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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackrock Credit Allocation Income Trust Iii | NYSE:BPP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.02 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21280
Name of Fund: BlackRock Preferred Opportunity Trust (BPP)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Preferred Opportunity Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2008
Date of reporting period: 01/01/2008 03/31/2008
Item 1 Schedule of Investments
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Shares | Exchange-Traded Funds | Value | ||||||||
150,000 | UltraShort Financials ProShares | $ | 17,647,500 | |||||||
Total Exchange-Traded Funds (Cost - $18,385,600) - 5.4% | 17,647,500 | |||||||||
Preferred Securities | ||||||||||
Par | ||||||||||
Industry | (000) | Capital Trusts | ||||||||
Capital Markets - 2.1% | $ | 1,920 | State Street Capital Trust III, 8.25% (a)(b) | 1,894,035 | ||||||
6,725 | State Street Capital Trust IV, 3.80%, 6/01/67 (a) | 5,037,563 | ||||||||
6,931,598 | ||||||||||
Commercial Banks - 7.7% | 1,425 | Abbey National Capital Trust I, 8.963% (a)(b) | 1,686,466 | |||||||
9,150 | BB&T Capital Trust IV, 6.82%, 6/12/77 (a) | 7,555,329 | ||||||||
3,185 | Barclays Bank Plc, 5.926% (a)(b)(c) | 2,731,440 | ||||||||
450 | Dresdner Funding Trust I, 8.151%, 6/30/31 (c) | 397,823 | ||||||||
1,100 | FCB/NC Capital Trust I, 8.05%, 3/01/28 | 1,144,330 | ||||||||
1,925 | Huntington Capital III, 6.65%, 5/15/37 (a) | 1,479,767 | ||||||||
2,000 | NBP Capital Trust III, 7.375% (b) | 1,840,000 | ||||||||
5,600 | Wachovia Corp. Series K, 7.98% (a)(b) | 5,502,000 | ||||||||
3,000 | Westpac Capital Trust IV, 5.256% (a)(b)(c) | 2,660,250 | ||||||||
24,997,405 | ||||||||||
Diversified Financial | 2,670 | JPMorgan Chase Capital XXIII, 4.065%, 5/15/77 (a) | 2,025,710 | |||||||
Services - 0.6% | ||||||||||
Insurance - 5.6% | 4,500 | AFC Capital Trust I Series B, 8.207%, 2/03/27 | 3,513,353 | |||||||
9,605 | American General Institutional Capital A, 7.57%, 12/01/45 (c) | 9,412,660 | ||||||||
5,000 | Mangrove Bay Pass-Through Trust, 6.102%, 7/15/33 (a)(c) | 3,681,700 | ||||||||
1,800 | Zenith National Insurance Capital Trust I, 8.55%, 8/01/28 (c) | 1,804,500 | ||||||||
18,412,213 | ||||||||||
Thrifts & Mortgage | 1,925 | Webster Capital Trust IV, 7.65%, 6/15/37 (a) | 1,311,766 | |||||||
Finance - 0.4% | ||||||||||
Total Capital Trusts | ||||||||||
(Cost - $63,778,603) - 16.4% | 53,678,692 | |||||||||
Shares | Preferred Stocks | |||||||||
Capital Markets - 1.2% | 75,000 | The Bear Stearns Cos., Inc. Series E, 6.15% | 2,943,750 | |||||||
31,100 | Lehman Brothers Holdings Inc. Series D, 5.67% | 1,045,271 | ||||||||
3,989,021 | ||||||||||
Commercial Banks - 10.0% | 30,000 | Banesto Holdings, Ltd. Series A, 10.50% | 947,814 | |||||||
120,000 | First Republic Preferred Capital Corp., 7.25% | 2,250,000 | ||||||||
50,000 | HSBC USA, Inc. Series H, 6.50% | 1,125,000 | ||||||||
255,200 | NB Capital Corp. Series DEP, 8.35% | 5,484,248 | ||||||||
248,000 | Santander Finance Preferred SA Unipersonal, 6.50% | 5,262,262 | ||||||||
60,000 | Santander Finance Preferred SA Unipersonal, 6.80% | 1,336,878 | ||||||||
30 | SunTrust Real Estate Investment Trust, 9% | 3,120,000 | ||||||||
60 | Union Planter Preferred Funding Corp., 7.75% (c) | 6,686,250 |
1
BlackRock Preferred Opportunity Trust | |||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||||||
Industry | Shares | Preferred Stocks | Value | ||||||||
261,800 | Wachovia Corp. Series J, 8% | $ | 6,466,460 | ||||||||
32,678,912 | |||||||||||
Diversified Financial | 109,000 | Bank of America Corp., 6.625% | 2,463,400 | ||||||||
Services - 4.3% | 245,000 | Citigroup, Inc. Series AA, 8.125% | 5,889,800 | ||||||||
120,000 | Citigroup, Inc. Series T, 6.50% (d) | 5,697,600 | |||||||||
14,050,800 | |||||||||||
Electric Utilities - 0.4% | 50,000 | Alabama Power Co., 6.50% | 1,237,500 | ||||||||
Electrical Equipment - 0.2% | 787,326 | Superior Essex Holding Corp. Series A, 9.50% | 590,495 | ||||||||
Insurance - 11.1% | 298,400 | ACE Ltd. Series C, 7.80% | 7,382,416 | ||||||||
117,414 | Arch Capital Group Ltd. Series A, 8% | 2,996,405 | |||||||||
115,000 | Aspen Insurance Holdings Ltd., 7.401% (a) | 2,478,250 | |||||||||
172,400 | Endurance Specialty Holdings Ltd. Series A, 7.75% | 4,053,124 | |||||||||
274,500 | Metlife, Inc. Series B, 6.50% | 6,297,030 | |||||||||
209,400 | PartnerRe Ltd. Series C, 6.75% | 4,757,568 | |||||||||
62,000 | Prudential Plc, 6.50% | 1,451,420 | |||||||||
235,000 | RenaissanceRe Holding Ltd. Series D, 6.60% | 4,852,750 | |||||||||
2,000 | Zurich RegCaPS Funding Trust, 6.58% (a)(c) | 2,010,000 | |||||||||
36,278,963 | |||||||||||
Oil, Gas & Consumable | 5,000 | Devon Energy Corp. Series A, 6.49% | 504,688 | ||||||||
Fuels - 0.2% | |||||||||||
Real Estate Investment Trusts | 60,000 | Chevy Chase Preferred Capital Corp. Series A, 10.375% | 3,060,000 | ||||||||
(REITs) - 2.0% | 3,180 | Sovereign Real Estate Investment Corp., 12% | 3,561,600 | ||||||||
6,621,600 | |||||||||||
Thrifts & Mortgage | 265,000 | Fannie Mae, 8.25% | 6,373,250 | ||||||||
Finance - 6.4% | 202,000 | Freddie Mac Series Q, 3.85% (a) | 5,454,000 | ||||||||
100,000 | Freddie Mac Series U, 5.90% | 2,067,000 | |||||||||
85,300 | Freddie Mac Series Y, 6.55% | 1,914,985 | |||||||||
110,000 | Freddie Mac Series Z, 8.375% | 2,684,000 | |||||||||
30 | Roslyn Real Estate Asset Corp. Series C, 8.95% | 2,630,625 | |||||||||
21,123,860 | |||||||||||
Total Preferred Stocks | |||||||||||
(Cost - $131,914,565) - 35.8% | 117,075,839 | ||||||||||
Par | |||||||||||
(000) | Trust Preferreds | ||||||||||
Capital Markets - 0.7% | $ | 278 | Structured Asset Trust Unit Repackagings (SATURNS), Credit Suisse First Boston (USA), Inc. Debenture Backed Series 2003-13, 6.25%, 7/15/32 | 238,872 | |||||||
2,573 | Structured Asset Trust Unit Repackagings (SATURNS), Goldman Sachs Group, Inc. Debenture Backed Series 2003-06, 6%, 2/15/33 | 2,170,206 | |||||||||
2,409,078 | |||||||||||
Commercial Banks - 1.1% | 2,000 | Colonial Capital Trust IV, 7.875%, 10/01/33 | 1,578,269 | ||||||||
2,930 | Keycorp Capital V, 5.875%, 7/30/33 | 2,076,286 | |||||||||
3,654,555 |
2
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Par | ||||||||||
Industry | (000) | Trust Preferreds | Value | |||||||
Diversified Financial | $ | 278 | PPLUS Trust Certificates Series VAL-1 Class A, 7.25%, | |||||||
Services - 0.1% | 4/15/32 | $ | 264,769 | |||||||
Food Products - 0.7% | 2,500 | Corporate-Backed Trust Certificates, Kraft Foods, Inc. | ||||||||
Debenture Backed Series 2003-11, 5.875%, 11/01/31 | ||||||||||
2,226,802 | ||||||||||
Insurance - 0.9% | 750 | Everest Re Capital Trust, 6.20%, 3/29/34 | 599,373 | |||||||
380 | Financial Security Assurance Holdings Ltd., 5.60%, 7/15/03 | 296,166 | ||||||||
460 | PLC Capital Trust IV, 7.25%, 9/25/32 | 434,334 | ||||||||
1,985 | The Phoenix Cos., Inc., 7.45%, 1/15/32 | 1,586,500 | ||||||||
2,916,373 | ||||||||||
Media - 3.6% | 1,250 | Comcast Corp., 7%, 9/15/55 | 1,169,607 | |||||||
11,750 | Comcast Corp., 6.625%, 5/15/56 | 10,519,003 | ||||||||
180 | Corporate-Backed Trust Certificates, News America Debenture Backed Series 2002-9, 8.125%, 12/01/45 | 171,677 | ||||||||
11,860,287 | ||||||||||
Oil, Gas & Consumable | 3,875 | Nexen, Inc., 7.35%, 11/01/43 | 3,670,982 | |||||||
Fuels - 1.1% | ||||||||||
Wireless Telecommunication | 2,586 | Structured Repackaged Asset-Backed Trust Securities, | ||||||||
Services - 0.5% | Sprint Capital Corp. Debenture Backed Series 2004-2, | |||||||||
6.50%, 11/15/28 | 1,539,579 | |||||||||
Total Trust Preferreds | ||||||||||
(Cost - $32,719,286) - 8.7% | 28,542,425 | |||||||||
Total Preferred Securities | ||||||||||
(Cost - $228,412,454) - 60.9% | 199,296,956 | |||||||||
Fixed Income Securities | ||||||||||
Corporate Bonds | ||||||||||
Aerospace & Defense - 0.1% | 90 | CHC Helicopter Corp., 7.375%, 5/01/14 | 89,662 | |||||||
170 | Hexcel Corp., 6.75%, 2/01/15 | 164,475 | ||||||||
160 | TransDigm, Inc., 7.75%, 7/15/14 | 160,000 | ||||||||
414,137 | ||||||||||
Auto Components - 0.1% | 350 | Lear Corp., 8.75%, 12/01/16 | 298,812 | |||||||
125 | Metaldyne Corp., 10%, 11/01/13 | 75,000 | ||||||||
373,812 | ||||||||||
Building Products - 0.6% | 1,945 | C8 Capital SPV Ltd., 6.64% (a)(b)(c) | 1,794,613 | |||||||
260 | CPG International I, Inc., 10.50%, 7/01/13 | 218,400 | ||||||||
2,013,013 | ||||||||||
Capital Markets - 3.4% | 3,850 | The Bear Stearns Cos., Inc., 6.40%, 10/02/17 | 3,801,494 | |||||||
3,880 | Credit Suisse Guernsey Ltd., 5.86% (a)(b) | 3,286,860 | ||||||||
650 | Lehman Brothers Holdings, Inc., 4.50%, 9/15/22 (a) | 598,243 |
3
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Par | ||||||||||
Industry | (000) | Corporate Bonds | Value | |||||||
$ | 3,875 | Lehman Brothers Holdings, Inc., 6.875%, 7/17/37 | $ | 3,359,815 | ||||||
11,046,412 | ||||||||||
Chemicals - 0.2% | 200 | American Pacific Corp., 9%, 2/01/15 | 194,500 | |||||||
30 | Chemtura Corp., 6.875%, 6/01/16 | 26,700 | ||||||||
630 | Key Plastics LLC, 11.75%, 3/15/13 (c) | 453,600 | ||||||||
674,800 | ||||||||||
Commercial Banks - 24.4% | 12,175 | BNP Paribas, 7.195% (a)(b)(c)(e) | 10,783,020 | |||||||
4,015 | Bank of Ireland Capital Funding II, LP, 5.571% (a)(b)(c) | 3,170,224 | ||||||||
4,275 | Bank of Ireland Capital Funding III, LP, 6.107% (a)(b)(c) | 3,253,891 | ||||||||
2,600 | Barclays Bank Plc, 7.434% (a)(b)(c) | 2,350,618 | ||||||||
5,000 | CBA Capital Trust I, 5.805% (b)(c) | 4,691,400 | ||||||||
16,385 | Credit Agricole SA, 6.637% (a)(b)(c) | 12,692,460 | ||||||||
6,399 | Lloyds TSB Bank Plc, 6.90% (b) | 6,079,050 | ||||||||
4,000 | RESPARCS Funding LP I, 8% (b) | 3,454,400 | ||||||||
2,775 | Royal Bank of Scotland Group Plc, 6.99% (a)(b)(c) | 2,355,697 | ||||||||
1,960 | Royal Bank of Scotland Group Plc, 7.648% (a)(b) | 1,870,669 | ||||||||
3,700 | Royal Bank of Scotland Group Plc Series MTN, 7.64% (a)(b) | 3,186,403 | ||||||||
3,185 | Skandinaviska Enskilda Banken AB, 4.958% (a)(b)(c) | 2,852,903 | ||||||||
5,000 | Skandinaviska Enskilda Banken AB, 5.471% (a)(b)(c) | 4,511,985 | ||||||||
10,575 | Societe Generale, 5.922% (a)(b)(c) | 8,633,853 | ||||||||
4,925 | Standard Chartered Bank, 7.014% (a)(b)(c) | 4,287,587 | ||||||||
5,000 | Sumitomo Mitsui Banking Corp., 5.625% (a)(b)(c) | 4,229,105 | ||||||||
2,050 | SunTrust Preferred Capital I, 5.853% (a)(b) | 1,519,317 | ||||||||
79,922,582 | ||||||||||
Commercial Services & | 100 | FTI Consulting, Inc., 7.75%, 10/01/16 | 103,500 | |||||||
Supplies - 0.0% | ||||||||||
Containers & Packaging - 0.3% | 195 | Berry Plastics Holding Corp., 6.675%, 9/15/14 (a) | 154,050 | |||||||
340 | Berry Plastics Holding Corp., 8.875%, 9/15/14 | 296,650 | ||||||||
385 | Crown Americas LLC, 7.75%, 11/15/15 | 395,587 | ||||||||
240 | Impress Holdings BV, 5.838%, 9/15/13 (a)(c) | 199,200 | ||||||||
1,045,487 | ||||||||||
Diversified Financial | 8,900 | Bank of America Corp. Series K, 8% (a)(b) | 8,910,680 | |||||||
Services - 7.6% | 7,730 | JPMorgan Chase Capital XXI Series U, 4.062%, 2/02/37 (a) | 5,697,265 | |||||||
11,125 | JPMorgan Chase Capital XXV, 6.80%, 10/01/37 | 10,164,657 | ||||||||
24,772,602 | ||||||||||
Diversified Telecommunication | 290 | Cincinnati Bell, Inc., 7.25%, 7/15/13 | 284,925 | |||||||
Services - 1.1% | 1,705 | Qwest Communications International, Inc., 7.50%, 2/15/14 | 1,602,700 | |||||||
460 | Qwest Corp., 6.05%, 6/15/13 (a) | 414,000 | ||||||||
420 | Wind Acquisition Finance SA, 10.75%, 12/01/15 (c) | 428,400 |
4
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Par | ||||||||||
Industry | (000) | Corporate Bonds | Value | |||||||
$ | 640 | Windstream Corp., 8.125%, 8/01/13 | $ | 628,800 | ||||||
290 | Windstream Corp., 8.625%, 8/01/16 | 284,925 | ||||||||
3,643,750 | ||||||||||
Electric Utilities - 0.8% | 175 | Edison Mission Energy, 7.50%, 6/15/13 | 179,375 | |||||||
17 | Midwest Generation LLC Series B, 8.56%, 1/02/16 | 18,115 | ||||||||
2,675 | PPL Capital Funding, 6.70%, 3/30/67 (a) | 2,274,740 | ||||||||
2,472,230 | ||||||||||
Electrical Equipment - 0.1% | 425 | Superior Essex Communications LLC, 9%, 4/15/12 | 409,063 | |||||||
Electronic Equipment & | 140 | Sanmina-SCI Corp., 6.75%, 3/01/13 | 121,450 | |||||||
Instruments - 0.3% | 1,155 | Sanmina-SCI Corp., 8.125%, 3/01/16 | 1,022,175 | |||||||
1,143,625 | ||||||||||
Energy Equipment & | 70 | Compagnie Generale de Geophysique-Veritas, | ||||||||
Services - 0.2% | 7.50%, 5/15/15 | 71,050 | ||||||||
100 | Grant Prideco, Inc. Series B, 6.125%, 8/15/15 | 102,250 | ||||||||
350 | SemGroup LP, 8.75%, 11/15/15 (c) | 320,250 | ||||||||
493,550 | ||||||||||
Gas Utilities - 0.1% | 420 | Targa Resources, Inc., 8.50%, 11/01/13 | 386,400 | |||||||
Hotels, Restaurants & | 415 | American Real Estate Partners LP, 7.125%, 2/15/13 | 376,612 | |||||||
Leisure - 0.3% | 385 | Greektown Holdings, LLC, 10.75%, 12/01/13 (c) | 350,350 | |||||||
60 | Universal City Florida Holding Co. I, 7.989%, 5/01/10 (a) | 58,200 | ||||||||
40 | Wynn Las Vegas LLC, 6.625%, 12/01/14 | 38,500 | ||||||||
823,662 | ||||||||||
IT Services - 0.0% | 100 | SunGard Data Systems, Inc., 9.125%, 8/15/13 | 101,000 | |||||||
36 | SunGard Data Systems, Inc., 10.25%, 8/15/15 (c) | 36,180 | ||||||||
137,180 | ||||||||||
Insurance - 33.6% | 7,150 | AXA SA, 6.379% (a)(b)(c) | 5,763,408 | |||||||
6,350 | The Allstate Corp., 6.50%, 5/15/57 (a) | 5,229,453 | ||||||||
5,200 | The Allstate Corp. Series B, 6.125%, 5/15/67 (a) | 4,788,108 | ||||||||
5,555 | American International Group, Inc., 6.25%, 3/15/87 | 4,500,133 | ||||||||
9,025 | Chubb Corp., 6.375%, 3/29/67 (a) | 8,406,616 | ||||||||
7,135 | Everest Reinsurance Holdings, Inc., 6.60%, 5/01/67 (a) | 6,013,949 | ||||||||
1,475 | Genworth Financial, Inc., 6.15%, 11/15/66 (a) | 1,231,935 | ||||||||
9,000 | Kingsway America, Inc., 7.50%, 2/01/14 | 8,233,552 | ||||||||
5,025 | Liberty Mutual Group, Inc., 7%, 3/15/37 (a)(c) | 4,493,114 | ||||||||
3,370 | Lincoln National Corp., 7%, 5/17/66 (a) | 3,090,216 | ||||||||
2,500 | Lincoln National Corp., 6.05%, 4/20/67 (a) | 2,185,810 | ||||||||
6,375 | Metlife, Inc., 6.40%, 12/15/66 | 5,065,830 | ||||||||
4,850 | Nationwide Life Global Funding I, 6.75%, 5/15/67 | 4,036,267 | ||||||||
2,850 | PartnerRe Finance II, 6.44%, 12/01/66 (a) | 2,427,767 |
5
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Par
|
||||||||||
Industry | (000) | Corporate Bonds | Value | |||||||
$ | 5,775 | Progressive Corp., 6.70%, 6/15/37 (a) | $ | 5,143,336 | ||||||
6,000 | Prudential Plc, 6.50% (b) | 5,025,000 | ||||||||
4,250 | QBE Capital Funding II LP, 6.797% (a)(b)(c) | 3,850,245 | ||||||||
1,300 | Reinsurance Group of America, 6.75%, 12/15/65 (a) | 1,140,426 | ||||||||
9,425 | Swiss Re Capital I LP, 6.854% (a)(b)(c) | 8,770,566 | ||||||||
11,350 | The Travelers Cos., Inc., 6.25%, 3/15/67 (a) | 10,010,972 | ||||||||
2,600 | White Mountains Re Group Ltd., 7.506% (a)(b)(c) | 2,001,693 | ||||||||
650 | ZFS Finance (USA) Trust IV, 5.875%, 5/09/32 (a) | 614,777 | ||||||||
8,765 | ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(c) | 7,909,852 | ||||||||
109,933,025 | ||||||||||
Leisure Equipment & | 250 | Quiksilver, Inc., 6.875%, 4/15/15 | 201,250 | |||||||
Products - 0.1% | ||||||||||
Machinery - 0.1% | 460 | AGY Holding Corp., 11%, 11/15/14 (c) | 414,000 | |||||||
Marine - 0.1% | 211 | Navios Maritime Holdings, Inc., 9.50%, 12/15/14 (c) | 210,209 | |||||||
Media - 3.1% | 475 | Affinion Group, Inc., 10.125%, 10/15/13 | 472,031 | |||||||
230 | Affinion Group, Inc., 11.50%, 10/15/15 | 221,950 | ||||||||
110 | CMP Susquehanna Corp., 9.875%, 5/15/14 (c) | 75,900 | ||||||||
230 | Cablevision Systems Corp. Series B, 7.133%, 4/01/09 (a) | 228,275 | ||||||||
110 | Comcast Holdings Corp., 2%, 11/15/29 (d) | 4,145,900 | ||||||||
1,050 | Dex Media West LLC, 9.875%, 8/15/13 | 913,500 | ||||||||
175 | DirecTV Holdings LLC, 8.375%, 3/15/13 | 177,406 | ||||||||
200 | EchoStar DBS Corp., 5.75%, 10/01/08 | 199,000 | ||||||||
56 | EchoStar DBS Corp., 7%, 10/01/13 | 52,780 | ||||||||
75 | EchoStar DBS Corp., 7.125%, 2/01/16 | 69,937 | ||||||||
500 | Intelsat Bermuda Ltd., 9.25%, 6/15/16 | 503,750 | ||||||||
590 | Intelsat Corp., 9%, 6/15/16 | 594,425 | ||||||||
210 | Intelsat Subsidiary Holding Co. Ltd., 8.625%, 1/15/15 | 211,575 | ||||||||
1,195 | Nielsen Finance LLC, 10%, 8/01/14 | 1,189,025 | ||||||||
65 | PanAmSat Corp., 9%, 8/15/14 | 65,487 | ||||||||
350 | Paxson Communications Corp., 5.963%, 1/15/12 (a)(c) | 283,500 | ||||||||
240 | R.H. Donnelley Corp. Series A-3, 8.875%, 1/15/16 | 151,800 | ||||||||
902 | Windstream Regatta Holdings, Inc., 11%, 12/01/17 (c) | 550,220 | ||||||||
10,106,461 | ||||||||||
Metals & Mining - 0.8% | 940 | AK Steel Corp., 7.75%, 6/15/12 | 948,225 | |||||||
200 | Freeport-McMoRan Copper & Gold, Inc., 5.883%, 4/01/15 (a) | 196,500 | ||||||||
1,450 | Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/01/17 | 1,538,813 | ||||||||
2,683,538 |
6
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
Par | ||||||||||
Industry | (000) | Corporate Bonds | Value | |||||||
Multi-Utilities - 0.3% | $ | 925 | Puget Sound Energy, Inc. Series A, 6.974%, 6/01/67 (a) | $ | 833,625 | |||||
Oil, Gas & Consumable | 180 | Berry Petroleum Co., 8.25%, 11/01/16 | 184,050 | |||||||
Fuels - 1.6% | 220 | Chaparral Energy, Inc., 8.50%, 12/01/15 | 191,400 | |||||||
30 | Chesapeake Energy Corp., 6.875%, 11/15/20 | 29,100 | ||||||||
80 | Compton Petroleum Finance Corp., 7.625%, 12/01/13 | 76,600 | ||||||||
75 | EXCO Resources, Inc., 7.25%, 1/15/11 | 72,938 | ||||||||
550 | OPTI Canada, Inc., 8.25%, 12/15/14 | 544,500 | ||||||||
350 | Sabine Pass LNG LP, 7.50%, 11/30/16 | 337,750 | ||||||||
4,325 | TransCanada PipeLines Ltd., 6.35%, 5/15/67 (a) | 3,822,798 | ||||||||
55 | Whiting Petroleum Corp., 7.25%, 5/01/13 | 54,175 | ||||||||
5,313,311 | ||||||||||
Paper & Forest Products - | 80 | Domtar Corp., 7.125%, 8/15/15 | 75,400 | |||||||
0.1% | 270 | NewPage Corp., 10%, 5/01/12 | 274,050 | |||||||
349,450 | ||||||||||
Real Estate Investment Trusts | 2,000 | Rouse Co. LP, 5.375%, 11/26/13 | 1,565,610 | |||||||
(REITs) - 0.5% | ||||||||||
Road & Rail - 0.0% | 30 | Avis Budget Car Rental LLC, 5.565%, 5/15/14 (a) | 23,550 | |||||||
Specialty Retail - 0.6% | 190 | AutoNation, Inc., 4.713%, 4/15/13 (a) | 155,800 | |||||||
190 | AutoNation, Inc., 7%, 4/15/14 | 168,625 | ||||||||
1,199 | Lazy Days' R.V. Center, Inc., 11.75%, 5/15/12 | 953,205 | ||||||||
610 | Michaels Stores, Inc., 10%, 11/01/14 | 533,750 | ||||||||
1,811,380 | ||||||||||
Thrifts & Mortgage Finance - 0.2% | 1,400 | Washington Mutual Preferred Funding Delaware, 6.534% (a)(b)(c) | 737,730 | |||||||
Wireless Telecommunication | 845 | Nordic Telephone Co. Holdings ApS, 8.875%, | ||||||||
Services - 0.2% | 5/01/16 (c) | 819,650 | ||||||||
Total Corporate Bonds | ||||||||||
(Cost - $299,921,984) - 80.9% | 264,878,594 | |||||||||
Short-Term Securities | ||||||||||
4,000 | Federal Home Loan Bank, 1.50%, 4/01/08 | 4,000,000 | ||||||||
45,300 | Federal Home Loan Bank, 1.85%, 4/02/08 | 45,297,836 | ||||||||
1,000 | Federal Home Loan Bank, 1.80%, 4/18/08 | 999,178 | ||||||||
Total Short-Term Securities | ||||||||||
(Cost - $50,297,014) - 15.4% | 50,297,014 | |||||||||
Total Investments | ||||||||||
(Cost - $597,017,052*) - 162.6% | 532,120,064 | |||||||||
Other Assets Less Liabilities - 4.9% | 16,069,245 | |||||||||
Preferred Shares, at Redemption Value - (67.5%) | (220,911,832 | ) | ||||||||
Net Assets Applicable to Common Shares - 100.0% | $ | 327,277,477 |
7
BlackRock Preferred Opportunity Trust | ||||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||||
* | The cost and unrealized appreciation (depreciation) of investments as of March 31, 2008, as | |||||||||
computed for federal income tax purposes, were as follows: | ||||||||||
Aggregate cost | $ | 597,017,052 | ||||||||
Gross unrealized appreciation | $ | 2,700,614 | ||||||||
Gross unrealized depreciation | (67,533,385 | ) | ||||||||
Net unrealized depreciation | $ | (64,832,771 | ) | |||||||
(a) | Floating rate security. Rate shown is as of report date. | |||||||||
(b) | Security is a perpetual in nature and has no stated maturity date. In certain instances, a final | |||||||||
maturity date may be extended and/or the final payment may be deferred at the issuer's option | ||||||||||
for a specified time without default. | ||||||||||
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may | |||||||||
be resold in transactions exempt from registration to qualified institutional investors. The Fund is not | ||||||||||
obligated for costs associated with the registration of restricted securities. | ||||||||||
(d) | Convertible security. | |||||||||
(e) | All or a portion of security, with a market value of $4,516,866 have been pledged as collateral in | |||||||||
connection with open financial futures contracts. |
| Financial futures contracts purchased as of March 31, 2008 were as follows: | |||||||||||||
Expiration | Face | Unrealized | ||||||||||||
Contracts | Issue | Date | Value | Appreciation | ||||||||||
783 | 2-Year U.S. Treasury Bond | June 2008 | $ | 167,720,288 | $ | 355,556 | ||||||||
Total Unrealized Appreciation | $ | 355,556 | ||||||||||||
| Financial futures contracts sold as of March 31, 2008 were as follows: | |||||||||||||
Unrealized | ||||||||||||||
Expiration | Face | Appreciation | ||||||||||||
Contracts | Issue | Date | Value | (Depreciation) | ||||||||||
246 | 10-Year U.S. Treasury Bond | June 2008 | $ | 29,311,897 | $ | 49,428 | ||||||||
589 | 30-Year U.S. Treasury Bond | June 2008 | $ | 70,169,993 | (198,634 | ) | ||||||||
Total Unrealized Depreciation - Net | $ | (149,206 | ) | |||||||||||
| Swaps outstanding as of March 31, 2008 were as follows: | |||||||||||||
Notional | Unrealized | |||||||||||||
Amount | Appreciation | |||||||||||||
(000) | (Depreciation) | |||||||||||||
Bought credit default protection on Dow Jones CDX | ||||||||||||||
North America Investment Grade High Volatility | ||||||||||||||
Index Series 9 and pay 1.40% | ||||||||||||||
Broker, Lehman Brothers Special Financing | ||||||||||||||
Expires December 2012 | $ | 10,000 | $ | (207,661 | ) | |||||||||
Bought credit default protection on Dow Jones CDX | ||||||||||||||
North America Investment Grade High Volatility | ||||||||||||||
Index Series 9 and pay 1.40% | ||||||||||||||
Broker, Deutsche Bank AG London | ||||||||||||||
Expires December 2012 | $ | 10,000 | (200,584 | ) |
8
BlackRock Preferred Opportunity Trust | |||||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||||
Notional | Unrealized | ||||||||
Amount | Appreciation | ||||||||
(000) | (Depreciation) | ||||||||
Bought credit default protection on Capital One | |||||||||
Financial Corp. and pay 4.175% | |||||||||
Broker, Citibank, NA | |||||||||
Expires March 2013 | $ | 2,000 | $ | (61,880 | ) | ||||
Bought credit default protection on Capital One Financial Corp. and pay 4.20% | |||||||||
Broker, Deutsche Bank AG London | |||||||||
Expires March 2013 | $ | 1,000 | (31,950 | ) | |||||
Bought credit default protection on American | |||||||||
Express Company and pay 2.11% | |||||||||
Broker, Deutsche Bank AG London | |||||||||
Expires March 2013 | $ | 4,000 | (63,372 | ) | |||||
Bought credit default protection on Lehman | |||||||||
Brothers Holdings, Inc. and pay 4.95% | |||||||||
Broker, Deutsche Bank AG London | |||||||||
Expires March 2013 | $ | 2,000 | (162,790 | ) | |||||
Bought credit default protection on Kimco Realty | |||||||||
Corp. and pay 2.40% | |||||||||
Broker, Goldman Sachs International | |||||||||
Expires March 2018 | $ | 3,000 | (24,399 | ) | |||||
Bought credit default protection on Mack-Cali Realty, | |||||||||
L.P. and pay 3.10% | |||||||||
Broker, Goldman Sachs International | |||||||||
Expires March 2018 | $ | 1,000 | 23,270 | ||||||
Bought credit default protection on ERP Operating | |||||||||
Limited Partnership and pay 2.35% | |||||||||
Broker, Goldman Sachs International | |||||||||
Expires March 2018 | $ | 3,000 | 84,117 | ||||||
Total | $ | (645,249 | ) |
9
BlackRock Preferred Opportunity Trust
|
Effective January 1, 2008, the BlackRock Preferred Opportunity Trust (the Trust) adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
||
|
Level 1 price quotations in active markets/exchanges for identical securities |
||
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other marketcorroborated inputs) |
||
|
Level 3 unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trusts own assumptions used in determining the fair value of investments) |
||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of March 31, 2008 in determining the fair valuation of the Trusts investments:
Valuation | Investments in | Other Financial | |||
Inputs | Securities | Instruments* | |||
Level 1 | $ | 116,534,236 | $ | 206,350 | |
Level 2 | 415,585,828 | (645,249 | ) | ||
Level 3 | 0 | 0 | |||
Total | $ | 532,120,064 | $ | (438,899 | ) |
*Other financial instruments are derivative instruments such as futures and swaps. |
10
Item 2 Controls and Procedures
2(a) |
The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
2(b) |
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 3 Exhibits
Certifications Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Preferred Opportunity Trust | |
By: |
/s/
Donald C. Burke
|
Donald C. Burke | |
Chief Executive Officer of | |
BlackRock Preferred Opportunity Trust | |
Date: May 22, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/
Donald C. Burke
|
Donald C. Burke | |
Chief Executive Officer (principal executive officer) of | |
BlackRock Preferred Opportunity Trust | |
Date: May 22, 2008 | |
By: |
/s/
Neal J. Andrews
|
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock Preferred Opportunity Trust | |
Date: May 22, 2008 |
1 Year Blackrock Credit Allocation Income Trust Iii Chart |
1 Month Blackrock Credit Allocation Income Trust Iii Chart |
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