- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-21341

 

Name of Fund: BlackRock Credit Allocation Income Trust I, Inc. (PSW)

 

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 I, Inc., 55 East 52 ^nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: [phone], Option 4

 

Date of fiscal year end: 10/31/2012

 

Date of reporting period: 01/31/2012

 

Item 1 – Schedule of Investments

 

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Schedule of Investments January 31, 2012 (Unaudited)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Asset-Backed Securities			Par (000)		Value
Atrium CDO Corp., Series 5A, Class A4, 0.87%, 7/20/20 (a)(b)		USD	650		$	528,125
SLM Student Loan Trust, Series 2004-B, Class A2, 0.75%, 6/15/21 (a)			491			470,588
						998,713
Total Asset-Backed Securities – 0.9%						998,713
Corporate Bonds
Aerospace & Defense — 1.1%
BE Aerospace, Inc., 8.50%, 7/01/18			560			617,400
Huntington Ingalls Industries, Inc. (b):
6.88%, 3/15/18			150			155,250
7.13%, 3/15/21			140			146,300
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17			282			298,215
						1,217,165
Airlines — 0.9%
American Airlines Pass-Through Trust, Class A:
Series 2011-1, 5.25%, 7/31/22			316			301,317
Series 2011-2, 8.63%, 4/15/23			115			122,475
Continental Airlines Pass-Through Certificates, Series 2009-2, Class B, 9.25%, 05/10/17			314			329,266
Delta Air Lines, Inc., Series 02G1, 6.72%, 7/02/24			260			267,723
						1,020,781
Auto Components — 0.8%
Delphi Corp., 6.13%, 5/15/21 (b)			130			136,500
Icahn Enterprises LP:
7.75%, 1/15/16			140			145,600
8.00%, 1/15/18 (b)			60			62,250
8.00%, 1/15/18			500			518,750
						863,100
Beverages — 0.5%
Constellation Brands, Inc., 7.25%, 5/15/17			460			515,200
Building Products — 0.3%
Building Materials Corp. of America (b):
7.00%, 2/15/20			85			91,800
6.75%, 5/01/21			270			290,250
						382,050
Capital Markets — 4.8%
Ameriprise Financial, Inc., 5.30%, 3/15/20 (c)			750			827,689

Corporate Bonds			Par (000)		Value
Capital Markets (concluded)
E*Trade Financial Corp., 12.50%, 11/30/17 (d)		USD	440		$	509,300
Goldman Sachs Group, Inc.:
5.75%, 1/24/22			535			554,548
6.25%, 2/01/41 (c)			1,050			1,072,736
Morgan Stanley (c):
5.75%, 1/25/21			1,025			1,023,987
5.50%, 7/28/21			265			262,033
UBS AG (c):
2.25%, 1/28/14			375			372,841
5.88%, 7/15/16			650			688,052
						5,311,186
Chemicals — 1.2%
Ashland, Inc., 9.13%, 6/01/17			120			134,550
Celanese US Holdings LLC, 5.88%, 6/15/21			370			397,750
Lyondell Chemical Co., 11.00%, 5/01/18			385			421,289
LyondellBasell Industries NV, 6.00%, 11/15/21 (b)			70			76,125
Solutia, Inc., 7.88%, 3/15/20			200			235,000
						1,264,714
Commercial Banks — 4.6%
Amsouth Bank, Series AI, 4.85%, 4/01/13			200			199,000
Asciano Finance Ltd., 5.00%, 4/07/18 (b)			200			206,406
Associated Banc-Corp, 5.13%, 3/28/16			515			548,266
Barclays Bank Plc, 5.93% (a)(b)(e)(f)			425			363,375
Branch Banking & Trust Co. (a):
0.86%, 9/13/16			250			231,716
0.80%, 5/23/17			150			137,016
CIT Group, Inc.:
7.00%, 5/02/16 (b)			370			371,388
7.00%, 5/01/17			291			291,364
7.00%, 5/02/17 (b)			130			130,325
City National Corp., 5.25%, 9/15/20 (c)			550			551,706
Discover Bank, 8.70%, 11/18/19			300			354,828
Regions Financial Corp.:
4.88%, 4/26/13			600			601,500
5.75%, 6/15/15			460			469,384
SVB Financial Group, 5.38%, 9/15/20 (c)			550			566,048
						5,022,322
Commercial Services & Supplies — 3.9%
Aviation Capital Group Corp. (b):
7.13%, 10/15/20 (c)			2,200			2,217,049
6.75%, 4/06/21			550			531,372
Casella Waste Systems, Inc., 7.75%, 2/15/19			169			169,000

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	1

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)			Value
Commercial Services & Supplies (concluded)
Clean Harbors, Inc., 7.63%, 8/15/16		USD	306		$	324,360
Corrections Corp. of America, 7.75%, 6/01/17			775			841,359
Iron Mountain, Inc., 7.75%, 10/01/19			90			98,550
Mobile Mini, Inc., 7.88%, 12/01/20			65			67,031
						4,248,721
Communications Equipment — 1.0%
Avaya, Inc., 9.75%, 11/01/15			200			191,500
Brocade Communications Systems, Inc., 6.88%, 1/15/20 (c)			700			770,000
EH Holding Corp., 6.50%, 6/15/19 (b)			100			104,125
						1,065,625
Consumer Finance — 5.3%
American Express Credit Corp., 2.75%, 9/15/15 (c)			1,400			1,441,486
Capital One Bank USA NA, 8.80%, 7/15/19			775			937,271
Daimler Finance NA LLC, 2.63%, 9/15/16 (b)(c)			800			803,940
Ford Motor Credit Co., LLC:
7.00%, 4/15/15			690			759,000
5.88%, 8/02/21			140			153,083
Inmarsat Finance Plc, 7.38%, 12/01/17 (b)			420			442,575
SLM Corp., 6.25%, 1/25/16 (c)			1,180			1,204,465
Toll Brothers Finance Corp., 5.88%, 2/15/22			95			94,998
						5,836,818
Containers & Packaging — 1.6%
Ball Corp.:
7.13%, 9/01/16			400			436,000
6.75%, 9/15/20			505			558,025
Bemis Co., Inc., 6.80%, 8/01/19			200			241,070
Crown Americas LLC, 6.25%, 2/01/21			200			217,500
Graphic Packaging International, Inc., 9.50%, 6/15/17			155			170,888
Rock-Tenn Co., 9.25%, 3/15/16			75			78,656
Sealed Air Corp., 8.38%, 9/15/21 (b)			30			33,750
						1,735,889
Diversified Financial Services — 8.6%
Ally Financial, Inc.:
4.50%, 2/11/14			225			224,973
8.30%, 2/12/15			390			430,217
8.00%, 11/01/31			250			265,313
Bank of America Corp. (c):
5.30%, 3/15/17			855			850,753
5.00%, 5/13/21			1,325			1,296,625

Corporate Bonds		Par (000)			Value
Diversified Financial Services (concluded)
Citigroup, Inc. (c):
6.38%, 8/12/14		USD	300		$	324,754
4.59%, 12/15/15			225			236,275
4.45%, 1/10/17			950			990,524
DPL, Inc., 7.25%, 10/15/21 (b)			210			233,625
General Motors Financial Co., Inc., 6.75%, 6/01/18 (b)			120			124,800
ING Bank NV, 5.00%, 6/09/21 (b)(c)			550			562,168
Intesa Sanpaolo SpA (c):
2.38%, 12/21/12			800			776,354
6.50%, 2/24/21 (b)			200			184,579
Moody’s Corp., 6.06%, 9/07/17			2,500			2,613,982
Reynolds Group Issuer, Inc., 7.88%, 8/15/19 (b)			255			274,762
WMG Acquisition Corp., 9.50%, 6/15/16 (b)			50			54,375
						9,444,079
Diversified Telecommunication Services — 4.1%
AT&T, Inc., 6.30%, 1/15/38 (c)			1,000			1,219,503
France Telecom SA, 4.13%, 9/14/21			150			155,803
Level 3 Financing, Inc. (b):
8.13%, 7/01/19			798			803,985
8.63%, 7/15/20			170			174,250
Qwest Corp., 8.38%, 5/01/16			390			454,125
Telecom Italia Capital SA, 6.18%, 6/18/14			225			226,125
Telefonica Emisiones SAU, 5.46%, 2/16/21			310			307,987
Verizon Communications, Inc., 7.35%, 4/01/39 (c)			660			925,407
Windstream Corp., 7.88%, 11/01/17			160			176,800
						4,443,985
Electric Utilities — 1.2%
Progress Energy, Inc., 7.00%, 10/30/31 (c)			1,000			1,338,968
Electronic Equipment, Instruments & Components — 0.3%
Jabil Circuit, Inc., 8.25%, 3/15/18			200			233,000
NXP BV, 3.32%, 10/15/13 (a)			95			94,763
						327,763
Energy Equipment & Services — 3.0%
Atwood Oceanics, Inc., 6.50%, 2/01/20			25			25,875
Energy Transfer Partners LP, 5.20%, 2/01/22			700			739,218
Ensco Plc, 4.70%, 3/15/21 (c)			460			492,950
Frac Tech Services LLC, 7.63%, 11/15/18 (b)			250			266,250
Key Energy Services, Inc., 6.75%, 3/01/21			175			179,375
MEG Energy Corp., 6.50%, 3/15/21 (b)			225			235,125

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	2

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)			Value
Energy Equipment & Services (concluded)
Oil States International, Inc., 6.50%, 6/01/19		USD	120		$	127,500
Peabody Energy Corp., 6.25%, 11/15/21 (b)			540			556,200
Transocean, Inc.:
6.50%, 11/15/20			265			293,469
6.38%, 12/15/21			320			362,873
						3,278,835
Food & Staples Retailing — 2.2%
Wal-Mart Stores, Inc., 6.20%, 4/15/38 (c)			1,825			2,415,508
Food Products — 0.9%
Kraft Foods, Inc.:
6.50%, 8/11/17			385			464,389
6.13%, 8/23/18			390			470,249
Smithfield Foods, Inc., 10.00%, 7/15/14			86			101,050
						1,035,688
Gas Utilities — 0.3%
El Paso Natural Gas Co., 8.63%, 1/15/22			165			209,139
Targa Resources Partners LP, 6.88%, 2/01/21 (b)			115			119,888
						329,027
Health Care Equipment & Supplies — 0.6%
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b)			500			563,750
Teleflex, Inc., 6.88%, 6/01/19			115			123,050
						686,800
Health Care Providers & Services — 3.3%
Aetna, Inc., 6.75%, 12/15/37 (c)			400			512,708
Aviv Healthcare Properties LP, 7.75%, 2/15/19			105			105,262
HCA, Inc.:
8.50%, 4/15/19			55			61,050
6.50%, 2/15/20			560			593,600
7.25%, 9/15/20			195			209,869
Health Management Associates, Inc., 7.38%, 1/15/20 (b)			110			113,300
INC Research LLC, 11.50%, 7/15/19 (b)			165			151,800
inVentiv Health, Inc., 10.00%, 8/15/18 (b)			50			45,250
Tenet Healthcare Corp.:
10.00%, 5/01/18			350			403,375
8.88%, 7/01/19			250			282,812
UnitedHealth Group, Inc., 6.88%, 2/15/38 (c)			800			1,094,237
						3,573,263
Health Care Technology — 0.9%
Amgen, Inc.:
5.15%, 11/15/41			957			1,016,015

Corporate Bonds		Par (000)			Value
Health Care Technology (concluded)
Amgen, Inc. (concluded): 5.65%, 6/15/42		USD	8		$	8,997
						1,025,012
Independent Power Producers & Energy Traders — 1.0%
AES Corp.:
9.75%, 4/15/16			235			276,125
7.38%, 7/01/21 (b)			75			82,875
Calpine Construction Finance Co. LP, 8.00%, 6/01/16 (b)			125			134,688
Calpine Corp., 7.25%, 10/15/17 (b)			100			104,500
Energy Future Intermediate Holding Co., LLC, 10.00%, 12/01/20			410			441,775
Laredo Petroleum, Inc., 9.50%, 2/15/19			70			76,475
						1,116,438
Insurance — 8.7%
Allianz Finance II BV, 5.75%, 7/08/41 (a)		EUR	100			119,896
The Allstate Corp., 7.45%, 5/16/19 (c)		USD	900			1,127,218
American International Group, Inc., 6.40%, 12/15/20 (c)			410			445,961
Aon Corp., 5.00%, 9/30/20 (c)			1,600			1,797,693
Fairfax Financial Holdings Ltd., 5.80%, 5/15/21 (b)			700			670,674
Forethought Financial Group, Inc., 8.63%, 4/15/21 (b)			250			253,874
Genworth Financial, Inc., 7.63%, 9/24/21			225			223,171
ING Verzekeringen NV, 3.39%, 6/21/21 (a)			110			130,927
Manulife Financial Corp., 4.90%, 9/17/20 (c)			1,000			1,031,594
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)			100			88,000
Northwestern Mutual Life Insurance, 6.06%, 3/30/40 (b)			900			1,104,994
Principal Financial Group, Inc., 8.88%, 5/15/19			225			286,269
Prudential Financial, Inc., 6.63%, 12/01/37 (c)			800			934,329
Swiss Re Capital I LP, 6.85%, 5/29/49 (a)(b)(e)			450			404,760
XL Group Ltd., 5.75%, 10/01/21 (c)			810			889,633
						9,508,993
IT Services — 0.6%
Eagle Parent, Inc., 8.63%, 5/01/19 (b)			160			160,000
First Data Corp.:
7.38%, 6/15/19 (b)			170			169,575
8.25%, 1/15/21 (b)			20			18,500

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	3

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)			Value
IT Services (concluded)
First Data Corp. (concluded): 12.63%, 1/15/21		USD	180		$	174,150
SunGard Data Systems, Inc., 7.38%, 11/15/18			170			179,350
						701,575
Life Sciences Tools & Services — 1.9%
Bio-Rad Laboratories, Inc., 8.00%, 9/15/16			865			957,988
Life Technologies Corp., 6.00%, 3/01/20 (c)			1,000			1,129,201
						2,087,189
Machinery — 1.0%
Ingersoll-Rand Global Holding Co., Ltd., 9.50%, 4/15/14			800			927,560
Navistar International Corp., 8.25%, 11/01/21			206			222,480
						1,150,040
Media — 8.6%
AMC Networks, Inc., 7.75%, 7/15/21 (b)			90			98,888
CCH II LLC, 13.50%, 11/30/16			541			623,502
Comcast Corp., 6.30%, 11/15/17 (c)			800			962,665
Cox Communications, Inc., 8.38%, 3/01/39 (b)			800			1,092,020
CSC Holdings LLC:
8.50%, 4/15/14			160			178,000
8.63%, 2/15/19			275			321,062
DIRECTV Holdings LLC, 5.00%, 3/01/21 (c)			600			659,953
DISH DBS Corp., 7.00%, 10/01/13			450			481,500
Intelsat Luxemburg SA (d):
11.50%, 2/04/17 (b)			30			30,150
11.50%, 2/04/17			100			100,500
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17			275			314,531
Kabel BW Erste Beteiligungs GmbH, 7.50%, 3/15/19 (b)			230			245,525
News America, Inc., 6.15%, 3/01/37 (c)			950			1,081,419
Time Warner Cable, Inc., 6.75%, 6/15/39			925			1,111,422
Time Warner, Inc., 7.70%, 5/01/32 (c)			950			1,260,928
Unitymedia Hessen GmbH & Co. KG, (FKA UPC Germany GmbH), 8.13%, 12/01/17 (b)			240			259,200
Virgin Media Secured Finance Plc, 6.50%, 1/15/18			600			645,000
						9,466,265
Metals & Mining — 2.2%
Alcoa, Inc., 5.40%, 4/15/21			155			162,734
Barrick Gold Corp., 2.90%, 5/30/16 (c)			275			285,769

Corporate Bonds		Par (000)			Value
Metals & Mining (concluded)
Barrick North America Finance LLC, 5.70%, 5/30/41 (c)		USD	300		$	360,508
Freeport-McMoRan Corp., 7.13%, 11/01/27			700			839,026
Novelis, Inc., 8.75%, 12/15/20			230			257,025
Teck Resources Ltd., 10.75%, 5/15/19			400			488,980
						2,394,042
Multi-Utilities — 1.6%
CenterPoint Energy, Inc.:
5.95%, 2/01/17			750			855,236
6.50%, 5/01/18			775			908,909
						1,764,145
Multiline Retail — 0.6%
JC Penney Co., Inc., 5.65%, 6/01/20			700			701,750
Oil, Gas & Consumable Fuels — 12.9%
Alpha Natural Resources, Inc., 6.25%, 6/01/21			130			128,700
Anadarko Petroleum Corp.:
5.95%, 9/15/16			244			280,126
6.38%, 9/15/17			10			11,828
Arch Coal, Inc. (b):
7.00%, 6/15/19			50			50,125
7.25%, 6/15/21			135			135,675
BP Capital Markets Plc, 3.88%, 3/10/15 (c)			350			378,006
Buckeye Partners LP, 4.88%, 2/01/21			225			238,806
Chesapeake Energy Corp., 6.13%, 2/15/21 (c)			275			270,875
Chesapeake Midstream Partners LP (b):
5.88%, 4/15/21			140			141,050
6.13%, 7/15/22			110			111,925
Chesapeake Oilfield Operating LLC, 6.63%, 11/15/19 (b)			35			35,175
Consol Energy, Inc., 6.38%, 3/01/21 (b)			105			103,688
Copano Energy LLC, 7.13%, 4/01/21			130			133,900
DCP Midstream LLC, 4.75%, 9/30/21 (b)			325			342,910
Denbury Resources, Inc., 6.38%, 8/15/21			135			146,137
El Paso Corp., 7.00%, 6/15/17			335			370,965
El Paso Pipeline Partners Operating Co., LLC:
6.50%, 4/01/20			340			379,742
5.00%, 10/01/21			125			130,802
Enbridge Energy Partners LP, 9.88%, 3/01/19			475			634,955
Energy XXI Gulf Coast, Inc., 7.75%, 6/15/19			240			247,800

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	4

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)			Value
Oil, Gas & Consumable Fuels (concluded)
Enterprise Products Operating LLC, 6.65%, 4/15/18 (c)		USD	1,000		$	1,197,476
Forest Oil Corp., 8.50%, 2/15/14			295			321,550
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20 (c)			1,000			1,186,289
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (b)			100			103,500
Kodiak Oil & Gas Corp., 8.13%, 12/01/19 (b)			55			58,300
Linn Energy LLC, 7.75%, 2/01/21			225			242,437
Marathon Petroleum Corp., 3.50%, 3/01/16 (b)			325			334,831
MarkWest Energy Partners LP, 6.25%, 6/15/22			125			132,813
Newfield Exploration Co., 6.88%, 2/01/20			145			155,150
Nexen, Inc., 6.40%, 5/15/37			375			422,983
Oasis Petroleum, Inc.:
7.25%, 2/01/19			80			84,000
6.50%, 11/01/21			70			70,700
OGX Petroleo e Gas Participacoes SA, 8.50%, 6/01/18 (b)			280			289,240
ONEOK Partners LP, 8.63%, 3/01/19 (c)			800			1,028,700
Petrobras International Finance Co., 3.88%, 1/27/16			875			895,899
Petrohawk Energy Corp.:
10.50%, 8/01/14			145			161,131
6.25%, 6/01/19			165			184,594
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)			150			156,000
Pioneer Natural Resources Co.:
6.65%, 3/15/17			150			170,365
6.88%, 5/01/18			115			132,388
Plains Exploration & Production Co.:
10.00%, 3/01/16			95			106,875
8.63%, 10/15/19			130			146,250
6.75%, 2/01/22			155			168,562
Precision Drilling Corp., 6.50%, 12/15/21 (b)			95			97,613
Premier Oil Plc, 5.00%, 6/09/18			825			849,750
Range Resources Corp., 6.75%, 8/01/20			200			219,000
SandRidge Energy, Inc., 7.50%, 3/15/21 (b)			170			172,550
SM Energy Co.:
6.63%, 2/15/19			55			57,750
6.50%, 11/15/21 (b)			80			83,800
Western Gas Partners LP, 5.38%, 6/01/21			350			370,090
The Williams Cos., Inc., 8.75%, 3/15/32			170			224,658
						14,098,434
Paper & Forest Products — 3.0%
Boise Paper Holdings LLC: 9.00%, 11/01/17			70			76,300

Corporate Bonds		Par (000)			Value
Paper & Forest Products (concluded)
Boise Paper Holdings LLC (concluded): 8.00%, 4/01/20		USD	150		$	160,500
Georgia-Pacific LLC, 8.25%, 5/01/16 (b)(c)			785			870,147
International Paper Co. (c):
7.50%, 8/15/21			775			985,832
7.30%, 11/15/39			800			1,002,390
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (b)			80			83,700
Verso Paper Holdings LLC, 11.50%, 7/01/14			85			87,550
						3,266,419
Pharmaceuticals — 5.8%
Capsugel Finance Co. SCA, 9.88%, 8/01/19 (b)		EUR	100			140,288
Merck & Co., Inc.:
6.50%, 12/01/33		USD	475			666,718
6.55%, 9/15/37 (c)			804			1,125,792
Pfizer, Inc., 7.20%, 3/15/39			2,500			3,744,840
Valeant Pharmaceuticals International, 6.50%, 7/15/16 (b)			65			65,975
Watson Pharmaceuticals, Inc., 6.13%, 8/15/19			490			581,513
						6,325,126
Real Estate Investment Trusts (REITs) — 2.9%
AvalonBay Communities, Inc., 6.10%, 3/15/20 (c)			800			939,402
Developers Diversified Realty Corp.:
4.75%, 4/15/18			155			156,140
7.88%, 9/01/20			175			207,000
ERP Operating LP, 5.75%, 6/15/17 (c)			800			910,393
HCP, Inc., 5.38%, 2/01/21			250			276,271
UDR, Inc., 4.25%, 6/01/18			350			365,761
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/01/21			270			278,235
						3,133,202
Real Estate Management & Development — 0.3%
Realogy Corp. (b):
7.88%, 2/15/19 (c)			135			124,875
7.63%, 1/15/20 (g)			145			145,000
Shea Homes LP, 8.63%, 5/15/19 (b)			110			110,000
						379,875
Road & Rail — 1.6%
Avis Budget Car Rental LLC, 8.25%, 1/15/19			25			26,313
Florida East Coast Railway Corp., 8.13%, 2/01/17			40			40,000
The Hertz Corp., 6.75%, 4/15/19			207			213,727

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	5

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)			Value
Road & Rail (concluded)
Norfolk Southern Corp., 6.00%, 3/15/2105 (c)		USD	1,200		$	1,434,680
						1,714,720
Semiconductors & Semiconductor Equipment — 0.7%
Advanced Micro Devices, Inc., 7.75%, 8/01/20			190			205,200
KLA-Tencor Corp., 6.90%, 5/01/18			461			545,054
						750,254
Specialty Retail — 1.2%
AutoNation, Inc., 6.75%, 4/15/18			445			476,150
Limited Brands, Inc., 7.00%, 5/01/20			230			255,300
QVC, Inc., 7.38%, 10/15/20 (b)			25			27,312
Sally Holdings LLC, 6.88%, 11/15/19 (b)(c)			140			149,800
VF Corp., 5.95%, 11/01/17			350			415,028
						1,323,590
Tobacco — 1.9%
Altria Group, Inc., 10.20%, 2/06/39			937			1,485,111
Lorillard Tobacco Co., 3.50%, 8/04/16			600			614,813
						2,099,924
Wireless Telecommunication Services — 4.3%
America Movil SAB de CV, 2.38%, 9/08/16 (c)			585			592,497
American Tower Corp.:
4.50%, 1/15/18			450			459,624
5.90%, 11/01/21			295			317,506
Cricket Communications, Inc., 7.75%, 5/15/16			155			164,300
Crown Castle International Corp., 9.00%, 1/15/15			210			228,900
Crown Castle Towers LLC (b):
5.50%, 1/15/37			275			301,279
6.11%, 1/15/40			300			336,483
Digicel Group Ltd., 8.25%, 9/01/17 (b)			125			131,250
Intelsat Jackson Holdings SA, 7.25%, 4/01/19 (b)			50			52,250
Nextel Communications, Inc., Series E, 6.88%, 10/31/13			195			195,000
SBA Tower Trust, 5.10%, 4/15/42 (b)			1,000			1,071,800
Sprint Capital Corp., 6.88%, 11/15/28			100			74,125
Sprint Nextel Corp., 9.00%, 11/15/18 (b)			780			840,450
						4,765,464
Total Corporate Bonds – 112.2%						123,129,944

Preferred Securities		Par (000)			Value
Capital Trusts
Capital Markets — 4.0%
Ameriprise Financial, Inc., 7.52%, 6/01/66 (a)		USD	500		$	513,750
State Street Capital Trust III, 5.54% (a)(e)			725			726,878
State Street Capital Trust IV, 1.55%, 6/01/77 (a)			4,740			3,200,860
						4,441,488
Commercial Banks — 2.3%
Barclays Bank Plc, 7.43% (a)(b)(c)(e)			150			147,000
BNP Paribas, 7.20% (a)(b)(c)(e)			300			237,000
Credit Agricole SA (a)(b)(c)(e):
6.64%,			350			248,500
8.38%,			350			287,000
Dresdner Funding Trust I, 8.15%, 6/30/31 (b)			530			394,850
M&T Capital Trust II, 8.28%, 6/01/27			910			940,839
National City Preferred Capital Trust I, 12.00% (a)(e)			300			319,947
						2,575,136
Diversified Financial Services — 2.0%
JPMorgan Chase Capital XXIII, 1.46%, 5/15/77 (a)			3,085			2,162,421
Electric Utilities — 0.5%
PPL Capital Funding, 6.70%, 3/30/67 (a)			500			493,750
Insurance — 7.0%
Ace Capital Trust II, 9.70%, 4/01/30			500			663,191
The Allstate Corp., 6.50%, 5/15/67 (a)			500			472,500
American International Group, Inc., 8.18%, 5/15/68 (a)			225			217,125
AXA SA, 6.38% (a)(b)(c)(e)			1,000			747,500
Chubb Corp., 6.38%, 3/29/67 (a)(c)			500			510,000
Farmers Exchange Capital, 7.05%, 7/15/28 (b)			500			548,299
Great-West Life & Annuity Insurance Co., 7.15%, 5/16/46 (a)(b)			500			495,000
Liberty Mutual Group, Inc., 10.75%, 6/15/88 (a)(b)			500			637,500
Lincoln National Corp., 7.00%, 5/17/66 (a)			500			472,500
MetLife, Inc., 6.40%, 12/15/66			500			487,217

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	6

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Capital Trusts		Par (000)			Value
Insurance (concluded)
Reinsurance Group of America, 6.75%, 12/15/65 (a)		USD	700		$	630,493
ZFS Finance (USA) (a)(b):
Trust II, 6.45%, 12/15/65			1,800			1,692,000
Trust IV, 5.88%, 5/09/62			146			142,350
						7,715,675
Multi-Utilities — 0.9%
Dominion Resources Capital Trust I, 7.83%, 12/01/27			500			511,848
Dominion Resources, Inc., 7.50%, 6/30/66 (a)			500			525,000
						1,036,848
Oil, Gas & Consumable Fuels — 1.3%
Enterprise Products Operating LLC, 8.38%, 8/01/66 (a)			825			891,000
TransCanada PipeLines Ltd., 6.35%, 5/15/67 (a)			500			505,447
						1,396,447
Total Capital Trusts - 18.0%						19,821,765

Preferred Stocks		Shares
Auto Components — 0.1%
Dana Holding Corp., 4.00% (b)			1,000			127,125
Diversified Financial Services — 0.3%
Ally Financial, Inc., 7.00% (b)			440			354,297
Thrifts & Mortgage Finance — 0.0%
Fannie Mae, Series S, 8.25% (a)(f)			3,000			4,350
Freddie Mac, Series Z, 8.38% (a)(f)			3,000			4,260
						8,610
Wireless Telecommunication Services — 2.9%
Centaur Funding Corp., 9.08% (b)			2,720			3,106,750
Total Preferred Stocks - 3.3%						3,596,782

Trust Preferred
Diversified Financial Services — 0.2%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (a)			10,190			226,116

Preferred Securities		Par (000)			Value
Total Preferred Securities – 21.5%					$	23,644,663

Taxable Municipal Bonds
Metropolitan Transportation Authority, RB, 6.55%, 11/15/31		USD	800			968,600
Total Taxable Municipal Bonds – 0.9%						968,600

US Government Sponsored Agency Securities
Agency Obligations — 0.3%
Fannie Mae, 4.23%, 10/09/19 (c)(h)			390			301,307
Total US Government Sponsored Agency Securities – 0.3%						301,307

US Treasury Obligations
US Treasury Bonds, 3.75%, 8/15/41 (c)			236			275,124
US Treasury Notes:
0.88%, 12/31/16 (c)			901			908,954
2.00%, 11/15/21			1,720			1,750,100
Total US Treasury Obligations – 2.7%						2,934,178
Total Long-Term Investments (Cost – $144,467,609) – 138.5%						151,977,405

Short-Term Securities		Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (i)(j)			590,531			590,531
Total Short-Term Securities (Cost – $590,531) – 0.5%						590,531

Options Purchased		Contracts
Exchange-Traded Put Options — 0.2%
S&P 500 Index, Strike Price USD 1,200.00, Expires 6/16/12			67			212,390

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	7

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)
	(Percentages shown are based on Net Assets)

Options Purchased		Notional Amount (000)			Value
Over-the-Counter Call Swaptions — 0.0%
Receive a fixed rate of 1.90% and pay a floating rate based on 3- month LIBOR, expires 2/08/12, Broker Deutsche Bank AG		USD	1,900		$	7,296
Receive a fixed rate of 2.40% and pay a floating rate based on 3- month LIBOR, expires 5/11/12, Broker Citibank NA			1,300			26,740
						34,036
Over-the-Counter Put Swaptions — 0.1%
Pay a fixed rate of 2.50% and receive a floating rate based on 3-month LIBOR, Expires 2/08/12, Broker Deutsche Bank AG			1,900			—
Pay a fixed rate of 2.70% and receive a floating rate based on 3-month LIBOR, Expires 2/28/12, Broker Deutsche Bank AG			1,100			12
Pay a fixed rate of 2.70% and receive a floating rate based on 3-month LIBOR, Expires 2/28/12, Broker Citigroup NA			1,400			15
Pay a fixed rate of 2.70% and receive a floating rate based on 3-month LIBOR, Expires 2/28/12, Broker UBS Securities LLC			1,700			19
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month LIBOR, Expires 9/16/13, Broker Credit Suisse International		EUR	1,300			14,016
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month LIBOR, Expires 10/21/13, Broker Deutsche Bank AG			1,300			15,882
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month LIBOR, Expires 12/12/13, Broker Credit Suisse International			900			13,015
						42,959
Total Options Purchased (Cost – $378,532) – 0.3%						289,385
Total Investments Before Options Written (Cost – $145,436,672*) – 139.3%						152,857,321

Options Written		Contracts
Exchange-Traded Put Options — (0.1)%
S&P 500 Index, Strike Price USD 1,100.00, Expires 6/16/12			67			(110,215	)

Options Written		Notional Amount (000)			Value
Over-the-Counter Call Swaptions — (0.3)%
Pay a fixed rate of 4.03% and receive a floating rate based on 3-month LIBOR, Expires 4/16/12, Broker UBS AG		USD	1,800		$	(343,841	)
Over-the-Counter Put Swaptions — 0.0%
Receive a fixed rate of 4.03% and pay a floating rate based on 3- month LIBOR, Expires 4/16/12, Broker UBS AG			1,800			(2	)
Receive a fixed rate of 2.00% and pay a floating rate based on 3- month LIBOR, Expires 11/01/12, Broker Citibank NA			8,000			(20,734	)
						(20,736	)
Total Options Written (Premiums Received – $329,997) – (0.4)%						(474,792	)
Total Investments, Net of Options Written (Cost - $145,106,675) – 138.9%						152,382,529
Liabilities in Excess of Other Assets – (38.9)%						(42,699,511	)
Net Assets – 100.0%					$	109,683,018

*	As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes, were as follows:

Tax cost		$	145,358,326
Gross unrealized appreciation		$	9,873,034
Gross unrealized depreciation			(2,374,039	)
Net unrealized appreciation		$	7,498,995

(a)	Variable rate security. Rate shown is as of report date.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.
(d)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(e)	Security is perpetual in nature and has no stated maturity date.
(f)	Non-income producing security.
(g)	When-issued security. Unsettled when-issued transactions were as follows:

Counterparty		Value			Unrealized Depreciation
JPMorgan Chase Bank NA		$	145,000		$	(713	)

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

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	8

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(i)	Investments in companies considered to be an affiliate of the Trust during the period, 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, 2011			Net Activity			Shares Held at January 31, 2012			Income
BlackRock Liquidity Funds, TempFund, Institutional Class			5,884,098			(5,293,567	)		590,531		$	502

(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:

EUR	Euro
FKA	Formerly Known As
LIBOR	London Interbank Offered Rate
RB	Revenue Bonds
USD	US Dollar

•	Reverse repurchase agreements outstanding as of January 31, 2012 were as follows:

Counterparty		Interest Rate			Trade Date			Maturity Date 1			Net Closing Amount			Face Amount
Credit Suisse Securities (USA) LLC			0.40%			11/29/11			Open		$	1,237,130		$	1,236,249
UBS Securities LLC			0.38%			11/29/11			Open			1,955,820			1,954,500
UBS Securities LLC			0.35%			11/29/11			Open			2,380,481			2,379,000
Barclays Capital, Inc.			0.40%			12/01/11			Open			2,085,655			2,084,219
Credit Suisse Securities (USA) LLC			0.40%			12/01/11			Open			6,037,025			6,032,870
UBS Securities LLC			0.38%			12/01/11			Open			535,662			535,312
Barclays Capital, Inc.			0.40%			12/05/11			Open			3,919,399			3,916,875
Credit Suisse Securities (USA) LLC			0.35%			12/06/11			Open			683,754			683,375
Credit Suisse Securities (USA) LLC			0.30%			12/06/11			Open			1,346,389			1,345,750
Deutsche Bank Securities, Inc.			0.05%			12/07/11			Open			155,937			155,925
UBS Securities LLC			0.37%			12/07/11			Open			1,026,390			1,025,800
UBS Securities LLC			0.32%			12/07/11			Open			517,257			517,000
UBS Securities LLC			0.28%			12/07/11			Open			188,082			188,000
UBS Securities LLC			0.38%			12/07/11			Open			597,040			596,687
Deutsche Bank Securities, Inc.			(1.00%)			1/10/12			Open			125,923			126,000
Deutsche Bank Securities, Inc.			0.05%			1/10/12			Open			901,028			901,000
BNP Paribas Securities Corp.			0.11%			1/11/12			Open			295,932			295,912
BNP Paribas Securities Corp.			0.37%			1/11/12			Open			991,943			991,729
UBS Securities LLC			0.35%			1/11/12			Open			894,183			894,000
UBS Securities LLC			0.10%			1/11/12			Open			112,194			112,187
BNP Paribas Securities Corp.			0.10%			1/12/12			Open			276,725			276,710
UBS Securities LLC			0.38%			1/12/12			Open			881,286			881,100
Credit Suisse Securities (USA) LLC			0.35%			1/17/12			Open			918,072			917,938
Deutsche Bank Securities, Inc.			(0.50%)			1/17/12			Open			107,303			107,325
BNP Paribas Securities Corp.			0.37%			1/18/12			Open			1,016,551			1,016,405
UBS Securities LLC			0.37%			1/18/12			Open			416,060			416,000

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	9

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)

Reverse repurchase agreements outstanding as of January 31, 2012 were as follows (concluded):

Counterparty		Interest Rate			Trade Date			Maturity Date 1			Net Closing Amount			Face Amount
Barclays Capital, Inc.			0.35%			1/19/12			Open		$	3,460,677		$	3,460,240
UBS Securities LLC			0.10%			1/19/12			Open			721,427			721,375
UBS Securities LLC			0.38%			1/19/12			Open			3,764,017			3,763,500
UBS Securities LLC			0.35%			1/19/12			Open			360,546			360,500
Deutsche Bank Securities, Inc.			0.05%			1/20/12			Open			343,131			343,125
BNP Paribas Securities Corp.			0.35%			1/24/12			Open			252,035			252,015
BNP Paribas Securities Corp.			0.40%			1/25/12			Open			3,240,977			3,240,725
UBS Securities LLC			0.38%			1/25/12			Open			2,153,659			2,153,500
UBS Securities LLC			0.25%			1/25/12			Open			212,260			212,250
Barclays Capital, Inc.			0.40%			1/31/12			Open			3,595,040			3,595,000
Citigroup Global Markets, Inc.			0.35%			1/31/12			Open			3,595,035			3,595,000
Total											$	51,302,025		$	51,285,098

1	Certain agreements have no stated maturity and can be terminated by either party at any time.
•	Financial futures contracts sold as of January 31, 2012 were as follows:

Contracts		Issue		Exchange		Expiration		Notional Value			Unrealized Depreciation
1		Euro-Bund Future		Eurex		March 2012		$	182,761		$	(6,568	)
97		10-Year US Treasury Note		Chicago Board of Trade		March 2012		$	12,828,250			(227,143	)
10		30-Year US Treasury Bond		Chicago Board of Trade		March 2012		$	1,454,375			(39,079	)
14		Ultra Long Term US Treasury Bond		Chicago Board of Trade		March 2012		$	2,239,562			(11,620	)
75		5-Year US Treasury Note		Chicago Board of Trade		March 2012		$	9,303,516			(81,416	)
Total											$	(365,826	)

•	Foreign currency exchange contracts as of January 31, 2012 were as follows:

Currency Purchased					Currency Sold			Counterparty				Settlement Date		Unrealized Depreciation
USD			352,595		EUR	274,500			Citibank NA			4/18/12		$	(6,556	)
USD			23,408		EUR	18,000			Citibank NA			4/18/12			(143	)
Total														$	(6,699	)

•	Credit default swaps on single-name issues - buy protection outstanding as of January 31, 2012 were as follows:

Issuer		Pay Fixed Rate		Counterparty		Expiration Date		Notional Amount (000)			Unrealized Depreciation
STMicroelectronics NV		1.00%		Deutsche Bank AG		12/20/16		$	285		$	(6,426	)
Southwest Airlines Co.		1.00%		Goldman Sachs Capital Markets LP		12/20/16		$	280			(8,377	)
Southwest Airlines Co.		1.00%		Royal Bank of Scotland Plc		12/20/16		$	280			(9,523	)
Time Warner Inc.		1.00%		Credit Suisse Securities (USA) LLC		3/20/17		$	1,700			(2,969	)
Emerson Electric		1.00%		Morgan Stanley & Co., Inc.		3/20/17		$	545			(4,518	)
Total											$	(31,813	)

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	10

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)

•	Credit default swaps on single-name issues - sold protection outstanding as of January 31, 2012 were as follows:

Issuer			Receive Fixed Rate			Counterparty			Expiration Date			Issuer Credit Rating 1		Notional Amount (000) 2			Unrealized Appreciation (Depreciation)
Aviva USA Corp.			1.00%			Deutsche Bank AG			5/25/12			A-		$	650		$	(314	)
Assured Guaranty Corp.			5.00%			Citibank NA			12/20/14			A-		$	26			1,540
Assured Guaranty Corp.			5.00%			Citibank NA			3/20/15			A-		$	119			8,156
DIRECTV Holdings LLC			1.00%			Credit Suisse Securities (USA) LLC			3/20/17			BBB		$	1,700			9,417
MetLife, Inc.			1.00%			Deutsche Bank AG			3/20/18			BBB		$	200			(9,390	)
Total																	$	9,409

1	Using Standard & Poor’s rating.
2	The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of agreement.
•	Credit default swaps on traded indexes - buy protection outstanding as of January 31, 2012 were as follows:

Index

Pay Fixed Rate

Counterparty

Expiration Date

Notional Amount (000)

Unrealized Appreciation

Dow Jones CDX North America Investment Grade Index 17

1.00%

Credit Suisse Securities (USA) LLC

12/20/16

$

10,000

$

2,291

•	Interest rate swaps outstanding as of January 31, 2012 were as follows:

Fixed Rate			Floating Rate			Counterparty			Expiration Date		Notional Amount (000)			Unrealized Appreciation (Depreciation)
1.35% 1			3-month LIBOR			JPMorgan Chase Bank & Co.			11/21/16		$	2,600		$	(49,135	)
2.03% 2			3-month LIBOR			Deutsche Bank AG			12/21/21		$	300			3,694
4.35% 1			3-month LIBOR			Deutsche Bank AG			4/15/41		$	100			(36,187	)
3.93% 1			3-month LIBOR			Citibank NA			7/21/41		$	1,600			(440,384	)
2.81% 1			3-month LIBOR			Credit Suisse Securities (USA) LLC			10/11/41		$	400			(14,997	)
3.00% 1			3-month LIBOR			Credit Suisse Securities (USA) LLC			10/18/41		$	300			(23,541	)
Total														$	(560,550	)

1	Trust pays a fixed interest rate and receives floating rate.
2	Trust pays a floating interest rate and receives fixed rate.

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	11

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Schedule of Investments (continued)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)

•	Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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
	•	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)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 does not necessarily correspond to the Trust’s perceived risk of 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 inputs used as of January 31, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

Valuation Inputs		Level 1			Level 2			Level 3			Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities			—		$	470,588		$	528,125		$	998,713
Corporate Bonds			—			122,280,194			849,750			123,129,944
Preferred Securities		$	234,726			23,409,937			—			23,644,663
Taxable Municipal Bonds			—			968,600						968,600
US Government Sponsored Agency Securities						301,307			—			301,307
US Treasury Obligations			—			2,934,178			—			2,934,178
Short-Term Securities			590,531			—			—			590,531
Total		$	825,257		$	150,364,804		$	1,377,875		$	152,567,936

Valuation Inputs		Level 1			Level 2			Level 3			Total
Derivative Financial Instruments 1
Assets:
Equity contracts		$	212,390			—			—		$	212,390
Interest rate contracts			—		$	80,690			—			80,690
Credit contracts			—			21,404			—			21,404
Liabilities:
Equity contracts			(110,215	)		—						(110,215	)
Interest rate contracts			(365,826	)		(928,821	)		—			(1,294,647	)
Foreign currency exchange contracts			—			(6,699	)		—			(6,699	)
Credit contracts			—			(41,204	)	$	(314	)		(41,518	)
Total		$	(263,651	)	$	(874,630	)	$	(314	)	$	(1,138,595	)

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

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	12

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Schedule of Investments (concluded)	BlackRock Credit Allocation Income Trust I, Inc. (PSW)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

		Asset- Backed Securities			Corporate Bonds			Total
Assets:
Balance, as of October 31, 2011		$	503,750		$	858,000		$	1,361,750
Accrued discounts/premiums			8,144			—			8,144
Net realized gain (loss)			—			—			—
Net change in unrealized appreciation/depreciation 2			16,231			(8,250	)		7,981
Purchases			—			—			—
Sales			—			—			—
Transfers in 3			—			—			—
Transfers out 3			—			—			—
Balance, as of January 31, 2012		$	528,125		$	849,750		$	1,377,875

	2	The net change in unrealized appreciation/depreciation on investments still held at January 31, 2012 was $865,981.
	3	The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

The following is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used to determine fair value:

		Credit Contracts (Assets)			Credit Contracts (Liabilities)			Total
Assets:
Balance, as of October 31, 2011		$	1,175			—		$	1,175
Accrued discounts/premiums			—		$	1,063			1,063
Net realized gain (loss)			—			—			—
Net change in unrealized appreciation/depreciation 4			(1,175	)		(314	)		(1,489	)
Purchases			—			—			—
Issuances 5			—			—			—
Sales			—			—			—
Settlements 6			—			(1,063	)		(1,063	)
Transfers in 7			—			—
Transfers out 7			—			—
Balance, as of January 31, 2012			—		$	(314	)	$	(314	)

	4	The change in unrealized appreciation/depreciation on derivative financial instruments still held at January 31, 2012 was $(1,489).
	5	Issuances represent upfront cash received on certain derivative financial instruments.
	6	Settlements represent periodic contractual cash flows and/or cash flows to terminate certain derivative financial instruments.
	7	The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.
		A reconciliation of Level 3 investments and derivative financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets.

	BLACKROCK CREDIT ALLOCATION INCOME TRUST I, INC.	JANUARY 31, 2012	13

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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 I, Inc.
	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Credit Allocation Income Trust I, Inc.
	Date: March 23, 2012
	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 I, Inc.
	Date: March 23, 2012
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Credit Allocation Income Trust I, Inc.
	Date: March 23, 2012

 

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