BlackRock Credit Allocation Income Trust is a closed ended balanced mutual fund launched by BlackRock Inc The fund is comanaged by BlackRock Advisors LLC and BlackRock Singapore Limited It invests in the fixed income markets across the globe For the fixed income portion of the portfolio the fund primarily invests in securities with an average credit quality of BBB by Standard Poors Corporation It invests in investment grade corporate bonds high yield bonds bank loans preferred securities or convertible bonds or derivatives The fund was formerly known as BlackRock Preferred Equity Advantage Trust BlackRock Credit Allocation Income Trust was formed on December 27 2006 and is domiciled in the United States