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