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: 10/31/2017

Date of reporting period: 01/31/2017

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2017 (Unaudited)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Common Stocks — 0.0%	Shares			Value
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I LLC, (Acquired 12/28/15, cost $45,445) (a)			2,951	$	2,951



Asset-Backed Securities	Par (000)
Asset-Backed Securities — 4.4%
ACAS CLO Ltd., Series 2014-1A, Class C, 3.92%, 7/18/26 (b)(c)		USD	750		751,265
ALM Loan Funding, Series 2012-5A, Class BR, 4.02%, 10/18/27 (b)(c)			1,000		1,002,126
ALM XII Ltd., Series 2015-12A, Class B, 4.27%, 4/16/27 (b)(c)			1,000		1,002,441
ALM XIV Ltd., Series 2014-14A, Class C, 4.34%, 7/28/26 (b)(c)			4,500		4,440,240
ALM XVII Ltd., Series 2015-17A, Class B1, 4.43%, 1/15/28 (b)(c)			1,400		1,406,583
AMMC CLO Ltd., Series 2015-17A, Class C, 4.15%, 11/15/27 (b)(c)			1,000		1,002,519
Anchorage Capital CLO 3, Ltd., Series 2014-3A, Class C, 4.54%, 4/28/26 (b)(c)			1,000		985,812
Apidos CDO, Series 2012-9AR, Class CR, 3.78%, 7/15/23 (b)(c)			1,000		1,001,035
Apidos CLO XVIII, Series 2014-18A, Class C, 4.69%, 7/22/26 (b)(c)			1,300		1,294,473
Ares CLO Ltd., Series 2012-2A, Class CR, 3.72%, 10/12/23 (b)(c)			1,000		1,001,201
Atlas Senior Loan Fund II, Ltd., Series 2012-2A, Class DR, 4.79%, 1/30/24 (b)(c)			750		749,343
Atlas Senior Loan Fund Ltd. (b)(c)
Series 2014-6A, Class D, 4.72%, 10/15/26			3,000		2,991,608
Series 2012-1A, Class B1LR, 4.81%, 8/15/24			2,000		1,998,784
Atrium CDO Corp., Series 9A, Class D, 4.44%, 2/28/24 (b)(c)			1,000		995,600
Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class B, 4.07%, 4/18/27 (b)(c)			1,000		1,000,003
Bowman Park CLO Ltd., Series 2014-1A, Class D2, 4.87%, 11/23/25 (b)(c)			1,000		989,949
Carlyle Global Market Strategies CLO Ltd. (b)(c):
Series 2012-2A, Class C1R, 3.93%, 7/20/23			1,000		1,000,976


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
Carlyle Global Market Strategies CLO Ltd. (b)(c) (continued):
Series 2013-3A, Class C, 4.42%, 7/15/25		USD	1,000	$	991,027
Series 2014-5A, Class C, 5.17%, 10/16/25			1,000		994,197
Series 2015-1A, Class C, 4.18%, 4/20/27			500		500,625
Series 2016-1A, Class C, 5.93%, 4/20/27			1,000		1,007,694
Series 2016-3A, Class C, 4.79%, 10/20/29			1,000		980,993
CIFC Funding Ltd., Series 2014-3A, Class C1, 3.84%, 7/22/26 (b)(c)			1,500		1,504,321
Dryden 34 Senior Loan Fund, Series 2014-34A, Class C, 3.82%, 10/15/26 (b)(c)			250		250,740
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 4.54%, 10/29/26 (c)			1,000		982,298
Highbridge Loan Management Ltd. (b)(c):
Series 4A-2014, Class B, 4.04%, 7/28/25			750		750,841
Series 6A-2015, Class C, 3.95%, 5/05/27			1,500		1,500,042
Series 8A-2016, Class D, 5.88%, 4/20/27			500		500,163
ING IM CLO Ltd., Series 2013-2A, Class C, 4.54%, 4/25/25 (b)(c)			1,000		987,635
LCM XVIII LP, Series 18A, Class C1, 4.18%, 4/20/27 (b)(c)			1,000		1,001,340
Limerock CLO III LLC, Series 2014-3A, Class C, 4.63%, 10/20/26 (b)(c)			1,000		985,993
Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.76%, 8/15/22 (b)(c)			2,000		2,001,577
Madison Park Funding XIII Ltd., Series 2014-13A, Class C, 3.77%, 1/19/25 (b)(c)			1,000		1,002,830
Madison Park Funding XIV, Ltd., Series 2014-14A, Class C1, 4.13%, 7/20/26 (b)(c)			1,250		1,253,256
Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 4.29%, 1/27/26 (b)(c)			2,400		2,406,591
Mill Creek II CLO, Ltd., Series 2016-1A, Class D, 5.88%, 4/20/28 (b)(c)			1,000		1,008,374



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	1


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


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class C2, 4.29%, 1/23/27 (b)(c)		USD	1,600	$	1,605,600
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 5.97%, 4/15/27 (b)(c)			500		507,468
Octagon Investment Partners XX Ltd., Series 2014-1A, Class C, 3.70%, 8/12/26 (b)(c)			750		752,137
Octagon Loan Funding Ltd., Series 2014-1A, Class D, 4.56%, 11/18/26 (b)(c)			1,500		1,494,360
OZLM XI Ltd., Series 2015-11A, Class B, 4.04%, 1/30/27 (b)(c)			2,750		2,747,200
Regatta IV Funding Ltd., Series 2014-1A, Class C, 3.99%, 7/25/26 (b)(c)			1,500		1,502,450
Regatta V Funding Ltd., Series 2014-1A (b)(c):
Class B, 4.04%, 10/25/26			1,000		1,001,591
Class C, 4.49%, 10/25/26			1,000		978,103
SLM Private Credit Student Loan Trust, Series 2004-B, Class A2, 1.16%, 6/15/21 (b)			240		239,882
Symphony CLO Ltd., Series 2016-17A, Class D, 5.82%, 4/15/28 (b)(c)			1,000		1,007,356
Symphony CLO XV Ltd., Series 2014-15A (b)(c):
Class C, 4.22%, 10/17/26			2,500		2,502,979
Class D, 4.77%, 10/17/26			1,000		994,328
Venture XIII CLO Ltd., Series 2013-13A, Class D, 4.50%, 6/10/25 (b)(c)			800		796,519
Vibrant CLO II, Ltd., Series 2013-2A, Class C, 4.64%, 7/24/24 (b)(c)			1,000		996,124
Voya CLO Ltd., Series 2014-4A, Class C, 5.02%, 10/14/26 (b)(c)			1,000		1,001,721
Webster Park CLO Ltd., Series 2015-1A, Class B1, 4.13%, 1/20/27 (b)(c)			4,000		4,006,964
Total Asset-Backed Securities — 4.4%					68,350,921


Corporate Bonds
Aerospace & Defense — 0.6%
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (c)			536		559,450
KLX, Inc., 5.88%, 12/01/22 (c)			725		759,437


Corporate Bonds	Par (000)			Value
Aerospace & Defense (continued)
Mexico City Airport Trust, 4.25%, 10/31/26 (c)		USD	1,350	$	1,320,705
TransDigm, Inc.:
6.00%, 7/15/22			4,360		4,392,700
6.50%, 7/15/24			1,560		1,561,950

					8,594,242
Air Freight & Logistics — 0.1%
XPO Logistics, Inc. (c):
6.50%, 6/15/22			1,421		1,481,393
6.13%, 9/01/23			496		512,120

					1,993,513
Airlines — 0.9%
American Airlines Group, Inc., 4.63%, 3/01/20 (c)			692		698,090
Continental Airlines Pass-Through Trust:
Series 2009-2, Class B, 9.25%, 11/10/18			1,278		1,302,612
Series 2012-3, Class C, 6.13%, 4/29/18			2,040		2,124,660
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 7/02/24			2,885		3,274,528
Turkish Airlines Pass Through Trust, Series 2015-1 Class A, 4.20%, 9/15/28 (c)			2,807		2,747,219
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,616		3,678,875
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 4/23/22 (c)			916		929,746

					14,755,730
Auto Components — 0.5%
Allison Transmission, Inc., 5.00%, 10/01/24 (c)			734		739,505
Goodyear Tire & Rubber Co., 5.00%, 5/31/26			535		539,013
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			3,950		3,994,437
6.00%, 8/01/20			3,108		3,184,146

					8,457,101



2	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Automobiles — 0.5%
Ford Motor Co., 7.45%, 7/16/31		USD	3,660	$	4,582,170
General Motors Co.:
4.88%, 10/02/23			1,875		1,987,635
6.25%, 10/02/43			940		1,042,471

					7,612,276
Banks — 4.3%
CIT Group, Inc.:
4.25%, 8/15/17			4,600		4,646,000
5.25%, 3/15/18			4,030		4,165,005
5.50%, 2/15/19 (c)			3,967		4,173,601
5.00%, 8/01/23			660		688,050
City National Corp., 5.25%, 9/15/20 (d)			2,900		3,181,576
Cooperatieve Rabobank UA, 3.95%, 11/09/22 (d)			3,775		3,862,603
Credit Suisse Group AG, 6.50%, 8/08/23 (c)			6,000		6,429,228
Discover Bank/Greenwood, 8.70%, 11/18/19			748		847,622
Fifth Third Bancorp, 5.10% (b)(e)			5,000		4,777,500
HSBC Finance Corp., 6.68%, 1/15/21 (d)			5,150		5,797,839
Intesa Sanpaolo SpA, 5.71%, 1/15/26 (c)			5,840		5,535,859
Lloyds Banking Group PLC, 4.65%, 3/24/26			1,076		1,088,124
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23			10,080		10,599,160
Wells Fargo & Co.:
3.45%, 2/13/23			2,325		2,347,692
4.13%, 8/15/23 (d)			4,000		4,170,016
5.61%, 1/15/44 (d)			4,119		4,706,600

					67,016,475
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (d)			6,170		6,602,548
Molson Coors Brewing Co., 4.20%, 7/15/46			1,665		1,545,185

					8,147,733
Biotechnology — 0.4%
Amgen, Inc., 4.66%, 6/15/51 (d)			6,709		6,521,215
Building Products — 0.3%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (c)			424		440,960
Builders FirstSource, Inc., 5.63%, 9/01/24 (c)			586		602,115


Corporate Bonds	Par (000)			Value
Building Products (continued)
Building Materials Corp. of America, 6.00%, 10/15/25 (c)		USD	1,832	$	1,932,760
Masonite International Corp., 5.63%, 3/15/23 (c)			610		631,350
Standard Industries, Inc., 5.13%, 2/15/21 (c)			420		438,900

					4,046,085
Capital Markets — 3.9%
E*Trade Financial Corp., 5.38%, 11/15/22			1,348		1,429,197
Goldman Sachs Group, Inc.:
6.25%, 9/01/17			625		641,937
7.50%, 2/15/19 (d)			5,165		5,711,323
5.25%, 7/27/21			1,175		1,288,540
5.75%, 1/24/22			5,500		6,174,498
6.25%, 2/01/41 (d)			15,000		18,701,220
Morgan Stanley (d):
5.63%, 9/23/19			6,770		7,333,846
5.50%, 7/28/21			2,695		2,987,017
State Street Corp., 1.96%, 6/01/77 (b)			17,845		15,721,445

					59,989,023
Chemicals — 1.1%
Axalta Coating Systems LLC, 4.88%, 8/15/24 (c)			715		723,938
Basell Finance Co. BV, 8.10%, 3/15/27 (c)(d)			6,000		7,890,312
CF Industries, Inc., 5.38%, 3/15/44			3,625		3,171,875
Huntsman International LLC:
4.88%, 11/15/20			72		74,340
5.13%, 11/15/22			2,495		2,577,659
NOVA Chemicals Corp., 5.25%, 8/01/23 (c)			772		799,020
Platform Specialty Products Corp. (c):
10.38%, 5/01/21			165		183,150
6.50%, 2/01/22			1,372		1,399,440
PQ Corp., 6.75%, 11/15/22 (c)			935		1,012,137

					17,831,871
Commercial Services & Supplies — 3.2%
AerCap Global Aviation Trust, 6.50%, 6/15/45 (b)(c)			5,000		5,150,000
Aviation Capital Group Corp. (c):
7.13%, 10/15/20			31,000		35,650,000
6.75%, 4/06/21			7,850		9,017,687



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	3


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


Corporate Bonds	Par (000)			Value
Commercial Services & Supplies (continued)
United Rentals North America, Inc., 7.63%, 4/15/22		USD	664	$	695,540

					50,513,227
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (c)			2,242		2,389,143
CommScope, Inc., 5.50%, 6/15/24 (c)			254		261,938
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 5/15/25			2,126		2,249,584
5.75%, 1/15/27 (c)			593		607,113

					5,507,778
Construction & Engineering — 0.1%
AECOM Co., 5.75%, 10/15/22			333		350,899
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (c)			413		407,837
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23			825		783,750

					1,542,486
Construction Materials — 0.5%
Allegion US Holding Co., Inc., 5.75%, 10/01/21			1,907		1,988,047
HD Supply, Inc. (c):
5.25%, 12/15/21			3,278		3,454,192
5.75%, 4/15/24			1,701		1,790,303
PulteGroup, Inc., 5.50%, 3/01/26			926		946,835

					8,179,377
Consumer Finance — 1.2%
Ally Financial, Inc.:
5.13%, 9/30/24			590		606,048
4.63%, 3/30/25			136		134,300
8.00%, 11/01/31			5,795		6,881,562
Capital One Bank USA NA, 3.38%, 2/15/23 (d)			2,000		2,000,386
Discover Financial Services, 3.85%, 11/21/22			3,252		3,319,687
Experian Finance PLC, 2.38%, 6/15/17 (c)(d)			2,550		2,557,344
Navient Corp.:
6.63%, 7/26/21			461		469,068
7.25%, 9/25/23			996		1,003,470
Total System Services, Inc., 3.80%, 4/01/21			1,630		1,681,585

					18,653,450


Corporate Bonds	Par (000)			Value
Containers & Packaging — 0.4%
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 6.25%, 1/31/19 (c)		USD	400	$	407,400
Ball Corp., 4.38%, 12/15/20			681		715,476
Reynolds Group Issuer, Inc.:
5.75%, 10/15/20			2,866		2,950,776
6.88%, 2/15/21			68		69,777
7.00%, 7/15/24 (c)			1,247		1,328,678
Sealed Air Corp., 6.88%, 7/15/33 (c)			182		191,100

					5,663,207
Diversified Consumer Services — 0.4%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (c)			1,295		1,403,456
Service Corp. International, 4.50%, 11/15/20			4,382		4,480,595

					5,884,051
Diversified Financial Services — 7.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
4.63%, 10/30/20			961		1,009,396
4.63%, 7/01/22			518		543,335
Air Lease Corp., 3.75%, 2/01/22			5,000		5,132,285
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,271,645
Bank of America Corp.:
5.00%, 5/13/21 (d)			17,100		18,549,362
5.70%, 1/24/22			2,590		2,904,082
4.45%, 3/03/26			1,765		1,801,308
Bank of America NA, 5.30%, 3/15/17 (d)			13,440		13,504,243
BNP Paribas SA, 6.75% (b)(c)(e)			5,000		4,975,000
Citigroup, Inc., 6.68%, 9/13/43 (d)			4,125		5,245,515
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 4/17/26 (d)			5,000		5,137,440
Ford Motor Credit Co. LLC, 5.88%, 8/02/21			9,420		10,478,544
General Motors Financial Co., Inc.:
6.75%, 6/01/18			1,700		1,802,819
4.38%, 9/25/21			2,260		2,359,989
4.25%, 5/15/23			1,681		1,722,522
ING Bank NV, 5.00%, 6/09/21 (c)(d)			8,000		8,733,520
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (c)			1,705		1,722,050
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,254,100
Moody’s Corp., 6.06%, 9/07/17			20,000		20,221,040



4	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Diversified Financial Services (continued)
Resparcs Funding LP I, 8.00% (e)(f)(g)		USD	4,000	$	860,000
Royal Bank of Scotland Group PLC:
6.10%, 6/10/23			2,500		2,643,023
5.13%, 5/28/24			5,250		5,234,644

					123,105,862
Diversified Telecommunication Services — 6.0%
AT&T, Inc.:
5.00%, 3/01/21 (d)			8,575		9,240,326
6.30%, 1/15/38 (d)			12,000		13,596,492
4.30%, 12/15/42			265		233,465
4.35%, 6/15/45			367		315,053
CenturyLink, Inc.:
6.45%, 6/15/21			1,660		1,763,750
Series Y, 7.50%, 4/01/24			150		158,813
Frontier Communications Corp.:
6.25%, 9/15/21			980		916,300
7.13%, 1/15/23			55		49,225
7.63%, 4/15/24			1,309		1,155,193
6.88%, 1/15/25			3,964		3,324,805
Level 3 Financing, Inc.:
5.38%, 8/15/22			2,095		2,163,087
5.13%, 5/01/23			1,183		1,191,872
5.38%, 1/15/24			754		762,483
5.38%, 5/01/25			2,003		2,044,322
SBA Communications Corp., 4.88%, 9/01/24 (c)			1,658		1,618,374
Telefonica Emisiones SAU, 3.19%, 4/27/18			6,550		6,643,979
Verizon Communications, Inc. (d):
5.15%, 9/15/23			8,775		9,690,250
6.40%, 9/15/33			9,475		11,488,437
7.35%, 4/01/39			7,825		10,182,046
6.55%, 9/15/43			13,225		16,311,477

					92,849,749
Electric Utilities — 4.7%
CMS Energy Corp., 5.05%, 3/15/22			9,900		10,845,628
Duke Energy Corp., 3.55%, 9/15/21 (d)			3,650		3,788,737
Emera, Inc., Series 16-A, 6.75%, 6/15/76 (b)			7,500		8,175,000
Great Plains Energy, Inc., 5.29%, 6/15/22 (h)			5,550		6,025,929
Midland Cogeneration Venture LP, 5.25%, 3/15/25 (c)			4,102		4,245,656
NiSource Finance Corp., 6.80%, 1/15/19 (d)			3,075		3,352,651


Corporate Bonds	Par (000)			Value
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC (d):
4.10%, 6/01/22		USD	4,150	$	4,426,755
5.30%, 6/01/42			2,750		3,251,529
Progress Energy, Inc., 7.00%, 10/30/31 (d)			12,000		15,852,900
Puget Energy, Inc.:
6.00%, 9/01/21			275		307,898
5.63%, 7/15/22			5,550		6,139,343
Southern Co., 4.40%, 7/01/46			7,500		7,421,572

					73,833,598
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22			1,050		1,107,750
5.00%, 9/01/23			306		312,120
5.50%, 12/01/24			2,458		2,559,392
Jabil Circuit, Inc., 8.25%, 3/15/18			2,600		2,770,976
Sanmina Corp., 4.38%, 6/01/19 (c)			1,415		1,457,450

					8,207,688
Energy Equipment & Services — 0.7%
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75%, 2/15/21			473		485,416
6.75%, 8/01/22			1,175		1,242,563
GrafTech International Ltd., 6.38%, 11/15/20			890		732,025
Halliburton Co., 5.00%, 11/15/45			6,615		7,082,892
Noble Holding International Ltd., 4.63%, 3/01/21			34		32,470
Transocean, Inc., 6.00%, 3/15/18 (d)			880		898,700

					10,474,066
Food & Staples Retailing — 1.7%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (c):
6.63%, 6/15/24			775		807,705
5.75%, 3/15/25			1,120		1,113,000
CVS Health Corp.:
4.75%, 12/01/22			289		314,046
5.00%, 12/01/24			183		199,120
5.13%, 7/20/45 (d)			3,879		4,266,244
Dollar Tree, Inc.:
5.25%, 3/01/20			105		107,888
5.75%, 3/01/23			3,938		4,170,342
H.J. Heinz Finance Co., 7.13%, 8/01/39 (c)			4,415		5,732,485



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	5


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


Corporate Bonds	Par (000)			Value
Food & Staples Retailing (continued)
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.88%, 1/15/24		USD	191	$	201,946
Rite Aid Corp.:
6.75%, 6/15/21			541		562,640
6.13%, 4/01/23 (c)			2,974		3,096,678
Wal-Mart Stores, Inc., 5.25%, 9/01/35 (d)			5,150		6,054,628

					26,626,722
Food Products — 1.2%
Aramark Services, Inc., 5.13%, 1/15/24 (c)			815		846,915
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (c)			830		840,889
Kraft Foods, Inc.:
6.50%, 8/11/17 (d)			4,450		4,564,868
6.13%, 8/23/18			4,840		5,164,711
Kraft Heinz Foods Co., 4.38%, 6/01/46			2,475		2,313,833
Post Holdings, Inc. (c):
7.75%, 3/15/24			1,502		1,662,534
8.00%, 7/15/25			743		835,875
5.00%, 8/15/26			1,349		1,304,308
Smithfield Foods, Inc., 5.88%, 8/01/21 (c)			715		746,396
TreeHouse Foods, Inc., 6.00%, 2/15/24 (c)			431		452,011

					18,732,340
Health Care Equipment & Supplies — 0.6%
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (c)			2,065		1,786,225
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (c):
4.88%, 4/15/20			517		509,245
5.75%, 8/01/22			1,370		1,270,675
5.63%, 10/15/23			506		448,442
Medtronic, Inc., 4.63%, 3/15/45 (d)			4,565		4,865,409

					8,879,996
Health Care Providers & Services — 3.6%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22			191		191,478
Amsurg Corp., 5.63%, 7/15/22			1,466		1,509,980
Centene Corp.:
5.63%, 2/15/21			875		918,575
6.13%, 2/15/24			645		685,313


Corporate Bonds	Par (000)			Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18		USD	1,620	$	1,625,062
6.88%, 2/01/22			1,111		808,253
DaVita HealthCare Partners, Inc., 5.13%, 7/15/24			1,990		1,965,125
HCA, Inc.:
3.75%, 3/15/19			4,364		4,440,370
6.50%, 2/15/20			10,421		11,384,942
7.50%, 2/15/22			2,214		2,518,425
5.88%, 3/15/22			340		369,325
4.75%, 5/01/23			236		244,555
5.38%, 2/01/25			440		448,800
5.88%, 2/15/26			1,297		1,348,880
HealthSouth Corp.:
5.13%, 3/15/23			512		509,440
5.75%, 11/01/24			637		647,351
Hologic, Inc., 5.25%, 7/15/22 (c)			742		773,535
MEDNAX, Inc., 5.25%, 12/01/23 (c)			587		606,078
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (c)			829		879,776
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (c)			1,109		1,145,042
Tenet Healthcare Corp.:
6.25%, 11/01/18			736		773,720
4.75%, 6/01/20			1,450		1,471,750
6.00%, 10/01/20			3,645		3,845,475
4.50%, 4/01/21			73		73,365
7.50%, 1/01/22 (c)			394		422,565
8.13%, 4/01/22			1,907		1,926,070
6.75%, 6/15/23			1,758		1,661,310
UnitedHealth Group, Inc., 6.88%, 2/15/38 (d)			10,000		13,639,860

					56,834,420
Hotels, Restaurants & Leisure — 0.6%
Boyd Gaming Corp., 6.38%, 4/01/26 (c)			71		76,148
ESH Hospitality, Inc., 5.25%, 5/01/25 (c)			1,970		1,977,387
GLP Capital LP / GLP Financing II, Inc., 4.38%, 4/15/21			143		148,720
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC (c):
5.00%, 6/01/24			600		611,250
5.25%, 6/01/26			650		657,579
MGM Resorts International, 6.75%, 10/01/20			214		237,005



6	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc., 5.63%, 5/01/24 (c)		USD	627	$	654,431
New Red Finance, Inc., 6.00%, 4/01/22 (c)			2,215		2,307,853
Sabre GLBL, Inc. (c):
5.38%, 4/15/23			594		604,210
5.25%, 11/15/23			294		297,675
Six Flags Entertainment Corp., 5.25%, 1/15/21 (c)			1,718		1,765,245

					9,337,503
Household Durables — 0.8%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (c)			1,647		1,671,705
CalAtlantic Group, Inc., 8.38%, 1/15/21			3,015		3,512,475
Lennar Corp.:
4.75%, 11/15/22			1,805		1,851,262
4.88%, 12/15/23			466		474,155
Newell Brands, Inc.:
3.85%, 4/01/23			2,585		2,664,804
4.20%, 4/01/26			955		989,245
TRI Pointe Group, Inc.:
4.38%, 6/15/19			920		936,100
5.88%, 6/15/24			625		646,875

					12,746,621
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,176,600
6.13%, 12/15/24			231		244,283
5.75%, 7/15/25			1,002		1,047,090

					2,467,973
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.:
6.00%, 1/15/22 (c)			1,548		1,619,595
5.88%, 1/15/24 (c)			823		862,093
5.75%, 1/15/25			1,064		1,040,060
Dynegy, Inc., 6.75%, 11/01/19			1,945		1,996,056
NRG Energy, Inc.:
6.25%, 5/01/24			135		137,363
7.25%, 5/15/26 (c)			1,581		1,654,121
6.63%, 1/15/27 (c)			2,521		2,502,092
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,946,270

					11,757,650


Corporate Bonds	Par (000)			Value
Industrial Conglomerates — 0.0%
Cortes NP Acquisition Corp., 9.25%, 10/15/24 (c)		USD	623	$	658,430
Insurance — 3.1%
American International Group, Inc., 6.40%, 12/15/20 (d)			8,710		9,915,891
Aon Corp., 5.00%, 9/30/20 (d)			7,700		8,309,817
Aon PLC, 4.25%, 12/12/42 (d)			6,500		6,044,012
Forethought Financial Group, Inc., 8.63%, 4/15/21 (c)			3,400		3,777,842
MetLife, Inc., 6.40%, 12/15/66			5,000		5,425,000
Northwestern Mutual Life Insurance Co., 6.06%, 3/30/40 (c)(d)			12,000		14,904,048

					48,376,610
Internet Software & Services — 0.1%
Equinix, Inc., 5.88%, 1/15/26			1,061		1,127,312
Netflix, Inc., 5.50%, 2/15/22			563		603,114

					1,730,426
IT Services — 0.8%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (c)			1,755		1,825,200
Fidelity National Information Services, Inc., 5.00%, 10/15/25			1,935		2,103,409
First Data Corp. (c):
6.75%, 11/01/20			503		519,976
5.38%, 8/15/23			764		786,920
7.00%, 12/01/23			5,218		5,533,689
5.75%, 1/15/24			410		422,813
Western Digital Corp., 10.50%, 4/01/24 (c)			584		687,660

					11,879,667
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 3/01/20 (d)			12,000		13,109,040
Media — 7.2%
21st Century Fox America, Inc., 6.15%, 3/01/37 (d)			9,575		11,244,171
A&E Television Networks LLC, 3.11%, 8/22/19			5,000		5,035,500
Altice Financing SA, 7.50%, 5/15/26 (c)			2,172		2,291,460
Altice Luxembourg SA (c):
7.75%, 5/15/22			2,362		2,506,672
7.63%, 2/15/25			1,752		1,852,740
Altice US Finance I Corp. (c):
5.38%, 7/15/23			2,919		3,039,409
5.50%, 5/15/26			1,211		1,241,275



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	7


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


Corporate Bonds	Par (000)			Value
Media (continued)
AMC Networks, Inc.:
4.75%, 12/15/22		USD	685	$	698,700
5.00%, 4/01/24			432		440,640
CCO Holdings LLC/CCO Holdings Capital Corp. (c):
5.88%, 4/01/24			1,759		1,887,636
5.75%, 2/15/26			499		528,784
5.50%, 5/01/26			1,219		1,276,903
Charter Communications Operating LLC/Charter Communications Operating Capital:
4.91%, 7/23/25			5,000		5,257,550
6.38%, 10/23/35			479		540,097
6.48%, 10/23/45			4,584		5,210,853
6.83%, 10/23/55			3,540		4,157,886
Cinemark USA, Inc., 5.13%, 12/15/22			349		358,598
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			11,711		12,129,754
Cox Communications, Inc., 8.38%, 3/01/39 (c)(d)			5,000		6,221,635
CSC Holdings LLC:
8.63%, 2/15/19			4,005		4,445,550
6.63%, 10/15/25 (c)			832		907,920
DISH DBS Corp., 7.75%, 7/01/26			1,901		2,127,941
Grupo Televisa SAB, 5.00%, 5/13/45 (d)			3,345		2,861,055
Hughes Satellite Systems Corp. (c):
5.25%, 8/01/26			1,017		1,017,000
6.63%, 8/01/26			685		707,263
Intelsat Jackson Holdings SA:
7.25%, 4/01/19			1,107		951,328
5.50%, 8/01/23 (d)			1,127		788,900
Interpublic Group of Cos., Inc., 3.75%, 2/15/23			6,025		6,121,816
MDC Partners, Inc., 6.50%, 5/01/24 (c)			1,036		901,320
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (c)			1,471		1,483,871
Nexstar Escrow Corp., 5.63%, 8/01/24 (c)			495		494,381
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (c)			475		485,094
Outfront Media Capital LLC/Outfront Media Capital Corp.:
5.25%, 2/15/22			249		257,715
5.63%, 2/15/24			122		127,338


Corporate Bonds	Par (000)			Value
Media (continued)
SFR Group SA (c):
6.00%, 5/15/22		USD	4,544	$	4,674,640
7.38%, 5/01/26			5,843		5,996,379
Time Warner Cable, Inc., 6.55%, 5/01/37			3,519		4,026,383
Time Warner, Inc.:
4.65%, 6/01/44			28		26,873
4.85%, 7/15/45			97		94,918
Tribune Media Co., 5.88%, 7/15/22			1,308		1,321,080
Univision Communications, Inc. (c):
5.13%, 5/15/23			5,293		5,256,584
5.13%, 2/15/25			999		953,426
Virgin Media Secured Finance PLC, 5.50%, 8/15/26 (c)			487		494,305

					112,443,343
Metals & Mining — 3.4%
Alcoa Nederland Holding BV, 7.00%, 9/30/26 (c)			291		318,645
Alcoa, Inc., 5.13%, 10/01/24			1,903		1,974,077
Anglo American Capital PLC, 4.45%, 9/27/20 (c)			136		140,760
AngloGold Ashanti Holdings PLC, 5.13%, 8/01/22			5,000		5,173,750
ArcelorMittal:
6.13%, 6/01/18			2,575		2,700,531
7.75%, 3/01/41			455		494,813
Commercial Metals Co., 4.88%, 5/15/23			2,194		2,237,880
Constellium NV:
4.63%, 5/15/21		EUR	490		521,285
5.75%, 5/15/24 (c)		USD	1,728		1,663,200
First Quantum Minerals Ltd. (c):
7.00%, 2/15/21			303		310,575
7.25%, 5/15/22			912		930,240
FMG Resources August 2006 Property Ltd., 9.75%, 3/01/22 (c)			826		958,160
Freeport-McMoRan, Inc.:
2.38%, 3/15/18			4,664		4,650,008
4.00%, 11/14/21			500		487,500
3.55%, 3/01/22			1,251		1,169,685
3.88%, 3/15/23			5,360		4,944,600
5.40%, 11/14/34			2,250		1,965,240
5.45%, 3/15/43			1,542		1,326,120
Novelis Corp. (c):
6.25%, 8/15/24			2,862		3,012,255
5.88%, 9/30/26			2,060		2,090,900
Southern Copper Corp., 5.88%, 4/23/45			3,870		3,943,909



8	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Metals & Mining (continued)
Steel Dynamics, Inc.:
5.13%, 10/01/21		USD	1,105	$	1,143,675
6.38%, 8/15/22			1,430		1,496,138
5.25%, 4/15/23			309		321,746
5.50%, 10/01/24			240		254,700
5.00%, 12/15/26 (c)			35		35,613
Teck Resources Ltd.:
3.00%, 3/01/19			119		119,595
8.00%, 6/01/21 (c)			1,202		1,325,205
8.50%, 6/01/24 (c)			799		929,836
6.00%, 8/15/40			1,861		1,865,652
6.25%, 7/15/41			721		740,828
5.20%, 3/01/42			640		595,200
United States Steel Corp., 8.38%, 7/01/21 (c)			944		1,047,840
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (c)			1,472		1,522,107

					52,412,268
Multi-Utilities — 0.6%
CenterPoint Energy, Inc., 5.95%, 2/01/17 (d)			9,000		9,000,000
Offshore Drilling & Other Services — 0.0%
Sensata Technologies BV, 5.63%, 11/01/24 (c)			695		729,312
Oil, Gas & Consumable Fuels — 15.0%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22			1,668		1,722,220
4.88%, 5/15/23			343		353,776
California Resources Corp., 8.00%, 12/15/22 (c)			1,492		1,327,880
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24 (c)			1,231		1,374,104
CONSOL Energy, Inc., 5.88%, 4/15/22			7,210		6,975,675
Continental Resources, Inc.:
5.00%, 9/15/22			7,519		7,669,380
4.50%, 4/15/23			469		463,138
DCP Midstream LLC, 6.75%, 9/15/37 (c)			1,527		1,588,080
Denbury Resources, Inc., 9.00%, 5/15/21 (c)			182		198,835
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,589,356
El Paso LLC:
7.80%, 8/01/31			197		246,663
7.75%, 1/15/32			4,586		5,724,731
El Paso Natural Gas Co. LLC, 8.63%, 1/15/22			2,345		2,880,514


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/01/20		USD	5,075	$	5,665,608
Enbridge Energy Partners LP, 9.88%, 3/01/19 (d)			6,000		6,915,930
Enbridge, Inc., Series 16-A, 6.00%, 1/15/77 (b)			3,880		3,928,500
Energy Transfer Equity LP:
7.50%, 10/15/20			598		671,255
5.88%, 1/15/24			5,241		5,594,767
5.50%, 6/01/27			870		900,450
Energy Transfer Partners LP:
5.20%, 2/01/22			10,200		11,007,687
6.13%, 12/15/45			3,579		3,902,334
Enterprise Products Operating LLC:
4.90%, 5/15/46			5,375		5,541,286
Series N, 6.50%, 1/31/19 (d)			12,000		13,060,584
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/24 (c)			415		448,200
Gulfport Energy Corp. (c):
6.00%, 10/15/24			444		452,325
6.38%, 5/15/25			558		571,950
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (c)			3,666		3,611,010
Kinder Morgan Energy Partners LP:
6.85%, 2/15/20			12,000		13,457,292
4.25%, 9/01/24			2,170		2,217,918
5.40%, 9/01/44			3,615		3,750,172
MEG Energy Corp. (c):
6.50%, 3/15/21			3,839		3,941,501
7.00%, 3/31/24			3,100		2,914,000
6.50%, 1/15/25			2,021		2,041,210
Midcontinent Express Pipeline LLC, 6.70%, 9/15/19 (c)			3,500		3,692,500
Murphy Oil Corp., 6.88%, 8/15/24			752		806,520
Nexen Energy ULC, 6.40%, 5/15/37			2,000		2,416,870
NGPL PipeCo LLC (c):
7.12%, 12/15/17			2,859		2,944,770
9.63%, 6/01/19			257		268,244
7.77%, 12/15/37			690		762,450
Noble Energy, Inc.:
5.63%, 5/01/21			1,784		1,851,280
5.05%, 11/15/44			3,500		3,561,960
Noble Holding International, Ltd., 7.75%, 1/15/24			1,112		1,105,050
ONEOK Partners LP, 8.63%, 3/01/19 (d)			10,000		11,246,820
PDC Energy, Inc., 7.75%, 10/15/22			1,225		1,300,031



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	9


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


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos:
3.50%, 1/30/23 (d)		USD	5,000	$	4,606,150
4.63%, 9/21/23			3,965		3,865,875
4.88%, 1/18/24 (d)			2,000		1,930,000
Pioneer Natural Resources Co., 6.88%, 5/01/18			1,665		1,763,734
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 6/15/44			1,498		1,346,193
4.90%, 2/15/45			2,102		1,961,843
Range Resources Corp., 5.00%, 8/15/22 (c)			32		32,192
Rockies Express Pipeline LLC (c):
5.63%, 4/15/20			295		312,700
6.88%, 4/15/40			580		595,950
RSP Permian, Inc., 6.63%, 10/01/22			789		833,381
Ruby Pipeline LLC, 6.00%, 4/01/22 (c)			10,000		10,596,240
Sabine Pass Liquefaction LLC:
5.63%, 2/01/21			405		437,400
5.63%, 4/15/23			10,510		11,403,350
5.75%, 5/15/24			2,575		2,803,531
5.88%, 6/30/26 (c)			1,481		1,642,059
Sanchez Energy Corp.:
7.75%, 6/15/21			153		156,060
6.13%, 1/15/23			2,119		2,034,240
SM Energy Co.:
6.50%, 1/01/23			177		182,310
5.00%, 1/15/24			181		172,403
Southwestern Energy Co.:
7.50%, 2/01/18			63		65,678
5.80%, 1/23/20			1,166		1,203,895
4.10%, 3/15/22			710		658,525
6.70%, 1/23/25			169		169,845
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.38%, 8/01/22			255		263,670
5.25%, 5/01/23			37		37,925
6.75%, 3/15/24			184		201,020
Tesoro Corp. (c):
4.75%, 12/15/23			1,230		1,263,825
5.13%, 12/15/26			937		976,823
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			125		130,781
6.25%, 10/15/22			1,519		1,617,735
TransCanada PipeLines Ltd., 4.88%, 1/15/26			4,485		4,987,594
Weatherford International Ltd.:
4.50%, 4/15/22			75		66,750


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Weatherford International Ltd. (continued):
6.50%, 8/01/36		USD	45	$	38,138
Western Gas Partners LP, 5.38%, 6/01/21			5,125		5,547,961
Whiting Petroleum Corp., 6.25%, 4/01/23 (d)			1,697		1,713,970
Williams Cos., Inc.:
3.70%, 1/15/23			2,245		2,205,712
4.55%, 6/24/24			1,253		1,268,662
8.75%, 3/15/32			2,478		3,168,742
5.75%, 6/24/44			685		693,563
Williams Partners LP, 5.10%, 9/15/45			5,075		5,069,154
WPX Energy, Inc., 6.00%, 1/15/22			164		170,560

					233,860,965
Paper & Forest Products — 1.9%
International Paper Co. (d):
7.50%, 8/15/21			9,675		11,574,735
8.70%, 6/15/38			4,000		5,750,684
7.30%, 11/15/39			10,000		12,992,000

					30,317,419
Pharmaceuticals — 3.6%
AbbVie, Inc. (d):
2.90%, 11/06/22			5,675		5,612,314
4.70%, 5/14/45			3,255		3,167,825
Actavis Funding SCS:
3.45%, 3/15/22			7,335		7,424,245
3.85%, 6/15/24			6,000		6,037,356
4.75%, 3/15/45			1,450		1,429,925
Endo Finance LLC/Endo Finco, Inc. (c):
6.00%, 7/15/23			1,514		1,290,685
6.00%, 2/01/25			530		431,287
Forest Laboratories LLC, 5.00%, 12/15/21 (c)			1,631		1,764,388
Forest Laboratories, Inc., 4.38%, 2/01/19 (c)			2,924		3,036,331
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22			1,613		1,673,875
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (c)			739		774,102
Merck & Co., Inc., 6.50%, 12/01/33			6,420		8,322,631
Mylan NV, 3.95%, 6/15/26 (i)			7,500		7,099,410



10	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. (c):
6.75%, 8/15/18 (d)		USD	6,135	$	6,050,644
5.38%, 3/15/20			62		53,320
7.00%, 10/01/20			447		404,535
7.50%, 7/15/21			273		237,169
5.63%, 12/01/21			1,137		898,230
5.50%, 3/01/23			31		23,483
5.88%, 5/15/23			665		506,231
6.13%, 4/15/25			116		86,855

					56,324,841
Professional Services — 0.4%
Dun & Bradstreet Corp., 3.25%, 12/01/17			5,750		5,823,715
Real Estate Investment Trusts (REITs) — 3.2%
American Tower Corp.:
4.50%, 1/15/18			6,500		6,664,879
5.05%, 9/01/20			500		538,523
5.90%, 11/01/21 (d)			3,770		4,213,356
AvalonBay Communities, Inc., 6.10%, 3/15/20			10,000		11,101,100
DDR Corp.:
4.75%, 4/15/18			2,140		2,194,987
7.88%, 9/01/20			2,650		3,084,409
ERP Operating LP, 5.75%, 6/15/17 (d)			10,000		10,159,330
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24 (c)			881		864,481
Host Hotels & Resorts LP, 3.75%, 10/15/23 (d)			3,600		3,582,004
iStar, Inc., 4.00%, 11/01/17			825		829,125
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 9/01/26 (c)			740		708,550
Starwood Property Trust, Inc., 5.00%, 12/15/21 (c)			627		637,189
UDR, Inc., 4.25%, 6/01/18 (d)			5,225		5,384,477

					49,962,410
Real Estate Management & Development — 0.4%
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (c)(d)			4,485		4,180,379
Realogy Group LLC/Realogy Co-Issuer Corp. (c):
4.50%, 4/15/19			803		829,097
5.25%, 12/01/21			344		354,320
4.88%, 6/01/23			1,332		1,298,700

					6,662,496


Corporate Bonds	Par (000)			Value
Road & Rail — 1.2%
Hertz Corp.:
6.75%, 4/15/19		USD	420	$	417,900
5.88%, 10/15/20			925		874,125
7.38%, 1/15/21			310		299,925
5.50%, 10/15/24 (c)			764		641,760
Norfolk Southern Corp., 6.00%, 3/15/05			12,700		14,765,503
Penske Automotive Group, Inc., 5.38%, 12/01/24			1,951		1,960,755

					18,959,968
Semiconductors & Semiconductor Equipment — 0.3%
Micron Technology, Inc., 5.50%, 2/01/25			150		150,750
NXP BV/NXP Funding LLC (c):
4.13%, 6/15/20			951		984,285
4.13%, 6/01/21			1,461		1,508,336
4.63%, 6/15/22			490		515,725
4.63%, 6/01/23			204		215,730
Sensata Technologies BV, 5.00%, 10/01/25 (c)			1,418		1,417,291

					4,792,117
Software — 0.8%
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (c)			2,034		2,110,275
Infor US, Inc., 6.50%, 5/15/22			2,425		2,488,656
Informatica LLC, 7.13%, 7/15/23 (c)			477		459,112
Nuance Communications, Inc., 5.38%, 8/15/20 (c)			1,901		1,948,525
Oracle Corp., 2.65%, 7/15/26 (d)			4,890		4,596,170
PTC, Inc., 6.00%, 5/15/24			313		333,336

					11,936,074
Specialty Retail — 0.6%
L Brands, Inc.:
7.00%, 5/01/20			3,050		3,362,625
6.88%, 11/01/35			1,119		1,091,025
VF Corp., 5.95%, 11/01/17 (d)			5,000		5,168,015

					9,621,665
Technology Hardware, Storage & Peripherals — 0.7%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (c):
5.88%, 6/15/21			615		648,741
7.13%, 6/15/24			747		817,874
8.35%, 7/15/46			6,005		7,497,819



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	11


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


Corporate Bonds	Par (000)			Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp., 7.38%, 4/01/23 (c)		USD	1,199	$	1,318,900

					10,283,334
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 5/01/25			699		702,058
Springs Industries, Inc., 6.25%, 6/01/21			304		314,640
William Carter Co., 5.25%, 8/15/21			1,406		1,455,210

					2,471,908
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc., 5.25%, 6/15/20			1,045		1,092,025
Tobacco — 1.7%
Altria Group, Inc., 10.20%, 2/06/39 (d)			13,392		23,093,379
Reynolds American, Inc.:
4.85%, 9/15/23			1,120		1,214,886
5.85%, 8/15/45			2,335		2,713,041

					27,021,306
Trading Companies & Distributors — 0.3%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1, Class A, 5.25%, 5/30/25 (c)			2,182		2,274,871
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class B, 6.13%, 11/30/21 (c)			2,159		2,245,138

					4,520,009
Transportation Infrastructure — 0.8%
CEVA Group PLC, 4.00%, 5/01/18 (c)			1,800		1,723,500
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 7/11/22 (c)			10,500		11,301,423

					13,024,923
Wireless Telecommunication Services — 1.5%
America Movil SAB de CV, 3.13%, 7/16/22 (d)			1,275		1,254,822
Crown Castle International Corp., 5.25%, 1/15/23			1,380		1,499,094
Crown Castle Towers LLC, 6.11%, 1/15/40 (c)			4,555		4,942,433
Digicel Group Ltd., 7.13%, 4/01/22 (c)			370		295,837
Digicel Ltd., 6.00%, 4/15/21 (c)			1,285		1,198,005


Corporate Bonds	Par (000)			Value
Wireless Telecommunication Services (continued)
Sprint Communications, Inc., 9.00%, 11/15/18 (c)		USD	5,290	$	5,792,550
Sprint Corp., 7.13%, 6/15/24			1,755		1,833,975
T-Mobile USA, Inc.:
6.63%, 4/28/21			2,680		2,793,900
6.73%, 4/28/22			2,495		2,594,800
6.84%, 4/28/23			645		688,538

					22,893,954
Total Corporate Bonds - 97.3%					1,516,671,253



Foreign Agency Obligations
Brazilian Government International Bond, 5.00%, 1/27/45			4,525		3,868,875
Indonesia Government International Bond, 5.88%, 1/15/24 (c)			4,400		4,909,617
Mexico Government International Bond, 4.75%, 3/08/44			2,300		2,110,250
Republic of Argentina, 5.63%, 1/26/22 (c)			6,485		6,497,970
Total Foreign Agency Obligations — 1.1%					17,386,712



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		5,596,800
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,882,200
Total Municipal Bonds — 1.2%					18,479,000



Preferred Securities
Capital Trusts
Banks — 3.5%
BNP Paribas SA (b)(c)(e)
7.20%			5,000		5,418,750
7.38%			4,535		4,591,688
Capital One Financial Corp., Series E, 5.55% (b)(e)			5,000		5,099,400



12	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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


Preferred Securities	Par (000)			Value
Banks (continued)
Citigroup, Inc. (b)(e)
5.90%		USD	2,210	$	2,286,245
5.95%			7,000		7,120,750
Credit Suisse Group AG, 7.50% (b)(c)(e)			3,250		3,438,045
HSBC Capital Funding LP, 10.18% (b)(c)(e)			11,835		17,574,975
Nordea Bank AB, 6.13% (b)(c)(e)			5,540		5,380,725
Wells Fargo & Co., (b)(e)
Series K, 7.98%			809		849,450
Series S, 5.90%			281		288,924
Series U, 5.88%			2,655		2,822,597

					54,871,549
Capital Markets — 1.6%
Charles Schwab Corp., Series E, 4.63% (b)(e)			6,805		6,549,812
Credit Suisse Group AG, 6.25% (b)(c)(e)			5,000		4,931,250
Goldman Sachs Group, Inc., Series L, 5.70% (b)(e)			2,950		3,044,843
Morgan Stanley, Series H, 5.45% (b)(e)			8,675		8,805,125
State Street Corp., Series F, 5.25% (b)(e)			1,855		1,917,606

					25,248,636
Consumer Finance — 0.3%
American Express Co., Series C, 4.90% (b)(e)			4,510		4,415,570
Diversified Financial Services — 4.3%
Bank of America Corp., (b)(e)
Series AA, 6.10%			6,630		6,911,775
Series K, 8.00%			2,420		2,502,341
Series U, 5.20% (d)			5,785		5,676,531
Barclays PLC, 6.63% (b)(e)			7,385		7,098,831
Credit Agricole SA, 8.13% (b)(c)(e)			5,000		5,315,500
JPMorgan Chase & Co., (b)(e)
6.75%			7,775		8,509,038
Series 1, 7.90%			3,650		3,759,500
Series Q, 5.15%			4,000		3,915,000
Series R, 6.00% (d)			14,130		14,518,575
Royal Bank of Scotland Group PLC, (b)(e)
8.00%			970		941,026
8.63%			5,135		5,301,887


Capital Trusts	Par (000)			Value
Diversified Financial Services (continued)
Societe Generale SA, 7.38% (b)(c)(e)		USD	1,980	$	1,983,663

					66,433,667
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 6.70% (b)			8,300		7,636,000
Industrial Conglomerates — 0.7%
General Electric Co., Series D, 5.00% (b)(e)			10,777		11,208,080
Insurance — 4.4%
ACE Capital Trust II, 9.70% (d)			7,000		10,360,000
Allstate Corp, 6.50% (b)			10,400		11,882,000
American International Group, Inc., 8.18% (b)			3,755		4,806,400
Bank One Capital III, 8.75%			2,000		2,807,444
Chubb Corp., 6.38% (b)(d)			7,400		7,218,700
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%			5,000		5,655,455
Farmers Exchange Capital II, 6.15% (b)(c)			4,890		5,128,387
Great-West Life & Annuity Insurance Capital LP II, 3.45% (b)(c)			500		440,000
Hartford Financial Services Group, Inc., 8.13% (b)			5,050		5,403,500
Principal Financial Group, Inc., 4.70% (b)			5,000		4,983,750
Reinsurance Group of America, Inc., 3.63% (b)			12,000		10,788,000

					69,473,636
Media — 0.4%
NBCUniversal Enterprise, Inc., 5.25% (c)(e)			5,600		5,866,000
Oil, Gas & Consumable Fuels — 1.5%
Enterprise Products Operating LLC, 7.00% (b)			2,500		2,262,500
Enterprise Products Operating LLC, Series A, 4.59% (b)			9,325		9,092,807
TransCanada PipeLines Ltd., 6.35% (b)			9,400		8,624,500
TransCanada Trust, 5.63% (b)			2,755		2,823,875

					22,803,682
Real Estate Investment Trusts (REITs) — 0.6%
Sovereign Real Estate Investment Trust, 0.00% (c)(e)			7		8,680,000



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	13


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


Capital Trusts	Par (000)			Value
Road & Rail — 0.4%
BNSF Funding Trust I, 6.61% (b)			6,125		6,997,813
					283,634,633

Preferred Stocks		Shares
Banks — 1.8%
Citigroup, Inc., Series K, 6.88% (b)(e)			488,320		13,580,179
Wells Fargo & Co., 5.85% (b)			550,500		14,296,485

					27,876,664
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50% (b)(e)			162,450		4,160,344
SCE Trust III, 5.75% (b)(e)			31,650		827,964
State Street Corp., Series D, 5.90% (b)			220,495		5,794,609

					10,782,917
Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%			90,000		2,195,100
Real Estate Investment Trusts (REITs) — 0.2%
Ventas Realty LP/Ventas Capital Corp., 5.45%			75,000		1,933,500
Vornado Realty Trust, Series K, 5.70%			50,000		1,209,500

					3,143,000
Wireless Telecommunication Services — 1.2%
Centaur Funding Corp., 9.08% (c)			15,143		17,868,740
Total Preferred Stocks — 1.2%					61,866,421



Trust Preferred — 0.5%

Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (b)			7,503,525		7,612,067
Total Preferred Securities — 22.7%					353,113,121


U.S. Government Sponsored Agency Securities — 0.2%	Par (000)				Value
Agency Obligations — 0.2%
Fannie Mae, 0.00%, 10/09/19 (d)(j)		USD		3,945	$	3,750,938



Investment Companies	Shares
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45				400		385,547
2.25%, 8/15/46 (d)				49,480		41,617,331
U.S. Treasury Notes, 1.63%, 2/15/26 (d)				18,325		17,115,257
Total U.S. Treasury Obligations — 3.8%						59,118,135
Total Long-Term Investments (Cost — $1,931,662,344) — 130.7%						2,036,873,031



Short-Term Securities — 1.1%			Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.40% (k)(l)				17,041,419		17,041,419
Total Short-Term Securities (Cost — $17,041,419) — 1.1%						17,041,419
Total Investments Before Options Written (Cost — $1,948,703,763) — 131.8%						2,053,914,450
Options Written (Premiums Received — $437,313) — (0.1)%						(1,372,866	)
Total Investments, Net of Options Written (Cost — $1,948,266,450*) — 131.7%						2,052,541,584
Liabilities in Excess of Other Assets — (31.7)%						(493,455,938	)

Net Assets — 100.0%					$	1,559,085,646

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


Tax cost			$ 1,948,922,489
Gross unrealized appreciation			$ 124,431,530
Gross unrealized depreciation			(19,439,569)
Net unrealized appreciation			$ 104,991,961

Notes to Schedule of Investments

Cost for federal income tax purposes.

(a)

Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $2,951 and an original cost of $45,445, which was less than 0.05% of its net assets.

(b)

Variable rate security. Rate as of period end.



14	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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

(c)

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.

(d)

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

(e)

Perpetual security with no stated maturity date.

(f)

Issuer filed for bankruptcy and/or is in default.

(g)

Non-income producing security.

(h)

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.

(i)

When-issued security.

(j)

Zero-coupon bond.

(k)

During the period ended January 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 January 31, 2017		Value at January 31, 2017		Income		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,872,272		7,169,147	$	17,041,419	$	17,041,419	$	12,483		—		—

(l)

Current yield as of period end.

Portfolio Abbreviations


ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
CR		Custodian Receipt
EUR		Euro
FKA		Formerly Known As
FNMA		Federal National Mortgage Association
OTC		Over-the-Counter
RB		Revenue Bonds
USD		United States Dollar



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	15


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

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

Deutsche Bank Securities, Inc.

0.19%

3/05/15

Open

3,570,225

3,583,377

U.S. Government Sponsored Agency Securities

Open/Demand

RBC Capital Markets LLC

0.64%

7/11/16

Open

7,404,000

7,433,486

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70%

10/06/16

Open

4,645,500

4,656,069

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

11/10/16

Open

8,920,000

8,933,162

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

11/18/16

Open

5,005,778

5,012,452

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50%

12/15/16

Open

492,075

492,396

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

10,088,750

10,105,214

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

2,452,813

2,456,815

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

4,606,313

4,613,830

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

1,192,188

1,194,133

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

10,425,000

10,442,013

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

6,156,250

6,166,297

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

6,826,500

6,837,640

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

4,415,250

4,422,455

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

4,778,713

4,786,511

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

715,313

716,480

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25%

12/15/16

Open

2,793,219

2,797,777

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/15/16

Open

1,208,063

1,209,640

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.00%

12/15/16

Open

10,000,000

10,013,056

Capital Trusts

Open/Demand

UBS Securities LLC

1.00%

12/16/16

Open

8,210,000

8,220,034

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00%

12/16/16

Open

3,155,313

3,159,169

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00%

12/16/16

Open

5,552,375

5,559,161

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

1,852,000

1,854,455

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

5,404,000

5,411,165

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

3,007,000

3,010,987

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

5,297,000

5,304,023

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

2,888,000

2,891,829

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

5,873,000

5,880,787

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

4,905,000

4,911,503

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

3,204,000

3,208,248

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

7,060,000

7,069,360

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

4,369,000

4,374,793

Corporate Bonds

Open/Demand



16	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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

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

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

15,728,000

15,748,853

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

2,752,000

2,755,649

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

4,585,000

4,591,079

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

9,483,000

9,495,573

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

4,950,000

4,956,563

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

9,266,000

9,278,285

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

4,976,000

4,982,597

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.11%

12/19/16

Open

10,976,000

10,990,552

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50%

12/19/16

Open

4,685,850

4,683,117

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.95%

12/19/16

Open

2,935,625

2,938,879

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.95%

12/19/16

Open

2,229,563

2,232,034

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/19/16

Open

525,938

526,551

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/19/16

Open

6,304,656

6,312,012

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/19/16

Open

5,055,188

5,061,085

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/19/16

Open

4,973,063

4,978,864

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

12/19/16

Open

2,919,531

2,922,937

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

4,150,000

4,155,155

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

5,606,250

5,613,214

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

4,565,000

4,570,671

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

8,685,000

8,695,789

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,244,125

3,248,155

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,294,000

3,298,092

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

7,834,750

7,844,483

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

13,740,000

13,757,068

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,509,513

3,513,872

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

7,425,000

7,434,224

Corporate Bonds

Open/Demand



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	17


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

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

1.04%

12/19/16

Open

3,900,000

3,904,845

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

9,825,000

9,837,205

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,311,650

3,315,764

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

4,405,500

4,410,973

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

6,450,000

6,458,012

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

12,570,000

12,585,615

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

5,260,000

5,266,534

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,225,000

3,229,006

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

17,356,500

17,378,061

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,633,438

3,637,951

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

21,996,360

22,023,684

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

4,034,160

4,039,171

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

3,225,000

3,229,006

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

17,512,500

17,534,254

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

6,961,875

6,970,523

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/19/16

Open

6,630,000

6,638,236

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25%

12/21/16

Open

715,645

715,849

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04%

12/21/16

Open

8,789,375

8,799,786

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.74%

12/29/16

Open

41,996,150

41,990,271

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets LLC

0.45%

12/30/16

Open

17,133,875

17,140,943

U.S. Treasury Obligations

Open/Demand

Citigroup Global Markets, Inc.

2.00%

1/04/17

Open

1,391,540

1,389,453

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00%

1/11/17

Open

3,391,090

3,393,074

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

0.25%

1/12/17

Open

4,908,000

4,907,318

Corporate Bonds

Open/Demand



18	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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

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

1.04

1/18/17

Open

1,898,800

1,899,458

Corporate Bonds

Open/
Demand

Total

521,393,148

522,008,662

¹ 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
Contracts Long (Short)			Issue	Expiration		Notional Value			Unrealized Appreciation (Depreciation)
	54		2-Year U.S. Treasury Note		March 2017		USD	11,707,031	$	(2,006	)
	758		5-Year U.S. Treasury Note		March 2017		USD	89,343,329		(159,172	)
	(1,429	)	10-Year U.S. Treasury Note		March 2017		USD	177,865,844		(1,813,150	)
	(244	)	Ultra U.S. Treasury Bond		March 2017		USD	39,207,750		224,879
	Total								$	(1,749,449	)

OTC Interest Rate Swaptions Written

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount (000)

Value

2-Year Interest Rate Swap

Bank of America N.A.

Put

1.70

Receive

6-month LIBOR

3/15/18

USD

77,900

(682,880

)

2-Year Interest Rate Swap

Bank of America N.A.

Put

1.70

Receive

6-month LIBOR

3/19/18

USD

77,900

(689,986

)

Total

(1,372,866

)

OTC Credit Default Swaps — Buy Protection


Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date		Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized Depreciation
STMicro Electronics		1.00	%	Barclays Bank PLC		6/20/17	EUR	1,500	$	(7,549	)	$	8,351		$	(15,900	)
Cigna Corp.		1.00	%	Goldman Sachs Bank USA		9/20/17	USD	4,500		(32,333	)		(1,388	)		(30,945	)
Cigna Corp.		1.00	%	Goldman Sachs International		9/20/17	USD	2,800		(20,118	)		(929	)		(19,190	)
General Dynamics Corp.		1.00	%	Credit Suisse International		9/20/17	USD	5,585		(40,751	)		(18,635	)		(22,116	)
Humana, Inc.		1.00	%	Goldman Sachs Bank USA		9/20/17	USD	4,500		(31,763	)		9,549			(41,312	)
Humana, Inc.		1.00	%	Goldman Sachs International		9/20/17	USD	2,800		(19,764	)		6,390			(26,154	)
Lockheed Martin Corp.		1.00	%	Credit Suisse International		9/20/17	USD	5,585		(40,461	)		(6,410	)		(34,052	)
Northrop Grumman Corp.		1.00	%	Credit Suisse International		9/20/17	USD	4,715		(34,605	)		(14,481	)		(20,124	)
Raytheon Co.		1.00	%	Credit Suisse International		9/20/17	USD	4,715		(34,497	)		(14,869	)		(19,627	)
Citigroup, Inc.		1.00	%	Deutsche Bank AG		3/20/19	USD	16,700		(229,992	)		(31,279	)		(198,713	)



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	19


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

OTC Credit Default Swaps — Buy Protection


Issuer/Index	Pay Fixed Rate			Counterparty		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)		Unrealized Depreciation
Prudential Financial, Inc.		1.00	%		JPMorgan Chase Bank N.A.		6/20/21		USD	9,500	$	(124,207	)	$	105,601	$	(229,808	)
Prudential Financial, Inc.		1.00	%		Goldman Sachs International		6/20/21		USD	1,155		(15,101	)		15,602		(30,703	)
Prudential Financial, Inc.		1.00	%		Citibank N.A.		6/20/21		USD	1,920		(25,104	)		24,386		(49,489	)
Total											$	(656,245	)		81,888		(738,133	)

OTC Credit Default Swaps — Sell Protection


Issuer/Index	Receive Fixed Rate			Counterparty		Expiration Date		Credit Rating¹		Notional Amount (000)²			Value			Premiums Paid (Received)			Unrealized Depreciation
Anadarko Petroleum Corp.		1.00	%		Credit Suisse International		6/20/17		BBB		USD	2,425	$	10,820			(9,779	)	$	20,600
Anadarko Petroleum Corp.		1.00	%		Morgan Stanley Capital Services LLC		6/20/17		BBB		USD	10		45			(48	)		92
Anadarko Petroleum Corp.		1.00	%		UBS AG		6/20/17		BBB		USD	994		4,435			(4,645	)		9,080
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%		Goldman Sachs Bank USA		9/20/17		N/R		USD	4,500		30,878			(5,492	)		36,370
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%		Goldman Sachs International		9/20/17		N/R		USD	2,800		19,213			(3,675	)		22,888
Comcast Corp.		1.00	%		Credit Suisse International		9/20/17		N/R		USD	12,200		86,040			7,047			78,993
United Health Group, Inc.		1.00	%		Goldman Sachs Bank USA		9/20/17		A-		USD	4,500		32,421			(1,382	)		33,803
United Health Group, Inc.		1.00	%		Goldman Sachs International		9/20/17		A-		USD	2,800		20,173			(925	)		21,098
MetLife, Inc.		1.00	%		Deutsche Bank AG		3/20/18		N/R		USD	3,025		30,657			(29,731	)		60,388
Bank of America Corp.		1.00	%		Deutsche Bank AG		3/20/19		BBB+		USD	16,700		232,744			55,771			176,973
American Tower Corp.		1.00	%		Morgan Stanley Capital Services LLC		6/20/21		BBB-		USD	10,000		(185,970	)		(359,849	)		173,879
Total													$	281,456		$	(352,708	)	$	634,164
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.



20	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017


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 Private Companies. 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 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		—	$	66,745,321	$	1,605,600	$	68,350,921
Common Stocks		—		—		2,951		2,951
Corporate Bonds		—		1,511,635,753		5,035,500		1,516,671,253
Foreign Agency Obligations		—		17,386,712		—		17,386,712
Municipal Bonds		—		18,479,000		—		18,479,000
Preferred Securities	$	43,997,681		301,503,373		—		345,501,054
Trust Preferred		7,612,067		—		—		7,612,067
U.S. Government Sponsored Agency Securities		—		3,750,938		—		3,750,938
U.S. Treasury Obligations		—		59,118,135		—		59,118,135
Short-Term Securities		17,041,419		—		—		17,041,419

Total	$	68,651,167	$	1,978,619,232	$	6,644,051	$	2,053,914,450



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017	21


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


Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	634,164		—	$	634,164
Interest rate contracts	$	224,879			—		—		224,879
Liabilities:
Credit contracts		—			(738,133	)	—		(738,133	)
Interest rate contracts		(1,974,328	)		(1,372,866	)	—		(3,347,194	)

Total	$	(1,749,449	)	$	(1,476,835	)	—	$	(3,226,284	)

¹ Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts, and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $(522,008,662) were categorized as Level 2 within the disclosure hierarchy.

During the period ended January 31, 2017, 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			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		(11,331,752	)		—			—		(11,331,752	)
Accrued discounts/premiums		591			—			—		591
Net realized gain (loss)		58,188			—			—		58,188
Net change in unrealized appreciation (depreciation)²		(58,379	)		(78,000	)		—		(136,379	)
Purchases		—			—			—		—
Sales		(2,250,000	)		—			—		(2,250,000	)

Closing Balance, as of January 31, 2017	$	1,605,600		$	5,035,500		$	2,951	$	6,644,051

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2017²	$	3,200		$	(78,000	)		—	$	(74,800	)

¹ As of October 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As January 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 investments still held at January 31, 2017 is generally due to 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.



22	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JANUARY 31, 2017

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: March 23, 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: March 23, 2017

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

Date: March 23, 2017