-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 OHLTgpFdtkd4Xlc+7UkeA/2rjyz0kNiHqi66A6/CNwDVnfQi0mgusikEjmiTo3h6
 oa6GyyANsiTXkDr8qE0ZPw==

<SEC-DOCUMENT>0001252917-05-000002.txt : 20050103
<SEC-HEADER>0001252917-05-000002.hdr.sgml : 20041231
<ACCEPTANCE-DATETIME>20050103164921
ACCESSION NUMBER:		0001252917-05-000002
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041227
FILED AS OF DATE:		20050103
DATE AS OF CHANGE:		20050103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BRODY MARTIN
		CENTRAL INDEX KEY:			0001252917

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		05503013

	MAIL ADDRESS:	
		STREET 1:		C/O HMK ASSOCIATES
		STREET 2:		30 COLUMBIA TURNPIKE
		CITY:			FLORHAM PARK
		STATE:			NJ
		ZIP:			07932

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2004-12-27</periodOfReport>

    <dateOfOriginalSubmission>2004-12-28</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001252917</rptOwnerCik>
            <rptOwnerName>BRODY MARTIN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HMK ASSOCIATES</rptOwnerStreet1>
            <rptOwnerStreet2>30 COLUMBIA TURNPIKE</rptOwnerStreet2>
            <rptOwnerCity>FLORHAM PARK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07932</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1696</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The purpose of this amendment is to reflect the reversal of the transaction that was reported on Form 4 on 12/28/04. Mr. Brody's current level of ownership is reported herein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Robert M. Ettinger</signatureName>
        <signatureDate>2005-01-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>brody.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 FLAHERTY &
CRUMRINE 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 18th day of February, 2004.



/s/ Martin Brody
Name: Martin Brody
Title:   Director, Flaherty & Crumrine Preferred Income
Opportunity Fund Incorporated


EXPIRES:  February 28, 2005


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