Edgar Filing: BLACKROCK CREDIT ALLOCATION INCOME TRUST

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: 10/31/2018

Date of reporting period: 07/31/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities — 8.0%

Asset-Backed Securities — 8.0%
Allegro CLO VI Ltd., Series 2017-2A^(a)(b):
Class B, 3.84%, 01/17/31	USD		360	$	355,044
Class C, 4.14%, 01/17/31			2,400		2,364,261
Class D, 5.09%, 01/17/31			1,300		1,286,664
ALM VI Ltd., Series 2012-6A, Class BR3, 4.10%, 07/15/26^(a)(b)			1,500		1,494,680
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A^(a)(b)(c):
Class BR2, 4.24%, 07/15/27			1,000		998,000
Class CR2, 5.04%, 07/15/27			1,000		992,500
AMMC CLO 22 Ltd., Series 2018-22A, Class D, 5.04%, 04/25/31^(a)(b)			1,000		980,474
AMMC CLO XII Ltd., Series 2013-12A, Class CR, 4.24%, 11/10/30^(a)(b)			1,500		1,495,270
Anchorage Capital CLO Ltd.^(a)(b):
Series 2013-1A, Class BR, 4.49%, 10/13/30			1,000		1,000,656
Series 2014-3RA, Class C, 4.19%, 01/28/31			1,000		992,642
Series 2014-3RA, Class D, 4.94%, 01/28/31			1,000		984,666
Series 2015-7A, Class CR, 4.04%, 10/15/27			1,750		1,739,390
Series 2015-7A, Class DR, 5.04%, 10/15/27			1,000		995,799
Apidos CLO XV, Series 2013-15A^(a)(b):
Class CRR, 4.20%, 04/20/31			1,000		991,534
Class DRR, 5.05%, 04/20/31			1,000		983,825
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.25%), 5.60%, 07/22/26^(a)(d)			1,300		1,300,615
Apidos CLO XX, Series 2015-20A, Class BRR, 4.29%, 07/16/31^(a)(b)(c)			1,000		1,000,000
Ares CLO Ltd.^(a)(b):
3.84%, 10/15/30			1,000		997,537
4.14%, 10/15/30			1,750		1,745,771
Ares XLIX CLO Ltd., Series 2018-49A, Class D, 5.34%, 07/22/30^(a)(b)(e)			1,000		996,193
Ares XLVII CLO Ltd.^(a)(b):
Series 2018-47A, Class D, 5.05%, 04/15/30			1,500		1,475,816
Series 2018-48A, Class C, 4.14%, 07/20/30			500		493,777
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, 5.34%, 07/15/30^(a)(b)(c)			1,000		1,000,000
Atlas Senior Loan Fund X Ltd., Series 2018-10A^(a)(b):
Class B, 3.84%, 01/15/31			500		493,150
Class C, 4.19%, 01/15/31			1,000		988,351
Class D, 5.09%, 01/15/31			1,700		1,656,033


Security		Par (000)		Value
Asset-Backed Securities (continued)
Atrium X, Series 10A, Class DR, (3 mo. LIBOR US + 3.00%), 5.34%, 07/16/25^(a)(d)	USD		1,500	$	1,499,750
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(a)(b):
Class B, 4.34%, 10/15/30			1,000		994,739
Class C, 5.39%, 10/15/30			2,000		1,995,120
BlueMountain CLO Ltd., Series 2012-2A, Class AR, (3 mo. LIBOR US + 1.42%), 3.75%, 11/20/28^(a)(d)			2,000		2,002,677
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 5.68%, 11/23/25^(a)(d)			1,000		1,000,901
Carlyle Global Market Strategies CLO Ltd.^(a):
Series 2013-4A, Class DRR, 4.99%, 01/15/31^(b)			1,000		980,697
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.00%), 6.35%, 10/20/29^(d)			1,000		1,004,606
Carlyle US CLO Ltd., Series 2017-2A, Class C, (3 mo. LIBOR US + 3.70%), 6.05%, 07/20/31^(a)(d)			500		505,485
Cent CLO 17 Ltd., Series C17A^(a)(b):
Class BR, 4.20%, 04/30/31			1,000		991,372
Class CR, 5.15%, 04/30/31			1,000		983,852
CIFC Funding Ltd.^(a)(b):
4.81%, 04/18/31			1,200		1,176,201
Series 2013-2A, Class A3LR, 4.28%, 10/18/30			1,000		997,749
Series 2013-2A, Class B1LR, 5.38%, 10/18/30			1,000		1,000,712
Series 2018-1A, Class C, 3.91%, 04/18/31			1,000		994,841
Elevation CLO Ltd., Series 2017-7A, Class C, 4.24%, 07/15/30^(a)(b)			1,500		1,487,781
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, 4.95%, 04/20/31^(a)(b)			1,000		984,422
Galaxy XXVII CLO Ltd., Series 2018-27A, Class C, 4.12%, 05/16/31^(a)(b)			1,500		1,470,961
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, (3 mo. LIBOR US + 3.50%), 5.84%, 10/29/26^(a)(d)			1,000		1,001,596
Greenwood Park CLO Ltd., Series 2018-1A, Class D, 4.53%, 04/15/31^(a)(b)(c)			1,000		972,000
Highbridge Loan Management Ltd.^(a)(b):
Series 12A-18, Class B, 4.22%, 07/18/31			1,250		1,250,000
Series 4A-2014, Class A2R, 3.84%, 01/28/30			650		641,225


			1

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
Highbridge Loan Management Ltd.^(a)(b) (continued):
Series 4A-2014, Class BR, 4.19%, 01/28/30	USD		750	$	741,344
Series 6A-2015, Class BR, 4.09%, 02/05/31			1,500		1,472,898
Series 6A-2015, Class CR, 4.84%, 02/05/31			1,000		967,739
Series 7A-2015, Class CR, 4.01%, 03/15/27			2,000		1,987,429
Series 7A-2015, Class DR, 4.71%, 03/15/27			1,000		1,000,145
Series 8A-2016, Class DR, 5.25%, 07/20/30^(c)			500		499,000
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 5.95%, 10/20/26^(a)(d)			1,000		1,001,807
Long Point Park CLO Ltd., Series 2017-1A, Class B, 4.04%, 01/17/30^(a)(b)			1,000		991,237
Madison Park Funding Ltd., Series 2018-27A, Class B, 4.15%, 04/20/30^(a)(b)(c)			1,000		989,000
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, 4.24%, 04/19/30^(a)(b)(c)			1,000		999,986
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 5.60%, 07/20/26^(a)(d)			2,000		2,001,527
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 4.54%, 01/27/26^(a)(d)			2,000		2,002,758
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, 4.95%, 04/20/30^(a)(b)(c)			1,000		996,400
Madison Park Funding XXX Ltd., Series 2018-30A, Class D, 4.84%, 04/15/29^(a)(b)			1,000		979,716
Marble Point CLO XI Ltd., Series 2017-2A^(a)(b):
Class A, 3.51%, 12/18/30			1,500		1,499,260
Class B, 3.83%, 12/18/30			1,000		989,003
Mill Creek II CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.85%), 7.20%, 04/20/28^(a)(d)			1,000		1,000,208
MP CLO III Ltd., Series 2013-1A, Class CR, 4.35%, 10/20/30^(a)(b)			1,000		994,687
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, 4.39%, 10/15/29^(a)(b)			1,000		998,804
Neuberger Berman CLO XXI Ltd., Series 2016-21A^(a)(b):
Class CR, 3.95%, 04/20/27			1,000		991,192
Class DR, 4.75%, 04/20/27			1,000		977,241


Security		Par (000)		Value
Asset-Backed Securities (continued)
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A^(a)(b):
Class A, 3.50%, 10/18/30	USD		2,000	$	2,001,032
Class B, 3.83%, 10/18/30			1,000		998,886
Class C, 4.08%, 10/18/30			1,500		1,492,155
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, 4.94%, 01/15/30^(a)(b)			1,000		984,347
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class DR, 5.25%, 07/23/30^(a)(b)			600		594,444
OCP CLO Ltd.^(a)(b):
Series 2015-8A, Class CR, 5.14%, 04/17/27			1,000		1,001,718
Series 2017-14A, Class B, 4.27%, 11/20/30			1,000		995,319
Octagon Investment Partners Ltd.^(a)(b):
Series 2013-1A, Class BR2, 3.74%, 01/25/31			1,000		992,645
Series 2013-1A, Class CR2, 4.04%, 01/25/31			1,000		999,479
Series 2016-1A, Class DR, 5.19%, 07/15/30			500		499,992
Series 2017-1A, Class B1, 3.75%, 01/20/30			1,000		986,417
Series 2017-1A, Class C, 5.10%, 01/20/31			1,000		987,726
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 4.25%, 01/22/30^(a)(b)			900		895,715
OHA Credit Partners XIV Ltd., Series 2017-14A, Class C, 4.15%, 01/21/30^(a)(b)			1,250		1,226,634
OZLM Funding IV Ltd., 4.55%, 10/22/30^(a)(b)			1,000		1,001,675
OZLM VI Ltd., Series 2014-6A, Class CS, 5.47%, 04/17/31^(a)(b)			500		501,094
OZLM XIX Ltd., Series 2017-19A, Class C, 5.44%, 11/22/30^(a)(b)			1,000		999,702
OZLM XXI Ltd., Series 2017-21A, Class B, 4.25%, 01/20/31^(a)(b)			1,800		1,790,967
Palmer Square CLO Ltd., Series 2018-1A, Class A2, 3.63%, 04/18/31^(a)(b)(c)			1,500		1,501,650
Recette CLO Ltd., Series 2015-1A^(a)(b):
Class CR, 4.05%, 10/20/27			1,500		1,490,582
Class DR, 5.10%, 10/20/27			1,000		996,316


2

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
Regatta IV Funding Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.00%), 4.34%, 07/25/26^(a)(d)	USD		1,500	$	1,501,819
Regatta V Funding Ltd., Series 2014-1A^(a)(d):
Class BR, (3 mo. LIBOR US + 2.30%), 4.64%, 10/25/26			1,000		1,001,331
Class C, (3 mo. LIBOR US + 3.45%), 5.79%, 10/25/26			1,000		1,001,310
Rockford Tower CLO Ltd., Series 2017-3A^(a)(b):
Class A, 3.54%, 10/20/30			2,000		1,998,785
Class D, 5.00%, 10/20/30			1,000		966,350
Stewart Park CLO Ltd., Series 2015-1A^(a)(b):
Class CR, 4.14%, 01/15/30			1,500		1,492,254
Class DR, 4.94%, 01/15/30			1,500		1,481,352
Symphony CLO XV Ltd., Series 2014-15A^(a)(d):
Class CR, (3 mo. LIBOR US + 2.20%), 4.54%, 10/17/26			2,500		2,496,166
Class DR, (3 mo. LIBOR US + 3.35%), 5.69%, 10/17/26			1,000		1,000,409
Tiaa CLO III Ltd., Series 2017-2A, Class A, 3.49%, 01/16/31^(a)(b)			2,500		2,493,769
Voya CLO 2018-1 Ltd., Series 2018-1A, Class C, 4.94%, 04/19/31^(a)(b)			1,000		975,331
York CLO-2 Ltd., Series 2015-1A^(a)(b):
Class CR, 4.20%, 01/22/31			1,500		1,481,665
Class DR, 4.95%, 01/22/31			1,800		1,731,349

Total Asset-Backed Securities — 8.0% (Cost — $121,109,705)					120,381,101


Corporate Bonds — 107.0%

Aerospace & Defense — 2.0%
Arconic, Inc.:
5.13%, 10/01/24			3,551		3,542,123
5.90%, 02/01/27			2,000		2,000,000
BBA US Holdings, Inc., 5.38%, 05/01/26^(a)			672		677,033
Bombardier, Inc.^(a):
7.75%, 03/15/20			354		373,470
8.75%, 12/01/21			2,320		2,560,700
6.00%, 10/15/22			14		14,105
6.13%, 01/15/23			759		771,334
7.50%, 12/01/24			1,537		1,634,984
7.50%, 03/15/25			2,621		2,752,050
KLX, Inc., 5.88%, 12/01/22^(a)			2,165		2,243,481


Security		Par (000)		Value
Aerospace & Defense (continued)
Mexico City Airport Trust, 4.25%, 10/31/26^(a)	USD		1,350	$	1,284,863
Northrop Grumman Corp., 4.03%, 10/15/47			6,425		6,103,520
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(a)			300		308,250
TransDigm, Inc.:
6.00%, 07/15/22			3,765		3,831,640
6.50%, 07/15/24			1,260		1,289,925
6.38%, 06/15/26			595		597,975

					29,985,453
Air Freight & Logistics — 0.1%
XPO Logistics, Inc., 6.50%, 06/15/22^(a)			1,174		1,206,285

Airlines — 1.0%
American Airlines Group, Inc.:
4.63%, 03/01/20^(a)			692		694,595
5.18%, 08/15/23			2,945		2,945,000
5.18%, 10/15/23			3,079		3,079,000
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 07/02/24			2,728		2,910,435
Turkish Airlines Pass-Through Trust, Series 2015-1 Class A, 4.20%, 09/15/28^(a)			2,482		2,315,002
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,044		3,066,906
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 04/23/22^(a)			418		424,062

					15,435,000
Auto Components — 0.3%
Allison Transmission, Inc., 5.00%, 10/01/24^(a)			68		66,810
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			535		498,887
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20			3,108		3,159,826
6.38%, 12/15/25			388		389,940
Tesla, Inc., 5.30%, 08/15/25^(a)			1,116		987,660

					5,103,123
Automobiles — 0.5%
Ford Motor Co., 7.45%, 07/16/31			3,660		4,247,247
General Motors Co.:
4.88%, 10/02/23			1,875		1,920,173
6.25%, 10/02/43			940		981,234

					7,148,654


			3

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Banks — 6.1%
Barclays PLC:
4.84%, 05/09/28	USD		4,000	$	3,811,950
4.97%, 05/16/29^(b)			3,220		3,231,309
CIT Group, Inc.:
5.00%, 08/01/23			370		376,013
5.25%, 03/07/25			925		945,813
City National Corp., 5.25%, 09/15/20			2,900		3,020,726
Cooperatieve Rabobank UA, 3.95%, 11/09/22^(f)			3,775		3,776,185
Credit Suisse Group AG, 6.50%, 08/08/23^(a)			6,000		6,397,500
Discover Bank/Greenwood, 8.70%, 11/18/19			748		795,241
Fifth Third Bancorp (3 mo. LIBOR US + 3.03%), 5.10%^(g)(h)			5,000		4,906,250
HSBC Finance Corp., 6.68%, 01/15/21^(f)			5,150		5,496,676
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(a)(f)			9,840		9,136,647
Lloyds Banking Group PLC, 4.65%, 03/24/26^(f)			8,650		8,575,266
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23^(f)			10,080		10,687,799
Santander Holdings USA, Inc., 4.40%, 07/13/27			830		806,137
SunTrust Banks, Inc. (3 mo. LIBOR US + 3.10%), 5.05%^(g)(h)			5,270		5,174,481
Wells Fargo & Co.^(f):
4.13%, 08/15/23			4,000		4,020,806
4.10%, 06/03/26			15,000		14,835,170
5.61%, 01/15/44			4,119		4,635,473

					90,629,442
Beverage: Soft Drinks — 0.0%
Energizer Gamma Acquisition, Inc., 6.38%, 07/15/26^(a)			427		438,743

Beverages — 1.0%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46			6,170		6,438,939
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 04/15/58			4,000		4,025,646
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28^(a)			3,215		3,281,526


Security		Par (000)		Value
Beverages (continued)
Molson Coors Brewing Co., 4.20%, 07/15/46	USD		1,665	$	1,521,423

					15,267,534
Biotechnology — 0.9%
Amgen, Inc., 4.66%, 06/15/51^(f)			6,709		6,808,846
Baxalta, Inc., 5.25%, 06/23/45			6,000		6,186,903

					12,995,749
Building Products — 0.3%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23^(a)			371		381,202
Beacon Escrow Corp., 4.88%, 11/01/25^(a)			692		644,633
Building Materials Corp. of America, 6.00%, 10/15/25^(a)			1,832		1,854,900
Masonite International Corp., 5.63%, 03/15/23^(a)			610		622,200
Standard Industries, Inc.^(a):
5.50%, 02/15/23			335		342,136
5.38%, 11/15/24			410		406,023
USG Corp., 4.88%, 06/01/27^(a)			445		452,787

					4,703,881
Capital Markets — 3.6%
Goldman Sachs Group, Inc.:
7.50%, 02/15/19^(f)			5,165		5,298,288
5.25%, 07/27/21			1,175		1,232,163
5.75%, 01/24/22^(f)			5,500		5,877,449
6.25%, 02/01/41^(f)			15,000		18,097,012
Morgan Stanley^(f):
5.63%, 09/23/19			6,770		6,968,240
5.00%, 11/24/25			15,000		15,588,684
NFP Corp., 6.88%, 07/15/25^(a)			222		215,895

					53,277,731
Chemicals — 1.4%
Axalta Coating Systems LLC, 4.88%, 08/15/24^(a)			715		707,850
Basell Finance Co. BV, 8.10%, 03/15/27^(a)(f)			6,000		7,400,300
Chemours Co., 5.38%, 05/15/27			207		201,308
Huntsman International LLC:
4.88%, 11/15/20			72		73,080
5.13%, 11/15/22			2,495		2,569,850
NOVA Chemicals Corp., 4.88%, 06/01/24^(a)			956		923,448
Olin Corp.:
5.13%, 09/15/27			270		264,600
5.00%, 02/01/30			297		280,665
Platform Specialty Products Corp.^(a):
6.50%, 02/01/22			3,006		3,081,150
5.88%, 12/01/25			2,516		2,527,825


4

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Chemicals (continued)
PQ Corp., 6.75%, 11/15/22^(a)	USD		935	$	981,750
WR Grace & Co-Conn, 5.63%, 10/01/24^(a)			1,660		1,743,000

					20,754,826
Commercial Services & Supplies — 3.0%
ADT Corp.:
3.50%, 07/15/22			53		50,350
4.13%, 06/15/23			882		833,490
4.88%, 07/15/32^(a)			884		696,150
Aviation Capital Group Corp.^(a):
7.13%, 10/15/20^(f)			31,000		33,216,031
6.75%, 04/06/21			7,850		8,468,273
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(a)			1,061		1,018,560
KAR Auction Services, Inc., 5.13%, 06/01/25^(a)			595		577,150

					44,860,004
Communications Equipment — 0.2%
CommScope Technologies LLC^(a):
6.00%, 06/15/25			467		481,010
5.00%, 03/15/27			677		650,766
CommScope, Inc., 5.50%, 06/15/24^(a)			254		256,540
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25			750		776,250
5.75%, 01/15/27^(a)			1,360		1,346,400

					3,510,966
Construction & Engineering — 0.4%
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(a)			2,578		2,723,012
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25^(a)			1,406		1,434,120
Engility Corp., 8.88%, 09/01/24			727		779,708
Pisces Midco, Inc., 8.00%, 04/15/26^(a)			422		434,660

					5,371,500
Construction Materials — 0.4%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(a)			537		534,986
HD Supply, Inc., 5.75%, 04/15/24^(a)(i)			4,965		5,213,250

					5,748,236
Consumer Discretionary — 0.1%
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25^(a)			72		65,700


Security		Par (000)		Value
Consumer Discretionary (continued)
Viking Cruises Ltd., 5.88%, 09/15/27^(a)	USD		2,159	$	2,113,661

					2,179,361
Consumer Finance — 1.4%
Ally Financial, Inc.:
5.13%, 09/30/24			590		602,537
8.00%, 11/01/31^(f)			3,832		4,617,560
Capital One Bank USA NA, 3.38%, 02/15/23^(f)			2,000		1,949,287
Capital One Financial Corp., 3.75%, 03/09/27			6,500		6,182,382
Discover Financial Services, 3.85%, 11/21/22			3,252		3,229,315
Navient Corp.:
6.63%, 07/26/21			461		475,983
6.50%, 06/15/22			434		443,223
7.25%, 09/25/23			996		1,043,310
6.75%, 06/15/26			516		508,260
Springleaf Finance Corp., 7.13%, 03/15/26			755		767,269
Total System Services, Inc., 3.80%, 04/01/21			1,630		1,637,501

					21,456,627
Containers & Packaging — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(a):
4.63%, 05/15/23			760		750,500
7.25%, 05/15/24			600		625,500
Ball Corp., 4.38%, 12/15/20			681		687,810
Berry Global, Inc., 4.50%, 02/15/26^(a)			126		118,440
BWAY Holding Co., 7.25%, 04/15/25^(a)			402		391,699
Crown Americas LLC/Crown Americas Capital Corp.:
4.75%, 02/01/26^(a)			1,101		1,034,940
4.25%, 09/30/26			724		654,996
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			2,778		2,782,462
6.88%, 02/15/21			36		36,750
5.13%, 07/15/23^(a)			1,146		1,139,582
7.00%, 07/15/24^(a)			921		932,513
Sealed Air Corp., 6.88%, 07/15/33^(a)			182		197,015

					9,352,207
Diversified Consumer Services — 0.7%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(a)			6,034		6,463,922


			5

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Diversified Consumer Services (continued)
Service Corp. International, 4.50%, 11/15/20		USD	4,382	$	4,387,478

					10,851,400
Diversified Financial Services — 7.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20			961		979,089
3.95%, 02/01/22			1,500		1,499,079
4.63%, 07/01/22			518		526,829
Air Lease Corp., 3.75%, 02/01/22			5,000		4,999,377
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,064,952
Bank of America Corp.^(f):
5.00%, 05/13/21			17,100		17,887,210
4.45%, 03/03/26			11,765		11,809,608
BNP Paribas SA, 4.38%, 03/01/33^(a)(b)			4,000		3,847,040
Citigroup, Inc.:
4.04%, 06/01/24^(b)			4,000		4,026,383
3.70%, 01/12/26^(f)			6,000		5,830,870
6.68%, 09/13/43^(f)			4,125		5,141,161
Credit Suisse Group AG, 7.50%^(a)(b)(h)			1,865		1,918,619
Ford Motor Credit Co. LLC, 5.88%, 08/02/21^(f)			9,420		9,934,197
General Motors Financial Co., Inc.:
4.38%, 09/25/21			2,260		2,297,632
4.25%, 05/15/23			1,681		1,685,894
4.35%, 01/17/27			4,710		4,575,851
ING Bank NV, 5.00%, 06/09/21^(a)(f)			8,000		8,308,172
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(a)			1,705		1,734,837
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,136,653
Lloyds Banking Group PLC, 4.45%, 05/08/25^(f)			3,665		3,703,829
Macquarie Group Ltd., 4.15%, 03/27/24^(a)(b)			4,000		3,967,424
Resparcs Funding LP I, 8.00%^(h)(j)(k)			4,000		1,554,000
Royal Bank of Scotland Group PLC:
6.10%, 06/10/23			2,500		2,646,312
5.13%, 05/28/24^(f)			5,250		5,344,274
UniCredit SpA(5 year USD ICE Swap + 3.70%), 5.86%, 06/19/32^(a)(g)			4,000		3,609,068
Vantiv LLC/Vanity Issuer Corp., 4.38%, 11/15/25^(a)			464		439,060

					116,467,420
Diversified Telecommunication Services — 5.5%
AT&T, Inc.:
6.30%, 01/15/38^(f)			12,000		13,123,548
5.15%, 03/15/42			250		240,958
4.35%, 06/15/45			367		318,226


Security	Par (000)			Value
Diversified Telecommunication Services (continued)
CenturyLink, Inc.:
5.63%, 04/01/25^(f)		USD	2,110	$	2,015,050
Series S, 6.45%, 06/15/21			1,176		1,212,750
Series Y, 7.50%, 04/01/24			824		861,088
Frontier Communications Corp.:
10.50%, 09/15/22			551		500,033
6.88%, 01/15/25			—		—
11.00%, 09/15/25			3,846		3,118,875
Level 3 Financing, Inc.:
5.38%, 08/15/22			2,095		2,100,238
5.13%, 05/01/23			1,183		1,171,170
5.38%, 01/15/24			754		746,460
5.38%, 05/01/25			2,003		1,952,925
5.25%, 03/15/26			320		308,000
Telecom Italia Capital SA, 6.00%, 09/30/34			960		943,200
Telefonica Emisiones SAU, 5.21%, 03/08/47			6,000		6,079,819
Verizon Communications, Inc.^(f):
5.15%, 09/15/23			8,775		9,406,473
6.40%, 09/15/33			9,475		11,129,824
6.55%, 09/15/43			13,225		16,110,170
5.01%, 04/15/49			10,578		10,753,669

					82,092,476
Electric Utilities — 5.1%
AES Corp.:
4.50%, 03/15/23			400		398,500
4.88%, 05/15/23			32		32,120
5.50%, 04/15/25			304		309,320
6.00%, 05/15/26			843		880,935
5.13%, 09/01/27			1,095		1,105,950
CMS Energy Corp., 5.05%, 03/15/22^(f)			9,900		10,330,677
DPL, Inc., 7.25%, 10/15/21			94		101,755
Duke Energy Corp., 3.55%, 09/15/21			3,650		3,676,610
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76⁽^g⁾			7,500		7,875,000
Great Plains Energy, Inc., 5.29%, 06/15/22^(f)(i)			5,550		5,792,358
Midland Cogeneration Venture LP, 5.25%, 03/15/25^(a)			3,566		3,480,196
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77^(b)			5,000		4,700,000
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(a)			568		548,120
Oncor Electric Delivery Co. LLC^(f):
4.10%, 06/01/22			4,150		4,242,745
5.30%, 06/01/42			2,750		3,173,486
Progress Energy, Inc., 7.00%, 10/30/31^(f)			12,000		15,173,085


6

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Electric Utilities (continued)
Puget Energy, Inc.:
6.00%, 09/01/21		USD	275	$	292,413
5.63%, 07/15/22^(f)			5,550		5,871,525
Southern Co., 4.40%, 07/01/46^(f)			7,500		7,494,372

					75,479,167
Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23			306		309,060
5.50%, 12/01/24			2,517		2,610,632
Sanmina Corp., 4.38%, 06/01/19^(a)			1,415		1,416,769

					4,336,461
Energy Equipment & Services — 0.7%
Ensco PLC:
4.50%, 10/01/24			196		165,865
7.75%, 02/01/26			808		779,720
Halliburton Co., 5.00%, 11/15/45^(f)			6,615		7,133,623
Precision Drilling Corp., 7.13%, 01/15/26^(a)			135		138,544
Transocean, Inc., 9.00%, 07/15/23^(a)			670		722,762
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(a)			855		879,581
Weatherford International Ltd.:
7.75%, 06/15/21			775		799,219
8.25%, 06/15/23			150		148,875
6.50%, 08/01/36			521		408,985

					11,177,174
Environmental, Maintenance, & Security Service — 0.0%
Waste Pro USA, Inc., 5.50%, 02/15/26^(a)			622		594,010

Equity Real Estate Investment Trusts (REITs) — 2.2%
American Tower Corp.:
5.05%, 09/01/20			500		516,204
5.90%, 11/01/21^(f)			3,770		4,012,290
3.60%, 01/15/28			4,000		3,738,968
AvalonBay Communities, Inc., 6.10%, 03/15/20 ^(f)			10,000		10,443,776
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			1,133		1,091,929
5.13%, 05/01/26^(a)			1,185		1,185,000
Host Hotels & Resorts LP, 3.75%, 10/15/23^(f)			3,600		3,519,052
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			4,627		4,731,107
4.50%, 09/01/26			2,750		2,591,875
4.50%, 01/15/28			570		520,125
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27			291		281,543


Security	Par (000)			Value
Equity Real Estate Investment Trusts (REITs) (continued)
Starwood Property Trust, Inc., 5.00%, 12/15/21		USD	627	$	634,837

					33,266,706
Food & Staples Retailing — 1.0%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			775		742,063
5.75%, 03/15/25			1,120		1,008,000
Albertsons Cos., Inc., 6.09%, 01/15/24^(a)(b)			1,163		1,177,537
General Mills, Inc., 4.20%, 04/17/28			620		617,361
H.J. Heinz Finance Co., 7.13%, 08/01/39^(a)			4,415		5,293,249
Wal-Mart Stores, Inc., 5.25%, 09/01/35^(f)			5,150		5,996,227

					14,834,437
Food Products — 0.5%
Aramark Services, Inc.:
5.13%, 01/15/24			1,470		1,482,862
5.00%, 02/01/28^(a)			228		219,952
JBS USA LUX SA/JBS USA Finance, Inc.^(a):
5.88%, 07/15/24			390		373,913
5.75%, 06/15/25			1,947		1,822,898
6.75%, 02/15/28			827		781,515
Kraft Heinz Foods Co., 4.38%, 06/01/46			2,475		2,200,399
Post Holdings, Inc., 5.63%, 01/15/28^(a)			428		407,670

					7,289,209
Health Care Equipment & Supplies — 1.2%
Avantor, Inc.^(a):
6.00%, 10/01/24^(f)			6,234		6,249,585
9.00%, 10/01/25			1,334		1,354,010
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(a)			2,065		2,121,787
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a):
4.88%, 04/15/20^(f)			517		510,538
5.75%, 08/01/22			2,258		2,054,780
5.63%, 10/15/23			108		93,015
5.50%, 04/15/25			87		71,340
Medtronic, Inc., 4.63%, 03/15/45^(f)			4,565		4,948,476

					17,403,531
Health Care Providers & Services — 4.6%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			191		189,090
Aetna, Inc., 3.88%, 08/15/47			3,500		3,126,144
Amsurg Corp., 5.63%, 07/15/22			1,313		1,342,543
Anthem, Inc., 4.55%, 03/01/48			5,000		4,915,243
Centene Corp.:
5.63%, 02/15/21			875		894,141


			7

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Health Care Providers & Services (continued)
Centene Corp. (continued):
6.13%, 02/15/24		USD	1,370	$	1,441,925
5.38%, 06/01/26^(a)			3,456		3,538,080
CHS/Community Health Systems, Inc., 8.63%, 01/15/24^(a)			708		731,930
DaVita, Inc., 5.13%, 07/15/24			761		740,548
HCA, Inc.:
3.75%, 03/15/19			4,364		4,370,764
7.50%, 02/15/22			2,214		2,432,633
4.75%, 05/01/23			8,856		8,971,128
5.00%, 03/15/24			3,451		3,502,765
5.25%, 04/15/25			738		754,144
5.88%, 02/15/26			1,297		1,340,774
5.50%, 06/15/47			2,570		2,437,645
HealthSouth Corp., 5.75%, 11/01/24			637		646,217
MEDNAX, Inc., 5.25%, 12/01/23^(a)			144		142,920
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(a)			829		858,015
NVA Holdings, Inc., 6.88%, 04/01/26^(a)			835		830,825
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(a)(l)			2,124		2,195,685
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(a)			147		155,820
Tenet Healthcare Corp.:
6.00%, 10/01/20			4,102		4,260,952
7.50%, 01/01/22^(a)			394		412,715
8.13%, 04/01/22			2,645		2,816,925
6.75%, 06/15/23			1,561		1,584,727
4.63%, 07/15/24			1,145		1,109,219
UnitedHealth Group, Inc., 6.88%, 02/15/38^(f)			10,000		13,353,239

					69,096,756
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(a)			624		603,720

Hotels, Restaurants & Leisure — 1.3%
Boyd Gaming Corp., 6.00%, 08/15/26^(a)			472		474,360
Churchill Downs, Inc., 4.75%, 01/15/28^(a)			190		178,125
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(a)			1,114		1,072,225
ESH Hospitality, Inc., 5.25%, 05/01/25^(a)			1,278		1,239,788
IRB Holding Corp., 6.75%, 02/15/26^(a)			156		148,200
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC ^(a):
5.00%, 06/01/24			600		594,000
5.25%, 06/01/26			650		638,424


Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a) (continued):
4.75%, 06/01/27		USD	817	$	771,738
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(a)			444		419,860
MGM Resorts International:
6.75%, 10/01/20			45		47,363
6.63%, 12/15/21			4,805		5,120,544
7.75%, 03/15/22			104		113,880
New Red Finance, Inc.^(a):
4.25%, 05/15/24			1,577		1,500,121
5.00%, 10/15/25			2,910		2,789,962
Sabre GLBL, Inc.^(a):
5.38%, 04/15/23			594		597,344
5.25%, 11/15/23			294		294,735
Scientific Games International, Inc., 5.00%, 10/15/25^(a)			914		879,734
Station Casinos LLC, 5.00%, 10/01/25^(a)			1,200		1,143,000
Wyndham Destinations, Inc., 4.15%, 04/01/24			883		868,651
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			453		452,434

					19,344,488
Household Durables — 0.9%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(a)			1,647		1,653,176
Lennar Corp.:
2.95%, 11/29/20			520		504,400
8.38%, 01/15/21			3,015		3,301,425
4.75%, 11/15/22			1,805		1,805,000
4.88%, 12/15/23			466		464,835
Newell Brands, Inc.:
4.00%, 12/01/24			3,000		2,901,635
4.20%, 04/01/26			955		921,150
PulteGroup, Inc., 5.50%, 03/01/26			926		913,277
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:
4.38%, 06/15/19			920		920,883
5.88%, 06/15/24			625		620,313

					14,006,094
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,143,300
6.13%, 12/15/24			231		234,465
5.75%, 07/15/25			1,002		999,495

					2,377,260


8

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.:
6.00%, 01/15/22^(a)		USD	1,858	$	1,890,515
5.38%, 01/15/23			472		450,170
5.88%, 01/15/24^(a)			823		827,115
5.25%, 06/01/26^(a)			2,719		2,569,455
Dynegy, Inc., 8.00%, 01/15/25^(a)			319		346,514
NRG Energy, Inc.:
6.63%, 01/15/27			2,746		2,828,380
5.75%, 01/15/28^(a)			650		644,995
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,955,905
TerraForm Power Operating LLC^(a):
4.25%, 01/31/23			470		452,375
5.00%, 01/31/28			470		442,387

					12,407,811
Industrial Conglomerates — 0.1%
BWX Technologies, Inc., 5.38%, 07/15/26^(a)			746		757,190
Vertiv Group Corp., 9.25%, 10/15/24^(a)			623		614,434

					1,371,624
Insurance — 3.6%
American International Group, Inc., 6.40%, 12/15/20^(f)			8,710		9,319,578
Aon Corp., 5.00%, 09/30/20^(f)			7,700		7,941,878
Aon PLC, 4.25%, 12/12/42^(f)			6,500		5,974,164
Forethought Financial Group, Inc., 8.63%, 04/15/21^(a)			3,400		3,769,609
HUB International Ltd., 7.00%, 05/01/26^(a)			1,373		1,378,149
Nationwide Building Society, 4.13%, 10/18/32^(a)(b)			2,520		2,344,472
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(a)(f)			12,000		14,889,794
Progressive Corp., Series B, 5.38%^(b)(h)			5,000		4,993,750
Wand Merger Corp.^(a):
8.13%, 07/15/23			871		905,927
9.13%, 07/15/26			447		469,395
Wayne Merger Sub LLC, 8.25%, 08/01/23^(a)			1,040		1,079,000
					53,065,716
Internet Software & Services — 0.7%
Alibaba Group Holding Ltd., 4.20%, 12/06/47			1,470		1,378,781
Booking Holdings, Inc., 3.55%, 03/15/28			3,375		3,219,174
Equinix, Inc., 5.88%, 01/15/26			1,061		1,096,809


Security	Par (000)			Value
Internet Software & Services (continued)
Netflix, Inc.:
5.50%, 02/15/22		USD	563	$	580,594
4.38%, 11/15/26			905		848,437
5.88%, 11/15/28^(a)			1,550		1,553,875
Rackspace Hosting, Inc., 8.63%, 11/15/24^(a)			1,078		1,088,780
Symantec Corp., 5.00%, 04/15/25^(a)			347		342,139

					10,108,589
IT Services — 1.0%
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538		569,262
First Data Corp.^(a):
5.38%, 08/15/23			1,509		1,529,749
7.00%, 12/01/23			4,908		5,134,995
5.75%, 01/15/24^(f)			5,700		5,829,390
Gartner, Inc., 5.13%, 04/01/25^(a)			399		402,549
WEX, Inc., 4.75%, 02/01/23^(a)			760		763,800

					14,229,745
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 03/01/20^(f)			12,000		12,478,949

Machinery — 0.1%
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(a)			558		535,680
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)			1,324		1,184,583

					1,720,263
Media — 9.4%
21st Century Fox America, Inc., 6.15%, 03/01/37^(f)			9,575		11,827,726
A&E Television Networks LLC, 3.11%, 08/22/19^(c)			5,000		4,970,000
Altice Financing SA^(a):
6.63%, 02/15/23			400		404,500
7.50%, 05/15/26			1,772		1,725,219
Altice France SA^(a):
6.00%, 05/15/22			4,544		4,683,501
7.38%, 05/01/26			3,616		3,575,320
8.13%, 02/01/27			825		842,614
Altice Luxembourg SA, 7.75%, 05/15/22^(a)			6,326		6,294,370
Altice US Finance I Corp.^(a):
5.38%, 07/15/23			2,919		2,944,541
5.50%, 05/15/26			1,950		1,916,090
AMC Networks, Inc.:
4.75%, 12/15/22			685		685,000
5.00%, 04/01/24			432		426,060
4.75%, 08/01/25			546		524,160


			9

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.^(a):
4.00%, 03/01/23		USD	1,216	$	1,161,280
5.13%, 05/01/27^(f)			5,664		5,407,364
5.00%, 02/01/28			1,116		1,048,343
Cequel Communications Holdings I LLC/Cequel Capital Corp.^(a):
7.75%, 07/15/25			4,329		4,550,861
7.50%, 04/01/28			1,200		1,236,960
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35			479		518,652
6.48%, 10/23/45			9,584		10,456,679
5.38%, 05/01/47			1,500		1,441,028
6.83%, 10/23/55			3,540		3,871,904
Cinemark USA, Inc., 5.13%, 12/15/22			349		350,745
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			2,758		2,806,761
6.50%, 11/15/22^(f)			7,431		7,598,197
Cox Communications, Inc.^(a):
8.38%, 03/01/39^(f)			5,000		6,546,677
4.60%, 08/15/47			625		575,343
CSC Holdings LLC:
8.63%, 02/15/19			4,005		4,110,131
5.25%, 06/01/24			1,054		1,014,475
6.63%, 10/15/25^(a)			1,072		1,106,840
10.88%, 10/15/25^(a)			620		719,200
Discovery Communications LLC:
3.95%, 03/20/28^(f)			8,515		8,161,321
4.88%, 04/01/43			4,000		3,709,223
DISH DBS Corp.:
5.88%, 07/15/22			642		600,270
5.88%, 11/15/24			338		280,540
7.75%, 07/01/26			1,444		1,261,695
Grupo Televisa SAB, 5.00%, 05/13/45^(f)			3,345		3,175,235
Hughes Satellite Systems Corp., 5.25%, 08/01/26			1,017		971,235
Inmarsat Finance PLC, 4.88%, 05/15/22^(a)			228		225,720
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			268		246,560
9.75%, 07/15/25^(a)			2,358		2,520,112
Interpublic Group of Cos., Inc., 3.75%, 02/15/23^(f)			6,025		5,927,653
MDC Partners, Inc., 6.50%, 05/01/24^(a)			1,036		914,270
Meredith Corp., 6.88%, 02/01/26^(a)			396		398,970
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22^(a)			79		76,778
Sirius XM Radio, Inc., 5.00%, 08/01/27^(a)			597		567,150


Security	Par (000)			Value
Media (continued)
TEGNA, Inc., 5.50%, 09/15/24^(a)		USD	351	$	352,755
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(a)			800		730,000
Time Warner Cable, Inc., 6.55%, 05/01/37			3,519		3,861,055
Time Warner, Inc.:
4.65%, 06/01/44			28		25,321
4.85%, 07/15/45			97		91,009
Tribune Media Co., 5.88%, 07/15/22			1,308		1,314,540
Univision Communications, Inc.^(a):
5.13%, 05/15/23			5,293		5,054,815
5.13%, 02/15/25			375		347,813
UPCB Finance IV Ltd., 5.38%, 01/15/25^(a)			420		405,300
Viacom, Inc., 5.85%, 09/01/43			1,300		1,367,364
Videotron Ltd., 5.13%, 04/15/27^(a)			1,099		1,079,768
Virgin Media Secured Finance PLC, 5.50%, 08/15/26^(a)			487		463,868
Ziggo Secured Finance BV, 5.50%, 01/15/27^(a)			663		631,508

					140,102,389
Metals & Mining — 2.7%
Alcoa Nederland Holding BV^(a):
7.00%, 09/30/26			291		314,280
6.13%, 05/15/28			236		243,080
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22			5,000		5,136,133
Commercial Metals Co., 4.88%, 05/15/23			2,194		2,139,150
Constellium NV:
4.63%, 05/15/21		EUR	490		581,221
6.63%, 03/01/25^(a)		USD	356		363,009
5.88%, 02/15/26^(a)			1,451		1,429,235
First Quantum Minerals Ltd.^(a):
7.25%, 05/15/22			912		916,560
6.50%, 03/01/24			311		302,836
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			500		495,625
3.55%, 03/01/22			236		228,625
3.88%, 03/15/23			6,250		6,015,625
5.40%, 11/14/34			2,250		2,064,375
5.45%, 03/15/43			4,056		3,601,728
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(a)			725		754,000
Novelis Corp.^(a):
6.25%, 08/15/24			2,790		2,796,975
5.88%, 09/30/26			3,029		2,904,054
Southern Copper Corp., 5.88%, 04/23/45			3,870		4,263,540


10

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Metals & Mining (continued)
Steel Dynamics, Inc.:
5.13%, 10/01/21		USD	1,105	$	1,117,431
5.25%, 04/15/23			309		312,090
5.50%, 10/01/24			240		245,100
4.13%, 09/15/25			1,808		1,728,900
5.00%, 12/15/26			35		34,869
Teck Resources Ltd.:
4.50%, 01/15/21			370		375,550
8.50%, 06/01/24^(a)			1,623		1,787,329
United States Steel Corp., 6.25%, 03/15/26			813		813,000

					40,964,320
Multi-Utilities — 0.0%
NGL Energy Partners LP/NGL Energy Finance Corp., 6.88%, 10/15/21			386		391,790

Oil, Gas & Consumable Fuels — 16.7%
Aker BP ASA, 5.88%, 03/31/25^(a)			570		584,250
Andeavor:
4.75%, 12/15/23			1,230		1,272,965
5.13%, 12/15/26			937		989,764
Andeavor Logistics LP, Series A, 6.88%^(b)(h)			5,000		5,009,375
California Resources Corp., 8.00%, 12/15/22^(a)			1,299		1,162,605
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21			252		249,480
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			279		283,883
8.25%, 07/15/25			364		393,120
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			1,916		2,102,810
5.13%, 06/30/27			2,981		2,989,943
Cheniere Energy Partners LP, Series WI, 5.25%, 10/01/25			692		688,540
Chesapeake Energy Corp., 8.00%, 12/15/22^(a)			1,670		1,761,850
CNX Resources Corp., 5.88%, 04/15/22^(f)			8,704		8,721,495
Concho Resources, Inc., 4.88%, 10/01/47			3,815		3,880,678
CONSOL Energy, Inc., 11.00%, 11/15/25^(a)			328		362,440
Continental Resources, Inc., 4.90%, 06/01/44			3,500		3,460,169
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(a)			426		432,390
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)			2,880		2,779,200
DCP Midstream LLC, 6.75%, 09/15/37^(a)			1,527		1,641,525


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Denbury Resources, Inc., 9.25%, 03/31/22^(a)		USD	1,136	$	1,204,160
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,416,652
El Paso LLC:
7.80%, 08/01/31			197		243,545
7.75%, 01/15/32			4,586		5,692,047
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22			2,345		2,688,542
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20^(f)			5,075		5,325,908
Enbridge Energy Partners LP, 9.88%, 03/01/19^(f)			6,000		6,225,101
Enbridge, Inc., 6.25%, 03/01/78^(b)			5,000		4,882,509
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26^(a)			320		312,800
Energy Transfer Equity LP:
7.50%, 10/15/20			598		638,365
4.25%, 03/15/23			553		537,792
5.88%, 01/15/24			3,366		3,500,640
5.50%, 06/01/27			406		416,150
Energy Transfer LP:
5.20%, 02/01/22^(f)			10,200		10,611,060
6.13%, 12/15/45			3,579		3,717,650
EnLink Midstream Partners LP:
4.15%, 06/01/25			97		90,786
4.85%, 07/15/26			92		88,430
Enterprise Products Operating LLC:
4.90%, 05/15/46^(f)			5,375		5,536,791
Series E, 5.25%, 08/16/77^(b)			4,800		4,520,976
EP Energy LLC/Everest Acquisition Finance, Inc.^(a):
9.38%, 05/01/24			367		301,858
8.00%, 11/29/24			673		679,730
7.75%, 05/15/26			942		960,840
Extraction Oil & Gas, Inc.^(a):
7.38%, 05/15/24			72		75,600
5.63%, 02/01/26			1,392		1,350,240
Gulfport Energy Corp.:
6.00%, 10/15/24			210		202,650
6.38%, 05/15/25			487		472,390
Hess Corp., 5.80%, 04/01/47			5,000		5,311,627
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(a)			749		752,745
Indigo Natural Resources LLC, 6.88%, 02/15/26^(a)			239		231,233
Jagged Peak Energy LLC, 5.88%, 05/01/26^(a)			388		381,210
Kinder Morgan Energy Partners LP:
6.85%, 02/15/20^(f)			12,000		12,621,600
4.25%, 09/01/24			2,170		2,187,351
5.40%, 09/01/44			3,615		3,662,718


			11

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co., 6.88%, 04/15/23		USD	71	$	74,639
MEG Energy Corp.^(a):
7.00%, 03/31/24			1,065		962,494
6.50%, 01/15/25			1,389		1,366,429
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19^(a)			3,500		3,593,975
MPLX LP:
4.13%, 03/01/27			825		809,040
5.20%, 03/01/47			3,500		3,554,737
4.70%, 04/15/48			5,000		4,756,764
Murphy Oil Corp., 6.88%, 08/15/24			752		789,600
Nabors Industries, Inc., 5.75%, 02/01/25^(a)			395		374,263
Newfield Exploration Co.:
5.63%, 07/01/24			78		81,900
5.38%, 01/01/26			856		875,260
Nexen Energy ULC, 6.40%, 05/15/37			2,000		2,429,866
NGPL PipeCo LLC^(a):
4.38%, 08/15/22			509		510,272
4.88%, 08/15/27			931		929,836
7.77%, 12/15/37			1,370		1,685,100
Noble Energy, Inc., 5.05%, 11/15/44			3,500		3,547,426
Noble Holding International Ltd.:
7.75%, 01/15/24^(f)			1,259		1,221,230
7.95%, 04/01/25			232		219,240
7.88%, 02/01/26^(a)			1,427		1,466,242
Oasis Petroleum, Inc., 6.88%, 01/15/23			57		58,283
ONEOK Partners LP, 8.63%, 03/01/19^(f)			10,000		10,322,380
Parsley Energy LLC/Parsley Finance Corp.^a):
5.25%, 08/15/25			780		770,250
5.63%, 10/15/27			649		644,132
Petroleos Mexicanos:
3.50%, 01/30/23^(f)			5,000		4,751,100
4.63%, 09/21/23			3,965		3,921,385
4.88%, 01/18/24^(f)			2,000		1,975,000
Plains All American Pipeline LP, Series B, 6.13%^(b)(f)(h)			2,215		2,154,087
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 06/15/44			1,498		1,363,266
4.90%, 02/15/45			2,102		1,947,969
QEP Resources, Inc., 5.63%, 03/01/26			160		154,000
Range Resources Corp.:
5.00%, 08/15/22			32		31,360
4.88%, 05/15/25			241		223,226
Rockies Express Pipeline LLC^(a):
5.63%, 04/15/20			295		303,526
6.88%, 04/15/40			580		672,800


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Ruby Pipeline LLC, 6.00%, 04/01/22^(a)(f)		USD	8,939	$	9,161,635
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			405		423,469
5.63%, 04/15/23^(f)			10,510		11,204,390
5.75%, 05/15/24			2,575		2,777,024
5.88%, 06/30/26			1,481		1,610,676
Sanchez Energy Corp.:
7.75%, 06/15/21			982		849,430
6.13%, 01/15/23			847		581,254
Seven Generations Energy Ltd., 5.38%, 09/30/25^(a)			1,110		1,065,600
SM Energy Co.:
6.50%, 01/01/23			177		179,655
5.00%, 01/15/24			297		285,863
5.63%, 06/01/25^(f)			350		340,813
6.75%, 09/15/26			682		693,935
Southwestern Energy Co.:
6.20%, 01/23/25			676		666,705
7.50%, 04/01/26			1,098		1,132,312
Sunoco LP/Sunoco Finance Corp.^(a):
4.88%, 01/15/23			1,071		1,052,493
5.88%, 03/15/28			317		297,980
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a):
5.50%, 09/15/24			198		202,950
5.50%, 01/15/28			1,298		1,301,245
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			37		37,278
6.75%, 03/15/24			184		194,120
5.88%, 04/15/26^(a)			848		864,960
5.00%, 01/15/28^(a)			1,009		952,244
TransCanada PipeLines Ltd.:
4.88%, 01/15/26^(f)			4,485		4,713,605
4.88%, 05/15/48			4,000		4,180,283
Transocean Guardian Ltd., 5.88%, 01/15/24^(a)			648		654,480
Transocean Pontus Ltd., 6.13%, 08/01/25^(a)			769		783,426
Western Gas Partners LP, 5.38%, 06/01/21^(f)			5,125		5,307,296
Whiting Petroleum Corp., 6.63%, 01/15/26			400		414,250
Williams Cos., Inc.:
3.70%, 01/15/23			2,245		2,188,875
4.55%, 06/24/24			527		529,635
8.75%, 03/15/32			2,478		3,252,375
Williams Partners LP, 5.10%, 09/15/45			5,075		5,165,250
WPX Energy, Inc.:
6.00%, 01/15/22			72		74,700


12

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc. (continued):
5.25%, 09/15/24		USD	22	$	21,863

					250,311,324
Paper & Forest Products — 1.8%
International Paper Co.^(f):
7.50%, 08/15/21			7,209		8,022,517
8.70%, 06/15/38			4,000		5,607,396
7.30%, 11/15/39			10,000		12,752,667

					26,382,580
Pharmaceuticals — 3.9%
Abbott Laboratories, 4.90%, 11/30/46			5,500		6,045,062
AbbVie, Inc., 4.70%, 05/14/45			3,255		3,197,929
Actavis Funding SCS, 4.75%, 03/15/45			5,485		5,424,228
Allergan, Inc., 2.80%, 03/15/23			3,000		2,843,418
Bayer US Finance II LLC, 4.88%, 06/25/48^(a)			7,500		7,741,964
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(a)			317		320,963
CVS Health Corp.:
4.75%, 12/01/22			289		299,763
5.00%, 12/01/24			183		190,962
5.13%, 07/20/45			3,879		4,036,058
5.05%, 03/25/48			8,205		8,502,820
Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/23^(a)			1,514		1,286,900
Forest Laboratories LLC, 5.00%, 12/15/21^(a)			1,631		1,693,807
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(a)			297		311,850
Merck & Co., Inc., 6.50%, 12/01/33^(f)			6,420		8,206,809
Valeant Pharmaceuticals International, Inc.^(a):
7.50%, 07/15/21			108		110,160
5.63%, 12/01/21			643		636,570
6.50%, 03/15/22			829		864,398
5.50%, 03/01/23			2,365		2,240,837
5.88%, 05/15/23			622		597,431
7.00%, 03/15/24			1,303		1,381,506
6.13%, 04/15/25			815		764,063
5.50%, 11/01/25			869		870,564
8.50%, 01/31/27			1,186		1,218,022

					58,786,084
Real Estate Management & Development — 0.4%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(a)			460		446,200
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(a)(f)			4,485		4,277,569


Security	Par (000)			Value
Real Estate Management & Development (continued)
Realogy Group LLC/Realogy Co-Issuer Corp.^(a):
4.50%, 04/15/19		USD	803	$	805,007
5.25%, 12/01/21			344		344,860
4.88%, 06/01/23			222		206,682

					6,080,318
Road & Rail — 1.3%
Ashtead Capital, Inc., 5.25%, 08/01/26^(a)			565		569,944
Norfolk Southern Corp., 6.00%, 03/15/05			12,700		15,082,248
United Rentals North America, Inc.:
4.63%, 07/15/23			1,616		1,620,040
4.63%, 10/15/25			1,034		997,810
5.88%, 09/15/26			274		278,110
4.88%, 01/15/28			877		819,188

					19,367,340
Semiconductors & Semiconductor Equipment — 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(f)			7,500		7,033,706
Micron Technology, Inc., 5.50%, 02/01/25			40		41,350
NXP BV/NXP Funding LLC, 4.63%, 06/15/22^(a)			490		496,125
QUALCOMM, Inc.:
3.25%, 05/20/27^(f)			2,500		2,359,248
4.30%, 05/20/47			3,500		3,304,983
Sensata Technologies BV^(a):
5.63%, 11/01/24			695		721,063
5.00%, 10/01/25			772		772,000

					14,728,475
Software — 1.1%
CDK Global, Inc., 5.88%, 06/15/26			378		387,450
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(a)			690		765,900
Infor US, Inc., 6.50%, 05/15/22			8,585		8,692,313
Informatica LLC, 7.13%, 07/15/23^(a)			1,599		1,626,983
Nuance Communications, Inc., 5.38%, 08/15/20^(a)			1,901		1,893,871
PTC, Inc., 6.00%, 05/15/24			313		326,991
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(a)			2,040		2,255,745
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23^(a)			740		768,675

					16,717,928
Specialty Retail — 0.4%
L Brands, Inc.:
7.00%, 05/01/20			3,050		3,194,875
6.88%, 11/01/35			1,119		960,941


			13

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Specialty Retail (continued)
Penske Automotive Group, Inc., 5.50%, 05/15/26		USD	1,160	$	1,128,100

					5,283,916
Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC/EMC Corp.^(a):
5.88%, 06/15/21			615		629,783
7.13%, 06/15/24			747		803,025
8.35%, 07/15/46			2,355		2,899,015
Western Digital Corp., 4.75%, 02/15/26			2,466		2,424,386

					6,756,209
Textiles, Apparel & Luxury Goods — 0.1%
Levi Strauss & Co., 5.00%, 05/01/25			699		700,748
William Carter Co., 5.25%, 08/15/21			1,406		1,424,067

					2,124,815
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a):
5.25%, 03/15/22			480		480,053
5.25%, 10/01/25			268		250,580

					730,633
Tobacco — 2.2%
Altria Group, Inc., 10.20%, 02/06/39^(f)			13,392		21,342,297
BAT Capital Corp., 4.54%, 08/15/47^(a)			8,000		7,634,199
Reynolds American, Inc.:
4.85%, 09/15/23			1,120		1,167,489
5.85%, 08/15/45			2,335		2,623,693

					32,767,678
Trading Companies & Distributors — 0.2%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1^(a):
Class A, 5.25%, 05/30/25			1,732		1,764,164
Class B, 6.13%, 11/30/21			1,122		1,141,950

					2,906,114
Transportation Infrastructure — 0.9%
CEVA Group PLC, (9.00% Cash or 3.00% PIK), 9.00%, 09/01/20^(a)(l)			1,905		1,980,690
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 07/11/22^(a)(f)			10,500		10,843,126

					12,823,816
Wireless Telecommunication Services — 1.9%
Crown Castle International Corp.:
4.88%, 04/15/22			2,500		2,576,021
3.65%, 09/01/27			8,000		7,512,650
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24			277		278,039


Security	Par (000)			Value
Wireless Telecommunication Services (continued)
CyrusOne LP/CyrusOne Finance Corp. (continued):
5.38%, 03/15/27		USD	129	$	128,032
Digicel Group Ltd., 8.25%, 09/30/20^(a)			200		145,500
Digicel Ltd., 6.00%, 04/15/21^(a)			1,285		1,188,625
Frontier Communications Corp., 8.50%, 04/01/26^(a)			995		955,200
SBA Communications Corp.:
4.00%, 10/01/22			1,045		1,011,372
4.88%, 09/01/24			1,658		1,604,115
Sprint Capital Corp.:
6.88%, 11/15/28			1,272		1,224,300
8.75%, 03/15/32			1,197		1,288,271
Sprint Communications, Inc.^(a):
9.00%, 11/15/18			1,576		1,602,792
7.00%, 03/01/20			389		403,743
Sprint Corp.:
7.13%, 06/15/24			3,895		3,999,678
7.63%, 02/15/25			76		79,468
7.63%, 03/01/26			1,889		1,959,837
T-Mobile USA, Inc.:
6.50%, 01/15/26			960		1,006,800
4.50%, 02/01/26			815		766,100
4.75%, 02/01/28			768		712,090

					28,442,633

Total Corporate Bonds — 107.0% (Cost — $1,548,914,031)					1,599,696,690


Foreign Agency Obligations — 2.3%
Argentine Republic Government International Bond, 5.63%, 01/26/22			6,485		6,170,542
Brazilian Government International Bond, 5.00%, 01/27/45			6,525		5,529,938
Colombia Government International Bond, 5.63%, 02/26/44			4,000		4,300,000
Indonesia Government International Bond, 5.88%, 01/15/24^(a)			4,400		4,766,643
Mexico Government International Bond:
4.75%, 03/08/44			5,800		5,443,300
4.60%, 02/10/48			5,000		4,592,500
Uruguay Government International Bond, 5.10%, 06/18/50			3,500		3,538,675

Total Foreign Agency Obligations — 2.3% (Cost — $35,089,097)					34,341,598


14

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Municipal Bonds — 1.2%
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 01/01/38		USD	5,000	$	5,248,300
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,271,400

Total Municipal Bonds — 1.2% (Cost — $14,847,427)					17,519,700


Preferred Securities – 25.0%
Capital Trusts — 20.4%
Auto Components — 0.2%
General Motors Financial Co., Inc., Series A, 5.75%^(b)(f)(h)			3,000		2,947,500

Banks — 4.7%
BNP Paribas SA^(a)(g)(h):
7.20%			5,000		5,243,750
7.38%			4,535		4,818,437
Capital One Financial Corp., Series E, 5.55%^(g)(h)			5,000		5,125,000
CIT Group, Inc., Series A, 5.80%^(g)(h)			3,000		2,947,500
Citigroup, Inc., 5.90%^(g)(h)			2,210		2,261,714
Credit Suisse Group AG^(a)(g)(h):
6.25%			7,255		7,282,206
7.50%			3,250		3,465,280
HSBC Capital Funding LP, 10.18%^(a)(f)(g)(h)			11,835		17,811,675
Macquarie Bank Ltd., 6.13%^(a)(g)(h)			1,885		1,720,063
Nordea Bank AB, 6.13%^(a)(g)(h)			5,540		5,436,125
U.S. Bancorp, Series J, 5.30%^(f)(g)(h)			10,415		10,405,241
Wells Fargo & Co.^(g)(h):
Series K, 6.11%			809		815,634
Series S, 5.90%			281		283,951
Series U, 5.88%			2,655		2,777,130

					70,393,706
Capital Markets — 2.4%
Charles Schwab Corp., Series E, 4.63%^(g)(h)			6,805		6,805,000
Goldman Sachs Group, Inc., Series L, 5.70%^(g)(h)			2,950		2,986,875
Morgan Stanley, Series H, 5.45%^(g)(h)			8,675		8,805,125
State Street Corp.:
3.34%, 06/01/77^(d)(f)			17,845		16,004,110
Series F, 5.25%^(g)(h)			1,855		1,901,375

					36,502,485


Security	Par (000)			Value
Commercial Services & Supplies — 0.4%
AerCap Global Aviation Trust, 6.50%, 06/15/45^(a)(g)		USD	5,000	$	5,156,250

Consumer Finance — 0.3%
American Express Co., Series C, 4.90%^(g)(h)			4,510		4,532,550

Diversified Financial Services — 5.2%
Bank of America Corp.^(g)(h):
Series AA, 6.10%			8,630		8,994,617
Series U, 5.20%			5,785		5,690,994
Barclays PLC, 6.63%^(g)(h)			7,385		7,439,354
BNP Paribas SA, 6.75%^(a)(g)(h)			5,000		5,112,500
Credit Agricole SA, 8.13%^(a)(g)(h)			5,000		5,487,500
HSBC Holdings PLC:
6.00%^(g)(h)			1,550		1,501,950
6.50%^(b)(h)			2,615		2,565,315
JPMorgan Chase & Co.^(g)(h):
Series 1, 5.81%			3,650		3,666,060
Series Q, 5.15%			4,000		3,932,520
Series R, 6.00%^(f)			14,130		14,600,953
Series S, 6.75%^(f)			9,775		10,679,187
Royal Bank of Scotland Group PLC^(g)(h):
8.00%			970		1,030,256
8.63%			5,135		5,541,179
Societe Generale SA, 7.38%^(a)(g)(h)			1,980		2,081,475

					78,323,860
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 5.00%, 03/30/67^(g)			8,300		8,141,885

Equity Real Estate Investment Trusts (REITs) — 0.6%
Sovereign Real Estate Investment Trust, 12.00%^(a)(h)			7		8,225,000

Industrial Conglomerates — 0.5%
General Electric Co., Series D, 5.00%^(g)(h)			7,502		7,382,793

Insurance — 2.9%
ACE Capital Trust II, 9.70%, 04/01/30			7,000		9,660,000
Allstate Corp., Series B, 5.75%, 08/15/53^(g)			5,000		5,150,000
American International Group, Inc., 8.18%, 05/15/68^(g)			3,755		4,759,463


			15

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Insurance (continued)
Bank One Capital III, 8.75%, 09/01/30	USD		2,000	$	2,726,268
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27			5,000		5,420,970
Farmers Exchange Capital II, 6.15%, 11/01/53^(a)(g)			4,890		5,238,609
MetLife, Inc., 6.40%, 12/15/66			5,000		5,312,500
Principal Financial Group, Inc., 4.70%, 05/15/55^(g)			5,000		5,000,000

					43,267,810
Media — 0.5%
NBCUniversal Enterprise, Inc., 5.25%^(a)(h)			5,600		5,656,000
Viacom, Inc., 5.88%, 02/28/57^(g)			2,111		2,056,114

					7,712,114
Oil, Gas & Consumable Fuels -- 1.7%
Enbridge, Inc., Series 16-A, 6.00%, 01/15/77^(g)			5,880		5,765,928
Energy Transfer Partners LP, Series B, 6.63%^(b)(h)			5,000		4,750,000
Enterprise Products Operating LLC^(g):
5.08%, 06/01/67			2,500		2,475,000
Series A, 6.07%, 08/01/66			9,325		9,342,064
TransCanada Trust, 5.63%, 05/20/75^(g)			2,755		2,718,827

					25,051,819
Road & Rail — 0.5%
BNSF Funding Trust I, 6.61%, 12/15/55^(g)			6,125		6,860,000


Total Capital Trusts — 20.4% (Cost — $296,035,067)					304,497,772


		Shares
Preferred Stocks — 4.1%
Banks — 1.9%
Citigroup, Inc., Series K, 6.88%^(g)(h)			488,320		13,565,530
Wells Fargo & Co., Series Q, 5.85%^(g)(h)			550,500		14,307,495

					27,873,025
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50%^(g)(h)			162,450		4,174,965
SCE Trust III, Series H, 5.75%^(g)(h)			31,650		856,133


Security		Shares		Value
Capital Markets (continued)
State Street Corp., Series D, 5.90%^(g)(h)			220,495	$	5,984,234

					11,015,332
Electric Utilities — 0.2%
Entergy Louisiana LLC, 5.25%, 07/01/52			90,000		2,263,500

Equity Real Estate Investment Trusts (REITs) — 0.2%
Ventas Realty LP/Ventas Capital Corp., 5.45%, 03/15/43			75,000		1,874,250
Vornado Realty Trust, Series K, 5.70%^(h)			50,000		1,271,500

					3,145,750
Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08%, 04/21/20^(a)			15,143		16,808,730

Total Preferred Stocks — 4.1% (Cost — $59,247,356)					61,106,337

Trust Preferred — 0.05%
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 8.01%, 02/15/40^(c)(g)			300,141		7,974,746

Total Trust Preferred — 0.5% (Cost — $7,299,341)					7,974,746

Total Preferred Securities — 25.0%					373,578,855


		Par (000)
U.S. Government Sponsored Agency Securities — 0.3%
Agency Obligations — 0.3%
Fannie Mae, 0.00%, 10/09/19^(f)(m)	USD		3,945		3,821,312

Total U.S. Government Sponsored Agency Securities — 0.3% (Cost — $3,753,858)					3,821,312

Total Long-Term Investments — 143.8% (Cost — $2,086,295,882)					2,149,339,256


16

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Shares		Value
Short-Term Securities — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.79%^(n)(o)		2,295,494	$	2,295,494

Total Short-Term Securities — 0.1% (Cost — $2,295,494)				2,295,494


	Value
Options Purchased — 0.0% (Cost — $1,143,668)	$	686,038
Total Investments — 143.9% (Cost — $2,089,735,044)		2,152,320,788
Liabilities in Excess of Other Assets — (43.9)%	(657,074,429)

Net Assets — 100.0%	$1,495,246,359

^(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 or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^(d)	Variable rate security. Rate shown is the rate in effect as of period end.

^(e)	When-issued security.

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

^(g)	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.

^(h)	Perpetual security with no stated maturity date.

⁽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)	Non-income producing security.

^(k)	Issuer filed for bankruptcy and/or is in default.

^(l)	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.

^(m)	Zero-coupon bond.

⁽ⁿ⁾	Annualized 7-day yield as of period end.

^(o)	During the period ended July 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended were as follows:


Affiliate	Shares Held at 10/31/17		Net Activity			Shares Held at 07/31/18		Value at 07/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,139,477		(6,843,983	)		2,295,494	$	2,295,494	$	94,986	$	32	$	—

^(a)

Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s industry classifications refer to 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 the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.


Currency Abbreviations
EUR		Euro
USD		United States Dollar
Portfolio Abbreviations
ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
PIK		Payment-In-Kind
RB		Revenue Bonds


			17

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date ^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements ^(a)

Deutsche Bank Securities, Inc.

1.97

05/08/18

Open

3,806,000

3,822,176

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas S.A.

2.31

05/24/18

Open

2,917,850

2,930,014

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

05/29/18

Open

12,179,213

12,224,377

Capital Trusts

Open/Demand

Barclays Bank PLC

2.80

05/30/18

Open

1,635,000

1,638,293

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

1.25

05/30/18

Open

276,500

276,865

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

05/30/18

Open

5,736,250

5,758,212

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

05/30/18

Open

7,185,000

7,212,509

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

05/30/18

Open

3,557,938

3,571,559

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

05/30/18

Open

9,101,950

9,136,798

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.50

06/01/18

Open

1,758,156

1,761,489

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.50

06/01/18

Open

841,610

843,644

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

6,747,300

6,771,566

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

10,526,250

10,564,106

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

4,507,425

4,523,635

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

17,212,500

17,274,403

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

12,870,000

12,916,286

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

5,665,000

5,685,374

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

11,970,000

12,013,049

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

5,723,750

5,744,335

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

14,340,000

14,391,572

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

9,825,000

9,860,335

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

12,180,000

12,223,804

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

10,000,000

10,035,964

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/01/18

Open

1,855,000

1,861,671

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.44

06/04/18

Open

5,711,903

5,733,969

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/04/18

Open

10,200,000

10,236,683

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

5,171,456

5,186,647

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

8,110,000

8,133,823

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

3,069,063

3,078,078

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

06/20/18

Open

6,768,750

6,786,789

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

06/27/18

Open

1,915,000

1,919,178

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

06/27/18

Open

4,550,000

4,559,927

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

06/27/18

Open

2,818,163

2,824,311

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

07/16/18

Open

3,007,813

3,010,319

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

07/16/18

Open

3,661,226

3,664,277

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

07/16/18

Open

5,297,906

5,302,321

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

07/16/18

Open

13,062,500

13,073,385

Corporate Bonds

Open/Demand


18

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date ^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements ^(a)

Credit Suisse Securities (USA) LLC

2.05

07/16/18

Open

3,194,125

3,196,853

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.05

07/16/18

Open

4,721,483

4,725,515

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

7,896,600

7,904,299

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

2,212,500

2,214,657

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

5,012,500

5,017,387

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

4,887,500

4,892,265

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

7,320,000

7,327,137

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

4,925,000

4,930,122

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/16/18

Open

2,857,500

2,860,472

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.60

07/16/18

Open

3,717,040

3,721,067

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.60

07/16/18

Open

4,675,000

4,680,065

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.60

07/16/18

Open

4,075,000

4,079,415

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.59

07/17/18

Open

6,957,274

6,964,281

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.59

07/17/18

Open

7,787,100

7,794,943

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.59

07/17/18

Open

8,083,840

8,091,982

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

8,880,000

8,888,081

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

7,584,500

7,591,402

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

14,310,000

14,323,022

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

7,095,188

7,101,644

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

6,075,000

6,080,528

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

4,204,688

4,208,514

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

5,300,000

5,304,823

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

3,330,000

3,333,030

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

3,180,113

3,183,006

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

4,015,125

4,018,779

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

4,724,775

4,729,075

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

16,929,000

16,944,405

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

21,125,880

21,145,105

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

3,850,000

3,853,504

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/17/18

Open

7,012,500

7,018,881

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

5,793,750

5,796,724

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

15,274,875

15,282,716

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

5,656,313

5,659,216

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

4,882,962

4,885,475

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

3,086,250

3,087,834

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

4,930,750

4,933,281

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

6,753,075

6,756,542

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

10,128,435

10,133,634

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

10,175,000

10,180,223

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

07/23/18

Open

9,082,125

9,086,787

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.35

07/23/18

Open

10,137,500

10,142,794

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.35

07/23/18

Open

10,275,000

10,280,366

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.37

07/23/18

Open

10,048,500

10,053,792

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.38

07/23/18

Open

9,749,700

9,754,857

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.75

)

07/25/18

Open

412,308

412,187

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

07/25/18

Open

2,377,500

2,376,906

Capital Trusts

Open/Demand

Barclays Capital, Inc.

(1.25

)

07/25/18

Open

1,680,088

1,679,737

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

10,809,094

10,813,057

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

9,568,781

9,572,290

Capital Trusts

Open/Demand


			19

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date ^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements ^(a)

Barclays Capital, Inc.

2.20

07/25/18

Open

16,184,363

16,190,297

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

9,921,625

9,925,263

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

14,062,500

14,067,656

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

13,299,863

13,304,739

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.20

07/25/18

Open

13,350,000

13,354,895

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/25/18

Open

7,785,900

7,789,209

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/25/18

Open

5,522,250

5,524,404

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/25/18

Open

8,131,000

8,134,171

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.60

07/25/18

Open

4,347,120

4,349,004

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.60

07/25/18

Open

4,617,000

4,619,000

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.34

07/31/18

Open

5,505,000

5,505,358

Corporate Bonds

Open/Demand

685,249,330

686,328,416

^(a)

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

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:
5-Year U.S. Treasury Note		402		09/28/18	$	45,476	$	(433,946	)


Short Contracts:
10-Year U.S. Treasury Note		2,028		09/19/18		242,188		266,199
10-Year U.S. Ultra Long Treasury Bond		65		09/19/18		10,199		8,164
10-Year U.S. Ultra Long Treasury Note		348		09/19/18		44,234		442,511
Long U.S. Treasury Bond		492		09/19/18		70,341		(492,091	)
2-Year U.S. Treasury Note		19		09/28/18		4,016		5,934

								230,717

							$	(203,229	)

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Description

Rate

Frequency

Rate Frequency

Put

30-Year Interest Rate Swap, 06/08/49,

3.50%

Semi-Annual

3-Month LIBOR, 2.35%,

Quarterly

JPMorgan Chase Bank N.A.

06/06/19

3.50

USD

22,700

324,236

30-Year Interest Rate Swap, 06/08/49,

3.50

Semi-Annual

3-Month LIBOR 2.35%,

Quarterly

Goldman Sachs Bank USA

06/06/19

3.50

USD

25,330

361,802

686,038


20

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate
Received
by the Trust

Payment
Frequency

Termination
Date

Credit
Rating ^(a)

Notional
Amount (000) ^(b)

Value

Upfront Premium
Paid (Received)

Unrealized
Appreciation
(Depreciation)

Markit CDX North America High Yield Index, Series 30, Version 1

1.00%

Quarterly

06/20/23

BBB+

USD

100,000

2,006,667

1,652,701

353,966

^(a)

Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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

Centrally Cleared Interest Rate Swaps

Paid by the Trust

Received by the Trust

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate

Frequency

Rate

Frequency

3-Month LIBOR 2.35%

Quarterly

1.79%

Semi-annual

01/04/18

09/30/19

USD

100,370

(695,479

)

284

(695,763

)

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Citigroup, Inc.		1.00	%		Quarterly		Deutsche Bank AG		03/20/19	USD	16,700	$	(104,205	)	$	(9,470	)	$	(94,735	)
Prudential Financial, Inc.		1.00			Quarterly		Citibank N.A.		06/20/21	USD	1,920		(39,118	)		16,240			(55,358	)
Prudential Financial, Inc.		1.00			Quarterly		Goldman Sachs International		06/20/21	USD	1,155		(23,532	)		10,391			(33,923	)
Prudential Financial, Inc.		1.00			Quarterly		JPMorgan Chase Bank N.A.		06/20/21	USD	9,500		(193,553	)		70,313			(263,866	)
Frontier Communications Corp.		5.00			Quarterly		Barclays Bank PLC		06/20/23	USD	610		170,466			200,251			(29,785	)

												$	(189,942	)	$	287,725		$	(477,667	)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty		Termination Date		Credit Rating ^(a)	Notional Amount (000) ^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Bank of America Corp.		1.00	%		Quarterly		Deutsche Bank AG		03/20/19	A-		USD	16,700	$	105,179		$	16,886		$	88,293
American Tower Corp.		1.00			Quarterly		Morgan Stanley & Co. International PLC		06/20/21	NR		USD	10,000		(43,579	)		(239,547	)		195,968

														$	61,600		$	(222,661	)	$	284,261

^(a)

Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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


			21

Schedule of Investments (unaudited) (continued)

July 31, 2018

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 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 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 each 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	$	—	$	109,182,565	$	11,198,536	$	120,381,101
Corporate Bonds		—		1,594,726,690		4,970,000		1,599,696,690
Foreign Agency Obligations		—		34,341,598		—		34,341,598
Municipal Bonds		—		17,519,700		—		17,519,700
Preferred Securities		52,272,353		321,306,502				373,578,855
U.S. Government Sponsored Agency Securities		—		3,821,312		—		3,821,312
Short-Term Securities		2,295,494		—		—		2,295,494
Options Purchased:
Interest rate contracts		—		686,038		—		686,038

	$	54,567,847	$	2,081,584,405	$	16,168,536	$	2,152,320,788


22

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Credit Allocation Income Trust (BTZ)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(a)
Assets:
Credit contracts	$	—		$	638,227		$	—	$	638,227
Interest rate contracts		722,808			—			—		722,808
Liabilities:
Credit contracts		—			(477,667	)		—		(477,667	)
Interest rate contracts		(926,037	)		(695,763	)		—		(1,621,800	)

	$	(203,229	)	$	(535,203	)	$	—	$	(738,432	)

^(a)

Derivative 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 $686,328,416 are categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2018, there were no transfers between Level 1 and Level 2.

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			Total
Assets:
Opening Balance, as of October 31, 2017	$	7,500,000		$	5,007,000		$	12,507,000
Transfers into Level 3		—			—			—
Transfers out of Level 3		(7,500,000	)		—			(7,500,000	)
Accrued discounts (premiums)		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)^(a)(b)		(51,464	)		(37,000	)		(88,464	)
Purchases		11,250,000			—			11,250,000
Sales		—			—			—

Closing Balance, as of July 31, 2018	$	11,198,536		$	4,970,000		$	16,168,536

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2018^(b)	$	(51,464	)	$	(37,000	)	$	(88,464	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2018 is generally due to derivative financial investments 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.


			23


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 20, 2018

		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 20, 2018

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

		Date:		September 20, 2018