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: 10/31/2016

Date of reporting period: 07/31/2016

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2016 (Unaudited)

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Common Stocks		Shares		Value
Oil, Gas & Consumable Fuels — 0.0%
Denbury Resources, Inc.			12,160	$	34,285
Whiting Petroleum Corp. (a)			710		5,233

					39,518
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I LLC, (Acquired 12/28/15, cost $45,445) (b)			2,951		2,951
Total Common Stocks — 0.0%					42,469



Asset-Backed Securities (c)		Par (000)
Asset-Backed Securities — 5.9%
ACAS CLO Ltd., Series 2014-1A, Class C, 3.53%, 7/18/26 (d)	USD		750		739,591
ALM Loan Funding (d):
Series 2012-5A, Class BR, 3.63%, 10/18/27			1,000		998,718
Series 2013-7R2A, Class B, 3.24%, 4/24/24			3,000		2,978,657
ALM XII Ltd., Series 2015-12A, Class B, 3.88%, 4/16/27 (d)			1,000		1,011,599
ALM XIV Ltd., Series 2014-14A, Class C, 4.08%, 7/28/26 (d)			4,500		4,244,653
ALM XVII Ltd., Series 2015-17A, Class B1, 4.08%, 1/15/28 (d)			1,400		1,389,360
AMMC CLO Ltd., Series 2015-17A, Class C, 3.88%, 11/15/27 (d)			1,000		993,670
Apidos CDO, Series 2012-9AR, Class CR, 3.53%, 7/15/23 (d)			1,000		995,846
Apidos CLO XVIII, Series 2014-18A, Class C, 4.29%, 7/22/26 (d)			1,300		1,238,439
Ares CLO Ltd., Series 2012-2A, Class CR, 3.37%, 10/12/23 (d)			1,000		992,160
Atlas Senior Loan Fund II, Ltd., Series 2012-2A, Class D, 4.89%, 1/30/24 (d)			750		746,692
Atlas Senior Loan Fund V Ltd., Series 2014-1A (d):
Class C, 3.63%, 7/16/26			2,000		1,983,488
Class D, 4.08%, 7/16/26			2,000		1,815,373
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class D, 4.38%, 10/15/26 (d)			3,000		2,804,957
Atrium CDO Corp., Series 5A, Class A4, 1.03%, 7/20/20 (d)			9,000		8,768,712
Battalion CLO VII Ltd., Series 2014-7A, Class C, 4.53%, 10/17/26 (d)			500		439,996


Asset-Backed Securities (c)		Par (000)		Value
Asset-Backed Securities (continued)
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class B, 3.43%, 7/20/26 (d)	USD		1,250	$	1,218,750
Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class B, 3.68%, 4/18/27 (d)			1,000		985,000
BlueMountain CLO Ltd., Series 2011-1A, Class D, 4.63%, 8/16/22 (d)			2,000		1,997,410
Bowman Park CLO Ltd., Series 2014-1A, Class D2, 4.60%, 11/23/25 (d)			1,000		949,062
Carlyle Global Market Strategies CLO Ltd. (d):
Series 2012-2A, Class C1R, 3.53%, 7/20/23			1,000		996,192
Series 2014-5A, Class C, 4.83%, 10/16/25			1,000		980,255
Series 2015-1A, Class C, 3.78%, 4/20/27			500		502,867
Series 2016-1A, Class C, 5.53%, 4/20/27			1,000		1,000,800
CIFC Funding Ltd., Series 2014-3A (d):
Class C1, 3.44%, 7/22/26			1,500		1,471,408
Class D, 4.04%, 7/22/26			1,071		987,872
Dryden 34 Senior Loan Fund, Series 2014-34A, Class C, 3.48%, 10/15/26 (d)			250		246,427
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 4.14%, 10/29/26 (d)			1,000		943,316
Highbridge Loan Management Ltd. (d):
Series 4A-2014, Class B, 3.63%, 7/28/25			750		747,911
Series 6A-2015, Class C, 3.70%, 5/05/27			1,500		1,497,108
Series 8A-2016, Class D, 5.33%, 4/20/27			500		473,210
ING IM CLO Ltd., Series 2012-4A, Class C, 5.18%, 10/15/23 (d)			1,000		1,006,506
LCM XVIII LP, Series 18A, Class C1, 3.78%, 4/20/27 (d)			1,000		1,000,222
Limerock CLO III LLC, Series 2014-3A, Class C, 4.23%, 10/20/26 (d)			1,000		922,500
Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.48%, 8/15/22 (d)			2,000		1,999,898
Madison Park Funding Ltd. (d):
Series 2012-10A, Class D, 4.88%, 1/20/25			3,000		3,013,381



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	1


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


Asset-Backed Securities (c)		Par (000)		Value
Asset-Backed Securities (continued)
Madison Park Funding Ltd. (d) (continued):
Series 2012-8AR, Class CR, 3.10%, 4/22/22	USD		1,350	$	1,347,742
Series 2012-8AR, Class DR, 4.15%, 4/22/22			1,500		1,516,837
Series 2014-14A, Class D, 4.23%, 7/20/26			2,000		1,900,767
Madison Park Funding XIII Ltd., Series 2014-13A, Class C, 3.38%, 1/19/25 (d)			1,000		990,042
Madison Park Funding XIV, Ltd., Series 2014-14A, Class C1, 3.73%, 7/20/26 (d)			1,250		1,257,250
Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 3.88%, 1/27/26 (d)			2,400		2,427,267
Madison Park Funding XVI Ltd., Series 2015-16A, Class B, 3.63%, 4/20/26 (d)			1,000		999,400
Mill Creek II CLO Ltd., Series 2016-1A, Class D, 5.12%, 4/20/28 (d)			1,000		985,000
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class C2, 3.69%, 1/23/27(d)			1,600		1,602,400
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 5.57%, 4/15/27(d)			500		501,953
Octagon Investment Partners XX Ltd., Series 2014-1A, Class C, 3.43%, 8/12/26 (d)			750		737,602
Octagon Loan Funding Ltd., Series 2014-1A, Class D, 4.28%, 11/18/26 (d)			1,500		1,392,841
OZLM VI Ltd., Series 2014-6A, Class B, 3.53%, 4/17/26 (d)			1,100		1,094,440
OZLM VII Ltd., Series 2014-7A, Class C, 4.28%, 7/17/26 (d)			1,500		1,409,400
OZLM XI Ltd., Series 2015-11A, Class B, 3.64%, 1/30/27(d)			2,750		2,742,032
Regatta IV Funding Ltd., Series 2014-1A (d):
Class C, 3.59%, 7/25/26			1,500		1,491,455
Class D, 4.14%, 7/25/26			1,000		926,997
Regatta V Funding Ltd., Series 2014-1A (d):
Class B, 3.64%, 10/25/26			1,000		997,024
Class C, 4.09%, 10/25/26			1,000		922,491
SLM Private Credit Student Loan Trust, Series 2004-B, Class A2, 0.85%, 6/15/21			822		819,333


Asset-Backed Securities (c)		Par (000)		Value
Asset-Backed Securities (continued)
Sound Point CLO Ltd., Series 2014-3A, Class D, 4.24%, 1/23/27(d)	USD		1,000	$	927,672
Symphony CLO Ltd. (d):
Series 2012-10AR, Class CR, 3.49%, 7/23/23			1,000		998,018
Series 2016-17A, Class D, 5.52%, 4/15/28			1,000		1,006,642
Symphony CLO XV Ltd., Series 2014-15A (d):
Class C, 3.83%, 10/17/26			2,500		2,493,750
Class D, 4.38%, 10/17/26			1,000		956,982
Venture XIII CLO Ltd., Series 2013-13A, Class D, 4.21%, 6/10/25 (d)			800		772,733
Voya CLO Ltd., Series 2014-4A, Class C, 4.67%, 10/14/26 (d)			1,000		954,781
Webster Park CLO Ltd., Series 2015-1A, Class B1, 3.61%, 1/20/27 (d)			4,000		3,999,920
WhiteHorse IX Ltd., Series 2014-9A, Class C, 3.33%, 7/17/26 (d)			1,000		942,889
Total Asset-Backed Securities — 5.9%					94,197,666



Corporate Bonds
Aerospace & Defense — 0.5%
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (d)			536		562,800
KLX, Inc., 5.88%, 12/01/22 (d)			725		734,063
TransDigm, Inc.:
6.00%, 7/15/22			4,360		4,499,607
6.50%, 7/15/24			1,560		1,620,341

					7,416,811
Air Freight & Logistics — 0.2%
XPO Logistics, Inc. (d):
7.88%, 9/01/19			1,548		1,606,050
6.50%, 6/15/22			1,576		1,560,240

					3,166,290
Airlines — 1.0%
American Airlines Group, Inc., 4.63%, 3/01/20 (d)			692		681,620
Continental Airlines Pass-Through Trust:
Series 2009-2, Class B, 9.25%, 11/10/18			1,574		1,654,996



2	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Airlines (continued)
Continental Airlines Pass-Through Trust (continued):
Series 2012-3, Class C, 6.13%, 4/29/18	USD		2,040	$	2,147,100
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 7/02/24			3,042		3,460,744
Turkish Airlines Pass Through Trust, Series 2015-1, Class A, 4.20%, 9/15/28 (d)			2,919		2,816,544
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,807		3,835,545
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 4/23/22 (d)			1,084		1,100,465

					15,697,014
Auto Components — 1.0%
Goodyear Tire & Rubber Co., 5.00%, 5/31/26			535		563,756
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			3,950		3,920,375
6.00%, 8/01/20			3,108		3,100,230
5.88%, 2/01/22			3,816		3,644,280
Schaeffler Finance BV, 4.75%, 5/15/21 (d)			2,470		2,553,362
Schaeffler Holding Finance BV (d)(e):
(6.25% Cash), 6.25%, 11/15/19			1,112		1,156,480
(6.75% Cash), 6.75%, 11/15/22			1,416		1,565,107

					16,503,590
Automobiles — 0.5%
Ford Motor Co., 7.45%, 7/16/31			3,660		5,030,074
General Motors Co.:
4.88%, 10/02/23			1,875		2,048,430
6.25%, 10/02/43			940		1,134,014

					8,212,518
Banks — 4.4%
CIT Group, Inc.:
4.25%, 8/15/17			4,600		4,688,550
5.25%, 3/15/18			4,030		4,191,200
6.63%, 4/01/18 (d)			335		355,938
5.50%, 2/15/19 (d)			5,147		5,455,820
5.00%, 8/01/23			660		694,650
City National Corp., 5.25%, 9/15/20 (f)			2,900		3,291,245


Corporate Bonds		Par (000)		Value
Banks (continued)
Cooperatieve Rabobank UA, 3.95%, 11/09/22 (f)	USD		3,775	$	3,977,612
Credit Suisse Group AG, 6.50%, 8/08/23 (d)			6,000		6,540,000
Discover Bank/Greenwood, 8.70%, 11/18/19			748		874,322
Fifth Third Bancorp, 5.10% (c)(g)			5,000		4,842,500
HSBC Finance Corp., 6.68%, 1/15/21 (f)			5,150		5,845,919
Intesa Sanpaolo SpA, 5.71%, 1/15/26 (d)			3,840		3,826,740
Lloyds Banking Group PLC, 4.65%, 3/24/26			3,015		3,111,314
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23			10,080		10,563,336
Wells Fargo & Co.:
3.45%, 2/13/23			2,325		2,435,391
4.13%, 8/15/23 (f)			4,000		4,341,024
5.61%, 1/15/44 (f)			4,119		5,119,530

					70,155,091
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (f)			6,170		7,515,794
Molson Coors Brewing Co., 4.20%, 7/15/46			1,665		1,754,434

					9,270,228
Biotechnology — 0.5%
Amgen, Inc., 4.66%, 6/15/51 (d)(f)			6,709		7,214,449
Building Products — 0.2%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (d)			424		446,260
Building Materials Corp. of America, 6.00%, 10/15/25 (d)			2,038		2,206,135
Masonite International Corp., 5.63%, 3/15/23 (d)			610		642,788
Standard Industries, Inc., 5.13%, 2/15/21 (d)			420		438,900

					3,734,083
Capital Markets — 2.9%
E*Trade Financial Corp., 5.38%, 11/15/22			1,348		1,428,880
Goldman Sachs Group, Inc.:
6.25%, 9/01/17			625		657,001
7.50%, 2/15/19 (f)			5,165		5,894,386
5.25%, 7/27/21			1,175		1,335,139
5.75%, 1/24/22 (f)			5,500		6,399,283
6.25%, 2/01/41 (f)			15,000		19,890,945



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	3


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


Corporate Bonds		Par (000)		Value
Capital Markets (continued)
Morgan Stanley (f):
5.63%, 9/23/19	USD		6,770	$	7,543,960
5.50%, 7/28/21			2,695		3,085,780

					46,235,374
Chemicals — 1.2%
Ashland, Inc., 3.88%, 4/15/18			1,745		1,788,625
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (d)			617		652,477
Basell Finance Co. BV, 8.10%, 3/15/27 (d)(f)			6,000		8,104,224
CF Industries, Inc., 5.38%, 3/15/44			2,500		2,467,525
Chemours Co.:
6.63%, 5/15/23			220		189,750
7.00%, 5/15/25			869		738,650
Huntsman International LLC:
4.88%, 11/15/20			72		73,080
5.13%, 11/15/22			2,495		2,532,425
NOVA Chemicals Corp., 5.25%, 8/01/23 (d)			772		796,125
Platform Specialty Products Corp. (d):
10.38%, 5/01/21			165		165,825
6.50%, 2/01/22			1,372		1,190,210
PQ Corp., 6.75%, 11/15/22 (d)			935		983,508

					19,682,424
Commercial Services & Supplies — 3.1%
ADS Waste Holdings, Inc., 8.25%, 10/01/20			1,003		1,038,105
Aviation Capital Group Corp. (d):
7.13%, 10/15/20			31,000		36,115,000
6.75%, 4/06/21			7,850		9,172,725
United Rentals North America, Inc.:
7.38%, 5/15/20			540		561,006
7.63%, 4/15/22			1,853		1,979,338

					48,866,174
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (d)			2,242		2,365,310
CommScope, Inc., 5.50%, 6/15/24 (d)			254		264,160
Harris Corp., 5.05%, 4/27/45			1,790		2,120,871
Zayo Group LLC/Zayo Capital, Inc., 6.38%, 5/15/25			2,126		2,224,327

					6,974,668


Corporate Bonds		Par (000)		Value
Construction & Engineering — 0.3%
AECOM Co.:
5.75%, 10/15/22	USD		333	$	350,483
5.88%, 10/15/24			2,311		2,478,547
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (d)			413		379,960
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (d)			568		578,650
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23			825		759,000

					4,546,640
Construction Materials — 0.7%
Allegion US Holding Co., Inc., 5.75%, 10/01/21			1,907		1,997,583
HD Supply, Inc.:
7.50%, 7/15/20			2,620		2,737,900
5.25%, 12/15/21 (d)			3,278		3,470,582
5.75%, 4/15/24 (d)			1,701		1,811,310
PulteGroup, Inc., 5.50%, 3/01/26			926		965,688

					10,983,063
Consumer Finance — 1.8%
Ally Financial, Inc.:
5.13%, 9/30/24			590		627,613
4.63%, 3/30/25			136		139,400
8.00%, 11/01/31			5,795		7,055,413
Capital One Bank USA NA, 3.38%, 2/15/23 (f)			11,610		11,972,545
Discover Financial Services, 3.85%, 11/21/22			3,252		3,347,049
Experian Finance PLC, 2.38%, 6/15/17 (d)(f)			2,550		2,564,535
Navient Corp., 6.63%, 7/26/21			461		465,610
Total System Services, Inc., 3.80%, 4/01/21			1,630		1,729,635

					27,901,800
Containers & Packaging — 0.4%
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.63%, 5/15/23 (d)			1,192		1,199,450
Ball Corp., 4.38%, 12/15/20			681		729,521
Beverage Packaging Holdings Luxembourg II SA, 5.63%, 12/15/16 (d)			904		905,130



4	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Containers & Packaging (continued)
Sealed Air Corp. (d):
4.88%, 12/01/22	USD		2,330	$	2,449,412
5.13%, 12/01/24			294		309,068
6.88%, 7/15/33			182		192,920

					5,785,501
Diversified Consumer Services — 0.4%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (d)			1,295		1,382,413
Service Corp. International, 4.50%, 11/15/20			4,382		4,480,595

					5,863,008
Diversified Financial Services — 9.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
4.63%, 10/30/20			961		1,027,069
4.63%, 7/01/22			518		556,373
Air Lease Corp., 3.75%, 2/01/22			5,000		5,174,750
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,340,542
Bank of America Corp.:
5.00%, 5/13/21 (f)			17,100		19,230,540
5.70%, 1/24/22			2,590		3,032,906
4.45%, 3/03/26			1,765		1,895,532
Bank of America NA, 5.30%, 3/15/17 (f)			13,440		13,782,357
Barclays PLC, 4.38%, 9/11/24			2,100		2,116,279
Citigroup, Inc. (f):
4.45%, 1/10/17			4,800		4,868,059
6.68%, 9/13/43			4,125		5,492,112
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 4/17/26 (d)			5,000		5,277,165
Ford Motor Credit Co. LLC:
8.00%, 12/15/16			4,000		4,101,404
5.88%, 8/02/21			9,420		10,863,728
General Motors Financial Co., Inc.:
6.75%, 6/01/18			1,700		1,847,341
4.38%, 9/25/21			2,260		2,420,813
4.25%, 5/15/23			1,681		1,763,166
ING Bank NV, 5.00%, 6/09/21 (d)(f)			8,000		9,137,496
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (d)			1,705		1,594,175
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,172,016
Lloyds Banking Group PLC (d):
4.58%, 12/10/25			1,985		2,026,226
5.30%, 12/01/45			1,120		1,210,711
Moody’s Corp., 6.06%, 9/07/17			20,000		20,572,040


Corporate Bonds		Par (000)		Value
Diversified Financial Services (continued)
MSCI, Inc., 5.75%, 8/15/25 (d)	USD		357	$	388,844
Resparcs Funding LP I, 8.00% (g)(h)			4,000		796,000
Reynolds Group Issuer, Inc.:
9.00%, 4/15/19			370		377,400
7.88%, 8/15/19			2,480		2,533,072
5.75%, 10/15/20			2,866		2,959,145
6.88%, 2/15/21			105		109,195
4.13%, 7/15/21 (c)			1,791		1,804,433
7.00%, 7/15/24			1,247		1,317,923
Royal Bank of Scotland Group PLC:
6.10%, 6/10/23			2,500		2,625,335
5.13%, 5/28/24			5,250		5,268,076

					144,682,223
Diversified Telecommunication Services — 6.0%
AT&T, Inc.:
5.00%, 3/01/21 (f)			8,575		9,700,554
6.30%, 1/15/38 (f)			12,000		15,005,604
4.30%, 12/15/42			265		263,655
4.35%, 6/15/45			367		367,489
CenturyLink, Inc., 6.45%, 6/15/21			1,660		1,772,050
Frontier Communications Corp.:
6.25%, 9/15/21			980		953,050
7.13%, 1/15/23			55		51,013
7.63%, 4/15/24			1,309		1,207,552
6.88%, 1/15/25			1,219		1,069,051
Level 3 Financing, Inc.:
5.38%, 8/15/22			2,095		2,199,750
5.13%, 5/01/23			1,183		1,218,490
5.38%, 1/15/24			754		790,758
5.38%, 5/01/25			2,003		2,103,150
5.25%, 3/15/26 (d)			861		900,821
Telefonica Emisiones SAU, 3.19%, 4/27/18			6,550		6,720,785
Verizon Communications, Inc.:
5.15%, 9/15/23 (f)			8,775		10,286,976
6.40%, 9/15/33			9,475		12,286,668
7.35%, 4/01/39 (f)			7,825		11,210,533
6.55%, 9/15/43 (f)			13,225		17,993,446

					96,101,395
Electric Utilities — 4.8%
CMS Energy Corp., 5.05%, 3/15/22			9,900		11,258,696
Duke Energy Corp., 3.55%, 9/15/21 (f)			3,650		3,936,613
Emera, Inc., Series 16-A, 6.75%, 6/15/76 (c)			7,500		8,107,500
Great Plains Energy, Inc., 5.29%, 6/15/22 (i)			5,550		6,228,709
Midland Cogeneration Venture LP, 5.25%, 3/15/25 (d)			4,383		4,469,200



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	5


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


Corporate Bonds		Par (000)		Value
Electric Utilities (continued)
NiSource Finance Corp., 6.80%, 1/15/19 (f)	USD		3,075	$	3,459,018
Oncor Electric Delivery Co. LLC (f):
4.10%, 6/01/22			4,150		4,606,454
5.30%, 6/01/42			2,750		3,636,383
Progress Energy, Inc., 7.00%, 10/30/31 (f)			12,000		16,309,428
Puget Energy, Inc.:
6.00%, 9/01/21			275		320,125
5.63%, 7/15/22			5,550		6,359,590
Southern Co., 4.40%, 7/01/46			7,500		8,308,980

					77,000,696
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22			1,050		1,120,875
5.00%, 9/01/23			306		312,120
5.50%, 12/01/24			2,458		2,563,374
Jabil Circuit, Inc., 8.25%, 3/15/18			2,600		2,827,500
Sanmina Corp., 4.38%, 6/01/19 (d)			1,415		1,453,913

					8,277,782
Energy Equipment & Services — 0.7%
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75%, 2/15/21			473		468,270
6.75%, 8/01/22			1,175		1,183,812
GrafTech International Ltd., 6.38%, 11/15/20			890		671,950
Halliburton Co., 5.00%, 11/15/45			6,615		7,150,921
Noble Holding International Ltd.:
4.63%, 3/01/21			110		91,355
6.95%, 4/01/25			285		235,980
Transocean, Inc., 6.00%, 3/15/18 (f)			880		858,000

					10,660,288
Food & Staples Retailing — 1.8%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.63%, 6/15/24 (d)			775		823,438
CVS Health Corp.:
4.75%, 12/01/22			289		331,119
5.00%, 12/01/24			183		212,843
5.13%, 7/20/45 (f)			3,879		4,933,568
Dollar Tree, Inc.:
5.25%, 3/01/20			105		109,200
5.75%, 3/01/23			4,723		5,100,840
H.J. Heinz Finance Co., 7.13%, 8/01/39 (d)			4,415		6,409,145


Corporate Bonds		Par (000)		Value
Food & Staples Retailing (continued)
Rite Aid Corp.:
6.75%, 6/15/21	USD		541	$	568,726
6.13%, 4/01/23 (d)			2,974		3,156,157
Wal-Mart Stores, Inc., 5.25%, 9/01/35 (f)			5,150		6,957,279

					28,602,315
Food Products — 1.2%
Aramark Services, Inc., 5.13%, 1/15/24 (d)			815		841,488
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (d)			830		847,637
Kraft Heinz Foods Co.:
6.50%, 8/11/17 (f)			4,450		4,679,135
6.13%, 8/23/18			4,840		5,284,990
4.38%, 6/01/46 (d)			2,475		2,692,496
Pinnacle Foods Finance Corp., 5.88%, 1/15/24 (d)			191		202,938
Post Holdings, Inc. (d):
7.75%, 3/15/24			1,502		1,661,587
8.00%, 7/15/25			743		852,592
5.00%, 8/15/26 (j)			1,349		1,344,784
Smithfield Foods, Inc., 5.88%, 8/01/21 (d)			715		745,388
TreeHouse Foods, Inc., 6.00%, 2/15/24 (d)			431		463,325

					19,616,360
Health Care Equipment & Supplies — 0.7%
DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (d)			2,065		1,879,150
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (d):
4.88%, 4/15/20			517		518,292
5.75%, 8/01/22			1,370		1,339,175
5.63%, 10/15/23			1,099		1,055,040
Medtronic, Inc., 4.63%, 3/15/45 (f)			4,565		5,584,675

					10,376,332
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22			191		188,135
Amsurg Corp., 5.63%, 7/15/22			1,466		1,539,300
Centene Corp.:
5.63%, 2/15/21			875		924,219
6.13%, 2/15/24			645		692,975
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18			1,620		1,639,238
6.88%, 2/01/22			1,111		955,460



6	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
DaVita HealthCare Partners, Inc.:
5.13%, 7/15/24	USD		1,990	$	2,054,257
5.00%, 5/01/25			1,646		1,664,517
HCA, Inc.:
3.75%, 3/15/19			4,364		4,527,650
6.50%, 2/15/20			10,421		11,476,126
7.50%, 2/15/22			2,214		2,512,890
5.88%, 3/15/22			340		374,000
4.75%, 5/01/23			236		246,030
5.38%, 2/01/25			440		457,877
5.88%, 2/15/26			1,297		1,387,790
HealthSouth Corp.:
5.13%, 3/15/23			512		514,560
5.75%, 11/01/24			637		660,888
Hologic, Inc., 5.25%, 7/15/22 (d)			805		853,300
MEDNAX, Inc., 5.25%, 12/01/23 (d)			587		611,948
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (d)			829		884,439
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (d)			1,109		1,154,735
Tenet Healthcare Corp.:
6.25%, 11/01/18			736		781,080
4.75%, 6/01/20			1,450		1,473,563
6.00%, 10/01/20			3,645		3,854,405
4.50%, 4/01/21			73		73,365
4.38%, 10/01/21			961		958,598
8.13%, 4/01/22			1,907		1,968,977
6.75%, 6/15/23			1,758		1,692,075
UnitedHealth Group, Inc., 6.88%, 2/15/38 (f)			10,000		15,059,470

					61,181,867
Hotels, Restaurants & Leisure — 0.7%
Boyd Gaming Corp., 6.38%, 4/01/26 (d)			71		75,704
ESH Hospitality, Inc., 5.25%, 5/01/25 (d)			1,970		1,960,150
GLP Capital LP / GLP Financing II, Inc., 4.38%, 4/15/21			143		148,899
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC (d):
5.00%, 6/01/24			600		627,000
5.25%, 6/01/26			650		687,778
MGM Resorts International:
8.63%, 2/01/19			1,006		1,139,295
6.75%, 10/01/20			214		236,470
6.00%, 3/15/23			428		463,044
MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc., 5.63%, 5/01/24 (d)			1,003		1,074,213


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
New Red Finance, Inc., 6.00%, 4/01/22 (d)	USD		2,215	$	2,322,981
Sabre GLBL, Inc. (d):
5.38%, 4/15/23			594		622,215
5.25%, 11/15/23			294		307,965
Six Flags Entertainment Corp., 5.25%, 1/15/21 (d)			1,718		1,769,540

					11,435,254
Household Durables — 0.7%
Beazer Homes USA, Inc., 6.63%, 4/15/18			1,960		1,994,300
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (d)			1,647		1,630,530
CalAtlantic Group, Inc., 8.38%, 1/15/21			3,015		3,562,222
Lennar Corp.:
4.75%, 11/15/22			1,805		1,895,250
4.88%, 12/15/23			466		481,145
TRI Pointe Group, Inc.:
4.38%, 6/15/19			920		943,000
5.88%, 6/15/24			625		643,750

					11,150,197
Household Products — 0.4%
Newell Brands, Inc.:
3.85%, 4/01/23			2,585		2,762,533
4.20%, 4/01/26			955		1,043,359
Spectrum Brands, Inc.:
6.38%, 11/15/20			625		652,344
6.63%, 11/15/22			1,110		1,177,987
6.13%, 12/15/24			231		249,480
5.75%, 7/15/25			1,002		1,084,665

					6,970,368
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.:
6.00%, 1/15/22 (d)			1,548		1,617,660
5.38%, 1/15/23			1,519		1,515,202
5.88%, 1/15/24 (d)			823		866,207
5.75%, 1/15/25			1,064		1,062,670
Dynegy, Inc., 6.75%, 11/01/19			1,945		1,981,469
NRG Energy, Inc.:
6.25%, 5/01/24			135		133,313
7.25%, 5/15/26 (d)			1,581		1,622,501
6.63%, 1/15/27 (d)(j)			1,877		1,855,884
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,840,285

					12,495,191



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	7


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


Corporate Bonds		Par (000)		Value
Insurance — 3.1%
American International Group, Inc., 6.40%, 12/15/20 (f)	USD		8,710	$	10,257,001
Aon Corp., 5.00%, 9/30/20 (f)			7,700		8,605,412
Aon PLC, 4.25%, 12/12/42 (f)			6,500		6,511,771
Forethought Financial Group, Inc., 8.63%, 4/15/21 (d)			3,400		3,776,105
Northwestern Mutual Life Insurance Co., 6.06%, 3/30/40 (d)(f)			12,000		15,666,456
Principal Financial Group, Inc., 8.88%, 5/15/19			2,825		3,334,946
Trader Corp., 9.88%, 8/15/18 (d)			543		555,896

					48,707,587
Internet Software & Services — 0.1%
Equinix, Inc., 5.88%, 1/15/26			1,061		1,143,227
Netflix, Inc., 5.50%, 2/15/22			563		598,188

					1,741,415
IT Services — 1.1%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (d)			1,755		1,772,550
Fidelity National Information Services, Inc., 5.00%, 10/15/25			1,935		2,239,292
First Data Corp. (d):
6.75%, 11/01/20			1,768		1,843,140
5.38%, 8/15/23			1,854		1,902,668
7.00%, 12/01/23			5,545		5,704,419
5.00%, 1/15/24			3,757		3,785,177
5.75%, 1/15/24			410		412,042

					17,659,288
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 3/01/20 (f)			12,000		13,522,728
Media — 7.3%
21st Century Fox America, Inc., 6.15%, 3/01/37 (f)			9,575		12,375,170
A&E Television Networks LLC, 3.11%, 8/22/19			5,000		5,119,000
Altice Financing SA, 7.50%, 5/15/26 (d)			703		710,030
Altice Luxembourg SA (d):
7.75%, 5/15/22			2,362		2,396,013
7.63%, 2/15/25			993		976,864
Altice US Finance I Corp. (d):
5.38%, 7/15/23			2,919		3,013,867
5.50%, 5/15/26			1,211		1,253,385
AMC Networks, Inc.:
4.75%, 12/15/22			685		702,125
5.00%, 4/01/24			432		439,560


Corporate Bonds		Par (000)		Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (d):
5.88%, 4/01/24	USD		1,759	$	1,877,732
5.75%, 2/15/26			499		526,445
5.50%, 5/01/26			1,219		1,272,331
Charter Communications Operating LLC/Charter Communications Operating Capital (d):
4.91%, 7/23/25			5,000		5,520,785
6.38%, 10/23/35			479		563,696
6.48%, 10/23/45			4,584		5,499,585
6.83%, 10/23/55			3,540		4,426,487
Cinemark USA, Inc., 5.13%, 12/15/22			349		360,343
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			10,205		10,451,855
Cox Communications, Inc., 8.38%, 3/01/39 (d)(f)			5,000		6,257,850
CSC Holdings LLC, 8.63%, 2/15/19			4,005		4,463,072
DISH DBS Corp., 7.75%, 7/01/26 (d)			1,210		1,254,619
Gray Television, Inc., 7.50%, 10/01/20			543		566,756
Grupo Televisa SAB, 5.00%, 5/13/45 (f)			3,345		3,389,060
Hughes Satellite Systems Corp. (d):
5.25%, 8/01/26			1,017		1,014,458
6.63%, 8/01/26			685		679,863
Intelsat Jackson Holdings SA:
7.25%, 10/15/20			1,107		805,343
5.50%, 8/01/23 (f)			1,127		738,185
Interpublic Group of Cos., Inc., 3.75%, 2/15/23			6,025		6,386,590
Lamar Media Corp., 5.75%, 2/01/26 (d)			224		240,240
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (d)			463		481,520
MDC Partners, Inc., 6.50%, 5/01/24 (d)			1,246		1,205,505
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (d)			1,471		1,493,065
Neptune Finco Corp., 6.63%, 10/15/25 (d)			832		896,480
Nexstar Escrow Corp., 5.63%, 8/01/24 (d)			495		503,044
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (d)			475		489,844



8	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp.:
5.25%, 2/15/22	USD		249	$	257,093
5.63%, 2/15/24			122		128,710
SFR Group SA (d):
6.00%, 5/15/22			4,544		4,430,400
7.38%, 5/01/26			5,843		5,835,696
Sirius XM Radio, Inc., 4.25%, 5/15/20 (d)			2,300		2,346,000
Time Warner Cable, Inc., 6.55%, 5/01/37			3,519		4,222,459
Tribune Media Co., 5.88%, 7/15/22			1,308		1,334,160
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (d)			1,000		1,045,000
Univision Communications, Inc. (d):
5.13%, 5/15/23			5,293		5,438,557
5.13%, 2/15/25			999		1,027,721
Virgin Media Secured Finance PLC (d):
5.38%, 4/15/21			1,255		1,304,784
5.50%, 8/15/26			487		490,044

					116,211,391
Metals & Mining — 2.7%
Alcoa, Inc., 5.13%, 10/01/24 (f)			1,903		2,000,529
Anglo American Capital PLC, 4.45%, 9/27/20 (d)			136		134,980
AngloGold Ashanti Holdings PLC, 5.13%, 8/01/22			5,000		5,149,855
ArcelorMittal:
6.13%, 6/01/18			2,575		2,716,625
7.75%, 3/01/41			455		468,650
Commercial Metals Co., 4.88%, 5/15/23			2,194		2,150,120
Constellium NV:
4.63%, 5/15/21	EUR		490		460,333
5.75%, 5/15/24 (d)	USD		1,728		1,421,280
First Quantum Minerals Ltd. (d):
7.00%, 2/15/21			303		270,367
7.25%, 5/15/22			912		804,840
FMG Resources August 2006 Property Ltd., 9.75%, 3/01/22 (d)			826		925,120
Freeport-McMoRan, Inc.:
2.38%, 3/15/18			4,664		4,605,700
4.00%, 11/14/21			500		446,250
3.55%, 3/01/22			1,251		1,069,605
3.88%, 3/15/23			5,360		4,609,868
5.40%, 11/14/34			430		333,250


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Freeport-McMoRan, Inc. (continued):
5.45%, 3/15/43	USD		1,147	$	880,322
Novelis, Inc., 8.75%, 12/15/20			2,983		3,109,777
Southern Copper Corp., 5.88%, 4/23/45			3,870		3,848,777
Steel Dynamics, Inc.:
5.13%, 10/01/21			1,105		1,149,200
6.38%, 8/15/22			1,430		1,501,500
5.25%, 4/15/23			309		323,678
5.50%, 10/01/24			240		254,400
Teck Resources Ltd.:
3.00%, 3/01/19			119		113,948
8.00%, 6/01/21 (d)			1,202		1,283,135
8.50%, 6/01/24 (d)			799		868,913
United States Steel Corp., 8.38%, 7/01/21 (d)			944		1,030,140
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (d)			1,472		1,398,400

					43,329,562
Multi-Utilities — 1.2%
CenterPoint Energy, Inc. (f):
5.95%, 2/01/17			9,000		9,187,515
6.50%, 5/01/18			9,675		10,429,157

					19,616,672
Multiline Retail — 0.2%
Dufry Finance SCA, 5.50%, 10/15/20 (d)			3,460		3,582,830
Offshore Drilling & Other Services — 0.2%
Lam Research Corp., 3.90%, 6/15/26			1,695		1,818,698
Sensata Technologies BV, 5.63%, 11/01/24 (d)			695		736,700

					2,555,398
Oil, Gas & Consumable Fuels — 13.2%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22			1,668		1,705,745
4.88%, 5/15/23			343		340,645
Anadarko Petroleum Corp., 6.38%, 9/15/17			75		78,634
California Resources Corp.:
8.00%, 12/15/22 (d)			1,942		1,243,268
6.00%, 11/15/24			1,185		509,550
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24 (d)			1,231		1,286,395
CONSOL Energy, Inc., 5.88%, 4/15/22			4,724		4,310,650



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	9


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


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc.:
5.00%, 9/15/22	USD		7,519	$	7,030,265
4.50%, 4/15/23			469		424,445
Denbury Resources, Inc., 9.00%, 5/15/21 (d)			182		182,000
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,394,288
El Paso LLC:
7.80%, 8/01/31			197		234,556
7.75%, 1/15/32			4,586		5,359,883
El Paso Natural Gas Co. LLC, 8.63%, 1/15/22			2,345		2,806,430
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/01/20			5,075		5,681,747
Enbridge Energy Partners LP, 9.88%, 3/01/19 (f)			6,000		6,999,360
Energy Transfer Equity LP:
7.50%, 10/15/20			598		644,345
5.88%, 1/15/24			5,241		5,257,195
5.50%, 6/01/27			870		845,553
Energy Transfer Partners LP:
5.20%, 2/01/22			10,200		10,882,268
6.13%, 12/15/45			3,579		3,749,092
Enterprise Products Operating LLC:
4.90%, 5/15/46			5,375		5,701,058
Series N, 6.50%, 1/31/19 (f)			12,000		13,408,044
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (d)			3,666		3,409,380
Kinder Morgan Energy Partners LP:
6.85%, 2/15/20 (f)			12,000		13,530,300
4.25%, 9/01/24			2,170		2,220,496
5.40%, 9/01/44			3,615		3,469,952
MEG Energy Corp. (d):
6.50%, 3/15/21			3,839		2,860,055
7.00%, 3/31/24			3,100		2,247,500
Midcontinent Express Pipeline LLC, 6.70%, 9/15/19 (d)			3,500		3,600,625
Nexen Energy ULC, 6.40%, 5/15/37			2,000		2,579,248
NGPL PipeCo LLC (d):
7.12%, 12/15/17			2,859		2,994,802
9.63%, 6/01/19			902		944,845
Noble Energy, Inc.:
5.63%, 5/01/21			1,784		1,878,688
5.05%, 11/15/44			3,500		3,471,464
ONEOK Partners LP, 8.63%, 3/01/19 (f)			10,000		11,370,340
PDC Energy, Inc., 7.75%, 10/15/22			1,225		1,264,812


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (f):
3.50%, 1/30/23	USD		5,000	$	4,737,500
4.88%, 1/18/24			2,000		2,035,000
Pioneer Natural Resources Co., 6.88%, 5/01/18			1,665		1,802,604
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 6/15/44			1,498		1,330,070
4.90%, 2/15/45			2,102		1,897,858
Range Resources Corp., 5.00%, 8/15/22			32		29,360
Rockies Express Pipeline LLC (d):
5.63%, 4/15/20			295		303,850
6.88%, 4/15/40			580		571,300
RSP Permian, Inc., 6.63%, 10/01/22			789		808,725
Ruby Pipeline LLC, 6.00%, 4/01/22 (d)			10,000		10,165,420
Sabine Pass Liquefaction LLC:
5.63%, 4/15/23			10,510		10,720,200
5.75%, 5/15/24			2,575		2,639,375
5.88%, 6/30/26 (d)			1,481		1,519,876
Sabine Pass LNG LP, 7.50%, 11/30/16			4,471		4,543,654
Sanchez Energy Corp.:
7.75%, 6/15/21			153		117,045
6.13%, 1/15/23			821		552,123
SM Energy Co.:
6.50%, 1/01/23			177		150,450
5.00%, 1/15/24			181		144,800
Southwestern Energy Co.:
7.50%, 2/01/18			63		66,087
5.80%, 1/23/20			1,166		1,136,850
4.10%, 3/15/22			710		628,350
4.95%, 1/23/25			169		163,930
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.88%, 2/01/21			1,449		1,485,225
6.38%, 8/01/22			255		260,100
5.25%, 5/01/23			37		36,168
6.75%, 3/15/24 (d)			184		191,820
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			125		130,013
6.25%, 10/15/22			1,519		1,579,760
6.38%, 5/01/24			342		360,598
TransCanada PipeLines Ltd., 4.88%, 1/15/26			4,485		5,144,690
Weatherford International Ltd.:
4.50%, 4/15/22			75		61,875
6.50%, 8/01/36			45		31,950



10	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners LP, 5.38%, 6/01/21	USD		5,125	$	5,453,287
Whiting Petroleum Corp., Series D-1, 6.25%, 4/01/23 (k)			116		103,169
Williams Cos., Inc.:
3.70%, 1/15/23			2,245		2,048,562
4.55%, 6/24/24			1,253		1,193,482
8.75%, 3/15/32			2,478		2,862,090
5.75%, 6/24/44			685		628,487
Williams Partners LP, 5.10%, 9/15/45			5,075		4,565,764
WPX Energy, Inc., 6.00%, 1/15/22			164		148,420

					211,267,810
Paper & Forest Products — 2.1%
International Paper Co. (f):
7.50%, 8/15/21			9,675		11,833,386
8.70%, 6/15/38			4,000		6,030,708
7.30%, 11/15/39			10,000		13,544,740
Louisiana-Pacific Corp., 7.50%, 6/01/20			2,130		2,215,200

					33,624,034
Pharmaceuticals — 3.8%
AbbVie, Inc. (f):
2.90%, 11/06/22			5,675		5,869,170
4.70%, 5/14/45			3,255		3,595,037
Actavis Funding SCS:
3.45%, 3/15/22			7,335		7,714,344
3.85%, 6/15/24			6,000		6,384,300
4.75%, 3/15/45			1,450		1,606,423
Endo Finance LLC/Endo Finco, Inc. (d):
6.00%, 7/15/23			1,514		1,320,026
6.00%, 2/01/25			730		629,625
Forest Laboratories, Inc. (d):
4.38%, 2/01/19			2,924		3,097,852
5.00%, 12/15/21			1,631		1,846,129
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22			1,613		1,681,552
Merck & Co., Inc., 6.50%, 12/01/33 (f)			6,420		9,144,937
Mylan NV, 3.95%, 6/15/26 (d)			7,500		7,809,825
Valeant Pharmaceuticals International, Inc. (d):
6.75%, 8/15/18			6,135		6,058,312
5.38%, 3/15/20			62		55,296
7.00%, 10/01/20			447		414,593
6.38%, 10/15/20			1,015		916,038
7.50%, 7/15/21			273		253,890
5.63%, 12/01/21			1,137		970,714
5.50%, 3/01/23			31		25,575
5.88%, 5/15/23			665		553,613


Corporate Bonds		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. (d) (continued):
6.13%, 4/15/25	USD		116	$	96,280

					60,043,531
Professional Services — 0.4%
Dun & Bradstreet Corp., 3.25%, 12/01/17			5,750		5,777,767
Real Estate Investment Trusts (REITs) — 3.1%
American Tower Corp.:
4.50%, 1/15/18			6,500		6,790,283
5.05%, 9/01/20			500		556,794
5.90%, 11/01/21 (f)			3,770		4,404,118
AvalonBay Communities, Inc., 6.10%, 3/15/20 (f)			10,000		11,500,260
DDR Corp.:
4.75%, 4/15/18			2,140		2,237,015
7.88%, 9/01/20			2,650		3,207,361
ERP Operating LP, 5.75%, 6/15/17 (f)			10,000		10,399,050
FelCor Lodging LP, 5.63%, 3/01/23			999		1,023,975
Host Hotels & Resorts LP, 3.75%, 10/15/23 (f)			3,600		3,673,685
iStar Financial, Inc., 4.00%, 11/01/17			825		818,812
UDR, Inc., 4.25%, 6/01/18 (f)			5,225		5,471,510

					50,082,863
Real Estate Management & Development — 0.4%
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (d)(f)			4,485		4,039,137
Realogy Group LLC/Realogy Co-Issuer Corp. (d):
4.50%, 4/15/19			803		833,113
5.25%, 12/01/21 (f)			344		359,480
4.88%, 6/01/23			1,332		1,351,980

					6,583,710
Road & Rail — 1.2%
Hertz Corp.:
4.25%, 4/01/18			983		1,012,490
6.75%, 4/15/19			1,167		1,187,422
5.88%, 10/15/20			925		955,063
7.38%, 1/15/21			310		321,625
Norfolk Southern Corp., 6.00%, 3/15/05			12,700		16,031,604

					19,508,204
Semiconductors & Semiconductor Equipment — 0.3%
NXP BV/NXP Funding LLC (d):
4.13%, 6/15/20			1,154		1,188,620



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	11


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


Corporate Bonds		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
NXP BV/NXP Funding LLC (d) (continued):
4.13%, 6/01/21	USD		1,461	$	1,504,830
4.63%, 6/15/22			490		503,475
Sensata Technologies BV, 5.00%, 10/01/25 (d)			1,418		1,453,450

					4,650,375
Software — 0.8%
Infor US, Inc., 6.50%, 5/15/22			2,425		2,400,750
Informatica LLC, 7.13%, 7/15/23 (d)			477		469,845
Nuance Communications, Inc., 5.38%, 8/15/20 (d)			4,435		4,545,875
Oracle Corp., 2.65%, 7/15/26			4,890		4,913,697
PTC, Inc., 6.00%, 5/15/24			313		333,095

					12,663,262
Specialty Retail — 0.7%
L Brands, Inc.:
7.00%, 5/01/20			3,050		3,507,500
6.88%, 11/01/35			1,119		1,186,699
Penske Automotive Group, Inc., 5.38%, 12/01/24			1,951		1,941,245
VF Corp., 5.95%, 11/01/17 (f)			5,000		5,298,470

					11,933,914
Technology Hardware, Storage & Peripherals — 0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (d):
5.88%, 6/15/21			615		642,673
7.13%, 6/15/24			747		803,752
8.35%, 7/15/46			6,005		6,857,728
Western Digital Corp., 7.38%, 4/01/23 (d)			1,199		1,305,411

					9,609,564
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 5/01/25			699		714,728
Springs Industries, Inc., 6.25%, 6/01/21			304		314,640
William Carter Co., 5.25%, 8/15/21			1,406		1,462,240

					2,491,608
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc., 5.25%, 6/15/20			1,475		1,530,313
Tobacco — 2.4%
Altria Group, Inc., 10.20%, 2/06/39 (f)			13,392		24,967,616


Corporate Bonds		Par (000)		Value
Tobacco (continued)
Reynolds American, Inc.:
3.50%, 8/04/16	USD		8,375	$	8,375,586
4.85%, 9/15/23			1,120		1,288,276
5.85%, 8/15/45			2,335		3,070,731

					37,702,209
Trading Companies & Distributors — 0.3%
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1 (d):
Class A, 5.25%, 5/30/25			2,326		2,427,681
Class B, 6.13%, 11/30/21			2,486		2,585,808

					5,013,489
Transportation Infrastructure — 0.8%
CEVA Group PLC, 4.00%, 5/01/18 (d)			1,800		1,620,000
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 7/11/22 (d)			10,500		11,644,794

					13,264,794
Wireless Telecommunication Services — 2.6%
America Movil SAB de CV (f):
2.38%, 9/08/16			12,495		12,515,192
3.13%, 7/16/22			1,275		1,333,322
American Tower Corp., 4.00%, 6/01/25			4,225		4,593,496
Crown Castle International Corp., 5.25%, 1/15/23			1,380		1,579,631
Crown Castle Towers LLC, 6.11%, 1/15/40 (d)			4,555		5,076,721
Digicel Group Ltd., 7.13%, 4/01/22 (d)			370		305,139
Digicel Ltd., 6.00%, 4/15/21 (d)			1,285		1,193,444
Sprint Communications, Inc., 9.00%, 11/15/18 (d)			5,290		5,733,037
Sprint Corp., 7.13%, 6/15/24			1,755		1,551,069
T-Mobile USA, Inc.:
6.63%, 4/28/21			2,680		2,817,350
6.73%, 4/28/22			2,495		2,613,512
6.84%, 4/28/23			645		688,538
6.50%, 1/15/26			1,365		1,478,295

					41,478,746
Total Corporate Bonds — 101.0%					1,610,912,058



Foreign Agency Obligations
Brazilian Government International Bond, 5.00%, 1/27/45			4,525		4,135,850



12	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


Foreign Agency Obligations		Par (000)		Value
Indonesia Government International Bond, 5.88%, 1/15/24 (d)	USD		4,400	$	5,145,721
Mexico Government International Bond, 4.75%, 3/08/44			2,300		2,461,000
Total Foreign Agency Obligations — 0.7%					11,742,571



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		5,722,350
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		13,870,700
Total Municipal Bonds — 1.2%					19,593,050



Preferred Securities
Capital Trusts
Banks — 3.4%
BNP Paribas SA (c)(d)(g):
6.63%			4,535		4,625,700
7.20%			5,000		5,536,875
Citigroup, Inc. (c)(g):
5.90%			2,210		2,268,013
Series P, 5.95%			7,000		7,207,900
Credit Suisse Group AG, 7.50% (c)(d)(g)			3,250		3,363,750
HSBC Capital Funding LP, 10.18% (c)(d)(g)			11,835		17,397,450
JPMorgan Chase & Co., Series Q, 5.15% (c)(g)			4,000		4,000,000
Nordea Bank AB, 6.13% (c)(d)(g)			5,540		5,484,600
Wells Fargo & Co. (c)(g):
Series K, 7.98%			809		858,551
Series S, 5.90%			281		299,616
Series U, 5.88%			2,655		2,923,819

					53,966,274
Capital Markets — 1.8%
Goldman Sachs Group, Inc., Series L, 5.70% (c)(g)			2,950		2,994,250
Morgan Stanley, Series H, 5.45% (c)(g)			8,675		8,523,187
State Street Capital Trust IV, 1.65%, 6/01/77 (c)			17,845		15,346,700


Capital Trusts		Par (000)		Value
Capital Markets (continued)
State Street Corp., Series F, 5.25% (c)(g)	USD		1,855	$	1,947,750

					28,811,887
Consumer Finance — 0.3%
American Express Co., Series C, 4.90% (c)(g)			4,510		4,352,150
Diversified Financial Services — 3.3%
Bank of America Corp. (c)(g):
Series AA, 6.10%			6,630		6,931,864
Series K, 8.00%			2,420		2,459,035
Series U, 5.20% (f)			5,785		5,683,762
Barclays PLC, 6.63% (c)(g)			4,885		4,573,581
Credit Agricole SA, 8.13% (c)(d)(g)			5,000		5,262,500
JPMorgan Chase & Co. (c)(g):
6.75%			7,775		8,755,816
Series 1, 7.90%			3,650		3,796,000
Series R, 6.00% (f)			14,130		14,779,980
Royal Bank of Scotland Group PLC, 8.00% (c)(g)			970		963,938

					53,206,476
Electric Utilities — 0.4%
PPL Capital Funding, Inc., Series A, 6.70%, 3/30/67(c)			8,300		7,013,500
Industrial Conglomerates — 0.7%
General Electric Co., Series D, 5.00% (c)(g)			10,777		11,612,218
Insurance — 4.6%
ACE Capital Trust II, 9.70%, 4/10/30 (f)			7,000		10,482,500
Allstate Corp, 6.50%, 5/15/67 (c)			10,400		11,544,000
American International Group, Inc., 8.18%, 5/15/68 (c)			3,755		4,881,500
Bank One Capital III, 8.75%, 9/01/30 (f)			2,000		2,883,148
Chubb Corp., 6.38%, 3/29/67 (c)(f)			7,400		6,662,220
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 4/01/27			5,000		6,163,180
Farmers Exchange Capital II, 6.15%, 11/01/53 (c)(d)			4,890		5,314,750
Great-West Life & Annuity Insurance Capital LP II, 3.16%, 5/16/46 (c)(d)			500		441,250
Hartford Financial Services Group, Inc., 8.13%, 6/15/68 (c)			5,050		5,529,750
MetLife, Inc., 6.40%, 12/15/66			5,000		5,549,150
Principal Financial Group, Inc., 4.70%, 5/15/55 (c)			5,000		4,931,250



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	13


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


Capital Trusts		Par (000)		Value
Insurance (continued)
Reinsurance Group of America, Inc., 3.32%, 12/15/65 (c)	USD		12,000	$	8,640,000

					73,022,698
Media — 0.4%
NBCUniversal Enterprise, Inc., 5.25% (d)(g)			5,600		5,882,800
Oil, Gas & Consumable Fuels — 1.3%
Enterprise Products Operating LLC, (c):
7.00%, 6/01/67			2,500		2,075,000
Series A, 8.38%, 8/01/66			9,325		8,613,969
TransCanada PipeLines Ltd., 6.35%, 5/15/67 (c)			9,400		7,055,922
TransCanada Trust, 5.63%, 5/20/75 (c)			2,755		2,665,462

					20,410,353
Road & Rail — 0.4%
BNSF Funding Trust I, 6.61% (c)			6,125		6,967,188
Total Capital Trusts — 16.6%					265,245,544


Preferred Stocks		Shares
Banks — 1.9%
Citigroup, Inc., Series K, 6.88% (c)(g)			488,320		14,537,286
Wells Fargo & Co., 5.85% (c)(g)			550,500		15,369,960

					29,907,246
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50% (c)(g)			162,450		4,397,521
SCE Trust III, 5.75% (c)(g)			31,650		958,046
State Street Corp., Series D, 5.90% (c)(g)			220,495		6,489,168

					11,844,735
Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%			90,000		2,328,300
Machinery — 0.1%
Stanley Black & Decker, Inc., 6.25% (k)			11,107		1,399,593
Real Estate Investment Trusts (REITs) — 0.8%
Sovereign Real Estate Investment Trust, 12.00% (d)(g)			7,000		8,890,000
Ventas Realty LP/Ventas Capital Corp., 5.45%			75,000		2,043,750


Preferred Stocks		Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Vornado Realty Trust, Series K, 5.70% (g)			50,000	$	1,299,000

					12,232,750
Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08% (d)			15,143		18,020,170
Total Preferred Stocks — 4.7%					75,732,794



Trust Preferred — 0.5%
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40			300,141		7,528,027
Total Preferred Securities — 21.8%					348,506,365


U.S. Government Sponsored Agency Securities — 0.3%		Par (000)
Agency Obligations — 0.3%
Fannie Mae, 0.00%, 10/09/19 (f)(l)	USD		3,945		3,793,989



U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45			400		459,484
2.50%, 5/15/46			46,480		49,680,938
U.S. Treasury Notes (f):
1.63%, 2/15/26			68,325		69,337,372
1.63%, 5/15/26			66,550		67,545,655
Total U.S. Treasury Obligations — 11.7%					187,023,449
Total Long-Term Investments (Cost — $2,132,735,896) — 142.6%					2,275,811,617


Short-Term Securities — 0.4%		Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.36% (m)(n)			6,028,674		6,028,674
Total Short-Term Securities (Cost — $6,028,674) — 0.4%					6,028,674



14	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


	Value
Options Purchased (Cost — $1,946,174) — 0.0%	$	542,335
Total Investments Before Options Written (Cost — $2,140,710,744*) — 143.0%		2,282,382,626
Options Written (Premiums Received — $2,794,663) — (0.1)%		(2,355,791	)
Total Investments, Net of Options Written (Cost — $2,137,916,081) — 142.9%		2,280,026,835
Liabilities in Excess of Other Assets — (42.9)%		(684,634,964	)

Net Assets — 100.0%	$	1,595,391,871

As of July 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,141,387,738

Gross unrealized appreciation	$	170,271,589
Gross unrealized depreciation		(29,276,701	)

Net unrealized appreciation	$	140,994,888

Notes to Schedule of Investments

Cost for federal income tax purposes.

(a)

Non-income producing security.

(b)

Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $2,951 and an original cost of $45,446, which was less than 0.05% of its net assets.

(c)

Variable rate security. Rate as of period end.

(d)

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.

(e)

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.

(f)

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

(g)

Perpetual security with no stated maturity date.

(h)

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

(i)

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

(j)

When-issued security.

(k)

Convertible security.

(l)

Zero-coupon bond.

(m)

During the period ended July 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2015		Net Activity		Shares Held at July 31, 2016		Value at July 31, 2016		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		610,104		5,418,570		6,028,674	$	6,028,674	$	49,437

(n)

Current yield as of period end.

•

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



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	15


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


Portfolio Abbreviations


ARB	Airport Revenue Bonds	LIBOR	London Interbank Offered Rate
CLO	Collateralized Loan Obligation	RB	Revenue Bonds
EUR	Euro	USD	United States Dollar
FKA	Formerly Known As

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements¹

Deutsche Bank Securities, Inc.

0.19%

3/5/15

Open

3,570,225

3,579,910

U.S. Government Sponsored Agency Securities

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

6,863,500

6,887,303

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

10,770,000

10,807,351

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

4,499,250

4,514,854

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

710,625

713,089

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

5,906,250

5,926,733

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

1,184,375

1,188,482

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

4,691,813

4,708,084

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

2,514,500

2,523,220

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

4,867,413

4,884,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

2,768,500

2,778,101

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55%

12/17/15

Open

8,268,750

8,297,426

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60%

12/17/15

Open

9,843,750

9,880,992

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60%

12/17/15

Open

11,820,000

11,864,719

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50%

12/17/15

Open

2,720,000

2,728,576

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.65%

12/17/15

Open

2,199,375

2,208,389

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.65%

12/17/15

Open

2,664,063

2,674,981

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.65%

12/17/15

Open

522,500

524,642

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.65%

12/17/15

Open

4,800,000

4,819,684

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70%

12/17/15

Open

5,113,969

5,136,541

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70%

12/17/15

Open

6,318,969

6,346,860

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70%

12/17/15

Open

4,978,969

5,000,945

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70%

12/17/15

Open

2,641,781

2,653,442

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,202,500

3,215,424

Corporate Bonds

Open/Demand



16	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued

Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements¹

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,202,500

3,215,424

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

21,125,880

21,211,135

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,319,388

3,332,783

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

17,613,000

17,684,078

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

6,405,000

6,430,848

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

6,675,000

6,701,937

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

4,056,625

4,072,996

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

10,826,325

10,870,015

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,336,375

3,349,839

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

17,212,500

17,281,962

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,595,688

3,610,198

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,940,000

3,955,900

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,801,038

3,816,377

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

12,630,000

12,680,969

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

7,395,000

7,424,843

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

10,175,000

10,216,062

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

8,008,000

8,040,317

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

4,507,938

4,526,130

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

9,989,438

10,029,750

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

13,740,000

13,795,449

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

4,594,625

4,613,167

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

4,930,000

4,949,895

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

6,413,813

6,439,696

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/17/15

Open

3,285,000

3,298,257

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.00%

12/17/15

Open

5,460,000

5,494,428

Corporate Bonds

Open/Demand

HSBC Securites (USA), Inc.

0.65%

12/18/15

Open

11,575,000

11,621,814

Capital Trusts

Open/Demand



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	17


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements¹

RBC Capital Markets LLC

0.64%

12/22/15

Open

9,022,500

9,058,269

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

12/22/15

Open

3,995,370

4,011,209

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

10,925,000

10,975,528

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

10,736,813

10,786,470

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

8,400,000

8,438,850

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

3,227,188

3,242,113

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

6,050,000

6,077,981

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75%

12/22/15

Open

5,784,800

5,811,555

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50)%

1/14/16

Open

389,475

385,169

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.64%

3/22/16

Open

8,847,167

8,867,928

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25%

4/29/16

Open

649,142

649,548

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.54%

5/5/16

Open

42,462,500

42,508,289

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets LLC

0.00%

5/16/16

Open

313,040

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

2,953,000

2,957,553

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

5,432,000

5,440,374

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

6,237,000

6,246,615

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

7,208,000

7,219,112

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

5,698,000

5,706,784

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

9,685,000

9,699,931

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

8,410,000

8,422,965

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

4,479,000

4,485,905

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

4,984,000

4,991,684

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

5,055,000

5,062,793

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

10,853,000

10,869,732

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

11,939,000

11,957,406

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

3,043,000

3,047,691

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

4,668,000

4,675,197

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

16,684,000

16,709,721

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

3,210,000

3,214,949

Corporate Bonds

Open/Demand



18	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (concluded)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements¹

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

10,157,000

10,172,659

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

5,097,000

5,104,858

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

3,291,000

3,296,074

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75%

5/18/16

Open

1,941,000

1,943,992

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.52%

6/9/16

Open

25,000,000

25,023,007

U.S. Treasury Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.65%

6/15/16

Open

3,776,032

3,779,236

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.52%

6/16/16

Open

8,190,000

8,195,014

U.S. Treasury Obligations

Open/Demand

BNP Paribas Securities Corp.

0.52%

6/17/16

Open

16,340,000

16,349,713

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.40%

6/17/16

Open

35,131,250

35,144,717

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.40%

6/20/16

Open

30,922,500

30,933,581

U.S. Treasury Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.75%

6/27/16

Open

1,257,469

1,258,333

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(2.00)%

7/7/16

Open

4,678,619

4,672,381

Capital Trusts

Open/Demand

RBC Capital Markets LLC

0.64%

7/11/16

Open

7,404,000

7,406,633

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(0.25)%

7/21/16

Open

2,048,104

2,047,962

Corporate Bonds

Open/Demand

Total

697,829,179

699,690,831

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Contracts Long (Short)			Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
	69		2-Year U.S. Treasury Note	September 2016	USD	15,111,000	$	83,469
	(366	)	5-Year U.S. Treasury Note	September 2016	USD	44,657,719		(726,136	)
	(673	)	10-Year U.S. Treasury Note	September 2016	USD	89,540,547		(456,213	)
	(170	)	Long U.S. Treasury Bond	September 2016	USD	29,654,375		(207,417	)
	(138	)	Ultra U.S. Treasury Bond	September 2016	USD	26,293,312		(1,054,589	)
	Total						$	(2,360,886	)

OTC Interest Rate Swaptions Purchased

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/

Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

(000)

Value

30-Year Interest Swap

Citibank N.A.

Put

2.75

Pay

3-month LIBOR

12/01/16

USD

87,500

62,311



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	19


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

OTC Interest Rate Swaptions Purchased (continued)

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/

Receive
Index Rate

Floating Rate
Index

Expiration
Date

Notional
Amount
(000)

Value

30-Year Interest Swap

Bank of America N.A.

Put

2.20

Pay

3-month LIBOR

1/13/17

USD

28,000

352,985

30-Year Interest Swap

Bank of America N.A.

Put

2.85

Pay

3-month LIBOR

1/13/17

USD

110,000

127,039

Total

542,335

OTC Interest Rate Swaptions Written

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/

Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount
(000)

Value

2-Year Interest Rate Swap

Bank of America N.A.

Call

1.55

Pay

6-month LIBOR

3/15/18

USD

77,900

(974,781

)

2-Year Interest Rate Swap

Bank of America N.A.

Call

1.47

Pay

6-month LIBOR

3/19/18

USD

77,900

(890,773

)

2-Year Interest Rate Swap

Bank of America N.A.

Put

1.55

Receive

6-month LIBOR

3/15/18

USD

77,900

(225,994

)

2-Year Interest Rate Swap

Bank of America N.A.

Put

1.47

Receive

6-month LIBOR

3/19/18

USD

77,900

(264,243

)

Total

(2,355,791

)

OTC Credit Default Swaps — Buy Protection


Issuer/Index	Pay Fixed Rate			Counterparty		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation
Anadarko Petroleum Corp.		1.00	%		Credit Suisse International		6/20/17		USD	2,425	$	7,935		$	(22,708	)	$	30,643
Anadarko Petroleum Corp.		1.00	%		Morgan Stanley Capital Services LLC		6/20/17		USD	10		33			(110	)		143
Anadarko Petroleum Corp.		1.00	%		UBS AG		6/20/17		USD	994		3,252			(10,789	)		14,041
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%		Goldman Sachs Bank USA		9/20/17		USD	4,500		48,797			(9,870	)		58,667
Athem, Inc. (FKA WellPoint, Inc.)		1.00	%		Goldman Sachs International		9/20/17		USD	2,800		30,362			(6,605	)		36,967
Comcast Corp.		1.00	%		Credit Suisse International		9/20/17		USD	12,200		145,466			12,665			132,801
United Health Group, Inc.		1.00	%		Goldman Sachs Bank USA		9/20/17		USD	4,500		52,342			(2,483	)		54,825
United Health Group, Inc.		1.00	%		Goldman Sachs International		9/20/17		USD	2,800		32,568			(1,662	)		34,230
MetLife, Inc.		1.00	%		Deutsche Bank AG		3/20/18		USD	3,025		30,911			(42,762	)		73,673
Bank of America Corp.		1.00	%		Deutsche Bank AG		3/20/19		USD	16,700		231,009			68,662			162,347
American Tower Corp.		1.00	%		Morgan Stanley Capital Services LLC		6/20/21		USD	10,000		(304,447	)		(399,950	)		95,503
Total											$	278,228		$	(415,612	)	$	693,840



20	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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

OTC Credit Default Swaps — Sell Protection


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date		Credit Rating¹	Notional Amount (000)²			Market Value			Premiums Paid (Received)			Unrealized Depreciation
Southwest Airlines Co.		1.00	%	Goldman Sachs Bank USA		12/20/16	BBB-		USD	2,535	$	(12,216	)	$	10,293		$	(22,509	)
Southwest Airlines Co.		1.00	%	Goldman Sachs International		12/20/16	BBB-		USD	1,465		(7,060	)		5,609			(12,669	)
Southwest Airlines Co.		1.00	%	Royal Bank Of Scotland PLC		12/20/16	BBB-		USD	4,000		(19,372	)		16,645			(36,017	)
STMicro Electronics		1.00	%	Barclays Bank PLC		6/20/17	BBB		EUR	1,500		(13,337	)		13,912			(27,249	)
Cigna Corp.		1.00	%	Goldman Sachs Bank USA		9/20/17	A		USD	4,500		(52,945	)		(2,494	)		(50,451	)
Cigna Corp.		1.00	%	Goldman Sachs International		9/20/17	A		USD	2,800		(32,943	)		(1,669	)		(31,274	)
General Dynamics Corp.		1.00	%	Credit Suisse International		9/20/17	A+		USD	5,585		(67,168	)		(33,492	)		(33,676	)
Humana, Inc.		1.00	%	Goldman Sachs Bank USA		9/20/17	A-		USD	4,500		(51,927	)		17,163			(69,090	)
Humana, Inc.		1.00	%	Goldman Sachs International		9/20/17	A-		USD	2,800		(32,309	)		11,485			(43,794	)
Lockheed Martin Corp.		1.00	%	Credit Suisse International		9/20/17	BBB+		USD	5,585		(66,923	)		(11,520	)		(55,403	)
Northrop Grumman Corp.		1.00	%	Credit Suisse International		9/20/17	BBB+		USD	4,715		(57,329	)		(26,026	)		(31,303	)
Raytheon Co.		1.00	%	Credit Suisse International		9/20/17	A		USD	4,715		(56,926	)		(26,725	)		(30,201	)
Citigroup, Inc.		1.00	%	Deutsche Bank AG		3/20/19	BBB+		USD	16,700		(229,573	)		(38,509	)		(191,064	)
MetLife, Inc.		1.00	%	Citibank N.A.		6/20/21	A-		USD	1,375		14,158			21,245			(7,087	)
Newmont Mining Corp.		1.00	%	Barclays Bank PLC		6/20/21	BBB		USD	2,000		(2,653	)		22,908			(25,561	)
Newmont Mining Corp.		1.00	%	Goldman Sachs International		6/20/21	BBB		USD	8,000		(10,611	)		120,458			(131,069	)
Prudential Financial, Inc.		1.00	%	Citibank N.A.		6/20/21	A		USD	1,920		10,499			27,099			(16,600	)
Prudential Financial, Inc.		1.00	%	Goldman Sachs International		6/20/21	A		USD	1,155		6,316			17,339			(11,023	)
Prudential Financial, Inc.		1.00	%	JPMorgan Chase Bank N.A.		6/20/21	A		USD	9,500		51,949			117,360			(65,411	)
Total											$	(630,370	)	$	261,081		$	(891,451	)

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

Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	21


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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

•

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	79,767,626	$	14,430,040	$	94,197,666
Common Stocks	$	5,233		34,285		2,951		42,469
Corporate Bonds		—		1,605,793,058		5,119,000		1,610,912,058
Foreign Agency Obligations		—		11,742,571		—		11,742,571
Municipal Bonds		—		19,593,050		—		19,593,050
Preferred Securities		56,350,651		292,155,714		—		348,506,365
U.S. Government Sponsored Agency Securities		—		3,793,989		—		3,793,989
U.S. Treasury Obligations		—		187,023,449		—		187,023,449
Short-Term Securities		6,028,674		—		—		6,028,674
Options Purchased:
Interest Rate Contracts		—		542,335		—		542,335

Total	$	62,384,558	$	2,200,446,077	$	19,551,991	$	2,282,382,626



22	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016


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


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	693,840			—	$	693,840
Interest rate contracts	$	83,469			—			—		83,469
Liabilities:
Credit contracts		—			(891,451	)		—		(891,451	)
Interest rate contracts		(2,444,355	)		(2,355,791	)		—		(4,800,146	)

Total	$	(2,360,886	)	$	(2,553,402	)		—	$	(4,914,288	)

¹ 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.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount, or face value including accrued interest, for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash pledged:
Collateral — OTC swaps	$	2,670,000			—			—	$	2,670,000
Futures contracts		2,742,000			—			—		2,742,000
Foreign currency at value		21,651			—			—		21,651
Liabilities:
Bank overdraft		—		$	(33,581	)		—		(33,581	)
Cash received:
Collateral — reverse repurchase agreements		—			(10,986,000	)		—		(10,986,000	)
Collateral — OTC swaps		—			(1,000,000	)		—		(1,000,000	)
Reverse repurchase agreements		—			(699,690,831	)		—		(699,690,831	)

Total	$	5,433,651		$	(711,710,412	)		—	$	(706,276,761	)

During the period ended July 31, 2016, there were no transfers between Level 1 and Level 2.



BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016	23


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

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


	Asset-Backed Securities			Corporate Bonds		Common Stocks			Total
Assets:
Opening Balance, as of October 31, 2015	$	11,525,615		$	5,079,000		—		$	16,604,615
Transfers into of Level 3		—			—		—			—
Transfers out of Level 3		(5,913,190	)		—		—			(5,913,190	)
Accrued discounts/premiums		7,221			—		—			7,221
Net realized gain (loss)		(102,622	)		—		—			(102,622	)
Net change in unrealized appreciation (depreciation)¹		97,891			40,000	$	(42,494	)		95,397
Purchases		11,120,625			—		45,445			11,166,070
Sales		(2,305,500	)		—		—			(2,305,500	)
Closing Balance, as of July 31, 2016	$	14,430,040		$	5,119,000	$	2,951		$	19,551,991

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2016¹	$	109,110		$	40,000	$	(42,494	)	$	106,616

¹ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2016 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.



24	BLACKROCK CREDIT ALLOCATION INCOME TRUST	JULY 31, 2016

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 21, 2016

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 21, 2016

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

Date:		September 21, 2016