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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TBqhnQzbOo78ehaqk8J7h4jLqvn1Oo0HmTcjgr9jaYMNMk3EJjzCCxJgoCYEY0eq
 3uYzlV0yVhpYcXRJFIR1Ew==

<SEC-DOCUMENT>0000940400-02-000402.txt : 20020723
<SEC-HEADER>0000940400-02-000402.hdr.sgml : 20020723
<ACCEPTANCE-DATETIME>20020723152319
ACCESSION NUMBER:		0000940400-02-000402
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20020531
FILED AS OF DATE:		20020723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREFERRED INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		02708553

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		8187957300

	MAIL ADDRESS:	
		STREET 1:		301 COLORADO BLVD
		STREET 2:		STE 720
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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001 C000000 6267957300
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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SIGNATURE   KEVIN CONNERTY
TITLE       ASSISTANT TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>pfovote.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>Preferred Income Fund Incorporated</TITLE>
</HEAD>
<BODY>

<B><FONT FACE="Arial Narrow"><P>Preferred Income Opportunity Fund Incorporated (the &quot;Fund&quot;)</P>

<U><P>Exhibit 77C</P>
</B></U>
<P ALIGN="JUSTIFY">&#9;On April 19, 2002, the Fund held its Annual Meeting of Shareholders (the &quot;Meeting&quot;) to (1)&nbsp;elect two Directors of the Fund (&quot;Proposal 1&quot;) and (2) ratify the selection of KPMG LLP as independent accountants for the Fund for the fiscal year ending November&nbsp;30, 2002 (&quot;Proposal 2&quot;). The results of each proposal are as follows:</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Proposal 1: Election of Directors.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;<U>Name</U>&#9;<U>For</U>&#9;<U>Withheld</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;Common Stock</P>
<P ALIGN="JUSTIFY">&#9;&#9;Robert T. Flaherty&#9;10,633,470&#9;114,011</P>
<P ALIGN="JUSTIFY">&#9;Preferred Stock</P>
<P ALIGN="JUSTIFY">&#9;&#9;Morgan Gust&#9;700&#9;----</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Martin Brody, Donald F. Crumrine, David Gale and Robert F. Wulf continue to serve in their capacities as Directors of the Fund.</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<B><P ALIGN="JUSTIFY">Proposal 2: Ratify the selection of KPMG LLP as independent accountants.</P>
</B><P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<B><P ALIGN="JUSTIFY">&#9;<U>For</U>&#9;<U>Against</U>&#9;<U>Abstained</P><DIR>
<DIR>
<DIR>
<DIR>

</B></U><P ALIGN="JUSTIFY">&#9;&#9;&#9;&#9;&#9;&#9;</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">&#9;Common Stock and Preferred Stock</P>
<B><P ALIGN="JUSTIFY">&#9;&#9;</B>(voting together as a single class)</P>
<P ALIGN="JUSTIFY">&#9;Voted&#9;10,580,490&#9;34,319&#9;133,371</P>
<P ALIGN="JUSTIFY"></P></FONT></BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>4
<FILENAME>pforate.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>Preferred Income Fund Incorporated (the Fund)</TITLE>
</HEAD>
<BODY>

<B><P>Preferred Income Opportunity Fund Incorporated (the &quot;Fund&quot;)</P>

<U><P>Exhibit 77D</P>
</U>
</B><P ALIGN="JUSTIFY">&#9;<FONT FACE="Times,Times New Roman">The Fund may invest up to 25% of its assets in holdings of securities rated below investment grade.  These securities must be rated at least either &quot;Ba3&quot; by Moodys Investors Service, Inc. or &quot;BB-&quot; by Standard &amp; Poors or judged to be comparable in quality, in either case at the time of purchase; however, these securities must be issued by an issuer having a class of senior debt rated investment grade outstanding.  This percentage limitation was raised from 15% by the Funds Board of Directors at its regular board meeting of April 19, 2002.</P>
</FONT><B><P ALIGN="JUSTIFY"></P></B></BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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