BlackRock Credit Allocation Income Trust IV (the Fund), formerly BlackRock Preferred and Equity Advantage Trust, is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide current income. The secondary investment objective of the Fund is to provide capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in credit-related securities, including, but not limited to, investment-grade corporate bonds, high-yield bonds (junk bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Fund may invest directly in such securities through the use of derivatives. The Fund's investment advisor is BlackRock Advisors, LLC. Its sub-advisor is BlackRock Financial Management, Inc.