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: 10/31/2015

Date of reporting period: 07/31/2015

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2015 (Unaudited)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Asset-Backed Securities (a)		Par (000)		Value
ACAS CLO Ltd., Class C (b):
Series 2014-1A, 3.19%, 7/18/26	USD		750	$	738,424
Series 2014-2A, 3.49%, 1/15/27			1,000		995,044
ALM Loan Funding (b):
Series 2012-5A, Class BR, 3.26%, 10/18/27 (c)			2,000		1,986,400
Series 2013-7R2A, Class B, 2.89%, 4/24/24			3,000		2,936,202
ALM XII Ltd., Series 2015-12A, Class B, 3.54%, 4/16/27 (b)			1,000		999,500
ALM XIV Ltd., Series 2014-14A (b):
Class B, 3.24%, 7/28/26			5,000		4,997,743
Class C, 3.74%, 7/28/26			5,000		4,834,325
Anchorage Capital CLO Ltd., 3.29%, 4/28/26 (b)			1,000		985,694
Apidos CDO, Series 2012-9AR, Class CR, 3.19%, 7/15/23 (b)			1,000		1,000,000
Apidos CLO XVII, Series 2014-17A, Class B, 3.14%, 4/17/26 (b)			1,000		994,062
Apidos CLO XVIII, Series 2014-18A, Class C, 3.95%, 7/22/26 (b)			1,800		1,756,244
Atlas Senior Loan Fund V Ltd., Series 2014-1A (b):
Class C, 3.29%, 7/16/26			1,000		997,060
Class D, 3.74%, 7/16/26			2,000		1,904,309
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class D, 3.98%, 10/15/26 (b)			3,000		2,903,390
Atrium CDO Corp., Series 5A, Class A4, 0.67%, 7/20/20 (b)			9,000		8,714,825
Babson CLO Ltd., Series 2014-3A (b):
Class C1, 3.29%, 1/15/26			1,500		1,501,500
Class D1, 3.79%, 1/15/26			1,000		955,000
Battalion CLO VII Ltd., Series 2014-7A, Class C, 4.19%, 10/17/26 (b)			1,000		972,366
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class B, 3.09%, 7/20/26 (b)			1,250		1,231,250
Benefit Street Partners CLO V Ltd., Series 2014-VA, Class D, 3.84%, 10/20/26 (b)			1,500		1,434,376
Benefit Street Partners CLO VI, Ltd., Series 2015-VIA, Class B, 3.34%, 4/18/27 (b)			1,000		992,500
BlueMountain CLO Ltd., Series 2011-1A, Class D, 4.28%, 8/16/22 (b)			2,000		2,003,810


Asset-Backed Securities (a)		Par (000)		Value
Bowman Park CLO Ltd., Series 2014-1A, Class D2, 4.21%, 11/23/25 (b)	USD		1,000	$	998,526
Carlyle Global Market Strategies CLO 2015-1, Ltd., Series 2015-1A, Class C, 3.44%, 4/20/27 (b)			1,000		999,962
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class C, 4.44%, 10/16/25 (b)			1,000		1,001,135
CIFC Funding Ltd., Series 2014-3A (b):
Class C1, 3.10%, 7/22/26			1,500		1,467,409
Class D, 3.70%, 7/22/26			1,400		1,327,566
Dryden 34 Senior Loan Fund, Series 2014-34A, Class C, 3.09%, 10/15/26 (b)			750		745,371
Galaxy CLO Ltd., Series 2014-18A, Class C1, 3.29%, 10/15/26 (b)			850		842,259
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 3.79%, 10/29/26 (b)			1,000		968,984
Highbridge Loan Management 4-2014, Ltd., Series 4A-2014, Class B, 3.29%, 7/28/25 (b)			1,000		982,205
ING IM CLO Ltd., Series 2012-4A, Class C, 4.79%, 10/15/23 (b)			1,000		1,002,571
LCM XVIII LP, Series 18A, Class C1, 3.44%, 4/20/27 (b)			1,000		988,890
Limerock CLO III LLC, Series 2014-3A, Class C, 3.89%, 10/20/26 (b)			1,000		972,469
Madison Park Funding IX, Ltd., Series 2012-9AR, Class C1R, 3.17%, 8/15/22 (b)			1,000		997,603
Madison Park Funding Ltd. (b):
Series 2012-10A, Class D, 4.54%, 1/20/25			3,000		3,000,489
Series 2012-8AR, Class CR, 3.10%, 4/22/22			1,350		1,350,265
Series 2012-8AR, Class DR, 4.15%, 4/22/22			1,500		1,497,019
Series 2014-14A, Class D, 3.89%, 7/20/26			2,000		1,951,879
Madison Park Funding XIII, Ltd., Series 2014-13A, Class C, 3.04%, 1/19/25 (b)			1,000		991,372
Madison Park Funding XV, Ltd., Series 2014-15A, Class B1, 3.55%, 1/27/26 (b)			2,400		2,412,201
Madison Park Funding XVI, Ltd., Series 2015-16A, Class B, 3.30%, 4/20/26 (b)			1,000		1,001,300



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	1

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Asset-Backed Securities (a)		Par (000)		Value
Octagon Investment Partners XX Ltd., Series 2014-1A, Class C, 3.11%, 8/12/26 (b)	USD		750	$	738,928
Octagon Loan Funding Ltd., Series 2014-1A, Class D, 3.93%, 11/18/26 (b)			1,500		1,443,413
OZLM VII Ltd., Series 2014-7A, Class C, 3.89%, 7/17/26 (b)			1,500		1,439,269
OZLM VIII Ltd., Series 2014-8A, Class B, 3.29%, 10/17/26 (b)			900		895,629
OZLM XI, Ltd., Series 2015-11A, Class B, 3.30%, 1/30/27 (b)			1,000		999,312
Regatta IV Funding Ltd., Series 2014-1A (b):
Class C, 3.25%, 7/25/26			1,500		1,468,865
Class D, 3.80%, 7/25/26			1,000		954,365
Regatta V Funding Ltd., Series 2014-1A (b):
Class B, 3.30%, 10/25/26			1,000		981,671
Class C, 3.75%, 10/25/26			1,000		938,217
Silver Spring CLO Ltd., Series 2014-1A, Class D, 3.74%, 10/15/26 (b)			750		701,641
SLM Student Loan Trust, Series 2004-B, Class A2, 0.49%, 6/15/21			2,044		2,032,821
Sound Point CLO Ltd., Series 2014-3A, Class D, 3.89%, 1/23/27 (b)			1,000		958,486
Symphony CLO XV Ltd., Series 2014-15A (b):
Class C, 3.49%, 10/17/26			1,500		1,499,944
Class D, 4.04%, 10/17/26			1,000		976,200
Symphony CLO, Ltd., Series 2012-10AR, Class CR, 3.14%, 7/23/23 (b)			1,000		1,000,197
Venture XIII CLO Ltd., Series 2013-13A, Class D, 3.81%, 6/10/25 (b)			800		768,263
Venture XVIII CLO Ltd., Series 2014-18A, Class C, 3.27%, 10/15/26 (b)			800		795,185
Voya CLO Ltd., Class C (b):
Series 2014-3A, 3.90%, 7/25/26			1,250		1,215,278
Series 2014-4A, 4.29%, 10/14/26			1,000		996,861
WhiteHorse IX Ltd., Series 2014-9A, Class C, 2.99%, 7/17/26 (b)			1,500		1,442,210
Total Asset-Backed Securities — 5.9%					93,580,254
Corporate Bonds		Par (000)		Value
Aerospace & Defense — 0.6%
Huntington Ingalls Industries, Inc.:
7.13%, 3/15/21	USD		2,000	$	2,117,500
5.00%, 12/15/21 (b)			536		550,740
TransDigm, Inc.:
6.00%, 7/15/22			4,585		4,573,538
6.50%, 7/15/24			2,140		2,150,700

					9,392,478
Air Freight & Logistics — 0.2%
XPO Logistics, Inc. (b):
7.88%, 9/01/19			1,548		1,654,425
6.50%, 6/15/22			2,011		1,978,321

					3,632,746
Airlines — 1.1%
American Airlines Group, Inc., 4.63%, 3/01/20 (b)			692		676,430
Continental Airlines Pass-Through Trust:
Series 2009-2, Class B, 9.25%, 5/10/17			2,166		2,382,123
Series 2012-3, Class C, 6.13%, 4/29/18			2,040		2,131,800
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 1/02/23			3,200		3,639,748
Turkish Airlines 2015-1 Class A Pass Through Trust, 4.20%, 3/15/27 (b)			3,100		3,084,500
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 4/11/22			4,200		4,242,000
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 10/23/20 (b)			1,425		1,461,097

					17,617,698
Auto Components — 1.3%
The Goodyear Tire & Rubber Co., 6.50%, 3/01/21			1,600		1,694,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17			265		267,783
4.88%, 3/15/19			3,950		4,073,437
6.00%, 8/01/20			3,108		3,271,170
5.88%, 2/01/22			3,816		3,949,560
Schaeffler Finance BV, 4.75%, 5/15/21 (b)			2,470		2,476,175



2	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Auto Components (concluded)
Schaeffler Holding Finance BV (b)(d):
(6.25% Cash), 6.25%, 11/15/19	USD		1,112	$	1,174,550
(6.75% Cash), 6.75%, 11/15/22			2,417		2,616,402
ZF North America Capital, Inc. (b):
4.50%, 4/29/22			291		286,635
4.75%, 4/29/25			868		848,470

					20,658,182
Automobiles — 0.5%
Ford Motor Co., 7.45%, 7/16/31			3,660		4,675,010
General Motors Co.:
4.88%, 10/02/23			1,875		1,922,267
6.25%, 10/02/43			940		1,026,364

					7,623,641
Banks — 5.1%
Associated Banc-Corp, 5.13%, 3/28/16			7,430		7,574,216
CIT Group, Inc.:
4.25%, 8/15/17			4,600		4,703,500
5.25%, 3/15/18			4,030		4,181,125
6.63%, 4/01/18 (b)			335		360,963
5.50%, 2/15/19 (b)			5,147		5,442,952
5.00%, 8/01/23			660		666,600
City National Corp., 5.25%, 9/15/20 (e)			2,900		3,283,722
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.95%, 11/09/22 (e)			3,775		3,776,963
Credit Suisse AG, 6.50%, 8/08/23 (b)			12,000		13,260,000
Discover Bank, 8.70%, 11/18/19			748		896,981
Fifth Third Bancorp, 5.10% (a)(f)			5,000		4,650,000
HSBC Finance Corp., 6.68%, 1/15/21 (e)			5,150		6,012,522
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23			10,080		10,804,651
Santander Holdings USA, Inc., 3.00%, 9/24/15			3,750		3,753,578
Wells Fargo & Co. (e):
3.45%, 2/13/23			2,325		2,318,974
4.13%, 8/15/23			4,000		4,136,932
5.61%, 1/15/44			4,119		4,602,785

					80,426,464
Biotechnology — 0.2%
Amgen, Inc., 4.40%, 5/01/45 (e)			3,050		2,840,392
Corporate Bonds		Par (000)		Value
Building Products — 0.2%
Building Materials Corp. of America, 6.75%, 5/01/21 (b)	USD		2,700	$	2,835,000
Masonite International Corp., 5.63%, 3/15/23 (b)			610		628,300

					3,463,300
Capital Markets — 3.0%
E*Trade Financial Corp., 5.38%, 11/15/22			1,348		1,405,290
The Goldman Sachs Group, Inc. (e):
6.25%, 9/01/17			625		683,059
7.50%, 2/15/19			5,165		6,082,144
5.25%, 7/27/21			1,175		1,307,972
5.75%, 1/24/22			5,500		6,298,127
6.25%, 2/01/41			15,000		18,007,815
Morgan Stanley (e):
5.63%, 9/23/19			6,770		7,584,932
5.50%, 7/28/21			2,695		3,034,872
UBS AG, 5.88%, 7/15/16			3,450		3,591,001

					47,995,212
Chemicals — 1.8%
Ashland, Inc., 3.88%, 4/15/18			1,745		1,798,310
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (b)			617		657,105
Axiall Corp., 4.88%, 5/15/23			367		353,237
Basell Finance Co. BV, 8.10%, 3/15/27 (b)(e)			6,000		7,870,284
Celanese US Holdings LLC, 5.88%, 6/15/21			2,615		2,771,900
CF Industries, Inc., 5.38%, 3/15/44			2,500		2,437,252
The Chemours Co. (b):
6.63%, 5/15/23			648		570,240
Chemtura Corp., 5.75%, 7/15/21			632		638,320
Eagle Spinco, Inc., 4.63%, 2/15/21			2,370		2,304,825
Huntsman International LLC:
4.88%, 11/15/20			775		759,500
8.63%, 3/15/21			806		845,091
5.13%, 11/15/22 (b)			2,495		2,407,675
NOVA Chemicals Corp., 5.25%, 8/01/23 (b)			2,277		2,277,000
Platform Specialty Products Corp., 6.50%, 2/01/22 (b)			1,693		1,752,255



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	3

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Chemicals (concluded)
The Chemours Co. (b) (concluded):
7.00%, 5/15/25	USD		624	$	547,367

					27,990,361
Commercial Services & Supplies — 3.2%
ADS Waste Holdings, Inc., 8.25%, 10/01/20			1,003		1,048,135
Aviation Capital Group Corp. (b):
7.13%, 10/15/20 (e)			31,000		36,190,020
6.75%, 4/06/21			7,850		8,931,243
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)			301		278,425
Covanta Holding Corp., 6.38%, 10/01/22			2,245		2,357,250
Mobile Mini, Inc., 7.88%, 12/01/20			2,480		2,579,200

					51,384,273
Communications Equipment — 0.2%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b)			882		870,975
CommScope, Inc., 5.50%, 6/15/24 (b)			254		248,602
Harris Corp., 5.05%, 4/27/45			1,790		1,703,731
Plantronics, Inc., 5.50%, 5/31/23 (b)			423		429,345

					3,252,653
Construction & Engineering — 0.3%
AECOM Technology Corp. (b):
5.75%, 10/15/22			333		337,995
5.88%, 10/15/24			2,311		2,345,665
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)			413		410,935
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)			568		579,360
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23			825		776,531

					4,450,486
Construction Materials — 0.7%
Allegion US Holding Co., Inc., 5.75%, 10/01/21			1,907		1,949,908
HD Supply, Inc.:
11.00%, 4/15/20			2,740		3,055,100
7.50%, 7/15/20			2,905		3,101,087
Corporate Bonds		Par (000)		Value
Construction Materials (concluded)
HD Supply, Inc. (concluded):
5.25%, 12/15/21 (b)	USD		3,278	$	3,376,340

					11,482,435
Consumer Finance — 3.1%
Ally Financial, Inc.:
5.13%, 9/30/24			855		864,619
4.63%, 3/30/25			176		169,400
8.00%, 11/01/31			5,665		6,769,675
Capital One Bank USA NA, 3.38%, 2/15/23 (e)			11,610		11,199,877
Countrywide Financial Corp., 6.25%, 5/15/16 (e)			8,069		8,362,445
Discover Financial Services, 3.85%, 11/21/22			3,252		3,189,883
Experian Finance PLC, 2.38%, 6/15/17 (b)(e)			2,550		2,567,932
Navient Corp.:
3.88%, 9/10/15			5,000		5,000,000
6.25%, 1/25/16			11,620		11,736,200

					49,860,031
Containers & Packaging — 0.5%
Beverage Packaging Holdings Luxembourg II SA, 5.63%, 12/15/16 (b)			904		899,480
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21			3,128		3,281,272
Sealed Air Corp. (b):
6.50%, 12/01/20			2,330		2,586,300
5.13%, 12/01/24			649		657,112
5.50%, 9/15/25			835		852,744

					8,276,908
Diversified Consumer Services — 0.3%
Service Corp. International, 4.50%, 11/15/20			4,382		4,513,460
Diversified Financial Services — 10.6%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, 7/01/22			518		527,712
Air Lease Corp., 3.75%, 2/01/22			5,000		5,008,165
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,365,149
Bank of America Corp. (e):
3.75%, 7/12/16			5,525		5,656,755
5.00%, 5/13/21			17,100		18,816,361
5.70%, 1/24/22			2,590		2,948,026
Bank of America NA, 5.30%, 3/15/17 (e)			13,440		14,208,876
Barclays PLC, 4.38%, 9/11/24			2,100		2,050,350



4	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Diversified Financial Services (concluded)
Citigroup, Inc. (e):
4.45%, 1/10/17	USD		4,800	$	5,001,859
8.50%, 5/22/19			464		565,807
6.68%, 9/13/43			4,125		5,132,523
Deutsche Bank AG, 4.50%, 4/01/25			3,985		3,865,004
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1 (b):
Class A, 5.25%, 5/30/23			2,604		2,721,529
Class B, 6.13%, 11/30/19			3,116		3,287,376
Ford Motor Credit Co. LLC:
8.00%, 12/15/16			4,000		4,337,796
5.88%, 8/02/21			9,420		10,617,612
General Motors Financial Co., Inc.:
6.75%, 6/01/18			1,700		1,879,158
4.38%, 9/25/21			2,260		2,316,394
4.25%, 5/15/23			1,681		1,663,703
ING Bank NV, 5.00%, 6/09/21 (b)(e)			8,000		8,955,120
Intesa Sanpaolo SpA, 3.13%, 1/15/16			5,450		5,492,243
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)			1,705		1,705,000
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,129,768
Lloyds Banking Group PLC, 4.50%, 11/04/24			6,875		6,940,862
Moody’s Corp., 6.06%, 9/07/17			20,000		20,691,120
Mubadala GE Capital, Ltd., 3.00%, 11/10/19 (b)			5,000		4,972,500
Pershing Square Holdings, Ltd., 5.50%, 7/15/22 (b)			5,500		5,527,901
Resparcs Funding LP I, 8.00% (f)(g)(h)			4,000		960,800
Reynolds Group Issuer, Inc.:
9.00%, 4/15/19			370		380,637
7.88%, 8/15/19			2,480		2,573,000
9.88%, 8/15/19			147		154,626
5.75%, 10/15/20			3,142		3,251,970
6.88%, 2/15/21			105		109,747
Royal Bank of Scotland Group PLC:
6.10%, 6/10/23			2,500		2,699,655
5.13%, 5/28/24			5,250		5,305,046

					168,820,150
Diversified Telecommunication Services — 4.8%
AT&T, Inc.:
6.30%, 1/15/38 (e)			12,000		13,332,228
4.30%, 12/15/42			265		228,998
4.35%, 6/15/45			367		315,945
Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (concluded)
CenturyLink, Inc.:
5.63%, 4/01/20	USD		1,375	$	1,404,081
6.45%, 6/15/21			285		290,700
Frontier Communications Corp.:
6.25%, 9/15/21			980		904,050
7.63%, 4/15/24			1,384		1,259,440
Level 3 Financing, Inc.:
5.38%, 8/15/22			2,250		2,272,500
5.13%, 5/01/23 (b)			1,653		1,607,542
5.38%, 5/01/25 (b)			1,985		1,932,894
Telefonica Emisiones SAU, 3.19%, 4/27/18			6,550		6,730,492
Verizon Communications, Inc. (e):
5.15%, 9/15/23			8,775		9,657,932
6.40%, 9/15/33			9,475		10,953,830
7.35%, 4/01/39			7,825		9,885,886
6.55%, 9/15/43			13,225		15,624,398

					76,400,916
Electric Utilities — 3.9%
CMS Energy Corp., 5.05%, 3/15/22			9,900		10,898,989
Duke Energy Corp., 3.55%, 9/15/21 (e)			3,650		3,781,061
Great Plains Energy, Inc., 5.29%, 6/15/22 (i)			5,550		6,118,425
Midland Cogeneration Venture LP, 5.25%, 3/15/25 (b)			4,810		4,986,024
Mirant Mid-Atlantic Pass-Through Trust:
Series B, 9.13%, 6/30/17			780		823,396
Series C, 10.06%, 12/30/28			1,568		1,700,889
NiSource Finance Corp., 6.80%, 1/15/19 (e)			3,075		3,528,812
Oncor Electric Delivery Co. LLC (e):
4.10%, 6/01/22			4,150		4,403,536
5.30%, 6/01/42			2,750		3,110,256
Progress Energy, Inc., 7.00%, 10/30/31 (e)			12,000		15,396,576
Puget Energy, Inc.:
6.00%, 9/01/21			275		316,681
5.63%, 7/15/22			5,550		6,220,457

					61,285,102
Electrical Equipment — 0.1%
GrafTech International Ltd., 6.38%, 11/15/20			1,950		1,735,500
Electronic Equipment, Instruments & Components — 0.3%
Jabil Circuit, Inc., 8.25%, 3/15/18			2,600		2,931,500
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (b)			475		470,844



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	5

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Electronic Equipment, Instruments & Components (concluded)
Sanmina Corp., 4.38%, 6/01/19 (b)	USD		1,415	$	1,436,225

					4,838,569
Energy Equipment & Services — 0.9%
Energy Transfer Partners LP, 5.20%, 2/01/22			10,200		10,544,056
Ensco PLC, 4.50%, 10/01/24			2,930		2,684,950
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75%, 2/15/21			293		285,675
6.75%, 8/01/22			680		678,300
Transocean, Inc., 6.00%, 3/15/18			540		518,400

					14,711,381
Food & Staples Retailing — 1.5%
CVS Health Corp., 5.13%, 7/20/45			3,879		4,109,874
Family Tree Escrow LLC (b):
5.25%, 3/01/20			335		353,425
5.75%, 3/01/23			3,443		3,632,365
H.J. Heinz Finance Co., 7.13%, 8/01/39 (b)			4,415		5,564,666
Rite Aid Corp.:
6.75%, 6/15/21			761		808,563
6.13%, 4/01/23 (b)			2,974		3,089,242
Wal-Mart Stores, Inc., 5.25%, 9/01/35 (e)			5,150		6,011,348

					23,569,483
Food Products — 1.1%
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)			2,600		2,780,752
Kellogg Co., Series B, 7.45%, 4/01/31 (e)			3,425		4,384,935
Mondelez International, Inc.:
6.50%, 8/11/17			4,450		4,886,634
6.13%, 8/23/18			4,840		5,411,222
Smithfield Foods, Inc., 5.88%, 8/01/21 (b)			715		746,281

					18,209,824
Gas Utilities — 0.1%
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 2/01/21			1,265		1,315,600
Health Care Equipment & Supplies — 0.5%
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)			1,865		1,916,287
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (b):
4.88%, 4/15/20			517		532,071
Corporate Bonds		Par (000)		Value
Health Care Equipment & Supplies (concluded)
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (b) (concluded):
5.50%, 4/15/25	USD		447	$	450,352
Medtronic, Inc., 4.63%, 3/15/45 (b)(e)			4,565		4,618,452

					7,517,162
Health Care Providers & Services — 4.2%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22			435		433,913
Amsurg Corp., 5.63%, 7/15/22			1,856		1,908,989
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18			1,620		1,660,500
6.88%, 2/01/22			1,111		1,188,770
DaVita HealthCare Partners, Inc.:
5.13%, 7/15/24			1,990		2,005,353
5.00%, 5/01/25			1,871		1,849,951
HCA, Inc.:
3.75%, 3/15/19			4,364		4,426,732
6.50%, 2/15/20			10,421		11,651,981
7.50%, 2/15/22			2,214		2,579,310
5.88%, 3/15/22			340		372,725
4.75%, 5/01/23			676		693,745
HealthSouth Corp.:
5.13%, 3/15/23			512		512,000
5.75%, 11/01/24			889		897,890
Hologic, Inc., 5.25%, 7/15/22 (b)			805		831,163
Omnicare, Inc.:
4.75%, 12/01/22			289		305,256
5.00%, 12/01/24			183		193,980
Tenet Healthcare Corp.:
6.25%, 11/01/18			736		804,080
4.75%, 6/01/20			1,450		1,493,500
6.00%, 10/01/20			3,645		3,963,937
4.50%, 4/01/21			73		73,365
4.38%, 10/01/21			7,335		7,373,509
8.13%, 4/01/22			4,907		5,505,065
6.75%, 6/15/23(b)			1,758		1,837,110
UnitedHealth Group, Inc., 6.88%, 2/15/38 (e)			10,000		13,333,840

					65,896,664
Health Care Technology — 0.2%
Amgen, Inc., 5.15%, 11/15/41 (e)			3,450		3,605,488
Hotels, Restaurants & Leisure — 0.8%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22			1,380		1,442,100
5.00%, 9/01/23			306		303,895
5.50%, 12/01/24			2,458		2,470,290



6	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Hotels, Restaurants & Leisure (concluded)
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)		USD	688	$	669,940
MGM Resorts International, 6.00%, 3/15/23			1,374		1,398,045
New Red Finance, Inc., 6.00%, 4/01/22 (b)			2,215		2,286,544
Pinnacle Entertainment, Inc., 6.38%, 8/01/21			1,586		1,710,898
Sabre GLBL, Inc., 5.38%, 4/15/23 (b)			594		591,030
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b)			1,718		1,769,540

					12,642,282
Household Durables — 1.2%
Beazer Homes USA, Inc., 6.63%, 4/15/18			2,330		2,399,900
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)			1,647		1,605,825
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)			1,072		1,082,720
KB Home, 7.25%, 6/15/18			1,990		2,144,225
Shea Homes LP / Shea Homes Funding Corp. (b):
5.88%, 4/01/23			910		923,650
6.13%, 4/01/25			920		940,700
Standard Pacific Corp., 8.38%, 1/15/21			3,015		3,550,162
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)			767		765,083
TRI Pointe Holdings, Inc.:
4.38%, 6/15/19			920		910,800
5.88%, 6/15/24			625		615,625
United Rentals North America, Inc.:
7.38%, 5/15/20			2,025		2,154,094
7.63%, 4/15/22			1,853		2,012,821

					19,105,605
Household Products — 0.2%
Spectrum Brands, Inc.:
6.38%, 11/15/20			810		862,650
6.63%, 11/15/22			1,110		1,187,700
5.75%, 7/15/25 (b)			1,002		1,031,860

					3,082,210
Independent Power and Renewable Electricity Producers — 0.8%
Baytex Energy Corp., 5.13%, 6/01/21 (b)			435		387,150
Calpine Corp.:
6.00%, 1/15/22 (b)			1,548		1,637,010


Corporate Bonds	Par (000)			Value
Independent Power and Renewable Electricity Producers (concluded)
Calpine Corp. (concluded):
5.38%, 1/15/23		USD	2,109	$	2,061,547
5.88%, 1/15/24 (b)			823		860,447
5.50%, 2/01/24			1,749		1,696,530
5.75%, 1/15/25			1,064		1,037,400
Dynegy, Inc., 6.75%, 11/01/19 (b)			2,195		2,266,337
NRG REMA LLC, 9.68%, 7/02/26			1,130		1,203,450
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,801,745

					12,951,616
Insurance — 5.7%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)			1,204		1,280,815
American International Group, Inc., 6.40%, 12/15/20 (e)			8,710		10,288,679
Aon Corp., 5.00%, 9/30/20 (e)			7,700		8,492,923
Aon PLC, 4.25%, 12/12/42 (e)			6,500		5,921,649
Forethought Financial Group, Inc., 8.63%, 4/15/21 (b)			3,400		3,931,406
Manulife Financial Corp., 4.90%, 9/17/20 (e)			10,425		11,552,297
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)			1,455		1,531,388
The Northwestern Mutual Life Insurance Co., 6.06%, 3/30/40 (b)(e)			12,000		14,606,892
Principal Financial Group, Inc.:
8.88%, 5/15/19 (e)			2,825		3,469,382
4.70%, 5/15/55 (a)			5,000		4,950,000
Prudential Financial, Inc., 6.63%, 12/01/37			10,000		12,340,670
XLIT Ltd., 5.75%, 10/01/21 (e)			10,085		11,518,936

					89,885,037
Internet Software & Services — 0.0%
Netflix, Inc., 5.50%, 2/15/22 (b)			563		585,520
IT Services — 0.2%
First Data Corp. (b):
7.38%, 6/15/19			1,167		1,217,298
6.75%, 11/01/20			1,768		1,869,660
8.25%, 1/15/21			250		264,687

					3,351,645
Life Sciences Tools & Services — 0.9%
Life Technologies Corp., 6.00%, 3/01/20 (e)			12,000		13,533,996
Media — 6.7%
21st Century Fox America, Inc., 6.15%, 3/01/37 (e)			9,575		11,129,013



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	7

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Media (continued)
A&E Television Networks LLC, 3.11%, 8/22/19		USD	5,000	$	5,047,500
Altice Financing SA, 6.63%, 2/15/23 (b)			1,313		1,352,390
Altice Finco SA, 7.63%, 2/15/25 (b)			551		560,643
Altice SA (b):
7.75%, 5/15/22			2,425		2,443,187
7.63%, 2/15/25			1,515		1,484,700
Altice US Finance I Corp., 5.38%, 7/15/23 (b)			3,219		3,235,095
AMC Networks, Inc.:
7.75%, 7/15/21			1,330		1,436,400
4.75%, 12/15/22			685		690,138
CCO Safari II LLC (b):
6.48%, 10/23/45			2,125		2,199,290
6.83%, 10/23/55			3,540		3,640,440
Cinemark USA, Inc., 5.13%, 12/15/22			349		350,745
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			10,205		10,597,342
COX Communications, Inc., 8.38%, 3/01/39 (b)(e)			5,000		6,382,275
CSC Holdings LLC, 8.63%, 2/15/19			4,005		4,555,687
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.00%, 3/01/21 (e)			8,575		9,262,741
DISH DBS Corp., 5.88%, 11/15/24			2,462		2,388,140
Gray Television, Inc., 7.50%, 10/01/20			713		754,889
Grupo Televisa SAB, 5.00%, 5/13/45 (e)			3,345		3,181,697
Intelsat Jackson Holdings SA, 5.50%, 8/01/23			2,909		2,639,917
The Interpublic Group of Cos., Inc., 3.75%, 2/15/23			6,025		5,965,467
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)			463		491,938
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)			1,471		1,504,098
Numericable Group SA, 6.00%, 5/15/22 (b)			9,000		9,157,500
Outfront Media Capital LLC/Outfront Media Capital Corp.:
5.25%, 2/15/22			249		250,245
5.63%, 2/15/24			122		124,440
Sirius XM Radio, Inc., 4.25%, 5/15/20 (b)			2,300		2,291,375
Corporate Bonds	Par (000)			Value
Media (concluded)
Time Warner Cable, Inc., 6.55%, 5/01/37 (e)		USD	3,519	$	3,593,740
Tribune Media Co., 5.88%, 7/15/22 (b)			1,488		1,536,360
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (b)			1,000		1,018,750
Univision Communications, Inc. (b):
5.13%, 5/15/23			4,793		4,804,982
5.13%, 2/15/25			999		1,001,498
Virgin Media Secured Finance PLC, 5.38%, 4/15/21 (b)			1,255		1,290,670

					106,363,292
Metals & Mining — 2.7%
Alcoa, Inc., 5.13%, 10/01/24			2,451		2,463,255
AngloGold Ashanti Holdings PLC, 5.13%, 8/01/22			5,000		4,300,000
ArcelorMittal, 6.13%, 6/01/18			2,575		2,725,833
Commercial Metals Co., 4.88%, 5/15/23			2,194		2,007,510
Constellium NV:
4.63%, 5/15/21		EUR	490		487,019
5.75%, 5/15/24 (b)		USD	1,178		977,740
First Quantum Minerals Ltd. (b):
7.00%, 2/15/21			303		231,038
7.25%, 5/15/22			912		677,160
Freeport-McMoRan Corp., 7.13%, 11/01/27 (e)			8,500		8,528,075
Freeport-McMoRan, Inc.:
3.55%, 3/01/22 (e)			4,700		3,942,125
5.40%, 11/14/34			5,225		3,918,750
Novelis, Inc., 8.75%, 12/15/20			3,285		3,465,675
Peabody Energy Corp., 6.50%, 9/15/20			1,020		300,900
Southern Copper Corp., 5.88%, 4/23/45			3,870		3,544,997
Steel Dynamics, Inc.:
5.13%, 10/01/21			1,105		1,102,238
6.38%, 8/15/22			1,430		1,490,775
5.25%, 4/15/23			163		159,740
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)			2,785		2,848,498

					43,171,328
Multi-Utilities — 1.3%
CenterPoint Energy, Inc. (e):
5.95%, 2/01/17			9,000		9,615,915



8	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)				Value
Multi-Utilities (concluded)
CenterPoint Energy, Inc. (e) (concluded):
6.50%, 5/01/18		USD		9,675	$	10,821,517

						20,437,432
Multiline Retail — 0.2%
Dufry Finance SCA, 5.50%, 10/15/20 (b)				3,460		3,590,452
Offshore Drilling & Other Services — 0.1%
Sensata Technologies BV (b):
5.63%, 11/01/24				695		716,719
5.00%, 10/01/25				1,418		1,389,640

						2,106,359
Oil, Gas & Consumable Fuels — 14.8%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22				1,668		1,751,217
4.88%, 5/15/23				343		335,908
Anadarko Petroleum Corp., 6.38%, 9/15/17				75		81,981
Antero Resources Finance Corp.:
6.00%, 12/01/20				750		759,375
5.38%, 11/01/21				649		631,153
Bonanza Creek Energy, Inc.:
6.75%, 4/15/21				1,145		990,425
5.75%, 2/01/23				1,555		1,259,550
California Resources Corp.:
5.00%, 1/15/20				49		42,018
5.50%, 9/15/21				1,894		1,562,550
6.00%, 11/15/24				5,963		4,830,030
Chesapeake Energy Corp., 6.88%, 11/15/20				493		442,468
Cimarex Energy Co., 4.38%, 6/01/24				527		509,873
Concho Resources, Inc.:
5.50%, 10/01/22				226		226,000
5.50%, 4/01/23				1,640		1,640,000
CONSOL Energy, Inc., 5.88%, 4/15/22				6,131		4,763,021
Continental Resources, Inc.:
5.00%, 9/15/22				7,000		6,667,500
4.50%, 4/15/23				469		435,509
Denbury Resources, Inc., 5.50%, 5/01/22				604		478,670
El Paso LLC:
7.80%, 8/01/31				197		222,650
7.75%, 1/15/32				4,586		5,215,580
El Paso Natural Gas Co. LLC, 8.63%, 1/15/22				2,345		2,858,353
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	$	5,721,474
Enbridge Energy Partners LP, 9.88%, 3/01/19 (e)				6,000		7,381,038
Energy Transfer Equity LP:
7.50%, 10/15/20				1,028		1,151,360
5.88%, 1/15/24				3,913		3,981,477
Enterprise Products Operating LLC, Series N, 6.50%, 1/31/19 (e)				12,000		13,596,720
EP Energy LLC/Everest Acquisition Finance, Inc., 9.38%, 5/01/20				3,460		3,572,450
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (b)				5,105		4,747,650
Kinder Morgan Energy Partners LP:
6.85%, 2/15/20 (e)				12,000		13,715,784
4.25%, 9/01/24				2,170		2,059,475
5.40%, 9/01/44				3,615		3,235,356
Kinder Morgan, Inc.:
5.30%, 12/01/34				1,310		1,215,341
5.55%, 6/01/45				2,560		2,329,147
Laredo Petroleum, Inc., 7.38%, 5/01/22				231		235,043
Linn Energy LLC/Linn Energy Finance Corp., 6.25%, 11/01/19				597		361,555
Marathon Petroleum Corp., 3.50%, 3/01/16 (e)				4,600		4,665,605
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.88%, 6/01/25				2,284		2,221,190
MEG Energy Corp. (b):
6.50%, 3/15/21				3,839		3,587,545
7.00%, 3/31/24				3,598		3,301,165
Midcontinent Express Pipeline LLC, 6.70%, 9/15/19 (b)				3,500		3,727,500
Newfield Exploration Co., 5.38%, 1/01/26				701		672,960
Nexen, Inc., 6.40%, 5/15/37 (e)				4,615		5,537,626
NGPL PipeCo LLC, 9.63%, 6/01/19 (b)				902		902,000
Noble Energy, Inc., 5.63%, 5/01/21				3,448		3,654,159
Oasis Petroleum, Inc.:
7.25%, 2/01/19				915		887,550
6.50%, 11/01/21				1,025		932,750
ONEOK Partners LP, 8.63%, 3/01/19				10,000		11,840,560
Pacific Drilling SA, 5.38%, 6/01/20 (b)				613		472,010
Paramount Resources, Ltd., 6.88%, 6/30/23 (b)				800		776,000



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	9

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
PDC Energy, Inc., 7.75%, 10/15/22	USD		1,225	$	1,263,281
Peabody Energy Corp., 6.25%, 11/15/21			1,483		418,948
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 8.38%, 6/01/20			2,221		2,407,009
Petrobras International Finance Co. SA:
3.88%, 1/27/16			12,550		12,567,319
5.38%, 1/27/21			3,385		3,151,300
Petroleos Mexicanos (e):
3.50%, 1/30/23			5,000		4,743,150
4.88%, 1/18/24			2,000		2,054,800
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)			3,980		3,681,500
Pioneer Natural Resources Co., 6.88%, 5/01/18			1,665		1,850,260
Range Resources Corp.:
5.00%, 8/15/22			32		31,200
5.00%, 3/15/23			75		73,500
Regency Energy Partners LP/Regency Energy Finance Corp., 4.50%, 11/01/23			4,351		4,121,006
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/23 (b)			607		603,965
Rockies Express Pipeline LLC, 6.88%, 4/15/40 (b)			580		600,300
RSP Permian, Inc., 6.63%, 10/01/22 (b)			789		794,917
Ruby Pipeline LLC, 6.00%, 4/01/22 (b)			10,000		11,025,310
Sabine Pass Liquefaction LLC:
5.63%, 4/15/23			7,393		7,319,070
5.75%, 5/15/24			2,869		2,852,862
Sabine Pass LNG LP, 7.50%, 11/30/16			5,965		6,203,600
Sanchez Energy Corp., Series WI, 6.13%, 1/15/23			1,141		924,210
SandRidge Energy, Inc.:
8.75%, 1/15/20			114		37,763
7.50%, 2/15/23			1,291		393,755
Seventy Seven Energy, Inc., 6.50%, 7/15/22			469		248,570
SM Energy Co., 6.50%, 1/01/23			322		322,805
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21			1,614		1,686,630
Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (b)	USD		1,519	$	1,587,355
Transcanada Trust, 5.63%, 5/20/75 (a)			3,495		3,495,000
Western Gas Partners LP, 5.38%, 6/01/21			5,125		5,518,979
Whiting Petroleum Corp.:
5.00%, 3/15/19			1,672		1,605,120
5.75%, 3/15/21			1,171		1,141,725
The Williams Cos., Inc.:
3.70%, 1/15/23			5,000		4,512,690
4.55%, 6/24/24			830		785,575
8.75%, 3/15/32			2,478		2,935,032
5.75%, 6/24/44			685		599,948
WPX Energy, Inc., 5.25%, 9/15/24			856		734,020

					234,478,795
Paper & Forest Products — 2.0%
Clearwater Paper Corp., 4.50%, 2/01/23			532		509,390
International Paper Co. (e):
7.50%, 8/15/21			9,675		11,778,035
8.70%, 6/15/38			4,000		5,541,784
7.30%, 11/15/39			10,000		12,240,520
Louisiana-Pacific Corp., 7.50%, 6/01/20			2,130		2,257,800

					32,327,529
Pharmaceuticals — 3.9%
AbbVie, Inc. (e):
2.90%, 11/06/22			5,675		5,506,072
4.70%, 5/14/45			3,255		3,176,320
Actavis Funding SCS:
3.45%, 3/15/22			4,610		4,534,806
3.85%, 6/15/24			6,000		5,880,192
3.80%, 3/15/25			1,650		1,608,527
4.75%, 3/15/45			1,450		1,367,176
Endo Finance LLC/Endo Finco, Inc. (b):
7.25%, 12/15/20			241		253,050
7.75%, 1/15/22			499		531,435
6.00%, 7/15/23			1,514		1,574,560
6.00%, 2/01/25			1,601		1,649,030
Forest Laboratories, Inc. (b):
4.38%, 2/01/19			2,924		3,092,765
5.00%, 12/15/21			1,631		1,767,226
Grifols Worldwide Operations, Ltd., 5.25%, 4/01/22			1,613		1,629,130
Mallinckrodt International Finance SA, 5.75%, 8/01/22 (b)			2,130		2,220,525



10	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Pharmaceuticals (concluded)
Merck & Co., Inc., 6.50%, 12/01/33 (e)	USD		6,420	$	8,540,160
Valeant Pharmaceuticals International (b):
6.75%, 8/15/18			6,955		7,307,097
5.38%, 3/15/20			1,391		1,429,253
6.38%, 10/15/20			2,355		2,481,581
5.63%, 12/01/21			1,615		1,657,394
5.50%, 3/01/23			979		1,001,028
5.88%, 5/15/23			3,205		3,332,879
6.13%, 4/15/25			1,622		1,694,990

					62,235,196
Professional Services — 0.5%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)			1,755		1,816,425
The Dun & Bradstreet Corp., 3.25%, 12/01/17			5,750		5,861,625

					7,678,050
Real Estate Investment Trusts (REITs) — 2.7%
AvalonBay Communities, Inc., 6.10%, 3/15/20 (e)			10,000		11,517,440
DDR Corp.:
4.75%, 4/15/18			2,140		2,273,224
7.88%, 9/01/20			2,650		3,230,369
ERP Operating LP, 5.75%, 6/15/17 (e)			10,000		10,787,770
Felcor Lodging LP, 5.63%, 3/01/23			999		1,025,174
HCP, Inc., 5.38%, 2/01/21 (e)			3,450		3,802,966
Host Hotels & Resorts LP, Series D, 3.75%, 10/15/23 (e)			3,600		3,549,092
iStar Financial, Inc.:
4.00%, 11/01/17			825		810,562
5.00%, 7/01/19			580		569,160
UDR, Inc., 4.25%, 6/01/18 (e)			5,225		5,533,285

					43,099,042
Real Estate Management & Development — 0.8%
Lennar Corp., 4.75%, 11/15/22			1,805		1,809,513
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(e)			4,485		4,044,362
Realogy Corp., 7.63%, 1/15/20 (b)(e)			5,090		5,376,312
Realogy Group LLC / Realogy Co-Issuer Corp. (b):
4.50%, 4/15/19			803		809,023
Corporate Bonds		Par (000)		Value
Real Estate Management & Development (concluded)
Realogy Group LLC / Realogy Co-Issuer Corp. (b) (concluded):
5.25%, 12/01/21 (e)	USD		344	$	352,600

					12,391,810
Road & Rail — 1.1%
The Hertz Corp.:
4.25%, 4/01/18			983		1,000,202
6.75%, 4/15/19			1,167		1,204,566
5.88%, 10/15/20			925		941,188
7.38%, 1/15/21			310		323,175
Norfolk Southern Corp., 6.00%, 3/15/05 (e)			12,700		14,633,816

					18,102,947
Semiconductors & Semiconductor Equipment — 0.5%
Micron Technology, Inc. (b):
5.25%, 1/15/24			1,190		1,142,400
5.50%, 2/01/25			3,590		3,477,812
NXP BV/NXP Funding LLC (b):
4.13%, 6/15/20			1,154		1,158,328
5.75%, 2/15/21			1,655		1,726,364
4.63%, 6/15/22			490		485,100

					7,990,004
Software — 0.5%
Infor US, Inc., 6.50%, 5/15/22 (b)			2,425		2,479,562
Italics Merger Sub, Inc., 7.13%, 7/15/23 (b)			557		547,253
Nuance Communications, Inc., 5.38%, 8/15/20 (b)			4,435		4,501,525

					7,528,340
Specialty Retail — 1.2%
AutoNation, Inc., 6.75%, 4/15/18			6,125		6,805,359
L Brands, Inc., 7.00%, 5/01/20			3,050		3,477,000
Penske Automotive Group, Inc., 5.38%, 12/01/24			2,750		2,770,625
VF Corp., 5.95%, 11/01/17 (e)			5,000		5,507,775

					18,560,759
Textiles Apparel & Shoes — 0.1%
Springs Industries, Inc., 6.25%, 6/01/21			1,674		1,665,630
Textiles, Apparel & Luxury Goods — 0.1%
Levi Strauss & Co., 5.00%, 5/01/25			699		674,535



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	11

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Textiles, Apparel & Luxury Goods (concluded)
The William Carter Co., 5.25%, 8/15/21	USD		1,406	$	1,458,725

					2,133,260
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc., 5.25%, 6/15/20			1,475		1,486,063
Tobacco — 2.2%
Altria Group, Inc., 10.20%, 2/06/39 (e)			13,392		22,416,079
Reynolds American, Inc.:
3.50%, 8/04/16 (b)			8,375		8,544,895
3.25%, 11/01/22			970		942,498
4.85%, 9/15/23			1,120		1,189,862
5.85%, 8/15/45			2,335		2,510,737

					35,604,071
Transportation Infrastructure — 1.0%
CEVA Group PLC (b):
4.00%, 5/01/18			3,310		2,945,900
7.00%, 3/01/21			1,067		1,013,650
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 7/11/22 (b)			10,500		11,109,451

					15,069,001
Wireless Telecommunication Services — 5.5%
America Movil SAB de CV (e):
2.38%, 9/08/16			12,495		12,656,185
3.13%, 7/16/22			1,275		1,264,673
American Tower Corp.:
4.50%, 1/15/18			6,500		6,840,145
5.05%, 9/01/20			500		543,298
5.90%, 11/01/21 (e)			3,770		4,257,849
4.00%, 6/01/25			4,225		4,140,082
Crown Castle International Corp., 5.25%, 1/15/23			1,380		1,445,550
Crown Castle Towers LLC (b):
5.50%, 1/15/17			4,000		4,117,144
4.17%, 8/15/17			3,000		3,107,931
6.11%, 1/15/20			4,555		5,077,663
Digicel Group Ltd., 7.13%, 4/01/22 (b)			370		339,475
Digicel Ltd., 6.00%, 4/15/21 (b)			1,285		1,211,113
SBA Communications Corp., 4.88%, 7/15/22			1,445		1,423,325
SBA Tower Trust, 5.10%, 4/17/17 (b)			13,975		14,443,777
Sprint Communications, Inc. (b):
9.00%, 11/15/18			5,290		5,924,800
7.00%, 3/01/20			9,302		9,906,630
Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (concluded)
Sprint Corp.:
7.88%, 9/15/23	USD		2,715	$	2,603,006
7.13%, 6/15/24			1,755		1,605,825
T-Mobile USA, Inc.:
6.63%, 4/28/21			2,680		2,837,316
6.73%, 4/28/22			2,495		2,644,700
6.84%, 4/28/23			645		690,150

					87,080,637
Total Corporate Bonds — 108.3%					1,721,004,467



Foreign Agency Obligations
Brazilian Government International Bond, 5.00%, 1/27/45			5,000		4,182,500
Indonesia Government International Bond, 5.88%, 1/15/24 (b)			4,400		4,906,000
Mexico Government International Bond, 4.75%, 3/08/44			2,300		2,231,000
Total Foreign Agency Obligations — 0.7%					11,319,500



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		5,518,550
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,891,000
Total Municipal Bonds — 1.2%					18,409,550



U.S. Government Sponsored Agency Securities
Agency Obligations — 0.2%
Fannie Mae, 0.00%, 10/09/19 (e)(j)			3,945		3,625,100



U.S. Treasury Obligations
U.S. Treasury Bonds:
2.50%, 2/15/45 (e)			14,345		13,078,609
3.00%, 5/15/45			17,370		17,611,547
U.S. Treasury Note, 1.25%, 1/31/20 (e)			1,180		1,169,307



12	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
Total U.S. Treasury Obligations — 2.0%			$	31,859,463



Preferred Securities

Capital Trusts
Banks — 3.6%
BNP Paribas SA, 7.20% (a)(b)(e)(f)		5,000		5,893,750
Capital One Financial Corp., Series E, 5.55% (a)(f)		10,000		10,012,000
Credit Agricole SA, 8.38% (a)(b)(f)		5,000		5,725,000
Credit Suisse Group AG, 7.50% (a)(b)(f)		3,250		3,461,250
HSBC Capital Funding LP, 10.18% (a)(b)(f)		11,835		17,782,087
HSBC Holdings PLC, 6.38% (a)(f)		4,695		4,716,128
Nordea Bank AB, 6.13% (a)(b)(f)		5,540		5,512,300
Wells Fargo & Co. (a)(f):
Series S, 5.90%		1,090		1,096,213
Series U, 5.88%		2,655		2,718,056

				56,916,784
Capital Markets — 1.6%
Ameriprise Financial, Inc., 7.52%, 6/01/66 (a)		3,000		2,962,500
The Goldman Sachs Group, Inc., Series L, 5.70% (a)(f)		2,950		2,978,556
Morgan Stanley, Series H, 5.45% (a)(f)		2,200		2,186,800
State Street Capital Trust IV, 1.29%, 6/15/37 (a)		17,845		15,547,456
State Street Corp., Series F, 5.25% (a)(f)		1,855		1,873,921

				25,549,233
Consumer Finance — 0.3%
American Express Co., Series C, 4.90% (a)(f)		4,510		4,413,035
Diversified Financial Services — 4.8%
Bank of America Corp. (a)(f):
Series AA, 6.10%		5,640		5,614,620
Series K, 8.00%		2,420		2,560,360
Series M, 8.13%		950		1,015,313
Series U, 5.20%		5,785		5,450,916
Barclays PLC, 6.63% (a)(f)		4,885		4,839,335
Citigroup, Inc. (a)(f):
5.90%		2,210		2,196,961
5.95%		7,000		6,825,000
General Electric Capital Corp. (a)(f):
Series B, 6.25% (e)		9,100		9,880,780
Series C, 5.25%		1,200		1,230,000
Capital Trusts	Par (000)		Value
Diversified Financial Services (concluded)
JPMorgan Chase & Co. (a)(f):
Series 1, 7.90%		3,650	$	3,850,750
Series Q, 5.15%		4,000		3,789,200
Series R, 6.00% (e)		14,130		13,988,700
Series S, 6.75%		7,775		8,236,641
Morgan Stanley, Series J, 5.55% (a)(f)		6,530		6,497,350

				75,975,926
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 6.70%, 3/30/67 (a)		8,300		7,266,650
Insurance — 7.4%
ACE Capital Trust II, 9.70%, 4/01/30 (e)		7,000		10,258,500
The Allstate Corp., 6.50%, 5/15/57 (a)		10,400		11,674,000
American International Group, Inc., 8.18%, 5/15/58 (a)		3,755		5,031,700
AXA SA (a)(b)(f):
6.38%		4,900		5,206,250
6.46%		6,000		6,210,000
Bank One Capital III, 8.75%, 9/01/30 (e)		2,000		2,861,742
The Chubb Corp., 6.38%, 3/29/67 (a)(e)		7,400		7,649,750
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 4/01/27		5,000		5,919,360
Farmers Exchange Capital II, 6.15%, 11/01/53 (a)(b)		4,890		5,306,388
Great-West Life & Annuity Insurance Capital LP II, 7.15%, 5/16/46 (a)(b)(e)		500		510,000
Hartford Financial Services Group, Inc., 8.13%, 6/15/38 (a)		5,050		5,693,875
ING US, Inc., 5.65%, 5/15/53 (a)		4,750		4,852,600
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (a)(b)		8,325		12,654,000
MetLife, Inc., 6.40%, 12/15/36 (e)		9,775		10,845,910
Reinsurance Group of America, Inc., 6.75%, 12/15/65 (a)		12,000		11,100,000
Swiss Re Capital I LP, 6.85% (a)(b)(f)		4,450		4,565,700



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	13

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Capital Trusts	Par (000)		Value
Insurance (concluded)
ZFS Finance USA Trust II, 6.45%, 12/15/65 (a)(b)(e)		6,800	$	6,953,340

				117,293,115
Multi-Utilities — 0.2%
Dominion Resources, Inc., 7.50%, 6/30/66 (a)		4,400		3,966,600
Oil, Gas & Consumable Fuels — 1.3%
Enterprise Products Operating LLC (a):
7.00%, 6/01/67		2,500		2,450,000
Series A, 8.38%, 8/01/66		9,325		9,511,500
TransCanada PipeLines Ltd., 6.35%, 5/15/67 (a)		9,400		8,730,250

				20,691,750
Real Estate Investment Trusts (REITs) — 0.6%
Sovereign Real Estate Investment Trust, 12.00% (b)(f)		7		9,240,000
Road & Rail — 0.4%
BNSF Funding Trust I, 6.61%, 12/15/55 (a)		6,125		6,921,250
Total Capital Trusts — 20.7%				328,234,343



Preferred Stocks	Shares
Banks — 0.9%
Wells Fargo & Co., 5.85% (a)(f)		550,500		14,175,375
Capital Markets — 0.7%
The Goldman Sachs Group, Inc., Series J, 5.50% (a)(f)		162,450		4,035,258
SCE Trust III, 5.75% (a)(f)		31,650		882,719
State Street Corp., Series D, 5.90% (a)(f)		220,495		5,726,255

				10,644,232
Consumer Finance — 0.0%
Ally Financial, Inc., Series A, 8.50% (a)(f)		10,220		266,026
Diversified Financial Services — 0.8%
Citigroup, Inc., Series K, 6.88% (a)(f)		488,320		13,389,734
Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%		90,000		2,260,800
Preferred Stocks	Shares		Value
Insurance — 0.2%
The Allstate Corp., Series E, 6.63% (f)		125,000	$	3,320,000
Machinery — 0.1%
Stanley Black & Decker, Inc., 6.25% (k)		11,107		1,325,954
Media — 0.4%
NBCUniversal Enterprise, Inc., 5.25% (b)(f)		5,600		5,957,000
Real Estate Investment Trusts (REITs) — 0.2%
Ventas Realty LP/Ventas Capital Corp., 5.45%		75,000		1,898,250
Vornado Realty Trust, Series K, 5.70% (f)		50,000		1,238,500

				3,136,750
Wireless Telecommunication Services — 1.2%
Centaur Funding Corp., 9.08% (b)		15,143		18,744,195
Total Preferred Stocks — 4.6%				73,220,066



Trust Preferred
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 8.13% (a)		300,141		7,740,605
Total Preferred Securities — 0.5%				409,195,014
Total Long-Term Investments (Cost — $2,195,127,503) — 144.1%				2,288,993,348



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.08% (l)(m)		6,518,389		6,518,389
Total Short-Term Securities (Cost — $6,518,389) — 0.4%				6,518,389
Options Purchased (Cost — $4,049,235) — 0.1%				1,400,497
Total Investments Before Options Written (Cost — $2,205,695,127) — 144.6%				2,296,912,234
Options Written (Premiums Received — $1,061,185) — (0.0)%				(21,225	)



14	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


	Value
Total Investments, Net of Options Written (Cost — $2,204,633,942*) — 144.6%	$	2,296,891,009
Liabilities in Excess of Other Assets — (44.6)%		(708,642,579	)

Net Assets — 100.0%	$	1,588,248,430

As of July 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,205,637,273

Gross unrealized appreciation	$	126,015,641
Gross unrealized depreciation	$	(34,740,680	)

Net unrealized appreciation	$	91,274,961

Notes to Schedule of Investments

(a)

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

(b)

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

(c)

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


Counterparty	Value		Unrealized (Depreciation)
Mitsubishi UFJ Securities	$	1,986,400	$	(7,000	)

(d)

Represents a 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.

(e)

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

(f)

Security is perpetual in nature and has no stated maturity date.

(g)

Non-income producing security.

(h)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(i)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(j)

Zero-coupon bond.

(k)

Convertible security.

(l)

During the period ended July 31, 2015, 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 October 31, 2014		Net Activity		Shares Held at July 31, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		4,283,291		2,235,098		6,518,389	$	4,758

(m)

Represents the current yield as of report date.

Portfolio Abbreviations


ADS		American Depositary Shares
ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
CR		Custodian Receipt
FKA		Formerly Known As
LIBOR		London Interbank Offered Rate
OTC		Over-the-Counter



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	15


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


RB		Revenue Bonds
USD		U.S. Dollar
VA		Department of Veterans Affairs
EUR		Euro
USD		U.S. Dollar

•

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry subclassifications for reporting ease.

•

As of July 31, 2015, reverse repurchase agreements outstanding were as follows:


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
UBS Securities LLC		0.32	%	2/5/14	Open	$	956,709	$	961,345
UBS Securities LLC		0.33	%	2/10/14	Open		6,197,000		6,227,448
Barclays Capital, Inc.		0.35	%	2/28/14	Open		7,944,000		7,984,084
UBS Securities LLC		0.30	%	5/8/14	Open		9,646,000		9,682,172
UBS Securities LLC		(0.50	)%	5/13/14	Open		2,016,000		2,003,568
UBS Securities LLC		0.32	%	5/13/14	Open		8,649,000		8,683,135
UBS Securities LLC		0.32	%	5/13/14	Open		2,182,000		2,190,612
UBS Securities LLC		0.32	%	5/13/14	Open		7,149,000		7,177,215
UBS Securities LLC		0.34	%	5/13/14	Open		1,256,000		1,261,267
UBS Securities LLC		0.34	%	5/13/14	Open		10,604,000		10,648,466
UBS Securities LLC		0.34	%	5/13/14	Open		683,000		685,864
UBS Securities LLC		0.34	%	5/13/14	Open		5,229,000		5,250,927
UBS Securities LLC		0.34	%	5/13/14	Open		4,668,000		4,687,574
UBS Securities LLC		0.35	%	5/13/14	Open		10,880,000		10,926,965
UBS Securities LLC		0.35	%	5/13/14	Open		6,046,000		6,072,099
UBS Securities LLC		0.35	%	5/13/14	Open		1,115,000		1,119,813
UBS Securities LLC		0.35	%	5/13/14	Open		6,061,000		6,087,163
UBS Securities LLC		0.35	%	5/13/14	Open		5,546,000		5,569,940
UBS Securities LLC		0.35	%	5/13/14	Open		3,255,000		3,269,051
UBS Securities LLC		0.35	%	5/13/14	Open		23,285,000		23,385,514
UBS Securities LLC		0.35	%	5/13/14	Open		11,160,000		11,208,174
Barclays Capital, Inc.		0.35	%	5/14/14	Open		6,234,000		6,268,521
Barclays Capital, Inc.		0.35	%	5/14/14	Open		1,213,000		1,221,657
Barclays Capital, Inc.		0.35	%	5/14/14	Open		2,791,000		2,811,607
Barclays Capital, Inc.		0.35	%	5/14/14	Open		11,233,000		11,314,555
Barclays Capital, Inc.		0.40	%	7/1/14	Open		10,010,000		10,053,585
Barclays Capital, Inc.		0.40	%	10/7/14	Open		13,545,000		13,589,849
Barclays Capital, Inc.		0.35	%	10/29/14	Open		734,000		765,250
Barclays Capital, Inc.		0.35	%	10/29/14	Open		9,152,000		9,183,830
Barclays Capital, Inc.		0.35	%	10/29/14	Open		2,514,000		2,546,411
Barclays Capital, Inc.		0.35	%	10/29/14	Open		4,668,000		4,700,992
Barclays Capital, Inc.		0.35	%	10/29/14	Open		4,956,000		4,989,573
Barclays Capital, Inc.		0.35	%	10/29/14	Open		4,995,000		5,029,153
Barclays Capital, Inc.		0.35	%	10/29/14	Open		5,182,000		5,216,734
Credit Suisse Securities (USA) LLC		0.40	%	12/19/14	Open		528,000		529,423
Credit Suisse Securities (USA) LLC		0.40	%	12/19/14	Open		556,000		557,475
Credit Suisse Securities (USA) LLC		0.40	%	12/19/14	Open		474,000		475,257
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		4,189,000		4,201,916
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		3,368,000		3,378,385
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		3,197,000		3,206,857
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		4,926,000		4,941,189
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		2,287,000		2,294,052



16	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015


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

As of July 31, 2015, reverse repurchase agreements outstanding were as follows (continued):


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open	$	3,627,000	$	3,638,183
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		2,740,000		2,748,448
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		2,028,000		2,034,253
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		873,000		875,692
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		3,411,000		3,421,517
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		6,940,000		6,961,398
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		7,344,000		7,366,644
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		1,223,000		1,226,771
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		4,083,000		4,095,589
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		6,627,000		6,647,433
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		3,954,000		3,966,192
Credit Suisse Securities (USA) LLC		0.50	%	12/19/14	Open		1,203,000		1,206,709
UBS Securities LLC		0.40	%	12/19/14	Open		9,435,000		9,458,587
RBC Capital Markets, LLC		0.39	%	2/27/15	Open		3,990,000		3,996,700
RBC Capital Markets, LLC		0.39	%	3/2/15	Open		6,045,000		6,054,954
Deutsche Bank Securities, Inc.		0.19	%	3/5/15	Open		3,570,225		3,573,014
HSBC Securities (USA) Inc.		0.38	%	3/12/15	Open		8,240,466		8,252,818
RBC Capital Markets, LLC		0.39	%	3/30/15	Open		15,120,000		15,140,311
RBC Capital Markets, LLC		0.39	%	3/30/15	Open		4,439,000		4,444,963
RBC Capital Markets, LLC		0.34	%	4/1/15	Open		4,014,075		4,018,662
RBC Capital Markets, LLC		0.39	%	4/2/15	Open		3,483,000		3,487,566
BNP Paribas Securities Corp.		0.39	%	4/6/15	Open		5,675,000		5,682,132
Credit Suisse Securities (USA) LLC		0.40	%	4/7/15	Open		5,499,000		5,506,088
Credit Suisse Securities (USA) LLC		0.45	%	4/27/15	Open		5,322,969		5,329,356
BNP Paribas Securities Corp.		0.42	%	4/29/15	Open		3,345,000		3,348,668
BNP Paribas Securities Corp.		0.40	%	4/30/15	Open		2,894,325		2,897,316
BNP Paribas Securities Corp.		0.41	%	5/7/15	Open		3,443,000		3,446,372
BNP Paribas Securities Corp.		0.42	%	5/14/15	Open		12,214,000		12,225,257
BNP Paribas Securities Corp.		0.42	%	5/14/15	Open		3,125,000		3,127,880
Credit Suisse Securities (USA) LLC		0.50	%	5/27/15	Open		3,484,500		3,487,694
Deutsche Bank Securities, Inc.		0.14	%	5/28/15	Open		1,172,625		1,172,921
HSBC Securities (USA) Inc.		0.40	%	6/1/15	Open		11,850,000		11,858,032
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		4,202,000		4,204,322
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		5,313,000		5,315,935
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		14,483,000		14,491,002
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		7,799,000		7,803,309
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		9,261,000		9,266,117
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		4,656,000		4,658,572
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		5,665,000		5,668,130
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		2,955,000		2,956,633
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		5,230,000		5,232,890
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		4,799,000		4,801,651
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		10,541,000		10,546,824
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		3,234,000		3,235,787
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		4,786,000		4,788,644
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		2,027,000		2,028,120
BNP Paribas Securities Corp.		0.39	%	6/10/15	Open		4,825,000		4,827,666
BNP Paribas Securities Corp.		0.45	%	6/10/15	Open		7,177,000		7,181,575
BNP Paribas Securities Corp.		0.45	%	6/10/15	Open		9,401,000		9,406,993
RBC Capital Markets, LLC		0.39	%	6/10/15	Open		176,919,000		177,016,748



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	17


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

As of July 31, 2015, reverse repurchase agreements outstanding were as follows (concluded):


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
RBC Capital Markets, LLC		0.39	%	6/12/15	Open	$	2,706,875	$	2,708,341
RBC Capital Markets, LLC		(1.00	)%	6/16/15	Open		333,680		333,254
RBC Capital Markets, LLC		0.39	%	6/25/15	Open		3,413,250		3,414,618
RBC Capital Markets, LLC		0.39	%	6/25/15	Open		3,567,375		3,568,805
Credit Suisse Securities (USA) LLC		0.12	%	7/14/15	Open		28,834,019		28,835,749
BNP Paribas Securities Corp.		0.45	%	7/20/15	8/14/15		30,581,000		30,585,205
Total						$	744,404,093	$	745,933,677

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

•

As of July 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long/(Short)		Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	116	2-Year U.S. Treasury Note	Chicago Board of Trade	September 2015		USD	25,411,250	$	66,894
	1,128	5-Year U.S. Treasury Note	Chicago Board of Trade	September 2015		USD	135,183,750		429,758
	58	10-Year U.S. Treasury Note	Chicago Board of Trade	September 2015		USD	7,391,375		87,636
	(382)	Long U.S. Treasury Bond	Chicago Board of Trade	September 2015		USD	59,568,125		(2,521,214	)
	513	Ultra Long U.S. Treasury Bond	Chicago Board of Trade	September 2015		USD	81,839,531		1,488,655
	(1,000)	90-Day Euro-Dollar	Chicago Mercantile	March 2016		USD	248,262,500		(913,045	)
	(840)	90 Day Euro Future	Chicago Mercantile	December 2016		USD	207,291,000		(841,142	)
	(900)	90 Day Euro Future	Chicago Mercantile	March 2017		USD	221,726,250		(856,224	)
	Total							$	(3,058,682	)

•

As of July 31, 2015, exchange-traded options purchased were as follows:

Description

Put/
Call

Strike
Price

Expiration
Date

Contracts

Value

90-Day Euro-Dollar

Put

USD

98.00

12/14/15

1,698

10,612

90-Day Euro-Dollar

Put

USD

99.00

12/14/15

1,698

10,613

Total

21,225



18	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015


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

•

As of July 31, 2015, OTC interest rate swaptions purchased were as follows:

Description

Counterparty

Put/

Call

Exercise

Rate

Pay/Receive

Exercise Rate

Floating Rate

Index

Expiration

Date

Notional

Amount
(000)

Value

30-Year Interest Rate Swap

Deutsche Bank AG

Put

3.35

Pay

3-month LIBOR

6/09/16

63,150

1,379,272

•

As of July 31, 2015 exchange-traded options written were as follows:

Description

Put/
Call

Strike
Price

Expiration
Date

Contracts

Value

90-Day Euro-Dollar

Put

98.50

12/14/15

3,396

(21,225

)

•

As of July 31, 2015, centrally cleared interest rate swaps outstanding were as follows:


Fixed Rate	Floating Rate	Clearinghouse	Effective Date			Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
1.65%¹	3-month LIBOR	Citibank N.A.		10/5/15	²	11/30/19	USD	39,200	$	(86,703	)
2.21%¹	3-month LIBOR	London Clearing House		—		10/18/20	USD	65,000		(1,592,892	)
2.79%¹	3-month LIBOR	Chicago Mercantile		—		10/11/23	USD	68,000		(3,413,053	)
2.79%¹	3-month LIBOR	Chicago Mercantile		—		11/18/23	USD	10,600		(528,815	)
3.03%¹	3-month LIBOR	Chicago Mercantile		—		1/08/24	USD	10,900		(747,566	)
2.38%¹	3-month LIBOR	Citibank N.A.		—		5/14/25	USD	12,500		(113,846	)
3.05%¹	3-month LIBOR	Chicago Mercantile		—		2/15/40	USD	8,769		(613,588	)
3.05%¹	3-month LIBOR	Chicago Mercantile		—		2/15/40	USD	8,769		(609,299	)
3.06%¹	3-month LIBOR	Chicago Mercantile		—		2/15/40	USD	4,769		(346,569	)
3.03%¹	3-month LIBOR	Chicago Mercantile		—		2/15/40	USD	8,769		(591,016	)
Total									$	(8,643,347	)

¹ Trust pays the fixed rate and receives the floating rate.
² Forward swap.



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	19


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

•

As of July 31, 2015, OTC credit default swaps — buy protection outstanding were as follows:


Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized Depreciation
Southwest Airlines Co.		1.00	%	Goldman Sachs Bank USA	12/20/16	USD	2,535	$	(30,329	)	$	(33,473	)	$	(63,802	)
Southwest Airlines Co.		1.00	%	Goldman Sachs International	12/20/16	USD	1,465		(17,527	)		(19,345	)		(36,872	)
Southwest Airlines Co.		1.00	%	Royal Bank of Scotland PLC	12/20/16	USD	4,000		(47,928	)		(57,438	)		(105,366	)
STMicro Electronics		1.00	%	Barclays Bank PLC	6/20/17	EUR	1,500		(20,058	)		(23,930	)		(43,988	)
Lockheed Martin Corp.		1.00	%	Credit Suisse International	9/20/17	USD	5,585		(110,940	)		20,649			(90,291	)
General Dynamic Corp.		1.00	%	Credit Suisse International	9/20/17	USD	5,585		(111,498	)		59,344			(52,154	)
Northrop Grumman Corp.		1.00	%	Credit Suisse International	9/20/17	USD	4,715		(93,459	)		46,091			(47,368	)
Raytheon Co.		1.00	%	Credit Suisse International	9/20/17	USD	4,715		(93,884	)		49,096			(44,788	)
Humana, Inc.		1.00	%	Goldman Sachs Bank USA	9/20/17	USD	4,500		(85,339	)		(31,698	)		(117,037	)
Humana, Inc.		1.00	%	Goldman Sachs International	9/20/17	USD	2,800		(53,100	)		(19,723	)		(72,823	)
Cigna Corp.		1.00	%	Goldman Sachs Bank USA	9/20/17	USD	4,500		(87,436	)		4,606			(82,830	)
Cigna Corp.		1.00	%	Goldman Sachs International	9/20/17	USD	2,800		(54,404	)		2,865			(51,539	)
Citigroup, Inc.		1.00	%	Deutsche Bank AG	3/20/19	USD	16,700		(240,384	)		51,834			(188,550	)
YUM! Brands, Inc.		1.00	%	Deutsche Bank AG	3/20/19	USD	20,000		(314,185	)		271,825			(42,360	)
Total								$	(1,360,471	)	$	320,703		$	(1,039,768	)

•

As of July 31, 2015, OTC credit default swaps — sold protection outstanding were as follows:


Issuer	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹	Notional Amount (000)²		Value		Premiums Paid (Received)			Unrealized Appreciation
Anadarko Petroleum Corp.		1.00	%	Credit Suisse International	6/20/17	BBB	USD	2,425	$	25,346	$	45,774		$	71,120
Anadarko Petroleum Corp.		1.00	%	Morgan Stanley Capital Services LLC	6/20/17	BBB	USD	10		104		209			313
Anadarko Petroleum Corp.		1.00	%	UBS AG	6/20/17	BBB	USD	994		10,389		20,409			30,798
Comcast Corp.		1.00	%	Credit Suisse International	9/20/17	A-	USD	12,200		238,762		(22,480	)		216,282
United Health Group, Inc.		1.00	%	Goldman Sachs Bank USA	9/20/17	A+	USD	4,500		84,931		4,587			89,518
United Health Group, Inc.		1.00	%	Goldman Sachs International	9/20/17	A-	USD	2,800		52,846		2,854			55,700
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%	Goldman Sachs Bank USA	9/20/17	A-	USD	4,500		76,667		18,229			94,896



20	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015


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

•

As of July 31, 2015, OTC credit default swaps — sold protection outstanding were as follows (concluded):


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹	Notional Amount (000)²		Value		Premiums Paid (Received)			Unrealized Appreciation
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%	Goldman Sachs International	9/20/17	A-	USD	2,800		47,704		11,342			59,046
MetLife, Inc.		1.00	%	Deutsche Bank AG	3/20/18	A-	USD	3,025		51,220		64,682			115,902
Bank of America Corp.		1.00	%	Deutsche Bank AG	3/20/19	A-	USD	16,700		291,257		(92,420	)		198,837
Valero Energy Corp.		1.00	%	Barclays Bank PLC	9/20/19	BBB	USD	153		1,951		(555	)		1,396
Valero Energy Corp.		1.00	%	Citibank N.A.	9/20/19	BBB	USD	24		305		(169	)		136
Total									$	881,482	$	52,462		$	933,944

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

Fair Value Hierarchy

•

Fair Value Hierarchy — 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.

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.



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	21


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

As of July 31, 2015, 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		—		$	81,939,544		$	11,640,710	$	93,580,254
Corporate Bonds		—			1,715,956,967			5,047,500		1,721,004,467
Foreign Agency Obligations		—			11,319,500			—		11,319,500
Municipal Bonds		—			18,409,550			—		18,409,550
U.S. Government Sponsored Agency Securities		—			35,484,563			—		35,484,563
Preferred Securities	$	56,259,476			352,935,538			—		409,195,014
Short-Term Securities		6,518,389			—			—		6,518,389
Options Purchased		21,225			1,379,272			—		1,400,497
Total	$	62,799,090		$	2,217,424,934		$	16,688,210	$	2,296,912,234


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts				$	933,944				$	933,944
Interest rate contracts	$	2,072,943						—		2,072,943
Liabilities:
Credit contracts		—			(1,039,768	)		—		(1,039,768	)
Interest rate contracts		(5,152,850	)		(8,643,347	)		—		(13,796,197	)
Total	$	(3,079,907	)		(8,749,171	)		—	$	(11,829,078	)

Derivative financial instruments are swaps, financial futures contracts and options written. Swaps and financial futures 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 for financial reporting purposes. As of July 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:



22	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015


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


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	275,320		—		—	$	275,320
Cash pledged for centrally cleared swaps		7,468,650		—		—		7,468,650
Cash pledged as collateral for reverse repurchase agreements		3,024,000		—		—		3,024,000
Cash pledged for financial futures contracts		1,890,120		—		—		1,890,120
Foreign currency at value		13,036		—		—		13,036
Liabilities:
Reverse repurchase agreements		—	$	(745,933,677	)	—		(745,933,677	)
Cash received as collateral for OTC derivatives		—		(1,690,000	)	—		(1,690,000	)

Total	$	12,671,126	$	(747,623,677	)	—	$	(734,952,551	)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Asset-Backed Securities			Corporate Bonds			Total
Assets:
Opening Balance, as of October 31, 2014	$	5,930,350		$	21,431,574		$	27,361,924
Transfers into Level 3¹		3,359,388			—			3,359,388
Transfers out of Level 3²		(3,806,175	)		(4,477,824	)		(8,283,999	)
Accrued discounts/premiums		8,896			—			8,896
Net realized gain (loss)		2,575.85			(230,000	)		(227,424	)
Net change in unrealized appreciation/depreciation³		184,775			(406,250	)		(221,475	)
Purchases		7,154,650			—			7,154,650
Sales		(1,193,750	)		(11,270,000	)		(12,463,750	)

Closing Balance, as of July 31, 2015	$	11,640,710		$	5,047,500		$	16,688,210

Net change in unrealized appreciation/depreciation on investments still held at July 31, 2015³	$	184,775		$	(406,250	)	$	(221,475	)

As of October 31, 2014, the Trust used observable inputs in determining the value of certain investments. As of July 31, 2015, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning balance of $3,359,388 transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of October 31, 2014, the Trust used significant unobservable inputs in determining the value of certain investments. As of July 31, 2015, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,806,175 transferred from Level 3 to Level 2 in the disclosure hierarchy.

Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at July 31, 2015 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.



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2015	23


Item 2	–	Controls and Procedures

2(a) –		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3	–	Exhibits

		Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Credit Allocation Income Trust


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

Date: September 22, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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


Date: September 22, 2015

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

Date: September 22, 2015