1/30/23 (d)			5,000		4,900,000
4.63%, 9/21/23			3,965		4,081,967
4.88%, 1/18/24 (d)			2,000		2,067,400
Pioneer Natural Resources Co., 6.88%, 5/01/18			1,665		1,725,238
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 6/15/44			1,498		1,368,961
4.90%, 2/15/45			2,102		1,965,721
Range Resources Corp., 5.00%, 8/15/22 (b)			32		31,680
Rockies Express Pipeline LLC (b):
5.63%, 4/15/20			295		312,057
6.88%, 4/15/40			580		639,087
RSP Permian, Inc., 6.63%, 10/01/22			789		824,505
Ruby Pipeline LLC, 6.00%, 4/01/22 (b)			10,000		10,668,980
Sabine Pass Liquefaction LLC:
5.63%, 2/01/21			405		441,874
5.63%, 4/15/23			10,510		11,702,938
5.75%, 5/15/24			2,575		2,894,442
5.88%, 6/30/26			1,481		1,665,025
Sanchez Energy Corp.:
7.75%, 6/15/21			153		138,465
6.13%, 1/15/23			2,021		1,647,115
SM Energy Co.:
6.50%, 1/01/23			177		175,230
5.00%, 1/15/24			181		168,330
5.63%, 6/01/25			350		327,250
Southwestern Energy Co., 5.80%, 1/23/20			1,166		1,203,895
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 5/01/23			37		38,156
6.75%, 3/15/24			184		199,180
Tesoro Corp. (b):
4.75%, 12/15/23			1,230		1,327,034
5.13%, 12/15/26			937		1,023,931
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			125		129,531
6.25%, 10/15/22			1,519		1,613,937
TransCanada PipeLines Ltd., 4.88%, 1/15/26			4,485		5,042,817
Weatherford International Ltd., 6.50%, 8/01/36			45		39,600


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners LP, 5.38%, 6/01/21	USD		5,125	$	5,511,128
Williams Cos., Inc.:
3.70%, 1/15/23			2,245		2,221,832
4.55%, 6/24/24			527		546,104
8.75%, 3/15/32			2,478		3,190,425
5.75%, 6/24/44			685		712,400
Williams Partners LP, 5.10%, 9/15/45			5,075		5,255,660
WPX Energy, Inc., 6.00%, 1/15/22			72		73,980

					222,830,455
Paper & Forest Products — 1.1%
International Paper Co. (d):
7.50%, 8/15/21			9,675		11,512,902
8.70%, 6/15/38			4,000		5,901,588

					17,414,490
Pharmaceuticals — 3.4%
AbbVie, Inc.:
2.90%, 11/06/22			5,675		5,780,158
4.70%, 5/14/45			3,255		3,516,748
Actavis Funding SCS:
3.45%, 3/15/22			7,335		7,631,517
3.85%, 6/15/24			6,000		6,304,110
4.75%, 3/15/45			485		528,450
Endo Finance LLC/Endo Finco, Inc. (b):
6.00%, 7/15/23			1,514		1,312,449
6.00%, 2/01/25			530		448,512
Forest Laboratories LLC, 5.00%, 12/15/21 (b)			1,631		1,788,860
Forest Laboratories, Inc., 4.38%, 2/01/19 (b)			2,924		3,012,729
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (b)			443		485,085
Merck & Co., Inc., 6.50%, 12/01/33			6,420		8,530,260
Mylan NV, 3.95%, 6/15/26			7,500		7,649,692
Valeant Pharmaceuticals International, Inc. (b):
6.75%, 8/15/18			1,786		1,788,232
7.00%, 10/01/20			447		441,413
7.50%, 7/15/21			148		143,930
6.75%, 8/15/21			91		85,995
5.63%, 12/01/21			1,177		1,065,185
6.50%, 3/15/22			829		874,595
5.50%, 3/01/23			31		26,428
5.88%, 5/15/23			665		571,900
7.00%, 3/15/24			1,303		1,387,695


Corporate Bonds		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. (b) (continued):
6.13%, 4/15/25	USD		216	$	183,870

					53,557,813
Professional Services — 0.4%
Dun & Bradstreet Corp., 3.50%, 12/01/17			5,750		5,782,482
Real Estate Investment Trusts (REITs) — 1.9%
American Tower Corp.:
5.05%, 9/01/20			500		541,335
5.90%, 11/01/21 (d)			3,770		4,247,165
AvalonBay Communities, Inc., 6.10%, 3/15/20			10,000		11,011,910
DDR Corp., 7.88%, 9/01/20			2,650		3,032,559
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24 (b)			881		889,810
Host Hotels & Resorts LP, 3.75%, 10/15/23 (d)			3,600		3,696,692
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 5/01/24			627		681,863
4.50%, 9/01/26			740		745,550
Starwood Property Trust, Inc., 5.00%, 12/15/21			627		653,648
UDR, Inc., 4.25%, 6/01/18 (d)			5,225		5,332,039

					30,832,571
Real Estate Management & Development — 0.4%
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(d)			4,485		4,309,282
Realogy Group LLC/Realogy Co-Issuer Corp. (b):
4.50%, 4/15/19			803		829,098
5.25%, 12/01/21			344		360,340
4.88%, 6/01/23			1,332		1,345,320

					6,844,040
Road & Rail — 1.0%
Hertz Corp.:
6.75%, 4/15/19			420		420,000
5.50%, 10/15/24 (b)			582		474,330
Norfolk Southern Corp., 6.00%, 3/15/05			12,700		15,816,008

					16,710,338
Semiconductors & Semiconductor Equipment — 0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27 (b)			7,500		7,697,812


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Corporate Bonds		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc., 5.50%, 2/01/25	USD		40	$	42,438
NXP BV/NXP Funding LLC (b):
4.13%, 6/15/20			951		993,795
4.13%, 6/01/21			1,461		1,532,224
4.63%, 6/15/22			490		526,138
4.63%, 6/01/23			204		220,357
Sensata Technologies BV (b):
5.63%, 11/01/24			695		755,812
5.00%, 10/01/25			1,418		1,492,445

					13,261,021
Software — 0.9%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24			2,458		2,691,510
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (b)			2,034		2,196,720
Infor US, Inc., 6.50%, 5/15/22			2,425		2,525,031
Informatica LLC, 7.13%, 7/15/23 (b)			477		485,944
Nuance Communications, Inc., 5.38%, 8/15/20 (b)			1,901		1,929,515
Oracle Corp., 2.65%, 7/15/26 (d)			4,890		4,763,995
PTC, Inc., 6.00%, 5/15/24			313		336,866

					14,929,581
Specialty Retail — 0.7%
L Brands, Inc.:
7.00%, 5/01/20			3,050		3,351,187
6.88%, 11/01/35			1,119		1,074,240
PetSmart, Inc., 5.88%, 6/01/25 (b)			888		852,480
VF Corp., 5.95%, 11/01/17 (d)			5,000		5,055,735

					10,333,642
Technology Hardware, Storage & Peripherals — 0.4%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (b):
5.88%, 6/15/21			615		644,981
7.13%, 6/15/24			747		831,260
8.35%, 7/15/46			2,355		3,075,722
Western Digital Corp.:
7.38%, 4/01/23 (b)			1,199		1,315,903
10.50%, 4/01/24			584		691,310

					6,559,176
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 5/01/25			699		732,203
Springs Industries, Inc., 6.25%, 6/01/21			304		312,360


Corporate Bonds		Par (000)		Value
Textiles, Apparel & Luxury Goods (continued)
William Carter Co., 5.25%, 8/15/21	USD		1,406	$	1,446,422

					2,490,985
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 3/15/22 (b)			1,205		1,242,656
Tobacco — 1.7%
Altria Group, Inc., 10.20%, 2/06/39 (d)			13,392		23,424,684
Reynolds American, Inc.:
4.85%, 9/15/23			1,120		1,240,043
5.85%, 8/15/45			2,335		2,837,102

					27,501,829
Trading Companies & Distributors — 0.3%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1 (b):
Class A, 5.25%, 5/30/25			2,035		2,126,779
Class B, 6.13%, 11/30/21			1,823		1,879,274

					4,006,053
Transportation Infrastructure — 0.8%
CEVA Group PLC, 9.00%, 9/01/20 (b)(j)			1,845		1,803,488
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 7/11/22 (b)			10,500		11,535,436

					13,338,924
Wireless Telecommunication Services — 1.0%
America Movil SAB de CV, 3.13%, 7/16/22			1,275		1,311,161
Crown Castle International Corp., 5.25%, 1/15/23			1,380		1,542,994
Crown Castle Towers LLC, 6.11%, 1/15/40 (b)			4,555		4,901,785
Digicel Group Ltd., 7.13%, 4/01/22 (b)			370		328,560
Digicel Ltd., 6.00%, 4/15/21 (b)			1,285		1,249,020
SBA Communications Corp., 4.88%, 9/01/24			1,658		1,724,320
Sprint Communications, Inc., 9.00%, 11/15/18 (b)			1,962		2,123,865
Sprint Corp., 7.13%, 6/15/24			1,755		1,923,919
T-Mobile USA, Inc., 6.84%, 4/28/23			645		684,506

					15,790,130
Total Corporate Bonds — 88.8%					1,418,303,465


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Foreign Agency Obligations		Par (000)		Value
Argentine Republic Government International Bond, 5.63%, 1/26/22	USD		6,485	$	6,647,125
Brazilian Government International Bond, 5.00%, 1/27/45			6,525		5,846,400
Colombia Government International Bond, 5.63%, 2/26/44			4,000		4,386,000
Indonesia Government International Bond, 5.88%, 1/15/24 (b)			4,400		5,032,768
Mexico Government International Bond, 4.75%, 3/08/44			5,800		5,869,600
Uruguay Government International Bond, 5.10%, 6/18/50			3,500		3,613,750
Total Foreign Agency Obligations — 2.0%					31,395,643



Municipal Bonds
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 1/01/38			5,000		5,482,350
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		13,002,600

Total Municipal Bonds — 1.1%					18,484,950



Preferred Securities

Capital Trusts
Banks — 5.0%
BNP Paribas SA (b)(e)(f):
7.20%			5,000		5,778,100
7.38%			4,535		5,164,231
Capital One Financial Corp., Series E, 5.55% (e)(f)			5,000		5,268,750


Capital Trusts		Par (000)		Value
Banks (continued)
Citigroup, Inc. (e)(f):
5.90%	USD		2,210	$	2,392,613
5.95%			7,000		7,518,000
Credit Suisse Group AG (b)(e)(f):
6.25%			7,255		7,787,851
7.50%			3,250		3,696,875
HSBC Capital Funding LP, 10.18% (b)(e)(f)			11,835		18,780,725
Macquarie Bank Ltd., 6.13% (b)(e)(f)			1,885		1,941,550
Nordea Bank AB, 6.13% (b)(e)(f)			5,540		5,900,100
U.S. Bancorp, Series J, 5.30% (e)(f)			10,415		11,039,900
Wells Fargo & Co. (e)(f):
Series K, 7.98%			809		838,326
Series S, 5.90%			281		305,236
Series U, 5.88%			2,655		2,943,731

					79,355,988
Capital Markets — 2.3%
Charles Schwab Corp., Series E, 4.63% (e)(f)			6,805		6,953,281
Goldman Sachs Group, Inc., Series L, 5.70% (e)(f)			2,950		3,081,216
Morgan Stanley, Series H, 5.45% (e)(f)			8,675		8,978,625
State Street Corp.:
2.25%, 6/01/77 (a)			17,845		16,517,332
Series F, 5.25%, 12/29/49 (e)(f)			1,855		1,947,249

					37,477,703
Commercial Services & Supplies — 0.3%
AerCap Global Aviation Trust, 6.50%, 6/15/45 (b)(e)			5,000		5,375,000


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Capital Trusts		Par (000)		Value
Consumer Finance — 0.3%
American Express Co., Series C, 4.90% (e)(f)	USD		4,510	$	4,622,750
Diversified Financial Services — 4.9%
Bank of America Corp. (e)(f):
Series AA, , 6.10%			6,630		7,309,575
Series K, 8.00%			2,420		2,486,550
Series U, 5.20%			5,785		5,987,475
Barclays PLC, 6.63% (e)(f)			7,385		7,634,244
BNP Paribas SA, 6.75% (b)(e)(f)			5,000		5,437,500
Credit Agricole SA, 8.13% (b)(e)(f)			5,000		5,968,750
HSBC Holdings PLC, 6.00% (e)(f)			1,550		1,625,718
JPMorgan Chase & Co. (e)(f):
6.75%			7,775		8,906,262
Series 1, 7.90%			3,650		3,786,875
Series Q, 5.15%			4,000		4,155,000
Series R, (6.00%			14,130		15,331,050
Royal Bank of Scotland Group PLC (e)(f):
8.00%			970		1,061,549
8.63%			5,135		5,670,991
Societe Generale SA, 7.38% (b)(e)(f)			1,980		2,163,150

					77,524,689
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 3.96%, 3/20/67 (e)			8,300		8,134,000
Industrial Conglomerates — 0.7%
General Electric Co., Series D, 5.00% (e)(f)			10,777		11,362,083


Capital Trusts		Par (000)		Value
Insurance — 3.4%
ACE Capital Trust II, 9.70%, 4/1/30	USD		7,000	$	10,587,500
Allstate Corp., 5.75%, 8/15/53 (e)			5,000		5,506,250
American International Group, Inc., 8.18%, 5/15/68 (e)			3,755		5,125,575
Bank One Capital III, 8.75%, 9/1/30			2,000		2,965,000
Chubb Corp., 3.55%, 3/29/67 (e)			7,400		7,376,875
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 4/1/27			5,000		5,707,595
Farmers Exchange Capital II, 6.15%, 11/1/53 (b)(e)			4,890		5,556,458
Great-West Life & Annuity Insurance Capital LP II, 3.72%, 5/16/46 (b)(e)			500		497,500
Hartford Financial Services Group, Inc., 8.13%, 6/15/68 (e)			5,050		5,289,875
Principal Financial Group, Inc. 4.70%, 5/15/55 (e)			5,000		5,187,500

					53,800,128
Oil, Gas & Consumable Fuels — 1.9%
Enbridge, Inc., Series 16-A, 6.00%, 1/15/77 (e)			5,880		6,232,800
Enterprise Products Operating LLC (e):
3.98%, 6/1/67			2,500		2,415,625
Series A, 4.88%, 8/1/66			9,325		9,362,300
TransCanada PipeLines Ltd., 3.39%, 5/15/67 (e)			9,400		8,836,000
TransCanada Trust, 5.63%, 5/20/75 (e)			2,755		2,934,075

					29,780,800
Real Estate Investment Trusts (REITs) — 0.6%
Sovereign Real Estate Investment Trust, 12.00% (b)(f)			7		8,750,000
Road & Rail — 0.4%
BNSF Funding Trust I, 6.61%, 12/15/55 (e)			6,125		7,059,063
Total Capital Trusts — 20.3%					323,242,204


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Preferred Stocks	Shares		Value
Banks — 1.9%
Citigroup, Inc., Series K, , 6.88% (e)(f)		488,320	$	14,634,950
Wells Fargo & Co., 5.85% (e)(f)		550,500		15,160,770

				29,795,720
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50% (e)(f)		162,450		4,512,861
SCE Trust III, Series H, , 5.75% (e)(f)		31,650		913,103
State Street Corp., Series D, 5.90% (e)(f)		220,495		6,295,132

				11,721,096
Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%		90,000		2,277,000
Real Estate Investment Trusts (REITs) — 0.2%
Ventas Realty LP/Ventas Capital Corp., 5.45% (f)		75,000		1,905,000
Vornado Realty Trust, Series K, 5.70% (f)		50,000		1,268,500

				3,173,500
Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08% (b)		15,143		17,532,755
Total Preferred Stocks — 4.0%				64,500,071

Trust Preferred



Trust Preferred	Shares
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 6.82%, 2/15/40 (e)		300,141		7,860,646
Total Preferred Securities — 24.8%				395,602,921


U.S. Government Sponsored Agency Securities — 0.2%		Par (000)		Value
Agency Obligations — 0.2%
Fannie Mae, 0.00%, 10/09/19 (d)(k)	USD		3,945	$	3,787,315



U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45			400		398,125
3.00%, 2/15/47 (d)			26,275		26,779,979
Total U.S. Treasury Obligations — 1.7%					27,178,104
Total Long-Term Investments (Cost — $1,797,591,006) — 121.8%					1,945,271,711



Short-Term Securities — 1.2%		Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.89% (l)(m)			19,596,495		19,596,495
Total Short-Term Securities (Cost — $19,596,495) — 1.2%					19,596,495
Options Purchased (Cost — $1,143,668) — 0.1%					1,035,758
*Total Investments (Cost — $1,818,331,169) — 123.1%**					1,965,903,964
Liabilities in Excess of Other Assets — (23.1)%					(369,204,383	)

Net Assets — 100.0%				$	1,596,699,581

As of July 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	1,819,501,013

Gross unrealized appreciation	$	159,169,449
Gross unrealized depreciation		(12,766,498	)

Net unrealized appreciation	$	146,402,951

Notes to Schedule of Investments

(a)

Floating rate security. Rate shown is the rate in effect as of period end.

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d)

All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(e)

Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(f)

Perpetual security with no stated maturity date.

(g)

When-issued security.

(h)

Issuer filed for bankruptcy and/or is in default.


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)

(i)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(j)

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(k)

Zero-coupon bond.

(l)

During the period ended July 31, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2016		Net Activity		Shares Held at July 31, 2017		Value at July 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,872,272		9,724,223		19,596,495	$	19,596,495	$	83,503	$	132		—
¹Includes net capital gain distributions.

(m)

Current yield as of period end.

For compliance purposes, the sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Portfolio Abbreviations


ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
FKA		Formerly Known As
LIBOR		London Interbank Offered Rate
OTC		Over-the-Counter
RB		Revenue Bonds
USD		U.S. Dollar

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash Underlying Collateral

Remaining
Contractual Maturity
of the Agreements¹

RBC Capital Markets LLC

1.59

1/18/17

Open

1,898,800

1,911,755

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.15

2/07/17

Open

3,757,000

3,773,037

U.S. Government Sponsored Agency Securities

Open/Demand


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets LLC		1.59	%		2/13/17		Open	$	12,633,598	$	12,711,037	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		2/13/17		Open		5,842,100		5,877,909	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		8,300,000		8,341,327	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		5,397,425		5,424,300	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		3,079,844		3,095,179	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		4/06/17		Open		6,324,250		6,352,962	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		(5.75	)%		6/05/17		Open		420,495		416,801	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		5,264,000		5,274,123	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		9,475,000		9,493,221	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		4,590,000		4,598,827	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		10,738,000		10,758,650	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		7,012,000		7,025,484	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		4,720,000		4,729,077	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		5,288,000		5,298,169	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		2,007,000		2,010,860	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		3,130,000		3,136,019	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		4,869,000		4,878,363	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		3,254,000		3,260,258	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		15,996,000		16,026,761	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		5,780,000		5,791,115	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		6,088,000		6,099,708	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		2,363,250		2,367,780	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		4,608,825		4,617,659	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		5,392,406		5,402,742	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		5,002,938		5,012,526	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		3,086,875		3,092,792	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/15/17		Open		3,805,939		3,813,233	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.55	%		6/15/17		Open		6,340,438		6,352,995	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.55	%		6/15/17		Open		3,172,031		3,178,314	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,305,375		4,312,981	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,040,000		4,047,137	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,058,925		4,066,096	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		14,910,000		14,936,341	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		3,551,513		3,557,787	Corporate Bonds	Open/Demand


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets LLC		1.59	%		6/21/17		Open	$	9,220,000	$	9,236,289	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		7,710,000		7,723,621	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		7,672,875		7,686,430	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		3,727,813		3,734,398	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		5,600,000		5,609,893	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		12,360,000		12,381,836	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		17,613,000		17,644,116	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,286,295		4,293,867	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		3,450,000		3,456,095	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		6,480,000		6,491,448	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		7,873,250		7,887,159	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		3,483,000		3,489,153	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		22,532,040		22,571,847	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,907,375		4,916,045	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		6,900,000		6,912,190	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		3,450,000		3,456,095	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		6,012,500		6,023,122	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		4,181,125		4,188,512	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/21/17		Open		5,025,000		5,033,878	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		1.59	%		6/29/17		Open		8,853,688		8,866,029	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		7/11/17		Open		10,288,000		10,297,662	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		7/27/17		Open		26,845,000		26,848,915	U.S. Treasury Obligations	Open/Demand
Total								$	388,973,988	$	389,791,925

¹Certain agreements have no stated maturity and can be terminated by either party at any time.


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Description	Number of Contracts			Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
2-Year U.S. Treasury Note		42		September 2017	$	9,086	$	2,283
Short Contracts
10-Year U.S. Treasury Note		(520	)	September 2017	$	65,463		23,709
Ultra U.S. Treasury Bond		(162	)	September 2017	$	26,649		(257,222	)

								(233,513	)
Total							$	(231,230	)

OTC Interest Rate Swaptions Purchased

Received by the Fund

Paid by the Fund

Description

Counterparty

Expiration
Date

Exercise
Price

Rate

Frequency

Rate

Frequency

Notional
Amount
(000)

Value

Put

30-Year Interest Rate Swap, 6/08/49

JPMorgan Chase Bank N.A.

6/06/19

3.50

3-Month LIBOR

Quarterly

3.50%

Semi-annual

USD

22,700

489,521

30-Year Interest Rate Swap, 6/08/49

Goldman Sachs Bank USA

6/06/19

3.50

3-Month LIBOR

Quarterly

3.50%

Semi-annual

USD

25,330

546,237

Total

1,035,758


OTC Credit Default Swaps — Buy Protection
Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Cigna Corp.		1.00	%	Quarterly	Goldman Sachs Bank USA	9/20/17	USD	4,500	$	(11,141	)	$	(302	)	$	(10,839	)
Cigna Corp.		1.00	%	Quarterly	Goldman Sachs International	9/20/17	USD	2,800		(6,934	)		(202	)		(6,732	)
General Dynamics Corp.		1.00	%	Quarterly	Credit Suisse International	9/20/17	USD	5,585		(13,945	)		(4,059	)		(9,886	)
Humana, Inc.		1.00	%	Quarterly	Goldman Sachs Bank USA	9/20/17	USD	4,500		(11,161	)		2,080			(13,241	)
Humana, Inc.		1.00	%	Quarterly	Goldman Sachs International	9/20/17	USD	2,800		(6,945	)		1,392			(8,337	)
Lockheed Martin Corp.		1.00	%	Quarterly	Credit Suisse International	9/20/17	USD	5,585		(14,019	)		(1,396	)		(12,623	)
Northrop Grumman Corp.		1.00	%	Quarterly	Credit Suisse International	9/20/17	USD	4,715		(11,855	)		(3,154	)		(8,701	)
Raytheon Co.		1.00	%	Quarterly	Credit Suisse International	9/20/17	USD	4,715		(11,831	)		(3,239	)		(8,592	)
Citigroup, Inc.		1.00	%	Quarterly	Deutsche Bank AG	3/20/19	USD	16,700		(226,042	)		(24,132	)		(201,910	)
Prudential Financial, Inc.		1.00	%	Quarterly	Citibank N.A.	6/20/21	USD	1,920		(47,631	)		21,709			(69,340	)
Prudential Financial, Inc.		1.00	%	Quarterly	Goldman Sachs International	6/20/21	USD	1,155		(28,653	)		13,890			(42,543	)


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)


OTC Credit Default Swaps — Buy Protection (continued)
Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Prudential Financial, Inc.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.		6/20/21	USD	9,500	$	(235,674	)	$	94,005	$	(329,679	)
Total										$	(625,831	)	$	96,592	$	(722,423	)


OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency	Counterparty	Termination Date		Credit Rating¹	Notional Amount (000)²			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%	Quarterly	Goldman Sachs Bank USA		9/20/17	A-		USD	4,500	$	10,983		$	(1,196	)	$	12,179
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%	Quarterly	Goldman Sachs International		9/20/17	A-		USD	2,800		6,833			(801	)		7,634
Comcast Corp.		1.00	%	Quarterly	Credit Suisse International		9/20/17	A-		USD	12,200		30,337			1,535			28,802
United Health Group, Inc.		1.00	%	Quarterly	Goldman Sachs Bank USA		9/20/17	A+		USD	4,500		11,226			(301	)		11,527
United Health Group, Inc.		1.00	%	Quarterly	Goldman Sachs International		9/20/17	A+		USD	2,800		6,986			(201	)		7,187
MetLife, Inc.		1.00	%	Quarterly	Deutsche Bank AG		3/20/18	A-		USD	3,025		21,295			(16,820	)		38,115
Bank of America Corp.		1.00	%	Quarterly	Deutsche Bank AG		3/20/19	BBB+		USD	16,700		224,356			43,027			181,329
American Tower Corp.		1.00	%	Quarterly	Morgan Stanley & Co. International PLC		6/20/21	BBB-		USD	10,000		(168,127	)		(320,313	)		152,186
Total												$	143,889		$	(295,070	)	$	438,959

¹ Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.
² The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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 hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments 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, 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	49,019,313	$	1,500,000	$	50,519,313
Corporate Bonds		—		1,418,779,215		5,030,500		1,423,809,715
Foreign Agency Obligations		—		31,395,643		—		31,395,643
Municipal Bonds		—		18,484,950		—		18,484,950
Preferred Securities	$	54,827,962		335,268,709		—		390,096,671
U.S. Government Sponsored Agency Securities		—		3,787,315		—		3,787,315
U.S. Treasury Obligations		—		27,178,104		—		27,178,104
Short-Term Securities		19,596,495		—		—		19,596,495
Options Purchased:
Interest rate contracts		—		1,035,758		—		1,035,758

Total	$	74,424,457	$	1,884,949,007	$	6,530,500	$	1,965,903,964


Schedule of Investments (concluded)		BlackRock Credit Allocation Income Trust (BTZ)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	438,959			—	$	438,959
Interest rate contracts	$	25,992			—			—		25,992
Liabilities:
Credit contracts		—			(722,423	)		—		(722,423	)
Interest rate contracts		(257,222	)		—			—		(257,222	)

Total	$	(231,230	)	$	(283,464	)		—	$	(514,694	)

¹Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $389,791,925 are categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2017, there were no transfers between levels.

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			Corporate Bonds			Common Stocks			Total
Assets:
Opening Balance, as of October 31, 2016	$	15,186,952		$	5,113,500		$	2,951		$	20,303,403
Transfers into Level 3		—			—			—			—
Transfers out of Level 3¹		(10,686,092	)		—			—			(10,686,092	)
Accrued discounts/premiums		1,732			—			—			1,732
Net realized gain (loss)		76,713			—			(38,512	)		38,201
Net change in unrealized appreciation (depreciation)²		(79,305	)		(83,000	)		42,494			(119,811	)
Purchases		1,500,000			—			—			1,500,000
Sales		(4,500,000	)		—			(6,933	)		(4,506,933	)

Closing Balance, as of July 31, 2017	$	1,500,000		$	5,030,500			—		$	6,530,500

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2017²		—		$	(83,500	)		—		$	(83,500	)

¹As of October 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As July 31, 2017, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. ² Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at July 31, 2017 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end.

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 could result in a significantly lower or higher value of such Level 3 investments.


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 Credit Allocation Income Trust

		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of BlackRock Credit Allocation Income Trust

		Date:		September 25, 2017

		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 Credit Allocation Income Trust

		Date:		September 25, 2017

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

		Date:		September 25, 2017