NPORT-EX 2 NPORT_5239393574966211.htm

BlackRock Credit Allocation Income Trust

Schedule of Investments  (unaudited)  March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Asset-Backed Securities — 7.7%
Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (3 mo. LIBOR US + 2.15%), 3.97%, 10/21/28(a)(b)			USD    500			$	411,382
Allegro CLO VI Ltd., Series 2017-2A(a)(b):
Class B, (3 mo. LIBOR US + 1.50%), 3.34%, 01/17/31			360				321,221
Class C, (3 mo. LIBOR US + 1.80%), 3.64%, 01/17/31			2,400				1,942,269
ALM VII R Ltd., Series 2013-7R2A(a)(b):
Class A2R2, (3 mo. LIBOR US + 1.65%), 2.87%, 10/15/27			750				648,609
Class BR2, (3 mo. LIBOR US + 2.20%), 3.42%, 10/15/27			400				328,580
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A(a)(b):
Class BR2, (3 mo. LIBOR US + 1.90%), 3.12%, 07/15/27			1,000				827,655
Class CR2, (3 mo. LIBOR US + 2.70%), 3.92%, 07/15/27			1,000				779,183
AMMC CLO Ltd., Series 2018-22A, Class D, (3 mo. LIBOR US + 2.70%), 4.49%, 04/25/31(a)(b)			1,000				696,052
Anchorage Capital CLO Ltd.(a)(b):
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.15%), 3.46%, 10/13/30			1,000				818,592
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 3.65%, 01/28/31			1,000				818,587
Series 2014-3RA, Class D, (3 mo. LIBOR US + 2.60%), 4.40%, 01/28/31			1,000				700,285
Apidos CLO XV, Series 2013-15A, Class DRR, (3 mo. LIBOR US + 2.70%), 4.52%, 04/20/31(a)(b)			1,000				699,897
Apidos CLO XX, Series 2015-20A, Class BRR, (3 mo. LIBOR US + 1.95%), 3.79%, 07/16/31(a)(b)			1,000				819,211
Ares XLIX CLO Ltd., Series 2018-49A, Class D, (3 mo. LIBOR US + 3.00%), 4.80%, 07/22/30(a)(b)			1,000				709,938
Ares XLVII CLO Ltd.(a)(b):
Series 2018-47A, Class D, (3 mo. LIBOR US + 2.70%), 3.92%, 04/15/30			1,500				1,051,436
Series 2018-48A, Class C, (3 mo. LIBOR US + 1.80%), 3.62%, 07/20/30			500				403,602

Security		Par (000)				Value
Asset-Backed Securities (continued)
Ares XXXVII CLO Ltd., Series 2015-4A(a)(b):
Class A3R, (3 mo. LIBOR US + 1.50%), 2.72%, 10/15/30			USD    1,000			$	887,448
Class BR, (3 mo. LIBOR US + 1.80%), 3.02%, 10/15/30			1,750				1,434,169
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, (3 mo. LIBOR US + 3.00%), 4.22%, 07/15/30(a)(b)			1,000				704,012
Atlas Senior Loan Fund VII Ltd., Series 2016-7A(a)(b):
Class A1R, (3 mo. LIBOR US + 1.28%), 2.92%, 11/27/31			2,000				1,849,318
Class B1R, (3 mo. LIBOR US + 1.80%), 3.44%, 11/27/31			550				479,909
Atlas Senior Loan Fund X Ltd., Series 2018-10A(a)(b):
Class B, (3 mo. LIBOR US + 1.50%), 2.72%, 01/15/31			500				427,406
Class C, (3 mo. LIBOR US + 1.85%), 3.07%, 01/15/31			1,000				788,500
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3 mo. LIBOR US + 1.18%), 2.98%, 10/24/31(a)(b)			400				370,668
Atrium XV, Series 15A, Class C, (3 mo. LIBOR US + 2.20%), 4.01%, 01/23/31(a)(b)			250				202,417
Benefit Street Partners CLO XII Ltd., Series 2017-12A(a)(b):
Class B, (3 mo. LIBOR US + 2.00%), 3.22%, 10/15/30			1,000				819,008
Class C, (3 mo. LIBOR US + 3.05%), 4.27%, 10/15/30			2,000				1,484,975
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 5.03%, 11/23/25(a)(b)			1,000				802,054
Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class A1RR, (3 mo. LIBOR US + 1.14%), 2.36%, 07/15/31(a)(b)			2,300				2,131,755
Carlyle US CLO Ltd.(a)(b):
Series 2016-4A, Class BR, (3 mo. LIBOR US + 2.10%), 3.92%, 10/20/27			250				204,902
Series 2017-2A, Class C, (3 mo. LIBOR US + 3.70%), 5.52%, 07/20/31			500				363,660
Cedar Funding VI CLO Ltd., Series 2016-6A, Class BR, (3 mo. LIBOR US + 1.60%), 3.42%, 10/20/28(a)(b)			250				225,248
Cent CLO Ltd., Series C17A, Class BR, (3 mo. LIBOR US + 1.85%), 3.62%, 04/30/31(a)(b)			1,000				816,635

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Asset-Backed Securities (continued)
CIFC Funding Ltd.(a)(b):
Series 2013-2A, Class A3LR, (3 mo. LIBOR US + 1.95%), 3.78%, 10/18/30			USD    1,000			$	824,456
Series 2013-2A, Class B1LR, (3 mo. LIBOR US + 3.05%), 4.88%, 10/18/30			1,000				727,501
Series 2014-4RA, Class A2, (3 mo. LIBOR US + 1.65%), 3.49%, 10/17/30			600				540,993
Series 2014-4RA, Class B, (3 mo. LIBOR US + 2.20%), 4.04%, 10/17/30			400				327,524
Series 2014-4RA, Class C, (3 mo. LIBOR US + 3.20%), 5.04%, 10/17/30			400				295,643
Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 3.57%, 04/18/31			1,000				810,426
Series 2018-1A, Class D, (3 mo. LIBOR US + 2.65%), 4.47%, 04/18/31			1,200				880,908
Elevation CLO Ltd., Series 2017-7A, Class C, (3 mo. LIBOR US + 1.90%), 3.12%, 07/15/30(a)(b)			1,500				1,207,994
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3 mo. LIBOR US + 2.60%), 4.42%, 04/20/31(a)(b)			1,000				697,952
Greenwood Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.50%), 3.72%, 04/15/31(a)(b)			1,000				691,811
Highbridge Loan Management Ltd.(a)(b):
Series 12A-18, Class B, (3 mo. LIBOR US + 1.85%), 3.67%, 07/18/31			1,250				1,001,706
Series 4A-2014, Class A2R, (3 mo. LIBOR US + 1.50%), 3.30%, 01/28/30			650				580,289
Series 6A-2015, Class BR, (3 mo. LIBOR US + 1.75%), 3.49%, 02/05/31			1,500				1,203,317
Series 7A-2015, Class CR, (3 mo. LIBOR US + 1.70%), 3.39%, 03/15/27			2,000				1,646,743
Series 7A-2015, Class DR, (3 mo. LIBOR US + 2.40%), 4.09%, 03/15/27			1,000				737,488
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 5.42%, 10/20/26(a)(b)			1,000				800,059

Security		Par (000)				Value
Asset-Backed Securities (continued)
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.70%), 2.83%, 01/17/30(a)(b)			USD    1,000			$	811,687
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3 mo. LIBOR US + 1.90%), 3.72%, 04/19/30(a)(b)			1,000				821,639
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 3.99%, 01/27/26(a)(b)			2,000				1,661,144
Madison Park Funding XXVII Ltd., Series 2018-27A(a)(b):
Class B, (3 mo. LIBOR US + 1.80%), 3.62%, 04/20/30			1,000				803,443
Class C, (3 mo. LIBOR US + 2.60%), 4.42%, 04/20/30			1,000				687,858
Madison Park Funding XXX Ltd., Series 2018-30A, Class D, (3 mo. LIBOR US + 2.50%), 3.72%, 04/15/29(a)(b)			1,000				722,026
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 3.32%, 12/18/30(a)(b)			1,000				853,188
MP CLO III Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.82%, 10/20/30(a)(b)			1,000				803,055
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, (3 mo. LIBOR US + 2.05%), 3.27%, 10/15/29(a)(b)			1,000				823,677
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, 4.82%, 10/21/30(a)(c)			2,700				1,874,174
Neuberger Berman CLO XXI Ltd., Series 2016-21A(a)(b):
Class CR, (3 mo. LIBOR US + 1.60%), 3.42%, 04/20/27			1,000				824,595
Class DR, (3 mo. LIBOR US + 2.40%), 4.22%, 04/20/27			1,000				805,210
Neuberger Berman CLO XXII Ltd., Series 2016-22A(a)(b):
Class BR, (3 mo. LIBOR US + 1.65%), 2.78%, 10/17/30			400				355,212
Class CR, (3 mo. LIBOR US + 2.20%), 3.33%, 10/17/30			1,000				802,599
Neuberger Berman Loan Advisers CLO Ltd.(a)(b):
Series 2017-26A, Class A, (3 mo. LIBOR US + 1.17%), 2.99%, 10/18/30			2,000				1,878,913
Series 2017-26A, Class B, (3 mo. LIBOR US + 1.50%), 3.32%, 10/18/30			1,000				901,078
Series 2017-26A, Class C, (3 mo. LIBOR US + 1.75%), 3.57%, 10/18/30			1,500				1,216,728

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Asset-Backed Securities (continued)
Series 2018-27A, Class D, (3 mo. LIBOR US + 2.60%), 3.82%, 01/15/30			USD    1,000			$	697,275
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class C, (3 mo. LIBOR US + 2.20%), 4.03%, 12/12/30(a)(b)			300				242,603
OCP CLO Ltd.(a):
Series 2014-6A, Class BR, 3.28%, 10/17/30(c)			500				414,960
Series 2015-10A, Class CR, (3 mo. LIBOR US + 2.60%), 4.39%, 10/26/27(b)			600				467,572
Series 2016-11A, Class BR, (3 mo. LIBOR US + 2.45%), 4.24%, 10/26/30(b)			1,500				1,225,171
Series 2016-12A, Class BR, 4.02%, 10/18/28(c)			1,000				823,155
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.95%), 3.64%, 11/20/30(b)			1,000				813,458
Octagon Investment Partners Ltd.(a)(b):
Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.85%), 4.07%, 07/15/30			500				340,128
Series 2017-1A, Class B1, (3 mo. LIBOR US + 1.40%), 3.22%, 01/20/30			1,000				880,774
Series 2017-1A, Class C, (3 mo. LIBOR US + 2.75%), 4.57%, 01/20/31			1,000				706,258
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class A1AR, (3 mo. LIBOR US + 1.17%), 2.39%, 07/15/29(a)(b)			1,000				940,932
Octagon Investment Partners XVII Ltd., Series 2013-1A(a)(b):
Class BR2, (3 mo. LIBOR US + 1.40%), 3.19%, 01/25/31			1,000				876,814
Class CR2, (3 mo. LIBOR US + 1.70%), 3.49%, 01/25/31			1,000				802,583
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, (3 mo. LIBOR US + 1.90%), 3.70%, 01/22/30(a)(b)			900				734,824
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3 mo. LIBOR US + 2.90%), 4.71%, 07/23/30(a)(b)			600				419,318
OZLM Funding IV Ltd., Series 2013-4A, Class BR, (3 mo. LIBOR US + 2.20%), 4.00%, 10/22/30(a)(b)			1,000				817,734

Security		Par (000)				Value
Asset-Backed Securities (continued)
OZLM VI Ltd., Series 2014-6A, Class CS, (3 mo. LIBOR US + 3.13%), 4.97%, 04/17/31(a)(b)			USD    500			$	358,446
OZLM XIX Ltd., Series 2017-19A, Class C, (3 mo. LIBOR US + 3.10%), 4.32%, 11/22/30(a)(b)			1,000				718,481
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.90%), 3.72%, 01/20/31(a)(b)			1,800				1,465,252
Palmer Square CLO Ltd.(a)(b):
Series 2013-2A, Class A2RR, (3 mo. LIBOR US + 1.75%), 3.59%, 10/17/31			650				583,613
Series 2013-2A, Class BRR, (3 mo. LIBOR US + 2.20%), 4.04%, 10/17/31			750				616,236
Series 2013-2A, Class CRR, (3 mo. LIBOR US + 3.20%), 5.04%, 10/17/31			250				177,234
Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 3.27%, 04/18/31			1,500				1,335,424
Series 2019-1A, Class C, (3 mo. LIBOR US + 3.75%), 5.68%, 11/14/32			1,000				695,461
Park Avenue Institutional Advisers CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.88%), 5.54%, 05/15/32(a)(b)			1,500				1,060,835
Recette CLO Ltd., Series 2015-1A(a)(b):
Class CR, (3 mo. LIBOR US + 1.70%), 3.52%, 10/20/27			1,500				1,242,858
Class DR, (3 mo. LIBOR US + 2.75%), 4.57%, 10/20/27			1,000				792,968
Regatta VII Funding Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.75%), 3.87%, 12/20/28(a)(b)			500				364,097
Regatta XVI Funding Ltd., Series 2019-2A(a)(b):
Class C, (3 mo. LIBOR US + 2.70%), 4.60%, 01/15/33			1,000				821,781
Class D, (3 mo. LIBOR US + 3.90%), 5.80%, 01/15/33			1,000				695,763
Rockford Tower CLO Ltd., Series 2017-3A(a)(b):
Class A, (3 mo. LIBOR US + 1.19%), 3.01%, 10/20/30			2,000				1,867,626
Class D, (3 mo. LIBOR US + 2.65%), 4.47%, 10/20/30			1,000				690,551
RR 5 Ltd., Series 2018-5A, Class C, (3 mo. LIBOR US + 3.10%), 4.32%, 10/15/31(a)(b)			650				446,296

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Asset-Backed Securities (continued)
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.18%), 2.97%, 10/26/31(a)(b)			USD    1,400			$	1,291,655
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 3.82%, 01/15/30(a)(b)			1,500				1,053,138
TCW CLO Ltd., Series 2018-1A, Class E, 7.84%, 04/25/31(a)(c)			2,500				1,474,102
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 2.33%, 01/16/31(a)(b)			2,500				2,328,711
TICP CLO IX Ltd., Series 2017-9A, Class A, (3 mo. LIBOR US + 1.14%), 2.96%, 01/20/31(a)(b)			1,000				917,990
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 8.56%, 04/15/33(a)(b)			1,000				622,422
Voya CLO Ltd., Series 2018-1A, Class C, (3 mo. LIBOR US + 2.60%), 4.42%, 04/19/31(a)(b)			1,000				673,197
York CLO Ltd.(a)(b):
Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.12%), 2.92%, 10/22/29			2,000				1,893,198
Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.85%), 3.65%, 01/22/31			1,500				1,185,700
Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 4.40%, 01/22/31			1,800				1,216,050
Total Asset-Backed Securities — 7.7% (Cost — $116,089,304)							93,382,263
Corporate Bonds — 102.3%
Aerospace & Defense — 3.3%
3M Co., 3.70%, 04/15/50			1,110				1,254,561
Arconic, Inc., 5.13%, 10/01/24			2,411				2,380,863
Bombardier, Inc.(a):
8.75%, 12/01/21(d)			1,601				1,330,831
5.75%, 03/15/22			280				212,100
6.00%, 10/15/22			5				3,750
6.13%, 01/15/23			52				36,660
7.50%, 12/01/24			166				112,050
7.50%, 03/15/25			606				432,987
7.88%, 04/15/27(d)			2,238				1,493,529
CenturyLink, Inc., 4.00%, 02/15/27(a)			1,542				1,495,740
General Dynamics Corp., 4.25%, 04/01/50			1,260				1,586,581
Global Aircraft Leasing Co. Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 09/15/24(a)(e)			304				194,843

Security		Par (000)				Value
Aerospace & Defense (continued)
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(a)			USD    1,010			$	924,150
Moog, Inc., 4.25%, 12/15/27(a)			1,311				1,183,178
Northrop Grumman Corp., 5.25%, 05/01/50			3,050				4,124,476
Raytheon Technologies Corp., 4.63%, 11/16/48			2,805				3,314,854
Signature Aviation US Holdings, Inc.(a):
5.38%, 05/01/26			441				426,668
4.00%, 03/01/28			643				580,500
TransDigm, Inc., 6.25%, 03/15/26(a)(d)			16,341				16,279,721
TransDigm UK Holdings PLC, 6.88%, 05/15/26			599				557,070
Wolverine Escrow LLC(a):
8.50%, 11/15/24			644				513,584
9.00%, 11/15/26			972				789,750
							39,228,446
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(a)			43				42,045
Airlines — 0.9%
American Airlines Group, Inc.(f):
5.18%, 08/15/23			2,137				2,184,838
5.18%, 10/15/23			2,332				2,375,361
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 07/02/24			2,130				2,128,217
Turkish Airlines Pass-Through Trust, Series 2015-1 Class A, 4.20%, 09/15/28(a)			2,143				1,777,527
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23(d)			2,477				2,385,361
							10,851,304
Auto Components — 1.2%
Allison Transmission, Inc.(a):
5.00%, 10/01/24			68				65,960
5.88%, 06/01/29			803				754,820
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			303				279,518
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.75%, 09/15/24			520				478,249
6.38%, 12/15/25			316				298,620
6.25%, 05/15/26			782				738,990
5.25%, 05/15/27			1,995				1,842,881
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.(a):
6.25%, 05/15/26(d)			5,661				5,349,645
8.50%, 05/15/27			4,855				4,235,502

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Auto Components (continued)
Tesla, Inc., 5.30%, 08/15/25(a)			USD    384			$	360,000
							14,404,185
Automobiles — 0.6%
Ford Motor Co., 7.45%, 07/16/31(d)			3,660				2,635,200
General Motors Co.:
4.88%, 10/02/23			1,875				1,670,633
6.25%, 10/02/43			940				742,318
5.95%, 04/01/49			3,455				2,552,568
							7,600,719
Banks — 4.6%
Barclays PLC:
4.84%, 05/09/28(d)			4,000				4,086,140
(3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29(g)			3,220				3,443,729
CIT Group, Inc., 5.00%, 08/01/23			370				355,981
Credit Suisse AG, 6.50%, 08/08/23(a)(d)			6,000				6,087,480
Fifth Third Bancorp(3 mo. LIBOR US + 3.03%), 5.10%(g)(h)			5,000				4,050,000
HSBC Finance Corp., 6.68%, 01/15/21(d)			5,150				5,176,682
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a)(d)			9,840				9,584,885
Lloyds Banking Group PLC, 4.65%, 03/24/26(d)			8,650				8,830,775
RBC USA Holdco Corp., 5.25%, 09/15/20(d)			2,900				2,902,158
Santander Holdings USA, Inc., 4.40%, 07/13/27			830				802,570
Truist Financial Corp., Series L, (3 mo. LIBOR US + 3.10%), 5.05%(g)(h)			5,270				4,690,300
Wells Fargo & Co., 5.61%, 01/15/44(d)			4,119				4,931,076
							54,941,776
Beverages — 1.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46			6,170				6,720,141
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49(d)			5,000				5,876,975
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			151				154,775
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28			3,215				3,516,738
							16,268,629
Biotechnology — 0.6%
Baxalta, Inc., 5.25%, 06/23/45(d)			6,000				7,535,438
Building Products — 0.3%
Masonite International Corp.(a):
5.75%, 09/15/26			282				276,360
5.38%, 02/01/28			271				266,339

Security		Par (000)				Value
Building Products (continued)
Standard Industries, Inc.(a):
5.50%, 02/15/23			USD    147			$	141,855
5.38%, 11/15/24			410				395,650
6.00%, 10/15/25			1,965				1,931,202
							3,011,406
Capital Markets — 0.1%
LABL Escrow Issuer LLC, 6.75%, 07/15/26(a)			742				682,640
State Street Corp.(Secured Overnight Financing Rate + 2.65%), 3.15%, 03/30/31(a)(g)			840				859,282
							1,541,922
Chemicals — 2.1%
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(a)(e)			500				450,000
Axalta Coating Systems LLC, 4.88%, 08/15/24(a)			715				686,400
Chemours Co., 6.63%, 05/15/23			381				323,850
DuPont de Nemours, Inc., 5.42%, 11/15/48(d)			7,500				8,252,007
Element Solutions, Inc., 5.88%, 12/01/25(a)			4,219				4,134,620
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a)			299				278,070
LYB Finance Co. BV, 8.10%, 03/15/27(a)(d)			6,000				7,661,963
NOVA Chemicals Corp., 4.88%, 06/01/24(a)			240				210,600
PQ Corp., 6.75%, 11/15/22(a)			935				939,714
Valvoline, Inc., 4.25%, 02/15/30(a)			588				551,191
WR Grace & Co-Conn, 5.63%, 10/01/24(a)			1,493				1,470,157
							24,958,572
Commercial Services & Supplies — 4.0%
ADT Security Corp.:
3.50%, 07/15/22			32				31,200
4.13%, 06/15/23			174				170,083
4.88%, 07/15/32(a)			1,140				968,658
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a)(d)			1,203				1,133,707
Aviation Capital Group LLC(a):
7.13%, 10/15/20(d)			31,000				30,654,161
6.75%, 04/06/21			7,850				7,781,011
Clean Harbors, Inc., 5.13%, 07/15/29(a)			1,278				1,188,540
Core & Main LP, 6.13%, 08/15/25(a)			1,215				1,129,950
Garda World Security Corp., 9.50%, 11/01/27(a)			346				309,289
GFL Environmental, Inc.(a)(d):
5.13%, 12/15/26			1,784				1,739,400
8.50%, 05/01/27			562				564,642

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Commercial Services & Supplies (continued)
KAR Auction Services, Inc., 5.13%, 06/01/25(a)			USD    446			$	425,930
United Rentals North America, Inc.:
4.63%, 10/15/25			461				442,560
3.88%, 11/15/27			381				360,045
4.88%, 01/15/28			777				753,690
							47,652,866
Communications Equipment — 0.3%
CommScope, Inc.(a):
5.50%, 03/01/24			926				937,112
6.00%, 03/01/26			654				653,019
Nokia OYJ, 6.63%, 05/15/39			567				574,371
ViaSat, Inc., 5.63%, 04/15/27(a)			1,906				1,882,175
							4,046,677
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)			984				772,637
frontdoor, Inc., 6.75%, 08/15/26(a)			272				260,440
PulteGroup, Inc., 7.88%, 06/15/32			56				61,600
SRS Distribution, Inc., 8.25%, 07/01/26(a)			429				326,040
							1,420,717
Construction Materials — 0.6%
American Builders & Contractors Supply Co., Inc.(a):
5.88%, 05/15/26			101				96,203
4.00%, 01/15/28			764				695,240
Core & Main Holdings LP, (8.625% Cash or 9.38% PIK), 8.63%, 09/15/24(a)(e)			1,085				992,775
HD Supply, Inc., 5.38%, 10/15/26(a)(d)			5,161				5,017,111
Williams Scotsman International, Inc., 6.88%, 08/15/23(a)			951				865,410
							7,666,739
Consumer Discretionary — 0.2%
Dun & Bradstreet Corp., 6.88%, 08/15/26(a)			2,163				2,249,520
Consumer Finance — 1.6%
Ally Financial, Inc., 8.00%, 11/01/31			3,727				4,318,475
Mastercard, Inc., 3.85%, 03/26/50			2,355				2,885,927
Navient Corp.:
7.25%, 09/25/23			498				483,090
6.13%, 03/25/24			59				54,575
5.00%, 03/15/27			329				282,841
Refinitiv US Holdings, Inc.(a):
6.25%, 05/15/26(d)			3,506				3,619,945
8.25%, 11/15/26			1,389				1,465,395

Security		Par (000)				Value
Consumer Finance (continued)
Springleaf Finance Corp.:
7.13%, 03/15/26			USD    1,231			$	1,218,690
6.63%, 01/15/28			506				478,170
5.38%, 11/15/29			257				235,155
Verscend Escrow Corp., 9.75%, 08/15/26(a)			3,791				3,783,873
							18,826,136
Containers & Packaging — 0.9%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(e)			2,049				1,759,886
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a):
4.13%, 08/15/26(d)			605				601,975
5.25%, 08/15/27			225				230,625
Berry Global, Inc., 4.88%, 07/15/26(a)			836				844,360
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			224				220,640
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			526				538,992
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(a):
5.13%, 07/15/23			317				313,830
7.00%, 07/15/24			652				662,595
Sealed Air Corp., 6.88%, 07/15/33(a)			182				182,360
Trivium Packaging Finance BV(a)(d):
5.50%, 08/15/26			2,830				2,815,850
8.50%, 08/15/27			2,517				2,529,585
							10,700,698
Diversified Consumer Services — 0.3%
Ascend Learning LLC, 6.88%, 08/01/25(a)			1,611				1,562,670
Prime Security Services Borrower LLC/Prime Finance, Inc.(a):
5.75%, 04/15/26			252				246,960
6.25%, 01/15/28			712				614,100
Service Corp. International, 5.13%, 06/01/29			468				477,360
ServiceMaster Co. LLC, 5.13%, 11/15/24(a)			413				407,838
							3,308,928
Diversified Financial Services — 4.9%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(a)(d)			4,871				4,785,757
Altice France Holding SA(a):
10.50%, 05/15/27			4,098				4,323,390
6.00%, 02/15/28			934				821,621
Citigroup, Inc.:
6.68%, 09/13/43			4,125				5,406,319
Series V, (Secured Overnight Financing Rate + 3.23%), 4.70%(g)(h)			7,525				6,445,915

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Diversified Financial Services (continued)
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(a)			USD    516			$	513,420
Ford Motor Credit Co. LLC, 5.88%, 08/02/21(d)			9,420				9,231,600
General Motors Financial Co., Inc.:
4.38%, 09/25/21(d)			2,260				2,080,896
4.25%, 05/15/23			931				841,901
Jefferies Financial Group, Inc., 5.50%, 10/18/23			4,000				4,047,789
Murphy Oil USA, Inc., 4.75%, 09/15/29			383				359,063
Royal Bank of Scotland Group PLC:
6.10%, 06/10/23			2,500				2,586,981
6.00%, 12/19/23(d)			10,080				10,566,553
5.13%, 05/28/24(d)			5,250				5,376,573
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(a)			1,910				1,747,765
							59,135,543
Diversified Telecommunication Services — 7.4%
AT&T, Inc.:
6.30%, 01/15/38(d)			12,000				14,571,858
5.15%, 03/15/42			250				287,400
4.65%, 06/01/44			28				29,360
4.35%, 06/15/45			367				387,568
4.85%, 07/15/45			97				103,180
CenturyLink, Inc.:
5.63%, 04/01/25(d)			1,909				1,918,526
5.13%, 12/15/26(a)			1,827				1,827,000
Series P, 7.60%, 09/15/39			621				602,370
Series S, 6.45%, 06/15/21			1,176				1,193,640
Series U, 7.65%, 03/15/42			1,231				1,194,070
Series Y, 7.50%, 04/01/24(d)			564				617,580
Frontier Communications Corp., 8.00%, 04/01/27(a)(i)(j)			3,736				3,684,742
Level 3 Financing, Inc.:
5.38%, 08/15/22			1,761				1,769,805
5.13%, 05/01/23			483				474,543
5.38%, 05/01/25			614				610,930
4.63%, 09/15/27(a)			1,175				1,167,832
Telecom Italia Capital SA:
6.38%, 11/15/33			64				64,960
6.00%, 09/30/34			693				686,070
7.20%, 07/18/36			69				71,415
7.72%, 06/04/38			172				181,840
Telecom Italia SpA, 5.30%, 05/30/24(a)			1,662				1,670,410
Telefonica Emisiones SA, 5.21%, 03/08/47			5,000				5,603,786

Security		Par (000)				Value
Diversified Telecommunication Services (continued)
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(a)			USD    1,566			$	1,495,217
Verizon Communications, Inc.(d):
5.15%, 09/15/23			8,775				9,746,517
6.40%, 09/15/33			9,475				13,191,398
6.55%, 09/15/43			13,225				16,545,978
5.01%, 04/15/49			6,998				9,404,205
							89,102,200
Electric Utilities — 3.8%
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76(g)			7,500				6,798,825
Evergy, Inc., 5.29%, 06/15/22(d)(k)			5,550				5,727,133
Midland Cogeneration Venture LP, 5.25%, 03/15/25(a)(d)			2,765				2,641,472
NextEra Energy Capital Holdings, Inc.(3 mo. LIBOR US + 2.41%), 4.80%, 12/01/77(g)			5,000				4,163,500
NextEra Energy Operating Partners LP(a):
4.25%, 07/15/24			1,215				1,184,625
4.25%, 09/15/24			290				282,750
4.50%, 09/15/27			108				105,300
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42			2,750				3,671,026
Progress Energy, Inc., 7.00%, 10/30/31(d)			12,000				15,121,335
Puget Energy, Inc.:
6.00%, 09/01/21			275				282,048
5.63%, 07/15/22(d)			5,550				5,549,498
							45,527,512
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC/CDW Finance Corp.:
5.50%, 12/01/24			2,153				2,244,050
5.00%, 09/01/25			532				548,120
							2,792,170
Energy Equipment & Services — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a)			231				164,033
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26(a)			714				631,890
Halliburton Co., 5.00%, 11/15/45(d)			6,615				5,109,355
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26			707				441,875
6.88%, 09/01/27			815				505,300
							6,852,453
Environmental, Maintenance, & Security Service — 0.1%
GFL Environmental, Inc., 7.00%, 06/01/26(a)(d)			1,005				972,755

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Environmental, Maintenance, & Security Service (continued)
Waste Pro USA, Inc., 5.50%, 02/15/26(a)			USD    854			$	792,341
							1,765,096
Equity Real Estate Investment Trusts (REITs) — 2.2%
American Tower Corp., 3.60%, 01/15/28			4,000				3,975,698
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)			383				310,759
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)			183				157,380
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24			633				591,855
Host Hotels & Resorts LP, 3.75%, 10/15/23(d)			3,600				3,159,745
Iron Mountain, Inc.(a):
4.88%, 09/15/27			1,016				985,520
4.88%, 09/15/29			379				356,025
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27(a)			1,848				1,459,920
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			186				161,820
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			4,627				4,441,920
4.50%, 09/01/26			1,658				1,376,140
4.50%, 01/15/28			430				365,500
MPT Operating Partnership LP/MPT Finance Corp.:
5.00%, 10/15/27			2,841				2,755,770
4.63%, 08/01/29			1,047				973,710
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(a)			1,230				922,500
SBA Communications Corp., 4.88%, 09/01/24			2,995				3,036,181
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(a)			1,298				1,184,269
							26,214,712
Food & Staples Retailing — 1.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
6.63%, 06/15/24			425				431,375
5.75%, 03/15/25			307				310,193
4.63%, 01/15/27(a)			1,580				1,572,100
5.88%, 02/15/28(a)			928				944,518
4.88%, 02/15/30(a)			389				388,027
General Mills, Inc., 4.20%, 04/17/28			620				682,633

Security		Par (000)				Value
Food & Staples Retailing (continued)
Kraft Heinz Foods Co.(a):
7.13%, 08/01/39(d)			USD    4,415			$	5,048,730
4.63%, 10/01/39			198				177,317
Post Holdings, Inc., 4.63%, 04/15/30(a)			1,670				1,599,025
Walmart, Inc., 5.25%, 09/01/35			5,150				6,971,665
							18,125,583
Food Products — 1.1%
Aramark Services, Inc.(a):
5.00%, 04/01/25			1,367				1,294,002
5.00%, 02/01/28			284				264,296
Darling Ingredients, Inc., 5.25%, 04/15/27(a)			569				551,759
General Mills, Inc., 2.88%, 04/15/30			725				723,550
JBS USA LUX SA/JBS USA Finance, Inc.(a):
5.88%, 07/15/24			537				543,713
5.75%, 06/15/25			2,093				2,113,930
6.75%, 02/15/28			399				425,127
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a):
6.50%, 04/15/29			2,713				2,910,235
5.50%, 01/15/30			2,054				2,120,755
Kraft Heinz Foods Co.:
5.00%, 07/15/35			297				295,280
5.00%, 06/04/42			12				11,361
5.20%, 07/15/45			9				8,653
4.38%, 06/01/46			277				249,526
4.88%, 10/01/49(a)			542				492,821
Post Holdings, Inc., 5.63%, 01/15/28(a)			428				434,420
Simmons Foods, Inc., 7.75%, 01/15/24(a)			395				395,000
							12,834,428
Health Care Equipment & Supplies — 0.7%
Avantor, Inc.(a):
6.00%, 10/01/24(d)			5,881				6,161,524
9.00%, 10/01/25			1,616				1,701,163
Hologic, Inc., 4.63%, 02/01/28(a)			226				226,565
Medtronic, Inc., 4.63%, 03/15/45(d)			647				864,098
							8,953,350
Health Care Providers & Services — 5.2%
Aetna, Inc., 3.88%, 08/15/47			3,500				3,577,002
AHP Health Partners, Inc., 9.75%, 07/15/26(a)			402				347,871
Anthem, Inc., 4.55%, 03/01/48(d)			5,000				5,620,622
Centene Corp.(a):
5.25%, 04/01/25			776				779,880
5.38%, 08/15/26			1,457				1,486,140
4.25%, 12/15/27			2,529				2,478,420
4.63%, 12/15/29			4,138				4,158,690
3.38%, 02/15/30			1,019				947,670

8

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.(a):
8.63%, 01/15/24			USD    1,392			$	1,374,168
6.63%, 02/15/25			425				393,125
8.00%, 03/15/26			1,531				1,454,450
Encompass Health Corp., 5.75%, 11/01/24			372				373,748
HCA, Inc.:
5.38%, 09/01/26			665				684,950
5.63%, 09/01/28			1,297				1,357,570
5.88%, 02/01/29			420				444,150
3.50%, 09/01/30			3,152				2,859,531
5.25%, 06/15/49			3,500				3,731,501
LifePoint Health, Inc., 4.38%, 02/15/27(a)			491				462,522
MEDNAX, Inc., 5.25%, 12/01/23(a)			323				263,245
Molina Healthcare, Inc., 5.38%, 11/15/22			295				287,625
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(a)			1,575				1,370,345
Polaris Intermediate Corp., (8.50% Cash or 9.25% PIK), 8.50%, 12/01/22(a)(e)			1,054				816,633
Radiology Partners, Inc., 9.25%, 02/01/28(a)			320				277,040
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23(a)			1,977				2,047,678
Surgery Center Holdings, Inc.(a):
6.75%, 07/01/25			375				270,000
10.00%, 04/15/27			514				359,800
Tenet Healthcare Corp.:
8.13%, 04/01/22			1,108				1,055,370
4.63%, 07/15/24			1,145				1,093,475
4.63%, 09/01/24(a)			882				844,780
4.88%, 01/01/26(a)(d)			4,096				3,901,440
6.25%, 02/01/27(a)			945				921,375
5.13%, 11/01/27(a)			2,318				2,207,895
UnitedHealth Group, Inc., 6.88%, 02/15/38(d)			10,000				14,664,758
							62,913,469
Health Care Technology — 0.2%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(a)			650				598,000
IQVIA, Inc.(a):
5.00%, 10/15/26			554				565,080
5.00%, 05/15/27			1,192				1,218,820
							2,381,900
Hotels, Restaurants & Leisure — 1.9%
1011778 BC ULC/New Red Finance, Inc.(a):
4.25%, 05/15/24			306				305,232
5.00%, 10/15/25(d)			1,619				1,546,129

Security		Par (000)				Value
Hotels, Restaurants & Leisure (continued)
3.88%, 01/15/28			USD    1,559			$	1,481,050
4.38%, 01/15/28			2,509				2,318,065
Boyd Gaming Corp., 6.00%, 08/15/26			330				283,800
Cedar Fair LP, 5.25%, 07/15/29(a)			439				370,955
Churchill Downs, Inc.(a):
5.50%, 04/01/27			2,042				1,924,932
4.75%, 01/15/28			282				245,340
Eldorado Resorts, Inc., 6.00%, 09/15/26			277				249,993
Golden Nugget, Inc., 6.75%, 10/15/24(a)			1,562				983,888
Hilton Domestic Operating Co., Inc.:
5.13%, 05/01/26			1,492				1,402,480
4.88%, 01/15/30			1,979				1,682,150
IRB Holding Corp., 6.75%, 02/15/26(a)			122				96,126
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a):
5.00%, 06/01/24			600				588,000
5.25%, 06/01/26			399				398,441
Las Vegas Sands Corp.:
3.50%, 08/18/26			96				87,809
3.90%, 08/08/29			62				53,435
Lions Gate Capital Holdings LLC, 6.38%, 02/01/24(a)			253				222,640
McDonald’s Corp., 4.20%, 04/01/50			480				536,901
MGM Resorts International:
7.75%, 03/15/22			1,059				1,048,961
6.00%, 03/15/23			1,335				1,288,275
Scientific Games International, Inc.(a):
5.00%, 10/15/25			669				582,030
8.25%, 03/15/26			2,158				1,381,357
7.00%, 05/15/28			451				277,365
7.25%, 11/15/29			218				136,250
Wyndham Destinations, Inc.:
5.40%, 04/01/24			283				239,135
5.75%, 04/01/27			308				257,180
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a)			453				394,110
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a)			602				544,810
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)			709				645,190
Yum! Brands, Inc.(a):
7.75%, 04/01/25			709				744,450
4.75%, 01/15/30			568				533,920
							22,850,399
Household Durables — 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 4.88%, 02/15/30(a)			770				584,969

9

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Household Durables (continued)
Lennar Corp.:
2.95%, 11/29/20			USD    520			$	507,000
8.38%, 01/15/21			1,515				1,537,725
4.75%, 11/15/22			1,605				1,572,900
4.88%, 12/15/23			466				456,680
5.25%, 06/01/26			890				905,575
Mattamy Group Corp., 4.63%, 03/01/30(a)			524				450,640
PulteGroup, Inc., 5.00%, 01/15/27			106				105,767
							6,121,256
Household Products — 0.1%
Energizer Holdings, Inc.(a):
6.38%, 07/15/26			222				224,220
7.75%, 01/15/27(d)			595				615,052
Spectrum Brands, Inc., 5.75%, 07/15/25			1,002				936,870
							1,776,142
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp.:
5.75%, 01/15/25			674				623,450
5.25%, 06/01/26(a)			1,351				1,283,450
4.50%, 02/15/28(a)			1,386				1,343,380
5.13%, 03/15/28(a)			3,550				3,266,000
Clearway Energy Operating LLC:
5.75%, 10/15/25			545				539,550
4.75%, 03/15/28(a)			719				666,873
NRG Energy, Inc.:
6.63%, 01/15/27			2,688				2,795,520
5.75%, 01/15/28			52				53,040
5.25%, 06/15/29(a)			1,882				1,938,460
TerraForm Power Operating LLC(a):
4.25%, 01/31/23			370				367,225
5.00%, 01/31/28			378				396,068
4.75%, 01/15/30			562				545,140
							13,818,156
Industrial Conglomerates — 0.1%
BWX Technologies, Inc., 5.38%, 07/15/26(a)			737				707,520
Insurance — 2.9%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(a)			2,271				2,126,564
Aon PLC, 4.25%, 12/12/42			6,500				6,573,920
Global Atlantic Fin Co., 8.63%, 04/15/21(a)(d)			3,400				3,621,835
HUB International Ltd., 7.00%, 05/01/26(a)			1,824				1,805,760
Nationstar Mortgage Holdings, Inc.(a):
8.13%, 07/15/23			552				539,746
9.13%, 07/15/26			167				151,135

Security		Par (000)				Value
Insurance (continued)
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(a)(d)			USD    12,000			$	15,456,705
Progressive Corp., Series B, (3 mo. LIBOR US + 2.54%), 5.38%(g)(h)			5,000				4,232,600
							34,508,265
Interactive Media & Services — 0.8%
Booking Holdings, Inc., 3.55%, 03/15/28			3,375				3,232,162
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)			370				373,404
Match Group, Inc., 4.13%, 08/01/30(a)			517				462,069
Netflix, Inc.:
5.88%, 11/15/28			1,682				1,797,217
5.38%, 11/15/29(a)			1,934				2,006,815
4.88%, 06/15/30(a)			395				400,984
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)(d)			402				360,795
Twitter, Inc., 3.88%, 12/15/27(a)			299				287,601
Uber Technologies, Inc.(a):
7.50%, 11/01/23			588				571,865
8.00%, 11/01/26			47				46,647
7.50%, 09/15/27			381				376,123
							9,915,682
IT Services — 0.5%
Banff Merger Sub, Inc., 9.75%, 09/01/26(a)			2,404				2,115,520
Camelot Finance SA, 4.50%, 11/01/26(a)			1,575				1,527,750
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538				600,282
Gartner, Inc., 5.13%, 04/01/25(a)			399				390,023
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)			1,160				1,067,200
WEX, Inc., 4.75%, 02/01/23(a)			610				585,600
							6,286,375
Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25(a)(d)			746				758,608
5.88%, 12/15/27(a)			503				516,983
6.20%, 10/01/40			44				36,410
5.45%, 11/01/41			202				159,580
							1,471,581
Machinery — 0.3%
Colfax Corp.(a):
6.00%, 02/15/24			983				948,595
6.38%, 02/15/26			1,157				1,139,645
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(a)			878				820,930

10

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Machinery (continued)
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(a)			USD    1,297			$	1,082,995
							3,992,165
Media — 9.6%
Altice Financing SA(a):
7.50%, 05/15/26			2,172				2,104,451
5.00%, 01/15/28			863				763,755
Altice France SA(a):
7.38%, 05/01/26(d)			6,371				6,324,173
8.13%, 02/01/27			1,112				1,159,260
CCO Holdings LLC/CCO Holdings Capital Corp.(a):
5.13%, 05/01/27(d)			3,844				3,853,994
5.00%, 02/01/28			162				162,405
5.38%, 06/01/29			1,983				2,037,731
4.75%, 03/01/30			353				351,235
4.50%, 08/15/30			4,099				4,017,020
4.50%, 05/01/32			3,664				3,573,133
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35			479				568,541
6.48%, 10/23/45(d)			9,584				11,561,372
5.38%, 05/01/47			1,500				1,618,958
6.83%, 10/23/55			3,540				4,177,977
Clear Channel Worldwide Holdings, Inc.(a):
9.25%, 02/15/24			1,436				1,231,370
5.13%, 08/15/27(d)			6,050				5,724,812
Comcast Corp.:
3.75%, 04/01/40			545				615,249
4.95%, 10/15/58			3,795				5,136,411
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(a)(d)			4,846				4,004,008
Cox Communications, Inc., 8.38%, 03/01/39(a)			5,000				6,942,077
CSC Holdings LLC:
5.38%, 07/15/23(a)			2,432				2,431,976
5.25%, 06/01/24			1,061				1,063,642
7.75%, 07/15/25(a)(d)			4,129				4,294,160
6.63%, 10/15/25(a)			1,072				1,127,004
10.88%, 10/15/25(a)			620				670,375
5.50%, 05/15/26(a)			1,691				1,749,086
5.38%, 02/01/28(a)			800				816,000
7.50%, 04/01/28(a)			877				934,373
5.75%, 01/15/30(a)			406				409,435
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(a)			1,472				1,196,029
Discovery Communications LLC, 4.88%, 04/01/43			4,000				3,740,117

Security		Par (000)				Value
Media (continued)
DISH DBS Corp.:
5.88%, 07/15/22			USD    2,406			$	2,343,011
5.88%, 11/15/24			164				159,490
7.75%, 07/01/26			245				251,738
Fox Corp., 3.05%, 04/07/25			475				474,259
Front Range BidCo, Inc.(a):
4.00%, 03/01/27			4,674				4,469,512
6.13%, 03/01/28			1,846				1,753,700
Gray Television, Inc., 7.00%, 05/15/27(a)			415				412,925
Hughes Satellite Systems Corp., 5.25%, 08/01/26			351				347,490
iHeartCommunications, Inc.:
6.38%, 05/01/26			370				350,098
5.25%, 08/15/27(a)			376				329,000
4.75%, 01/15/28(a)			184				165,600
Intelsat Jackson Holdings SA, 5.50%, 08/01/23			1,334				873,770
Interpublic Group of Cos., Inc., 5.40%, 10/01/48			2,215				2,382,001
Lamar Media Corp.:
5.75%, 02/01/26			282				286,230
4.00%, 02/15/30(a)			307				285,510
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a)			800				788,000
Live Nation Entertainment, Inc., 4.75%, 10/15/27(a)			344				306,160
Meredith Corp., 6.88%, 02/01/26			144				126,331
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(a)			105				101,325
Sirius XM Radio, Inc.(a):
5.00%, 08/01/27			1,244				1,262,536
5.50%, 07/01/29			1,669				1,702,380
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(a)			1,000				930,000
Time Warner Cable LLC, 6.55%, 05/01/37			3,519				3,947,798
Univision Communications, Inc., 5.13%, 05/15/23(a)			750				663,750
ViacomCBS, Inc., 5.85%, 09/01/43			1,300				1,331,963
Videotron Ltd., 5.13%, 04/15/27(a)			999				999,000
Virgin Media Secured Finance PLC(a):
5.50%, 08/15/26			487				494,305
5.50%, 05/15/29			1,561				1,555,380
Ziggo Bond Co. BV, 6.00%, 01/15/27(a)			955				926,350
Ziggo BV(a):
5.50%, 01/15/27			874				874,000
4.88%, 01/15/30			682				664,224
							115,917,965
Metals & Mining — 3.2%
Anglo American Capital PLC, 5.63%, 04/01/30(a)			2,890				2,930,818

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Metals & Mining (continued)
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22			USD    5,000			$	4,756,250
Arconic Corp., 6.13%, 02/15/28(a)			552				564,420
Commercial Metals Co., 4.88%, 05/15/23(d)			2,194				2,067,845
Constellium SE:
4.63%, 05/15/21			EUR      327				327,376
6.63%, 03/01/25(a)(d)			USD      609				548,100
5.88%, 02/15/26(a)			1,701				1,479,870
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			500				502,500
3.55%, 03/01/22			221				213,541
3.88%, 03/15/23			6,265				5,920,425
4.25%, 03/01/30			2,224				1,934,880
5.40%, 11/14/34			2,250				2,081,250
5.45%, 03/15/43			4,865				4,354,175
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)			817				762,098
Kaiser Aluminum Corp., 4.63%, 03/01/28(a)			1,337				1,186,587
Novelis Corp.(a):
5.88%, 09/30/26			1,876				1,841,041
4.75%, 01/30/30			2,718				2,419,020
Southern Copper Corp., 5.88%, 04/23/45			3,870				4,088,307
							37,978,503
Oil, Gas & Consumable Fuels — 11.9%
Aker BP ASA(a):
4.75%, 06/15/24			1,169				980,692
5.88%, 03/31/25			570				504,362
Apache Corp., 3.25%, 04/15/22			21				15,767
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(a)			1,353				791,505
Buckeye Partners LP:
4.13%, 03/01/25(a)			594				500,742
4.50%, 03/01/28(a)			821				673,220
5.85%, 11/15/43			327				218,992
5.60%, 10/15/44			290				182,700
Callon Petroleum Co.:
6.25%, 04/15/23			326				77,425
6.13%, 10/01/24			16				2,840
8.25%, 07/15/25			817				130,720
Series WI, 6.38%, 07/01/26			106				17,755
Cheniere Energy Partners LP:
5.63%, 10/01/26			380				349,600
4.50%, 10/01/29(a)			1,133				985,710
Chesapeake Energy Corp., 11.50%, 01/01/25(a)			1,277				217,090
Cimarex Energy Co., 4.38%, 06/01/24			28				22,065
CNX Resources Corp., 5.88%, 04/15/22(d)			3,602				3,295,830

Security		Par (000)				Value
Oil, Gas & Consumable Fuels (continued)
Comstock Resources, Inc., 7.50%, 05/15/25(a)			USD    569			$	369,850
Concho Resources, Inc., 4.88%, 10/01/47			3,815				2,938,210
Continental Resources, Inc., 4.90%, 06/01/44			3,500				1,521,270
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(a)			1,025				563,453
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(d)			2,479				1,289,080
CVR Energy, Inc.(a):
5.25%, 02/15/25			526				408,965
5.75%, 02/15/28			175				130,812
DCP Midstream Operating LP:
5.38%, 07/15/25			120				81,936
5.13%, 05/15/29			48				30,238
6.45%, 11/03/36(a)			247				118,486
6.75%, 09/15/37(a)			1,527				824,580
Denbury Resources, Inc., 9.00%, 05/15/21(a)			535				156,487
Diamondback Energy, Inc., 3.50%, 12/01/29			104				70,712
eG Global Finance PLC(a):
6.75%, 02/07/25			906				742,920
8.50%, 10/30/25			587				522,430
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22			2,345				2,509,767
Enbridge, Inc.(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78(g)			5,000				3,750,000
Endeavor Energy Resources LP/EER Finance, Inc.(a):
5.50%, 01/30/26			1,978				1,365,235
5.75%, 01/30/28			547				371,960
Energy Transfer Operating LP:
5.20%, 02/01/22(d)			10,200				9,598,975
4.25%, 03/15/23			553				500,742
5.88%, 01/15/24(d)			3,366				3,178,588
5.50%, 06/01/27			406				353,374
6.13%, 12/15/45			3,579				3,195,401
EnLink Midstream LLC, 5.38%, 06/01/29			188				97,760
EnLink Midstream Partners LP:
4.40%, 04/01/24			613				309,381
4.15%, 06/01/25			48				23,266
4.85%, 07/15/26			64				31,469
5.60%, 04/01/44			399				134,662
5.05%, 04/01/45			43				15,682
Enterprise Products Operating LLC:
4.90%, 05/15/46(d)			5,375				5,145,535
Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77(g)			4,800				3,288,000
EQT Corp.:
3.90%, 10/01/27			274				188,978
7.00%, 02/01/30			42				31,291

12

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Oil, Gas & Consumable Fuels (continued)
Extraction Oil & Gas, Inc.(a):
7.38%, 05/15/24			USD   718			$	127,445
5.63%, 02/01/26			1,546				255,090
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28			414				288,227
Hess Corp., 5.80%, 04/01/47			5,000				3,328,153
Hess Midstream Operations LP, 5.63%, 02/15/26(a)			402				283,838
Indigo Natural Resources LLC, 6.88%, 02/15/26(a)			993				655,380
Kinder Morgan, Inc.:
7.80%, 08/01/31			197				224,013
7.75%, 01/15/32			4,586				5,312,247
Marathon Petroleum Corp.:
4.75%, 12/15/23			1,230				1,164,711
5.13%, 12/15/26			937				927,657
Matador Resources Co., 5.88%, 09/15/26			943				276,299
MEG Energy Corp.(a):
7.00%, 03/31/24			130				59,963
6.50%, 01/15/25			1,486				939,895
MPLX LP:
4.13%, 03/01/27			825				702,979
5.20%, 03/01/47			3,500				2,887,556
4.70%, 04/15/48(d)			5,000				3,870,075
5.50%, 02/15/49			2,640				2,226,424
Murphy Oil Corp.:
5.75%, 08/15/25			49				26,220
5.88%, 12/01/42			47				19,265
Nabors Industries Ltd.(a):
7.25%, 01/15/26			401				136,340
7.50%, 01/15/28			365				116,800
Nabors Industries, Inc., 4.63%, 09/15/21			81				51,030
Nexen, Inc., 6.40%, 05/15/37			2,000				2,790,000
NGPL PipeCo LLC, 7.77%, 12/15/37(a)			1,117				1,111,989
Noble Energy, Inc., 5.05%, 11/15/44			3,500				2,159,889
NuStar Logistics LP, 6.00%, 06/01/26			373				276,020
Occidental Petroleum Corp.:
4.85%, 03/15/21			186				156,145
2.60%, 08/13/21			454				356,978
2.70%, 08/15/22			320				228,175
Series 1, 4.10%, 02/01/21			339				288,145
Pacific Drilling SA, 8.38%, 10/01/23(a)			439				118,530
Parsley Energy LLC/Parsley Finance Corp.(a):
5.25%, 08/15/25			598				454,480
5.63%, 10/15/27			951				670,455
PDC Energy, Inc., 6.25%, 12/01/25			135				66,130
Petroleos Mexicanos:
3.50%, 01/30/23			5,000				4,017,969
4.63%, 09/21/23(d)			3,965				3,202,530
4.88%, 01/18/24			2,000				1,600,000

Security		Par (000)				Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP, Series B, (3 mo. LIBOR US + 4.11%), 6.13%(g)(h)			USD    2,215			$	1,107,500
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 06/15/44			1,498				985,099
4.90%, 02/15/45			2,102				1,417,558
QEP Resources, Inc.:
6.88%, 03/01/21			133				67,830
5.38%, 10/01/22			1,847				868,090
5.25%, 05/01/23			188				69,560
5.63%, 03/01/26			392				143,080
Range Resources Corp.:
5.75%, 06/01/21			734				557,840
5.88%, 07/01/22			280				201,600
5.00%, 08/15/22			484				362,855
5.00%, 03/15/23(d)			916				668,680
Rockies Express Pipeline LLC, 6.88%, 04/15/40(a)			580				348,552
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			405				392,865
5.63%, 04/15/23(d)			10,510				9,779,536
5.75%, 05/15/24			2,575				2,384,340
5.88%, 06/30/26			1,481				1,340,009
SM Energy Co.:
6.13%, 11/15/22			202				85,472
5.00%, 01/15/24			823				271,590
5.63%, 06/01/25			138				37,606
6.75%, 09/15/26			426				127,800
6.63%, 01/15/27			243				70,729
Southwestern Energy Co., 4.10%, 03/15/22			504				378,000
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27			317				272,620
Series WI, 4.88%, 01/15/23			672				641,760
Series WI, 5.88%, 03/15/28			317				263,110
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 09/15/24(a)			284				156,200
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.75%, 03/15/24			184				161,920
5.13%, 02/01/25			136				115,926
5.88%, 04/15/26			669				555,270
5.38%, 02/01/27			5				4,115
6.50%, 07/15/27			770				656,425
5.00%, 01/15/28			869				700,470
6.88%, 01/15/29			1,750				1,408,750
5.50%, 03/01/30(a)			836				645,726
TransCanada PipeLines Ltd., 4.88%, 05/15/48			4,000				4,148,578

13

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Oil, Gas & Consumable Fuels (continued)
TransCanada Trust(3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75(g)			USD    2,755			$	2,093,800
Transocean, Inc., 8.00%, 02/01/27(a)			740				351,500
Viper Energy Partners LP, 5.38%, 11/01/27(a)			285				239,400
Western Midstream Operating LP, 5.38%, 06/01/21(d)			5,125				4,095,129
Williams Cos., Inc.:
3.70%, 01/15/23			2,245				2,075,637
4.55%, 06/24/24			527				481,818
8.75%, 03/15/32			2,478				2,692,555
5.10%, 09/15/45(d)			5,075				4,756,768
WPX Energy, Inc.:
6.00%, 01/15/22			72				57,600
8.25%, 08/01/23			811				596,085
5.25%, 09/15/24			22				13,420
5.75%, 06/01/26			501				285,570
5.25%, 10/15/27			200				110,000
4.50%, 01/15/30			273				148,239
							143,598,134
Paper & Forest Products — 1.5%
International Paper Co.(d):
8.70%, 06/15/38			4,000				5,730,447
7.30%, 11/15/39			10,000				12,772,623
							18,503,070
Pharmaceuticals — 4.4%
AbbVie, Inc., 4.70%, 05/14/45			3,255				3,655,985
Allergan Funding SCS, 4.75%, 03/15/45(d)			5,485				5,911,901
Allergan Sales LLC, 5.00%, 12/15/21(a)			1,631				1,689,859
Allergan, Inc., 2.80%, 03/15/23			3,000				2,982,662
Bausch Health Americas, Inc., 8.50%, 01/31/27(a)			1,552				1,621,840
Bausch Health Cos., Inc.(a):
5.50%, 03/01/23			1,777				1,741,460
5.88%, 05/15/23			84				83,580
7.00%, 03/15/24			569				579,663
6.13%, 04/15/25			504				496,440
5.50%, 11/01/25			280				282,884
9.00%, 12/15/25			1,531				1,613,980
5.75%, 08/15/27			326				335,650
7.00%, 01/15/28			536				550,150
5.00%, 01/30/28			37				35,028
7.25%, 05/30/29			1,242				1,288,948
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27(a)			1,051				1,019,470
Charles River Laboratories International, Inc.(a):
5.50%, 04/01/26			806				830,180
4.25%, 05/01/28			331				319,051

Security		Par (000)				Value
Pharmaceuticals (continued)
CVS Health Corp.:
5.13%, 07/20/45			USD    3,879			$	4,463,221
5.05%, 03/25/48(d)			8,205				9,374,442
Elanco Animal Health, Inc., 5.65%, 08/28/28			421				443,882
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/23(a)			395				286,130
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(a)			661				672,568
MEDNAX, Inc., 6.25%, 01/15/27(a)			881				707,003
Merck & Co., Inc., 6.50%, 12/01/33(d)			6,420				9,409,720
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a)			2,324				2,312,380
							52,708,077
Producer Durables: Miscellaneous — 0.2%
Open Text Corp., 3.88%, 02/15/28(a)			1,031				969,140
Open Text Holdings, Inc., 4.13%, 02/15/30(a)			1,734				1,630,394
							2,599,534
Professional Services — 0.2%
ASGN, Inc., 4.63%, 05/15/28(a)			737				684,599
Dun & Bradstreet Corp., 10.25%, 02/15/27(a)			1,370				1,452,200
							2,136,799
Real Estate — 0.1%
Equinix, Inc., 5.88%, 01/15/26			1,169				1,192,813
Real Estate Management & Development — 0.4%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)			460				416,327
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(a)			4,485				4,575,622
							4,991,949
Road & Rail — 1.5%
CSX Corp., 3.80%, 04/15/50			770				804,587
Herc Holdings, Inc., 5.50%, 07/15/27(a)			864				803,520
Norfolk Southern Corp., 6.00%, 03/15/05(d)			12,700				15,649,157
United Rentals North America, Inc.:
5.25%, 01/15/30			44				43,987
4.00%, 07/15/30			344				307,880
							17,609,131
Semiconductors & Semiconductor Equipment — 1.1%
Lam Research Corp., 4.88%, 03/15/49			875				1,128,494
NVIDIA Corp.:
3.50%, 04/01/50			2,785				3,028,218
3.70%, 04/01/60			1,760				1,967,295

14

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Semiconductors & Semiconductor Equipment (continued)
NXP BV/NXP Funding LLC, 4.63%, 06/15/22(a)			USD    490			$	506,961
QUALCOMM, Inc., 4.30%, 05/20/47			3,500				4,199,892
Sensata Tech, Inc., 4.38%, 02/15/30(a)			1,390				1,251,000
Sensata Technologies BV(a):
5.63%, 11/01/24			695				677,625
5.00%, 10/01/25			572				541,970
							13,301,455
Software — 1.8%
CDK Global, Inc.:
5.88%, 06/15/26			378				399,357
4.88%, 06/01/27			1,041				1,067,025
5.25%, 05/15/29(a)			1,590				1,621,800
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(a)			1,430				1,462,590
Oracle Corp., 3.60%, 04/01/50			8,750				8,750,221
PTC, Inc.:
6.00%, 05/15/24			313				322,083
3.63%, 02/15/25(a)			406				379,610
4.00%, 02/15/28(a)			867				832,580
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(a)			1,831				1,794,380
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(a)			480				480,000
SS&C Technologies, Inc., 5.50%, 09/30/27(a)			3,889				4,053,155
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23(a)			684				601,920
							21,764,721
Specialty Retail — 0.6%
Asbury Automotive Group, Inc.(a):
4.50%, 03/01/28			197				167,450
4.75%, 03/01/30			191				162,350
IAA, Inc., 5.50%, 06/15/27(a)			1,054				1,019,745
L Brands, Inc., 6.88%, 11/01/35			1,119				828,060
Penske Automotive Group, Inc., 5.50%, 05/15/26			1,160				1,058,152
PetSmart, Inc.(a):
7.13%, 03/15/23			588				547,575
5.88%, 06/01/25			2,317				2,282,245
Staples, Inc., 7.50%, 04/15/26(a)			1,524				1,346,835
							7,412,412
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC/EMC Corp.(a):
5.88%, 06/15/21			407				407,509
7.13%, 06/15/24			1,800				1,858,500
8.35%, 07/15/46			2,355				2,795,984
NCR Corp.(a):
5.75%, 09/01/27			512				465,920
6.13%, 09/01/29			512				478,157

Security		Par (000)				Value
Technology Hardware, Storage & Peripherals (continued)
Presidio Holdings, Inc.(a):
4.88%, 02/01/27			USD    692			$	619,340
8.25%, 02/01/28			190				167,437
Western Digital Corp., 4.75%, 02/15/26			1,004				1,019,060
							7,811,907
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc.:
3.25%, 03/27/40			3,050				3,196,529
3.38%, 03/27/50			3,075				3,354,525
William Carter Co., 5.63%, 03/15/27(a)			365				353,137
							6,904,191
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a):
5.25%, 03/15/22			480				429,600
5.25%, 10/01/25			268				220,510
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(a)			1,015				862,750
							1,512,860
Tobacco — 2.3%
Altria Group, Inc., 10.20%, 02/06/39(d)			13,392				22,497,513
BAT Capital Corp., 4.54%, 08/15/47			3,000				2,730,415
Reynolds American, Inc., 5.85%, 08/15/45			2,335				2,508,140
							27,736,068
Trading Companies & Distributors — 0.1%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/25(a)			1,251				1,263,767
Utilities — 0.1%
Vistra Operations Co. LLC(a):
5.63%, 02/15/27			812				837,375
5.00%, 07/31/27			436				442,540
							1,279,915
Wireless Telecommunication Services — 2.8%
Altice France SA, 5.50%, 01/15/28(a)			2,001				1,873,536
Crown Castle International Corp.:
3.65%, 09/01/27(d)			8,000				8,102,090
3.30%, 07/01/30			1,220				1,209,984
4.15%, 07/01/50			820				810,980
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24(a)			635				558,800
SBA Communications Corp.:
4.00%, 10/01/22			1,045				1,044,687
3.88%, 02/15/27(a)			1,760				1,764,400

15

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Wireless Telecommunication Services (continued)
Sprint Capital Corp.:
6.88%, 11/15/28			USD    1,709			$	1,952,020
8.75%, 03/15/32			811				1,072,548
Sprint Corp.:
7.88%, 09/15/23			1,233				1,353,316
7.13%, 06/15/24			1,333				1,463,167
7.63%, 02/15/25			36				39,780
7.63%, 03/01/26			1,196				1,353,633
T-Mobile USA, Inc.:
4.50%, 02/01/26			538				550,105
4.75%, 02/01/28			913				951,163
VICI Properties LP/VICI Note Co., Inc.(a):
3.50%, 02/15/25			946				882,145
4.25%, 12/01/26			3,168				2,906,640
3.75%, 02/15/27			1,004				946,270
4.13%, 08/15/30			3,718				3,480,977
							32,316,241
Total Corporate Bonds — 102.3% (Cost — $1,235,316,268)							1,232,842,192
Foreign Agency Obligations — 2.1%
Brazil — 0.5%
Brazilian Government International Bond, 5.00%, 01/27/45			6,525				6,208,945
Colombia — 0.4%
Colombia Government International Bond, 5.63%, 02/26/44			4,000				4,366,250
Indonesia — 0.4%
Indonesia Government International Bond, 5.88%, 01/15/24(a)			4,400				4,789,125
Mexico — 0.5%
Mexico Government International Bond, 4.75%, 03/08/44			5,800				5,885,188
Uruguay — 0.3%
Uruguay Government International Bond, 5.10%, 06/18/50			3,500				3,988,906
Total Foreign Agency Obligations — 2.1% (Cost — $23,628,613)							25,238,414
Municipal Bonds — 1.5%
Illinois — 0.4%
Chicago O’Hare International Airport, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 01/01/38			5,000				4,982,250

Security		Par (000)				Value
New York — 1.1%
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			USD    10,000			$	12,670,900
Total Municipal Bonds — 1.5% (Cost — $14,833,900)							17,653,150
Preferred Securities – 24.5%
Capital Trusts — 22.4%
Banks — 6.9%
Barclays PLC, 8.00%(g)(h)			4,500				4,173,300
BNP Paribas SA(a)(g)(h):
7.20%			5,000				4,950,000
7.38%			4,535				4,330,925
Capital One Financial Corp., Series E, 5.55%(g)(h)			5,000				4,300,000
CIT Group, Inc., Series A, 5.80%(g)(h)			3,000				2,610,000
Citigroup, Inc., 5.90%(g)(h)			2,210				2,132,650
Credit Suisse Group AG, 7.50%(a)(g)(h)			3,250				3,128,125
HSBC Capital Funding LP, 10.18%(a)(d)(g)(h)			11,835				17,397,450
Lloyds Banking Group PLC, 7.50%(g)(h)			8,285				7,446,558
Macquarie Bank Ltd., 6.13%(a)(g)(h)			1,885				1,696,500
Nordea Bank AB, 6.13%(a)(g)(h)			5,540				4,927,830
U.S. Bancorp, Series J, 5.30%(d)(g)(h)			10,415				9,998,400
Wells Fargo & Co.,(g)(h):
Series Q, 5.85%			551				13,404,675
Series S, 5.90%			281				275,380
Series U, 5.88%			2,655				2,694,825
							83,466,618
Capital Markets — 1.2%
Morgan Stanley, Series H, 4.83%(g)(h)			8,675				7,308,688
State Street Corp.,(g)(h):
Series D, 5.90%			220				5,366,848
Series F, 5.25%			1,855				1,743,700
							14,419,236
Commercial Services & Supplies — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45(a)(g)			5,000				4,143,750
Consumer Finance — 0.3%
American Express Co., Series C, 4.03%(g)(h)			4,510				3,810,950
Diversified Financial Services — 6.9%
Bank of America Corp.,(g)(h):
Series AA, 6.10%			8,630				8,716,300
Series U, 5.20%(d)			5,785				5,490,081
BNP Paribas SA, 6.75%(a)(g)(h)			5,000				4,512,500

16

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Diversified Financial Services (continued)
Credit Agricole SA, 8.13%(a)(g)(h)			USD    5,000			$	5,150,000
Credit Suisse Group AG(a)(g)(h):
5.10%			1,230				950,175
6.25%			7,255				6,683,669
7.50%			1,865				1,718,784
HSBC Holdings PLC, 6.50%(g)(h)			2,615				2,445,025
JPMorgan Chase & Co.:
8.75%, 09/01/30			2,000				3,023,102
Series 1, 5.24%(g)(h)			1,785				1,593,576
Series Q, 5.15%(g)(h)			4,000				3,800,000
Series R, 6.00%(d)(g)(h)			14,130				13,988,700
Series S, 6.75%(d)(g)(h)			9,775				10,214,875
Royal Bank of Scotland Group PLC(g)(h):
8.00%			970				906,348
8.63%			5,135				5,006,625
Societe Generale SA, 7.38%(a)(g)(h)			1,980				1,820,907
UBS Group AG, 7.00%(a)(g)(h)			7,500				7,050,000
							83,070,667
Electric Utilities — 0.4%
PPL Capital Funding, Inc., Series A, 4.04%, 03/30/67(g)			8,300				5,312,000
Insurance — 3.3%
ACE Capital Trust II, 9.70%, 04/01/30			7,000				9,240,000
Allstate Corp., Series B, 5.75%, 08/15/53(g)			5,000				4,450,000
American International Group, Inc., 8.18%, 05/15/68(g)			3,755				4,393,350
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27			5,000				5,938,890
Farmers Exchange Capital II, 6.15%, 11/01/53(a)(g)			4,890				6,517,169
MetLife, Inc., 6.40%, 12/15/66			5,000				5,218,020
Principal Financial Group, Inc., 4.70%, 05/15/55(g)			5,000				4,400,000
							40,157,429
Media — 0.2%
ViacomCBS, Inc., 5.88%, 02/28/57(g)			2,111				1,815,460
Oil, Gas & Consumable Fuels — 0.7%
Enbridge, Inc., Series 16-A, 6.00%, 1/15/77(g)			5,880				4,351,200
Energy Transfer Operating LP, Series B, 6.63%(g)(h)			5,000				2,475,000

Security		Par (000)				Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC, 4.36%, 06/01/67(g)			USD    2,500			$	1,375,000
							8,201,200
Road & Rail — 0.5%
BNSF Funding Trust I, 6.61%, 12/15/55(g)			6,125				6,002,500
Wireless Telecommunication Services — 1.7%
Centaur Funding Corp., 9.08%(a)			15				15,067,285
Vodafone Group PLC, 7.00%, 04/04/79(g)			4,745				5,070,408
							20,137,693
Total Capital Trusts — 22.4%							270,537,503
		Shares
Preferred Stocks — 2.1%
Banks — 1.0%
Citigroup, Inc., Series K, 6.88%(g)(h)			488,320				12,588,890
Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)			162,450				3,947,535
Electric Utilities — 0.2%
Entergy Louisiana LLC, 5.25%, 07/01/52			90,000				2,249,100
Equity Real Estate Investment Trusts (REITs) — 0.1%
Vornado Realty Trust, Series K, 5.70%(h)			50,000				1,082,500
Media — 0.5%
NBCUniversal Enterprise, Inc., 5.25%(a)(h)			5,600,000				5,600,000
Total Preferred Stocks — 2.1%							25,468,025
Total Preferred Securities — 24.5% (Cost — $313,462,499)							296,005,528
Total Long-Term Investments — 138.1% (Cost — $1,703,330,584)							1,665,121,547

17

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

		Shares				Value
Short-Term Securities — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(l)(m)			3,022,594			$	3,022,594
Total Short-Term Securities — 0.3% (Cost — $3,022,594)							3,022,594
Options Purchased — 0.0% (Cost — $3,637,600)							491,444
Total Investments Before Options Written — 138.4% (Cost — $1,709,990,778)						$	1,668,635,585

				Value
Options Written — (0.0)% (Premiums Received — $1,810,000)				$	(46,234	)
Total Investments, Net of Options Written — 138.4% (Cost — $1,708,180,778)					1,668,589,351
Liabilities in Excess of Other Assets — (38.4)%					(462,939,964	)
Net Assets — 100.0%				$	1,205,649,387

^(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 the rate in effect as of period end.

^(c)  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.

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

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

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

^(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) Non-income producing security.

^(k) 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.

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

^(m)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Shares Held at 12/31/19				Shares Purchased				Shares Sold				Shares Held at 03/31/20				Value at 03/31/20				Income				Net Realized Gain (Loss) (a)				Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class			9,646,385				—				(6,623,791	)(b)			3,022,594			$	3,022,594			$	64,721			$	—			$	—

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

^(b) Represents net shares purchased (sold).

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.

Currency Abbreviations
EUR		Euro
USD		United States Dollar
Portfolio Abbreviations
ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
CR		Custodian Receipt
OTC		Over-the-Counter
PIK		Payment-In-Kind
RB		Revenue Bonds
REIT		Real Estate Investment Trust

18

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ)     

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)

Barclays Capital, Inc.

(0.25

)%

08/26/19

Open

$

297,480

$

296,655

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

08/26/19

Open

1,117,005

1,126,422

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.90

08/26/19

Open

17,338,275

17,552,692

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.90

08/26/19

Open

13,617,788

13,786,194

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.90

08/26/19

Open

10,050,475

10,174,766

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.90

08/26/19

Open

9,872,750

9,994,843

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

4,725,000

4,786,294

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

4,917,250

4,981,038

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

2,950,000

2,988,268

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

5,217,606

5,285,290

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

6,817,500

6,905,938

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

946,250

958,525

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

2,411,955

2,443,243

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/26/19

Open

5,220,906

5,288,633

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

5,645,000

5,719,596

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

16,005,000

16,216,497

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

3,911,306

3,962,992

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

30,801,780

31,208,808

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

8,130,000

8,237,433

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

8,979,975

9,098,640

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

16,275,000

16,490,065

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

10,400,000

10,537,430

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

5,062,500

5,129,398

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

7,440,000

7,538,315

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

14,312,500

14,501,632

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

802,280

812,882

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

7,843,219

7,946,863

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

7,350,000

7,447,126

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

3,573,000

3,620,215

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

7,111,125

7,205,095

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

8,714,875

8,830,037

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

9,128,063

9,248,685

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

5,633,250

5,707,690

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

08/26/19

Open

5,637,500

5,711,996

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

10/31/19

Open

1,955,000

1,972,289

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

01/31/20

Open

488,565

489,732

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

02/05/20

Open

8,957,440

8,983,877

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.25

02/05/20

Open

652,650

653,878

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

02/05/20

Open

7,943,750

7,967,625

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.00

02/06/20

Open

5,618,088

5,634,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

3,573,763

3,584,856

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

4,020,000

4,032,479

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

2,718,750

2,727,189

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

4,875,233

4,890,366

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

1,668,040

1,673,218

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

3,948,356

3,960,613

Corporate Bonds

Open/Demand

19

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ)     

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date  (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

1.05

%

02/06/20

Open

$

4,785,469

$

4,800,324

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

5,069,925

5,085,663

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

1,529,955

1,534,704

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/06/20

Open

1,584,990

1,589,910

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/06/20

Open

3,817,630

3,829,773

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/06/20

Open

2,479,245

2,487,130

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/06/20

Open

4,725,125

4,740,515

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/06/20

Open

1,094,730

1,098,296

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

02/06/20

Open

3,497,750

3,508,073

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

02/06/20

Open

19,391,156

19,447,337

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

2,920,965

2,930,077

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

8,806,800

8,834,272

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

10,051,220

10,082,574

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

3,244,523

3,254,644

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

2,948,430

2,957,627

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

2,874,480

2,883,447

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

3,088,800

3,098,435

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

9,109,800

9,138,218

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

3,277,010

3,287,232

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.50

02/06/20

Open

2,755,816

2,764,413

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/14/20

Open

1,842,980

1,847,552

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

03/10/20

Open

1,965,645

1,967,452

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

03/11/20

Open

521,255

521,711

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

03/11/20

Open

900,731

901,519

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

03/16/20

Open

8,310,000

8,315,240

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/18/20

Open

7,188,750

7,191,825

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

03/20/20

Open

434,350

434,459

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

03/20/20

Open

385,193

385,289

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

03/20/20

Open

495,158

495,281

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

03/20/20

Open

422,744

422,849

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.80

03/20/20

Open

1,653,728

1,654,169

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.10

03/20/20

Open

985,403

985,764

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

03/25/20

Open

8,092,700

8,093,981

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

03/25/20

Open

2,229,975

2,230,328

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.95

03/25/20

Open

8,682,750

8,684,125

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.30

03/26/20

Open

4,305,000

4,305,777

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.30

03/26/20

Open

2,269,200

2,269,610

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.40

03/27/20

Open

4,875,000

4,875,948

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

03/27/20

Open

4,712,500

4,713,973

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.65

03/27/20

Open

5,255,000

5,256,022

Corporate Bonds

Open/Demand

20

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ)     

Reverse Repurchase Agreements (continued) 

Counterparty		Interest Rate				Trade Date				Maturity Date (a)				Face Value				Face Value Including Accrued Interest				Type of Non-Cash Underlying Collateral		Remaining Contractual Maturity of the Agreements (a)
BNP Paribas S.A.			1.45	%			03/31/20				Open			$	1,814,000			$	1,814,073			Corporate Bonds		Open/Demand
BNP Paribas S.A.			1.75				03/31/20				Open				4,516,871				4,516,875			Corporate Bonds		Open/Demand
BNP Paribas S.A.			1.75				03/31/20				Open				4,087,500				4,087,500			Corporate Bonds		Open/Demand
														$	487,676,500			$	491,635,059

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description		Number of Contracts				Expiration Date				Notional Amount (000)				Value/ Unrealized Appreciation (Depreciation)
Long Contracts
5-Year U.S. Treasury Note			195				06/30/20			$	24,445			$	737,851
U.S. Ultra Long Treasury Bond			109				06/19/20				24,184				1,686,782
															2,424,633
Short Contracts
10-Year U.S. Treasury Note			352				06/19/20				48,818				(1,942,969	)
U.S. Long Treasury Bond			135				06/19/20				24,173				(1,751,453	)
															(3,694,422	)
														$	(1,269,789	)

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

10-Year Interest Rate Swap, 05/17/30

1.10

%

Semi-Annual

3-Month LIBOR, 1.91

%

Quarterly

Barclays Bank PLC

05/15/20

1.10

%

USD

77,300

$

169,378

10-Year Interest Rate Swap, 07/19/30

2.35

Semi-Annual

3-Month LIBOR, 1.91

%

Quarterly

Barclays Bank PLC

07/17/20

2.35

USD

462,000

40,143

10-Year Interest Rate Swap, 01/17/31

2.50

Semi-Annual

3-Month LIBOR, 1.91

%

Quarterly

Citibank N.A.

01/15/21

2.50

USD

67,000

33,537

30-Year Interest Rate Swap, 08/15/51

2.50

Semi-Annual

3-Month LIBOR, 1.91

%

Quarterly

JPMorgan Chase Bank N.A.

08/13/21

2.50

USD

40,000

248,386

$

491,444

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Put

10-Year Interest Rate Swap, 07/19/30

3-Month LIBOR, 1.91

%

Semi-Annual

1.95

Semi-Annual

Barclays Bank PLC

07/17/20

1.95

%

USD

154,000

$

(46,234

)

21

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Credit Allocation Income Trust (BTZ)     

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index		Financing Rate Received by the Trust				Payment Frequency				Termination Date				Credit Rating (a)		Notional Amount (000) (b)								Value				Upfront Premium Paid (Received)				Unrealized Appreciation (Depreciation)
Markit CDX North America High Yield , Series 34, Version 1			5.00	%			Quarterly				06/20/25			B+			USD				28,600			$	(1,788,453	)		$	(1,358,180	)		$	(430,273	)

^(a) Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

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

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)
Prudential Financial, Inc.			1.00				Quarterly			Citibank N.A.			06/20/21			USD			1,920			$	(18,360	)		$	6,938			$	(25,298	)
Prudential Financial, Inc.			1.00				Quarterly			Goldman Sachs International			06/20/21			USD			1,155				(11,044	)			4,440				(15,484	)
Prudential Financial, Inc.			1.00				Quarterly			JPMorgan Chase Bank N.A.			06/20/21			USD			9,500				(90,840	)			30,034				(120,874	)
Total																						$	(120,244	)		$	41,412			$	(161,656	)

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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. 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.

22

Schedule of Investments  (unaudited) (continued) March 31, 2020 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		$	—			$	93,382,263			$	—			$	93,382,263
Corporate Bonds(a)			—				1,228,281,993				4,560,199				1,232,842,192
Foreign Agency Obligations(a)			—				25,238,414				—				25,238,414
Municipal Bonds(a)			—				17,653,150				—				17,653,150
Preferred Securities(a)			38,639,548				257,365,980				—				296,005,528
Short-Term Securities			3,022,594				—				—				3,022,594
Options Purchased:
Interest rate contracts			—				491,444				—				491,444
		$	41,662,142			$	1,622,413,244			$	4,560,199			$	1,668,635,585
Derivative Financial Instruments(b)
Assets:
Interest rate contracts		$	2,424,633			$	—			$	—			$	2,424,633
Liabilities:
Credit contracts			—				(591,929	)			—				(591,929	)
Interest rate contracts			(3,694,422	)			(46,234	)			—				(3,740,656	)
		$	(1,269,789	)		$	(638,163	)		$	—			$	(1,907,952	)

^(a)  See above Schedule of Investments for values in each industry, state, country or political subdivision.

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

The Trust may hold 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 $491,635,059 are categorized as Level 2 within the disclosure hierarchy.

23