-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BBZ8UQmuz1MreCb6YNfqRnrXc/hLuvhNU/P12y42KJfa3nXfTCCh7I+Z3Im2s/lL
 WDZd9MKXc2W2gv374WaKVw==

<SEC-DOCUMENT>0001245374-03-000004.txt : 20031224
<SEC-HEADER>0001245374-03-000004.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224154306
ACCESSION NUMBER:		0001245374-03-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031223
FILED AS OF DATE:		20031224

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GALE DAVID
		CENTRAL INDEX KEY:			0001245374

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		031073873

	BUSINESS ADDRESS:	
		STREET 1:		220 MONTGOMERY STREET
		STREET 2:		SUITE 426
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		4152638908

	MAIL ADDRESS:	
		STREET 1:		220 MONTGOMERY STREET
		STREET 2:		SUITE 426
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>

<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2003-12-23</periodOfReport>


    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000882071</issuerCik>
        <issuerName>PREFERRED INCOME OPPORTUNITY FUND INC</issuerName>
        <issuerTradingSymbol>PFO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001245374</rptOwnerCik>
            <rptOwnerName>GALE DAVID</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>220 MONTGOMERY STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 426</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>

        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2003-12-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.148</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>



    <ownerSignature>
        <signatureName>Donald F. Crumrine</signatureName>
        <signatureDate>2003-12-23</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>galea1203.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>


POWER OF ATTORNEY


	KNOW ALL MEN BY THESE PRESENTS, that the person whose name
appears below nominates, constitutes and appoints Donald F.
Crumrine, Robert M. Ettinger and Peter C. Stimes (with full power
to act alone) his true and lawful attorney-in-fact and agent, for
him and on his behalf and in his place and stead in any and all
capacities, to execute any and all filings on Form 4 (Statement of
Changes of Beneficial Ownership of Securities) pursuant to Section
16(a) of the Securities Exchange Act of 1934 and Section 30(h) of
the Investment Company Act of 1940, as amended ("Form 4 Filings")
with respect to changes of beneficial ownership of securities of
PREFERRED INCOME OPPORTUNITY FUND INCORPORATED (the "Fund"), and
to file with the Securities and Exchange Commission, The New York
Stock Exchange and the Fund such Form 4 Filings, granting unto
said attorney, full power and authority to do and perform certain
acts and things requisite and necessary to be done in and about
the premises as fully to all intents and purposes as the
undersigned himself might or could do.

	IN WITNESS WHEREOF, the undersigned has hereunto set his
hand this 8th day of December, 2002.



/s/ David Gale
Name: David Gale
Title:   Director, Preferred Income Opportunity Fund Incorporated


EXPIRES:  February 28, 2004


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
