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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: 07/01/2008 09/30/2008
Item 1 Schedule of Investments
BlackRock Preferred Opportunity Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Industry | Corporate Bonds | (000) | Value | |||
Auto Components - 0.0% | Metaldyne Corp., 10%, 11/01/13 | USD | 125 | $18,750 | ||
Building Products - 0.9% | C8 Capital SPV Ltd., 6.64% (a)(b)(c) | 1,945 | 1,817,583 | |||
Chemicals - 0.1% | Key Plastics LLC, 11.75%, 3/15/13 (a) | 630 | 220,500 | |||
Commercial Banks - 25.5% | BNP Paribas, 7.195% (a)(b)(c)(d) | 12,175 | 8,464,060 | |||
Bank of Ireland Capital Funding II, LP, 5.571% (a)(b)(c) | 4,015 | 2,316,257 | ||||
Bank of Ireland Capital Funding III, LP, 6.107% (a)(b)(c) | 4,275 | 2,550,559 | ||||
CBA Capital Trust I, 5.805% (a)(b)(d) | 5,000 | 3,453,138 | ||||
Credit Agricole SA, 6.637% (a)(b)(c)(d) | 16,385 | 11,048,012 | ||||
Lloyds TSB Bank Plc, 6.90% (b) | 6,399 | 4,287,330 | ||||
RESPARCS Funding LP I, 8% (b) | 4,000 | 1,800,000 | ||||
Royal Bank of Scotland Group Plc, 7.648% (b)(c) | 1,960 | 1,610,828 | ||||
Royal Bank of Scotland Group Plc Series MTN, 7.64% (b)(c) | 3,700 | 2,756,567 | ||||
Societe Generale, 5.922% (a)(b)(c)(d) | 6,575 | 5,397,779 | ||||
Standard Chartered Bank, 7.014% (a)(b)(c) | 2,950 | 2,481,118 | ||||
Sumitomo Mitsui Banking Corp., 5.625% (a)(b)(c)(d) | 5,000 | 3,994,385 | ||||
SunTrust Preferred Capital I, 5.853% (b)(c) | 2,050 | 1,127,500 | ||||
51,287,533 | ||||||
Containers & Packaging - 0.1% | Impress Holdings BV, 7.878%, 9/15/13 (a)(c) | 240 | 204,000 | |||
Diversified Financial | Bank of America Corp. Series K, 8% (b)(c)(d) | 12,575 | 9,957,727 | |||
Services - 7.9% | JPMorgan Chase Capital XXI Series U, 3.741%, | |||||
2/02/37 (c)(d) | 7,730 | 5,990,734 | ||||
15,948,461 | ||||||
Diversified Telecommunication | Qwest Corp., 6.069%, 6/15/13 (c) | 460 | 391,000 | |||
Services - 0.2% | ||||||
Electric Utilities - 1.1% | PPL Capital Funding, 6.70%, 3/30/67 (c) | 2,675 | 2,167,785 | |||
Energy Equipment & Services - | Grant Prideco, Inc. Series B, 6.125%, 8/15/15 | 100 | 97,591 | |||
0.0% | ||||||
Hotels, Restaurants & | Greektown Holdings, LLC, 10.75%, 12/01/13 (a)(e)(f) | 362 | 249,780 | |||
Leisure - 0.1% | Wynn Las Vegas LLC, 6.625%, 12/01/14 | 40 | 34,100 | |||
283,880 | ||||||
Insurance - 31.4% | AXA SA, 6.379% (a)(b)(c)(d) | 7,150 | 3,990,408 | |||
The Allstate Corp. Series B, 6.125%, 5/15/67 (c) | 5,200 | 3,816,472 | ||||
American International Group, Inc., 8.175%, | ||||||
5/15/58 (a)(c) | 8,390 | 1,344,028 | ||||
American International Group, Inc., 6.25%, 3/15/87 (d) | 5,555 | 890,011 | ||||
Chubb Corp., 6.375%, 3/29/67 (c)(d) | 9,025 | 6,882,230 | ||||
Everest Reinsurance Holdings, Inc., 6.60%, 5/01/67 (c)(d) | 7,135 | 4,170,165 | ||||
Genworth Financial, Inc., 6.15%, 11/15/66 (c) | 1,475 | 645,948 | ||||
Kingsway America, Inc., 7.50%, 2/01/14 | 9,000 | 6,772,500 | ||||
Liberty Mutual Group, Inc., 7%, 3/15/37 (a)(c) | 5,025 | 3,542,590 | ||||
Liberty Mutual Group, Inc., 10.75%, 6/15/88 (a)(c) | 3,875 | 2,790,000 | ||||
Lincoln National Corp., 7%, 5/17/66 (c) | 3,370 | 2,569,915 | ||||
MetLife, Inc., 6.40%, 12/15/66 (d) | 6,375 | 3,974,404 | ||||
Nationwide Life Global Funding I, 6.75%, 5/15/67 (d) | 4,850 | 2,622,943 | ||||
PartnerRe Finance II, 6.44%, 12/01/66 (c) | 2,850 | 2,059,758 | ||||
Prudential Plc, 6.50% (b) | 6,000 | 2,580,000 |
1
BlackRock Preferred Opportunity Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Industry | Corporate Bonds | (000) | Value | |||
QBE Capital Funding II LP, 6.797% (a)(b)(c)(d) | USD | 4,250 | $3,393,060 | |||
Reinsurance Group of America, 6.75%, | ||||||
12/15/65 (c) | 1,300 | 846,537 | ||||
Swiss Re Capital I LP, 6.854% (a)(b)(c)(d) | 9,425 | 8,010,176 | ||||
White Mountains Re Group Ltd., 7.506% (a)(b)(c) | 2,600 | 1,706,783 | ||||
ZFS Finance (USA) Trust IV, 5.875%, 5/09/32 (a)(c) | 650 | 443,365 | ||||
63,051,293 | ||||||
Machinery - 0.2% | AGY Holding Corp., 11%, 11/15/14 | 460 | 409,400 | |||
Media - 2.5% | CMP Susquehanna Corp., 9.875%, 5/15/14 (a) | 110 | 61,600 | |||
Comcast Holdings Corp., 2%, 11/15/29 (g) | 110 | 4,344,719 | ||||
R.H. Donnelley Corp., 11.75%, 5/15/15 (a) | 134 | 81,740 | ||||
Windstream Regatta Holdings, Inc., 11%, 12/01/17 (a) | 902 | 505,120 | ||||
4,993,179 | ||||||
Metals & Mining - 0.8% | Freeport-McMoRan Copper & Gold, Inc., 7.084%, | |||||
4/01/15 (c) | 200 | 191,578 | ||||
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/01/17 | 1,400 | 1,379,000 | ||||
1,570,578 | ||||||
Multi-Utilities - 0.4% | Puget Sound Energy, Inc. Series A, 6.974%, 6/01/67 (c) | 925 | 781,625 | |||
Oil, Gas & Consumable Fuels - | Conoco Funding Co., 6.35%, 10/15/11 | 3,000 | 3,106,872 | |||
4.0% | EXCO Resources, Inc., 7.25%, 1/15/11 | 75 | 70,875 | |||
Plains All American Pipeline LP, 6.50%, 5/01/18 (a) | 1,540 | 1,389,231 | ||||
TransCanada PipeLines Ltd., 6.35%, 5/15/67 (c)(d) | 4,325 | 3,421,430 | ||||
7,988,408 | ||||||
Paper & Forest Products - 0.4% | International Paper Co., 8.70%, 6/15/38 | 900 | 901,668 | |||
Professional Services - 0.1% | FTI Consulting, Inc., 7.75%, 10/01/16 | 100 | 101,625 | |||
Specialty Retail - 0.3% | Lazy Days' R.V. Center, Inc., 11.75%, 5/15/12 | 1,199 | 515,570 | |||
Total Corporate Bonds - 76.0% | 152,750,429 | |||||
Capital Trusts | ||||||
Capital Markets - 4.6% | Credit Suisse Guernsey Ltd., 5.86% (b)(c) | 3,880 | 2,937,420 | |||
State Street Capital Trust III, 8.25% (b)(c) | 1,920 | 1,882,675 | ||||
State Street Capital Trust IV, 3.819%, 6/01/67 (c)(d) | 6,725 | 4,435,729 | ||||
9,255,824 | ||||||
Commercial Banks - 11.1% | Abbey National Capital Trust I, 8.963% (b)(c) | 1,425 | 1,525,390 | |||
BB&T Capital Trust IV, 6.82%, 6/12/77 (c)(d) | 9,150 | 6,020,609 | ||||
Barclays Bank Plc, 5.926% (a)(b)(c) | 3,185 | 2,214,910 | ||||
Barclays Bank Plc, 7.434% (a)(b)(c) | 580 | 472,303 | ||||
FCB/NC Capital Trust I, 8.05%, 3/01/28 | 1,100 | 1,037,817 | ||||
Huntington Capital III, 6.65%, 5/15/37 (c) | 1,925 | 708,700 | ||||
NBP Capital Trust III, 7.375% (b) | 2,000 | 1,290,000 | ||||
Regions Financing Trust II, 6.625%, 5/15/47 (c) | 1,970 | 1,110,385 | ||||
SMFG Preferred Capital USD 3 Ltd., 9.50% (a)(b)(c) | 1,725 | 1,642,397 | ||||
Wachovia Corp. Series K, 7.98% (b)(c)(d) | 5,875 | 2,455,398 | ||||
Wells Fargo Capital XIII Series GMTN, 7.70% (b)(c) | 1,700 | 1,482,417 | ||||
Westpac Capital Trust IV, 5.256% (a)(b)(c) | 3,000 | 2,318,970 | ||||
22,279,296 |
2
BlackRock Preferred Opportunity Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Industry | Capital Trusts | (000) | Value | |||
Diversified Financial | Bank of America Corp. Series M, | USD | 7,500 | $6,059,550 | ||
Services - 11.9% | 8.125% (b)(c)(d) | |||||
Citigroup, Inc. Series E, 8.40% (b)(c)(d) | 8,500 | 5,785,610 | ||||
JPMorgan Chase & Co., 7.90% (b)(c)(d) | 8,025 | 6,756,087 | ||||
JPMorgan Chase Capital XXIII, 3.804%, 5/15/77 (c) | 2,670 | 1,431,990 | ||||
JPMorgan Chase Capital XXV, 6.80%, 10/01/37 (d) | 5,075 | 3,890,261 | ||||
23,923,498 | ||||||
Insurance - 17.2% | AFC Capital Trust I Series B, 8.207%, 2/03/27 | 4,500 | 3,735,000 | |||
The Allstate Corp., 6.50%, 5/15/57 (c)(d) | 6,350 | 3,983,501 | ||||
American General Institutional Capital A, 7.57%, | ||||||
12/01/45 (a)(d) | 9,605 | 1,773,880 | ||||
Lincoln National Corp., 6.05%, 4/20/67 (c) | 2,500 | 1,650,000 | ||||
Mangrove Bay Pass-Through Trust, 6.102%, 7/15/33 (a)(c) | 5,000 | 2,285,450 | ||||
Progressive Corp., 6.70%, 6/15/37 (c)(d) | 5,775 | 4,705,262 | ||||
The Travelers Cos., Inc., 6.25%, 3/15/67 (c)(d) | 11,350 | 8,729,671 | ||||
ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(c)(d) | 8,765 | 5,872,550 | ||||
Zenith National Insurance Capital Trust I, 8.55%, | ||||||
8/01/28 (a) | 1,800 | 1,719,000 | ||||
34,454,314 | ||||||
Thrifts & Mortgage Finance - 0.6% | Webster Capital Trust IV, 7.65%, 6/15/37 (c) | 1,925 | 1,278,006 | |||
Total Capital Trusts - 45.4% | 91,190,938 | |||||
Preferred Stocks | Shares | |||||
Capital Markets - 0.0% | Lehman Brothers Holdings Inc. Series D, 5.67% (e)(f) | 31,100 | 2,177 | |||
Commercial Banks - 9.9% | Banesto Holdings, Ltd. Series A, 10.50% | 30,000 | 774,375 | |||
Barclays Bank Plc, 8.125% | 100,000 | 1,710,000 | ||||
First Republic Preferred Capital Corp., 7.25% | 120,000 | 1,980,000 | ||||
HSBC USA, Inc. Series H, 6.50% | 330,000 | 6,435,000 | ||||
Royal Bank of Scotland Group Plc Series L, 5.75% | 10,000 | 85,000 | ||||
Royal Bank of Scotland Group Plc Series M, 6.40% | 10,000 | 92,600 | ||||
Santander Finance Preferred SA Unipersonal, 6.50% | 258,000 | 4,386,000 | ||||
Santander Finance Preferred SA Unipersonal, 6.80% | 85,000 | 1,402,500 | ||||
Union Planter Preferred Funding Corp., 7.75% (a) | 60 | 2,400,000 | ||||
Wachovia Corp. Series J, 8% | 84,700 | 707,245 | ||||
19,972,720 | ||||||
Diversified Financial | Bank of America Corp. Series H, 8.20% | 140,000 | 3,185,000 | |||
Services - 6.5% | Citigroup, Inc. Series AA, 8.125% | 245,000 | 4,042,500 | |||
Citigroup, Inc. Series T, 6.50% (g) | 65,000 | 2,665,000 | ||||
JPMorgan Chase & Co. Series E, 6.15% | 75,000 | 2,947,500 | ||||
12,840,000 | ||||||
Electric Utilities - 0.6% | Alabama Power Co., 6.50% | 50,000 | 1,225,000 | |||
Insurance - 10.1% | Arch Capital Group Ltd. Series A, 8% | 117,414 | 2,383,504 | |||
Aspen Insurance Holdings Ltd., 7.401% (c) | 115,000 | 1,633,000 | ||||
Endurance Specialty Holdings Ltd. Series A, 7.75% | 172,400 | 2,413,600 | ||||
MetLife, Inc. Series B, 6.50% | 314,500 | 4,881,040 | ||||
PartnerRe Ltd. Series C, 6.75% | 209,400 | 3,402,750 | ||||
Prudential Plc, 6.50% | 62,000 | 669,600 |
3
BlackRock Preferred Opportunity Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Industry | Preferred Stocks | Shares | Value | |||
RenaissanceRe Holding Ltd. Series D, 6.60% | 210,000 | $3,049,200 | ||||
Zurich RegCaPS Funding Trust, 6.58% (a)(c) | 2,000 | 1,873,750 | ||||
20,306,444 | ||||||
Real Estate Investment Trusts | BRE Properties, Inc. Series D, 6.75% | 20,000 | 356,400 | |||
(REITs) - 2.9% | Public Storage Series F, 6.45% | 20,000 | 318,800 | |||
Public Storage Series M, 6.625% | 35,000 | 612,500 | ||||
SunTrust Real Estate Investment Trust, 9% | 30 | 2,810,625 | ||||
Weingarten Realty Investors Series F, 6.50% | 95,000 | 1,710,000 | ||||
5,808,325 | ||||||
Total Preferred Stocks - 30.0% | 60,154,666 | |||||
Par | ||||||
Trust Preferreds | (000) | |||||
Capital Markets - 1.8% | Deutsche Bank Contingent Capital Trust V, | |||||
8.05% (b) | USD | 2,063 | 1,666,044 | |||
Structured Asset Trust Unit Repackagings (SATURNS), | ||||||
Credit Suisse First Boston (USA), Inc. Debenture Backed | ||||||
Series 2003-13, 6.25%, 7/15/32 | 277 | 149,615 | ||||
Structured Asset Trust Unit Repackagings (SATURNS), | ||||||
Goldman Sachs Group, Inc. Debenture Backed Series 2003- | ||||||
06, 6%, 2/15/33 | 2,572 | 1,755,312 | ||||
3,570,971 | ||||||
Commercial Banks - 0.4% | Keycorp Capital V, 5.875%, 7/30/33 | 2,550 | 794,446 | |||
Diversified Financial Services - | PPLUS Trust Certificates Series VAL-1 Class A, 7.25%, | |||||
0.1% | 4/15/32 | 278 | 259,330 | |||
Food Products - 1.0% | Corporate-Backed Trust Certificates, Kraft Foods, Inc. | |||||
Debenture Backed Series 2003-11, 5.875%, 11/01/31 | 2,500 | 2,023,935 | ||||
Insurance - 1.4% | Everest Re Capital Trust, 6.20%, 3/29/34 | 750 | 427,374 | |||
Financial Security Assurance Holdings Ltd., 5.60%, | ||||||
7/15/03 | 380 | 76,658 | ||||
ING Groep NV, 7.20% (b) | 1,750 | 950,859 | ||||
PLC Capital Trust IV, 7.25%, 9/25/32 | 460 | 250,240 | ||||
The Phoenix Cos., Inc., 7.45%, 1/15/32 | 1,985 | 1,123,365 | ||||
2,828,496 | ||||||
Media - 4.6% | Comcast Corp., 7%, 9/15/55 | 1,250 | 956,135 | |||
Comcast Corp., 6.625%, 5/15/56 | 11,750 | 8,219,580 | ||||
Corporate-Backed Trust Certificates, News America | ||||||
Debenture Backed Series 2002-9, 8.125%, 12/01/45 | 180 | 124,805 | ||||
9,300,520 | ||||||
Oil, Gas & Consumable Fuels - | Nexen, Inc., 7.35%, 11/01/43 | 3,875 | 3,099,289 | |||
1.5% | ||||||
Thrifts & Mortgage Finance - 2.1% | Countrywide Capital V, 7%, 11/01/66 | 750 | 229,798 | |||
Countrywide Financial Corp., 6.75%, 4/01/33 | 10,900 | 3,882,399 | ||||
4,112,197 |
4
BlackRock Preferred Opportunity Trust | |||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | |||||||
Short-Term Securities | (000) | Value | |||||
Wireless Telecommunication | Structured Repackaged Asset-Backed Trust | ||||||
Services - 0.6% | Securities, Sprint Capital Corp. Debenture Backed | ||||||
Series 2004-2, 6.50%, 11/15/28 | USD | 2,586 | $1,215,016 | ||||
Total Trust Preferreds - 13.5% | 27,204,200 | ||||||
Total Long-Term Investments | |||||||
(Cost - $488,033,828) - 164.9% | 331,300,233 | ||||||
U.S. Government | Federal Home Loan Banks, 1.85%, 10/01/08 | 31,700 | 31,700,000 | ||||
Obligations (i) - 27.8% | Federal Home Loan Banks, 0.75%, 10/09/08 | 13,900 | 13,897,683 | ||||
Federal Home Loan Banks, 2.05%, 10/17/08 | 1,000 | 999,089 | |||||
Freddie Mac Discount Notes, 2.09%, 11/04/08 (h) | 4,000 | 3,992,256 | |||||
Freddie Mac, 2.38%, 11/17/08 | 5,200 | 5,184,182 | |||||
Total Short-Term Securities | |||||||
(Cost - $55,773,210) - 27.8% | 55,773,210 | ||||||
Total Investments | |||||||
(Cost - $543,807,038*) - 192.7% | 387,073,443 | ||||||
Liabilities in Excess of Other Assets - (37.7)% | (75,684,387 | ) | |||||
Preferred Shares, at Redemption Value - (55.0)% | (110,488,562 | ) | |||||
Net Assets Applicable to Common Shares - 100.0% | $200,900,494 |
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ | 544,062,857 |
Gross unrealized appreciation | $ | 1,375,227 |
Gross unrealized depreciation | (158,364,641) | |
Net unrealized depreciation | $ | (156,989,414) |
(a) | 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. | |
(b) | Security is a perpetual in nature and has no stated maturity date. | |
(c) | Variable rate security. Rate shown is as of report date. | |
(d) | All or a portion of security, pledged as collateral for reverse repurchase agreements. |
Interest | Trade | Maturity | Net Closing | Face | ||
Counterparty | Rate | Date | Date | Amount | Value | |
Barclay's Bank Plc | 3.565 % | 9/05/08 | 5/15/09 | $ 18,656,625 | $ 18,209,422 | |
Barclay's Bank Plc | 3.565 % | 9/04/08 | 5/15/09 | 10,532,126 | 10,278,675 | |
Barclay's Bank Plc | 3.564 % | 9/03/08 | 5/15/09 | 16,298,503 | 15,901,812 | |
Barclay's Bank Plc | 3.564 % | 9/25/08 | 5/15/09 | 3,698,024 | 3,615,000 | |
Barclay's Bank Plc | 3.564 % | 9/25/08 | 5/15/09 | 10,749,744 | 10,509,421 | |
Barclay's Bank Plc | 3.565 % | 9/25/08 | 5/15/09 | 19,624,870 | 19,185,982 | |
Barclay's Bank Plc | 3.565 % | 9/25/08 | 5/15/09 | 12,653,967 | 12,370,976 | |
Total | $ 92,213,859 | $ 90,071,288 |
(e) | Non-income producing security. | |
(f) | Issuer filed for bankruptcy or is in default of interest payments. | |
(g) | Convertible security. | |
(h) | All or a portion of security, pledged as collateral in connection with open financial future contracts. | |
(i) | Rate shown is the yield to maturity as of the date of purchase. |
5
BlackRock Preferred Opportunity Trust
Schedule of Investments September 30, 2008 (Unaudited)
| Financial futures contracts purchased as of September 30, 2008 were as follows: | ||||
Expiration | Unrealized | ||||
Contracts | Issue | Date | Face Value | Depreciation | |
307 | 2-Year U.S. | ||||
Treasury Bond | December 2008 |
$ 65,981,764
|
$
(456,452)
|
| Financial futures contracts sold as of September 30, 2008 were as follows: | ||||
Expiration | Unrealized | ||||
Contracts | Issue | Date | Face Value | Depreciation | |
494 | 5-Year U.S. | ||||
Treasury Bond | December 2008 | $ 55,124,859 |
$
(318,922)
|
| Swaps outstanding as of September 30, 2008 were as follows: | |||||||
Notional | Unrealized | |||||||
Amount | Appreciation | |||||||
(000) | (Depreciation) | |||||||
Bought credit default protection on Dow Jones | ||||||||
CDX North America Investment Grade Index | ||||||||
Series 10 Volume 2 and pay 1.55% | ||||||||
Broker, Deutsche Bank Securities Inc. | ||||||||
Expires June 2013 | USD | 8,300 | $ (51,601) | |||||
Bought credit default protection on Itraxx FinSub | ||||||||
Series 9 Volume 1 and pay 2.90% | ||||||||
Broker, Deutsche Bank Securities Inc. | ||||||||
Expires June 2013 | EUR | 4,000 | 27,757 | |||||
Bought credit default protection on Itraxx Euro | ||||||||
Series 9 Volume 1 and receive 1.65% | ||||||||
Broker, Deutsche Bank Securities Inc. | ||||||||
Expires June 2013 | EUR | 4,000 | (159,454) | |||||
Bought credit default protection on Itraxx FinSub | ||||||||
Series 9 Volume 1 and pay 2.90% | ||||||||
Broker, Deutsche Bank Securities Inc. | ||||||||
Expires June 2013 | EUR | 4,000 | (82,327) | |||||
Bought credit default protection on Dow Jones | ||||||||
CDX North America Investment Grade Index | ||||||||
Class 10 Volume 2 and pay 1.55% | ||||||||
Broker, Deutsche Bank Securities Inc. | ||||||||
Expires June 2013 | USD | 8,300 | (171,827) |
6
BlackRock Preferred Opportunity Trust
Schedule of Investments September 30, 2008 (Unaudited)
Notional | ||||||
Amount | Unrealized | |||||
(000) | Depreciation | |||||
Bought credit default protection on Mack-Cali | ||||||
Realty, L.P. and pay 3.10% | ||||||
Broker, Goldman Sachs & Co. | ||||||
Expires March 2018 | USD | 1,000 | $ | (35,706) | ||
Bought credit default protection on ERP Operating | ||||||
Limited Partnership and pay 2.35% | ||||||
Broker, Goldman Sachs & Co. | ||||||
Expires March 2018 | USD | 3,000 | (9,882) | |||
Total | $ | (483,040) |
| Foreign currency exchange contracts purchased as of September 30, 2008 were as follows: | |||||||
Unrealized
|
||||||||
Settlement |
Appreciation
|
|||||||
Currency Purchased | Currency Sold | Date |
(Depreciation)
|
|||||
EUR | 244,600 | USD | 357,874 | 10/23/08 | $ | (12,662 |
)
|
|
USD | 250,345 | EUR | 173,500 | 10/23/08 | 5,479 | |||
Total | $ | (7,183 |
)
|
| Currency Abbreviations: | |
EUR | Euro | |
USD | U.S. Dollar |
7
BlackRock Preferred Opportunity Trust
Schedule of Investments September 30, 2008 (Unaudited)
Effective January 1, 2008, the Trust adopted Financial Accounting Standards Board 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 market-corroborated inputs)
Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption 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 Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Trust's investments:
Valuation | Investments in | Other Financial | |||
Inputs | Securities | Instruments* | |||
Level 1 | $ | 62,965,367 | $ | (775,374 |
)
|
Level 2 | 324,108,076 | (490,223 |
)
|
||
Level 3 | - | - | |||
Total | $ | 387,073,443 | $ | (1,265,597 |
)
|
* Other financial instruments are swaps, futures and options.
8
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: November 24, 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: November 24, 2008 | |
By: |
/s/ Neal J. Andrews
|
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock Preferred Opportunity Trust | |
Date: November 24, 2008 |
1 Year Blackrock Credit Allocation Income Trust Iii Chart |
1 Month Blackrock Credit Allocation Income Trust Iii Chart |
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