N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21972

Name of Fund:	BlackRock Credit Allocation Income Trust (BTZ)
Fund Address:	100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Credit

             Allocation Income Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Asset-Backed Securities — 6.5%
Asset-Backed Securities — 6.5%
Allegro CLO VI Ltd., Series 2017-2A(a)(b):
Class B, 3.23%, 01/17/31		USD	360	$	361,782
Class C, 3.53%, 01/17/31			2,400		2,406,545
Class D, 4.48%, 01/17/31			1,300		1,302,966
ALM XVII Ltd., Series 2015-17A, Class B1, (3 mo. LIBOR US + 3.40%), 5.12%, 01/15/28(b)(c)			1,400		1,414,727
AMMC CLO Ltd., Series 2015-17A, Class C, (3 mo. LIBOR US + 3.25%), 4.67%, 11/15/27(b)(c)			1,000		1,000,855
AMMC CLO XII Ltd., Series 2013-12A, Class CR, 3.31%, 11/10/30(a)(b)			1,500		1,502,090
Anchorage Capital CLO Ltd.(a)(b):
Series 2013-1A, Class BR, 3.87%, 10/13/30			1,000		1,010,945
Series 2014-3RA, Class C, 3.61%, 01/28/31			1,000		1,000,000
Series 2014-3RA, Class D, 4.36%, 01/28/31			1,000		1,000,000
Series 2015-7A, Class CR, 3.42%, 10/15/27			1,000		1,002,320
Series 2015-7A, Class DR, 4.42%, 10/15/27			1,000		1,008,803
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.25%), 4.99%, 07/22/26(b)(c)			1,300		1,317,566
Ares CLO Ltd.(a)(b):
3.22%, 10/15/30			1,000		1,007,510
3.52%, 10/15/30			1,750		1,754,896
Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 3.90%), 5.28%, 01/30/24(b)(c)			750		754,584
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class DR, (3 mo. LIBOR US + 3.60%), 5.32%, 10/15/26(b)(c)			2,500		2,513,674
Atrium X, Series 10A, Class DR, (3 mo. LIBOR US + 3.00%), 4.72%, 07/16/25(b)(c)			1,500		1,503,724
Benefit Street Partners CLO XII Ltd., Series 2017-12A(a)(b):
Class B, 3.35%, 10/15/30			1,000		1,009,815
Class C, 4.40%, 10/15/30			2,000		2,020,664
BlueMountain CLO Ltd., Series 2012-2A, Class AR, (3 mo. LIBOR US + 1.42%), 2.86%, 11/20/28(b)(c)			2,000		2,013,839
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 4.81%, 11/23/25(b)(c)			1,000		1,001,070

Security	Par (000)			Value
Asset-Backed Securities (continued)
Carlyle Global Market Strategies CLO 2013-4 Ltd., Series 2013-4A, Class DRR, 1.00%, 01/15/31(a)(b)(d)		USD	1,000	$	1,000,000
Carlyle Global Market Strategies CLO Ltd.(b)(c):
Series 2016-1A, Class C, (3 mo. LIBOR US + 4.90%), 6.64%, 04/20/27			1,000		1,008,297
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.00%), 5.74%, 10/20/29			1,000		1,017,690
CIFC Funding Ltd.(a)(b):
Series 2013-2A, Class A3LR, 3.68%, 10/18/30			1,000		1,016,079
Series 2013-2A, Class B1LR, 4.78%, 10/18/30			1,000		1,011,699
Series 2018-1A, Class C, 1.00%, 04/18/31			1,000		1,000,000
Series 2018-1A, Class D, 1.00%, 04/18/31			1,200		1,200,000
Dryden 53 CLO Ltd., Series 2017-53A, Class A, 2.82%, 01/15/31(a)(b)			2,000		2,010,488
Elevation CLO Ltd., Series 2017-7A, Class C, 3.50%, 07/15/30(a)(b)			1,500		1,501,708
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 4.88%, 10/29/26(a)(b)			1,000		1,006,606
Greenwood Park CLO Ltd., Series 2018-1A, Class D, 1.00%, 04/15/31(a)(b)(d)			1,000		1,000,000
Highbridge Loan Management Ltd.(b):
Series 4A-2014, Class A2R, 3.27%, 01/28/30(a)(e)			650		650,000
Series 4A-2014, Class BR, 3.62%, 01/28/30(a)(e)			750		750,000
Series 6A-2015, Class C, (3 mo. LIBOR US + 3.07%), 4.46%, 05/05/27(c)			1,500		1,504,714
Series 8A-2016, Class D, (3 mo. LIBOR US + 4.85%), 6.59%, 04/20/27(c)			500		509,460
LCM XVIII LP, Series 18A, Class C1, (3 mo. LIBOR US + 3.15%), 4.89%, 04/20/27(b)(c)			1,000		1,001,149
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 5.34%, 10/20/26(b)(c)			1,000		1,004,522
Long Point Park CLO Ltd., Series 2017-1A, Class B, 3.39%, 01/17/30(a)(b)			1,000		1,000,435
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR, (3 mo. LIBOR US + 2.15%), 3.89%, 01/19/25(b)(c)			1,000		1,001,121
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 4.99%, 07/20/26(b)(c)			2,000		2,017,382

1

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Asset-Backed Securities (continued)
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 3.57%, 01/27/26(b)(c)		USD	2,000	$	2,007,121
Madison Park Funding XXVII Ltd., Series 2018-27A(a)(b)(d):
Class B, 1.00%, 04/20/30			1,000		1,000,000
Class C, 1.00%, 04/20/30			1,000		1,000,000
Marble Point CLO XI Ltd., Series 2017-2A(a)(b):
Class A, 2.79%, 12/18/30			1,500		1,501,107
Class B, 3.11%, 12/18/30			1,000		1,000,772
Mill Creek II CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.85%), 6.59%, 04/20/28(b)(c)			1,000		1,014,426
MP CLO III Ltd., Series 2013-1A, Class CR, 3.74%, 10/20/30(a)(b)			1,000		1,016,173
Neuberger Berman CLO XV, Series 2013-15A, Class CR, 3.77%, 10/15/29(a)(b)			1,000		1,013,369
Neuberger Berman Loan Advisers CLO 26, Series 2017-26A(a)(b):
Class A, 2.56%, 10/18/30			2,000		2,009,823
Class B, 2.89%, 10/18/30			1,000		1,002,488
Class C, 3.14%, 10/18/30			1,500		1,502,080
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, 1.00%, 01/15/30(a)(b)(d)			1,000		1,000,000
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class C2, (3 mo. LIBOR US + 3.25%), 4.99%, 01/23/27(b)(c)			1,600		1,603,474
OCP CLO Ltd.(a)(b):
Series 2015-8A, Class CR, 4.52%, 04/17/27			1,000		1,003,134
Series 2017-14A, Class B, 3.49%, 11/20/30			1,000		1,000,376
Octagon Investment Partners Ltd.(b):
Series 2016-1A, Class D, (3 mo. LIBOR US + 4.95%), 6.67%, 04/15/27(c)			500		503,969
Series 2017-1A, Class B1, 2.88%, 01/20/30(a)			1,000		1,000,731
Series 2017-1A, Class C, 4.15%, 01/20/31(a)			1,000		1,004,546
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 3.64%, 01/22/30(a)(b)(e)			900		900,000
OHA Credit Partners XIV Ltd., Series 2017-14A, Class C, 3.38%, 01/21/30(a)(b)			1,250		1,250,461
OZLM Funding IV Ltd., 3.94%, 10/22/30(a)(b)			1,000		1,016,156

Security	Par (000)			Value
Asset-Backed Securities (continued)
OZLM XIX Ltd., Series 2017-19A, Class C, 4.47%, 11/22/30(a)(b)		USD	1,000	$	1,014,565
OZLM XXI, Series 2017-21A, Class B, 3.65%, 01/20/31(a)(b)(e)			1,800		1,800,000
Recette CLO Ltd., Series 2015-1A(a)(b):
Class CR, 3.44%, 10/20/27			1,500		1,503,196
Class DR, 4.49%, 10/20/27			1,000		1,002,901
Regatta IV Funding Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.75%, 07/25/26(b)(c)			1,500		1,503,024
Regatta V Funding Ltd., Series 2014-1A(b)(c):
Class BR, (3 mo. LIBOR US + 2.30%), 4.05%, 10/25/26			1,000		1,004,057
Class C, (3 mo. LIBOR US + 3.45%), 5.20%, 10/25/26			1,000		1,004,499
Rockford Tower CLO Ltd., Series 2017-3A(a)(b):
Class A, 2.86%, 10/20/30			2,000		2,000,672
Class D, 4.32%, 10/20/30			1,000		995,541
Stewart Park CLO Ltd., Series 2015-1A(a)(b)(e):
Class CR, 3.52%, 01/15/30			1,500		1,500,000
Class DR, 4.32%, 01/15/30			1,500		1,500,000
Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US + 4.80%), 6.52%, 04/15/28(b)(c)			1,000		1,016,984
Symphony CLO XV Ltd., Series 2014-15A(b)(c):
Class CR, (3 mo. LIBOR US + 2.20%), 3.93%, 10/17/26			2,500		2,522,929
Class DR, (3 mo. LIBOR US + 3.35%), 5.08%, 10/17/26			1,000		1,003,839
Tiaa Clo III Ltd., Series 2017-2A, Class A, 2.63%, 01/16/31(a)(b)			2,500		2,501,556
Voya CLO Ltd., Series 2013-2A, Class C, (3 mo. LIBOR US + 3.50%), 5.25%, 04/25/25(b)(c)			1,000		1,006,244
Webster Park CLO Ltd., Series 2015-1A, Class B1, (3 mo. LIBOR US + 3.10%), 4.84%, 01/20/27(b)(c)			4,000		4,007,974
York CLO-2 Ltd., Series 2015-1A, Class CR, 3.31%, 01/22/31(a)(b)			1,500		1,499,948
Total Asset-Backed Securities — 6.5% (Cost — $101,982,006)					102,857,860
Corporate Bonds — 96.2%
Aerospace & Defense — 1.3%
Arconic, Inc.:
5.13%, 10/01/24			2,871		3,036,082
5.90%, 02/01/27			2,000		2,237,000
6.75%, 01/15/28			178		210,058

2

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Aerospace & Defense (continued)
Bombardier, Inc.(b):
7.75%, 03/15/20		USD	354	$	381,435
8.75%, 12/01/21			1,752		1,946,910
6.00%, 10/15/22			14		14,000
6.13%, 01/15/23			71		71,710
7.50%, 12/01/24			1,266		1,330,883
7.50%, 03/15/25			2,892		3,004,065
KLX, Inc., 5.88%, 12/01/22(b)			1,475		1,535,844
Mexico City Airport Trust, 4.25%, 10/31/26(b)			1,350		1,360,462
TransDigm, Inc.:
6.00%, 07/15/22			4,360		4,474,450
6.50%, 07/15/24			1,560		1,604,850
					21,207,749
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.(b):
6.50%, 06/15/22			1,565		1,629,165
6.13%, 09/01/23			352		371,360
					2,000,525
Airlines — 0.8%
American Airlines Group, Inc., 4.63%, 03/01/20(b)			692		700,650
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 04/29/18			2,040		2,057,748
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 07/02/24			2,728		2,993,629
Turkish Airlines Pass-Through Trust, Series 2015-1 Class A, 4.20%, 09/15/28(b)			2,592		2,521,380
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,234		3,323,060
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 04/23/22(b)			494		504,342
					12,100,809
Auto Components — 0.6%
Allison Transmission, Inc., 5.00%, 10/01/24(b)			68		68,680
General Motors Financial Co., Inc., 4.35%, 01/17/27			4,710		4,791,637
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			535		541,687
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.00%, 08/01/20			3,108		3,180,883
Finance Corp., 6.38%, 12/15/25(b)			388		394,790

Security	Par (000)			Value
Auto Components (continued)
Tesla, Inc., 5.30%, 08/15/25(b)		USD	1,116	$	1,062,432
					10,040,109
Automobiles — 0.5%
Ford Motor Co., 7.45%, 07/16/31			3,660		4,658,703
General Motors Co.:
4.88%, 10/02/23			1,875		1,991,946
6.25%, 10/02/43			940		1,109,666
					7,760,315
Banks — 4.2%
Barclays PLC, 4.84%, 05/09/28			4,975		5,100,469
CIT Group, Inc.:
5.50%, 02/15/19(b)			3,967		4,066,175
5.00%, 08/01/23			370		386,650
City National Corp., 5.25%, 09/15/20			2,900		3,083,236
Cooperatieve Rabobank UA, 3.95%, 11/09/22(f)			3,775		3,874,544
Credit Suisse Group AG, 6.50%, 08/08/23(b)			6,000		6,705,000
Discover Bank/Greenwood, 8.70%, 11/18/19			748		813,382
Fifth Third Bancorp (3 mo. LIBOR US + 3.03%), 5.10%(g)(h)			5,000		5,012,500
HSBC Finance Corp., 6.68%, 01/15/21(f)			5,150		5,699,829
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)			5,840		6,139,318
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23(f)			10,080		10,988,498
Santander Holdings USA, Inc., 4.40%, 07/13/27(b)			830		843,501
SunTrust Banks, Inc. (3 mo. LIBOR US + 3.10%), 5.05%(g)(h)			5,270		5,283,175
Wells Fargo & Co.(f):
4.13%, 08/15/23			4,000		4,163,498
5.61%, 01/15/44			4,119		5,009,523
					67,169,298
Beverages — 0.6%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46(f)			6,170		6,972,157
BWAY Holding Co., 7.25%, 04/15/25(b)			251		261,981
Molson Coors Brewing Co., 4.20%, 07/15/46			1,665		1,659,289
					8,893,427
Biotechnology — 0.5%
Amgen, Inc., 4.66%, 06/15/51(f)			6,709		7,301,705
Building Products — 0.4%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(b)			424		447,320

3

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Building Products (continued)
Beacon Escrow Corp., 4.88%, 11/01/25(b)		USD	1,481	$	1,473,595
Building Materials Corp. of America, 6.00%, 10/15/25(b)			1,832		1,946,500
Masonite International Corp., 5.63%, 03/15/23(b)			610		634,400
Standard Industries, Inc., 5.50%, 02/15/23(b)			745		774,800
USG Corp., 4.88%, 06/01/27(b)			445		456,125
					5,732,740
Capital Markets — 2.5%
Goldman Sachs Group, Inc.:
7.50%, 02/15/19(f)			5,165		5,433,651
5.25%, 07/27/21			1,175		1,262,238
5.75%, 01/24/22(f)			5,500		6,029,718
6.25%, 02/01/41(f)			15,000		19,850,905
Morgan Stanley, 5.63%, 09/23/19(f)			6,770		7,093,634
NFP Corp., 6.88%, 07/15/25(b)			222		228,105
					39,898,251
Chemicals — 1.2%
Axalta Coating Systems LLC, 4.88%, 08/15/24(b)			715		738,238
Basell Finance Co. BV, 8.10%, 03/15/27(b)(f)			6,000		7,825,629
Chemours Co., 5.38%, 05/15/27			207		214,245
Huntsman International LLC:
4.88%, 11/15/20			72		74,880
5.13%, 11/15/22			2,495		2,650,938
NOVA Chemicals Corp., 4.88%, 06/01/24(b)			956		961,975
Olin Corp., 5.00%, 02/01/30			297		297,371
Platform Specialty Products Corp.(b):
6.50%, 02/01/22			3,006		3,103,695
5.88%, 12/01/25			2,241		2,277,416
PQ Corp., 6.75%, 11/15/22(b)			935		999,281
					19,143,668
Commercial Services & Supplies — 0.0%
Waste Pro USA, Inc., 5.50%, 02/15/26(b)(d)			622		632,885
Commercial Services & Supplies — 2.9%
ADT Corp.:
4.13%, 06/15/23			960		950,400
4.88%, 07/15/32(b)			1,020		966,450
Aviation Capital Group Corp.(b):
7.13%, 10/15/20			31,000		34,263,195
6.75%, 04/06/21			7,850		8,705,791
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25(b)			1,061		1,071,610

Security	Par (000)			Value
Commercial Services & Supplies (continued)
KAR Auction Services, Inc., 5.13%, 06/01/25(b)		USD	595	$	602,437
					46,559,883
Communications Equipment — 0.2%
CommScope Technologies Finance LLC, 6.00%, 06/15/25(b)			467		491,373
CommScope Technologies LLC, 5.00%, 03/15/27(b)			659		656,529
CommScope, Inc., 5.50%, 06/15/24(b)			254		263,207
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25			1,418		1,487,127
5.75%, 01/15/27(b)			593		602,666
					3,500,902
Construction & Engineering — 0.3%
BlueLine Rental Finance Corp., 9.25%, 03/15/24(b)			2,578		2,803,575
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25(b)			2,160		2,246,400
					5,049,975
Construction Materials — 0.4%
HD Supply, Inc., 5.75%, 04/15/24(b)			4,403		4,711,210
PulteGroup, Inc., 5.50%, 03/01/26			926		994,292
					5,705,502
Consumer Discretionary — 0.1%
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25(b)			72		72,720
Viking Cruises Ltd., 5.88%, 09/15/27(b)(d)			1,445		1,446,806
					1,519,526
Consumer Finance — 1.0%
Ally Financial, Inc.:
5.13%, 09/30/24			590		621,712
8.00%, 11/01/31			3,832		4,885,800
Capital One Bank USA NA, 3.38%, 02/15/23(f)			2,000		1,989,110
Discover Financial Services, 3.85%, 11/21/22			3,252		3,302,589
IHS Markit Ltd.(b):
4.75%, 02/15/25			452		470,080
4.00%, 03/01/26			318		308,858
Navient Corp.:
6.63%, 07/26/21			461		489,812
6.50%, 06/15/22			434		458,413
7.25%, 09/25/23			996		1,073,190

4

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Consumer Finance (continued)
Total System Services, Inc., 3.80%, 04/01/21		USD	1,630	$	1,660,842
					15,260,406
Containers & Packaging — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(b):
4.63%, 05/15/23			760		767,600
6.00%, 02/15/25			2,291		2,365,458
Ball Corp., 4.38%, 12/15/20			681		698,025
Multi-Color Corp., 4.88%, 11/01/25(b)			333		334,249
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			2,778		2,826,068
6.88%, 02/15/21			68		69,075
5.13%, 07/15/23(b)			900		924,210
7.00%, 07/15/24(b)			1,247		1,326,496
Sealed Air Corp., 6.88%, 07/15/33(b)			182		209,755
					9,520,936
Diversified Consumer Services — 0.5%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(b)			2,834		3,135,113
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(b)			558		564,975
Service Corp. International, 4.50%, 11/15/20			4,382		4,420,342
					8,120,430
Diversified Financial Services — 6.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20			961		1,002,612
3.50%, 05/26/22			5,000		5,027,976
4.63%, 07/01/22			518		542,024
Air Lease Corp., 3.75%, 02/01/22			5,000		5,108,085
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,128,929
Banco Santander SA, 3.13%, 02/23/23			2,200		2,164,501
Bank of America Corp.:
5.00%, 05/13/21(f)			17,100		18,277,403
4.45%, 03/03/26			1,765		1,851,879
Citigroup, Inc., 6.68%, 09/13/43(f)			4,125		5,612,586
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 04/17/26(f)			5,000		5,266,028
DPL, Inc., 7.25%, 10/15/21			94		104,465
Ford Motor Credit Co. LLC, 5.88%, 08/02/21(f)			9,420		10,204,593
General Motors Financial Co., Inc.:
6.75%, 06/01/18			1,700		1,726,393
4.38%, 09/25/21			2,260		2,344,328
4.25%, 05/15/23			1,681		1,734,663

Security	Par (000)			Value
Diversified Financial Services (continued)
ING Bank NV, 5.00%, 06/09/21(b)(f)		USD	8,000	$	8,524,846
Intesa Sanpaolo SpA, 5.02%, 06/26/24(b)			2,000		2,041,581
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20(b)			1,705		1,739,100
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,262,477
Lloyds Banking Group PLC, 4.34%, 01/09/48			3,925		3,918,473
Resparcs Funding LP I, 8.00%(i)			4,000		2,004,000
Royal Bank of Scotland Group PLC:
6.10%, 06/10/23			2,500		2,712,852
5.13%, 05/28/24			5,250		5,485,531
Vantiv LLC/Vanity Issuer Corp., 4.38%, 11/15/25(b)			464		460,520
					96,245,845
Diversified Telecommunication Services — 6.4%
AT&T, Inc.:
5.00%, 03/01/21(f)			8,575		9,094,382
6.30%, 01/15/38(f)			12,000		14,112,739
5.15%, 03/15/42			250		254,961
4.35%, 06/15/45			367		337,956
5.15%, 02/14/50			3,000		3,034,578
CenturyLink, Inc., Series S, 6.45%, 06/15/21			1,176		1,195,039
Frontier Communications Corp.:
7.13%, 01/15/23			193		130,758
7.63%, 04/15/24			1,007		664,620
6.88%, 01/15/25			3,964		2,487,410
11.00%, 09/15/25			109		85,156
Level 3 Financing, Inc.:
5.38%, 08/15/22			2,095		2,126,425
5.13%, 05/01/23			1,183		1,185,958
5.38%, 01/15/24			754		750,230
5.38%, 05/01/25			2,003		1,994,988
5.25%, 03/15/26			320		314,000
Telecom Italia SpA, 5.30%, 05/30/24(b)			720		760,500
Telefonica Emisiones SAU:
3.19%, 04/27/18			6,550		6,567,279
5.21%, 03/08/47			6,000		6,757,396
Verizon Communications, Inc.(f):
5.15%, 09/15/23			8,775		9,628,202
6.40%, 09/15/33			9,475		11,614,221
6.55%, 09/15/43			13,225		17,337,777
5.01%, 04/15/49			10,578		11,193,480
					101,628,055

5

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Electric Utilities — 5.0%
AES Corp.:
4.88%, 05/15/23		USD	53	$	54,272
5.50%, 04/15/25			204		212,160
6.00%, 05/15/26			423		453,668
5.13%, 09/01/27			787		824,138
CMS Energy Corp., 5.05%, 03/15/22(f)			9,900		10,617,179
Duke Energy Corp., 3.55%, 09/15/21			3,650		3,736,413
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76(g)			7,500		8,475,000
Great Plains Energy, Inc., 5.29%, 06/15/22(j)			5,550		5,936,044
Midland Cogeneration Venture LP, 5.25%, 03/15/25(b)			3,744		3,757,815
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77(a)			5,000		5,006,250
NextEra Energy Operating Partners LP, 4.25%, 09/15/24(b)			568		570,840
NiSource Finance Corp., 6.80%, 01/15/19			472		491,460
Oncor Electric Delivery Co. LLC(f):
4.10%, 06/01/22			4,150		4,324,102
5.30%, 06/01/42			2,750		3,370,040
Progress Energy, Inc., 7.00%, 10/30/31(f)			12,000		15,653,246
Puget Energy, Inc.:
6.00%, 09/01/21			275		300,767
5.63%, 07/15/22			5,550		6,048,397
Southern Co., 4.40%, 07/01/46			7,500		7,769,649
					77,601,440
Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23			306		314,415
5.50%, 12/01/24			2,458		2,653,104
Jabil Circuit, Inc., 8.25%, 03/15/18			2,600		2,624,180
Sanmina Corp., 4.38%, 06/01/19(b)			1,415		1,441,531
					7,033,230
Energy Equipment & Services — 0.6%
GrafTech International Ltd., 6.38%, 11/15/20			890		904,240
Halliburton Co., 5.00%, 11/15/45(f)			6,615		7,608,116
Noble Holding International Ltd.:
4.63%, 03/01/21			34		33,660
7.70%, 04/01/25			472		423,620
					8,969,636
Food & Staples Retailing — 1.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			775		736,250
5.75%, 03/15/25			1,120		999,600

Security	Par (000)			Value
Food & Staples Retailing (continued)
CVS Health Corp.:
4.75%, 12/01/22		USD	289	$	305,838
5.00%, 12/01/24			183		194,774
5.13%, 07/20/45			3,879		4,336,071
Dollar Tree, Inc.:
5.25%, 03/01/20			105		106,562
5.75%, 03/01/23			3,938		4,115,210
H.J. Heinz Finance Co., 7.13%, 08/01/39(b)			4,415		5,901,193
Wal-Mart Stores, Inc., 5.25%, 09/01/35(f)			5,150		6,423,510
					23,119,008
Food Products — 0.9%
Aramark Services, Inc., 5.13%, 01/15/24			1,470		1,521,450
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 06/15/25(b)			1,590		1,574,434
Kraft Foods, Inc., 6.13%, 08/23/18			4,840		4,939,443
Kraft Heinz Foods Co., 4.38%, 06/01/46			2,475		2,419,652
Pilgrim’s Pride Corp.(b):
5.75%, 03/15/25			624		630,240
5.88%, 09/30/27			293		293,733
Post Holdings, Inc.(b):
5.00%, 08/15/26			2,329		2,273,686
5.63%, 01/15/28			428		426,128
					14,078,766
Health Care Equipment & Supplies — 1.1%
Avantor, Inc.(b):
6.00%, 10/01/24			6,794		6,853,447
9.00%, 10/01/25			960		951,600
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21(b)			2,065		1,992,725
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(b):
4.88%, 04/15/20			517		502,783
5.75%, 08/01/22(f)			2,165		1,986,387
5.63%, 10/15/23			216		184,680
5.50%, 04/15/25			125		103,125
Medtronic, Inc., 4.63%, 03/15/45(f)			4,565		5,171,924
					17,746,671
Health Care Providers & Services — 3.6%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			191		193,388
Amsurg Corp., 5.63%, 07/15/22			1,313		1,335,977
Centene Corp.:
5.63%, 02/15/21			875		899,614
6.13%, 02/15/24			1,370		1,455,625
CHS/Community Health Systems, Inc., 6.25%, 03/31/23			60		55,500

6

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Health Care Providers & Services (continued)
DaVita, Inc., 5.13%, 07/15/24		USD	761	$	766,730
HCA, Inc.:
3.75%, 03/15/19			4,364		4,413,226
6.50%, 02/15/20(f)			9,753		10,399,136
7.50%, 02/15/22			2,214		2,485,215
5.88%, 03/15/22			1,333		1,430,476
4.75%, 05/01/23			236		245,204
5.88%, 05/01/23			304		326,040
5.00%, 03/15/24			735		765,319
5.88%, 02/15/26			1,297		1,361,850
5.50%, 06/15/47			2,570		2,618,573
HealthSouth Corp., 5.75%, 11/01/24			637		649,740
MEDNAX, Inc., 5.25%, 12/01/23(b)			144		147,060
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(b)			829		890,139
Polaris Intermediate Corp., 8.50% (8.50% PIK), 12/01/22(b)(k)			1,546		1,609,772
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(b)			147		154,350
Tenet Healthcare Corp.:
6.00%, 10/01/20			4,102		4,312,227
7.50%, 01/01/22(b)			394		416,931
8.13%, 04/01/22			2,645		2,729,323
6.75%, 06/15/23			1,758		1,731,806
4.63%, 07/15/24(b)			513		504,022
THC Escrow Corp. III, 5.13%, 05/01/25(b)			435		429,019
UnitedHealth Group, Inc., 6.88%, 02/15/38(f)			10,000		14,136,991
					56,463,253
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(b)			583		593,203
Hotels, Restaurants & Leisure — 1.0%
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25(b)			1,114		1,105,768
ESH Hospitality, Inc., 5.25%, 05/01/25(b)			1,278		1,287,585
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(b):
5.00%, 06/01/24			600		607,500
5.25%, 06/01/26			650		663,000
4.75%, 06/01/27			817		810,873
Melco Resorts Finance Ltd., 4.88%, 06/06/25(b)			444		443,569
MGM Resorts International:
6.75%, 10/01/20			149		160,175
6.63%, 12/15/21			1,475		1,609,594

Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
New Red Finance, Inc.(b):
4.25%, 05/15/24		USD	1,577	$	1,549,402
5.00%, 10/15/25			2,910		2,913,637
Sabre GLBL, Inc.(b):
5.38%, 04/15/23			594		603,088
5.25%, 11/15/23			294		296,584
Scientific Games International, Inc.(b):
7.00%, 01/01/22			245		258,475
5.00%, 10/15/25			914		915,143
Station Casinos LLC, 5.00%, 10/01/25(b)			1,200		1,210,500
Wyndham Worldwide Corp., 4.15%, 04/01/24			732		733,583
					15,168,476
Household Durables — 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(b)			1,647		1,712,386
CalAtlantic Group, Inc., 8.38%, 01/15/21			3,015		3,437,100
Lennar Corp.:
2.95%, 11/29/20(b)			520		513,500
4.75%, 11/15/22			1,805		1,871,063
4.88%, 12/15/23			466		483,475
Newell Brands, Inc.:
3.85%, 04/01/23			5,085		5,181,388
4.20%, 04/01/26			955		973,524
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:
4.38%, 06/15/19			920		930,350
5.88%, 06/15/24			625		662,062
					15,764,848
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,150,238
6.13%, 12/15/24			231		244,860
5.75%, 07/15/25			1,002		1,054,605
					2,449,703
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.(b):
6.00%, 01/15/22			1,858		1,916,713
5.88%, 01/15/24			823		841,517
5.25%, 06/01/26			2,719		2,668,019
Dynegy, Inc., 6.75%, 11/01/19			1,471		1,511,452
NRG Energy, Inc.:
6.63%, 01/15/27			2,746		2,905,268
5.75%, 01/15/28(b)			650		650,130
QEP Resources, Inc., 5.38%, 10/01/22		USD	1,927		1,987,219
TerraForm Power Operating LLC(b):
4.25%, 01/31/23			470		465,300
5.00%, 01/31/28			470		463,537
					13,409,155

7

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Industrial Conglomerates — 0.0%
Vertiv Group Corp., 9.25%, 10/15/24(b)		USD	623	$	672,454
Insurance — 3.4%
American International Group, Inc., 6.40%, 12/15/20(f)			8,710		9,565,573
Aon Corp., 5.00%, 09/30/20(f)			7,700		8,131,492
Aon PLC, 4.25%, 12/12/42(f)			6,500		6,433,847
Forethought Financial Group, Inc., 8.63%, 04/15/21(b)			3,400		3,902,313
MetLife, Inc., 6.40%, 12/15/66			5,000		5,750,750
Nationwide Building Society, 4.13%, 10/18/32(a)(b)			2,520		2,489,307
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(b)(f)			12,000		15,707,913
Radian Group, Inc.:
5.25%, 06/15/20			271		283,195
4.50%, 10/01/24			774		774,000
					53,038,390
Internet Software & Services — 0.5%
Alibaba Group Holding Ltd., 4.20%, 12/06/47			1,470		1,468,939
Equinix, Inc., 5.88%, 01/15/26			1,061		1,127,312
Netflix, Inc.:
5.50%, 02/15/22			563		595,373
4.38%, 11/15/26			480		469,051
4.88%, 04/15/28(b)			568		563,740
Priceline Group, Inc., 3.55%, 03/15/28			3,375		3,303,541
Symantec Corp., 5.00%, 04/15/25(b)			347		353,868
					7,881,824
IT Services — 0.8%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21(b)			1,755		1,819,251
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538		583,612
First Data Corp.(b):
5.38%, 08/15/23			1,509		1,556,156
7.00%, 12/01/23			4,908		5,168,762
5.75%, 01/15/24			2,210		2,284,587
Gartner, Inc., 5.13%, 04/01/25(b)			399		414,960
WEX, Inc., 4.75%, 02/01/23(b)			760		771,400
					12,598,728

Security	Par (000)			Value
Leisure Products — 0.0%
Mattel, Inc., 6.75%, 12/31/25(b)		USD	763	$	774,445
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 03/01/20(f)			12,000		12,783,318
Media — 8.5%
21st Century Fox America, Inc., 6.15%, 03/01/37(f)			9,575		12,344,120
A&E Television Networks LLC, 3.11%, 08/22/19(e)			5,000		4,983,500
Altice Financing SA, 7.50%, 05/15/26(b)			2,172		2,256,165
Altice Luxembourg SA, 7.75%, 05/15/22(b)			6,326		6,072,960
Altice US Finance I Corp.(b):
5.38%, 07/15/23			2,919		2,988,326
5.50%, 05/15/26			1,211		1,238,248
AMC Networks, Inc.:
4.75%, 12/15/22			685		698,700
5.00%, 04/01/24			432		438,480
4.75%, 08/01/25			546		545,318
CCO Holdings LLC/CCO Holdings Capital Corp.(b):
4.00%, 03/01/23			1,216		1,194,343
5.13%, 05/01/27			3,124		3,053,710
5.00%, 02/01/28			1,116		1,076,243
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35			479		556,408
6.48%, 10/23/45			9,584		11,189,152
5.38%, 05/01/47			1,500		1,549,172
6.83%, 10/23/55			3,540		4,315,640
Cinemark USA, Inc., 5.13%, 12/15/22			349		357,725
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			10,189		10,476,942
Cox Communications, Inc.(b):
8.38%, 03/01/39(f)			5,000		7,004,970
4.60%, 08/15/47			625		625,417
CSC Holdings LLC:
8.63%, 02/15/19			4,005		4,225,275
5.25%, 06/01/24			1,054		1,027,650
6.63%, 10/15/25(b)			1,072		1,147,040
10.88%, 10/15/25(b)			620		738,389
Discovery Communications LLC:
3.95%, 03/20/28			8,515		8,303,075
4.88%, 04/01/43			4,000		3,929,191
DISH DBS Corp.:
5.88%, 11/15/24			338		320,466
7.75%, 07/01/26			1,957		2,010,817
Grupo Televisa SAB, 5.00%, 05/13/45(f)			3,345		3,284,657

8

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Media (continued)
Hughes Satellite Systems Corp., 5.25%, 08/01/26		USD	1,017	$	1,027,170
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			44		34,540
9.75%, 07/15/25(b)			1,526		1,403,462
Interpublic Group of Cos., Inc., 3.75%, 02/15/23(f)			6,025		6,119,061
MDC Partners, Inc., 6.50%, 05/01/24(b)			1,036		1,043,770
Meredith Corp., 6.88%, 02/01/26(b)			396		405,405
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 08/01/18(b)			1,471		1,471,824
SFR Group SA(b):
6.00%, 05/15/22			4,544		4,434,717
7.38%, 05/01/26			4,546		4,477,810
TEGNA, Inc., 5.50%, 09/15/24(b)			351		365,040
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28			600		597,000
Time Warner Cable, Inc., 6.55%, 05/01/37			3,519		4,149,251
Time Warner, Inc.:
4.65%, 06/01/44			28		28,226
4.85%, 07/15/45			97		101,434
Tribune Media Co., 5.88%, 07/15/22			1,308		1,345,605
Univision Communications, Inc.(b):
5.13%, 05/15/23			5,293		5,269,181
5.13%, 02/15/25			375		363,750
UPCB Finance IV Ltd., 5.38%, 01/15/25(b)			420		427,350
Viacom, Inc., 5.85%, 09/01/43			1,300		1,444,441
Videotron Ltd., 5.13%, 04/15/27(b)			1,099		1,140,213
Virgin Media Secured Finance PLC, 5.50%, 08/15/26(b)			487		499,326
Ziggo Secured Finance BV, 5.50%, 01/15/27(b)			150		148,875
					134,249,550
Metals & Mining — 3.0%
Alcoa Nederland Holding BV, 7.00%, 09/30/26(b)			291		322,574
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22			5,000		5,200,000
Commercial Metals Co., 4.88%, 05/15/23			2,194		2,232,395
CONSOL Mining Corp., 11.00%, 11/15/25(b)			328		349,320
Constellium NV:
4.63%, 05/15/21		EUR	490		620,306
6.63%, 03/01/25(b)		USD	356		375,580
5.88%, 02/15/26(b)			1,451		1,480,020
First Quantum Minerals Ltd.(b):
7.00%, 02/15/21			138		142,830

Security	Par (000)			Value
Metals & Mining (continued)
7.25%, 05/15/22		USD	912	$	946,200
FMG Resources August 2006 Property Ltd., 9.75%, 03/01/22(b)			826		910,913
Freeport-McMoRan, Inc.:
2.38%, 03/15/18			4,664		4,662,601
4.00%, 11/14/21			500		505,250
3.55%, 03/01/22			236		234,230
3.88%, 03/15/23			5,360		5,326,500
5.40%, 11/14/34			2,250		2,346,750
5.45%, 03/15/43			1,410		1,445,250
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(b)			725		772,125
Kinross Gold Corp., 4.50%, 07/15/27(b)			331		334,310
Novelis Corp.(b):
6.25%, 08/15/24			2,862		2,997,945
5.88%, 09/30/26			3,411		3,515,342
Southern Copper Corp., 5.88%, 04/23/45			3,870		4,745,710
Steel Dynamics, Inc.:
5.13%, 10/01/21			1,105		1,132,625
5.25%, 04/15/23			309		317,111
5.50%, 10/01/24			240		249,600
4.13%, 09/15/25			1,808		1,789,378
5.00%, 12/15/26			35		36,400
Teck Resources Ltd.:
4.50%, 01/15/21			370		379,250
8.50%, 06/01/24(b)			1,623		1,831,961
6.00%, 08/15/40			936		1,040,130
United States Steel Corp., 8.38%, 07/01/21(b)			750		810,000
					47,052,606
Multi-Utilities — 0.0%
NGL Energy Partners LP/NGL Energy Finance Corp., 6.88%, 10/15/21			386		395,168
Oil, Gas & Consumable Fuels — 15.9%
Andeavor:
4.75%, 12/15/23			1,230		1,312,075
5.13%, 12/15/26			937		1,018,299
Andeavor Logistics LP, Series A, 6.88%(a)(h)			5,000		5,169,700
California Resources Corp., 8.00%, 12/15/22(b)			1,065		894,600
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21			252		252,000
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23			40		41,300
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			1,916		2,179,450
5.13%, 06/30/27			2,818		2,909,585

9

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP, 5.25%, 10/01/25(b)		USD	1,157	$	1,178,694
Concho Resources, Inc., 4.88%, 10/01/47			815		887,777
CONSOL Energy, Inc., 5.88%, 04/15/22			8,542		8,777,674
Continental Resources, Inc.:
5.00%, 09/15/22			7,519		7,612,987
4.50%, 04/15/23			795		804,938
4.38%, 01/15/28(b)			460		458,344
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(b)			195		205,725
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			2,088		2,108,880
DCP Midstream LLC, 6.75%, 09/15/37(b)			1,527		1,729,327
Denbury Resources, Inc., 9.25%, 03/31/22(b)			1,136		1,164,400
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,609,155
El Paso LLC:
7.80%, 08/01/31			197		251,317
7.75%, 01/15/32			4,586		5,899,942
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22			2,345		2,782,083
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20			5,075		5,455,316
Enbridge Energy Partners LP, 9.88%, 03/01/19(f)			6,000		6,448,506
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26(b)			320		324,000
Energy Transfer Equity LP:
7.50%, 10/15/20			598		657,244
4.25%, 03/15/23			461		463,305
5.88%, 01/15/24			5,241		5,673,382
Energy Transfer LP:
5.20%, 02/01/22(f)			10,200		10,852,850
6.13%, 12/15/45			3,579		3,966,058
Ensco PLC, 7.75%, 02/01/26			798		793,511
Enterprise Products Operating LLC:
4.90%, 05/15/46			5,375		5,954,211
Series E, 5.25%, 08/16/77(a)			4,800		4,795,344
Series N, 6.50%, 01/31/19(f)			12,000		12,485,271
EP Energy LLC/Everest Acquisition Finance, Inc.(b):
9.38%, 05/01/24			367		311,033
8.00%, 11/29/24 (f)			673		708,333
Extraction Oil & Gas, Inc., 5.63%, 02/01/26(b)			831		831,831
Gulfport Energy Corp.:
6.00%, 10/15/24			210		211,575
6.38%, 05/15/25			641		653,820

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(b)		USD	749	$	760,235
Kinder Morgan Energy Partners LP:
6.85%, 02/15/20(f)			12,000		12,936,265
4.25%, 09/01/24			2,170		2,245,827
5.40%, 09/01/44			3,615		3,859,324
Matador Resources Co., 6.88%, 04/15/23			93		97,883
MEG Energy Corp.(b):
7.00%, 03/31/24			1,749		1,515,071
6.50%, 01/15/25			1,643		1,606,032
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19(b)			3,500		3,640,000
MPLX LP:
4.13%, 03/01/27			825		837,989
5.20%, 03/01/47			3,500		3,857,282
Murphy Oil Corp., 6.88%, 08/15/24			752		803,256
Nabors Industries, Inc., 5.75%, 02/01/25(b)			395		388,088
Nexen Energy ULC, 6.40%, 05/15/37			2,000		2,537,160
NGPL PipeCo LLC(b):
4.38%, 08/15/22			509		514,243
4.88%, 08/15/27			1,286		1,321,365
7.77%, 12/15/37			690		860,775
Noble Energy, Inc.:
5.63%, 05/01/21			1,784		1,819,680
5.05%, 11/15/44			3,500		3,855,306
Noble Holding International Ltd.:
7.75%, 01/15/24(f)			1,093		1,013,757
7.88%, 02/01/26(b)			1,427		1,453,756
Oasis Petroleum, Inc., 6.88%, 01/15/23			133		136,990
ONEOK Partners LP, 8.63%, 03/01/19(f)			10,000		10,619,934
Parsley Energy LLC/Parsley Finance Corp.(b):
5.25%, 08/15/25			780		787,800
5.63%, 10/15/27			649		666,848
Petroleos Mexicanos:
3.50%, 01/30/23(f)			5,000		4,890,550
4.63%, 09/21/23			3,965		4,076,060
4.88%, 01/18/24(f)			2,000		2,066,800
Pioneer Natural Resources Co., 6.88%, 05/01/18			1,665		1,684,493
Plains All American Pipeline LP, Series B, 6.13%(a)(h)			2,215		2,228,844
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 06/15/44			1,498		1,439,662
4.90%, 02/15/45			2,102		2,087,588
Precision Drilling Corp., 7.13%, 01/15/26(b)			135		140,400

10

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp., 5.00%, 08/15/22		USD	32	$	32,240
Rockies Express Pipeline LLC(b):
5.63%, 04/15/20			295		309,750
6.88%, 04/15/40			580		679,325
RSP Permian, Inc., 6.63%, 10/01/22			789		828,450
Ruby Pipeline LLC, 6.00%, 04/01/22(b)(f)			9,470		9,948,076
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			405		431,357
5.63%, 04/15/23(f)			10,510		11,452,563
5.75%, 05/15/24			2,575		2,822,688
5.88%, 06/30/26			1,481		1,649,219
Sanchez Energy Corp.:
7.75%, 06/15/21			782		770,254
6.13%, 01/15/23			847		739,008
Seven Generations Energy Ltd., 5.38%, 09/30/25(b)			898		906,980
SM Energy Co.:
6.50%, 01/01/23(f)			177		180,540
5.00%, 01/15/24			181		177,833
5.63%, 06/01/25			350		346,500
Southwestern Energy Co.:
6.70%, 01/23/25			996		1,013,430
7.50%, 04/01/26			778		813,982
Sunoco LP/Sunoco Finance Corp.(b):
4.88%, 01/15/23			1,071		1,090,835
5.88%, 03/15/28			317		323,736
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28(b)			1,298		1,294,755
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			37		37,786
6.75%, 03/15/24			184		196,420
5.00%, 01/15/28(b)			1,009		998,910
TransCanada PipeLines Ltd., 4.88%, 01/15/26(f)			4,485		4,936,042
Weatherford International Ltd., 6.50%, 08/01/36			985		847,100
Western Gas Partners LP, 5.38%, 06/01/21			5,125		5,404,845
Whiting Petroleum Corp., 6.63%, 01/15/26(b)			982		1,005,322
Williams Cos., Inc.:
3.70%, 01/15/23			2,245		2,228,162
4.55%, 06/24/24			527		540,834
8.75%, 03/15/32			2,478		3,352,238
5.75%, 06/24/44			685		751,788
Williams Partners LP, 5.10%, 09/15/45			5,075		5,600,534
WPX Energy, Inc.:
6.00%, 01/15/22			72		75,780

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
5.25%, 09/15/24		USD	22	$	22,275
					251,392,662
Paper & Forest Products — 1.8%
International Paper Co.(f):
7.50%, 08/15/21			7,209		8,292,177
8.70%, 06/15/38			4,000		5,946,991
7.30%, 11/15/39			10,000		13,800,105
					28,039,273
Pharmaceuticals — 3.5%
AbbVie, Inc.:
2.90%, 11/06/22(f)			5,675		5,624,704
4.70%, 05/14/45			3,255		3,566,781
Actavis Funding SCS:
3.45%, 03/15/22(f)			7,335		7,377,294
3.85%, 06/15/24			6,000		6,076,321
4.75%, 03/15/45			485		511,822
Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/23(b)			1,514		1,186,598
Forest Laboratories LLC, 5.00%, 12/15/21(b)			1,631		1,729,711
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(b)			297		322,245
Merck & Co., Inc., 6.50%, 12/01/33			6,420		8,493,441
Mylan NV, 3.95%, 06/15/26			7,500		7,453,640
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23			5,000		4,848,911
Valeant Pharmaceuticals International, Inc.(b):
7.50%, 07/15/21			108		108,405
6.75%, 08/15/21			349		345,510
5.63%, 12/01/21			643		619,723
6.50%, 03/15/22			829		868,626
5.50%, 03/01/23			2,365		2,115,942
5.88%, 05/15/23			780		704,691
7.00%, 03/15/24			1,303		1,385,662
6.13%, 04/15/25			1,121		1,003,519
5.50%, 11/01/25			963		970,223
					55,313,769
Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.:
5.05%, 09/01/20			500		527,187
5.90%, 11/01/21(f)			3,770		4,149,870
AvalonBay Communities, Inc., 6.10%, 03/15/20(f)			10,000		10,725,725
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24			881		876,930
Host Hotels & Resorts LP, 3.75%, 10/15/23(f)			3,600		3,620,106

11

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Real Estate Investment Trusts (REITs) (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24		USD	627	$	669,742
4.50%, 09/01/26			2,750		2,715,625
Starwood Property Trust, Inc.:
5.00%, 12/15/21			627		653,252
4.75%, 03/15/25(b)			212		209,350
					24,147,787
Real Estate Management & Development — 0.4%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)			460		472,650
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(b)(f)			4,485		4,238,834
Realogy Group LLC/Realogy Co-Issuer Corp.(b):
4.50%, 04/15/19			803		811,030
5.25%, 12/01/21			344		353,890
4.88%, 06/01/23			222		219,569
					6,095,973
Restaurants — 0.0%
IRB Holding Corp., 6.75%, 02/15/26(b)(d)			486		492,075
Road & Rail — 1.2%
Norfolk Southern Corp., 6.00%, 03/15/2105			12,700		14,869,846
United Rentals North America, Inc.:
4.63%, 07/15/23			566		585,810
4.63%, 10/15/25			1,034		1,049,510
5.88%, 09/15/26			274		293,523
4.88%, 01/15/28			877		875,904
					17,674,593
Semiconductors & Semiconductor Equipment — 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(b)(f)			7,500		7,298,768
Micron Technology, Inc., 5.50%, 02/01/25			40		41,950
NXP BV/NXP Funding LLC(b):
4.13%, 06/15/20			951		971,209
4.13%, 06/01/21			1,461		1,493,872
4.63%, 06/15/22			490		510,213
4.63%, 06/01/23			204		212,731
QUALCOMM, Inc., 3.25%, 05/20/27			2,500		2,390,089
Sensata Technologies BV(b):
5.63%, 11/01/24			695		756,681
5.00%, 10/01/25			772		800,950
					14,476,463
Software — 1.0%
Infor US, Inc., 6.50%, 05/15/22			3,585		3,697,031

Security	Par (000)			Value
Software (continued)
Informatica LLC, 7.13%, 07/15/23(b)		USD	477	$	491,215
Nuance Communications, Inc., 5.38%, 08/15/20(b)			1,901		1,915,257
Oracle Corp., 2.65%, 07/15/26(f)			4,890		4,649,778
PTC, Inc., 6.00%, 05/15/24			313		331,780
Rackspace Hosting, Inc., 8.63%, 11/15/24(b)(f)			1,254		1,333,943
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(b)			2,040		2,287,350
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(b)			740		791,800
					15,498,154
Specialty Retail — 0.4%
L Brands, Inc.:
7.00%, 05/01/20			3,050		3,286,375
6.88%, 11/01/35			1,119		1,144,178
Penske Automotive Group, Inc., 5.50%, 05/15/26			460		467,912
PetSmart, Inc., 5.88%, 06/01/25(b)			888		683,760
					5,582,225
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC/EMC Corp.(b):
5.88%, 06/15/21			615		638,063
7.13%, 06/15/24			747		816,564
8.35%, 07/15/46			2,355		3,090,516
Western Digital Corp.:
7.38%, 04/01/23(b)			1,199		1,305,411
10.50%, 04/01/24			1,133		1,324,477
4.75%, 02/15/26(d)			2,934		2,970,675
					10,145,706
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 05/01/25			699		723,465
Springs Industries, Inc., 6.25%, 06/01/21			304		310,460
William Carter Co., 5.25%, 08/15/21			1,406		1,434,120
					2,468,045
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b):
5.25%, 03/15/22			639		651,780
5.25%, 10/01/25			268		268,000
					919,780
Tobacco — 2.0%
Altria Group, Inc., 10.20%, 02/06/39(f)			13,392		23,168,887
BAT Capital Corp., 4.54%, 08/15/47(b)			5,000		5,153,830

12

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Tobacco (continued)
Reynolds American, Inc.:
4.85%, 09/15/23		USD	1,120	$	1,207,882
5.85%, 08/15/45			2,335		2,844,436
					32,375,035
Trading Companies & Distributors — 0.2%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1(b):
Class A, 5.25%, 05/30/25			1,885		1,970,437
Class B, 6.13%, 11/30/21			1,477		1,523,160
					3,493,597
Transportation Infrastructure — 0.8%
CEVA Group PLC, (9.00% Cash or 3.00% PIK), 9.00%, 09/01/20(b)(k)			1,876		1,913,892
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 07/11/22(b)(f)			10,500		11,135,560
					13,049,452
Wireless Telecommunication Services — 1.4%
America Movil SAB de CV, 3.13%, 07/16/22			1,275		1,276,007
Crown Castle International Corp., 5.25%, 01/15/23			6,380		6,926,445
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24			277		282,540
5.38%, 03/15/27			129		134,160
Digicel Group Ltd., 7.13%, 04/01/22(b)			370		348,725
Digicel Ltd., 6.00%, 04/15/21(b)			1,285		1,272,150
SBA Communications Corp.:
4.00%, 10/01/22(b)			1,045		1,029,325
4.88%, 09/01/24			1,658		1,649,710
Sprint Communications, Inc.(b):
9.00%, 11/15/18			1,576		1,646,920
7.00%, 03/01/20			389		415,257
Sprint Corp.:
7.13%, 06/15/24			3,607		3,658,111
7.63%, 02/15/25			195		202,313
T-Mobile USA, Inc.:
6.84%, 04/28/23			645		673,186
4.50%, 02/01/26			1,063		1,068,315
4.75%, 02/01/28			1,579		1,584,921
					22,168,085
Total Corporate Bonds — 96.2% (Cost — $1,421,912,307)					1,520,169,487
Foreign Agency Obligations — 2.3%
Argentine Republic Government International Bond, 5.63%, 01/26/22			6,485		6,643,883
Brazilian Government International Bond, 5.00%, 01/27/45			6,525		6,042,150

Security	Par (000)			Value
Foreign Agency Obligations (continued)
Colombia Government International Bond, 5.63%, 02/26/44		USD	4,000	$	4,564,000
Indonesia Government International Bond, 5.88%, 01/15/24(b)			4,400		4,964,216
Mexico Government International Bond:
4.75%, 03/08/44			5,800		5,794,200
4.60%, 02/10/48			5,000		4,900,000
Uruguay Government International Bond, 5.10%, 06/18/50			3,500		3,802,750
Total Foreign Agency Obligations — 2.3% (Cost — $35,086,524)					36,711,199
Municipal Bonds — 1.2%
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 01/01/38			5,000		5,375,950
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,778,100
Total Municipal Bonds — 1.2% (Cost — $14,851,905)					18,154,050
Preferred Securities — 26.1%
Capital Trusts — 21.1%
Auto Components — 0.2%
General Motors Financial Co., Inc., Series A, 5.75%(a)(h)			3,000		3,097,500
Banks — 5.2%
BNP Paribas SA(b)(g)(h)
7.20%			5,000		5,781,250
7.38%			4,535		5,209,581
Capital One Financial Corp., Series E, 5.55%(g)(h)			5,000		5,150,000
CIT Group, Inc., Series A, 5.80%(g)(h)			3,000		3,060,000
Citigroup, Inc.(g)(h)
5.90%			2,210		2,331,550
Series P, 5.95%			7,000		7,402,500
Credit Suisse Group AG(b)(g)(h)
6.25%			7,255		7,826,331
7.50%			3,250		3,696,875
HSBC Capital Funding LP, 10.18%(b)(g)(h)			11,835		19,172,700
Macquarie Bank Ltd., 6.13%(b)(g)(h)			1,885		1,955,688
Nordea Bank AB, 6.13%(b)(g)(h)			5,540		5,944,697
U.S. Bancorp, Series J, 5.30%(g)(h)			10,415		11,170,087
Wells Fargo & Co.(g)(h)
Series K, 7.98%			809		818,028
Series S, 5.90%			281		297,158
Series U, 5.88%			2,655		2,887,844
					82,704,289

13

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets — 2.3%
Charles Schwab Corp., Series E, 4.63%(g)(h)		6,805		6,958,112
Goldman Sachs Group, Inc., Series L, 5.70%(g)(h)		2,950		3,012,304
Morgan Stanley, Series H, 5.45%(g)(h)		8,675		8,891,875
State Street Corp.
2.59%, 06/01/77(c)(f)		17,845		16,024,632
Series F, 5.25%(g)(h)		1,855		1,933,838
				36,820,761
Commercial Services & Supplies — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45(b)(g)		5,000		5,450,000
Consumer Finance — 0.3%
American Express Co., Series C, 4.90%(g)(h)		4,510		4,577,650
Diversified Financial Services — 4.8%
Bank of America Corp(g)(h)
Series AA, 6.10%		6,630		7,152,112
Series K, 8.00%		2,420		2,452,501
Series U, 5.20%(f)		5,785		5,879,006
Barclays PLC, 6.63%(g)(h)		7,385		7,585,060
BNP Paribas SA, 6.75%(b)(g)(h)		5,000		5,387,500
Credit Agricole SA, 8.13%(b)(g)(h)		5,000		5,986,080
HSBC Holdings PLC, 6.00%(g)(h)		1,550		1,621,688
JPMorgan Chase & Co.(g)(h)
Series 1, 7.90%		3,650		3,700,187
Series Q, 5.15%		4,000		4,075,000
Series R, 6.00%		14,130		15,013,125
Series S, 6.75%		7,775		8,688,562
Royal Bank of Scotland Group PLC(g)(h)
8.00%		970,000		1,110,049
8.63%		5,135		5,731,944

Security	Par (000)		Value
Diversified Financial Services (continued)
Societe Generale SA, 7.38%(b)(g)(h)		1,980	$	2,135,925
				76,518,739
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 4.36%, 03/30/67(g)		8,300		8,217,000
Industrial Conglomerates — 0.9%
General Electric Co., Series D, 5.00%(g)(h)		13,327		13,493,587
Insurance — 3.4%
ACE Capital Trust II, 9.70%, 04/01/30		7,000		10,570,000
Allstate Corp., 5.75%, 08/15/53(g)		5,000		5,437,500
American International Group, Inc., 8.18%, 05/15/68(g)		3,755		5,106,800
Bank One Capital III, 8.75%, 09/01/30		2,000		2,859,815
Chubb Corp., 3.97%, 03/29/67(g)		7,400		7,372,250
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27		5,000		5,524,770
Farmers Exchange Capital II, 6.15%, 11/01/53(b)(g)		4,890		5,495,137
Great-West Life & Annuity Insurance Capital LP II, 3.89%, 05/16/46(b)(g)		500		493,750
Hartford Financial Services Group, Inc., 8.13%, 06/15/68(g)		5,050		5,144,688
Principal Financial Group, Inc., 4.70%, 05/15/55(g)		5,000		5,100,000
				53,104,710
Media — 0.5%
NBCUniversal Enterprise, Inc., 5.25%(b)(h)		5,600		5,924,800
Viacom, Inc., 5.88%, 02/28/57(g)		2,111		2,137,387
				8,062,187
Oil, Gas & Consumable Fuels — 2.2%
Enbridge, Inc., Series 16-A, 6.00%, 01/15/77(g)		5,880		6,188,700
Energy Transfer Partners LP, Series B, 6.63%(a)(h)		5,000		4,999,625
Enterprise Products Operating LLC(g)
4.26%, 06/01/67		2,500		2,483,750
Series A, 5.48%		9,325		9,338,988
TransCanada PipeLines Ltd., 4.05%, 05/15/67(g)		9,400		8,977,000

14

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security	Shares/Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
TransCanada Trust, 5.63%, 05/20/75(g)		2,755	$	2,916,856
				34,904,919
Road & Rail — 0.5%
BNSF Funding Trust I, 6.61%, 12/15/55(g)		6,125		7,059,062
Total Capital Trusts — 21.1% (Cost — $ 313,369,857)				334,010,404
Preferred Stocks — 3.9%
Banks — 1.8%
Citigroup, Inc., Series K, 6.88%(g)(h)		488,320		13,770,624
Wells Fargo & Co., Series Q, 5.85%(g)(h)		550,499		14,588,250
				28,358,874
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)		162,450		4,231,823
SCE Trust III, Series H, 5.75%(g)(h)		31,650		802,644
State Street Corp., Series D, 5.90%(g)(h)		220,495		5,898,241
				10,932,708
Electric Utilities — 0.1%
Entergy Louisiana LLC, 5.25%, 07/01/52		90,000		2,154,600
Real Estate Investment Trusts (REITs) — 0.8%
Sovereign Real Estate Investment Trust, 12.00%(b)(h)		7,000		8,767,500
Ventas Realty LP/Ventas Capital Corp., 5.45%, 03/15/43		75,000		1,888,500
Vornado Realty Trust, Series K, 5.70%(h)		50,000		1,237,500
				11,893,500
Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08%, 04/21/20(b)		15,143		17,331,304
Total Preferred Stocks — 4.5% (Cost — $69,117,356)				70,670,986

Security		Shares/Par (000)		Value
Trust Preferred — 0.5%
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 7.10%, 2/15/40(g)			300,141	$	7,809,669
Total Preferred Securities — 26.1% (Cost — $389,786,554)					412,491,059
U.S. Government Sponsored Agency Securities — 0.2%
Agency Obligations — 0.2%
Fannie Mae, 0.00%, 10/09/19(f)(l)	USD		3,945		3,792,202
U.S. Treasury Obligations — 1.4%
U.S. Treasury Notes:
2.75%, 08/15/47(f)			18,200		17,499,112
2.75%, 11/15/47			4,523		4,350,818
Total U.S. Treasury Obligations — 1.4% (Cost — $22,281,137)					21,849,930
Total Long-Term Investments — 133.9% (Cost — $1,989,577,278)					2,116,025,787
Short-Term Securities — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.21%, 12/31/50(m)(n)			16,928,911		16,928,991
Total Short-Term Securities — 1.1% (Cost — $16,928,991)					16,928,991
Options Purchased — 0.1% (Cost — $1,143,668)					942,546
Total Investments — 135.1% (Cost — $2,007,649,937)					2,133,897,324
Liabilities in Excess of Other Assets — (35.1)%					(554,101,719	)
Net Assets — 100.0%				$	1,579,795,605

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

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

^(d)  When-issued security.

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

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

15

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

^(g)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

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

^(k)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(l)  Zero-coupon bond.

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

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

Affiliate	Shares Held at 10/31/17		Net Activity		Shares Held at 01/31/18		Value at 01/31/18		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,139,477		7,789,514		16,928,991	$	16,928,991	$	28,986	$	32	$	—

^(a)  Includes net capital gain distributions, if applicable.

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

Portfolio Abbreviations
ARB	Airport Revenue Bonds
CLO	Collateralized Loan Obligation
FNMA	Federal National Mortgage Association
OTC	Over-the-Counter
PIK	Payment-In-Kind

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

Deutsche Bank Securities, Inc.

1.51

%

02/07/17

Open

$

3,757,000

$

3,797,566

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

5,264,000

5,318,683

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

9,475,000

9,573,427

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

10,738,000

10,849,547

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

7,012,000

7,084,841

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

4,720,000

4,769,032

Corporate Bonds

Open/Demand

16

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

1.86

%

06/15/17

Open

$

5,288,000

$

5,342,932

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

2,007,000

2,027,849

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

3,130,000

3,162,515

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

3,254,000

3,287,803

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

15,996,000

16,162,167

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

5,780,000

5,840,043

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

06/15/17

Open

6,088,000

6,151,242

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/15/17

Open

4,608,825

4,654,081

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/15/17

Open

5,392,406

5,445,357

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/15/17

Open

3,086,875

3,117,186

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/15/17

Open

3,805,939

3,843,311

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.80

06/15/17

Open

3,172,031

3,204,192

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

4,040,000

4,080,923

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

4,058,925

4,100,040

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

14,910,000

15,061,030

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

3,551,512

3,587,487

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

9,220,000

9,313,393

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

7,710,000

7,788,098

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

7,672,875

7,750,597

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

3,727,812

3,765,573

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

5,600,000

5,656,725

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

12,360,000

12,485,200

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

17,613,000

17,791,410

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

6,480,000

6,545,639

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

7,873,250

7,953,002

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

3,483,000

3,518,281

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

22,532,040

22,760,277

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

4,907,375

4,957,084

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

6,012,500

6,073,403

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

4,181,125

4,223,477

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

5,025,000

5,075,900

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/29/17

Open

8,853,687

8,939,056

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

07/11/17

Open

10,288,000

10,384,750

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/24/17

Open

4,765,312

4,800,112

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/24/17

Open

9,276,150

9,343,892

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/24/17

Open

18,600,000

18,735,832

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/24/17

Open

10,325,000

10,400,401

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/24/17

Open

5,405,437

5,444,912

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

10/02/17

Open

13,380,000

13,455,255

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

10/05/17

Open

13,437,500

13,507,300

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(0.50

)

10/05/17

Open

429,000

428,297

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

10/11/17

Open

10,867,500

10,924,304

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

10/19/17

Open

15,540,000

15,615,736

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

10/26/17

Open

12,330,000

12,386,280

Corporate Bonds

Open/Demand

17

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

1.90

%

11/14/17

Open

$

10,405,000

$

10,445,132

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.90

11/14/17

Open

10,536,000

10,576,637

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.50

)

11/16/17

Open

1,098,818

1,097,658

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.92

11/20/17

Open

10,360,000

10,397,529

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

11/21/17

Open

6,846,525

6,869,913

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

11/21/17

Open

5,904,500

5,924,670

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.45

11/29/17

Open

18,384,000

18,425,578

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

2.00

11/30/17

Open

12,179,213

12,219,387

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.93

11/30/17

Open

10,079,000

10,111,012

Corporate Bonds

Open/Demand

UBS Securities LLC

1.75

12/14/17

Open

5,397,425

5,410,019

Corporate Bonds

Open/Demand

UBS Securities LLC

1.75

12/14/17

Open

3,079,844

3,087,030

Corporate Bonds

Open/Demand

UBS Securities LLC

1.75

12/14/17

Open

8,300,000

8,319,367

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.86

12/15/17

Open

3,050,000

3,056,619

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.80

12/15/17

Open

4,952,669

4,963,565

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

12/19/17

Open

1,657,500

1,662,058

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

12/19/17

Open

12,540,000

12,567,560

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

12/19/17

Open

5,857,500

5,870,373

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

12/19/17

Open

1,925,000

1,929,231

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

12/20/17

Open

10,000,000

10,021,978

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.15

01/08/18

Open

1,542,563

1,542,710

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.15

)

01/08/18

Open

205,755

205,735

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.60

01/08/18

Open

136,511

136,564

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(1.00

)

01/08/18

Open

1,740,938

1,739,825

Capital Trusts

Open/Demand

RBC Capital Markets LLC

1.84

01/09/18

Open

7,078,275

7,086,596

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/09/18

Open

7,050,000

7,058,288

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.20

01/11/18

Open

9,582,322

9,594,034

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/19/18

Open

6,679,025

6,682,439

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

01/25/18

Open

830,680

830,472

Corporate Bonds

Open/Demand

$

564,430,139

$

568,317,419

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

18

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		1,409		03/20/18	$	171,304	$	4,204,516
Long U.S. Treasury Bond		490		03/20/18		72,428		1,507,317
U.S. Ultra Bond		35		03/20/18		5,668		161,558
2-Year U.S. Treasury Note		324		03/29/18		69,088		428,786
5-Year U.S. Treasury Note		23		03/29/18		2,638		47,717
							$	6,349,894

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Put

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

3.50

%

Semi-annual

3-Month LIBOR

Quarterly

JPMorgan Chase Bank N.A.

06/06/19

3.50

%

USD

22,700

$

445,467

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

3.50

Semi-annual

3-Month LIBOR

Quarterly

Goldman Sachs Bank USA

06/06/19

3.50

USD

25,330

497,079

$

942,546

Centrally Cleared Interest Rate Swaps

Paid by the Trust

Received by the Trust

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

3-Month LIBOR

Quarterly

1.79%

Semi-annual

N/A

09/30/19

USD

100,370

$

(778,233

)

$

405

$

(778,638

)

OTC Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Citigroup, Inc.		1.00	%		Quarterly		Deutsche Bank AG		03/20/19	USD	16,700	$	(173,963	)	$	(16,759	)	$	(157,204	)
Prudential Financial, Inc.		1.00			Quarterly		Citibank N.A.		06/20/21	USD	1,920		(45,856	)		18,956			(64,812	)
Prudential Financial, Inc.		1.00			Quarterly		Goldman Sachs International		06/20/21	USD	1,155		(27,585	)		12,128			(39,713	)
Prudential Financial, Inc.		1.00			Quarterly		JPMorgan Chase Bank N.A.		06/20/21	USD	9,500		(226,890	)		82,076			(308,966	)
												$	(474,294	)	$	96,401		$	(570,695	)

19

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty		Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
MetLife, Inc.		1.00	%		Quarterly		Deutsche Bank AG		03/20/18	A-		USD	3,025	$	7,274		$	(3,505	)	$	10,779
Bank of America Corp.		1.00			Quarterly		Deutsche Bank AG		03/20/19	A-		USD	16,700		170,561			29,881			140,680
American Tower Corp.		1.00			Quarterly		Morgan Stanley & Co. International PLC		06/20/21	BBB-		USD	10,000		(105,447	)		(279,643	)		174,196
														$	72,388		$	(253,267	)	$	325,655

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

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

Fair Value Hierarchy as of Period End

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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

20

Schedule of Investments  (unaudited) (continued) January 31, 2018 BlackRock Credit Allocation Income Trust (BTZ)

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	$	—	$	95,757,860		$	7,100,000	$	102,857,860
Corporate Bonds		—		1,515,185,987			4,983,500		1,520,169,487
Foreign Agency Obligations		—		36,711,199			—		36,711,199
Municipal Bonds		—		18,154,050			—		18,154,050
Preferred Securities		44,572,182		360,109,208			—		404,681,390
Trust Preferred		7,809,669		—			—		7,809,669
U.S. Government Sponsored Agency Securities		—		3,792,202			—		3,792,202
U.S. Treasury Obligations		—		21,849,930			—		21,849,930
Short-Term Securities		16,928,991		—			—		16,928,991
Options Purchased:
Interest rate contracts		—		942,546			—		942,546
	$	69,310,842	$	2,052,502,982		$	12,083,500	$	2,133,897,324
Derivative Financial Instruments(a)
Assets:
Credit contracts	$	—	$	325,655		$	—	$	325,655
Interest rate contracts		6,349,894		—			—		6,349,894
Liabilities:
Credit contracts		—		(570,695	)		—		(570,695	)
Interest rate contracts		—		(778,638	)		—		(778,638	)
	$	6,349,894	$	(1,023,678	)	$	—	$	5,326,216

^(a)  Derivative financial instruments are swaps and futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $568,317,419 are categorized as Level 2 within the disclosure hierarchy.

During the period ended January 31, 2018, there were no transfers between levels.

21

Item 2 –	Controls and Procedures
2(a) –	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3 –	Exhibits
	Certifications – Attached hereto

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

BlackRock Credit Allocation Income Trust
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Credit Allocation Income Trust
Date:	March 21, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Credit Allocation Income Trust
Date:	March 21, 2018
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of BlackRock Credit Allocation Income Trust
Date:	March 21, 2018

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Credit Allocation Income Trust, certify that:

1.            I have reviewed this report on Form N-Q of BlackRock Credit Allocation Income Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 21, 2018

/s/ John M. Perlowski                

John M. Perlowski

Chief Executive Officer (principal executive officer) of
BlackRock Credit Allocation Income Trust

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Credit Allocation Income Trust, certify that:

1.            I have reviewed this report on Form N-Q of BlackRock Credit Allocation Income Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 21, 2018

/s/ Neal J. Andrews                    

Neal J. Andrews

Chief Financial Officer (principal financial officer) of
BlackRock Credit Allocation Income Trust