-----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,
 EyBxMoFkSWWOQhAXK2KEbD+pUR/DyRl8Rxm8KNqGvvCTCqgBDi5MBkYhHSY+1e6R
 dODH++vPwpxgBo3ttdN8dg==

<SEC-DOCUMENT>0001325403-05-000003.txt : 20050429
<SEC-HEADER>0001325403-05-000003.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050429135012
ACCESSION NUMBER:		0001325403-05-000003
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050421
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050429

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hogan Karen Hanovice
		CENTRAL INDEX KEY:			0001325403

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		05784418

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		310-271-7370

	MAIL ADDRESS:	
		STREET 1:		905 N. BEDFORD DRIVE
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210

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>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-04-21</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001325403</rptOwnerCik>
            <rptOwnerName>Hogan Karen Hanovice</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>905 N. BEDFORD DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BEVERLY HILLS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90210</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>Donald F. Crumrine</signatureName>
        <signatureDate>2005-04-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>hogan.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) her true
and lawful attorney-in-fact and agent, for her and on
her behalf and in his place and stead in any and all
capacities, to execute any and all filings on Form 3
(Initial Statement 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 3 Filings") with
respect to 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 3 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 herself might or could do.

	IN WITNESS WHEREOF, the undersigned has hereunto
set her hand this 28th day of April, 2005.




Name: Karen H. Hogan
Title:   Director, Flaherty & Crumrine Preferred Income
Opportunity Fund Incorporated


EXPIRES:  January 1, 2006
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
