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: 10/31/2019

Date of reporting period: 01/31/2019

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

January 31, 2019

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 II-S Ltd., Series 2014-1RA, Class B, 4.91%, 10/21/28^(a)(b)	USD		500	$	491,193
Allegro CLO VI Ltd., Series 2017-2A^(a)(b):
Class B, 4.27%, 01/17/31			360		352,448
Class C, 4.57%, 01/17/31			2,400		2,297,401
Class D, 5.52%, 01/17/31			1,300		1,228,855
ALM VI Ltd., Series 2012-6A, Class BR3, 4.54%, 07/15/26^(a)(b)			1,500		1,462,641
ALM VII R Ltd., Series 2013-7R2A^(a)(b):
Class A2R2, 4.44%, 10/15/27			750		749,310
Class BR2, 4.99%, 10/15/27			400		396,269
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A^(a)(b):
Class BR2, 4.69%, 07/15/27			1,000		980,510
Class CR2, 5.49%, 07/15/27			1,000		980,207
AMMC CLO 22 Ltd., Series 2018-22A, Class D, 5.47%, 04/25/31^(a)(b)			1,000		940,719
AMMC CLO XII Ltd., Series 2013-12A, Class CR, 4.52%, 11/10/30^(a)(b)			1,500		1,440,494
Anchorage Capital CLO Ltd.^(a)(b):
Series 2013-1A, Class BR, 4.95%, 10/13/30			1,000		977,869
Series 2014-3RA, Class C, 4.61%, 01/28/31			1,000		960,262
Series 2014-3RA, Class D, 5.36%, 01/28/31			1,000		932,165
Series 2015-7A, Class CR, 4.49%, 10/15/27			1,750		1,706,531
Apidos CLO XV, Series 2013-15A^(a)(b):
Class CRR, 4.61%, 04/20/31			1,000		958,082
Class DRR, 5.46%, 04/20/31			1,000		955,380
Apidos CLO XX, Series 2015-20A, Class BRR, 4.73%, 07/16/31^(a)(b)			1,000		963,214
Ares CLO Ltd.^(a)(b):
4.29%, 10/15/30			1,000		982,931
4.59%, 10/15/30			1,750		1,681,920
Ares XLIX CLO Ltd., Series 2018-49A, Class D, 5.76%, 07/22/30^(a)(b)			1,000		964,957
Ares XLVII CLO Ltd.^(a)(b):
Series 2018-47A, Class D, 5.49%, 04/15/30			1,500		1,420,511
Series 2018-48A, Class C, 4.56%, 07/20/30			500		476,209
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, 5.79%, 07/15/30^(a)(b)			1,000		964,424
Atlas Senior Loan Fund VII Ltd., Series 2016-7A^(a)(b):
Class A1R, 3.99%, 11/27/31			2,000		1,987,322
Class B1R, 4.51%, 11/27/31			550		544,111


Security		Par (000)		Value

Asset-Backed Securities (continued)
Atlas Senior Loan Fund X Ltd., Series 2018-10A^(a)(b):
Class B, 4.29%, 01/15/31	USD		500	$	488,099
Class C, 4.64%, 01/15/31			1,000		945,009
Class D, 5.54%, 01/15/31			1,700		1,581,695
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, 3.63%, 10/24/31^(a)(b)			400		395,016
Atrium XV, Series 15A, Class C, 4.98%, 01/23/31^(a)(b)			250		242,807
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(a)(b):
Class B, 4.79%, 10/15/30			1,000		967,414
Class C, 5.84%, 10/15/30			2,000		1,918,259
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 6.03%, 11/23/25^(a)(c)			1,000		992,152
Carlyle Global Market Strategies CLO Ltd.^(a):
Series 2013-4A, Class DRR, 5.44%, 01/15/31^(b)			1,000		944,455
Series 2014-5A, Class A1RR, 3.93%, 07/15/31^(b)			2,300		2,276,912
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.00%), 6.76%, 10/20/29^(c)			1,000		992,822
Carlyle US CLO Ltd.^(a):
Series 2016-4A, Class BR, 4.86%, 10/20/27^(b)			250		245,679
Series 2017-2A, Class C, (3 mo. LIBOR US + 3.70%), 6.17%, 07/20/31^(c)			500		500,688
Cedar Funding VI CLO Ltd., Series 2016-6A, Class BR, 4.36%, 10/20/28^(a)(b)			250		248,411
Cent CLO 17 Ltd., Series C17A^(a)(b):
Class BR, 4.60%, 04/30/31			1,000		959,283
Class CR, 5.55%, 04/30/31			1,000		953,531
CIFC Funding Ltd.^(a)(b):
5.43%, 04/18/31			1,200		1,132,883
Series 2013-2A, Class A3LR, 4.73%, 10/18/30			1,000		969,467
Series 2013-2A, Class B1LR, 5.83%, 10/18/30			1,000		956,126
Series 2014-4RA, Class A2, 4.42%, 10/17/30			600		597,270
Series 2014-4RA, Class B, 4.97%, 10/17/30			400		394,576
Series 2014-4RA, Class C, 5.97%, 10/17/30			400		392,130
Series 2018-1A, Class C, 4.53%, 04/18/31			1,000		953,292


			1

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Elevation CLO Ltd., Series 2017-7A, Class C, 4.69%, 07/15/30^(a)(b)	USD		1,500	$	1,432,517
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, 5.36%, 04/20/31^(a)(b)			1,000		935,854
Galaxy XXVII CLO Ltd., Series 2018-27A, Class C, 4.43%, 05/16/31^(a)(b)			1,500		1,418,067
Greenwood Park CLO Ltd., Series 2018-1A, Class D, 5.29%, 04/15/31^(a)(b)			1,000		934,111
Highbridge Loan Management Ltd.^(a)(b):
Series 12A-18, Class B, 4.63%, 07/18/31			1,250		1,173,909
Series 4A-2014, Class A2R, 4.26%, 01/28/30			650		634,889
Series 4A-2014, Class BR, 4.61%, 01/28/30			750		714,115
Series 6A-2015, Class BR, 4.33%, 02/05/31			1,500		1,412,572
Series 7A-2015, Class CR, 4.32%, 03/15/27			2,000		1,949,983
Series 7A-2015, Class DR, 5.02%, 03/15/27			1,000		929,270
Series 8A-2016, Class DR, 5.66%, 07/20/30			500		467,619
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 6.36%, 10/20/26^(a)(c)			1,000		969,254
Long Point Park CLO Ltd., Series 2017-1A, Class B, 4.47%, 01/17/30^(a)(b)			1,000		953,814
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, 4.66%, 04/19/30^(a)(b)			1,000		975,490
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 4.96%, 01/27/26^(a)(c)			2,000		1,997,098
Madison Park Funding XXVII Ltd., Series 2018-27A^(a)(b):
Class B, 4.56%, 04/20/30			1,000		953,653
Class C, 5.36%, 04/20/30			1,000		938,640
Madison Park Funding XXX Ltd., Series 2018-30A, Class D, 5.29%, 04/15/29^(a)(b)			1,000		956,032
Marble Point CLO XI Ltd., Series 2017-2A^(a)(b):
Class A, 3.96%, 12/18/30			1,500		1,485,084
Class B, 4.28%, 12/18/30			1,000		974,166
Mill Creek II CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.85%), 7.61%, 04/20/28^(a)(c)			1,000		1,000,313
MP CLO III Ltd., Series 2013-1A, Class CR, 4.76%, 10/20/30^(a)(b)			1,000		965,246


Security		Par (000)		Value

Asset-Backed Securities (continued)
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, 4.84%, 10/15/29^(a)(b)	USD		1,000	$	970,242
Neuberger Berman CLO XXI Ltd., Series 2016-21A^(a)(b):
Class CR, 4.36%, 04/20/27			1,000		958,994
Class DR, 5.16%, 04/20/27			1,000		940,025
Neuberger Berman CLO XXII Ltd., Series 2016-22A^(a)(b):
Class BR, 4.42%, 10/17/30			400		395,196
Class CR, 4.97%, 10/17/30			1,000		970,161
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A^(a)(b):
Class A, 3.95%, 10/18/30			2,000		1,988,193
Class B, 4.28%, 10/18/30			1,000		982,752
Class C, 4.53%, 10/18/30			1,500		1,429,329
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, 5.39%, 01/15/30^(a)(b)			1,000		936,394
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class C, 4.98%, 12/12/30^(a)(b)			300		290,897
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class DR, 5.67%, 07/23/30^(a)(b)			600		567,111
OCP CLO Ltd., Series 2017-14A, Class B, 4.59%, 11/20/30^(a)(b)			1,000		957,271
Octagon Investment Partners Ltd.^(a)(b):
Series 2016-1A, Class DR, 5.64%, 07/15/30			500		476,160
Series 2017-1A, Class B1, 4.16%, 01/20/30			1,000		976,744
Series 2017-1A, Class C, 5.51%, 01/20/31			1,000		951,302
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class A1AR, (3 mo. LIBOR US + 1.17%), 3.96%, 07/15/29^(a)(c)			1,000		997,471
Octagon Investment Partners XVII Ltd., Series 2013-1A^(a)(b):
Class BR2, 4.17%, 01/25/31			1,000		976,419
Class CR2, 4.47%, 01/25/31			1,000		953,500
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 4.66%, 01/22/30^(a)(b)			900		868,555
OHA Credit Partners XIV Ltd., Series 2017-14A, Class C, 4.56%, 01/21/30^(a)(b)			1,250		1,185,282
OZLM Funding IV Ltd., 4.96%, 10/22/30^(a)(b)			1,000		970,289
OZLM VI Ltd., Series 2014-6A, Class CS, 5.90%, 04/17/31^(a)(b)			500		483,279


2

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
OZLM XIX Ltd., Series 2017-19A, Class C, 5.89%, 11/22/30^(a)(b)	USD		1,000	$	964,542
OZLM XXI Ltd., Series 2017-21A, Class B, 4.66%, 01/20/31^(a)(b)			1,800		1,725,036
Palmer Square CLO Ltd.^(a)(b):
Series 2013-2A, Class A2RR, 4.52%, 10/17/31			650		643,480
Series 2013-2A, Class BRR, 4.97%, 10/17/31			750		729,687
Series 2013-2A, Class CRR, 5.97%, 10/17/31			250		241,866
Series 2018-1A, Class A2, 4.23%, 04/18/31			1,500		1,463,245
Recette CLO Ltd., Series 2015-1A^(a)(b):
Class CR, 4.46%, 10/20/27			1,500		1,463,177
Class DR, 5.51%, 10/20/27			1,000		961,560
Regatta VII Funding Ltd., Series 2016-1A, Class DR, 5.54%, 12/20/28^(a)(b)			500		471,042
Rockford Tower CLO Ltd., Series 2017-3A^(a)(b):
Class A, 3.95%, 10/20/30			2,000		1,980,786
Class D, 5.41%, 10/20/30			1,000		924,429
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, 3.59%, 10/26/31^(a)(b)			1,400		1,392,563
Stewart Park CLO Ltd., Series 2015-1A, Class DR, 5.39%, 01/15/30^(a)(b)			1,500		1,423,184
Tiaa CLO III Ltd., Series 2017-2A, Class A, 3.93%, 01/16/31^(a)(b)			2,500		2,472,191
Voya CLO Ltd., Series 2018-1A, Class C, 5.36%, 04/19/31^(a)(b)			1,000		936,834
York CLO 1 Ltd., Series 2014-1A, Class ARR, 3.88%, 10/22/29^(a)(b)			2,000		1,981,190
York CLO-2 Ltd., Series 2015-1A^(a)(b):
Class CR, 4.61%, 01/22/31			1,500		1,409,497
Class DR, 5.36%, 01/22/31			1,800		1,654,379


Total Asset-Backed Securities — 8.0% (Cost — $119,192,551)					115,079,861


Corporate Bonds — 106.2%

Aerospace & Defense — 2.1%
Arconic, Inc., 5.13%, 10/01/24			3,679		3,704,919
BBA US Holdings, Inc., 5.38%, 05/01/26^(a)			672		672,000
Bombardier, Inc.^(a):
7.75%, 03/15/20			354		364,620
8.75%, 12/01/21			2,034		2,159,193
5.75%, 03/15/22			286		272,415


Security		Par (000)		Value

Aerospace & Defense (continued)
Bombardier, Inc.^(a) (continued):
6.00%, 10/15/22	USD		14	$	13,493
6.13%, 01/15/23			522		504,356
7.50%, 12/01/24			1,679		1,628,630
7.50%, 03/15/25			3,127		3,013,646
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(a)			599		581,030
TransDigm, Inc.:
6.00%, 07/15/22			1,904		1,918,280
6.50%, 07/15/24			786		775,192
6.25%, 03/15/26^(a)(e)			11,822		11,999,330
6.38%, 06/15/26			120		115,500
United Technologies Corp., 4.63%, 11/16/48			2,805		2,884,141

					30,606,745

Airlines — 1.0%
American Airlines Group, Inc.:
4.63%, 03/01/20^(a)			692		692,000
5.18%, 08/15/23^(d)			2,945		2,930,275
5.18%, 10/15/23^(c)(d)			2,830		2,829,881
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 01/02/23			2,391		2,532,289
Turkish Airlines Pass-Through Trust, Series 2015-1 Class A, 4.20%, 03/15/27^(a)			2,398		2,056,889
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 04/11/22^(f)			2,854		2,859,661
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 04/23/22^(a)			264		268,668

					14,169,663

Auto Components — 0.6%
Allison Transmission, Inc., 5.00%, 10/01/24^(a)			68		66,895
General Motors Co., 5.95%, 04/01/49			3,455		3,225,196
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			535		491,398
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20			3,108		3,135,195
6.38%, 12/15/25			388		396,245
Tesla, Inc., 5.30%, 08/15/25^(a)			749		664,737

					7,979,666

Automobiles — 0.5%
Ford Motor Co., 7.45%, 07/16/31^(f)			3,660		3,708,522
General Motors Co.:
4.88%, 10/02/23			1,875		1,901,477


			3

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
6.25%, 10/02/43	USD		940	$	913,118

					6,523,117

Banks — 6.6%
Barclays PLC:
4.84%, 05/09/28			4,000		3,842,164
4.97%, 05/16/29^(b)			3,220		3,233,198
CIT Group, Inc.:
5.00%, 08/01/23			370		378,325
5.25%, 03/07/25			925		952,750
City National Corp., 5.25%, 09/15/20			2,900		2,988,595
Cooperatieve Rabobank UA, 3.95%, 11/09/22^(f)			3,775		3,807,498
Credit Suisse Group AG, 6.50%, 08/08/23^(a)			6,000		6,335,700
Discover Bank/Greenwood, 8.70%, 11/18/19			748		777,884
Fifth Third Bancorp(3 mo. LIBOR US + 3.03%), 5.10%^(g)(h)			5,000		4,693,750
HSBC Finance Corp., 6.68%, 01/15/21^(f)			5,150		5,375,737
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(a)			9,840		9,115,662
Lloyds Banking Group PLC^(f):
4.45%, 05/08/25			3,665		3,717,035
4.65%, 03/24/26			8,650		8,441,846
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23			10,080		10,523,762
Santander Holdings USA, Inc., 4.40%, 07/13/27			830		811,807
SunTrust Banks, Inc.(3 mo. LIBOR US + 3.10%), 5.05% ^(g)(h)			5,270		4,980,150
Wells Fargo & Co.^(f):
4.13%, 08/15/23			4,000		4,079,206
4.10%, 06/03/26			15,000		15,143,771
5.61%, 01/15/44			4,119		4,700,581

					93,899,421

Beverage: Soft Drinks — 0.0%
Energizer Holdings, Inc.^(a):
6.38%, 07/15/26			222		215,895
7.75%, 01/15/27			373		384,321

					600,216

Beverages — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(a)(f)			6,170		5,884,116
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49			5,000		5,221,095


Security		Par (000)		Value

Beverages (continued)
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28^(a)	USD		3,215	$	3,290,763

					14,395,974

Biotechnology — 0.9%
Amgen, Inc., 4.66%, 06/15/51			6,709		6,620,719
Baxalta, Inc., 5.25%, 06/23/45^(f)			6,000		6,204,582

					12,825,301

Building Products — 0.3%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23^(a)			371		381,202
Masonite International Corp.^(a):
5.63%, 03/15/23			488		493,026
5.75%, 09/15/26			382		371,495
Standard Industries, Inc.^(a):
5.50%, 02/15/23			335		340,863
5.38%, 11/15/24			410		406,925
6.00%, 10/15/25			1,832		1,841,160
USG Corp., 4.88%, 06/01/27^(a)			445		452,387

					4,287,058

Building: Roofing, Wallboard & Plumbing — 0.0%
IQVIA, Inc., 5.00%, 10/15/26^(a)			200		200,250


Capital Markets — 2.5%
Goldman Sachs Group, Inc.:
7.50%, 02/15/19^(f)			5,165		5,172,179
5.25%, 07/27/21			1,175		1,232,180
5.75%, 01/24/22^(f)			5,500		5,901,734
Lions Gate Capital Holdings LLC, 6.38%, 02/01/24^(a)(e)			253		255,530
Morgan Stanley^(f):
5.63%, 09/23/19			6,770		6,886,873
5.00%, 11/24/25			15,000		15,849,823

					35,298,319

Chemicals — 2.4%
Axalta Coating Systems LLC, 4.88%, 08/15/24^(a)			715		698,019
Basell Finance Co. BV, 8.10%, 03/15/27^(a)(f)			6,000		7,214,472
Chemours Co., 5.38%, 05/15/27			207		198,720
The Dow Chemical Co., 5.55%, 11/30/48^(a)			4,820		5,092,555
DowDuPont, Inc., 5.42%, 11/15/48			7,500		8,185,550
Element Solutions, Inc.^(a):
6.50%, 02/01/22			3,006		3,047,332
5.88%, 12/01/25			2,862		2,854,845
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(a)			448		445,200
Huntsman International LLC, 5.13%, 11/15/22			2,495		2,582,325


4

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
NOVA Chemicals Corp., 4.88%, 06/01/24^(a)	USD		956	$	908,200
Olin Corp.:
5.13%, 09/15/27			270		263,250
5.00%, 02/01/30			297		273,982
PQ Corp., 6.75%, 11/15/22^(a)			935		977,542
WR Grace & Co-Conn, 5.63%, 10/01/24^(a)			1,660		1,726,400

					34,468,392

Commercial Services & Supplies — 3.2%
ADT Corp.:
3.50%, 07/15/22			181		174,213
4.13%, 06/15/23			673		647,763
4.88%, 07/15/32^(a)			884		716,040
Aviation Capital Group Corp.^(a):
7.13%, 10/15/20^(f)			31,000		32,648,228
6.75%, 04/06/21			7,850		8,299,679
Avolon Holdings Funding Ltd., 5.13%, 10/01/23^(a)			918		931,954
Core & Main LP, 6.13%, 08/15/25^(a)			969		922,972
KAR Auction Services, Inc., 5.13%, 06/01/25^(a)			446		429,757
Park Aerospace Holdings Ltd., 5.50%, 02/15/24^(a)			356		361,340

					45,131,946

Communications Equipment — 0.2%
CommScope Technologies LLC^(a):
6.00%, 06/15/25			467		440,148
5.00%, 03/15/27			677		577,075
CommScope, Inc., 5.50%, 06/15/24^(a)			254		237,490
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25			750		732,187
5.75%, 01/15/27^(a)			1,479		1,428,995

					3,415,895

Construction & Engineering — 0.0%
Brand Industrial Services, Inc., 8.50%, 07/15/25^(a)			494		441,513


Construction Materials — 0.3%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(a)			101		101,217
HD Supply, Inc., 5.38%, 10/15/26^(a)			4,350		4,371,750

					4,472,967

Consumer Discretionary — 0.1%
Viking Cruises Ltd., 5.88%, 09/15/27^(a)			2,159		2,110,423


Consumer Finance — 1.5%
Ally Financial, Inc.:
5.13%, 09/30/24			590		611,388
8.00%, 11/01/31			3,950		4,740,000


Security		Par (000)		Value

Consumer Finance (continued)
Capital One Bank USA NA, 3.38%, 02/15/23^(f)	USD		2,000	$	1,960,817
Discover Financial Services, 3.85%, 11/21/22			3,252		3,255,379
Navient Corp.:
6.63%, 07/26/21			461		473,678
6.50%, 06/15/22			98		100,112
5.50%, 01/25/23			224		216,160
7.25%, 09/25/23			996		1,013,430
6.75%, 06/15/26			192		180,956
Refinitiv US Holdings, Inc.^(a):
6.25%, 05/15/26			4,037		3,966,352
8.25%, 11/15/26			1,294		1,213,125
Springleaf Finance Corp., 7.13%, 03/15/26			781		743,902
Total System Services, Inc., 3.80%, 04/01/21			1,630		1,634,739
Verscend Escrow Corp., 9.75%, 08/15/26^(a)			1,634		1,645,111

					21,755,149

Containers & Packaging — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(a):
4.63%, 05/15/23			760		760,000
7.25%, 05/15/24			944		975,860
Crown Americas LLC/Crown Americas Capital Corp.:
4.75%, 02/01/26			947		928,060
4.25%, 09/30/26			724		687,800
Greif, Inc., 6.50%, 03/01/27^(a)(e)			207		208,294
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			2,778		2,788,017
6.88%, 02/15/21			36		36,523
5.13%, 07/15/23^(a)			222		222,411
7.00%, 07/15/24^(a)			1,455		1,487,737
Sealed Air Corp., 6.88%, 07/15/33^(a)			182		183,820

					8,278,522

Diversified Consumer Services — 0.7%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(a)			5,024		5,312,880
Service Corp. International, 4.50%, 11/15/20			4,382		4,360,090
ServiceMaster Co. LLC, 5.13%, 11/15/24^(a)			137		133,918

					9,806,888

Diversified Financial Services — 6.3%
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,021,663


			5

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
Bank of America Corp.^(f):
5.00%, 05/13/21	USD		17,100	$	17,807,612
4.45%, 03/03/26			11,765		12,064,986
BNP Paribas SA, 4.38%, 03/01/33^(a⁾^(b)			4,000		3,794,180
Citigroup, Inc., 6.68%, 09/13/43^(f)			4,125		5,169,478
Credit Suisse Group AG, 7.50%^(a)^(b)(h)			1,865		1,902,300
Ford Motor Credit Co. LLC, 5.88%, 08/02/21^(f)			9,420		9,662,302
General Motors Financial Co., Inc.:
4.38%, 09/25/21			2,260		2,278,258
4.25%, 05/15/23			1,681		1,662,775
4.35%, 01/17/27^(f)			4,710		4,409,339
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(a)			1,705		1,709,262
Jefferies Financial Group, Inc., 5.50%, 10/18/23			4,000		4,181,250
Macquarie Group Ltd., 4.15%, 03/27/24^(a)(b)			4,000		4,019,501
Resparcs Funding LP I, 8.00%^(h)(i)			4,000		1,520,000
Royal Bank of Scotland Group PLC:
6.10%, 06/10/23			2,500		2,622,075
5.13%, 05/28/24			5,250		5,272,822
UBS Group Funding Switzerland AG, 7.00%^(a)(b)(h)			7,500		7,546,875
Vantiv LLC/Vanity Issuer Corp., 4.38%, 11/15/25^(a)			464		445,431

					90,090,109

Diversified Telecommunication Services — 5.7%
AT&T, Inc.:
6.30%, 01/15/38^(f)			12,000		13,145,966
5.15%, 03/15/42			250		245,528
4.35%, 06/15/45			367		323,783
CenturyLink, Inc.:
5.63%, 04/01/25^(f)			1,318		1,192,790
Series S, 6.45%, 06/15/21			1,176		1,196,933
Series U, 7.65%, 03/15/42			121		100,315
Series Y, 7.50%, 04/01/24^(f)			824		836,360
Embarq Corp., 8.00%, 06/01/36			1,048		990,360
Frontier Communications Corp.:
10.50%, 09/15/22			551		394,654
11.00%, 09/15/25			3,846		2,478,266
8.50%, 04/01/26^(a)			711		645,055
Level 3 Financing, Inc.:
5.38%, 08/15/22			2,095		2,111,341
5.13%, 05/01/23			1,183		1,172,649
5.38%, 01/15/24			754		750,230
5.38%, 05/01/25			2,003		1,977,962
5.25%, 03/15/26			190		184,357
Telecom Italia Capital SA, 6.00%, 09/30/34			410		356,823
Telecom Italia SpA, 5.30%, 05/30/24^(a)			200		190,000


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Telefonica Emisiones SA, 5.21%, 03/08/47	USD		6,000	$	5,812,152
Verizon Communications, Inc.^(f):
5.15%, 09/15/23			8,775		9,533,511
6.40%, 09/15/33			9,475		11,347,066
6.55%, 09/15/43			13,225		16,166,135
5.01%, 04/15/49			10,578		11,106,062

					82,258,298

Electric Utilities — 4.6%
AES Corp., 5.50%, 04/15/25			412		424,360
CMS Energy Corp., 5.05%, 03/15/22^(f)			9,900		10,372,435
DPL, Inc., 7.25%, 10/15/21			94		99,875
Duke Energy Corp., 3.55%, 09/15/21^(f)			3,650		3,674,533
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76^(g)			7,500		7,650,000
Evergy, Inc., 5.29%, 06/15/22^(f)(j)			5,550		5,783,535
Midland Cogeneration Venture LP, 5.25%, 03/15/25^(a)(f)			3,307		3,225,452
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77^(b)			5,000		4,288,500
NextEra Energy Operating Partners LP^(a):
4.25%, 09/15/24			290		276,312
4.50%, 09/15/27			474		431,044
Oncor Electric Delivery Co. LLC:
4.10%, 06/01/22^(f)			4,150		4,253,769
5.30%, 06/01/42			2,750		3,194,043
Progress Energy, Inc., 7.00%, 10/30/31^(f)			12,000		15,349,543
Puget Energy, Inc.:
6.00%, 09/01/21			275		291,086
5.63%, 07/15/22^(f)			5,550		5,849,699
TerraForm Power Operating LLC^(a):
4.25%, 01/31/23			470		459,425
5.00%, 01/31/28			470		436,512

					66,060,123

Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23			306		306,765
5.50%, 12/01/24			2,653		2,744,529
Sanmina Corp., 4.38%, 06/01/19^(a)			1,415		1,415,000

					4,466,294

Energy Equipment & Services — 0.7%
Ensco PLC:
4.50%, 10/01/24			196		145,530
7.75%, 02/01/26			409		328,478
Halliburton Co., 5.00%, 11/15/45^(f)			6,615		6,868,994
Noble Holding International Ltd., 5.25%, 03/15/42			118		70,800


6

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Energy Equipment & Services (continued)
Oceaneering International, Inc., 4.65%, 11/15/24	USD		196	$	166,600
Transocean, Inc.^(a):
9.00%, 07/15/23			739		771,095
7.50%, 01/15/26			360		342,450
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26			855		855,000
Weatherford International Ltd., 6.50%, 08/01/36			521		296,970

					9,845,917

Environmental, Maintenance, & Security Service — 0.0%
Waste Pro USA, Inc., 5.50%, 02/15/26^(a)			199		193,030


Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.:
5.05%, 09/01/20			500		515,326
5.90%, 11/01/21^(f)			3,770		4,002,322
3.60%, 01/15/28			4,000		3,845,661
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			1,133		1,110,113
5.13%, 05/01/26^(a)			1,492		1,503,190
Host Hotels & Resorts LP, 3.75%, 10/15/23^(f)			3,600		3,517,005
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			4,627		4,754,243
4.50%, 09/01/26			2,600		2,463,500
4.50%, 01/15/28			464		429,200
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27			1,566		1,524,501
Starwood Property Trust, Inc., 5.00%, 12/15/21			627		633,270

					24,298,331

Food & Staples Retailing — 0.9%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			425		419,687
5.75%, 03/15/25			307		287,429
General Mills, Inc., 4.20%, 04/17/28			620		623,774
H.J. Heinz Finance Co., 7.13%, 08/01/39^(a)			4,415		5,115,114
Walmart, Inc., 5.25%, 09/01/35^(f)			5,150		6,025,803

					12,471,807

Food Products — 0.5%
Aramark Services, Inc.:
5.13%, 01/15/24			1,470		1,485,303
5.00%, 02/01/28^(a)			228		222,585


Security		Par (000)		Value

Food Products (continued)
JBS USA LUX SA/JBS USA Finance, Inc.^(a):
5.88%, 07/15/24	USD		390	$	393,900
5.75%, 06/15/25			1,804		1,799,490
6.75%, 02/15/28			827		835,270
Kraft Heinz Foods Co., 4.38%, 06/01/46			2,475		2,132,265
Post Holdings, Inc., 5.63%, 01/15/28^(a)			428		410,341
Simmons Foods, Inc., 7.75%, 01/15/24^(a)			395		406,850

					7,686,004

Health Care Equipment & Supplies — 1.0%
Avantor, Inc.^(a):
6.00%, 10/01/24^(f)			6,180		6,319,050
9.00%, 10/01/25			1,688		1,738,640
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(a)			387		402,170
Hologic, Inc., 4.38%, 10/15/25^(a)			209		205,263
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a):
4.88%, 04/15/20			517		511,184
5.75%, 08/01/22^(f)			272		246,840
Medtronic, Inc., 4.63%, 03/15/45^(f)			4,565		4,986,385

					14,409,532

Health Care Providers & Services — 4.2%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			191		187,896
Aetna, Inc., 3.88%, 08/15/47			3,500		2,999,753
Anthem, Inc., 4.55%, 03/01/48			5,000		4,926,050
Centene Corp.:
6.13%, 02/15/24			1,370		1,435,075
5.38%, 06/01/26^(a)			3,585		3,701,512
CHS/Community Health Systems, Inc., 8.63%, 01/15/24^(a)			1,171		1,206,130
DaVita, Inc., 5.13%, 07/15/24			761		751,716
Encompass Health Corp., 5.75%, 11/01/24			637		644,166
HCA, Inc.:
7.50%, 02/15/22			2,214		2,424,330
4.75%, 05/01/23^(f)			3,491		3,587,002
5.00%, 03/15/24			1,410		1,467,105
5.38%, 02/01/25			128		132,120
5.38%, 09/01/26			861		881,182
5.63%, 09/01/28			2,019		2,087,767
5.88%, 02/01/29			1,823		1,909,592
5.50%, 06/15/47			2,453		2,555,535
MEDNAX, Inc., 5.25%, 12/01/23^(a)			323		323,808
Molina Healthcare, Inc., 5.38%, 11/15/22			125		127,500
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(a)			897		890,721
NVA Holdings, Inc., 6.88%, 04/01/26^(a)			439		419,113


			7

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(a)(k)	USD		2,016	$	1,950,480
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(a)			1,439		1,518,145
Tenet Healthcare Corp.:
6.00%, 10/01/20			4,102		4,236,546
8.13%, 04/01/22			2,108		2,205,495
4.63%, 07/15/24			1,145		1,121,505
6.25%, 02/01/27^(a)(e)			1,543		1,552,644
UnitedHealth Group, Inc., 6.88%, 02/15/38^(f)			10,000		13,397,158
WellCare Health Plans, Inc.:
5.25%, 04/01/25			776		787,640
5.38%, 08/15/26^(a)			757		770,248

					60,197,934

Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(a)			424		405,980


Hotels, Restaurants & Leisure — 1.4%
1011778 BC ULC/New Red Finance, Inc.^(a):
4.25%, 05/15/24			1,707		1,651,522
5.00%, 10/15/25			3,039		2,932,635
Boyd Gaming Corp., 6.00%, 08/15/26			330		330,000
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25^(a)			886		829,517
Churchill Downs, Inc., 4.75%, 01/15/28^(a)			354		339,398
Eldorado Resorts, Inc., 6.00%, 09/15/26^(a)			277		276,308
ESH Hospitality, Inc., 5.25%, 05/01/25^(a)			1,278		1,263,431
Golden Nugget, Inc., 6.75%, 10/15/24^(a)			140		140,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			123		121,592
IRB Holding Corp., 6.75%, 02/15/26^(a)			156		145,860
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a):
5.00%, 06/01/24			600		601,500
5.25%, 06/01/26			650		658,125
4.75%, 06/01/27			817		791,469
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(a)(f)			444		419,265
MGM Resorts International:
6.63%, 12/15/21			4,552		4,807,822
7.75%, 03/15/22			504		547,470


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Sabre GLBL, Inc.^(a):
5.38%, 04/15/23	USD		594	$	601,425
5.25%, 11/15/23			434		440,510
Scientific Games International, Inc., 5.00%, 10/15/25^(a)			914		866,289
Six Flags Entertainment Corp., 4.88%, 07/31/24^(a)			289		286,110
Station Casinos LLC, 5.00%, 10/01/25^(a)			496		473,680
Wyndham Destinations, Inc.:
5.40%, 04/01/24			883		854,302
5.75%, 04/01/27			308		294,140
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			453		453,000

					20,125,370

Household Durables — 0.9%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(a)			1,314		1,287,720
Lennar Corp.:
2.95%, 11/29/20			520		509,600
8.38%, 01/15/21			3,015		3,241,125
4.75%, 11/15/22			1,805		1,811,769
4.88%, 12/15/23			466		466,000
5.25%, 06/01/26			890		867,750
Newell Brands, Inc.:
4.00%, 12/01/24			3,000		2,878,414
4.20%, 04/01/26			955		917,731
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19			717		717,000

					12,697,109

Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,137,750
6.13%, 12/15/24			231		229,845
5.75%, 07/15/25			1,002		987,271

					2,354,866

Independent Power and Renewable Electricity Producers — 1.0%
AES Corp.:
4.50%, 03/15/23			400		402,000
4.88%, 05/15/23			86		86,860
6.00%, 05/15/26			843		888,311
5.13%, 09/01/27			819		835,380
Calpine Corp.:
6.00%, 01/15/22^(a)			1,858		1,871,935
5.38%, 01/15/23			2,445		2,377,762
5.88%, 01/15/24^(a)			628		628,000
5.25%, 06/01/26^(a)			1,741		1,653,950


8

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
Clearway Energy Operating LLC:
5.38%, 08/15/24	USD		457	$	423,868
5.75%, 10/15/25^(a)			705		651,244
5.00%, 09/15/26			378		328,860
NRG Energy, Inc.:
6.63%, 01/15/27			2,878		3,029,728
5.75%, 01/15/28			650		658,450

					13,836,348

Industrial Conglomerates — 0.1%
BWX Technologies, Inc., 5.38%, 07/15/26^(a)			862		870,620
Vertiv Group Corp., 9.25%, 10/15/24^(a)			989		919,770

					1,790,390

Insurance — 3.5%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 8.25%, 08/01/23^(a)			1,188		1,205,820
American International Group, Inc., 6.40%, 12/15/20^(f)			8,710		9,237,342
Aon Corp., 5.00%, 09/30/20^(f)			7,700		7,912,657
Aon PLC, 4.25%, 12/12/42^(f)			6,500		5,950,319
Forethought Financial Group, Inc., 8.63%, 04/15/21^(a)			3,400		3,737,379
HUB International Ltd., 7.00%, 05/01/26^(a)			1,479		1,434,630
Nationstar Mortgage Holdings, Inc.^(a):
8.13%, 07/15/23			552		558,734
9.13%, 07/15/26			262		265,249
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(a)(f)			12,000		14,840,793
Progressive Corp., Series B, 5.38%^(b)(h)			5,000		4,868,750

					50,011,673

Interactive Media & Services — 0.2%
Booking Holdings, Inc., 3.55%, 03/15/28			3,375		3,252,019


Internet Software & Services — 0.4%
Equinix, Inc., 5.88%, 01/15/26			1,169		1,207,343
Netflix, Inc.:
5.50%, 02/15/22			563		584,422
4.38%, 11/15/26			905		856,922
5.88%, 11/15/28^(a)			1,682		1,705,127
Rackspace Hosting, Inc., 8.63%, 11/15/24^(a)(f)			402		337,680
Symantec Corp., 5.00%, 04/15/25^(a)			617		614,079
Uber Technologies, Inc., 7.50%, 11/01/23^(a)(f)			290		294,713

					5,600,286


Security		Par (000)		Value

IT Services — 0.5%
Alibaba Group Holding Ltd., 4.20%, 12/06/47	USD		1,470	$	1,368,710
Banff Merger Sub, Inc., 9.75%, 09/01/26^(a)			637		606,742
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538		569,416
First Data Corp.^(a):
5.38%, 08/15/23			1,509		1,538,237
5.75%, 01/15/24			2,459		2,528,159
Gartner, Inc., 5.13%, 04/01/25^(a)			399		397,005
WEX, Inc., 4.75%, 02/01/23^(a)			760		750,500

					7,758,769

Life Sciences Tools & Services — 0.9%
Life Technologies Corp., 6.00%, 03/01/20^(f)			12,000		12,334,341


Machinery — 0.1%
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(a)			878		847,270
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)			1,173		1,026,375

					1,873,645

Machinery: Tools — 0.1%
CFX Escrow Corp.^(a):
6.00%, 02/15/24			635		635,000
6.38%, 02/15/26			417		417,000

					1,052,000

Media — 9.8%
21st Century Fox America, Inc., 6.15%, 03/01/37^(f)			9,575		11,863,259
A&E Television Networks LLC, 3.11%, 08/22/19^(d)			5,000		4,969,500
Altice Financing SA^(a):
6.63%, 02/15/23			834		838,420
7.50%, 05/15/26			1,772		1,678,970
Altice France SA^(a):
7.38%, 05/01/26			2,982		2,873,873
8.13%, 02/01/27			1,025		1,006,960
Altice Luxembourg SA, 7.75%, 05/15/22^(a)(f)			5,426		5,263,220
AMC Networks, Inc.:
4.75%, 12/15/22			685		686,712
4.75%, 08/01/25			1,104		1,066,740
CCO Holdings LLC/CCO Holdings Capital Corp.^(a):
4.00%, 03/01/23			1,216		1,186,026
5.13%, 05/01/27			5,664		5,472,670
5.00%, 02/01/28			638		606,100


			9

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35	USD		479	$	511,479
6.48%, 10/23/45			9,584		10,315,326
5.38%, 05/01/47			1,500		1,427,289
6.83%, 10/23/55			3,540		3,816,958
Cinemark USA, Inc., 5.13%, 12/15/22			349		348,128
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			2,758		2,820,055
Series B, 6.50%, 11/15/22			7,431		7,598,197
Comcast Corp., 4.95%, 10/15/58			3,795		4,007,295
Cox Communications, Inc.^(a):
8.38%, 03/01/39			5,000		6,365,759
4.60%, 08/15/47			625		564,242
CSC Holdings LLC:
8.63%, 02/15/19			4,005		4,010,006
5.38%, 07/15/23^(a)			2,432		2,458,630
5.25%, 06/01/24			1,061		1,018,560
7.75%, 07/15/25^(a)			4,129		4,325,127
6.63%, 10/15/25^(a)			1,072		1,121,580
10.88%, 10/15/25^(a)			620		714,668
5.50%, 05/15/26^(a)			2,866		2,837,340
5.38%, 02/01/28^(a)			200		192,250
7.50%, 04/01/28^(a)			877		901,117
6.50%, 02/01/29^(a)			797		807,461
Discovery Communications LLC:
3.95%, 03/20/28^(f)			8,515		8,115,081
4.88%, 04/01/43			4,000		3,625,201
DISH DBS Corp.:
5.88%, 07/15/22			1,732		1,645,400
5.88%, 11/15/24			164		135,915
7.75%, 07/01/26			818		703,480
Gray Television, Inc., 7.00%, 05/15/27^(a)			554		573,612
Hughes Satellite Systems Corp., 5.25%, 08/01/26			391		374,383
Inmarsat Finance PLC, 4.88%, 05/15/22^(a)			228		220,590
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			268		243,880
8.50%, 10/15/24^(a)			1,246		1,258,834
9.75%, 07/15/25^(a)			2,843		2,960,274
Interpublic Group of Cos., Inc.:
3.75%, 02/15/23^(f)			6,025		5,948,469
5.40%, 10/01/48			2,215		2,195,840
Lamar Media Corp., 5.75%, 02/01/26^(a)(e)			282		292,039
MDC Partners, Inc., 6.50%, 05/01/24^(a)			1,036		943,071
Meredith Corp., 6.88%, 02/01/26^(a)			396		407,880
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22^(a)			1,081		1,079,378


Security		Par (000)		Value

Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/24	USD		126	$	127,733
Sirius XM Radio, Inc., 5.00%, 08/01/27^(a)			597		576,851
TEGNA, Inc., 5.50%, 09/15/24^(a)			351		345,665
Telenet Finance Luxembourg Notes Sarl, 5.50%, 12/01/22^(a)			1,400		1,323,000
Time Warner Cable LLC, 6.55%, 05/01/37			3,519		3,697,655
Tribune Media Co., 5.88%, 07/15/22			1,308		1,330,890
Univision Communications, Inc.^(a):
5.13%, 05/15/23			5,138		4,804,030
5.13%, 02/15/25			375		341,719
UPCB Finance IV Ltd., 5.38%, 01/15/25^(a)			420		404,250
Viacom, Inc., 5.85%, 09/01/43			1,300		1,319,059
Videotron Ltd., 5.13%, 04/15/27^(a)			1,099		1,101,747
Virgin Media Secured Finance PLC, 5.50%, 08/15/26^(a)			487		478,478
Warner Media LLC:
4.65%, 06/01/44			28		25,833
4.85%, 07/15/45			97		93,163
Ziggo BV, 5.50%, 01/15/27^(a)			663		626,535

					140,993,852


Metals & Mining — 2.6%
Alcoa Nederland Holding BV^(a):
7.00%, 09/30/26			291		307,005
6.13%, 05/15/28			236		238,950
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22			5,000		5,100,000
Commercial Metals Co., 4.88%, 05/15/23			2,194		2,106,240
Constellium NV:
4.63%, 03/18/19	EUR		490		566,462
6.63%, 03/01/25^(a)	USD		609		605,955
5.88%, 02/15/26^(a)			1,451		1,389,332
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			500		493,750
3.55%, 03/01/22			221		213,818
3.88%, 03/15/23			6,265		5,990,906
5.40%, 11/14/34			2,250		1,996,875
5.45%, 03/15/43			4,252		3,656,720
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(a)			725		732,250
Novelis Corp.^(a):
6.25%, 08/15/24			2,381		2,395,881
5.88%, 09/30/26			1,876		1,810,340
Southern Copper Corp., 5.88%, 04/23/45			3,870		4,102,200


10

Schedule of Investments (unaudited) (continued)

January 31, 2019

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	$	1,113,288
5.25%, 04/15/23			309		312,863
5.50%, 10/01/24			240		247,752
4.13%, 09/15/25			1,808		1,717,600
5.00%, 12/15/26			35		34,825
Teck Resources Ltd.:
4.50%, 01/15/21			89		90,224
8.50%, 06/01/2^(a)			1,623		1,748,766
United States Steel Corp., 6.25%, 03/15/26			813		736,781

					37,708,783

Oil, Gas & Consumable Fuels — 18.0%
Aker BP ASA, 5.88%, 03/31/25^(a)			570		584,250
Antero Resources Corp., 5.00%, 03/01/25			1,034		997,810
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(a):
10.00%, 04/01/22			328		350,550
7.00%, 11/01/26			825		796,125
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(a)			131		127,070
California Resources Corp., 8.00%, 12/15/22^(a)(f)			2,149		1,733,985
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23^(f)			191		188,613
8.25%, 07/15/25			1,104		1,137,120
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			1,916		2,100,415
5.13%, 06/30/27			3,121		3,152,210
Cheniere Energy Partners LP, 5.63%, 10/01/26^(a)			596		597,407
Chesapeake Energy Corp.:
6.63%, 08/15/20			1,182		1,190,865
4.88%, 04/15/22			2,734		2,597,300
7.00%, 10/01/24			1,537		1,500,496
8.00%, 01/15/25^(f)			775		779,836
8.00%, 06/15/27			687		657,802
CNX Resources Corp., 5.88%, 04/15/22			8,587		8,544,065
Concho Resources, Inc., 4.88%, 10/01/47			3,815		3,863,941
CONSOL Energy, Inc., 11.00%, 11/15/25^(a)			328		360,800
Continental Resources, Inc., 4.90%, 06/01/44			3,500		3,332,825
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(a)			426		394,050
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)			2,479		2,379,840
DCP Midstream Operating LP:
5.38%, 07/15/25			245		249,900
6.45%, 11/03/36^(a)			247		248,853


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
6.75%, 09/15/37^(a)	USD		1,527	$	1,557,540
Denbury Resources, Inc., 9.25%, 03/31/22^(a)			1,166		1,145,595
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,358,569
Diamond Offshore Drilling, Inc., 5.70%, 10/15/39			695		476,075
Diamondback Energy, Inc.:
4.75%, 11/01/24^(a)			1,440		1,436,400
5.38%, 05/31/25			83		85,017
El Paso LLC:
7.80%, 08/01/31			197		245,588
7.75%, 01/15/32			4,586		5,727,124
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22			2,345		2,661,974
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20^(f)			5,075		5,256,841
Enbridge Energy Partners LP, 9.88%, 03/01/19			6,000		6,029,644
Enbridge, Inc., 6.25%, 03/01/78^(b)			5,000		4,735,932
Endeavor Energy Resources LP/EER Finance, Inc.^(a):
5.50%, 01/30/26			1,978		2,062,065
5.75%, 01/30/28			369		392,062
Energy Transfer Equity LP:
7.50%, 10/15/20			598		634,627
4.25%, 03/15/23			553		557,147
5.88%, 01/15/24			3,366		3,576,375
5.50%, 06/01/27			406		421,225
Energy Transfer Operating LP:
5.20%, 02/01/22^(f)			10,200		10,600,962
6.13%, 12/15/45			3,579		3,717,820
EnLink Midstream Partners LP:
4.40%, 04/01/24			613		588,480
4.15%, 06/01/25			66		61,710
4.85%, 07/15/26			584		547,500
5.05%, 04/01/45			203		166,968
5.45%, 06/01/47			239		204,943
Ensco PLC, 5.75%, 10/01/44			512		334,080
Enterprise Products Operating LLC:
4.90%, 05/15/46^(f)			5,375		5,436,478
Series E, 5.25%, 08/16/77^(b)			4,800		4,264,226
EP Energy LLC/Everest Acquisition Finance, Inc.^(a):
9.38%, 05/01/24			150		79,875
8.00%, 11/29/24^(f)			673		538,400
7.75%, 05/15/26			425		391,531
Extraction Oil & Gas, Inc.^(a):
7.38%, 05/15/24			140		129,500
5.63%, 02/01/26			1,324		1,085,680
Gulfport Energy Corp., 6.00%, 10/15/24			361		339,340
Hess Corp., 5.80%, 04/01/47			5,000		4,817,374


			11

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(a)	USD		515	$	509,850
Indigo Natural Resources LLC, 6.88%, 02/15/26^(a)			239		209,125
Jagged Peak Energy LLC, 5.88%, 05/01/26^(a)			176		169,840
Kinder Morgan Energy Partners LP:
6.85%, 02/15/20^(f)			12,000		12,425,140
4.25%, 09/01/24			2,170		2,224,677
5.40%, 09/01/44			3,615		3,705,152
Marathon Petroleum Corp.^(a):
4.75%, 12/15/23			1,230		1,277,365
5.13%, 12/15/26			937		971,427
Matador Resources Co., 5.88%, 09/15/26			1,074		1,069,972
MEG Energy Corp., 6.50%, 01/15/25^(a)			1,617		1,588,702
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19^(a)			3,500		3,509,047
MPLX LP:
4.13%, 03/01/27			825		806,717
5.20%, 03/01/47			3,500		3,427,488
4.70%, 04/15/48^(f)			5,000		4,533,112
5.50%, 02/15/49			2,640		2,714,688
Nabors Industries, Inc., 5.75%, 02/01/25			395		343,650
Nexen Energy ULC, 6.40%, 05/15/37			2,000		2,471,050
NGPL PipeCo LLC^(a):
4.38%, 08/15/22			509		513,245
4.88%, 08/15/27			1,076		1,065,240
7.77%, 12/15/37			1,370		1,633,232
Noble Energy, Inc., 5.05%, 11/15/44			3,500		3,238,763
Noble Holding International Ltd.:
7.75%, 01/15/24			1,116		937,440
7.88%, 02/01/26^(a)			1,105		1,022,125
Oasis Petroleum, Inc.:
6.88%, 03/15/22			122		121,695
6.88%, 01/15/23			609		603,671
6.25%, 05/01/26^(a)			88		83,490
ONEOK Partners LP, 8.63%, 03/01/19^(f)			10,000		10,036,198
Pacific Drilling First Lien Escrow Issuer Ltd., 8.38%, 10/01/23^(a)			1,719		1,706,107
Parsley Energy LLC/Parsley Finance Corp.^(a):
6.25%, 06/01/24			228		233,670
5.25%, 08/15/25			780		772,200
5.63%, 10/15/27			1,118		1,108,217
Petroleos Mexicanos:
3.50%, 01/30/23^(f)			5,000		4,595,000
4.63%, 09/21/23			3,965		3,770,715
4.88%, 01/18/24^(f)			2,000		1,891,600


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP, Series B, 6.13%^(b)(h)	USD		2,215	$	1,985,194
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 06/15/44			1,498		1,328,872
4.90%, 02/15/45			2,102		1,919,567
QEP Resources, Inc.:
6.88%, 03/01/21			133		137,682
5.38%, 10/01/22			1,927		1,895,301
5.25%, 05/01/23			83		80,307
5.63%, 03/01/26^(f)			1,194		1,146,240
Range Resources Corp.:
5.00%, 08/15/22			32		31,080
4.88%, 05/15/25			175		157,938
Rockies Express Pipeline LLC^(a):
5.63%, 04/15/20			295		300,163
6.88%, 04/15/40			580		620,600
Rowan Cos., Inc., 4.88%, 06/01/22			1,446		1,280,505
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			405		419,173
5.63%, 04/15/23^(f)			10,510		11,117,277
5.75%, 05/15/24			2,575		2,768,220
5.88%, 06/30/26			1,481		1,604,761
Sanchez Energy Corp., 7.75%, 06/15/21			1,337		247,345
Seven Generations Energy Ltd., 5.38%, 09/30/25^(a)			14		13,507
SM Energy Co.:
6.13%, 11/15/22			44		44,110
5.00%, 01/15/24			608		574,554
5.63%, 06/01/25^(f)			484		462,220
6.75%, 09/15/26^(f)			682		671,872
6.63%, 01/15/27			121		117,973
Southwestern Energy Co.:
6.20%, 01/23/25			725		703,250
7.50%, 04/01/26			890		914,475
7.75%, 10/01/27			259		266,770
Sunoco LP/Sunoco Finance Corp.:
4.88%, 01/15/23			989		974,165
5.88%, 03/15/28			317		309,471
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a):
5.50%, 09/15/24			284		284,710
5.50%, 01/15/28			1,314		1,280,690
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			37		37,046
6.75%, 03/15/24			184		191,360
5.13%, 02/01/25			136		133,620
5.88%, 04/15/26^(a)			669		674,854
6.50%, 07/15/27^(a)			770		794,055
5.00%, 01/15/28			1,097		1,030,494
6.88%, 01/15/29^(a)			1,765		1,836,624


12

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines Ltd.:
4.88%, 01/15/26^(f)	USD		4,485	$	4,758,237
4.88%, 05/15/48			4,000		4,056,915
TransCanada Trust(3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75^(g)			2,755		2,600,169
Transocean Guardian Ltd., 5.88%, 01/15/24^(a)			244		245,029
Transocean Pontus Ltd., 6.13%, 08/01/25^(a)			769		772,330
Transocean Poseidon Ltd., 6.88%, 02/01/27^(a)(e)			927		941,368
Transocean, Inc., 7.25%, 11/01/25^(a)			714		674,730
Weatherford International Ltd., 5.13%, 09/15/20^(f)			170		130,900
Western Gas Partners LP, 5.38%, 06/01/21			5,125		5,287,639
Whiting Petroleum Corp., 6.63%, 01/15/26			559		547,820
Williams Cos., Inc.:
3.70%, 01/15/23			2,245		2,241,306
4.55%, 06/24/24			527		544,112
8.75%, 03/15/32			2,478		3,339,601
5.10%, 09/15/45^(f)			5,075		5,101,759
WPX Energy, Inc.:
6.00%, 01/15/22			72		73,080
8.25%, 08/01/23			126		140,175
5.25%, 09/15/24			22		21,670

					257,653,290

Paper & Forest Products — 1.8%
International Paper Co.^(f):
7.50%, 08/15/21			7,209		7,948,983
8.70%, 06/15/38			4,000		5,388,262
7.30%, 11/15/39			10,000		12,124,105

					25,461,350

Pharmaceuticals — 4.3%
Abbott Laboratories, 4.90%, 11/30/46			5,500		6,123,038
AbbVie, Inc., 4.70%, 05/14/45			3,255		3,034,904
Allergan Funding SCS, 4.75%, 03/15/45			5,485		5,290,588
Allergan Sales LLC, 5.00%, 12/15/21^(a)			1,631		1,690,854
Allergan, Inc., 2.80%, 03/15/23			3,000		2,892,791
Bausch Health Cos., Inc.^(a):
5.63%, 12/01/21			500		500,625
6.50%, 03/15/22			829		856,979
5.50%, 03/01/23			2,365		2,294,050
5.88%, 05/15/23			1,398		1,368,292
7.00%, 03/15/24			1,303		1,368,932
5.50%, 11/01/25			2,389		2,374,069
9.00%, 12/15/25			1,154		1,230,452
Bayer US Finance II LLC, 4.88%, 06/25/48^(a)			7,500		7,109,823


Security		Par (000)		Value

Pharmaceuticals (continued)
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(a)	USD		573	$	584,460
CVS Health Corp.:
4.75%, 12/01/22			289		301,148
5.00%, 12/01/24			183		193,244
5.13%, 07/20/45			3,879		4,008,084
5.05%, 03/25/48^(f)			8,205		8,422,815
Elanco Animal Health, Inc., 4.90%, 08/28/28^(a)			447		462,703
Endo Finance LLC, 5.75%, 01/15/22^(a)			1,664		1,510,080
MEDNAX, Inc., 6.25%, 01/15/27^(a)			282		284,115
Merck & Co., Inc., 6.50%, 12/01/33^(f)			6,420		8,530,397
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(a)			297		312,964
Valeant Pharmaceuticals International, Inc.^(a):
9.25%, 04/01/26			176		189,200
8.50%, 01/31/27			1,186		1,239,370

					62,173,977

Real Estate Management & Development — 0.4%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(a)			460		456,550
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(a)(f)			4,485		4,171,050
Realogy Group LLC/Realogy Co-Issuer Corp., 4.50%, 04/15/19^(a)			803		803,000

					5,430,600

Road & Rail — 1.3%
Norfolk Southern Corp., 6.00%, 03/15/05			12,700		14,376,624
United Rentals North America, Inc.:
4.63%, 07/15/23			1,616		1,634,665
4.63%, 10/15/25			1,034		992,123
5.88%, 09/15/26			400		406,000
4.88%, 01/15/28			877		832,053

					18,241,465

Semiconductors & Semiconductor Equipment — 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(f)			7,500		6,891,326
NXP BV/NXP Funding LLC, 4.63%, 06/15/22^(a)			490		498,418
QUALCOMM, Inc.:
3.25%, 05/20/27^(f)			2,500		2,366,029
4.30%, 05/20/47			3,500		3,193,711
Sensata Technologies BV^(a):
5.63%, 11/01/24			695		721,063


			13

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
5.00%, 10/01/25	USD		772	$	775,860

					14,446,407

Software — 1.2%
CDK Global, Inc.:
5.88%, 06/15/26			378		387,091
4.88%, 06/01/27			1,350		1,309,500
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24^(a)			1,041		1,116,473
Infor US, Inc., 6.50%, 05/15/22			8,723		8,875,652
Informatica LLC, 7.13%, 07/15/23^(a)			1,599		1,602,998
Nuance Communications, Inc., 5.38%, 08/15/20^(a)			1,267		1,271,751
PTC, Inc., 6.00%, 05/15/24			313		324,346
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(a)			2,176		2,360,916
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23^(a)			480		492,000

					17,740,727

Specialty Retail — 0.4%
L Brands, Inc.:
7.00%, 05/01/20			3,050		3,164,375
6.88%, 11/01/35			1,119		959,543
Penske Automotive Group, Inc., 5.50%, 05/15/26			1,160		1,133,900

					5,257,818

Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC/EMC Corp.^(a):
5.88%, 06/15/21			615		625,031
7.13%, 06/15/24			1,639		1,729,232
8.35%, 07/15/46			2,355		2,774,297
Western Digital Corp., 4.75%, 02/15/26			2,002		1,861,860

					6,990,420

Textiles, Apparel & Luxury Goods — 0.1%
Levi Strauss & Co., 5.00%, 05/01/25			699		702,495
William Carter Co., 5.25%, 08/15/21			1,406		1,409,515

					2,112,010

Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a):
5.25%, 03/15/22			480		482,400


Security		Par (000)		Value

Thrifts & Mortgage Finance (continued)
5.25%, 10/01/25	USD		268	$	248,570

					730,970

Tobacco — 2.1%
Altria Group, Inc., 10.20%, 02/06/39^(f)			13,392		19,358,368
BAT Capital Corp., 4.54%, 08/15/47			8,000		6,570,568
Reynolds American, Inc.:
4.85%, 09/15/23			1,120		1,167,216
5.85%, 08/15/45			2,335		2,266,176

					29,362,328

Trading Companies & Distributors — 0.2%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1^(a):
Class A, 5.25%, 05/30/23			1,575		1,590,724
Class B, 6.13%, 11/30/21			758		764,223

					2,354,947

Transportation Infrastructure — 0.8%
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 07/11/22^(a)(f)			10,500		10,879,021


Utilities — 0.1%
Vistra Operations Co. LLC^(a):
5.50%, 09/01/26			887		898,088
5.63%, 02/15/27^(e)			946		950,730

					1,848,818

Wireless Telecommunication Services — 1.9%
Crown Castle International Corp.:
4.88%, 04/15/22			2,500		2,590,037
3.65%, 09/01/27^(f)			8,000		7,691,865
CyrusOne LP/CyrusOne Finance Corp., 5.38%, 03/15/27			129		129,323
Digicel Group One Ltd., 8.25%, 12/30/22^(a)			102		84,150
Digicel Group Two Ltd., 8.25%, 09/30/22^(a)			98		53,410
Digicel Ltd., 6.00%, 04/15/21^(a)			1,285		1,188,625
SBA Communications Corp.:
4.00%, 10/01/22			1,045		1,031,938
4.88%, 09/01/24			2,252		2,254,815
Sprint Communications, Inc., 7.00%, 03/01/20^(a)			389		400,184
Sprint Corp.:
7.88%, 09/15/23			1,725		1,832,812
7.13%, 06/15/24			3,442		3,521,596
7.63%, 02/15/25			36		37,631
7.63%, 03/01/26			3,250		3,375,937


14

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
T-Mobile USA, Inc.:
6.50%, 01/15/26	USD		960	$	1,015,200
4.50%, 02/01/26			815		794,625
4.75%, 02/01/28			1,644		1,576,185

					27,578,333


Total Corporate Bonds — 106.3% (Cost — $1,488,267,117)					1,522,702,716


Foreign Agency Obligations — 2.4%
Argentine Republic Government International Bond, 5.63%, 01/26/22			6,485		5,878,652
Brazilian Government International Bond, 5.00%, 01/27/45			6,525		6,022,575
Colombia Government International Bond, 5.63%, 02/26/44			4,000		4,360,000
Indonesia Government International Bond, 5.88%, 01/15/24^(a)			4,400		4,807,000
Mexico Government International Bond:
4.75%, 03/08/44			5,800		5,466,500
4.60%, 02/10/48			5,000		4,625,000
Uruguay Government International Bond, 5.10%, 06/18/50			3,500		3,587,500


Total Foreign Agency Obligations — 2.4% (Cost — $35,091,849)					34,747,227


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			5,000		5,155,200
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,181,500


Total Municipal Bonds — 1.2% (Cost — $14,842,775)					17,336,700


Preferred Securities — 24.1%

Capital Trusts — 22.1%

Banks — 6.4%
BNP Paribas SA^(a)(g)(h):
7.20%			5,000		5,228,100
7.38%			4,535		4,710,731
Capital One Financial Corp., Series E, 5.55%^(g)(h)			5,000		5,040,000
CIT Group, Inc., Series A, 5.80%^(g)(h)			3,000		2,867,010
Citigroup, Inc., 5.90%^(g)(h)			2,210		2,232,100
Credit Suisse Group AG, 6.25%^(a)(g)(h)			7,255		7,172,772


Security		Par (000)		Value

Banks (continued)
Credit Suisse Group AG, 7.50%^(a)(g)(h)	USD		3,250	$	3,447,282
HSBC Capital Funding LP, 10.18%^(a)(f)(g)(h)			11,835		16,983,225
Lloyds Banking Group PLC, 7.50%^(b)(h)			8,285		8,388,562
Macquarie Bank Ltd., 6.13%^(a)(g)(h)			1,885		1,689,431
Nordea Bank AB, 6.13%^(a)(g)(h)			5,540		5,290,700
U.S. Bancorp, Series J, 5.30%^(f)(g)(h)			10,415		10,232,737
Wells Fargo & Co.^(g)(h):
Series K, 6.56%			809		813,045
Series Q, 5.85%			551		14,054,265
Series S, 5.90%			281		283,810
Series U, 5.88%			2,655		2,754,563

					91,188,333

Capital Markets — 2.8%
Charles Schwab Corp., Series E, 4.63%^(f)(g)(h)			6,805		6,600,850
Goldman Sachs Group, Inc., Series L, 5.70%^(g)(h)			2,950		2,954,425
Morgan Stanley, Series H, 5.45%^(g)(h)			8,675		8,685,844
State Street Corp:
3.79%, 06/01/77^(c)(f)			17,845		13,696,037
Series D, 5.90%^(g)(h)			220		5,790,199
Series F, 5.25%^(g)(h)			1,855		1,861,956

					39,589,311

Commercial Services & Supplies — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45^(a)(g)			5,000		4,854,100


Consumer Finance — 0.3%
American Express Co., Series C, 4.90%^(g)(h)			4,510		4,464,900


Diversified Financial Services — 5.5%
Bank of America Corp., Series AA, 6.10%^(g)(h)			8,630		9,072,287
Bank of America Corp., Series U, 5.20%^(f)(g)(h)			5,785		5,813,925
Barclays PLC:
6.63%^(g)(h)			3,135		3,123,244
7.75%^(b)(h)			4,135		4,122,926
BNP Paribas SA, 6.75%^(a)(g)(h)			5,000		5,068,750
Credit Agricole SA, 8.13%^(a)(g)(h)			5,000		5,418,750
HSBC Holdings PLC:
6.00%^(g)(h)			1,550		1,491,875
6.50%^(b)(h)			2,615		2,549,625
JPMorgan Chase & Co.:
8.75%, 09/01/30			2,000		2,705,194
Series 1, 6.22%^(g)(h)			2,618		2,633,708
Series Q, 5.15%^(g)(h)			4,000		3,963,000
Series R, 6.00%^(f)(g)(h)			14,130		14,483,250


			15

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
Series S, 6.75%^(f)(g)(h)	USD		9,775	$	10,535,593
Royal Bank of Scotland Group PLC^(g)(h):
8.00%			970		1,014,620
8.63%			5,135		5,467,235
Societe Generale SA, 7.38%^(a)(g)(h)			1,980		2,045,340

					79,509,322

Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 5.47%, 03/30/67^(g)			8,300		7,501,789


Equity Real Estate Investment Trusts (REITs) — 0.5%
Sovereign Real Estate Investment Trust, 12.00%^(a)(h)			7		7,770,000


Insurance — 2.8%
ACE Capital Trust II, 9.70%, 04/01/30^(f)			7,000		9,450,000
Allstate Corp., Series B, 5.75%, 08/15/53^(g)			5,000		4,975,000
American International Group, Inc., 8.18%, 05/15/68^(g)			3,755		4,391,660
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27			5,000		5,509,690
Farmers Exchange Capital II, 6.15%, 11/01/53^(a)(g)			4,890		4,993,929
MetLife, Inc., 6.40%, 12/15/66			5,000		5,350,000
Principal Financial Group, Inc., 4.70%, 05/15/55^(g)			5,000		4,912,500

					39,582,779

Media — 0.5%
NBCUniversal Enterprise, Inc., 5.25%^(a)(h)			5,600		5,691,000
Viacom, Inc., 5.88%, 02/28/57^(g)			2,111		2,037,286

					7,728,286

Oil, Gas & Consumable Fuels — 0.9%
Enbridge, Inc., Series 16-A, 6.00%, 01/15/77^(g)			5,880		5,615,571
Energy Transfer Partners LP, Series B, 6.63%^(b)(h)			5,000		4,451,646


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC, 5.52%, 06/01/67^(f)(g)	USD		2,500	$	2,287,500

					12,354,717

Road & Rail — 0.5%
BNSF Funding Trust I, 6.61%, 12/15/55^(g)			6,125		6,615,000


Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08% / /0^(a)			15		16,051,580


Total Capital Trusts — 22.1% (Cost — $319,281,957)					317,210,117


		Shares

Preferred Stocks — 1.4%

Banks — 0.9%
Citigroup, Inc., Series K, 6.88%^(g)			488,320		12,696,320


Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series J, 5.50%^(g)			162,450		4,075,870
SCE Trust III, Series H, 5.75%^(g)			7,700		159,698

					4,235,568

Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%			90,000		2,347,200


Equity Real Estate Investment Trusts (REITs) — 0.1%
Vornado Realty Trust, Series K, 5.70%^(h)			50,000		1,260,000


Total Preferred Stocks — 1.4% (Cost — $20,029,403)					20,539,088


Trust Preferred — 0.6%

Diversified Financial Services — 0.6%
GMAC Capital Trust I, Series 2, 8.47%^(g)			300,141		7,836,682


Total Trust Preferreds — 0.6% (Cost — $7,299,341)					7,836,682


Total Preferred Securities — 24.1%					345,585,887


16

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

Security

Par
(000)

Value

U.S. Government Sponsored Agency
Securities — 0.3%

Agency Obligations — 0.3%

Fannie Mae, 0.00%, 10/09/19^(f)(l)

USD

3,945

3,874,608

Total U.S. Government Sponsored Agency Securities — 0.3%
(Cost — $3,833,910)

3,874,608

Total Long-Term Investments — 142.3%
(Cost — $2,007,838,903)

2,039,326,999


Security	Shares		Value

Short-Term Securities — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26%^(m)(n)		5,284,761	$	5,284,761


Total Short-Term Securities — 0.4% (Cost — $5,284,761)				5,284,761


Options Purchased — 0.0% (Cost — $1,821,405)				261,162


Total Investments Before Options Written — 142.7% (Cost — $2,014,945,069)				2,044,872,922


Options Written — (0.0)% (Premiums Received — $186,274)				(4,900	)


Total Investments, Net of Options Written — 142.7% (Cost — $2,014,758,795)				2,044,868,022

Liabilities in Excess of Other Assets — (42.7)%				(612,268,590	)


Net Assets — 100.0%			$	1,432,599,432

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

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

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

^(j)	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.

^(k)	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.

^(l)	Zero-coupon bond.

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

⁽ⁿ⁾	During the period ended January 31, 2019, 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 10/31/18		Net Activity			Shares Held at 01/31/19		Value at 01/31/19		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,903,560		(2,618,799	)		5,284,761	$	5,284,761	$	59,045	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the 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.


			17

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

Portfolio Abbreviations

ARB — Airport Revenue Bonds

CLO — Collateralized Loan Obligation

CR — Custodian Receipt

CRC — Costa Rican Colon

ETF — Exchange-Traded Fund

FNMA — Federal National Mortgage Association

OTC — Over-the-Counter

RB — Revenue Bonds

SPDR — Standard & Poor’s Depository Receipts

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.

2.33

05/08/18

Open

3,806,000

3,864,566

U.S. Government Sponsored Agency Securities

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

6,747,300

6,814,488

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

4,440,150

4,484,364

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

10,290,000

10,392,466

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

12,480,000

12,604,273

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

14,340,000

14,482,795

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

5,573,125

5,628,621

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

5,555,000

5,610,315

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

11,730,000

11,846,805

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

1,835,000

1,853,273

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

10,375,000

10,478,312

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/14/18

Open

11,880,000

11,998,298

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

09/19/18

Open

1,895,000

1,911,294

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

09/19/18

Open

4,518,750

4,557,604

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/20/18

Open

6,656,250

6,720,801

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

09/28/18

Open

5,652,923

5,708,007

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

09/28/18

Open

7,120,000

7,185,239

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

10/01/18

Open

4,535,781

4,576,106

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

10/01/18

Open

4,700,000

4,741,784

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

10/01/18

Open

4,337,500

4,376,062

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.95

10/26/18

Open

5,444,000

5,479,439

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

2.09

11/06/18

Open

4,200,387

4,221,359

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

6,634,600

6,672,108

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

5,536,250

5,567,548

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

3,030,000

3,047,130

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

8,895,656

8,945,946

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

4,604,531

4,630,562

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

5,601,750

5,633,419

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

14,729,344

14,812,614

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

9,771,428

9,826,669

Corporate Bonds

Open/Demand


18

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash

Underlying Collateral

Remaining Contractual

Maturity of the Agreements^(a)

BNP Paribas S.A.

2.76

11/15/18

Open

4,696,438

4,722,988

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

11/15/18

Open

9,825,000

9,880,544

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

11/15/18

Open

10,050,000

10,107,676

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

11/15/18

Open

9,975,000

10,032,245

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.82

11/15/18

Open

9,887,625

9,944,792

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.83

11/15/18

Open

9,384,675

9,439,135

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.75

11/28/18

Open

505,330

506,004

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

11/30/18

Open

5,925,000

5,952,908

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

12/03/18

Open

833,625

836,413

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

5,605,500

5,626,257

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,984,000

3,998,753

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

8,800,000

8,832,587

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

13,800,000

13,851,102

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,946,800

3,961,415

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

7,736,100

7,764,747

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

5,260,000

5,279,478

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

7,488,250

7,515,979

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

6,636,000

6,660,573

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

2,162,500

2,170,508

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

4,575,000

4,591,941

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

4,912,500

4,930,691

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

8,862,425

8,895,243

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,520,188

3,533,223

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

2,775,000

2,785,276

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

4,975,000

4,993,423

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

7,040,000

7,066,070

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,294,000

3,306,198

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

5,508,750

5,529,149

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

16,629,750

16,691,331

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

6,930,000

6,955,662

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

7,676,875

7,705,303

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,211,063

3,222,953

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

4,542,175

4,558,995

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

3,810,000

3,824,109

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/13/18

Open

19,016,640

19,087,060

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.25

)

12/14/18

Open

1,011,565

1,009,949

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

12/14/18

Open

793,094

793,600

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.70

12/14/18

Open

265,320

265,927

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

13,125,000

13,168,422

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

13,781,250

13,826,843

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

9,506,188

9,537,637

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

12,858,300

12,900,840

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

15,784,931

15,837,153

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

10,632,619

10,667,795

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.65

12/14/18

Open

9,048,031

9,077,965

Capital Trusts

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

10,840,838

10,881,551

Capital Trusts

Open/Demand

RBC Capital Markets LLC

2.79

12/14/18

Open

5,430,000

5,450,108

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/14/18

Open

2,530,000

2,539,369

Capital Trusts

Open/Demand

RBC Capital Markets LLC

3.00

12/14/18

Open

5,865,000

5,886,718

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

12/17/18

Open

163,905

163,956

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

12/17/18

Open

2,874,300

2,884,009

Corporate Bonds

Open/Demand


			19

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

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)

RBC Capital Markets LLC

2.79

12/17/18

Open

3,577,650

3,590,126

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/17/18

Open

3,421,875

3,433,808

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.70

12/18/18

Open

2,522,685

2,527,758

Corporate Bonds

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

2,957,656

2,967,425

Corporate Bonds

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

5,068,156

5,084,895

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

12/21/18

Open

87,435

87,461

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

12/21/18

Open

475,695

475,972

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

12/21/18

Open

608,730

609,440

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

12/21/18

Open

779,085

780,914

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/21/18

Open

4,085,925

4,099,225

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/21/18

Open

14,240,000

14,286,351

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/21/18

Open

12,525,000

12,565,769

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.79

12/31/18

Open

6,015,000

6,029,917

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.00

)

01/08/19

Open

4,577,381

4,574,457

Capital Trusts

Open/Demand

RBC Capital Markets LLC

2.79

01/09/19

Open

7,897,312

7,910,777

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

01/11/19

Open

421,865

422,076

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/11/19

Open

141,101

141,189

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.75

01/16/19

Open

235,263

235,434

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.75

01/18/19

Open

107,859

107,881

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

01/24/19

Open

362,415

362,556

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

01/30/19

Open

3,281,540

3,281,813

Corporate Bonds

Open/Demand

628,596,901

631,900,083

^(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:
U.S. Ultra Bond		340		03/20/19	$	54,783	$	350,036
2-Year U.S. Treasury Note		469		03/29/19		99,582		659,901
5-Year U.S. Treasury Note		366		03/29/19		42,039		724,616

								1,734,553

Short Contracts:
10-Year U.S. Treasury Note		1,800		03/20/19		220,444		(4,895,485	)
10-Year U.S. Ultra Long Treasury		335		03/20/19		43,780		(1,612,707	)
Long U.S. Treasury Bond		494		03/20/19		72,464		(3,699,724	)

								(10,207,916	)

							$	(8,473,363	)


20

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
SPDR S&P 500 ETF Trust		1,250		02/01/19	USD	243.50	USD	337,413	$	1,875
SPDR S&P 500 ETF Trust		3,660		02/01/19	USD	238.00	USD	987,944		5,490
10-Year US Treasury Note		805		02/22/19	USD	122.00	USD	98,588		163,515

									$	170,880

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,
2.74%

Quarterly

JPMorgan Chase Bank N.A.

06/06/19

3.50

USD

22,700

15,879

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

3.50

Semi-annual

3-Month LIBOR
2.74%

Quarterly

Goldman Sachs Bank USA

06/06/19

3.50

USD

25,330

17,718

10-Year Interest Rate Swap, 07/29/19

3.24

Semi-annual

3-Month LIBOR,
2.74%

Quarterly

Goldman Sachs International

07/29/19

3.24

USD

34,000

56,685

90,282

Exchange-Traded Options Written

Description

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount (000)

Value

Put

SPDR S&P 500 ETF Trust

4,900

02/01/19

USD

234.00

USD

—

(4,900

)

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)

CDX.NA.IG.30.V1

1.00

Quarterly

06/20/23

BBB+

USD

100,000

1,794,044

1,491,627

302,417

^(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 2.56%

Quarterly

1.79

Semi-annual

01/04/18

09/30/19

USD

100,370

(247,722

)

161

(247,883

)


			21

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

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	$	(35,487	)	$	(1,972	)	$	(33,515	)
Prudential Financial, Inc.		1.00			Quarterly	Citibank N.A.		06/20/21		USD	1,920		(31,001	)		13,446			(44,447	)
Prudential Financial, Inc.		1.00			Quarterly	Goldman Sachs International		06/20/21		USD	1,155		(18,649	)		8,603			(27,252	)
Prudential Financial, Inc.		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/21		USD	9,500		(153,388	)		58,210			(211,598	)

												$	(238,525	)	$	78,287		$	(316,812	)

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 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	$	—	$	115,079,861	$	—	$	115,079,861
Corporate Bonds		—		1,511,973,060		10,729,656		1,522,702,716
Foreign Agency Obligations		—		34,747,227		—		34,747,227
Municipal Bonds		—		17,336,700		—		17,336,700
Preferred Securities		48,220,234		297,365,653		—		345,585,887
U.S. Government Sponsored
Agency Securities		—		3,874,608		—		3,874,608
Short-Term Securities		5,284,761		—		—		5,284,761


22

Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Options Purchased
Equity contracts		170,880			—			—		170,880
Interest rate contracts		—			90,282			—		90,282

	$	53,675,875		$	1,980,467,391		$	10,729,656	$	2,044,872,922

Derivative Financial Instruments^(a)
Assets:
Credit contracts	$	—		$	302,417		$	—	$	302,417
Interest rate contracts		1,734,553			—			—		1,734,553
Liabilities:
Credit contracts		—			(316,812	)		—		(316,812	)
Equity contracts		(4,900	)		—			—		(4,900	)
Interest rate contracts		(10,207,916	)		(247,883	)		—		(10,455,799	)

	$	(8,478,263	)	$	(262,278	)	$	—	$	(8,740,541	)

^(a)

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

During the period ended January 31, 2019, there were no transfers between levels.

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 $631,900,083 are categorized as Level 2 within the disclosure hierarchy.


			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: March 22, 2019

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 22, 2019

By:

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Credit Allocation Income Trust

Date: March 22, 2019