PAGE  1
000 B000000 10/31/2007
000 C000000 1379384
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 BLACKROCK PREFERRED AND EQUITY ADVANTAGE
001 B000000 811-21972
001 C000000 8888252257
002 A000000 100 BELLEVUE PARKWAY
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19809
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 BLACKROCK ADVISORS, LLC
008 B000001 A
008 C000001 801-47710
008 D010001 WILMINGTON
008 D020001 DE
008 D030001 19809
008 A000002 BLACKROCK FINANCIAL MANAGEMENT, INC.
008 B000002 S
008 C000002 801-48433
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10022
008 A000003 BLACKROCK INVESTMENT MANAGEMENT, LLC
008 B000003 A
008 C000003 801-56972
008 D010003 PRINCETON
008 D020003 NJ
008 D030003 08356
012 A000001 COMPUTERSHARE TRUST COMPANY, NA
012 B000001 85-11340
012 C010001 CANTON
012 C020001 MA
012 C030001 02021
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
014 A000001 BLACKROCK INVESTMENTS, INC.
      PAGE  2
014 B000001 8-048436
014 A000002 NORTHERN FUND DISTRIBUTORS, LLC
014 B000002 8-051242
014 A000003 PNC CAPITAL MARKETS, INC.
014 B000003 8-032493
014 A000004 J.J.B. HILLIARD W.L. LYONS, INC.
014 B000004 8-033133
014 A000005 PFPC DISTRIBUTORS, INC.
014 B000005 8-045467
014 A000006 MGI FUNDS DISTRIBUTOR, INC.
014 B000006 8-046960
014 A000007 BB&T AM Distributors, Inc.
014 B000007 8-052396
014 A000008 BLACKROCK DISTRIBUTORS, INC.
014 B000008 8-048775
014 A000009 PERSIMMON SECURITIES
014 B000009 8-053071
014 A000010 PNC INVESTMENTS LLC
014 B000010 8-066195
014 A000011 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000011 8-7221
014 A000012 Harris Williams LLC
014 B000012 8-53380
014 A000013 Mercantile Brokerage Services, Inc.
014 B000013 8-18210
014 A000014 Northern Trust Securities, Inc.
014 B000014 8-23689
014 A000015 PNC Brokerage Corp.
014 B000015 8-46315
015 A000001 STATESREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   60
019 C000000 BLACKROCKF
020 A000001 CREDIT SUISSE FIRST BOSTON
020 B000001 13-5659485
020 C000001    299
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002    213
020 A000003 CITIGROUP
020 B000003 11-2418191
020 C000003    160
020 A000004 INSTINET CORP.
020 B000004 13-3443395
020 C000004     40
      PAGE  3
020 A000005 DEUTSCHE BANK
020 B000005 13-2730828
020 C000005     30
020 A000006 NOMURA SECURITIES INTERNATIONAL
020 C000006      8
020 A000007 LEHMAN BROTHERS
020 B000007 13-2518466
020 C000007      6
020 A000008 BNY BROKERGAE INC
020 B000008 13-3989198
020 C000008      1
021  000000      757
022 A000001 STATE STREET BANK
022 B000001 04-1867445
022 C000001   2315607
022 D000001   2174773
022 A000002 BARCLAYS CAPITAL INC.
022 B000002 06-1031656
022 C000002   3204741
022 D000002     91649
022 A000003 CREDIT SUISSE FIRST BOSTON
022 B000003 13-5659485
022 C000003   2740581
022 D000003    390508
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004   2247393
022 D000004    232779
022 A000005 CHASE SECURITIES, INC.
022 B000005 13-3379014
022 C000005    502943
022 D000005    378358
022 A000006 BANC OF AMERICA SECURITIES LLC
022 B000006 76-0385312
022 C000006    506773
022 D000006    109933
022 A000007 JP MORGAN SECURITIES
022 B000007 13-3224016
022 C000007    240328
022 D000007    241620
022 A000008 DEUTSCHE BANK SECURITIES, INC.
022 B000008 13-2473088
022 C000008    109094
022 D000008    133804
022 A000009 CITIGROUP
022 B000009 11-2418191
022 C000009    145928
022 D000009     89410
022 A000010 GOLDMAN SACHS & CO.
022 B000010 13-5108880
022 C000010    116970
      PAGE  4
022 D000010     68884
023 C000000   13043338
023 D000000    4279901
024  000000 Y
025 A000001 BANC OF AMERICA
025 B000001 56-2058405
025 C000001 E
025 D000001   18127
025 A000002 BANK OF NEW YORK
025 B000002 13-5160382
025 C000002 E
025 D000002    1830
025 A000003 CITIGROUP
025 B000003 11-2418191
025 C000003 E
025 D000003   10320
025 A000004 GOLDMAN SACHS & CO.
025 B000004 13-5108880
025 C000004 E
025 D000004    5900
025 A000005 HSBC SECURITIES
025 B000005 13-2650272
025 C000005 E
025 D000005    2060
025 A000006 JP MORGAN CHASE BANK
025 B000006 13-2624428
025 C000006 E
025 D000006    4009
025 A000007 LEHMAN BROTHERS
025 B000007 13-2518466
025 C000007 E
025 D000007    1685
025 A000008 US BANCORP PIPER JAFFRAY INC
025 B000008 41-0953246
025 C000008 E
025 D000008    2490
025 A000009 WACHOVIA SECURITIES
025 B000009 54-0796506
025 C000009 E
025 D000009    2968
025 A000010 WELLS FARGO
025 B000010 41-1508325
025 C000010 E
025 D000010    2765
025 A000011 CREDIT SUISSE FIRST BOSTON
025 B000011 13-5659485
025 C000011 D
025 D000011    6521
025 A000012 GOLDMAN SACHS & CO.
025 B000012 13-5108880
025 C000012 D
      PAGE  5
025 D000012    1889
025 A000013 HSBC SECURITIES
025 B000013 13-2650272
025 C000013 D
025 D000013    9205
025 A000014 JP MORGAN CHASE BANK
025 B000014 13-2624428
025 C000014 D
025 D000014   42091
025 A000015 LEHMAN BROTHERS
025 B000015 13-2518466
025 C000015 D
025 D000015   12082
025 A000016 MIZUHO SECURITIES USA
025 B000016 36-2880742
025 C000016 D
025 D000016   19899
025 A000017 BEAR STEARNS & CO.
025 B000017 13-3299429
025 C000017 D
025 D000017    6162
025 A000018 WACHOVIA SECURITIES
025 B000018 54-0796506
025 C000018 D
025 D000018    2177
025 A000019 BARCLAYS INVESTMENTS INC
025 B000019 05-0346412
025 C000019 D
025 D000019   19236
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
      PAGE  6
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.650
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
      PAGE  7
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 N
060 B000000 N
061  000000        0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
      PAGE  8
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000  0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 Y
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
      PAGE  9
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000   2904167
071 B000000   1260736
071 C000000   3563323
071 D000000   35
072 A000000 12
072 B000000    59961
072 C000000    23593
072 D000000        0
072 E000000        0
072 F000000     9018
072 G000000        0
072 H000000        0
072 I000000       13
072 J000000       44
072 K000000        0
072 L000000      141
072 M000000       42
072 N000000       15
072 O000000       15
072 P000000     8445
072 Q000000        0
072 R000000       54
072 S000000       84
072 T000000        0
072 U000000       15
072 V000000        0
072 W000000      894
072 X000000    18780
072 Y000000        0
072 Z000000    64774
072AA000000        0
072BB000000    45523
072CC010000        0
072CC020000    51953
072DD010000    48412
072DD020000        0
072EE000000        0
073 A010000   0.9341
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.4717
074 A000000     2433
074 B000000        0
074 C000000    30400
074 D000000   957590
      PAGE  10
074 E000000   209893
074 F000000   447909
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000    17270
074 K000000        0
074 L000000    22849
074 M000000        1
074 N000000  1688345
074 O000000     7757
074 P000000      956
074 Q000000        0
074 R010000    88291
074 R020000      440
074 R030000     4130
074 R040000    15961
074 S000000   462276
074 T000000  1108534
074 U010000    51828
074 U020000        0
074 V010000    21.39
074 V020000     0.00
074 W000000   0.0000
074 X000000       16
074 Y000000   114163
075 A000000        0
075 B000000  1177716
076  000000    18.65
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 Vigilant Insurance Company
080 B000000 Gulf Insurance Group
      PAGE  11
080 C000000    33000
081 A000000 Y
081 B000000  61
082 A000000 Y
082 B000000       10
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000  51828
086 A020000 123041
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 092508100
087 A030000 BTZ
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   DONALD C. BURKE
TITLE       TREASURER