BlackRock Credit Allocation Income Trust, a closed-ended mutual fund, invests in fixed income markets worldwide, with a focus on securities with an average credit quality of BBB. The fund invests in preferred securities, high yield bonds, bank loans, investment grade corporate bonds, convertible bonds, or derivatives. Launched in 2006, it was previously referred to as BlackRock Preferred & Equity Advantage Trust and is managed jointly by BlackRock Advisors and BlackRock (Singapore) Limited.