Edgar Filing: BLACKROCK CREDIT ALLOCATION INCOME TRUST

BlackRock Credit Allocation Income Trust IV

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: 10/31/2013

Date of reporting period: 01/31/2013


Item 1		–		Schedule of Investments

Schedule of Investments January 31, 2013 (Unaudited)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
321 Henderson Receivables I LLC, Series 2012-1A, Class A,
4.21%, 2/16/65(a)	USD	2,929	$	3,004,354
Atrium CDO Corp., Series 5A, Class A4,
0.70%, 7/20/20(a)(b)		9,000		8,302,500
SLM Student Loan Trust, Series 2004-B, Class A2,
0.51%, 6/15/21(b)		5,099		5,034,340

Total Asset-Backed Securities – 1.0%				16,341,194

Corporate Bonds
Aerospace & Defense – 0.5%
Bombardier, Inc.,
4.25%, 1/15/16(a)		1,390		1,431,700
Huntington Ingalls Industries, Inc.:
6.88%, 3/15/18		1,430		1,567,637
7.13%, 3/15/21		2,000		2,200,000
Kratos Defense & Security Solutions, Inc.,
10.00%, 6/01/17		3,418		3,751,255

				8,950,592

Airlines – 0.7%
American Airlines Pass-Through Trust, Series 2011-2, Class A,
8.63%, 10/15/21(c)		780		811,522
Continental Airlines Pass-Through Trust:
Series 2009-2, Class B, 9.25%, 11/10/18		3,626		4,042,466
Series 2012-3, Class C, 6.13%, 5/10/17		2,040		2,029,800
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1,
6.72%, 1/02/23		3,582		3,958,218

				10,842,006

Auto Components – 1.0%
Delphi Corp.,
6.13%, 5/15/21		1,930		2,123,000
Ford Motor Co.,
7.45%, 7/16/31		3,660		4,666,500
Icahn Enterprises LP,
8.00%, 1/15/18		9,200		9,855,500

				16,645,000

Beverages – 0.7%
Anheuser-Busch InBev Worldwide, Inc.,
1.38%, 7/15/17(c)		3,375		3,387,056
Constellation Brands, Inc.,
7.25%, 5/15/17		6,615		7,632,056

				11,019,112

Building Products – 0.4%
Building Materials Corp. of America(a):
7.00%, 2/15/20		1,430		1,558,700
6.75%, 5/01/21		3,600		3,969,000
Momentive Performance Materials, Inc.,
8.88%, 10/15/20		1,030		1,060,900

				6,588,600

Capital Markets – 5.4%
Ameriprise Financial, Inc.,
5.30%, 3/15/20(c)		10,000		11,767,220
The Goldman Sachs Group, Inc.(c):
6.25%, 9/01/17		625		731,491
6.15%, 4/01/18		1,650		1,938,509
7.50%, 2/15/19		5,165		6,492,364
5.25%, 7/27/21		1,175		1,327,006
5.75%, 1/24/22		7,400		8,625,677
3.63%, 1/22/23		4,150		4,143,074
6.25%, 2/01/41		15,000		18,186,915
Jefferies Group LLC,
5.13%, 1/20/23		1,850		1,897,573
Morgan Stanley:
0.78%, 10/15/15(b)		1,325		1,295,119
5.63%, 9/23/19(c)		6,770		7,678,141
5.75%, 1/25/21(c)		5,495		6,244,183
5.50%, 7/28/21		2,695		3,033,837
UBS AG:
2.25%, 1/28/14		5,455		5,539,792
5.88%, 7/15/16(c)		5,025		5,615,845
7.63%, 8/17/22		4,975		5,466,236

				89,982,982

Chemicals – 2.5%
Ashland, Inc.,
4.75%, 8/15/22(a)		1,745		1,792,988
Axiall Corp.,
4.88%, 5/15/23(a)(d)		598		602,485
Celanese US Holdings LLC,
5.88%, 6/15/21		5,235		5,876,287
Eagle Spinco, Inc.,
4.63%, 2/15/21(a)		1,674		1,684,463
Huntsman International LLC:
4.88%, 11/15/20		2,976		3,005,760
8.63%, 3/15/21(c)		2,000		2,290,000
INEOS Finance Plc(a):
8.38%, 2/15/19		255		279,225
7.50%, 5/01/20		2,080		2,241,200
Linde Finance BV,
7.38%, 7/14/66(b)	EUR	2,086		3,266,575
LyondellBasell Industries NV,
5.75%, 4/15/24(c)	USD	6,370		7,373,275
Nufarm Australia Ltd.,
6.38%, 10/15/19(a)		990		1,049,400
Rockwood Specialties Group, Inc.,
4.63%, 10/15/20		5,695		5,816,019
Tronox Finance LLC,
6.38%, 8/15/20(a)		4,679		4,702,395


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		1

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Chemicals (concluded)
US Coatings Acquisition, Inc./ Flash Dutch 2 BV,
7.38%, 5/01/21(a)(d)	USD	617	$	635,510

				40,615,582

Commercial Banks – 5.0%
Amsouth Bank, Series AI,
4.85%, 4/01/13		3,575		3,598,237
Asciano Finance Ltd.,
5.00%, 4/07/18(a)		3,000		3,253,614
Associated Banc-Corp,
5.13%, 3/28/16(c)		7,430		8,150,569
BBVA US Senior SAU,
4.66%, 10/09/15		8,400		8,669,203
Branch Banking & Trust Co.(b):
0.63%, 9/13/16		3,750		3,718,121
0.59%, 5/23/17		2,250		2,209,459
CIT Group, Inc.:
4.25%, 8/15/17		4,600		4,761,000
5.25%, 3/15/18		4,030		4,312,100
6.63%, 4/01/18(a)		335		375,200
5.50%, 2/15/19(a)		3,500		3,745,000
5.00%, 8/15/22		1,440		1,520,816
City National Corp.,
5.25%, 9/15/20(c)		2,900		3,178,557
Discover Bank,
8.70%, 11/18/19		748		983,089
HSBC Finance Corp.,
6.68%, 1/15/21(c)		5,150		6,128,160
Regions Financial Corp.:
4.88%, 4/26/13(c)		8,500		8,574,375
5.75%, 6/15/15		6,110		6,644,625
RESPARCS Funding LP I,
8.00%(e)		4,000		962,000
Santander Holdings USA, Inc.,
3.00%, 9/24/15		3,750		3,839,936
SVB Financial Group,
5.38%, 9/15/20(c)		2,850		3,195,138
Wachovia Bank NA,
6.60%, 1/15/38(c)		3,620		4,816,001

				82,635,200

Commercial Services & Supplies – 4.1%
ADS Waste Holdings, Inc.,
8.25%, 10/01/20(a)		1,003		1,073,210
The ADT Corp.,
4.88%, 7/15/42(a)		4,500		4,271,558
Aviation Capital Group Corp.(a):
7.13%, 10/15/20(c)		31,000		33,959,570
6.75%, 4/06/21		7,850		8,525,649
Casella Waste Systems, Inc.,
7.75%, 2/15/19		716		690,940
Clean Harbors, Inc.,
5.25%, 8/01/20		1,559		1,629,155
Corrections Corp. of America,
7.75%, 6/01/17		10,585		11,167,175
Covanta Holding Corp.,
6.38%, 10/01/22		2,245		2,450,108
HDTFS, Inc.(a):
5.88%, 10/15/20		1,235		1,312,188
6.25%, 10/15/22		1,560		1,692,600
Mobile Mini, Inc.,
7.88%, 12/01/20		930		1,027,650

				67,799,803

Communications Equipment – 0.9%
Avaya, Inc.,
9.75%, 11/01/15(c)		2,628		2,503,170
Brocade Communications Systems, Inc.,
6.88%, 1/15/20(c)		8,695		9,499,287
Zayo Group LLC/Zayo Capital, Inc.,
8.13%, 1/01/20		2,400		2,676,000

				14,678,457

Computers & Peripherals – 0.1%
NCR Corp.,
5.00%, 7/15/22(a)		470		475,875
NetApp, Inc.,
2.00%, 12/15/17		1,450		1,445,846

				1,921,721

Construction Materials – 0.4%
HD Supply, Inc.(a):
8.13%, 4/15/19		3,030		3,431,475
7.50%, 7/15/20		1,385		1,367,687
11.50%, 7/15/20		2,100		2,420,250

				7,219,412

Consumer Finance – 4.6%
Capital One Bank USA NA,
8.80%, 7/15/19		9,675		13,252,873
Daimler Finance North America LLC,
2.63%, 9/15/16(a)(c)		11,550		12,032,328
Discover Financial Services,
3.85%, 11/21/22(a)		3,252		3,303,681
Experian Finance Plc,
2.38%, 6/15/17(a)(c)		2,550		2,595,928
Ford Motor Credit Co. LLC:
8.00%, 12/15/16		4,000		4,792,672
5.88%, 8/02/21		9,420		10,706,490
Inmarsat Finance Plc,
7.38%, 12/01/17(a)		5,620		6,041,500
Rabobank Nederland,
3.95%, 11/09/22(c)		3,775		3,776,336
SLM Corp.:
3.88%, 9/10/15		5,000		5,201,850
6.25%, 1/25/16		11,620		12,785,567
Toll Brothers Finance Corp.,
5.88%, 2/15/22		1,385		1,574,047

				76,063,272

Containers & Packaging – 1.7%
Ardagh Packaging Finance Plc(a):
7.38%, 10/15/17		808		887,790


2		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Containers & Packaging (concluded)
Ardagh Packaging Finance Plc(a) (concluded):
7.38%, 10/15/17	USD	410	$	451,000
9.13%, 10/15/20		1,130		1,240,175
4.88%, 11/15/22		658		654,710
Ball Corp.:
7.13%, 9/01/16		5,000		5,337,500
6.75%, 9/15/20		7,360		8,114,400
Bemis Co., Inc.,
6.80%, 8/01/19		200		240,432
Crown Americas LLC,
6.25%, 2/01/21		2,775		3,017,813
Crown Americas LLC/Crown Americas Capital Corp. IV,
4.50%, 1/15/23(a)		3,281		3,231,785
Sealed Air Corp.,
6.50%, 12/01/20(a)		3,030		3,348,150
Smurfit Kappa Acquisitions,
4.88%, 9/15/18(a)		1,740		1,792,200

				28,315,955

Diversified Consumer Services – 0.4%
313 Group, Inc.,
6.38%, 12/01/19(a)		2,600		2,548,000
Service Corp. International,
4.50%, 11/15/20		4,382		4,442,252

				6,990,252

Diversified Financial Services – 9.2%
Aircastle Ltd.,
6.25%, 12/01/19		3,162		3,414,960
Ally Financial, Inc.:
4.50%, 2/11/14		3,900		4,007,250
8.30%, 2/12/15		5,290		5,891,736
8.00%, 11/01/31		4,555		5,756,381
Bank of America Corp.:
3.75%, 7/12/16(c)		5,525		5,893,037
5.30%, 3/15/17(c)		13,440		15,005,975
5.00%, 5/13/21(c)		17,100		19,129,531
5.70%, 1/24/22		3,615		4,239,368
Blackstone Holdings Finance Co. LLC,
4.75%, 2/15/23(a)(c)		2,800		2,980,382
Carlyle Holdings Finance LLC,
3.88%, 2/01/23(a)		1,500		1,501,188
Citigroup, Inc.(c):
4.45%, 1/10/17		4,800		5,268,672
8.50%, 5/22/19		464		618,794
Countrywide Financial Corp.,
6.25%, 5/15/16(c)		8,069		8,936,248
DPL, Inc.:
6.50%, 10/15/16		790		829,500
7.25%, 10/15/21		2,850		3,070,875
General Motors Financial Co., Inc.,
6.75%, 6/01/18		1,700		1,967,750
ING Bank NV,
5.00%, 6/09/21(a)(c)		8,000		9,006,360
Intesa Sanpaolo SpA:
3.13%, 1/15/16		5,450		5,409,185
3.88%, 1/16/18		3,555		3,494,146
LeasePlan Corp. NV,
3.00%, 10/23/17(a)(c)		6,775		6,846,815
Macquarie Bank Ltd.,
5.00%, 2/22/17(a)(c)		2,325		2,548,137
Moody’s Corp.,
6.06%, 9/07/17		20,000		21,488,220
Reynolds American, Inc.,
3.25%, 11/01/22		6,250		6,185,400
Reynolds Group Issuer, Inc.:
7.13%, 4/15/19		780		832,650
9.00%, 4/15/19		110		116,050
7.88%, 8/15/19		2,480		2,728,000
9.88%, 8/15/19		855		934,088
5.75%, 10/15/20		4,620		4,723,950
6.88%, 2/15/21		365		391,463

				153,216,111

Diversified Telecommunication Services – 3.1%
AT&T, Inc.,
6.30%, 1/15/38(c)		12,000		14,652,972
Level 3 Financing, Inc.:
8.13%, 7/01/19		11,171		12,176,390
8.63%, 7/15/20		2,240		2,508,800
Telecom Italia Capital SA,
6.18%, 6/18/14		3,350		3,549,640
Telefonica Emisiones SAU,
5.46%, 2/16/21		4,580		4,959,123
Verizon Communications, Inc.,
7.35%, 4/01/39(c)		7,825		10,951,283
Windstream Corp.,
7.88%, 11/01/17		2,280		2,604,900

				51,403,108

Electric Utilities – 4.1%
CMS Energy Corp.,
5.05%, 3/15/22		3,800		4,234,712
Dominion Resources, Inc.,
8.88%, 1/15/19(c)		8,000		10,916,272
Duke Energy Corp.,
3.55%, 9/15/21(c)		3,650		3,819,630
Electricite de France
SA, 5.25%(a)(b)(e)		7,430		7,253,233
FirstEnergy Solutions Corp.,
6.05%, 8/15/21		3,650		4,176,180
Great Plains Energy, Inc.,
5.29%, 6/15/22		5,550		6,185,325
Mirant Mid Atlantic Pass-Through Trust, Series B,
9.13%, 6/30/17		1,744		1,953,228
Nisource Finance Corp.:
6.40%, 3/15/18		3,580		4,281,580
5.25%, 2/15/43		2,075		2,182,985
Oncor Electric Delivery Co. LLC(c):
4.10%, 6/01/22		4,150		4,471,409
5.30%, 6/01/42		2,750		3,075,199


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		3

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Electric Utilities (concluded)
Progress Energy, Inc.,
7.00%, 10/30/31(c)	USD	12,000	$	15,230,304

				67,780,057

Electrical Equipment – 0.1%
GrafTech International Ltd.,
6.38%, 11/15/20(a)		2,385		2,522,138

Electronic Equipment, Instruments & Components – 0.3%
Jabil Circuit, Inc.,
8.25%, 3/15/18		2,600		3,107,000
NXP BV,
3.05%, 10/15/13(b)		1,357		1,357,000

				4,464,000

Energy Equipment & Services – 3.8%
Atwood Oceanics, Inc.,
6.50%, 2/01/20		375		407,813
Compagnie Générale de Géophysique, Veritas,
6.50%, 6/01/21		2,390		2,539,375
Energy Transfer Partners LP,
5.20%, 2/01/22		10,200		11,386,393
Ensco Plc,
4.70%, 3/15/21(c)		6,640		7,454,788
FTS International Services LLC/FTS International Bonds, Inc.,
8.13%, 11/15/18(a)		2,658		2,751,030
Hornbeck Offshore Services, Inc.,
5.88%, 4/01/20		950		997,500
MEG Energy Corp.(a):
6.50%, 3/15/21		3,225		3,386,250
6.38%, 1/30/23		755		787,087
Oil States International, Inc.:
6.50%, 6/01/19		1,705		1,820,087
5.13%, 1/15/23(a)		1,175		1,189,687
Peabody Energy Corp.,
6.25%, 11/15/21(c)		5,255		5,491,475
Precision Drilling Corp.,
6.50%, 12/15/21		1,430		1,533,675
Seadrill Ltd.,
5.63%, 9/15/17(a)		7,910		8,008,875
Transocean, Inc.:
2.50%, 10/15/17		1,300		1,304,437
6.50%, 11/15/20		3,795		4,435,953
6.38%, 12/15/21		4,655		5,478,465
6.80%, 3/15/38		3,300		3,774,520

				62,747,410

Food & Staples Retailing – 0.4%
Wal-Mart Stores, Inc.,
5.25%, 9/01/35(c)		5,150		6,097,523

Food Products – 1.2%
Kraft Foods Group, Inc.,
5.00%, 6/04/42		5,000		5,426,970
Mondelez International, Inc.:
6.50%, 8/11/17		4,450		5,383,049
6.13%, 8/23/18		4,840		5,891,732
Post Holdings, Inc.,
7.38%, 2/15/22		3,068		3,405,480

				20,107,231

Gas Utilities – 0.2%
El Paso Natural Gas Co. LLC,
8.63%, 1/15/22		2,345		3,178,005

Health Care Equipment & Supplies – 0.7%
Fresenius US Finance II, Inc.,
9.00%, 7/15/15(a)		8,000		9,120,000
Teleflex, Inc.,
6.88%, 6/01/19		1,660		1,801,100

				10,921,100

Health Care Providers & Services – 3.8%
Aviv Healthcare Properties LP,
7.75%, 2/15/19		1,550		1,662,375
CHS/Community Health Systems, Inc.,
5.13%, 8/15/18		1,620		1,705,050
HCA, Inc.:
8.50%, 4/15/19		665		739,813
6.50%, 2/15/20		7,620		8,477,250
7.25%, 9/15/20		9,865		10,950,150
4.75%, 5/01/23		3,900		3,924,375
INC Research LLC,
11.50%, 7/15/19(a)		2,355		2,484,525
inVentiv Health, Inc.(a):
9.00%, 1/15/18		1,530		1,570,162
10.00%, 8/15/18		170		149,600
Tenet Healthcare Corp.:
10.00%, 5/01/18		4,800		5,586,000
8.88%, 7/01/19		3,750		4,237,500
4.75%, 6/01/20(a)		3,184		3,203,900
4.50%, 4/01/21(a)(d)		304		299,060
UnitedHealth Group, Inc.,
6.88%, 2/15/38(c)		10,000		13,426,710
Verisk Analytics, Inc.,
4.13%, 9/12/22		1,000		1,020,661
WellPoint, Inc.,
3.30%, 1/15/23(c)		3,650		3,653,964

				63,091,095

Health Care Technology – 0.9%
Amgen, Inc.,
5.15%, 11/15/41		13,460		14,727,542

Hotels, Restaurants & Leisure – 0.4%
Caesars Entertainment Operating Co., Inc.,
9.00%, 2/15/20(a)		795		808,913
MCE Finance Ltd.,
5.00%, 2/15/21(a)(d)		3,895		3,895,000
Six Flags Entertainment Corp.,
5.25%, 1/15/21(a)		1,718		1,709,410

				6,413,323

Household Durables – 0.5%
Beazer Homes USA, Inc.,
6.63%, 4/15/18		2,330		2,493,100
DR Horton, Inc.,
4.38%, 9/15/22		2,145		2,134,275
Standard Pacific Corp.,
8.38%, 1/15/21		3,015		3,587,850
United Rentals North America, Inc.,
5.75%, 7/15/18		793		852,475

				9,067,700


4		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Household Products – 0.1%
Spectrum Brands Escrow Corp.(a):
6.38%, 11/15/20	USD	810	$	861,638
6.63%, 11/15/22		1,110		1,198,800

				2,060,438

Independent Power Producers & Energy Traders – 1.9%
The AES Corp.:
9.75%, 4/15/16		3,320		3,950,800
7.38%, 7/01/21		460		512,900
Calpine Corp.(a):
7.25%, 10/15/17		1,341		1,421,460
7.50%, 2/15/21		634		687,890
Energy Future Intermediate Holding Co. LLC,
10.00%, 12/01/20		6,370		7,309,575
Exelon Generation Co. LLC,
4.25%, 6/15/22(a)		7,863		8,098,575
GenOn REMA LLC, Series C,
9.68%, 7/02/26		1,690		1,833,650
Laredo Petroleum, Inc.:
9.50%, 2/15/19		965		1,090,450
7.38%, 5/01/22		900		974,250
NRG Energy, Inc.,
6.63%, 3/15/23(a)		1,785		1,914,413
QEP Resources, Inc.:
5.38%, 10/01/22		1,927		2,052,255
5.25%, 5/01/23		1,000		1,050,000

				30,896,218

Insurance – 6.1%
Alliant Holdings I, Inc.,
7.88%, 12/15/20(a)		1,204		1,200,990
American International Group, Inc.(c):
3.80%, 3/22/17		5,070		5,465,105
8.25%, 8/15/18		2,125		2,758,278
6.40%, 12/15/20		8,710		10,663,784
Aon Corp.,
5.00%, 9/30/20(c)		7,700		8,726,056
Aon Plc,
4.25%, 12/12/42(a)		6,500		6,219,953
Fairfax Financial Holdings Ltd.,
5.80%, 5/15/21(a)		3,750		3,949,702
Forethought Financial Group, Inc.,
8.63%, 4/15/21(a)		3,400		4,047,115
Manulife Financial Corp.,
4.90%, 9/17/20(c)		10,425		11,477,227
MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18(a)		1,455		1,422,262
Nippon Life Insurance Co.,
5.00%, 10/18/42(a)(b)		10,675		10,887,336
Principal Financial Group, Inc.,
8.88%, 5/15/19(c)		2,825		3,823,604
Prudential Financial, Inc.:
6.63%, 12/01/37(c)		10,000		12,387,580
5.88%, 9/15/42(b)		6,100		6,397,375
XL Group Ltd.,
5.75%, 10/01/21(c)		10,085		11,656,303

				101,082,670

IT Services – 1.2%
Ceridian Corp.,
8.88%, 7/15/19(a)		5,925		6,606,375
Epicor Software Corp.,
8.63%, 5/01/19		2,400		2,586,000
First Data Corp.:
7.38%, 6/15/19(a)(c)		3,155		3,320,637
6.75%, 11/01/20(a)		2,720		2,794,800
8.25%, 1/15/21(a)		134		138,020
12.63%, 1/15/21		1,763		1,877,595
SunGard Data Systems, Inc.,
7.38%, 11/15/18		2,460		2,613,750

				19,937,177

Life Sciences Tools & Services – 1.6%
Bio-Rad Laboratories, Inc.,
8.00%, 9/15/16		12,000		12,947,892
Life Technologies Corp.,
6.00%, 3/01/20(c)		12,000		13,259,172

				26,207,064

Machinery – 0.9%
Ingersoll-Rand Global Holding Co. Ltd.,
9.50%, 4/15/14(c)		10,000		10,967,130
UR Merger Sub Corp.:
7.38%, 5/15/20		2,025		2,227,500
7.63%, 4/15/22		1,853		2,066,095

				15,260,725

Media – 7.7%
A&E Television Networks LLC,
3.25%, 8/22/19		5,000		5,062,500
AMC Networks, Inc.:
7.75%, 7/15/21		1,330		1,519,525
4.75%, 12/15/22		685		685,000
Cinemark USA, Inc.,
5.13%, 12/15/22(a)		349		353,363
Clear Channel Worldwide Holdings, Inc.(a):
6.50%, 11/15/22		2,758		2,909,690
6.50%, 11/15/22		7,447		7,931,055
Cox Communications, Inc.,
8.38%, 3/01/39(a)(c)		10,000		14,859,490
CSC Holdings LLC,
8.63%, 2/15/19		4,005		4,816,012
DIRECTV Holdings LLC,
5.00%, 3/01/21		8,575		9,482,021
DISH DBS Corp.,
7.00%, 10/01/13		5,000		5,168,750


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		5

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Media (concluded)
Intelsat Jackson Holdings SA,
7.25%, 4/01/19	USD	710	$	761,475
Intelsat Luxembourg SA:
11.25%, 2/04/17		3,010		3,190,600
11.50%, 2/04/17(f)		1,320		1,399,200
The Interpublic Group of Cos., Inc.:
10.00%, 7/15/17		4,000		4,330,000
3.75%, 2/15/23		6,025		5,893,065
The New York Times Co.,
6.63%, 12/15/16		1,725		1,886,719
News America, Inc.,
6.15%, 3/01/37(c)		9,575		11,355,720
Time Warner Cable, Inc.,
6.75%, 6/15/39(c)		11,600		14,079,198
Time Warner, Inc.,
7.70%, 5/01/32(c)		12,000		16,498,284
Unitymedia Hessen GmbH & Co. KG(a):
7.50%, 3/15/19		3,530		3,870,733
5.50%, 1/15/23		1,000		1,020,000
Virgin Media Finance Plc,
4.88%, 2/15/22		1,795		1,790,512
Virgin Media Secured Finance Plc,
6.50%, 1/15/18		7,750		8,292,500

				127,155,412

Metals & Mining – 2.9%
AngloGold Ashanti Holdings Plc,
5.13%, 8/01/22		5,000		5,071,260
ArcelorMittal:
9.50%, 2/15/15		1,623		1,829,932
4.25%, 2/25/15		711		730,009
4.25%, 8/05/15		1,325		1,364,607
4.25%, 3/01/16		725		734,063
5.00%, 2/25/17		1,005		1,028,947
6.13%, 6/01/18		2,575		2,749,307
6.75%, 2/25/22		900		989,805
Barrick Gold Corp.,
2.90%, 5/30/16(c)		3,625		3,807,479
FMG Resources August 2006 Property Ltd.(a):
6.38%, 2/01/16(c)		5,485		5,649,550
6.00%, 4/01/17(c)		2,435		2,501,962
6.88%, 4/01/22		115		119,025
Freeport-McMoRan Copper & Gold, Inc.,
3.55%, 3/01/22		4,700		4,580,484
Freeport-McMoRan Corp.,
7.13%, 11/01/27		8,500		9,990,509
New Gold, Inc.(a):
7.00%, 4/15/20		440		473,000
6.25%, 11/15/22		1,795		1,893,725
Novelis, Inc.,
8.75%, 12/15/20		3,285		3,712,050
Steel Dynamics, Inc.,
6.38%, 8/15/22(a)		1,430		1,544,400

				48,770,114

Multi-Utilities – 1.3%
CenterPoint Energy, Inc.(c):
5.95%, 2/01/17		9,000		10,370,619
6.50%, 5/01/18		9,675		11,716,164

				22,086,783

Multiline Retail – 0.8%
Dollar General Corp.,
4.13%, 7/15/17		3,230		3,407,650
Dufry Finance SCA,
5.50%, 10/15/20(a)		3,460		3,615,700
JC Penney Co., Inc.,
5.65%, 6/01/20(c)		2,610		2,169,562
Walgreen Co.,
3.10%, 9/15/22		3,525		3,508,958

				12,701,870

Oil, Gas & Consumable Fuels – 14.4%
Access Midstream Partners LP:
5.88%, 4/15/21		2,000		2,115,000
6.13%, 7/15/22		1,600		1,700,000
Anadarko Petroleum Corp.,
6.38%, 9/15/17		75		88,867
Berry Petroleum Co.,
6.38%, 9/15/22		1,435		1,510,338
BP Capital Markets Plc(c):
5.25%, 11/07/13		2,100		2,177,030
3.20%, 3/11/16		2,800		2,987,197
Carrizo Oil & Gas, Inc.,
7.50%, 9/15/20		1,600		1,664,000
Chesapeake Energy Corp.:
7.25%, 12/15/18		1,465		1,648,125
6.63%, 8/15/20(c)		1,500		1,646,250
6.13%, 2/15/21(c)		1,565		1,674,550
Concho Resources, Inc.,
5.50%, 10/01/22		1,425		1,510,500
CONSOL Energy, Inc.,
6.38%, 3/01/21		1,520		1,554,200
Continental Resources, Inc.,
5.00%, 9/15/22		1,560		1,661,400
Copano Energy LLC,
7.13%, 4/01/21		1,690		1,939,275
DCP Midstream LLC,
4.75%, 9/30/21(a)		1,074		1,129,564
Denbury Resources, Inc.,
4.63%, 7/15/23(d)		2,572		2,520,560
El Paso Pipeline Partners Operating Co. LLC:
6.50%, 4/01/20		5,075		6,125,621
5.00%, 10/01/21		1,850		2,052,692
Enbridge Energy Partners LP,
9.88%, 3/01/19		6,000		8,129,964
Energy Transfer Partners LP,
6.50%, 2/01/42		2,340		2,699,366
Energy XXI Gulf Coast, Inc.,
7.75%, 6/15/19		3,465		3,759,525
Enterprise Products Operating LLC:
6.65%, 4/15/18(c)		12,000		14,811,660


6		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (concluded):
7.00%, 6/01/67(b)	USD	2,500	$	2,687,500
EP Energy LLC/Everest Acquisition Finance, Inc.,
6.88%, 5/01/19		3,833		4,149,222
Forest Oil Corp.,
8.50%, 2/15/14		2,096		2,237,480
Kinder Morgan Energy Partners LP:
6.85%, 2/15/20(c)		12,000		14,903,400
3.95%, 9/01/22		2,500		2,608,075
Kodiak Oil & Gas Corp.:
8.13%, 12/01/19		640		713,600
5.50%, 1/15/21(a)		742		747,565
Linn Energy LLC:
6.25%, 11/01/19(a)		3,795		3,785,512
7.75%, 2/01/21		1,530		1,637,100
Marathon Petroleum Corp.,
3.50%, 3/01/16		4,600		4,911,825
MarkWest Energy Partners LP:
6.25%, 6/15/22		1,164		1,262,940
5.50%, 2/15/23		600		633,000
4.50%, 7/15/23		4,170		4,149,150
Newfield Exploration Co.:
6.88%, 2/01/20		1,965		2,124,656
5.63%, 7/01/24		1,175		1,263,125
Nexen, Inc.,
6.40%, 5/15/37		4,615		5,882,376
Oasis Petroleum, Inc.:
7.25%, 2/01/19		915		992,775
6.50%, 11/01/21		1,025		1,096,750
Offshore Group Investments Ltd.,
11.50%, 8/01/15		1,182		1,282,470
ONEOK Partners LP,
8.63%, 3/01/19		10,000		13,316,070
PBF Holding Co. LLC,
8.25%, 2/15/20(a)		440		475,200
PDC Energy, Inc.,
7.75%, 10/15/22(a)		1,225		1,274,000
Petrobras International Finance Co.:
3.88%, 1/27/16(c)		12,550		13,143,766
5.38%, 1/27/21		7,425		8,134,964
Petrohawk Energy Corp.,
10.50%, 8/01/14(c)		2,080		2,201,784
Petroleum Geo-Services ASA,
7.38%, 12/15/18(a)		1,770		1,929,300
Pioneer Natural Resources Co.,
6.88%, 5/01/18		1,665		2,017,605
Plains Exploration & Production Co.,
6.88%, 2/15/23		3,885		4,443,469
Premier Oil Plc,
5.00%, 6/09/18		11,500		11,845,000
Range Resources Corp.:
6.75%, 8/01/20		1,760		1,931,600
5.75%, 6/01/21		1,125		1,203,750
Ruby Pipeline LLC,
6.00%, 4/01/22(a)		10,000		11,349,400
Sabine Pass Liquefaction LLC,
5.63%, 2/01/21(a)		9,301		9,335,879
Sabine Pass Liquified Natural Gas LP:
7.50%, 11/30/16		5,965		6,621,150
6.50%, 11/01/20(a)		1,920		1,968,000
SandRidge Energy, Inc.:
7.50%, 3/15/21		917		972,020
8.13%, 10/15/22		700		757,750
7.50%, 2/15/23		2,525		2,682,813
SESI LLC,
7.13%, 12/15/21		1,460		1,624,250
SM Energy Co.:
6.63%, 2/15/19		750		793,125
6.50%, 11/15/21		1,160		1,235,400
6.50%, 1/01/23		730		777,450
Targa Resources Partners LP,
6.88%, 2/01/21		1,265		1,385,175
Tennessee Gas Pipeline Co. LLC,
8.00%, 2/01/16		2,802		3,327,498
Tesoro Corp.,
5.38%, 10/01/22		2,055		2,137,200
Western Gas Partners LP,
5.38%, 6/01/21		5,125		5,773,927
The Williams Cos., Inc.,
8.75%, 3/15/32		2,478		3,328,105

				238,159,855

Paper & Forest Products – 2.2%
Boise Paper Holdings LLC:
9.00%, 11/01/17		415		451,313
8.00%, 4/01/20		1,625		1,799,687
Clearwater Paper Corp.,
4.50%, 2/01/23(a)		688		682,840
International Paper Co.:
7.50%, 8/15/21(c)		9,675		12,569,199
8.70%, 6/15/38		4,000		5,837,436
7.30%, 11/15/39(c)		10,000		13,008,870
Longview Fibre Paper & Packaging, Inc.,
8.00%, 6/01/16(a)		1,115		1,173,537
PH Glatfelter Co.,
5.38%, 10/15/20		1,570		1,640,650

				37,163,532

Pharmaceuticals – 2.8%
AbbVie, Inc.,
2.90%, 11/06/22(a)(c)		5,675		5,610,594
Capsugel Finance Co. SCA,
9.88%, 8/01/19(a)	EUR	400		606,937
Merck & Co., Inc.,
6.50%, 12/01/33(c)	USD	6,420		8,870,636
Mylan, Inc.,
6.00%, 11/15/18(a)		3,250		3,548,035
Pfizer, Inc.,
7.20%, 3/15/39(c)		5,170		7,675,821
Roche Holdings, Inc.,
7.00%, 3/01/39(a)(c)		6,130		8,891,761
Valeant Pharmaceuticals International(a):
6.50%, 7/15/16		417		434,201


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		7

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Pharmaceuticals (concluded)
Valeant Pharmaceuticals International(a) (concluded):
6.38%, 10/15/20	USD	2,355	$	2,431,538
Watson Pharmaceuticals, Inc.,
3.25%, 10/01/22(c)		7,520		7,504,336

				45,573,859

Professional Services – 0.4%
The Dun & Bradstreet Corp.,
3.25%, 12/01/17		5,750		5,901,932

Real Estate Investment Trusts (REITs) – 2.7%
AvalonBay Communities, Inc.,
6.10%, 3/15/20(c)		10,000		12,089,000
Developers Diversified Realty Corp.:
4.75%, 4/15/18		2,140		2,366,301
7.88%, 9/01/20		2,650		3,367,705
ERP Operating LP,
5.75%, 6/15/17(c)		10,000		11,689,960
Felcor Lodging LP,
5.63%, 3/01/23(a)		999		1,007,741
HCP, Inc.,
5.38%, 2/01/21(c)		3,450		3,997,674
UDR, Inc.,
4.25%, 6/01/18		5,225		5,742,959
Ventas Realty LP/Ventas Capital Corp.,
4.75%, 6/01/21		3,835		4,207,704

				44,469,044

Real Estate Management & Development – 0.6%
Lennar Corp.,
4.75%, 11/15/22(a)		1,805		1,768,900
Mattamy Group Corp.,
6.50%, 11/15/20(a)		2,205		2,221,537
Realogy Corp.(a)(c):
7.88%, 2/15/19		1,430		1,573,000
7.63%, 1/15/20		2,085		2,366,475
Shea Homes LP,
8.63%, 5/15/19		1,625		1,820,000

				9,749,912

Road & Rail – 1.3%
The Hertz Corp.,
6.75%, 4/15/19		1,167		1,266,195
Norfolk Southern Corp.,
6.00%, 3/15/2105(c)		17,200		20,545,933

				21,812,128

Semiconductors & Semiconductor Equipment – 0.5%
KLA-Tencor Corp.,
6.90%, 5/01/18		5,515		6,576,169
NXP BV/NXP Funding LLC,
5.75%, 2/15/21(a)(d)		1,995		1,995,000

				8,571,169

Software – 0.6%
IAC/InterActiveCorp.,
4.75%, 12/15/22(a)		2,461		2,442,543
Infor US, Inc.,
9.38%, 4/01/19		2,190		2,474,700
Nuance Communications, Inc.,
5.38%, 8/15/20(a)		2,260		2,327,800
Symantec Corp.,
2.75%, 6/15/17		2,050		2,107,455

				9,352,498

Specialty Retail – 1.5%
AutoNation, Inc.,
6.75%, 4/15/18		6,125		6,921,250
Limited Brands, Inc.,
7.00%, 5/01/20		3,050		3,507,500
New Academy Finance Co. LLC/New Academy Finance Corp.,
8.00%, 6/15/18(a)(f)		485		500,156
QVC, Inc.(a):
7.38%, 10/15/20		355		391,870
5.13%, 7/02/22		5,020		5,272,054
Sally Holdings LLC,
6.88%, 11/15/19		2,015		2,226,575
VF Corp.,
5.95%, 11/01/17		5,000		5,860,855

				24,680,260

Textiles, Apparel & Luxury Goods – 0.1%
Phillips-Van Heusen Corp.,
4.50%, 12/15/22		973		968,135

Tobacco – 2.2%
Altria Group, Inc.,
10.20%, 2/06/39(c)		13,392		22,361,868
BAT International Finance Plc,
3.25%, 6/07/22(a)(c)		4,750		4,869,700
Lorillard Tobacco Co.,
3.50%, 8/04/16		8,375		8,868,924

				36,100,492

Trading Companies & Distributors – 0.3%
Doric Nimrod Air Finance Alpha Ltd., Series 2012-1, Class A,
5.13%, 11/30/24(a)		4,385		4,713,875

Transportation Infrastructure – 1.0%
Penske Truck Leasing Co. LP/PTL Finance Corp.(a):
3.75%, 5/11/17		10,500		11,052,993
4.88%, 7/11/22		5,550		5,629,482

				16,682,475

Wireless Telecommunication Services – 4.8%
America Movil SAB de CV(c):
2.38%, 9/08/16		12,495		12,918,431
3.13%, 7/16/22		1,275		1,266,728
American Tower Corp.:
4.50%, 1/15/18		6,500		7,176,812
5.05%, 9/01/20		500		554,482
5.90%, 11/01/21		3,770		4,438,161
Crown Castle International Corp.,
5.25%, 1/15/23(a)		1,880		1,974,000
Crown Castle Towers LLC(a):
5.50%, 1/15/37		4,000		4,576,764
4.17%, 8/15/37		3,000		3,307,806
6.11%, 1/15/40		4,555		5,511,158


8		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Wireless Telecommunication Services (concluded)
Digicel Group Ltd.(a):
8.25%, 9/01/17	USD	125	$	132,500
8.25%, 9/30/20		3,440		3,835,600
SBA Tower Trust,
5.10%, 4/15/42(a)		13,975		15,641,798
Sprint Capital Corp.,
6.88%, 11/15/28		1,610		1,626,100
Sprint Nextel Corp.(a):
9.00%, 11/15/18		5,290		6,546,375
7.00%, 3/01/20		8,970		10,405,201

				79,911,916

Total Corporate Bonds – 117.0%				1,935,973,842

Municipal Bonds
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, Build America Bonds,
6.85%, 1/01/38		5,000		5,802,750
Metropolitan Transportation Authority, RB, Build America Bonds,
6.55%, 11/15/31		10,000		12,240,900

Total Municipal Bonds – 1.1%				18,043,650

Preferred Securities
Capital Trusts
Capital Markets – 3.1%
Ameriprise Financial, Inc.,
7.52%, 6/01/66(b)(c)		3,000		3,360,000
State Street Capital Trust IV,
1.31%, 6/01/67(b)		60,845		47,459,100

				50,819,100

Commercial Banks – 2.5%
Barclays Bank Plc(a)(b)(e):
5.93%(c)		2,125		2,103,750
7.43%		2,225		2,336,250
BNP Paribas SA,
7.20%(a)(b)(c)(e)		5,000		5,202,500
Credit Agricole SA,
8.38%(a)(b)(c)(e)		5,000		5,456,250
HSBC Capital Funding LP/Jersey Channel Islands,
10.18%(a)(b)(c)(e)		11,835		16,805,700
M&T Capital Trust II,
8.28%, 6/01/27		4,540		4,630,800
Standard Chartered Plc,
7.01%(a)(b)(e)		5,000		5,362,255

				41,897,505

Diversified Financial Services – 3.1%
General Electric Capital Corp.,
6.25%(b)(c)(e)		9,100		9,933,287
JPMorgan Chase Capital XXI, Series U,
1.25%, 1/15/87(b)		20,000		15,350,000
JPMorgan Chase Capital XXIII,
1.29%, 5/15/77(b)(c)		32,745		25,213,650

				50,496,937

Electric Utilities – 0.5%
PPL Capital Funding, Inc.,
6.70%, 3/30/67(b)		8,300		8,839,500

Insurance – 8.3%
ACE Capital Trust II,
9.70%, 4/01/30(c)		7,000		10,220,000
The Allstate Corp.,
6.50%, 5/15/67(b)		10,400		11,207,040
American General Capital II,
8.50%, 7/01/30		500		645,111
American International Group, Inc.,
8.18%, 5/15/68(b)		3,755		4,881,500
AXA SA(a)(b)(e):
6.38%		4,900		4,875,500
6.46%		6,000		5,940,000
Bank One Capital III,
8.75%, 9/01/30(c)		2,000		2,821,732
The Chubb Corp.,
6.38%, 3/29/67(b)		7,400		8,047,500
Great-West Life & Annuity Insurance Co. Capital LP II,
7.15%, 5/16/46(a)(b)(c)		500		517,500
Liberty Mutual Group, Inc.,
10.75%, 6/15/88(a)(b)		8,325		12,654,000
Lincoln National Corp.,
7.00%, 5/17/66(b)		9,005		9,239,130
MetLife, Inc.,
6.40%, 12/15/66		9,775		10,582,317
Mitsui Sumitomo Insurance Co. Ltd.,
7.00%, 3/15/72(a)(b)		4,800		5,474,615
Northwestern Mutual Life Insurance Co.,
6.06%, 3/30/40(a)(c)		12,000		15,112,176
Principal Life Insurance Co.,
8.00%, 3/01/44(a)(c)		2,500		2,719,655
Prudential Plc,
6.50%(e)		6,000		5,970,000
Reinsurance Group of America, Inc.,
6.75%, 12/15/65(b)(c)		12,000		12,240,000
Swiss Re Capital I LP,
6.85%(a)(b)(e)		4,450		4,728,125
Swiss Re Solutions Holding Corp.,
7.75%, 6/15/30(c)		2,000		2,671,282
ZFS Finance USA Trust II,
6.45%, 12/15/65(a)(b)		6,800		7,276,000

				137,823,183

Multi-Utilities – 0.3%
Dominion Resources, Inc.,
7.50%, 6/30/66(b)		4,400		4,884,000


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		9

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust (BTZ)

(formerly known as BlackRock Credit Allocation Income Trust IV)

(Percentages shown are based on Net Assets)


Capital Trusts	Par (000)		Value
Oil, Gas & Consumable Fuels – 1.1%
Enterprise Products Operating LLC, Series A,
8.38%, 8/01/66(b)	USD	7,325	$	8,368,812
TransCanada PipeLines Ltd.,
6.35%, 5/15/67(b)		9,400		10,019,949

				18,388,761

Road & Rail – 0.3%
BNSF Funding Trust I,
6.61%, 12/15/55(b)		3,750		4,237,500

Total Capital Trusts – 19.2%				317,386,486


Preferred Stocks	Shares
Auto Components – 0.1%
Dana Holding Corp.,
4.00%(a)(g)		16,300		2,213,744

Capital Markets – 0.6%
RBS Capital Funding Trust V,
5.90%		492,000		10,459,920

Diversified Financial Services – 0.4%
Ally Financial, Inc.,
7.00%(a)		6,111		5,964,145

Real Estate Investment Trusts (REITs) – 0.6%
Sovereign Real Estate Investment Trust,
12.00%(a)		7,000		9,108,540

Thrifts & Mortgage Finance – 0.0%
Fannie Mae, Series S,
8.25%(b)		40,000		72,400
Freddie Mac, Series Z,
8.38%(b)		40,000		74,000

				146,400

Wireless Telecommunication Services – 1.2%
Centaur Funding Corp.,
9.08%(a)		15,143		18,985,536

Total Preferred Stocks – 2.9%				46,878,285

Trust Preferreds
Diversified Financial Services – 0.6%
GMAC Capital Trust I, Series 2,
8.13%, 2/15/40		350,480		9,197,009
Machinery – 0.3%
Stanley Black & Decker, Inc.,
5.75%, 7/25/52		228,000		5,969,040

Total Trust Preferreds – 0.9%				15,166,049

Total Preferred Securities – 23.0%				379,430,820


US Government Sponsored Agency Securities – 0.2%	Par (000)
Agency Obligations – 0.2%
Fannie Mae,
2.27%, 10/09/19(c)(h)	USD	3,945		3,424,244
US Treasury Obligations
US Treasury Bonds(c):
3.75%, 8/15/41		3,364		3,782,922
3.13%, 11/15/41		2,675		2,674,166
3.00%, 5/15/42		2,500		2,431,250
2.75%, 8/15/42		6,320		5,820,328
US Treasury Notes,
1.25%, 10/31/19(c)		645		642,329

Total US Treasury Obligations – 0.9%				15,350,995

Total Long-Term Investments (Cost – $2,198,324,060) – 143.2%				2,368,564,745


Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class,
0.10% (i)(j)		1,211,985		1,211,985

Total Short-Term Securities (Cost – $1,211,985) – 0.1%				1,211,985

Options Purchased (Cost – $3,982,401) – 0.2%				3,310,085

Total Investments Before Options Written (Cost – $2,203,518,446*) – 143.5%				2,373,086,815

Options Written
(Premiums Received – $1,232,625) – (0.1)%				(837,687	)

Total Investments, Net of Options Written – 143.4%				2,372,249,128
Liabilities in Excess of Other Assets – (43.4)%				(717,284,292	)

Net Assets – 100.0%			$	1,654,964,836

*	As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,203,796,174

Gross unrealized appreciation	$	191,724,176
Gross unrealized depreciation		(22,433,535	)

Net unrealized appreciation	$	169,290,641


10		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

Notes to Schedule of Investments

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

(b)	Variable rate security. Rate shown is as of report date.

(c)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.

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


Counterparty	Value		Unrealized Appreciation (Depreciation)
Bank of America Corp.	$	2,819,620	$	(56,380	)
Barclays Plc	$	602,485	$	4,485
Credit Suisse Group AG	$	635,510	$	18,510
Deutsche Bank AG	$	3,895,000		–
Morgan Stanley	$	1,995,000		–

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

(f)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(g)	Convertible security.

(h)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(i)	Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, 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, 2012		Net Activity			Shares held at January 31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		1,652,656		(440,671	)		1,211,985	$	3,360

(j)	Represents the current yield as of report date.

Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	ARB	Airport Revenue Bonds
	EUR	Euro
	JPY	Japanese Yen
	RB	Revenue Bonds
	USD	US Dollar

•

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. 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		JANUARY 31, 2013		11


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

Reverse repurchase agreements outstanding as of January 31, 2013 were as follows:


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.		0.35	%	7/25/12	Open	$	11,814,497	$	11,836,436
Barclays Capital, Inc.		0.35	%	8/13/12	Open		4,454,213		4,461,661
Barclays Capital, Inc.		0.35	%	8/21/12	Open		4,421,375		4,428,425
Barclays Capital, Inc.		0.35	%	9/28/12	Open		909,000		910,114
Barclays Capital, Inc.		0.35	%	12/04/12	Open		36,749,570		36,768,506
Citigroup Global Markets, Inc.		(0.75	)%	12/04/12	Open		1,628,100		1,626,302
Barclays Capital, Inc.		0.35	%	12/11/12	Open		26,311,046		26,324,091
Credit Suisse Securities (USA) LLC		(0.25	)%	12/26/12	Open		1,395,000		1,394,651
Credit Suisse Securities (USA) LLC		0.37	%	12/26/12	Open		326,611,210		326,744,560
BNP Paribas Securities Corp.		0.24	%	12/27/12	Open		3,994,750		3,995,709
Deutsche Bank Securities, Inc.		(1.00	)%	12/27/12	Open		2,029,275		2,027,246
BNP Paribas Securities Corp.		0.35	%	12/27/12	Open		8,628,065		8,631,085
BNP Paribas Securities Corp.		0.37	%	12/27/12	Open		11,843,000		11,847,382
Deutsche Bank Securities, Inc.		(0.63	)%	12/27/12	Open		3,525,500		3,523,314
Deutsche Bank Securities, Inc.		(1.50	)%	12/27/12	Open		1,864,687		1,861,890
Deutsche Bank Securities, Inc.		0.00	%	12/27/12	Open		5,090,781		5,090,781
Deutsche Bank Securities, Inc.		0.17	%	12/27/12	Open		650,644		650,754
Deutsche Bank Securities, Inc.		0.21	%	12/27/12	Open		2,812,094		2,812,684
UBS Securities LLC		(0.50	)%	12/27/12	Open		2,053,725		2,052,898
UBS Securities LLC		0.00	%	12/27/12	Open		1,357,637		1,357,637
UBS Securities LLC		0.10	%	12/27/12	Open		6,975,150		6,975,712
UBS Securities LLC		0.25	%	12/27/12	Open		2,768,512		2,769,070
UBS Securities LLC		0.32	%	12/27/12	Open		12,291,500		12,294,668
UBS Securities LLC		0.33	%	12/27/12	Open		4,158,412		4,159,518
UBS Securities LLC		0.34	%	12/27/12	Open		50,199,050		50,212,799
UBS Securities LLC		0.35	%	12/27/12	Open		60,327,938		60,345,378
UBS Securities LLC		0.36	%	12/27/12	Open		7,820,075		7,822,343
UBS Securities LLC		0.37	%	12/27/12	Open		2,856,000		2,856,851
UBS Securities LLC		0.38	%	12/27/12	Open		44,914,875		44,928,624
Citigroup Global Markets, Inc.		(0.38	)%	1/09/13	Open		765,675		765,492
Credit Suisse Securities (USA) LLC		0.35	%	1/09/13	Open		18,617,625		18,621,788
Deutsche Bank Securities, Inc.		(1.00	)%	1/09/13	Open		5,245,031		5,241,680
Credit Suisse Securities (USA) LLC		0.35	%	1/14/13	Open		18,056,250		18,059,410
UBS Securities LLC		0.35	%	1/14/13	Open		8,510,000		8,511,489
UBS Securities LLC		0.33	%	1/17/13	Open		6,352,950		6,352,950
UBS Securities LLC		0.32	%	1/18/13	Open		14,280,000		14,281,777
UBS Securities LLC		(0.50	)%	1/23/13	Open		2,062,980		2,062,751
BNP Paribas Securities Corp.		0.05	%	1/29/13	Open		5,940,800		5,940,825


12		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

Reverse repurchase agreements outstanding as of January 31, 2013 were as follows (concluded):


Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest
Credit Suisse Securities (USA) LLC		0.35	%		1/29/13		Open	$	14,670,000	$	14,670,428
Deutsche Bank Securities, Inc.		0.07	%		1/29/13		Open		3,442,012		3,442,033
UBS Securities LLC		0.32	%		1/29/13		Open		3,942,500		3,942,605
Citigroup Global Markets, Inc.		(0.38	)%		1/31/13		Open		2,301,075		2,301,051

Total								$	754,642,579	$	754,905,368

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

•

Financial futures contracts as of January 31, 2013 were as follows:


Contracts Purchased/ (Sold)	Issue	Exchange	Expiration		Notional Value		Unrealized Appreciation (Depreciation)
555	2-Year US Treasury Note	Chicago Board of Trade		March 2013	USD	122,334,141	$	10,839
83	30-Year US Treasury Bond	Chicago Board of Trade		March 2013	USD	11,907,906		(492,798	)
280	90-Day Euro-Dollar	Chicago Mercantile		March 2016	USD	69,128,500		(53,865	)
(392)	5-Year US Treasury Note	Chicago Board of Trade		March 2013	USD	48,503,875		237,762
(1,817)	10-Year US Treasury Note	Chicago Board of Trade		March 2013	USD	238,538,031		3,699,488
(50)	30-Year US Treasury Bond	Chicago Board of Trade		March 2013	USD	7,173,437		297,474

Total							$	3,698,900

•

Foreign currency exchange contracts as of January 31, 2013 were as follows:

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Depreciation

USD

3,388,299

EUR

2,533,175

State Street Corp.

4/23/13

(52,674

)

•

Over-the-counter credit default swaptions purchased as of January 31, 2013 were as follows:

Description

Counterparty

Put/
Call

Strike
Price

Pay/Receive
Floating
Rate Index

Floating Rate
Index

Expiration
Date

Notional
Amount
(000)

Market
Value

Bought Protection on 5-Year Credit Default Swap

Credit Suisse
Group AG

Put

USD

95.00

Receive

Dow Jones CDX North
America Investment

Grade, Series 19,
Version 1

3/16/13

D 180,000

346,359


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		13


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

Over-the-counter interest rate swaptions purchased as of January 31, 2013 were as follows:

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount
(000)

Market
Value

5-Year Interest Rate Swap

Credit Suisse Group AG

Call

1.33

Receive

3-Month LIBOR

1/07/14

USD

68,800

642,183

5-Year Interest Rate Swap

Barclays Plc

Call

1.32

Receive

3-Month LIBOR

1/10/14

USD

17,975

161,943

5-Year Interest Rate Swap

Credit Suisse Group AG

Call

1.25

Receive

3-Month LIBOR

1/15/14

USD

22,000

159,597

2-Year Interest Rate Swap

Deutsche Bank AG

Put

0.71

Pay

3-Month LIBOR

6/28/13

USD

61,000

27,246

5-Year Interest Rate Swap

Credit Suisse Group AG

Put

1.33

Pay

3-Month LIBOR

1/07/14

USD

68,800

1,000,344

5-Year Interest Rate Swap

Barclays Plc

Put

1.32

Pay

3-Month LIBOR

1/10/14

USD

17,975

269,794

5-Year Interest Rate Swap

Credit Suisse Group AG

Put

1.25

Pay

3-Month LIBOR

1/15/14

USD

22,000

375,584

10-Year Interest Rate Swap

Deutsche Bank AG

Put

4.50

Pay

3-Month LIBOR

2/02/17

USD

8,000

214,685

Total

2,851,376

•

Over-the-counter options purchased as of January 31, 2013 were as follows:

Description

Counterparty

Put/
Call

Strike
Price

Expiration
Date

Notional
Amount
(000)

Market
Value

USD Currency

Deutsche Bank AG

Put

USD

85.00

4/15/13

JPY

70,000

112,350

•

Over-the-counter credit default swaptions written as of January 31, 2013 were as follows:

Description

Counterparty

Put/
Call

Strike
Price

Pay/Receive
Floating
Rate Index

Floating Rate

Index

Rating²

Expiration
Date

Notional
Amount
(000)

Market
Value

Sold Protection on 5-Year Credit Default Swap

Credit Suisse Group AG

Call

USD

80.00

Receive

Dow Jones CDX North America Investment

Grade, Series 19, Version 1

A-

3/16/13

USD

180,000

(81,675

)

Sold Protection on 5-Year Credit Default Swap

Credit Suisse Group AG

Put

USD

115.00

Pay

Dow Jones CDX North America Investment

Grade, Series 19, Version 1

A-

3/16/13

USD

180,000

(88,464

)

Total

(170,139

)

²	Using Standard & Poor’s (“S&P”) rating of the underlying securities of the index.


14		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

Over-the-counter interest rate swaptions written as of January 31, 2013 were as follows:

Description

Counterparty

Put/
Call

Exercise
Rate

Pay/Receive
Exercise Rate

Floating Rate
Index

Expiration
Date

Notional
Amount
(000)

Market
Value

10-Year Interest Rate Swap

Credit Suisse Group AG

Call

2.33

Pay

3-Month
LIBOR

10/02/14

USD

6,500

(159,202

)

10-Year Interest Rate Swap

Credit Suisse Group AG

Put

2.33

Receive

3-Month
LIBOR

10/02/14

USD

6,500

(335,423

)

10-Year Interest Rate Swap

Deutsche Bank AG

Put

6.00

Receive

3-Month
LIBOR

2/02/17

USD

16,000

(172,923

)

Total

(667,548

)

•

Credit default swaps - buy protection outstanding as of January 31, 2013 were as follows:


Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
The New York Times Co.		1.00	%	Barclays Plc	12/20/16	USD	1,725	$	(24,276	)
Southwest Airlines Co.		1.00	%	Goldman Sachs Group, Inc.	12/20/16	USD	4,000		(170,400	)
Southwest Airlines Co.		1.00	%	Royal Bank of Scotland Group Plc	12/20/16	USD	4,000		(176,400	)
STMicro Electronics		1.00	%	Barclays Plc	6/20/17	EUR	1,500		(47,958	)
Cigna Corp.		1.00	%	Goldman Sachs Group, Inc.	9/20/17	USD	7,300		(128,829	)
General Dynamic Corp.		1.00	%	Credit Suisse Group AG	9/20/17	USD	5,585		(1,362	)
Humana, Inc.		1.00	%	Goldman Sachs Group, Inc.	9/20/17	USD	7,300		(79,444	)
Lockheed Martin Corp.		1.00	%	Credit Suisse Group AG	9/20/17	USD	5,585		(53,576	)
Northrop Grumman Corp.		1.00	%	Credit Suisse Group AG	9/20/17	USD	4,715		(31,517	)
Raytheon Co.		1.00	%	Credit Suisse Group AG	9/20/17	USD	4,715		(26,160	)
Viacom, Inc.		1.00	%	Credit Suisse Group AG	9/20/17	USD	12,200		(143,155	)
Century Link, Inc.		1.00	%	Credit Suisse Group AG	3/20/18	USD	960		(2,195	)
Century Link, Inc.		1.00	%	JPMorgan Chase & Co.	3/20/18	USD	860		(1,930	)
Century Link, Inc.		1.00	%	JPMorgan Chase & Co.	3/20/18	USD	2,820		21,520
Darden Restaurants, Inc.		1.00	%	Bank of America Corp.	3/20/18	USD	940		(1,095	)
Darden Restaurants, Inc.		1.00	%	Credit Suisse Group AG	3/20/18	USD	3,690		52,707
Kohl’s Corp.		1.00	%	Credit Suisse Group AG	3/20/18	USD	3,030		6,097
Safeway, Inc.		1.00	%	Citigroup, Inc.	3/20/18	USD	7,150		(70,927	)
Safeway, Inc.		1.00	%	Goldman Sachs Group, Inc.	3/20/18	USD	1,850		(13,317	)
SLM Corp.		5.00	%	JPMorgan Chase & Co.	3/20/18	USD	17,000		(22,817	)

Total								$	(915,034	)


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		15


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

Credit default swaps - sold protection outstanding as of January 31, 2013 were as follows:


Issuer	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Unrealized Appreciation
Anadarko Petroleum Corp.		1.00	%	Credit Suisse Group AG	6/20/17		BBB-		USD	2,425	$	78,980
Anadarko Petroleum Corp.		1.00	%	Morgan Stanley	6/20/17		BBB-		USD	10		372
Anadarko Petroleum Corp.		1.00	%	UBS AG	6/20/17		BBB-		USD	994		36,194
Comcast Corp.		1.00	%	Credit Suisse Group AG	9/20/17		BBB+		USD	12,200		159,084
United Health Group, Inc.		1.00	%	Goldman Sachs Group, Inc.	9/20/17		A		USD	7,300		155,028
WellPoint, Inc.		1.00	%	Goldman Sachs Group, Inc.	9/20/17		A-		USD	7,300		99,875
MetLife, Inc.		1.00	%	Deutsche Bank AG	3/20/18		A-		USD	3,025		66,518

Total											$	596,051

¹	Using S&P’s rating of the issuer.

²	The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

•

Interest rate swaps outstanding as of January 31, 2013 were as follows:

Fixed
Rate

Floating

Rate

Counterparty/Exchange

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation
(Depreciation)

0.44%³

3-month LIBOR

Chicago Mercantile

8/29/14

USD

56,600

(41,547

)

2.05%⁴

3-month LIBOR

Credit Suisse Group AG

5/02/22

USD

1,100

10,458

2.06%⁴

3-month LIBOR

Credit Suisse Group AG

5/08/22

USD

14,800

154,947

1.80%⁴

3-month LIBOR

Citigroup, Inc.

6/01/22

USD

100

(1,308

)

1.76%⁴

3-month LIBOR

Citigroup, Inc.

6/25/22

USD

11,600

(205,228

)

2.03%³

3-month LIBOR

Credit Suisse Group AG

1/31/23

USD

18,100

50,847

2.26%³

3-month LIBOR

Goldman Sachs Group, Inc.

7/26/42

USD

300

45,031

2.46%³

3-month LIBOR

Deutsche Bank AG

8/07/42

USD

17,200

1,860,092

2.52%³

3-month LIBOR

Citigroup, Inc.

8/10/42

USD

8,500

822,867

2.71%³

3-month LIBOR

Credit Suisse Group AG

8/21/42

USD

2,000

118,714

2.97%³

3-month LIBOR

Deutsche Bank AG

1/31/43

USD

10,000

70,305

Total

2,885,178

³	Trust pays the fixed rate and receives the floating rate.

⁴	Trust pays the floating rate and receives the fixed rate.


16		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013


Schedule of Investments (continued)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)

•

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure 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 investment and derivative financial instrument 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 and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		–	$	8,038,694	$	8,302,500	$	16,341,194
Corporate Bonds		–		1,919,066,342		16,907,500		1,935,973,842
Municipal Bonds		–		18,043,650		–		18,043,650
Preferred Securities	$	19,803,329		359,627,491		–		379,430,820
US Government Sponsored Agency Securities		–		3,424,244		–		3,424,244
US Treasury Obligations		–		15,350,995		–		15,350,995
Short-Term Securities		1,211,985		–		–		1,211,985
Options Purchased:
Credit Contracts		–		346,359		–		346,359
Interest Rate Contracts		–		2,851,376		–		2,851,376
Foreign Currency Exchange Contracts		–		112,350		–		112,350

Total	$	21,015,314	$	2,326,861,501	$	25,210,000	$	2,373,086,815


		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013		17


Schedule of Investments (concluded)		BlackRock Credit Allocation Income Trust (BTZ)
		(formerly known as BlackRock Credit Allocation Income Trust IV)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		–		$	676,375			–	$	676,375
Interest rate contracts	$	4,245,563			3,133,261			–		7,378,824
Liabilities:
Credit contracts		–			(1,165,497	)		–		(1,165,497	)
Foreign currency exchange contracts		–			(52,674	)		–		(52,674	)
Interest rate contracts		(546,663	)		(915,631	)		–		(1,462,294	)

Total	$	3,698,900		$	1,675,834			–	$	5,374,734

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

Certain of the Trust’s assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged as collateral for financial futures contracts	$	2,357,940		–			–	$	2,357,940
Cash pledged as collateral for reverse repurchase agreements		3,783,000		–			–		3,783,000
Cash pledged as collateral for swaps		3,840,000		–			–		3,840,000
Liabilities:
Bank overdraft		–	$	(47,332	)		–		(47,332	)
Reverse repurchase agreements		–		(754,642,579	)		–		(754,642,579	)
Cash received as collateral for reverse repurchase agreements		–		(2,334,000	)		–		(2,334,000	)
Cash received as collateral for swaps		–		(2,510,000	)		–		(2,510,000	)

Total	$	9,980,940	$	(759,533,911	)		–	$	(749,552,971	)

There were no transfers between Level 1 and Level 2 during the period ended January 31, 2013.

Certain of the Trust’s investments that are categorized as Level 3 were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value in such Level 3 investments.

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


	Asset-Backed Securities		Corporate Bonds		Total
Assets:
Opening Balance, as of October 31, 2012	$	3,982,000	$	8,192,550	$	12,174,550
Transfers into Level 3²		–		–		–
Transfers out of Level 3²		–		–		–
Accrued discounts/premiums		25,424		–		25,424
Net realized gain (loss)		–		–		–
Net change in unrealized appreciation/depreciation³		249,920		224,950		474,870
Purchases		4,045,156		8,490,000		12,535,156
Sales		–		–		–

Closing Balance, as of January 31, 2013	$	8,302,500	$	16,907,500	$	25,210,000

²	Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period.

³	The change in unrealized appreciation/depreciation on investments still held as of January 31, 2013 was $474,870.


18		BLACKROCK CREDIT ALLOCATION INCOME TRUST		JANUARY 31, 2013


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 26, 2013

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 26, 2013

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

Date: March 26, 2013