- 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: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2012

Date of reporting period: 07/31/2012

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2012 (Unaudited)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Asset-Backed Securities
321 Henderson Receivables I LLC,
Series 2012-1A, Class A, 4.21%,
2/16/65 (a)	USD	249	$	254,780
American Airlines Pass-Through
Trust, Series 2011-2, Class A,
8.63%, 4/15/23		112		117,464
Atrium CDO Corp., Series 5A, Class
A4, 0.86%, 7/20/20 (a)(b)		650		547,625
Continental Airlines Pass-Through
Certificates, Series 2009-2,
Class B, 9.25%, 11/10/18		293		321,102
SLM Student Loan Trust, Series
2004-B, Class A2, 0.67%,
6/15/21 (b)		443		428,942

Total Asset-Backed Securities – 1.5%				1,669,913



Corporate Bonds
Aerospace & Defense – 0.9%
BE Aerospace, Inc., 5.25%, 4/01/22		400		420,000
Huntington Ingalls Industries, Inc.:
6.88%, 3/15/18		150		159,750
7.13%, 3/15/21		140		150,325
Kratos Defense & Security Solutions,
Inc., 10.00%, 6/01/17		282		303,150

				1,033,225

Airlines – 0.2%
Delta Air Lines, Inc., Series 2002-1,
Class G-1, 6.72%, 7/02/24		260		280,719

Auto Components – 1.7%
Delphi Corp., 6.13%, 5/15/21		130		141,863
Icahn Enterprises LP:
7.75%, 1/15/16		140		147,175
8.00%, 1/15/18		560		595,000
Morgan Stanley, 5.75%, 1/25/21 (c)		1,025		1,042,855

				1,926,893

Beverages – 0.9%
Anheuser-Busch InBev Worldwide, Inc.:
1.38%, 7/15/17		225		227,244
2.50%, 7/15/22 (c)		325		331,331
Constellation Brands, Inc., 7.25%,
5/15/17		460		530,725

				1,089,300

Building Products – 0.3%
Building Materials Corp. of America (a):
7.00%, 2/15/20		85		92,650
6.75%, 5/01/21		250		273,125

				365,775


		Par (000)		Value
Corporate Bonds
Capital Markets – 3.6%
Ameriprise Financial, Inc., 5.30%,
3/15/20 (c)	USD	750	$	869,421
E*Trade Financial Corp., 12.50%,
11/30/17		440		503,800
The Goldman Sachs Group, Inc. (c):
5.75%, 1/24/22		385		420,545
6.25%, 2/01/41		1,050		1,146,609
Murray Street Investment Trust I,
4.65%, 3/09/17 (d)		150		154,186
UBS AG (c):
2.25%, 1/28/14		375		379,068
5.88%, 7/15/16		650		696,634

				4,170,263

Chemicals – 1.5%
Celanese US Holdings LLC, 5.88%,
6/15/21		370		400,525
Hexion US Finance Corp., 6.63%,
4/15/20		175		178,938
Huntsman International LLC,
8.63%, 3/15/21		140		161,000
Ineos Finance Plc (a):
8.38%, 2/15/19		100		103,500
7.50%, 5/01/20		175		177,625
LyondellBasell Industries NV,
5.75%, 4/15/24		445		503,962
Solutia, Inc., 7.88%, 3/15/20		136		160,820

				1,686,370

Commercial Banks – 5.1%
Amsouth Bank, Series AI, 4.85%,
4/01/13		200		204,000
Asciano Finance Ltd., 5.00%,
4/07/18 (a)		200		210,608
Associated Banc-Corp, 5.13%,
3/28/16		515		554,906
Branch Banking & Trust Co. (b):
0.79%, 9/13/16		250		236,611
0.77%, 5/23/17		150		138,988
CIT Group, Inc.:
7.00%, 5/02/16 (a)		370		371,850
7.00%, 5/02/17 (a)		104		104,174
4.25%, 8/15/17		320		320,000
5.25%, 3/15/18		280		296,450
5.50%, 2/15/19 (a)		240		253,200
5.00%, 8/15/22		120		120,000
City National Corp., 5.25%,
9/15/20 (c)		550		595,640
Discover Bank, 8.70%, 11/18/19		300		379,261
HSBC Finance Corp., 6.68%,
1/15/21 (c)		350		390,270
Regions Financial Corp.:
4.88%, 4/26/13		600		611,250
5.75%, 6/15/15		460		490,475



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Commercial Banks (concluded)
SVB Financial Group, 5.38%,
9/15/20 (c)	USD	550	$	608,373

				5,886,056

Commercial Services & Supplies – 3.9%
Aviation Capital Group Corp. (a):
7.13%, 10/15/20 (c)		2,200		2,259,349
6.75%, 4/06/21		550		551,358
Casella Waste Systems, Inc.,
7.75%, 2/15/19		169		167,733
Clean Harbors, Inc.:
7.63%, 8/15/16		288		300,240
5.25%, 8/01/20 (a)		108		111,375
Corrections Corp. of America,
7.75%, 6/01/17		775		839,422
Covanta Holding Corp., 6.38%,
10/01/22		155		166,359
Mobile Mini, Inc., 7.88%,
12/01/20		65		68,656

				4,464,492

Communications Equipment – 1.0%
Avaya, Inc., 9.75%, 11/01/15 (c)		200		156,000
Brocade Communications
Systems, Inc., 6.88%, 1/15/20 (c)		700		759,500
Hughes Satellite Systems Corp.,
6.50%, 6/15/19		100		107,500
Zayo Group LLC / Zayo Capital,
Inc., 8.13%, 1/01/20 (a)		170		179,775

				1,202,775

Construction Materials – 0.2%
HD Supply, Inc., 8.13%,
4/15/19 (a)		210		228,900

Consumer Finance – 5.5%
American Express Credit Corp.,
2.75%, 9/15/15 (c)		1,400		1,476,314
Capital One Bank USA NA, 8.80%,
7/15/19		775		998,205
Daimler Finance North America
LLC, 2.63%, 9/15/16 (a)(c)		800		832,633
Experian Finance Plc, 2.38%,
6/15/17 (a)(c)		200		202,188
Ford Motor Credit Co. LLC:
7.00%, 4/15/15		690		767,625
8.00%, 12/15/16		245		289,580
Inmarsat Finance Plc, 7.38%,
12/01/17 (a)		420		453,600
SLM Corp., 6.25%, 1/25/16		1,180		1,250,800
Toll Brothers Finance Corp., 5.88%,
2/15/22		95		101,335

				6,372,280


		Par (000)		Value
Corporate Bonds
Containers & Packaging – 1.5%
Ardagh Packaging Finance Plc,
9.13%, 10/15/20 (a)	USD	200	$	210,000
Ball Corp.:
7.13%, 9/01/16		400		434,500
6.75%, 9/15/20		505		559,287
Bemis Co., Inc., 6.80%, 8/01/19		200		245,522
Crown Americas LLC, 6.25%,
2/01/21		200		221,000
Sealed Air Corp., 8.38%,
9/15/21 (a)		30		34,200

				1,704,509

Diversified Financial Services – 9.2%
Ally Financial, Inc.:
4.50%, 2/11/14		225		232,031
8.30%, 2/12/15		390		433,387
8.00%, 11/01/31		320		383,200
Bank of America Corp. (c):
3.75%, 7/12/16		350		362,495
5.30%, 3/15/17		855		918,276
5.00%, 5/13/21		1,325		1,428,296
Citigroup, Inc. (c):
6.38%, 8/12/14		300		324,057
4.59%, 12/15/15		225		239,391
4.45%, 1/10/17		600		641,098
DPL, Inc., 7.25%, 10/15/21 (a)		255		290,062
General Electric Capital Corp.,
6.25% (b)(e)		600		613,752
General Motors Financial Co., Inc.,
6.75%, 6/01/18		120		132,117
ING Bank NV, 5.00%, 6/09/21 (a)(c)		550		591,129
Intesa Sanpaolo SpA:
2.38%, 12/21/12		800		783,452
6.50%, 2/24/21 (a)(c)		100		90,024
Moody’s Corp., 6.06%, 9/07/17		2,500		2,675,417
Reynolds Group Issuer, Inc.:
7.88%, 8/15/19		255		281,137
9.88%, 8/15/19 (a)		100		106,000
WMG Acquisition Corp., 9.50%,
6/15/16		50		54,813

				10,580,134

Diversified Telecommunication Services – 3.6%
AT&T, Inc., 6.30%, 1/15/38 (c)		1,000		1,328,267
Level 3 Financing, Inc.:
8.13%, 7/01/19		898		945,145
8.63%, 7/15/20		150		160,875
Telecom Italia Capital SA, 6.18%,
6/18/14		225		228,375
Telefonica Emisiones SAU, 5.46%,
2/16/21		310		278,999
Verizon Communications, Inc.,
7.35%, 4/01/39 (c)		660		998,628



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Diversified Telecommunication Services (concluded)
Windstream Corp., 7.88%,
11/01/17	USD	160	$	175,800

				4,116,089

Electric Utilities – 2.9%
CMS Energy Corp., 5.05%,
3/15/22		275		293,166
Great Plains Energy, Inc., 5.29%,
6/15/22 (d)		375		414,483
Mirant Mid Atlantic Pass Through
Trust, Series B, 9.13%, 6/30/17		122		129,194
Nisource Finance Corp.:
6.40%, 3/15/18		250		294,375
5.25%, 2/15/43		300		327,887
Oncor Electric Delivery Co. LLC (a)(c):
4.10%, 6/01/22		300		318,951
5.30%, 6/01/42		180		204,465
Progress Energy, Inc., 7.00%,
10/30/31 (c)		1,000		1,347,698

				3,330,219

Electronic Equipment, Instruments & Components – 0.3%
Jabil Circuit, Inc., 8.25%, 3/15/18		200		240,000
NXP BV, 3.21%, 10/15/13 (b)		95		94,644

				334,644

Energy Equipment & Services – 3.4%
Atwood Oceanics, Inc., 6.50%,
2/01/20		25		26,625
Cie Generale de Geophysique -
Veritas, 6.50%, 6/01/21		200		206,000
Energy Transfer Partners LP,
5.20%, 2/01/22		700		773,524
Ensco Plc, 4.70%, 3/15/21 (c)		460		516,006
Frac Tech Services LLC, 8.13%,
11/15/18 (a)		250		253,750
Hornbeck Offshore Services, Inc.,
5.88%, 4/01/20 (a)		65		65,000
Key Energy Services, Inc., 6.75%,
3/01/21		175		175,438
MEG Energy Corp. (a):
6.50%, 3/15/21		225		233,438
6.38%, 1/30/23		50		51,188
Oil States International, Inc.,
6.50%, 6/01/19		120		126,300
Peabody Energy Corp., 6.25%,
11/15/21 (a)		370		365,375
Precision Drilling Corp., 6.50%,
12/15/21		95		98,800
Transocean, Inc.:
6.50%, 11/15/20		265		316,459
6.38%, 12/15/21		320		384,973
6.80%, 3/15/38		225		278,591

				3,871,467


		Par (000)		Value
Corporate Bonds
Food Products – 1.2%
Kraft Foods Group, Inc., 5.00%,
6/04/42 (a)	USD	300	$	338,378
Kraft Foods, Inc.:
6.50%, 8/11/17		385		473,034
6.13%, 8/23/18		390		483,904
Smithfield Foods, Inc., 10.00%,
7/15/14		86		101,265

				1,396,581

Gas Utilities – 0.2%
El Paso Natural Gas Co., 8.63%,
1/15/22		165		212,649

Health Care Equipment & Supplies – 0.6%
Fresenius US Finance II, Inc.,
9.00%, 7/15/15 (a)		500		576,875
Teleflex, Inc., 6.88%, 6/01/19		115		122,187

				699,062

Health Care Providers & Services – 3.2%
Aetna, Inc., 6.75%, 12/15/37 (c)		400		553,520
Aviv Healthcare Properties LP,
7.75%, 2/15/19		105		108,544
HCA, Inc.:
8.50%, 4/15/19		55		61,978
6.50%, 2/15/20		560		625,800
7.25%, 9/15/20		195		217,913
INC Research LLC, 11.50%,
7/15/19 (a)		165		163,350
inVentiv Health, Inc. (a):
10.00%, 8/15/18		60		49,500
Tenet Healthcare Corp.:
10.00%, 5/01/18		350		406,000
8.88%, 7/01/19		250		283,438
UnitedHealth Group, Inc., 6.88%,
2/15/38 (c)		800		1,150,982

				3,621,025

Health Care Technology – 1.3%
Amgen, Inc.:
5.15%, 11/15/41 (c)		957		1,059,279
5.65%, 6/15/42		8		9,385
5.38%, 5/15/43 (c)		400		456,089

				1,524,753

Household Durables – 0.4%
Beazer Homes USA, Inc., 6.63%,
4/15/18 (a)		165		167,681
Standard Pacific Corp., 8.38%,
1/15/21		210		235,725

				403,406

Independent Power Producers & Energy Traders – 1.1%
The AES Corp.:
9.75%, 4/15/16		235		282,587
7.38%, 7/01/21 (a)		30		34,313



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Independent Power Producers & Energy Traders (concluded)
Calpine Corp., 7.25%,
10/15/17 (a)	USD	100	$	108,250
Energy Future Intermediate
Holding Co. LLC, 10.00%,
12/01/20		440		484,550
Exelon Generation Co. LLC, 4.00%,
10/01/20		44		45,580
Laredo Petroleum, Inc.:
9.50%, 2/15/19		70		79,100
7.38%, 5/01/22 (a)		65		68,575
QEP Resources, Inc., 5.38%,
10/01/22		134		137,685

				1,240,640

Industrial Conglomerates – 0.3%
The ADT Corp., 4.88%, 7/15/42 (a)		295		315,619

Insurance – 6.7%
American International Group, Inc. (c):
3.80%, 3/22/17		345		358,567
8.25%, 8/15/18		150		184,802
6.40%, 12/15/20		610		713,668
Aon Corp., 5.00%, 9/30/20 (c)		1,600		1,812,659
Fairfax Financial Holdings Ltd.,
5.80%, 5/15/21 (a)		700		713,918
Forethought Financial Group, Inc.,
8.63%, 4/15/21 (a)		250		261,125
Genworth Financial, Inc., 7.63%,
9/24/21		225		220,318
ING Verzekeringen NV, 2.51%,
6/21/21 (b)	EUR	110		128,137
Manulife Financial Corp., 4.90%,
9/17/20 (c)	USD	1,000		1,082,753
MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18 (a)		100		84,250
Principal Financial Group, Inc.,
8.88%, 5/15/19		225		299,208
Prudential Financial, Inc., 6.63%,
12/01/37 (c)		800		956,867
XL Group Ltd., 5.75%,
10/01/21 (c)		810		927,144

				7,743,416

IT Services – 1.1%
Ceridian Corp., 8.88%,
7/15/19 (a)		415		436,788
Epicor Software Corp., 8.63%,
5/01/19		160		164,000
First Data Corp.:
7.38%, 6/15/19 (a)(c)		215		224,406
8.25%, 1/15/21 (a)		20		19,950
12.63%, 1/15/21		170		171,700
SunGard Data Systems, Inc.,
7.38%, 11/15/18		170		180,625

				1,197,469


		Par (000)		Value
Corporate Bonds
Life Sciences Tools & Services – 1.9%
Bio-Rad Laboratories, Inc., 8.00%,
9/15/16	USD	865	$	947,175
Life Technologies Corp., 6.00%,
3/01/20 (c)		1,000		1,195,295

				2,142,470

Machinery – 1.1%
Ingersoll-Rand Global Holding Co.,
Ltd., 9.50%, 4/15/14		800		906,717
UR Merger Sub Corp. (a):
5.75%, 7/15/18		55		57,475
7.38%, 5/15/20		140		148,050
7.63%, 4/15/22		129		137,224

				1,249,466

Media – 8.6%
AMC Networks, Inc., 7.75%,
7/15/21		90		101,925
CCH II LLC, 13.50%, 11/30/16		541		599,157
Comcast Corp., 6.30%,
11/15/17 (c)		800		983,037
Cox Communications, Inc., 8.38%,
3/01/39 (a)		800		1,204,162
CSC Holdings LLC:
8.50%, 4/15/14		160		176,400
8.63%, 2/15/19		275		322,437
DIRECTV Holdings LLC, 5.00%,
3/01/21 (c)		600		687,220
DISH DBS Corp., 7.00%, 10/01/13		450		474,187
Intelsat Jackson Holdings SA,
7.25%, 4/01/19		50		53,438
Intelsat Luxemburg SA:
11.25%, 2/04/17		210		218,400
11.50%, 2/04/17 (f)		100		104,000
The Interpublic Group of Cos., Inc.,
10.00%, 7/15/17		275		309,375
News America, Inc., 6.15%, 3/01/37		650		788,643
Time Warner Cable, Inc., 6.75%,
6/15/39		925		1,209,162
Time Warner, Inc., 7.70%,
5/01/32 (c)		950		1,320,060
Unitymedia Hessen GmbH & Co. KG (a):
8.13%, 12/01/17		363		393,855
7.50%, 3/15/19		230		243,578
Virgin Media Secured Finance Plc,
6.50%, 1/15/18		600		660,000

				9,849,036

Metals & Mining – 2.2%
AngloGold Ashanti Holdings Plc,
5.13%, 8/01/22		400		410,542
Barrick Gold Corp., 2.90%,
5/30/16 (c)		275		289,078



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Metals & Mining (concluded)
FMG Resources August 2006 Property
Ltd. (a):
6.88%, 2/01/18	USD	25	$	25,250
6.88%, 4/01/22		20		19,950
Freeport-McMoRan Copper & Gold,
Inc., 3.55%, 3/01/22		325		328,092
Freeport-McMoRan Corp., 7.13%,
11/01/27		700		882,330
New Gold, Inc., 7.00%,
4/15/20 (a)		30		31,275
Novelis, Inc., 8.75%, 12/15/20		230		255,300
Teck Resources Ltd., 10.75%,
5/15/19		200		242,000

				2,483,817

Multi-Utilities – 1.6%
CenterPoint Energy, Inc.:
5.95%, 2/01/17		750		862,899
6.50%, 5/01/18		775		933,120

				1,796,019

Oil, Gas & Consumable Fuels – 12.3%
Alpha Natural Resources, Inc. (c):
6.00%, 6/01/19		25		21,750
6.25%, 6/01/21		35		30,275
Berry Petroleum Co., 6.38%,
9/15/22		100		106,000
BP Capital Markets Plc, 3.88%,
3/10/15 (c)		350		377,383
Chesapeake Energy Corp. (c):
6.63%, 8/15/20		115		114,425
6.13%, 2/15/21		115		112,413
Chesapeake Midstream Partners LP:
5.88%, 4/15/21		140		139,650
6.13%, 7/15/22		110		110,825
Concho Resources, Inc., 5.50%,
10/01/22		100		101,250
CONSOL Energy, Inc., 6.38%,
3/01/21		105		102,375
Copano Energy LLC, 7.13%,
4/01/21		115		119,312
DCP Midstream LLC, 4.75%,
9/30/21 (a)		85		90,246
El Paso Pipeline Partners Operating Co.
LLC:
6.50%, 4/01/20		340		399,513
5.00%, 10/01/21		125		136,350
Enbridge Energy Partners LP,
9.88%, 3/01/19		475		651,858
Energy Transfer Partners LP,
6.50%, 2/01/42		200		227,866
Energy XXI Gulf Coast, Inc., 7.75%,
6/15/19		240		252,000
Enterprise Products Operating LLC,
6.65%, 4/15/18 (c)		1,000		1,209,274


		Par (000)		Value
Corporate Bonds
Oil, Gas & Consumable Fuels (continued)
EP Energy LLC / EP Energy Finance
Inc., 6.88%, 5/01/19 (a)	USD	110	$	117,425
Forest Oil Corp., 8.50%, 2/15/14		295		308,275
Kinder Morgan Energy Partners LP,
6.85%, 2/15/20		1,000		1,235,814
Kodiak Oil & Gas Corp., 8.13%,
12/01/19 (a)		45		47,925
Linn Energy LLC:
6.25%, 11/01/19 (a)		260		257,400
7.75%, 2/01/21		110		116,050
Marathon Petroleum Corp., 3.50%,
3/01/16		325		344,107
MarkWest Energy Partners LP,
6.25%, 6/15/22		125		130,937
Newfield Exploration Co.:
6.88%, 2/01/20		145		158,775
5.63%, 7/01/24		100		106,625
Nexen, Inc., 6.40%, 5/15/37		295		374,554
Oasis Petroleum, Inc.:
7.25%, 2/01/19		65		67,600
6.50%, 11/01/21		70		70,525
ONEOK Partners LP, 8.63%,
3/01/19		800		1,047,795
Petrobras International Finance Co.:
3.88%, 1/27/16		875		909,639
5.38%, 1/27/21		525		587,308
Petrohawk Energy Corp., 10.50%,
8/01/14		145		159,886
Petroleum Geo-Services ASA,
7.38%, 12/15/18 (a)		150		156,000
Phillips 66, 2.95%, 5/01/17 (a)		250		262,230
Pioneer Natural Resources Co.:
6.65%, 3/15/17		150		176,212
6.88%, 5/01/18		115		138,704
Premier Oil Plc, 5.00%, 6/09/18		825		853,875
Range Resources Corp.:
6.75%, 8/01/20		120		132,000
5.75%, 6/01/21		80		85,000
Ruby Pipeline LLC, 6.00%,
4/01/22 (a)		700		760,879
Samson Investment Co., 9.75%,
2/15/20 (a)		13		13,488
SandRidge Energy, Inc.:
7.50%, 3/15/21		45		45,900
8.13%, 10/15/22 (a)		50		52,000
SM Energy Co.:
6.63%, 2/15/19		55		56,925
6.50%, 11/15/21		80		82,800
6.50%, 1/01/23 (a)		50		51,000
Targa Resources Partners LP,
6.88%, 2/01/21		85		89,675
Tennessee Gas Pipeline Co.,
8.00%, 2/01/16		195		229,979



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Oil, Gas & Consumable Fuels (concluded)
Western Gas Partners LP, 5.38%,
6/01/21	USD	350	$	393,508
The Williams Cos., Inc., 8.75%,
3/15/32		170		236,554

				14,160,134

Paper & Forest Products – 2.0%
Boise Paper Holdings LLC:
9.00%, 11/01/17		30		33,525
8.00%, 4/01/20		115		129,663
International Paper Co.:
7.50%, 8/15/21		775		1,010,497
7.30%, 11/15/39		800		1,051,910
Longview Fibre Paper & Packaging, Inc.,
8.00%, 6/01/16 (a)		80		82,600

				2,308,195

Pharmaceuticals – 3.3%
Capsugel Finance Co. SCA, 9.88%,
8/01/19 (a)	EUR	100		136,574
Merck & Co., Inc., 6.50%,
12/01/33	USD	475		718,819
Pfizer, Inc., 7.20%, 3/15/39 (c)		1,380		2,232,670
Roche Holdings, Inc., 7.00%,
3/01/39 (a)(c)		420		653,197
Valeant Pharmaceuticals
International, 6.50%,
7/15/16 (a)		65		68,900

				3,810,160

Real Estate Investment Trusts (REITs) – 2.9%
AvalonBay Communities, Inc.,
6.10%, 3/15/20 (c)		800		983,626
Developers Diversified Realty Corp.:
4.75%, 4/15/18		155		164,951
7.88%, 9/01/20		175		216,092
ERP Operating LP, 5.75%,
6/15/17 (c)		800		943,061
HCP, Inc., 5.38%, 2/01/21		250		290,365
UDR, Inc., 4.25%, 6/01/18		350		381,091
Ventas Realty LP / Ventas Capital
Corp., 4.75%, 6/01/21		270		296,289

				3,275,475

Real Estate Management & Development – 0.3%
Realogy Corp. (a)(c):
7.88%, 2/15/19		120		121,200
7.63%, 1/15/20		145		155,694
Shea Homes LP, 8.63%, 5/15/19		110		119,625

				396,519

Road & Rail – 1.4%
Florida East Coast Railway Corp.,
8.13%, 2/01/17		40		42,100
The Hertz Corp., 6.75%, 4/15/19		77		80,850


		Par (000)		Value
Corporate Bonds
Road & Rail (concluded)
Norfolk Southern Corp., 6.00%,
3/15/05 (c)	USD	1,200	$	1,536,929

				1,659,879

Semiconductors & Semiconductor Equipment – 0.7%
Advanced Micro Devices, Inc.,
7.75%, 8/01/20		190		199,025
KLA-Tencor Corp., 6.90%, 5/01/18		461		554,197

				753,222

Software – 0.3%
Infor US, Inc. (FKA Lawson
Software, Inc.), 9.38%,
4/01/19 (a)		140		149,800
Symantec Corp., 2.75%, 6/15/17		150		152,039

				301,839

Specialty Retail – 1.5%
AutoNation, Inc., 6.75%, 4/15/18		445		494,506
Limited Brands, Inc., 7.00%,
5/01/20		230		255,588
QVC, Inc. (a):
7.38%, 10/15/20		25		27,967
5.13%, 7/02/22		330		343,922
Sally Holdings LLC / Sally Capital,
Inc., 6.88%, 11/15/19		140		156,275
VF Corp., 5.95%, 11/01/17 (c)		350		417,014

				1,695,272

Tobacco – 2.3%
Altria Group, Inc., 10.20%,
2/06/39		937		1,623,273
BAT International Finance Plc,
3.25%, 6/07/22 (a)		325		332,710
Lorillard Tobacco Co., 3.50%,
8/04/16		600		635,714

				2,591,697

Trading Companies & Distributors – 0.2%
Doric Nimrod Air Finance Alpha
Ltd., Series 2012-1, Class A,
5.13%, 11/30/24 (a)		225		228,375

Transportation Infrastructure – 1.0%
Penske Truck Leasing Co. LP / PTL
Finance Corp. (a):
3.75%, 5/11/17		725		735,200
4.88%, 7/11/22		400		399,522

				1,134,722

Wireless Telecommunication Services – 4.9%
America Movil SAB de CV (c):
2.38%, 9/08/16		585		603,447
3.13%, 7/16/22		250		257,232



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Corporate Bonds
Wireless Telecommunication Services (concluded)
American Tower Corp.:
4.50%, 1/15/18	USD	450	$	482,599
5.90%, 11/01/21		295		334,523
Cricket Communications, Inc.,
7.75%, 5/15/16		155		164,300
Crown Castle International Corp.,
9.00%, 1/15/15		210		229,031
Crown Castle Towers LLC (a):
5.50%, 1/15/37		275		307,109
6.11%, 1/15/40		300		353,282
Digicel Group Ltd., 8.25%,
9/01/17 (a)		125		130,938
Nextel Communications, Inc.,
Series E, 6.88%, 10/31/13		63		63,236
SBA Telecommunications, Inc.,
5.75%, 7/15/20 (a)		58		61,045
SBA Tower Trust, 5.10%, 4/15/42 (a)		1,000		1,093,768
Sprint Capital Corp., 6.88%,
11/15/28		230		205,850
Sprint Nextel Corp. (a):
9.00%, 11/15/18		540		630,450
7.00%, 3/01/20		620		675,800

				5,592,610

Total Corporate Bonds – 110.2%				126,427,637




Floating Rate Loan Interests – 0.1% (b)


Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.,
Unsecured Term Loan, 8.50%,
12/01/17		135		134,607




Municipal Bonds – 0.9%
Metropolitan Transportation Authority,
RB, Build America Bonds, 6.55%,
11/15/31		800		1,028,736




Preferred Securities


Capital Trusts


Capital Markets – 4.8%
Ameriprise Financial, Inc., 7.52%,
6/01/66 (b)		500		540,750
RBS Capital Trust I, 4.71% (b)(e)		300		181,500
RBS Capital Trust II, 6.43% (b)(e)		625		471,875


		Par (000)		Value
Capital Trusts
Capital Markets (concluded)
State Street Capital Trust III,
5.46% (b)(e)	USD	725	$	728,915
State Street Capital Trust IV,
1.47%, 6/15/37 (b)		4,740		3,535,357

				5,458,397

Commercial Banks – 2.2%
Barclays Bank Plc (a)(b)(e):
5.93%		425		387,813
7.43%		150		149,691
BNP Paribas, 7.20% (a)(b)(c)(e)		300		271,800
Credit Agricole SA, 8.38%
(a)(b)(c)(e)		350		306,250
Dresdner Funding Trust I, 8.15%,
6/30/31 (a)		280		228,200
M&T Capital Trust II, 8.28%,
6/01/27		910		923,590
National City Preferred Capital
Trust I, 12.00% (b)(e)		300		308,826

				2,576,170

Diversified Financial Services – 1.9%
JPMorgan Chase Capital XXIII,
1.47%, 5/15/47 (b)		3,085		2,139,037

Electric Utilities – 0.4%
PPL Capital Funding, 6.70%,
3/30/67 (b)		500		511,250

Insurance – 8.3%
Ace Capital Trust II, 9.70%,
4/01/30 (c)		500		705,000
The Allstate Corp., 6.50%,
5/15/67 (b)		500		515,000
American International Group, Inc.,
8.18%, 5/15/68 (b)		225		256,500
AXA SA, 6.38% (a)(b)(e)		1,000		812,500
The Chubb Corp., 6.38%,
3/29/67 (b)(c)		500		522,500
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		692,500
Lincoln National Corp., 7.00%,
5/17/66 (b)		500		496,250
MetLife, Inc., 6.40%, 12/15/66		500		522,238
Mitsui Sumitomo Insurance Co.,
Ltd., 7.00%, 3/15/72 (a)(b)		320		337,359
Northwestern Mutual Life
Insurance, 6.06%,
3/30/40 (a)(c)		900		1,169,165
Reinsurance Group of America,
6.75%, 12/15/65 (b)		700		662,427
Swiss Re Capital I LP,
6.85% (a)(b)(e)		450		440,107



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


		Par (000)		Value
Capital Trusts
Insurance (concluded)
ZFS Finance (USA), Trust II, 6.45%,
12/15/65 (a)(b)	USD	1,800	$	1,854,000

				9,480,546

Multi-Utilities – 0.9%
Dominion Resources Capital
Trust I, 7.83%, 12/01/27		500		512,499
Dominion Resources, Inc., 7.50%,
6/30/66 (b)		500		540,000

				1,052,499

Oil, Gas & Consumable Fuels – 1.2%
Enterprise Products Operating LLC,
8.38%, 8/01/66 (b)		825		903,375
TransCanada PipeLines Ltd.,
6.35%, 5/15/67 (b)		500		521,942

				1,425,317

Total Capital Trusts – 19.7%				22,643,216




Preferred Stocks	Shares
Aerospace & Defense – 0.1%
United Technologies Corp.,
7.50% (g)		1,900		100,225

Auto Components – 0.1%
Dana Holding Corp., 4.00% (a)		1,000		113,625

Diversified Financial Services – 0.4%
Ally Financial, Inc., 7.00% (a)		550		494,244

Thrifts & Mortgage Finance – 0.0%
Fannie Mae, Series S, 8.25% (b)(h)		3,000		5,580
Freddie Mac, Series Z, 8.38% (b)(h)		3,000		6,000

				11,580

Wireless Telecommunication Services – 2.9%
Centaur Funding Corp., 9.08% (a)		2,720		3,260,600

Total Preferred Stocks – 3.5%				3,980,274




Trust Preferreds


Diversified Financial Services – 0.3%
GMAC Capital Trust I, Series 2,
8.13% (b)		13,680		333,518


	Shares		Value
Trust Preferreds
Machinery – 0.3%
Stanley Black & Decker, Inc., 5.75%,		15,000	$	378,150

Total Trust Preferreds – 0.6%				711,668

Total Preferred Securities – 23.8%				27,335,158




US Government Sponsored Agency Securities – 0.3%	Par (000)
Fannie Mae, 2.61%, 10/09/19 (c)(i)	USD	390		323,661




US Treasury Obligations

US Treasury Bonds (c):
3.75%, 8/15/41		236		294,742
3.13%, 11/15/41		415		462,725
3.00%, 5/15/42		800		870,000
US Treasury Notes:
0.88%, 12/31/16 (c)		901		915,078
0.63%, 5/31/17 (c)		225		225,545
1.75%, 5/15/22		25		25,590

Total US Treasury Obligations – 2.4%				2,793,680

Total Long-Term Investments (Cost – $ 147,711,230) – 139.2%				159,713,392




Short-Term Securities	Shares
BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.15% (j)(k)		549,202		549,202

Total Short-Term Securities (Cost – $ 549,202) – 0.5%				549,202




Options Purchased	Notional Amount (000)
Over-the-Counter Interest Rate Call Swaptions – 0.1%
Pay a fixed rate of 2.36% and receive a floating rate based on
3-month LIBOR, Expires
10/17/12, Broker Barclays Plc	USD	100		3,535



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

(Percentages shown are based on Net Assets)


	Notional Amount (000)		Value
Options Purchased
Over-the-Counter Interest Rate Call Swaptions (concluded)
Pay a fixed rate of 0.71% and receive a floating rate based on 3-month
LIBOR, Expires 6/28/13, Broker
Deutsche Bank AG	USD	8,700	$	48,616
Pay a fixed rate of 1.16% and receive a floating rate based on 3-month
LIBOR, Expires 7/11/13, Broker
Citigroup, Inc.		1,900		25,106

				77,257

Over-the-Counter Interest Rate Put Swaptions – 0.1%
Pay a fixed rate of 2.36% and receive a floating rate based on 3-month
LIBOR, Expires 10/17/12, Broker
Barclays Plc		100		3,837
Pay a fixed rate of 0.71% and receive a floating rate based on 3-month
LIBOR, Expires 6/28/13, Broker
Deutsche Bank AG		8,700		15,264
Pay a fixed rate of 1.16% and receive a floating rate based on 3-month
LIBOR, Expires 7/11/13, Broker
Citigroup, Inc.		1,900		19,305
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month
LIBOR, Expires 9/16/13, Broker
Credit Suisse Group AG	EUR	1,300		5,745
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		7,166
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month
LIBOR, Expires 12/12/13, Broker
Credit Suisse Group AG	USD	900		6,620
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month
LIBOR, Expires 2/02/17, Broker
Deutsche Bank AG		1,200		27,216

				85,153

Total Options Purchased (Cost – $ 242,432) – 0.2%				162,410

Total Investments Before Options Written *(Cost – $ 148,502,864) – 139.9%**				160,425,004


	Notional Amount (000)		Value
Options Written
Over-the-Counter Interest Rate Call Swaptions – (0.0)%
Pay a fixed rate of 2.34% and receive a floating rate based on 3-month
LIBOR, Expires 5/07/13, Broker
Morgan Stanley	USD	200	$	(12,192	)
Pay a fixed rate of 1.40% and receive a floating rate based on 3-month
LIBOR, Expires 5/08/14, Broker
Citigroup, Inc.		600		(10,554	)
Pay a fixed rate of 1.00% and receive a floating rate based on 3-month
LIBOR, Expires 7/11/14, Broker
Credit Suisse Group AG		2,000		(14,197	)

				(36,943	)

Over-the-Counter Interest Rate Put Swaptions – (0.1)%
Receive a fixed rate of 2.34% and pay a floating rate based on 3-month
LIBOR, Expires 5/07/13, Broker
Morgan Stanley		200		(2,295	)
Receive a fixed rate of 2.40% and pay a floating rate based on 3-month
LIBOR, Expires 5/08/14, Broker
Citigroup, Inc.		600		(4,167	)
Receive a fixed rate of 2.00% and pay a floating rate based on 3-month
LIBOR, Expires 7/11/14, Broker
Credit Suisse Group AG		2,000		(23,690	)
Receive a fixed rate of 6.00% and pay a floating rate based on 3-month
LIBOR, Expires 2/02/17, Broker
Deutsche Bank AG		2,400		(27,465)

				(57,617)

Total Options Written (Premiums Received – $113,530) – (0.1)%				(94,560)

Total Investments, Net of Options Written – 139.8%				160,330,444
Liabilities in Excess of Other Assets – (39.8)%				(45,604,574)

Net Assets – 100.0%			$	114,725,870

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


Tax cost	$	148,424,518

Gross unrealized appreciation	$	13,472,999
Gross unrealized depreciation		(1,472,513)

Net unrealized appreciation	$	12,000,486



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

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

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

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

(d)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

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

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

(g)	Convertible security.

(h)	Non-income producing security.

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

(j)	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
July 31, 2012

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

1,362,932

(813,730

)

549,202

1,129

(k)	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
Fannie Mae		Federal National Mortgage Association
FKA		Formerly Known As
Freddie Mac		Federal Home Loan Mortgage Corporation
LIBOR		London Interbank Offered Rate
RB		Revenue Bonds
USD		US Dollar

•

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

Ÿ	Reverse repurchase agreements outstanding as of July 31, 2012 were as follows:


Counterparty	Interest Rate	Trade Date	Maturity Date ¹	Net Closing Amount		Face Amount
UBS Securities LLC	(1.25%)	2/02/12	Open	$	122,115	$	122,887
UBS Securities LLC	0.38%	2/28/12	Open		2,383,393		2,379,500
UBS Securities LLC	0.35%	2/28/12	Open		2,511,779		2,508,000
UBS Securities LLC	0.32%	3/13/12	Open		545,182		544,500
UBS Securities LLC	0.35%	3/23/12	Open		92,498		92,380
UBS Securities LLC	0.10%	4/16/12	Open		174,052		174,000
Barclays Capital, Inc.	0.35%	4/18/12	Open		3,332,273		3,328,875
UBS Securities LLC	0.34%	4/23/12	Open		924,347		923,475
Credit Suisse Securities (USA) LLC	0.35%	4/23/12	Open		602,830		602,250
UBS Securities LLC	0.35%	4/23/12	Open		374,777		374,413
Deutsche Bank Securities, Inc.	0.12%	4/24/12	Open		908,058		907,758
UBS Securities LLC	0.34%	4/24/12	Open		332,811		332,500
Barclays Capital, Inc.	0.35%	4/25/12	Open		1,352,788		1,351,500
BNP Paribas Securities Corp.	0.37%	4/25/12	Open		1,017,023		1,016,000



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

Ÿ	Reverse repurchase agreements outstanding as of July 31, 2012 (concluded):


Counterparty	Interest Rate	Trade Date	Maturity Date ¹	Net Closing Amount		Face Amount
BNP Paribas Securities Corp.	0.23%	4/25/12	Open	$	311,211	$	311,025
BNP Paribas Securities Corp.	0.19%	4/25/12	Open		265,932		265,795
UBS Securities LLC	0.35%	4/26/12	Open		1,265,067		1,263,875
UBS Securities LLC	0.38%	4/26/12	Open		6,815,571		6,808,600
UBS Securities LLC	0.25%	4/26/12	Open		246,166		246,000
UBS Securities LLC	0.00%	5/07/12	Open		93,437		93,437
UBS Securities LLC	0.38%	5/10/12	Open		505,567		505,124
UBS Securities LLC	0.25%	5/10/12	Open		193,827		193,715
UBS Securities LLC	0.34%	5/11/12	Open		988,265		987,500
Credit Suisse Securities (USA) LLC	0.35%	5/15/12	Open		389,795		389,500
Deutsche Bank Securities, Inc.	(1.00%)	5/16/12	Open		97,541		97,750
Credit Suisse Securities (USA) LLC	0.35%	5/18/12	Open		567,864		567,450
Deutsche Bank Securities, Inc.	0.19%	5/29/12	Open		439,011		438,863
UBS Securities LLC	0.34%	5/31/12	Open		780,457		780,000
Credit Suisse Securities (USA) LLC	0.35%	6/04/12	Open		402,290		402,063
Deutsche Bank Securities, Inc.	(1.50%)	6/07/12	Open		27,673		27,737
Deutsche Bank Securities, Inc.	(1.50%)	6/11/12	Open		19,708		19,750
Merrill Lynch	0.20%	6/12/12	Open		214,253		214,194
Credit Suisse Securities (USA) LLC	(0.25%)	6/28/12	Open		255,790		255,850
Deutsche Bank Securities, Inc.	(2.00%)	7/02/12	Open		102,729		102,900
Credit Suisse Securities (USA) LLC	0.35%	7/03/12	Open		632,678		632,500
Credit Suisse Securities (USA) LLC	0.35%	7/12/12	Open		478,668		478,575
Credit Suisse Securities (USA) LLC	0.35%	7/13/12	Open		814,200		814,050
Credit Suisse Securities (USA) LLC	0.35%	7/16/12	Open		1,174,370		1,174,187
Barclays Capital, Inc.	0.35%	7/25/12	Open		678,061		678,015
UBS Securities LLC	0.33%	7/25/12	Open		2,183,300		2,183,160
Credit Suisse Securities (USA) LLC	0.38%	7/26/12	Open		6,191,761		6,191,369
Credit Suisse Securities (USA) LLC	0.30%	7/26/12	Open		1,387,819		1,387,750
Credit Suisse Securities (USA) LLC	0.35%	7/26/12	Open		3,041,369		3,041,192
BNP Paribas Securities Corp.	0.15%	7/27/12	Open		880,018		880,000
Credit Suisse Securities (USA) LLC	0.35%	7/27/12	Open		615,967		615,937
Credit Suisse Securities (USA) LLC	0.35%	7/31/12	Open		918,009		918,000

Total				$	47,652,300	$	47,623,901

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



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

—

Financial futures contracts purchased as of July 31, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional

Value

Unrealized
Appreciation

5-Year US Treasury Note

Chicago Board of Trade

September 2012

USD

8,859,469

$ 75,303

—

Financial futures contracts sold as of July 31, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional

Value

Unrealized
Depreciation

Euro-Bund

Eurex

September 2012

EUR

177,879

$ (1,441)

115

10-Year US Treasury Note

Chicago Board of Trade

September 2012

USD

15,485,469

(221,342)

30-Year US Treasury Bond

Chicago Board of Trade

September 2012

USD

1,510,312

(38,365)

Ultra Long Term US

Chicago Board of Trade

September 2012

USD

5,692,500

(263,900)

Treasury Bond

Total

$ (525,048)

—

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

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Depreciation

USD 193,095

EUR 157,500

Citibank NA

10/22/12

$ (1,057)

—

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



Issuer	Pay Fixed Rate	Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)

Southwest Airlines Co.	1.00%	Goldman Sachs Capital Markets LP	12/20/16	USD	280		$ (8,713)
Southwest Airlines Co.	1.00%	Royal Bank of Scotland Plc	12/20/16	USD	280		(9,742)
Time Warner Inc.	1.00%	Credit Suisse Securities (USA) LLC	3/20/17	USD	1,700		(806)
STMicroelectronics NV	1.00%	Barclays Capital, Inc.	6/20/17	EUR	285		(1,323)
General Dynamic Corp.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	390		(1,407)
Hewlett-Packard Co.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	190		5,350
Lockheed Martin Corp.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	390		(2,317)
Northrop Grumman Corp.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	325		(1,503)
Raytheon Co.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	325		(1,340)
Viacom, Inc.	1.00%	Credit Suisse Securities (USA) LLC	9/20/17	USD	850		(3,273)
Cigna Corp.	1.00%	Goldman Sachs & Co.	9/20/17	USD	525		(411)
Humana, Inc.	1.00%	Goldman Sachs & Co.	9/20/17	USD	525		1,443
Hewlett-Packard Co.	1.00%	JP Morgan Chase & Co.	9/20/17	USD	600		13,570

Total							$ (10,472)

—

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

Issuer

Receive
Fixed
Rate

Counterparty

Expiration
Date

Issuer

Credit

Rating ¹

Notional
Amount
(000) ²

Unrealized
Appreciation
(Depreciation)

Anadarko Petroleum Corp.

1.00%

Credit Suisse Securities (USA) LLC

6/20/17

BBB-

USD

245

$ 4,966

Anadarko Petroleum Corp.

1.00%

Morgan Stanley & Co., Inc.

6/20/17

BBB-

USD

254

Comcast Corp.

1.00%

Credit Suisse Securities (USA) LLC

9/20/17

BBB+

USD

850

1,974

DIRECTV Holdings LLC

1.00%

Credit Suisse Securities (USA) LLC

3/20/17

BBB

USD

1,700

42,177

United Health Group, Inc.

1.00%

Goldman Sachs & Co.

9/20/17

A-

USD

525

(279)

Wellpoint, Inc.

1.00%

Goldman Sachs & Co.

9/20/17

A-

USD

525

(86)



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

Schedule of Investments (continued)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)

—

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

Issuer

Receive
Fixed
Rate

Counterparty

Expiration
Date

Issuer

Credit

Rating ¹

Notional
Amount
(000) ²

Unrealized
Appreciation
(Depreciation)

MetLife, Inc.

1.00%

Deutsche Bank AG

3/20/18

A-

USD

200

$ (5,466)

Total

$ 43,540

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.

—

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

Fixed

Rate

Floating

Rate

Counterparty

Expiration
Date

Notional
Amount
(000)

Unrealized Appreciation
(Depreciation)

1.18% ³

3-month LIBOR

Deutsche Bank AG

4/11/17

USD

4,900

$ (99,924)

1.10% ³

3-month LIBOR

JPMorgan Chase & Co.

5/22/17

USD

6,600

(104,790)

1.10% ³

3-month LIBOR

Deutsche Bank AG

5/29/17

USD

100

(1,615)

4.03% ³

3-month LIBOR

UBS AG

4/18/22

USD

900

(171,242)

2.06% ⁴

3-month LIBOR

Credit Suisse Securities (USA) LLC

5/08/22

USD

700

30,661

1.80% ⁴

3-month LIBOR

Citibank NA

6/01/22

USD

300

5,831

2.48% ³

3-month LIBOR

Credit Suisse Securities (USA) LLC

7/05/42

USD

500

(13,923)

2.26% ³

3-month LIBOR

Goldman Sachs & Co.

7/26/42

USD

300

6,679

Total

$ (348,323)

³	Trust pays a fixed rate and receives floating rate.

⁴	Trust pays a floating rate and receives fixed rate.

—

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

—

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

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

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2012:



	Level 1		Level 2		Level 3		Total

Assets:
Investments:
Long Term Investments
Asset-Backed Securities		–	$	1,122,288	$	547,625	$	1,669,913
Corporate Bonds		–		125,573,762		853,875		126,427,637
Floating Rate Loan Interests		–		134,607		–		134,607
Municipal Bonds		–		1,028,736		–		1,028,736
Preferred Securities	$	445,323		26,889,835		–		27,335,158
US Government Sponsored Agency Securities		–		323,661		–		323,661
US Treasury Obligations		–		2,793,680		–		2,793,680
Short-Term Securities		549,202		–		–		549,202

Total	$	994,525	$	157,866,569	$	1,401,500	$	160,262,594



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

Schedule of Investments (concluded)

BlackRock Credit Allocation Income Trust I, Inc. (PSW)




	Level 1		Level 2		Level 3		Total

Derivative Financial Instruments ¹
Assets:
Interest rate contracts		$ 75,303		$ 162,410		–		$ 237,713
Credit contracts		–		112,905		–		112,905
Liabilities:
Interest rate contracts		(525,048)		(94,560)		–		(619,608)
Foreign currency exchange contracts		–		(1,057)		–		(1,057)
Credit contracts		–		(428,160)		–		(428,160)

Total		$ (449,745)		$ (248,462)		–		$ (698,207)

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.

Certain of the Trust’s assets and liabilities are held at carrying or face amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

Level 1

Level 2

Level 3

Total

Assets:

Cash pledged as collateral for financial futures contracts

$ 345,000

–

$ 345,000

Cash pledged as collateral for Swaps

100,000

–

100,000

Foreign currency

184

–

184

Liabilities:

Reverse Repurchase Agreements

–

$ (47,623,901)

–

(47,623,901)

Total

$ 445,184

$ (47,623,901)

–

$ (47,178,717)

There were no transfers between Level 1 and Level 2 during the period ended July 31, 2012.

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

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

Asset-Backed
Securities

Corporate
Bonds

Total

Assets:

Opening Balance, as of October 31, 2011

503,750

858,000

1,361,750

Transfers into Level 3 ¹

–

Transfers out of Level 3 ¹

–

Accrued discounts/premiums

13,298

–

13,298

Net realized gain (loss)

–

Net change in unrealized appreciation/depreciation ²

30,577

(4,125)

26,452

Purchases

–

Sales

–

Closing Balance, as of July 31, 2012

$ 547,625

$ 853,875

$ 1,401,500

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

The change in unrealized appreciation/depreciation on investments still held as of July 31, 2012 was $26,452.

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



	Credit Contracts

Assets:
Opening Balance, as of October 31, 2011		$ 1,175
Transfers into Level 3 ¹		–
Transfers out of Level 3 ¹		–
Accrued discounts/premium		–
Net realized gain (loss)		–
Net change in unrealized appreciation/depreciation ³		(1,175)
Purchases		–
Issues ⁴		–
Sales		–
Settlements ⁵		–

Closing Balance, as of July 31, 2012		$ –

The change in unrealized appreciation/depreciation on derivative financial instruments still held as of July 31, 2012 was $0.

⁴

Issues represent upfront cash received on certain derivative financial instruments.

⁵

Settlements represent periodic contractual cash flows and/or cash flows to terminate certain derivative financial instruments.

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.	JULY 31, 2012	14

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:		September 25, 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:		September 25, 2012


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

Date:		September 25, 2012

Blackrock Credit Allocation Income Trust I, Inc. (NYSE:PSW)
Historical Stock Chart
From May 2024 to Jun 2024

Click Here for more Blackrock Credit Allocation Income Trust I, Inc. Charts.

Blackrock Credit Allocation Income Trust I, Inc. (NYSE:PSW)
Historical Stock Chart
From Jun 2023 to Jun 2024

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

PSW Blackrock Credit Allocation Income Trust I, Inc.

News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

PSW Blackrock Credit Allocation Income Trust I, Inc.

News

Your Recent History

Company

Business

Popular

Get The App