- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

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 Registrant’s telephone number, including area code: [phone], Option 4 Date of fiscal year end: 10/31/2009 Date of reporting period: 11/01/2008 – 01/31/2009 Item 1 – Schedule of Investments

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BlackRock Preferred Opportunity Trust
Schedule of Investments January 31, 2009 (Unaudited)				(Percentages shown are based on Net Assets)
		Preferred Securities
						Par
Industry		Capital Trusts				(000)				Value
Building Products - 0.6%		C8 Capital SPV Ltd., 6.64% (a)(b)(c)				$ 1,945				$ 816,667
Capital Markets - 2.4%		State Street Capital Trust III, 8.25% (b)(c)						1,385		1,053,112
		State Street Capital Trust IV, 2.996%, 6/01/67 (b)						6,725		2,293,185
										3,346,297
Commercial Banks - 22.7%		Abbey National Capital Trust I, 8.963% (b)(c)						1,425		925,163
		BB&T Capital Trust IV, 6.82%, 6/12/77 (b)						9,150		5,394,986
		Bank of Ireland Capital Funding II, LP,
		5.571% (a)(b)(c)						4,015		399,011
		Bank of Ireland Capital Funding III, LP,
		6.107% (a)(b)(c)						4,275		425,050
		Barclays Bank Plc, 5.926% (a)(b)(c)						6,885		2,958,484
		CBA Capital Trust I, 5.805% (a)(c)(d)						5,000		2,617,050
		FCB/NC Capital Trust I, 8.05%, 3/01/28						1,100		925,703
		Huntington Capital III, 6.65%, 5/15/37 (b)						1,415		603,216
		Lloyds TSB Bank Plc, 6.90% (c)						6,399		2,239,650
		NBP Capital Trust III, 7.375% (c)						2,000		634,000
		National City Preferred Capital Trust I, 12% (b)(c)						600		539,304
		RESPARCS Funding LP I, 8% (c)						4,000		800,000
		Regions Financing Trust II, 6.625%, 5/15/47 (b)						1,970		1,037,812
		Royal Bank of Scotland Group Plc, 7.648% (b)(c)						1,960		568,126
		SMFG Preferred Capital USD 3 Ltd., 9.50% (a)(b)(c)						1,725		1,641,247
		Standard Chartered Bank, 7.014% (a)(b)(c)						2,950		1,153,600
		SunTrust Preferred Capital I, 5.853% (b)(c)						1,800		936,000
		Wells Fargo & Co. Series K, 7.98% (b)(c)						7,475		4,634,500
		Wells Fargo Capital XIII Series GMTN, 7.70% (b)(c)						1,700		1,218,874
		Westpac Capital Trust IV, 5.256% (a)(b)(c)						3,000		1,482,840
										31,134,616
Diversified Financial		Bank of America Corp. Series K, 8% (b)(c)(d)						4,020		2,129,193
Services - 15.2%		Bank of America Corp. Series M, 8.125% (b)(c)(d)						7,500		3,891,675
		JPMorgan Chase & Co., 7.90% (b)(c)(d)						8,115		6,167,806
		JPMorgan Chase Capital XXI Series U, 2.12%,
		2/02/37 (b)(e)						7,730		3,480,425
		JPMorgan Chase Capital XXIII, 3.149%, 5/15/77 (b)(d)						2,670		1,068,959
		JPMorgan Chase Capital XXV, 6.80%, 10/01/37 (d)						5,075		4,006,398
										20,744,456
Electric Utilities - 1.1%		PPL Capital Funding, 6.70%, 3/30/67 (b)						2,675		1,471,250
Insurance - 48.7%		AFC Capital Trust I Series B, 8.207%, 2/03/27						4,500		2,925,000
		The Allstate Corp., 6.50%, 5/15/57 (b)						6,350		4,099,681
		The Allstate Corp. Series B, 6.125%, 5/15/67 (b)						5,200		3,446,914
		American General Institutional Capital A,
		7.57%, 12/01/45 (a)						9,605		3,990,003
		American International Group, Inc., 8.175%,
		5/15/58 (a)(b)						6,690		2,483,254
		American International Group, Inc., 6.25%, 3/15/87						5,555		1,798,431
		Chubb Corp., 6.375%, 3/29/67 (b)(d)						9,025		6,091,830
		Everest Reinsurance Holdings, Inc., 6.60%,
		5/01/67 (b)						7,135		2,940,740

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BlackRock Preferred Opportunity Trust
Schedule of Investments January 31, 2009 (Unaudited)				(Percentages shown are based on Net Assets)
						Par
Industry		Capital Trusts				(000)		Value
		Genworth Financial, Inc., 6.15%, 11/15/66 (b)				$ 1,475		$ 249,381
		Liberty Mutual Group, Inc., 7%, 3/15/37 (a)(b)				5,025		2,338,952
		Liberty Mutual Group, Inc., 10.75%, 6/15/88 (a)(b)				3,875		2,325,000
		Lincoln National Corp., 7%, 5/17/66 (b)(d)				3,370		1,557,108
		Lincoln National Corp., 6.05%, 4/20/67 (b)				2,500		1,125,000
		MetLife, Inc., 6.40%, 12/15/66				6,375		3,875,911
		Nationwide Life Global Funding I, 6.75%, 5/15/67				4,850		2,119,620
		PartnerRe Finance II, 6.44% (b)				2,850		1,108,117
		Progressive Corp., 6.70%, 6/15/37 (b)				5,775		3,253,525
		Prudential Plc, 6.50% (c)				6,000		2,880,000
		Reinsurance Group of America, 6.75%, 12/15/65 (b)				1,300		482,631
		Swiss Re Capital I LP, 6.854% (a)(b)(c)(d)				9,425		3,273,877
		The Travelers Cos., Inc., 6.25%, 3/15/67 (b)(d)				11,350		7,488,560
		White Mountains Re Group Ltd., 7.506% (a)(b)(c)				2,600		891,777
		ZFS Finance (USA) Trust IV, 5.875%, 5/09/32 (a)(b)				650		240,779
		ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(b)(d)				8,765		3,944,250
		Zenith National Insurance Capital Trust I,
		8.55%, 8/01/28 (a)				1,800		1,687,500
								66,617,841
Multi-Utilities - 0.3%		Puget Sound Energy, Inc. Series A, 6.974%,
		6/01/67 (b)				925		469,437
Oil, Gas & Consumable Fuels - 1.8%		TransCanada PipeLines Ltd., 6.35%, 5/15/67 (b)				4,325		2,461,275
Thrifts & Mortgage Finance - 0.6%		Webster Capital Trust IV, 7.65%, 6/15/37 (b)				1,925		791,325
		Total Capital Trusts - 93.4%						127,853,164
		Preferred Stocks				Shares
Capital Markets - 0.0%		Lehman Brothers Holdings, Inc. Series D, 5.67%				31,100		778
Commercial Banks - 9.1%		Banesto Holdings, Ltd. Series A, 10.50%				30,000		805,314
		Barclays Bank Plc, 8.125%				100,000		1,400,000
		First Republic Preferred Capital Corp., 7.25%				120,000		1,711,200
		HSBC USA, Inc. Series H, 6.50%				330,000		5,969,700
		Royal Bank of Scotland Group Plc Series L, 5.75%				10,000		45,400
		Royal Bank of Scotland Group Plc Series M, 6.40%				10,000		50,500
		Santander Finance Preferred SA Unipersonal, 6.80%				75,000		1,277,250
		Union Planter Preferred Funding Corp., 7.75% (a)				60		1,200,000
								12,459,364
Diversified Financial Services - 3.0%		Citigroup, Inc. Series T, 6.50% (f)				65,000		991,250
		JPMorgan Chase & Co. Series E, 6.15%				75,000		3,073,500
								4,064,750
Electric Utilities - 0.9%		Alabama Power Co., 6.50%				50,000		1,150,000
Insurance - 17.0%		Arch Capital Group Ltd. Series A, 8%				117,414		2,583,108
		Aspen Insurance Holdings Ltd., 7.401% (b)				115,000		1,688,200
		Endurance Specialty Holdings Ltd. Series A, 7.75%				172,400		2,796,328
		MetLife, Inc. Series B, 6.50%				314,500		5,409,400
		PartnerRe Ltd. Series C, 6.75%				209,400		4,188,000
		Prudential Plc, 6.50%				62,000		1,044,700
		RenaissanceRe Holding Ltd. Series D, 6.60%				210,000		3,864,000
		XL Capital Ltd. Series C, 6.10% (b)				200,000		50,000

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BlackRock Preferred Opportunity Trust
Schedule of Investments January 31, 2009 (Unaudited)				(Percentages shown are based on Net Assets)
Industry		Preferred Stocks				Shares		Value
		Zurich RegCaPS Funding Trust, 6.58% (a)(b)				2,000		$ 1,693,125
								23,316,861
Real Estate Investment Trusts		BRE Properties, Inc. Series D, 6.75%				20,000		331,000
(REITs) - 3.2%		Public Storage Series F, 6.45%				20,000		371,800
		Public Storage Series M, 6.625%				35,000		700,000
		SunTrust Real Estate Investment Trust, 9%				30		3,027,187
								4,429,987
		Total Preferred Stocks - 33.2%						45,421,740
						Par
		Trust Preferreds				(000)
Capital Markets - 1.3%		Structured Asset Trust Unit Repackagings
		(SATURNS), Credit Suisse First Boston (USA),
		Inc. Debenture Backed Series 2003-13, 6.25%,
		7/15/32				$ 277		210,260
		Structured Asset Trust Unit Repackagings
(SATURNS), Goldman Sachs Group, Inc. Debenture
		Backed Series 2003-06, 6%, 2/15/33				2,573		1,627,157
								1,837,417
Commercial Banks - 0.9%		KeyCorp Capital V, 5.875%, 7/30/33				2,550		1,231,809
Diversified Financial		ING Groep NV, 7.20% (c)				1,750		885,850
Services - 0.8%		PPLUS Trust Certificates Series VAL-1 Class A,
		7.25%, 4/15/32				277		246,445
								1,132,295
Food Products - 1.6%		Corporate-Backed Trust Certificates, Kraft Foods,
		Inc. Debenture Backed Series 2003-11, 5.875%,
		11/01/31				2,500		2,238,267
Insurance - 1.0%		Everest Re Capital Trust, 6.20%, 3/29/34				750		517,138
		Financial Security Assurance Holdings Ltd.,
		5.60%, 7/15/03				380		129,960
		The Phoenix Cos., Inc., 7.45%, 1/15/32				1,985		683,257
								1,330,355
Media - 8.4%		Comcast Corp., 7%, 9/15/55				1,250		1,135,576
		Comcast Corp., 6.625%, 5/15/56				11,750		10,199,000
Corporate-Backed Trust Certificates, News America
		Debenture Backed Series 2002-9, 8.125%, 12/01/45				180		128,949
								11,463,525
Oil, Gas & Consumable Fuels - 2.2%		Nexen, Inc., 7.35%, 11/01/43				3,875		2,976,000
Thrifts & Mortgage Finance - 1.6%		Countrywide Financial Corp., 6.75%, 4/01/33				4,515		2,159,017
Wireless Telecommunication		Structured Repackaged Asset-Backed Trust
Services - 0.6%		Securities, Sprint Capital Corp. Debenture
		Backed Series 2004-2, 6.50%, 11/15/28				2,586		821,862
		Total Trust Preferreds - 18.4%						25,190,547
		Total Preferred Securities - 145.0%						198,465,451
		Corporate Bonds
Beverages - 1.2%		Anheuser-Busch InBev Worldwide, Inc., 8.20%,
		1/15/39 (a)				1,700		1,713,121
Chemicals - 0.1%		Key Plastics LLC, 11.75%, 3/15/13 (a)(g)				630		100,800
Commercial Banks - 2.9%		Mizuho Capital Investment 1 Ltd., 6.686% (a)(b)(c)				5,000		3,217,700

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BlackRock Preferred Opportunity Trust
Schedule of Investments January 31, 2009 (Unaudited)				(Percentages shown are based on Net Assets)
						Par
Industry		Corporate Bonds				(000)		Value
		Wachovia Corp., 5.50%, 5/01/13				$ 800		$ 824,530
								4,042,230
Containers & Packaging - 0.1%		Impress Holdings BV, 4.219%, 9/15/13 (a)(b)				240		171,446
Diversified Telecommunication		Qwest Corp., 5.246%, 6/15/13 (b)				460		393,300
Services - 0.3%
Hotels, Restaurants &		Greektown Holdings, LLC, 10.75%, 12/01/13 (a)(g)(h)				362		68,780
Leisure - 0.1%		Wynn Las Vegas LLC, 6.625%, 12/01/14				20		14,575
								83,355
Insurance - 8.7%		AXA SA, 6.379% (a)(b)(c)				7,150		3,091,202
		Kingsway America, Inc., 7.50%, 2/01/14				9,000		5,850,000
		QBE Insurance Group Ltd., 9.75%, 3/14/14 (a)				2,975		2,949,596
								11,890,798
Machinery - 0.2%		AGY Holding Corp., 11%, 11/15/14				460		246,100
Media - 2.6%		CMP Susquehanna Corp., 9.875%, 5/15/14				110		3,575
		Comcast Holdings Corp., 2%, 11/15/29 (f)				110		3,291,542
		Local Insight Regatta Holdings, Inc., 11%, 12/01/17				902		225,500
								3,520,617
Metals & Mining - 0.5%		Freeport-McMoRan Copper & Gold, Inc.,
		7.084%, 4/01/15 (b)				200		142,000
		Freeport-McMoRan Copper & Gold, Inc.,
		8.375%, 4/01/17				735		610,050
								752,050
Oil, Gas & Consumable Fuels - 0.0%		EXCO Resources, Inc., 7.25%, 1/15/11				75		63,000
Paper & Forest Products - 0.5%		International Paper Co., 8.70%, 6/15/38				900		626,401
Professional Services - 0.1%		FTI Consulting, Inc., 7.75%, 10/01/16				100		94,500
Specialty Retail - 0.1%		Lazy Days' R.V. Center, Inc., 11.75%, 5/15/12 (g)				1,182		118,200
		Total Corporate Bonds - 17.4%						23,815,918
		Investment Companies				Shares
		UltraShort Real Estate ProShares				60,000		3,559,200
		Total Investment Companies - 2.6%						3,559,200
		Total Investments (Cost - $397,934,704*) - 165.0%						225,840,569
		Other Assets Less Liabilities - 1.1%						1,470,542
		Preferred Shares, at Redemption Value - (66.1)%						(90,458,971)
		Net Assets Applicable to Common Shares - 100.0%						$ 136,852,140

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009,
as computed for federal income tax purposes, were as follows:

Aggregate cost		$ 396,952,225
Gross unrealized appreciation		$ 447,878
Gross unrealized depreciation		(171,559,534)
Net unrealized depreciation		$ (171,111,656)

(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)	Variable rate security. Rate shown is as of report date.
(c)	Security is perpetual in nature and has no stated maturity date.
(d)	All or a portion of security held as collateral in connection with open reverse repurchase agreements.
(e)	All or a portion of security held as collateral in connection with open financial futures contracts.

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BlackRock Preferred Opportunity Trust Schedule of Investments January 31, 2009 (Unaudited)

(f)	Convertible security.
(g)	Issuer filed for bankruptcy and/or is in default of interest payments.
(h)	Non-income producing security.

• For Trust compliance purposes, the Trust's industry classifications refer to any one or more of the industry sub- classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.
• Reverse repurchase agreements outstanding as of January 31, 2009 were as follows:

Interest

Trade

Maturity

Net Closing

Face

Counterparty

Rate

Date

Date

Amount

Amount

Barclays Bank Plc

2.75%

12/03/08

5/15/09

$ 3,347,169

$ 3,306,255

Barclays Bank Plc

2.943

12/05/08

5/15/09

8,531,370

8,422,598

Barclays Bank Plc

2.94

12/05/08

5/15/09

6,951,927

6,863,920

Barclays Bank Plc

2.75

1/13/09

5/15/09

1,792,113

1,775,835

Total

$ 20,622,579

$ 20,368,608

•

Financial futures contracts purchased as of January 31, 2009 were as follows:

Expiration

Face

Unrealized

Contracts

Issue

Date

Value

Depreciation

114

10-Year US Treasury Bond

March 2009

$ 14,155,431

$ (170,837)

• Credit default swaps on single name issues - buy protection outstanding as of January 31, 2009 were as follows:

		Pay						Notional		Unrealized
		Fixed						Amount		Appreciation
Issuer		Rate		Counterparty		Expiration		(000)		(Depreciation)
Altria Group, Inc.		1.03%		Deutsche Bank AG		December 2013		$ 4,000		$ 22,724
American Express Co.		4.05%		Citibank, NA		December 2013		$ 2,000		(95,284)
Carnival Corp.		2.35%		Goldman Sachs
				Bank USA		December 2013		$ 2,000		98,422
Total										$ 25,862

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BlackRock Preferred Opportunity Trust Schedule of Investments January 31, 2009 (Unaudited) • Credit default swaps on single name issues - sold protection outstanding as of January 31, 2009 were as follows:

Receive

Notional

Fixed

Credit

Amount (2)

Unrealized

Issuer

Rate

Counterparty

Expiration

Rating (1)

(000)

Depreciation

Philip Morris

Deutsche

December

International, Inc.

1.73%

Bank AG

2013

A

$ 4,000

$ (17,280)

(1)	Using Standard and Poor's ratings of the issuer.
(2)	The maximum potential amount the Trust may receive should a negative credit event take place as defined under the terms of the agreement.

	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 annual report.

The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the

Trust's investments:
Valuation		Investments in				Other Financial
Inputs		Securities				Instruments*
		Assets		Liabilities		Assets		Liabilities
Level 1		$ 60,136,101		-		-		$ (170,837)
Level 2		162,627,281		$ (20,368,608)		$ 121,146		(95,284)
Level 3		3,077,187		-		-		(17,280)
Total		$ 225,840,569		$ (20,368,608)		$ 121,146		$ (283,401)

* Other financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized
appreciation/depreciation on the instrument.

The following is a reconciliation of investments for unobservable inputs (Level 3) were used in determining
fair value:

				Other
		Investments in
				Financial
		Securities
				Instruments*
Balance, as of November 1, 2008		-		-
Accrued discounts/premiums		-		-
Realized gain (loss)		-		-
Change in unrealized appreciation (depreciation)		$ (5,846,781)		$ (32,628)
Net purchases (sales)		-		-
Net transfers in/out of Level 3		8,923,968		15,348
Balance, as of January 31, 2009		$ 3,077,187		$ (17,280)

* Other financial instruments are swap contracts. Swaps are valued at the unrealized appreciation/depreciation on the
instrument.

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Item 2 – Controls and Procedures 2(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s 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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. 2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s 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: March 25, 2009 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: March 25, 2009 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Preferred Opportunity Trust Date: March 25, 2009

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