PAGE 1 000 A000000 04/30/2008 000 C000000 0001379384 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLK PREFERRED AND EQUITY ADVANTAGE TRUST 001 B000000 811-21972 001 C000000 8004417762 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 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 008 A000002 BLACKROCK INVESTMENT MANAGEMENT, LLC 008 B000002 S 008 C000002 801-56972 008 D010002 PLAINSBORO 008 D020002 NJ 008 D030002 08536 008 A000003 BLACKROCK FINANCIAL MANAGEMENT, INC. 008 B000003 S 008 C000003 801-48433 008 D010003 NEW YORK 008 D020003 NY 008 D030003 10022 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. (COMMON) PAGE 2 012 B000001 85-11340 012 C010001 PROVIDENCE 012 C020001 RI 012 C030001 02940 012 C040001 3010 012 A000002 THE BANK OF NEW YORK MELLON (PREFERRED) 012 B000002 85-05006 012 C010002 NEW YORK 012 C020002 NY 012 C030002 10286 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 PRINCETON 013 B020001 NJ 013 B030001 08540 014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES 014 B000001 8-7221 014 A000002 BLACKROCK INVESTMENTS, INC. 014 B000002 8-048436 014 A000003 NORTHERN FUNDS DISTRIBUTORS, LLC 014 B000003 8-051242 014 A000004 PNC CAPITAL MARKETS, INC. 014 B000004 8-32493 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 8-52396 014 A000008 BLACKROCK DISTRIBUTORS, INC. 014 B000008 8-048775 014 A000009 PNC INVESTMENTS LLC 014 B000009 8-066195 014 A000010 HARRIS WILLIAMS LLC 014 B000010 8-53380 014 A000011 DSP MERRILL LYNCH LIMITED 014 B000011 8-00000 014 A000012 FAM DISTRIBUTORS, INC. 014 B000012 8-14663 014 A000013 FIRST REPUBLIC SECURITIES COMPANY, LLC 014 B000013 8-52973 014 A000014 GPC SECURITIES, INC. 014 B000014 8-30108 014 A000015 BERNDALE SECURITIES LIMITED 014 B000015 8-00000 015 A000001 STATE STREET BANK & TRUST COMPANY 015 B000001 C 015 C010001 BOSTON 015 C020001 MA 015 C030001 02101 015 E010001 X 015 A000002 WACHOVIA SECURITIES PAGE 3 015 B000002 S 015 C010002 SPRING LAKE 015 C020002 NJ 015 C030002 07762 015 C040002 1443 015 E010002 X 018 000000 Y 019 A000000 Y 019 B000000 301 019 C000000 BLKRKADVSR 020 A000001 CITITGROUP GLOBAL MARKETS, INC. 020 B000001 11-2418191 020 C000001 156 020 A000002 CREDIT SUISSE SECURITIES (USA) L.L.C. 020 B000002 13-5659485 020 C000002 88 020 A000003 SANFORD C. BERNSTEIN & CO., L.L.C. 020 C000003 87 020 A000004 UBS SECURITIES LLC 020 B000004 13-3873456 020 C000004 57 020 A000005 DEUTSCHE BANK SECURITIES INC. 020 B000005 13-2730828 020 C000005 47 020 A000006 KNIGHT CAPITAL MARKETS LLC 020 B000006 52-2105134 020 C000006 46 020 A000007 MORGAN STANLEY & CO. INCORPORATED 020 B000007 13-2655998 020 C000007 25 020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 020 B000008 13-5674085 020 C000008 23 020 A000009 LEHMAN BROTHERS INC. 020 B000009 13-2518466 020 C000009 16 020 A000010 PALI CAPITAL, INC. 020 C000010 5 021 000000 553 022 A000001 SSGA MONEY MARKET FUND 022 C000001 347020 022 D000001 279840 022 A000002 CITIGROUP GLOBAL MARKETS, INC. 022 B000002 11-2418191 022 C000002 91005 022 D000002 93470 022 A000003 BANC OF AMERICA SECURITIES LLC 022 B000003 56-2058405 022 C000003 52055 022 D000003 50190 022 A000004 LEHMAN BROTHERS INC. PAGE 4 022 B000004 13-2518466 022 C000004 51151 022 D000004 47736 022 A000005 BARCLAYS CAPITAL INC. 022 C000005 47024 022 D000005 24336 022 A000006 J.P. MORGAN SECURITIES INC. 022 B000006 13-3224016 022 C000006 25075 022 D000006 29238 022 A000007 WACHOVIA SECURITIES, LLC 022 B000007 54-0796506 022 C000007 32577 022 D000007 18922 022 A000008 GOLDMAN, SACHS & CO. 022 B000008 13-5108880 022 C000008 13092 022 D000008 30839 022 A000009 DEUTSCHE BANK SECURITIES INC. 022 B000009 13-2730828 022 C000009 12606 022 D000009 15311 022 A000010 MORGAN STANLEY & CO. INCORPORATED 022 B000010 13-2655998 022 C000010 590 022 D000010 25614 023 C000000 684174 023 D000000 694241 024 000000 Y 025 A000001 CITIGROUP, INC. 025 C000001 E 025 D000001 21146 025 A000002 CITIGROUP, INC. 025 C000002 D 025 D000002 18470 025 A000003 WACHOVIA CORP. 025 C000003 D 025 D000003 15446 025 A000004 WACHOVIA CORP. 025 C000004 E 025 D000004 15357 025 A000005 JPMORGAN CHASE CAPITAL XXIII 025 C000005 D 025 D000005 10557 025 A000006 JPMORGAN CHASE CAPITAL XXI 025 C000006 D 025 D000006 9933 025 A000007 CREDIT SUISSE GUERSNEY LTD. 025 C000007 D 025 D000007 9443 025 A000008 JPMORGAN CHASE & CO. PAGE 5 025 C000008 E 025 D000008 6204 025 A000009 JPMORGAN CHASE CAPITAL XXV 025 C000009 D 025 D000009 5354 025 A000010 THE GOLDMAN SACHS GROUP, INC. 025 C000010 E 025 D000010 4390 025 A000011 LEHMAN BROTHERS HOLDINGS, INC. 025 C000011 D 025 D000011 1843 025 A000012 MORGAN STANLEY 025 C000012 E 025 D000012 860 025 A000013 LEHMAN BROTHERS HOLDINGS, INC. 025 C000013 E 025 D000013 717 025 D000014 0 025 D000015 0 025 D000016 0 026 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 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 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 PAGE 6 048 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 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 N 054 M000000 Y 054 N000000 N 055 A000000 N 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 Y 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 0.0 062 K000000 0.3 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 50.4 062 Q000000 22.4 062 R000000 77.7 PAGE 7 063 A000000 0 063 B000000 15.8 064 A000000 N 064 B000000 N 066 A000000 N 067 000000 N 068 A000000 N 068 B000000 N 069 000000 N 070 A010000 Y 070 A020000 Y 070 B010000 Y 070 B020000 Y 070 C010000 Y 070 C020000 N 070 D010000 Y 070 D020000 Y 070 E010000 Y 070 E020000 Y 070 F010000 Y 070 F020000 Y 070 G010000 Y 070 G020000 N 070 H010000 Y 070 H020000 Y 070 I010000 N 070 I020000 N 070 J010000 Y 070 J020000 N 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 N 070 P010000 Y 070 P020000 N 070 Q010000 N 070 Q020000 N 070 R010000 Y 070 R020000 N 071 A000000 551129 071 B000000 688488 071 C000000 1401763 071 D000000 39 072 A000000 6 072 B000000 28761 PAGE 8 072 C000000 13741 072 D000000 0 072 E000000 0 072 F000000 4789 072 G000000 57 072 H000000 0 072 I000000 16 072 J000000 35 072 K000000 0 072 L000000 93 072 M000000 50 072 N000000 14 072 O000000 0 072 P000000 666 072 Q000000 0 072 R000000 22 072 S000000 62 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 597 072 X000000 6401 072 Y000000 18 072 Z000000 36119 072AA000000 76286 072BB000000 143424 072CC010000 0 072CC020000 94292 072DD010000 48589 072DD020000 0 072EE000000 0 073 A010000 0.9375 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 52 074 B000000 0 074 C000000 0 074 D000000 672607 074 E000000 215969 074 F000000 416685 074 G000000 2197 074 H000000 0 074 I000000 84991 074 J000000 0 074 K000000 0 074 L000000 15519 074 M000000 1129 074 N000000 1409149 074 O000000 11730 074 P000000 730 PAGE 9 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 4271 074 R040000 6745 074 S000000 462226 074 T000000 923447 074 U010000 51828 074 U020000 0 074 V010000 17.82 074 V020000 0.00 074 W000000 0.0000 074 X000000 47902 074 Y000000 17097 075 A000000 0 075 B000000 1481515 076 000000 16.34 077 A000000 Y 077 O000000 Y 078 000000 N 086 A010000 0 086 A020000 0 086 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 087 B010000 PREFERRED STOCK 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 Y SIGNATURE DONALD C. BURKE TITLE PRESIDENT