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: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2007

Date of reporting period: 07/01/2007 – 09/30/2007


Item 1 – Schedule of Investments



PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2007
 BlackRock Preferred Opportunity Trust (BPP) 
(Percentages shown are based on Net Assets)

Shares
      Description     Value  
    LONG-TERM INVESTMENTS—151.4%    
    Preferred Stocks—42.4%          
    Energy—1.1%        
5,000   Devon Energy Corp., Ser. A, 6.49%  
$
505,157  
155,000   Nexen, Inc., 7.35%     3,802,351  
    Total Energy     4,307,508  
    Financial Institutions—32.0%        
298,400   ACE Ltd., Ser. C, 7.80%     7,590,550  
117,414   Arch Capital Group Ltd., 8.00%     3,019,747  
115,000 1 Aspen Insurance Holdings Ltd., 7.401%     2,748,500  
30,000 2 Banesto Holdings Ltd., Ser. A, 10.50%     902,814  
192,000   Bank of America Corp., 6.625%     4,809,600  
75,000   Bear Stearns Co., Inc., Ser. E, 6.15%     3,642,188  
60,000   Chevy Chase Capital Corp., Ser. A, 10.375% 3,135,000  
80,000   Colonial Capital Trust IV, 7.875%     1,980,000  
22,000   Countrywide Capital IV, 6.75%     421,300  
237,730   Countrywide Capital V, 7.00%     4,509,453  
    Credit Suisse First Boston (SATURNS),        
11,100       6.25%     255,078  
12,300       7.00%     304,041  
172,400   Endurance Specialty Holdings Ltd., 7.75%     4,326,171  
30,000   Everest RE Capital Trust, Ser. B, 6.20%     641,250  
    Federal Home Loan Mortgage Corp.,        
192,000       6.55%     4,812,000  
205,000 1     Ser. Q, 5.16%     9,340,312  
15,200   Financial Security Assurance Holdings Ltd.,    
        5.60%     297,616  
120,000   First Republic Preferred Capital Corp., 7.25% 2,891,256  
102,900   Goldman Sachs Group, Inc. (The) (SATURNS),    
        6.00%     2,284,380  
50,000   HSBC Bank, Inc., 6.50%     1,264,065  
76,700   ING Groep N.V., 7.05%     1,847,994  
100,000 2 Indymac Bank FSB, 8.50%     1,815,630  
117,200   KeyCorp Capital V, 5.875%     2,513,940  
25,000   KeyCorp Capital IX, 6.75%     585,000  
100,000   Kraft Foods, Inc. (CORTS), 5.875%     2,254,000  
31,100   Lehman Brothers Holdings, Inc., Ser. D, 5.67% 1,442,263  
274,500   MetLife, Inc., Ser. B, 6.50%     6,828,187  
55,400   National City Capital Trust II, 6.625%     1,170,325  
40,000   New York Community Capital Trust V, 6.00% 1,990,000  
7,200   News Holdings Ltd. (CORTS), 8.125%     181,575  
18,400   PLC Capital Trust IV, 7.25%     453,676  
209,400   PartnerRE Ltd., Ser. C, 6.75%     4,860,174  
79,385   Phoenix Cos., Inc., 7.45%     1,925,086  
82,000   Prudential Plc, 6.50%     1,903,942  
235,000   RenaissanceRe Holdings Ltd., Ser. D, 6.60% 4,939,700  
30 4   Roslyn Real Estate Asset Corp., Ser. C, 8.95% 2,965,313  
    Santander Finance Preferred S.A. Unipersonal    
398,000 2     6.50%     9,191,332  
140,000 2     7.05%     3,241,882  
103,439   Structured Repackaged Asset-Backed Trust        
        Securities, 6.50%     2,259,108  
60 2 Union Planters Funding Corp., 7.75%     6,553,125  
11,100   Valero Energy Corp. (PPLUS), 7.25%     282,495  
83,600   Wachovia Capital Trust IX, 6.375%     1,925,417  
250,000   Wachovia Funding Corp., Ser. A, 7.25%     6,437,500  
2,000
1,2 Zurich RegCaPS Funding Trust, 6.58%     2,066,875  
    Total Financial Institutions     128,809,860  
    Media—5.9%        
253,100   AOL Time Warner, Inc. (CABCO), Ser. A-1,    
        7.625%     6,418,616  
Shares
      
Description
   
Value
 
 
  Media— (cont'd)        
 
  Comcast Corp.,        
 
110,000
      2.00%     $ 4,908,750  
 
470,000
      6.625%     11,026,200  
 
50,000
      7.00%     1,247,500  
 
  Total Media     23,601,066  
 
  Real Estate—3.4%        
 
160,800
  Duke Realty Corp. (REIT), Ser. K, 6.50%     3,607,950  
 
255,200
  NB Capital Corp., 8.35%     6,410,624  
 
20,000
  PS Business Parks, Inc. (REIT), Ser. P, 6.70%     428,750  
 
30
2 SunTrust Real Estate Investment Corp. (REIT),        
 
      9.00%     3,378,750  
 
  Total Real Estate     13,826,074  
 
 
  Total Preferred Stocks     170,544,508  
Principal
           
Amount
           
(000)
           
 
  Trust Preferred Stocks—71.8%        
 
  Building & Development—0.5%        
$
1,945
1,2,3 C8 Capital SPV Ltd., 6.64%     1,890,462  
 
  Energy—2.9%        
 
4,655
  KN Capital Trust III, 7.63%, 4/15/28     4,166,444  
 
2,675
1 PPL Capital Funding, Inc., Ser. A, 6.70%,        
 
      3/30/67     2,570,140  
 
925
1 Puget Sound Energy, Inc., Ser. A, 6.974%,        
 
      6/01/67     924,581  
 
4,325
1 Trans-Canada Pipelines Ltd., 6.35%, 5/15/67     4,150,893  
 
  Total Energy     11,812,058  
 
  Financial Institutions—67.1%        
 
4,500 4
  AFC Capital Trust I, 8.207%, 2/03/27     4,359,339  
 
9,900
1,2,3 AXA S.A., 6.379%     8,926,177  
 
1,425
1,3 Abbey National Capital Trust I, 8.963%     1,739,257  
 
  Allstate Corp.,        
 
5,200
1     6.125%, 5/15/37     5,098,392  
 
6,350
1     6.50%, 5/15/57     6,117,273  
 
6,155
  American Intl. Group, Inc., Ser. A1, 6.25%,        
 
      3/15/37     5,794,674  
 
9,150
1 BB&T Capital Trust IV, 6.82%, 6/12/77     8,846,485  
 
14,075
1,2,3,5 BNP Paribas, 7.195%     13,999,262  
 
4,015
1,2,3 BOI Capital Funding No. 2 LP, 5.571%     3,591,972  
 
4,275
1,2,3 BOI Capital Funding No. 3, 6.107%     3,817,968  
 
5,000
3,4 BTA Finance Luxembourg S.A., 8.25%     3,900,000  
 
  Barclays Bank Plc        
 
8,185
1,2,3     5.926%     7,765,576  
 
5,000
3   6.278%     4,353,530  
 
2,600
1,2,3     7.434%     2,762,965  
 
5,000
2,3 CBA Capital Trust I, 5.805%     4,837,750  
 
2,000
  Capital One Capital III, 7.686%, 8/15/36     1,965,108  
 
9,025
1 Chubb Corp., 6.375%, 3/29/67     8,971,762  
 
16,685
1,2,3 Credit Agricole S.A., 6.637%     15,676,024  
 
1,880
1,3 Credit Suisse Ltd., 5.86%     1,778,258  
 
1,740
1,2,3 Deutsche Bank Capital Funding Trust VII,        
 
      5.628%     1,616,631  
 
5,950
2 Dresdner Funding Trust I, 8.151%, 6/30/31     6,453,620  
 
7,135
1 Everest Reinsurance Holdings, Inc., 6.60%,        
 
      5/15/37     6,617,748  
 
1,100
  FCB/NC Capital Trust I, 8.05%, 3/01/28     1,151,103  
 
1,215
1,3 Goldman Sachs Capital II, 5.793%     1,149,693  
 
4,135
2 HVB Funding Trust I, 8.741%, 6/30/31     4,655,257  
 
1,925
1 Huntington Capital III, 6.65%, 5/15/37     1,823,123  
 
3,000
1,2,3 ICICI Bank Ltd., 7.25%     2,805,684  
 
7,730
1 JPMorgan Chase Capital XXI, Ser. U, 6.309%,        
 
      2/02/37     6,887,670  
 
3,670
1 JPMorgan Chase Capital XXIII, 6.558%,        
 
      5/15/47     3,225,846  


1

 BlackRock Preferred Opportunity Trust (BPP) (continued) 
( Percentages shown are based on Net Assets)

Principal
           
Amount
               
(000)
 
Description
     
Value
 
 
  Financial Institutions— (cont'd)        
$
5,025
1,2 Liberty Mutual Group, Inc., Ser. B, 7.00%,        
 
      3/15/37   $ 4,687,169  
 
2,500
1 Lincoln National Corp., 6.05%, 4/20/67     2,407,230  
 
5,000
1,2 Mangrove Bay Pass-Through Trust, 6.102%,        
 
      7/15/33     4,638,550  
 
2,000
3 NBP Capital Trust III, 7.375%     1,945,000  
 
7,725
  Nationwide Financial Services, 6.75%, 5/15/37     7,448,831  
 
5,775
1 Progressive Corp., 6.70%, 6/15/37     5,602,818  
 
4,250
1,2,3 QBE Capital Funding II LP, 6.797%     4,167,401  
 
4,655
3 RBS Capital Trust, Ser. B, 6.80%     4,447,387  
 
10,960
1,2,3 Resona Preferred Global Securities Ltd.,        
 
      7.191%     10,998,590  
 
  Royal Bank of Scotland Group Plc,        
 
1,960
1,3     7.648%     2,050,695  
 
3,725
1,3     Ser. MTN, 7.64%     3,899,889  
 
10,575
1,2,3 Societe Generale, 5.922%     10,017,698  
 
6,725
1 State Street Capital Trust IV, 6.694%, 6/15/37     6,086,112  
 
6,800
1,2,3 Standard Chartered Plc, 7.014%     6,455,254  
 
2,050
1 SunTrust Preferred Capital I, 5.853%, 12/15/11     2,011,513  
 
9,425
1,2,3 Swiss Re Capital I LP, 6.854%     9,500,409  
 
11,350
1 Travelers Cos., Inc., 6.25%, 3/15/67     10,973,804  
 
1,925
1 Webster Capital Trust IV, 7.65%, 6/15/37     1,943,215  
 
3,000
1,2,3 Westpac Capital Trust IV, 5.256%     2,610,030  
 
2,600
1,2,3 White Mountains RE Group Ltd., 7.506%     2,450,380  
 
4,225
1,2 Woori Bank, 6.208%, 5/02/67     3,984,576  
 
2,850
1,3 XL Capital Ltd., Ser. E, 6.50%     2,661,977  
 
8,765
1,2 ZFS Finance Trust I, 6.50%, 5/09/37     8,474,011  
 
  Total Financial Institutions     270,150,686  
 
  Real Estate—1.1%        
 
3,180
2,3 Sovereign Real Estate Investment Corp.        
 
      (REIT), 12.00%     4,585,560  
 
  Technology—0.2%        
 
787
6 Superior Essex Holding Corp., Ser. A, 9.50%,        
 
      11/10/13     629,861  
 
  Total Trust Preferred Stocks     289,068,627  
 
  Corporate Bonds—37.2%        
 
  Aerospace & Defense—0.5%        
 
200
2 Bombardier, Inc., 8.00%, 11/15/14 (Canada)     209,500  
 
1,480
  DI Finance/DynCorp Intl., Ser. B, 9.50%,        
 
      2/15/13     1,531,800  
 
160
  TransDigm, Inc., 7.75%, 7/15/14     161,600  
 
  Total Aerospace & Defense     1,902,900  
 
  Automotive—0.2%        
 
  AutoNation, Inc.,        
 
190
      7.00%, 4/15/14     181,450  
 
190
1     7.36%, 4/15/13     181,450  
 
350
  Lear Corp., Ser. B, 8.75%, 12/01/16     329,000  
 
125
  Metaldyne Corp., 11.00%, 11/01/13     118,750  
 
  Total Automotive     810,650  
 
  Basic Materials—1.6%        
 
940
  AK Steel Corp., 7.75%, 6/15/12     951,750  
 
200
  American Pacific Corp., 9.00%, 2/01/15     205,000  
 
260
  CPG Intl. I, Inc., 10.50%, 7/01/13     260,000  
 
30
  Chemtura Corp., 6.875%, 6/01/16     28,500  
 
80
  Domtar, Inc., 7.125%, 8/15/15 (Canada)     76,800  
 
  Freeport-McMoRan Copper & Gold, Inc.,        
 
1,450
      8.375%, 4/01/17     1,584,125  
 
200
1     8.394%, 4/01/15     207,750  
 
1,730
2 Ineos Group Holdings Plc, 8.50%, 2/15/16        
 
      (United Kingdom)     1,656,475  
 
630
2 Key Plastics LLC/Key Plastics Finance Corp.,        
 
      11.75%, 3/15/13     551,250  
 
350
  NewPage Corp., 10.00%, 5/01/12     368,375  
 
470
1 NOVA Chemicals Corp., 8.484%, 11/15/13        
 
      (Canada)     460,600  
Principal
           
Amount
               
(000)
 
Description
     
Value
 
      Basic Materials— (cont'd)        
$ 205   Terra Capital, Inc., Ser. B, 7.00%, 2/01/17   $ 199,875  
  35   Verso Paper Holdings LLC/Verson Paper, Inc.,    
          Ser. B, 11.375%, 8/01/16     36,837  
      Total Basic Materials     6,587,337  
      Building & Development—0.1%        
  495   Goodman Global Holding Co., Inc., 7.875%,    
          12/15/12     486,338  
      Commercial Services—0.1%        
  100   FTI Consulting, Inc., 7.75%, 10/01/16     103,500  
  235 2 Quebecor World, Inc., 9.75%, 1/15/15 (Canada) 225,013  
      Total Commercial Services     328,513  
      Consumer Products—0.8%        
  30 1 Avis Budget Car Rental LLC/Avis Budget        
          Finance, Inc., 8.058%, 5/15/14     29,250  
  1,223   Lazy Days RV Center, Inc., 11.75%, 5/15/12 1,106,815  
  610 2 Michaels Stores, Inc., 10.00%, 11/01/14     625,250  
  300   Quiksilver, Inc., 6.875%, 4/15/15     287,250  
  965   Reynolds American, Inc., 7.25%, 6/15/37     1,008,787  
      Total Consumer Products     3,057,352  
      Containers & Packaging—0.3%        
      Berry Plastics Holding Corp.,        
  340       8.875%, 9/15/14     347,650  
  195 1     9.569%, 9/15/14     196,950  
  385   Crown Americas LLC/Crown Americas Capital    
          Corp., 7.75%, 11/15/15     397,512  
 
240
1,2 Impress Holdings BV, 8.485%, 9/15/13        
          (Netherlands)     238,592  
      Total Containers & Packaging     1,180,704  
      Energy—3.2%        
  3,000   AES Corp., 8.875%, 2/15/11     3,131,250  
  180   Berry Petroleum Co., 8.25%, 11/01/16     181,800  
  3,750   CMS Energy Corp., 6.55%, 7/17/17     3,636,750  
  220   Chaparral Energy, Inc., 8.50%, 12/01/15     206,250  
  30   Chesapeake Energy Corp., 6.875%, 11/15/20 29,362  
  70   Compagnie Generale de Geophysique-Veritas,    
          7.50%, 5/15/15 (France)     72,100  
  200   Compton Petroleum Finance Corp., 7.625%,    
          12/01/13 (Canada)     193,000  
  175   Edison Mission Energy, 7.50%, 6/15/13     179,375  
  75   Exco Resources, Inc., 7.25%, 1/15/11     74,625  
  100   Grant Prideco, Inc., Ser. B, 6.125%, 8/15/15 97,000  
  50   KCS Energy, Inc., 7.125%, 4/01/12     48,500  
  17   Midwest Generation LLC, Ser. B, 8.56%,        
          1/02/16     17,865  
  75   Mirant Americas Generation LLC, 8.30%,        
          5/01/11     75,750  
  550 2 OPTI, Inc., 8.25%, 12/15/14 (Canada)     554,125  
  2,950   Orion Power Holdings, Inc., 12.00%, 5/01/10 3,230,250  
  350   Sabine Pass LNG LP, 7.50%, 11/30/16     344,750  
  350 2 SemGroup LP, 8.75%, 11/15/15     342,125  
  420 2 Targa Resources, Inc., 8.50%, 11/01/13     420,000  
  55   Whiting Petroleum Corp., 7.25%, 5/01/13     53,625  
      Total Energy     12,888,502  
      Entertainment & Leisure—0.2%        
  385 2 Greektown Holdings LLC, 10.75%, 12/01/13 381,150  
  275   Travelport LLC, 9.875%, 9/01/14     280,500  
  40   Wynn Las Vegas LLC/Wynn Las Vegas Capital    
          Corp., 6.625%, 12/01/14     39,200  
      Total Entertainment & Leisure     700,850  


2

 BlackRock Preferred Opportunity Trust (BPP) (continued) 
( Percentages shown are based on Net Assets)

Principal
               
Amount
           
(000)
 
Description
     
Value
 
      Financial Institutions—24.6%        
$ 5,000 1 American Express Co., 6.80%, 9/01/66   $ 5,123,970  
  9,605 2 American General Institute Capital, 7.57%,        
          12/01/45     10,695,120  
  415   American Real Estate Partners LP/American        
          Real Estate Finance Corp., 7.125%, 2/15/13     395,288  
      Bear Stearns Cos., Inc. (The),        
  1,850       6.40%, 10/02/17     1,832,720  
  2,000       Ser. MTN, 6.95%, 8/10/12     2,085,234  
  1,860 1 CIT Group, Inc., 5.734%, 11/23/07     1,849,560  
  1,475 1 Genworth Financial, Inc., 6.15%, 11/15/66     1,379,256  
  11,125   JPMorgan Chase Capital XXV, 6.80%,        
          10/01/37     11,141,943  
  9,000   Kingsway America, Inc., 7.50%, 2/01/14     9,173,637  
      Lehman Brothers Holdings, Inc.,        
  3,875       6.875%, 7/17/37     3,843,895  
  650 1     Ser. MTN, 7.394%, 9/15/22     647,507  
  3,370 1 Lincoln National Corp., 7.00%, 5/17/66     3,473,051  
  7,399 3 Lloyds Bank Ltd., 6.90% (United Kingdom)     7,329,450  
  7,900   MetLife, Inc., 6.40%, 12/15/36     7,511,723  
  495 2 Momentive Performance Materials, Inc.,        
          10.125%, 12/01/14     487,575  
  2,850 1 PartnerRe Finance II, 6.44%, 12/01/66     2,637,983  
  6,000 3 Prudential Plc, 6.50% (United Kingdom)     5,640,000  
  1,300 1 Reinsurance Group of America, Inc., 6.75%,        
          12/15/65     1,231,084  
  4,000 3 Resparcs Funding Ltd., 8.00% (Hong Kong)     3,787,080  
     
Skandinaviska Enskilda Banken AB (Sweden)
       
 
3,185
1,2,3     4.958%     2,887,951  
 
5,000
1,2,3     5.471%     4,607,490  
 
10,000
1,2,3 Sumitomo Mitsui Banking Corp., 5.625%        
          (Japan)     9,305,330  
  60 1 Universal City Florida Holding Co. I/II,        
          10.106%, 5/01/10     60,600  
 
1,800
2,4 Zenith National Insurance Capital Trust I,        
          8.55%, 8/01/28     1,768,500  
      Total Financial Institutions     98,895,947  
      Industrials—0.1%        
  460 2 AGY Holding Corp., 11.00%, 11/15/14     458,850  
  170   Hexcel Corp., 6.75%, 2/01/15     167,875  
      Total Industrials     626,725  
      Media—2.0%        
      Affinion Group, Inc.,        
  475       10.125%, 10/15/13     501,125  
  230       11.50%, 10/15/15     241,500  
  110   CMP Susquehanna Corp., 9.875%, 5/15/14     102,300  
  230 1 Cablevision Systems Corp., Ser. B, 9.644%,        
          4/01/09     236,900  
  2,050   Dex Media West LLC/Dex Media Finance Co.,        
          Ser. B, 9.875%, 8/15/13     2,180,687  
  175   DirecTV Holdings LLC/DirecTV Financing        
          Co., 8.375%, 3/15/13     181,781  
      EchoStar DBS Corp.,        
  200       5.75%, 10/01/08     200,000  
  360       7.00%, 10/01/13     368,100  
  75       7.125%, 2/01/16     77,063  
 
350
1,2 ION Media Networks, Inc., 8.61%, 1/15/12     348,250  
  725   Idearc, Inc., 8.00%, 11/15/16     723,188  
  260   Network Communications, Inc., 10.75%,        
          12/01/13     260,975  
  330   Nexstar Finance, Inc., 7.00%, 1/15/14     316,800  
  1,195   Nielsen Finance LLC/Nielsen Finance Co.,        
          10.00%, 8/01/14     1,263,712  
  240   R.H. Donnelley Corp., Ser. A-3, 8.875%,        
          1/15/16     244,500  
Principal
               
Amount
           
(000)
 
Description
     
Value
 
      Media— (cont'd)        
$ 650   Vertis, Inc., 9.75%, 4/01/09  
$
659,750  
      Total Media     7,906,631  
      Real Estate—0.4%        
  2,000   Rouse Co., 5.375%, 11/26/13     1,795,420  
      Technology—0.8%        
  210   Celestica, Inc., 7.625%, 7/01/13 (Canada)     195,300  
      Freescale Semiconductor, Inc.,        
  810       9.125%, 12/15/14     749,250  
  180 1     9.569%, 12/15/14     169,650  
  595   NXP BV/NXP Funding LLC, 9.50%, 10/15/15    
          (Netherlands)     554,837  
  685   Sanmina-SCI Corp., 8.125%, 3/01/16     592,525  
      SunGard Data Systems, Inc.,        
  100       9.125%, 8/15/13     104,000  
  370       10.25%, 8/15/15     386,650  
  425   Superior Essex Communications LLC/Essex    
          Group, Inc., 9.00%, 4/15/12     419,688  
      Total Technology     3,171,900  
      Telecommunications—2.1%        
  290   Cincinnati Bell, Inc., 7.25%, 7/15/13     292,175  
  190 1 Hawaiian Telcom Communications, Inc., Ser.    
          B, 10.86%, 5/01/13     192,375  
  590   Intelsat Corp., 9.00%, 6/15/16     607,700  
      Intelsat Ltd. (Bermuda)        
  500       9.25%, 6/15/16     518,750  
  165       11.25%, 6/15/16     176,756  
  670 1     11.409%, 6/15/13     700,150  
  230   Intelsat Subsidiary Holding Co. Ltd., 8.625%,    
          1/15/15 (Bermuda)     234,600  
  845 2 Nordic Telephone Co. Holdings A.p.S.,        
          8.875%, 5/01/16 (Denmark)     891,475  
  125   PanAmSat Corp., 9.00%, 8/15/14     128,750  
      Qwest Corp.,        
  1,845       7.875%, 9/01/11     1,937,250  
  460 1     8.944%, 6/15/13     491,050  
  735   West Corp., 11.00%, 10/15/16     771,750  
  420 2 Wind Acquisition Finance S.A., 10.75%,        
          12/01/15 (Luxembourg)     465,150  
      Windstream Corp.,        
  640       8.125%, 8/01/13     673,600  
  365       8.625%, 8/01/16     389,181  
      Total Telecommunications     8,470,712  
      Transportation—0.3%        
  140   Britannia Bulk Plc, 11.00%, 12/01/11 (United    
          Kingdom)     142,100  
  90   CHC Helicopter Corp., 7.375%, 5/01/14        
          (Canada)     85,500  
  650   Navios Maritime Holdings, Inc., 9.50%,        
          12/15/14 (Marshall Islands)     670,313  
      Total Transportation     897,913  
      Total Corporate Bonds     149,708,394  
      Total Long-Term Investments        
      (cost $630,905,049)     609,321,529  
      SHORT-TERM INVESTMENTS—2.9%        
     
U.S. Government and Agency Securities—2.9%
       
  10,772   U.S. Treasury Bonds, 4.10%, 10/02/07     10,772,063  
  976   U.S. Treasury Notes, 3.70%, 10/01/07     975,600  
      Total Short-Term Investments        
      (cost $11,747,663)     11,747,663  
Total Investments before Investments sold short (cost        
$642,652,712 7 )         621,069,192  


3

 BlackRock Preferred Opportunity Trust (BPP) (continued) 
( Percentages shown are based on Net Assets)

Principal            
Amount            
(000)      
Description
      Value  
      INVESTMENTS SOLD SHORT—(3.0)%        
$
(10,950)
  U.S. Treasury Bonds, 4.75%, 2/15/37   $ (10,798,584
)
 
(1,445)
  U.S. Treasury Notes, 4.75%, 8/15/17     (1,464,417
)
      Total Investments Sold Short        
      (proceeds $12,167,912)     (12,263,001
)
Total Investments net of investments sold short — 151.3 %   $ 608,806,191  
Other assets in excess of liabilities—3.6%    
14,522,958
 
Preferred shares at redemption value, including dividends        
payable —(54.9)%     (220,938,632
)
 
Net Assets Applicable to Common Shareholders—100%   $ 402,390,517  
 

 

1     

Variable rate security. Rate shown is interest rate as of September 30, 2007.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2007, the Trust held 53.6% of its net assets, with a current market value of $215,638,555, in securities restricted as to resale.

3

The security is a perpetual bond and has no stated maturity date.

4

Illiquid security. As of report date, the Trust held 3.2% of its net assets, with a current market value of $12,993,152, in these securities.

5

Security, or a portion thereof, pledged as collateral with a value of $5,140,070 on 2 short U.S. Treasury Bond futures contracts and 4,436 short U.S. Treasury Note futures contracts, both expiring December 2007. The notional value of such contracts on September 30, 2007 was $482,369,880, with an unrealized loss of $2,624,433.

6

Security is fair valued.

7

Cost for federal income tax purposes is $642,680,540. The net unrealized depreciation on a tax basis is $21,611,348, consisting of $6,621,422 gross unrealized appreciation and $28,232,770 gross unrealized depreciation.

 
 

For Trust compliance purposes, the Trust's sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

 
KEY TO ABBREVIATIONS
CABCO
  
— Corporate Asset Backed Corp.
CORTS
 
— Corporate Backed Trust Securities
PPLUS
 
— Preferred Plus
REIT
 
— Real Estate Investment Trust
SATURNS
 
— Structured Asset Trust Unit Repackagings

 

 

 

4


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 13a-15(b) under the Securities and 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,
President & Chief Executive Officer of
    BlackRock Preferred Opportunity Trust
     
  Date:   November 20, 2007
   
   
  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,
    President & Chief Executive Officer (principal executive officer) of
    BlackRock Preferred Opportunity Trust
   
  Date: November 20, 2007
   
  By:  /s/ Neal J. Andrews                    
    Neal J. Andrews,
    Chief Financial Officer (principal financial officer) of
    BlackRock Preferred Opportunity Trust
                 
  Date: November 20, 2007

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