<SEC-DOCUMENT>0000950123-11-092896.txt : 20111028
<SEC-HEADER>0000950123-11-092896.hdr.sgml : 20111028
<ACCEPTANCE-DATETIME>20111028135938
ACCESSION NUMBER:		0000950123-11-092896
CONFORMED SUBMISSION TYPE:	N-30B-2
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110831
FILED AS OF DATE:		20111028
DATE AS OF CHANGE:		20111028
EFFECTIVENESS DATE:		20111028

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-30B-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		111164605

	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:		(626) 795-7300

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30B-2
<SEQUENCE>1
<FILENAME>w84070anv30bv2.htm
<DESCRIPTION>FORM N-30B-2
<TEXT>
<HTML>
<HEAD>
<TITLE>nv30bv2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Helvetica',Arial,sans-serif">







<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Schedule of Investments.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Schedule(s) of Investments is attached herewith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>FLAHERTY &#038; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Shareholders of Flaherty &#038; Crumrine Preferred Income Opportunity Fund:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third fiscal quarter of 2011<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>, total return on net asset value<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>of the Fund was -2.6%; the fiscal year-to-date return was a more pleasing &#043;8.2%. Prior to
this most recent quarter, the Fund had nine consecutive quarters of positive returns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There was good news on the Fund&#146;s dividend during the quarter &#150; a combination of very low
borrowing cost on the Fund&#146;s leverage and relatively high income earned from the Fund&#146;s investment
portfolio led to another increase in your monthly dividend. The new rate of $0.0755 (beginning in
August) is 2.7% higher than the previous level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Federal Reserve has indicated short-term interest rates are likely to stay at present
levels at least through mid-2013. The Fund&#146;s borrowing rate is not directly tied to the Fed&#146;s
short-term rate target, but the correlation is high, so borrowing costs should remain at or near
current levels over the same period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the flip side, however, the task of projecting portfolio income has become more difficult,
due both to the sharp decline in interest rates and changes in the regulatory environment in which
many preferred issuers operate. For instance, bank regulators here and abroad have yet to issue
final guidelines for bank capital; until they do, it is hard to predict when issuers may call
outstanding preferreds. We think eventually portfolio income could fall (as higher dividend paying
securities are called), but we are working hard to minimize the impact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions in financial markets are largely a tale of two houses &#150; an ongoing economic drag
from the residential housing market and a struggle of governments to get their financial houses in
order. While there is a detailed discussion of these topics in our Quarterly Economic Update on the
Fund&#146;s website, our thoughts are summarized here.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The drop in home prices and rise in foreclosures have eroded household wealth, pushed up
savings, and slowed consumer spending, thus short-circuiting the cyclical recovery the economy
normally would experience coming out of a deep recession. The resulting sluggish economic growth
has encouraged companies to focus on reducing debt, lowering costs, and improving productivity.
This has led to an unusual combination of strong profit growth and improving credit quality for
corporations, but little improvement in employment. Finally, rising savings, limited demand for new
investment, and highly accommodative monetary policy have pushed US Treasury rates to 60-year lows.
As long as households seek to reduce indebtedness, which we expect will continue for some time,
these conditions are likely to persist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the same time, the deleveraging that began in the household sector has spread to the
government sector. Investors are questioning governments&#146; ability and willingness to sustain
current budgets and obligations, most visibly in the sovereign debt crisis boiling over in Europe.
The uncertainty over how that situation will be resolved &#150; and its short and long-term impact on
the global economy &#150; has sent many investors to the sidelines and out of risky assets. Although
politicians are moving toward resolution of these issues, the solutions are often unpopular, and
progress is likely to be slow.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>June&nbsp;1, 2011 &#150; August&nbsp;31, 2011</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Following the methodology required by the SEC, total return includes income and
principal change, plus the impact of the Fund&#146;s leverage and expenses.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August&nbsp;31, 12% of the Fund&#146;s portfolio consisted of securities issued or guaranteed
by banks and insurance companies based in Europe. Each of these companies has operations throughout
the world, but is tied most closely to economic conditions in the Eurozone. We believe these
issuers are well capitalized and well managed, and therefore better able to handle market
turbulence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of the day, we believe long-term investors will continue to earn attractive returns
on preferred securities, although there may be some bumps along the way. We will continue to manage
the Fund as we always have &#150; in quiet times and in crisis &#150; with a disciplined eye on credit
fundamentals, relative value and risk management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We encourage you to visit the Fund&#146;s website <U>www.preferredincome.com </U>for a more in-depth
discussion of conditions in the preferred markets as well as the broader economy.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sincerely,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="w84070aw8407001.gif" alt="(SIGN)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="w84070aw8407002.gif" alt="(SIGN)"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donald F. Crumrine<BR>
Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert M. Ettinger<BR>
President</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;14, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OVERVIEW<BR>
August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Fund Statistics</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.43</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Yield on Market Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.59</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock Shares Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,066,055</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Moody&#146;s Ratings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Net Assets&#134;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BBB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Below &#147;BB&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Rated*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Below Investment Grade**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Does not include net other assets
and liabilities of 2.1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Below investment grade by all of
Moody&#146;s, S&#038;P, and Fitch.</TD>
</TR>






</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Industry Categories</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>% of Net Assets&#134;</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<!-- End Table Body -->


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w84070aw8407003.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Top 10 Holdings by Issuer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Net Assets&#134;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liberty Mutual Group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banco Santander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HSBC Plc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital One Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Metlife</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southern California Edison</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Enbridge Energy Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Principal Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Puget Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Net Assets***&#134;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Holdings Generating Qualified Dividend Income (QDI)&nbsp;for Individuals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Holdings Generating Income Eligible for the Corporate Dividends
Received Deduction (DRD)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>This does not reflect year-end results or actual tax categorization of Fund distributions.
These percentages can, and do, change, perhaps significantly, depending on market conditions.
Investors should consult their tax advisor regarding their personal situation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Net Assets includes assets attributable to the use of leverage.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OF INVESTMENTS<BR>
August&nbsp;31, 2011 (Unaudited)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares/$ Par</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Preferred Securities &#151; 94.8%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Banking &#151; 37.0%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Astoria Capital Trust I, 9.75% 11/01/29, Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">2,865,676</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">280,123</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banco Santander, 10.50% Pfd., Series&nbsp;10 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7,677,135</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank of America Corporation:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">15,175</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.20% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">377,858</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">11,025</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.625% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">277,830</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">BankAmerica Institutional, Series&nbsp;A, 8.07% 12/31/26, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barclays Bank PLC:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.278% </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,036,719</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">1,200</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.75% Pfd., Series&nbsp;4 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29,124</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">77,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.125% Pfd., Series&nbsp;5 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,899,590</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">29,400</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">BB&#038;T Capital Trust VI, 9.60% Pfd. 08/01/64 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">791,742</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,375,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">BBVA International Preferred, 5.919% </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,018,087</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">BNP Paribas, 7.195%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,522,500</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">5,250,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital One Capital III, 7.686% 08/15/36 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,263,125</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">250,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital One Capital V, 10.25% 08/15/39 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital One Capital VI, 8.875% 05/15/40 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,781,840</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Capital XII, 8.50% Pfd. 03/30/40 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">56,700</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Capital XIII, 7.875% Pfd. 10/30/40 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,477,744</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colonial BancGroup, 7.114%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">174,375</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP>&#134;&#134;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">2,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Countrywide Capital IV, 6.75% Pfd. 04/01/33 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,234</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">4,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">FBOP Corporation, Adj. Rate Pfd., 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,510</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(3)(4)</SUP>&#134;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">700,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fifth Third Capital Trust IV, 6.50% 04/15/37 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">652,750</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">15,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fifth Third Capital Trust V, 7.25% Pfd. 08/15/67 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">125,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fifth Third Capital Trust VI, 7.25% Pfd. 11/15/67 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,132,812</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">890</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Republic Preferred Capital Corporation, 10.50% Pfd., 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">3,750</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Tennessee Bank, Adj. Rate Pfd., 3.75%<SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP>, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,433,984</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Tennessee Capital II, 6.30% 04/15/34, Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">350,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fleet Capital Trust II, 7.92% 12/11/26 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">FT Real Estate Securities Company, 9.50% Pfd., 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">958,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goldman Sachs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">700,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital I, 6.345% 02/15/34 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">649,339</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">523,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital II, 5.793% </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">379,175</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">3,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">STRIPES
Custodial Receipts, Adj. Rate, 10.70%<SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP>, Pvt.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,659,000</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(3)(4)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">127,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">HSBC Holdings PLC, 8.00% Pfd., Series&nbsp;2 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,400,744</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">HSBC USA, Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">137,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.50% Pfd., Series&nbsp;H </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,432,056</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">1,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">$2.8575 Pfd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">46,781</TD>
    <TD nowrap>*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OF INVESTMENTS (Continued)<BR>
August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares/$ Par</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Preferred Securities &#151; (Continued)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Banking &#151; (Continued)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,525,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Capital XVIII, 6.95% 08/17/36, Series&nbsp;R </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">1,509,973</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">52,688</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Keycorp Capital IX, 6.75% Pfd. 12/15/66 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,343,544</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">25,200</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Keycorp Capital X, 8.00% Pfd. 03/15/68 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">649,152</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">450,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lloyds Banking Group PLC, 6.657%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right" NOWRAP>258,750**<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD nowrap>&#134;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">525,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">MBNA Capital, 8.278% 12/01/26, Series&nbsp;A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley Capital Trust VI, 6.60% Pfd. 02/01/46 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">840,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">NB Capital Trust IV, 8.25% 04/15/27 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">846,300</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">99,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PNC Financial Services, 9.875% Pfd., Series&nbsp;L </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,790,562</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,105,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PNC Preferred Funding Trust III, 8.70%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,132,901</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">2,600</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sovereign REIT, 12.00% Pfd., Series&nbsp;A, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,181,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">5,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">SunTrust Capital IX, 7.875% Pfd. 03/15/68 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,100,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wachovia Capital Trust III, Adj. Rate, 5.56975%<SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">966,625</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">20,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wachovia Preferred Funding, 7.25% Pfd., Series&nbsp;A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">519,650</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">900,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Washington Mutual, 9.75%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD nowrap>&#134;&#134;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,400,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Webster Capital Trust IV, 7.65% 06/15/37 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,425,208</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo &#038; Company:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">2,730</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.50% Pfd., Series&nbsp;L </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,841,848</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">35,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.00% Pfd., Series&nbsp;J </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,015,000</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo Capital XV, 9.75% </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,043,841</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financial Services &#151; 3.0%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">250,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ameriprise Financial, Inc., 7.518% 06/01/66 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">253,125</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Claudius, Ltd. &#151; Credit Suisse AG, 7.875%, Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">995,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Heller Financial, Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">30,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.687% Pfd., Series&nbsp;C </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,992,500</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">5,260</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.95% Pfd., Series&nbsp;D </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">532,411</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">23,699</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">HSBC Finance Corporation, 6.36% Pfd., Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">545,373</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lehman Brothers Holdings, Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">45,800</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.67% Pfd., Series&nbsp;D </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14,198</TD>
    <TD nowrap>*&#134;&#134;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">9,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.94% Pfd., Series&nbsp;C </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,470</TD>
    <TD nowrap>*&#134;&#134;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">25,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.50% Pfd., Series&nbsp;F </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,612</TD>
    <TD nowrap>*&#134;&#134;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">13,400</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.95% Pfd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">375</TD>
    <TD nowrap>*&#134;&#134;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,337,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OF INVESTMENTS (Continued)</B><BR>
<B>August&nbsp;31, 2011 (Unaudited)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares/$ Par</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Preferred Securities &#151; (Continued)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Insurance &#151; 20.9%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,200,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ace Capital Trust II, 9.70% 04/01/30 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">1,607,983</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">225,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">AON Corporation, 8.205% 01/01/27 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arch Capital Group Ltd.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">14,400</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.875% Pfd., Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">366,300</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">25,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.00% Pfd., Series&nbsp;A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">629,687</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">AXA SA:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">3,375,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.379%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,632,500</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">125,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.463%, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97,500</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">29,700</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Axis Capital Holdings, 7.50% Pfd., Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,902,248</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">90,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Delphi Financial Group, 7.376% Pfd. 05/15/37 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,154,375</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Everest Re Holdings, 6.60% 05/15/37 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,650,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,600,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liberty Mutual Group, 10.75% 06/15/58, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,704,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,080,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">MetLife Capital Trust IV, 7.875% 12/15/37, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,107,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,513,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">MetLife Capital Trust X, 9.25% 04/08/38, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,977,905</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">MetLife, Inc., 10.75% 08/01/39 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,747,050</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">30,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PartnerRe Ltd., 7.250% Pfd., Series&nbsp;E </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">758,400</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Principal Financial Group:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">22,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.563% Pfd., Series&nbsp;A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,129,189</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">90,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.518% Pfd., Series&nbsp;B </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,300,625</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">42,155</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Renaissancere Holdings Ltd., 6.08% Pfd., Series&nbsp;C </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">958,183</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">115,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Scottish Re Group Ltd., 7.25% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,064,771</TD>
    <TD nowrap>**<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP>&#134;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stancorp Financial Group, 6.90% 06/01/67 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">891,559</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,060,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">USF&#038;G Capital, 8.312% 07/01/46, 144A**** </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,309,917</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,700,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">XL Capital Ltd., 6.50%, Series&nbsp;E </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,517,250</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,764,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Utilities &#151; 25.5%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">40,215</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alabama Power Company, 6.45% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,118,480</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baltimore Gas &#038; Electric Company:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">6,579</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.70% Pfd., Series&nbsp;1993 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">661,807</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">2,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.125% Pfd., Series&nbsp;1993 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">252,813</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">8,900</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calenergy Capital Trust III, 6.50% Pfd. 09/01/27 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">COMED Financing III, 6.35% 03/15/33 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,441,920</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">8,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Constellation Energy Group, 8.625% Pfd. 06/15/63, Series&nbsp;A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dominion Resources Capital Trust I, 7.83% 12/01/27 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">757,643</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">3,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dominion Resources, Inc., 7.50% 06/30/66 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,078,081</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">40,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Entergy Arkansas, Inc., 6.45% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,000,000</TD>
    <TD nowrap>*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OF INVESTMENTS (Continued)<BR>
August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="top">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares/$ Par</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Preferred Securities &#151; (Continued)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Utilities &#151; (Continued)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">13,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Entergy Louisiana, Inc., 6.95% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">1,280,094</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">80,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Entergy Mississippi, Inc., 6.25% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,025,000</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">FPL Group Capital, Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,835,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.65% 06/15/67</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,746,089</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;7.30% 09/01/67, Series&nbsp;D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,033,744</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">17,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Georgia Power Company, 6.50% Pfd., Series&nbsp;2007A </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,872,500</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gulf Power Company:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">16,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.00% Pfd., Series&nbsp;1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,651,696</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">17,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.45% Pfd., Series&nbsp;2007A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,882,496</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">30,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indianapolis Power &#038; Light Company, 5.65% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,855,562</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">140,485</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interstate Power &#038; Light Company, 8.375% Pfd., Series&nbsp;B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,117,967</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">1,500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PECO Energy Capital Trust III, 7.38% 04/06/28, Series&nbsp;D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,540,682</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">345,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PPL Capital Funding, 6.70% 03/30/67, Series&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">41,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PPL Electric Utilities Corporation, 6.25% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,049,174</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,155,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Puget Sound Energy, Inc., 6.974% 06/01/67</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,205,438</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southern California Edison:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">33,350</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.00% Pfd., Series&nbsp;C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,279,766</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">9,150</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.125% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">924,150</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">14,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.50% Pfd., Series&nbsp;D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,412,688</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>

</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">750,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">TXU Electric Capital V, 8.175% 01/30/37</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">221,250</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">8,265</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Union Electric Company, $4.75 Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">704,075</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">3,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Virginia Electric &#038; Power Company, $6.98 Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">310,031</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">3,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wisconsin Public Service Corporation, 6.88% Pfd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">312,563</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,500,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">WPS Resources Corporation, 6.11% 12/01/66</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,390,120</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,115,923</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Energy &#151; 6.6%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,498,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Enbridge Energy Partners LP, 8.05% 10/01/37</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,721,618</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">4,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Enterprise Products Partners, 8.375% 08/01/66, Series&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,189,184</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">3,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kinder Morgan GP, Inc., 8.33% Pfd., 144A****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,038,625</TD>
    <TD nowrap>*</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,949,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Real Estate Investment Trust (REIT) &#151; 0.2%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PS Business Parks, Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">8,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.70% Pfd., Series&nbsp;P&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">7,500</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;6.875% Pfd., Series&nbsp;R</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>PORTFOLIO OF INVESTMENTS (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares/$ Par</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Miscellaneous Industries &#151; 1.6%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">32,700</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ocean Spray Cranberries, Inc., 6.25% Pfd., 144A****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">2,851,031</TD>
    <TD nowrap>*<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,031</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Preferred Securities</B>
(Cost $169,108,572)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,468,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Corporate Debt Securities &#151; 3.2%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Banking &#151; 0.2%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">400,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goldman Sachs Group, 6.75% 10/01/37, Sub Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">380,817</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Insurance &#151; 2.4%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,250,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liberty Mutual Insurance, 7.697% 10/15/97, 144A****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,086,889</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">2,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">UnumProvident Corporation, 7.25% 03/15/28</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,193,754</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,280,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Utilities &#151; 0.6%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">$</TD>
    <TD valign="top" align="right">974,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southern Union Company, 8.25% 11/15/29, Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,202,335</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,202,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Corporate Debt Securities</B>
(Cost $4,688,537)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,863,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B>Common Stock &#151; 0.4%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Utilities &#151; 0.4%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">5,960</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exelon Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">256,995</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">14,558</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">PPL Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">420,435</TD>
    <TD nowrap>*</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Common Stock</B>
(Cost $619,659)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>PORTFOLIO OF INVESTMENTS (Continued)<BR>
August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><u><B>Shares/$ Par&nbsp;&nbsp;</B></u></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Money Market Fund &#151; 0.6%</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1,070,303 BlackRock Liquidity Funds, T-Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,070,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Money Market Fund</B>
(Cost $1,070,303)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,070,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Investments </B>(Cost $175,487,071***)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">99.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,079,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Assets And Liabilities </B>(Net)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,891,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Managed Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%&#135;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">180,971,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Loan Principal Balance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,500,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Net Assets Available To Common Stock</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,471,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Securities eligible for the Dividends Received Deduction and distributing Qualified Dividend Income.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Securities distributing Qualified Dividend Income only.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Aggregate cost of securities held.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">****</TD>
    <TD>&nbsp;</TD>
    <TD>Securities exempt from registration under Rule&nbsp;144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration to qualified institutional buyers. At August&nbsp;31, 2011, these securities
amounted to $32,903,296 or 18.2% of total managed assets.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>All or a portion of this security is pledged as collateral for the Fund&#146;s loan. The total value of such securities was
$139,519,632 at August&nbsp;31, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Foreign Issuer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Illiquid.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Fair valued as of August&nbsp;31, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(5)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Represents the rate in effect as of the reporting date.
</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD> Non-income producing.
</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>The issuer has filed for bankruptcy protection. As a result, the Fund may not be able to recover the principal
invested and also does not expect to receive income on this security going forward.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#135;</TD>
    <TD>&nbsp;</TD>
    <TD>The percentage shown for each investment category is the total value of that category as a percentage of total
managed assets.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>ABBREVIATIONS:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pfd.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151; Preferred Securities</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pvt.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151; Private Placement Securities</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REIT</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151; Real Estate Investment Trust</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>STRIPES</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151; Structured Residual Interest Preferred Enhanced Securities</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE TO COMMON STOCK</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>For the period from December&nbsp;1, 2010 through August&nbsp;31, 2011 (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OPERATIONS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,532,016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net realized gain/(loss) on investments sold during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,021,078</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Change in net unrealized appreciation/depreciation of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,091,743</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Net increase in net assets resulting from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,461,351</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>DISTRIBUTIONS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Dividends paid from net investment income to Common Stock Shareholders<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,342,909</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Distributions to Common Stock Shareholders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(8,342,909</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FUND SHARE TRANSACTIONS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Increase from shares issued under the Dividend Reinvestment and
Cash Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Net increase in net assets available to Common Stock resulting from
Fund share transactions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>730,040</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET INCREASE IN NET ASSETS AVAILABLE TO COMMON STOCK
FOR THE PERIOD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,848,482</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET ASSETS AVAILABLE TO COMMON STOCK:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">116,623,102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net increase in net assets during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">End of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,471,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These tables summarize the nine months ended August&nbsp;31, 2011 and should be read in conjunction with the Fund&#146;s audited
financial statements, including footnotes, in its Annual Report dated November&nbsp;30, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>May include income earned, but not paid out, in prior fiscal year.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>FINANCIAL HIGHLIGHTS</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>For the period from December&nbsp;1, 2010 through August&nbsp;31, 2011</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>(Unaudited) For a Common Stock share outstanding throughout the period.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PER SHARE OPERATING PERFORMANCE:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net asset value, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INVESTMENT OPERATIONS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net realized and unrealized gain/(loss) on investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total from investment operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">From net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.69</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total distributions to Common Stock Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.69</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net asset value, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Market value, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock shares outstanding, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,066,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net investment income&#134;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.47</TD>
    <TD nowrap>%*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating expenses including interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.15</TD>
    <TD nowrap>%*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating expenses excluding interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.52</TD>
    <TD nowrap>%*</TD>
</TR>
<TR>    <TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SUPPLEMENTAL DATA:</B>&#134;&#134;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portfolio turnover rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%**</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total managed assets, end of period (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">180,972</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ratio of operating expenses including interest expense to total managed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.43</TD>
    <TD nowrap>%*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ratio of operating expenses excluding interest expense to total managed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.01</TD>
    <TD nowrap>%*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These tables summarize the nine months ended August&nbsp;31, 2011 and should be read in conjunction with the Fund&#146;s
audited financial statements, including footnotes, in its Annual Report dated November&nbsp;30, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Not Annualized.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>The net investment income ratios reflect income net of operating expenses, including interest expense.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>
Information presented under heading Supplemental Data includes loan principal balance.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>FINANCIAL HIGHLIGHTS (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Per Share of Common Stock (Unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dividend</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dividends</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net Asset</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>NYSE</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Reinvestment</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Closing Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010 - Extra </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.0300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;31, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;28, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;31, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;29, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May&nbsp;31, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July&nbsp;29, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2011 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.02</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Whenever the net asset value per share of the Fund&#146;s Common Stock is less than or equal to the market price per share on the
reinvestment date, new shares issued will be valued at the higher of net asset value or 95% of the then current market price.
Otherwise, the reinvestment shares of Common Stock will be purchased in the open market.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
<B>NOTES TO FINANCIAL STATEMENTS (Unaudited)</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Aggregate Information for Federal Income Tax Purposes</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At August&nbsp;31, 2011, the aggregate cost of securities for federal income tax purposes was
$175,050,802, the aggregate gross unrealized appreciation for all securities in which there is an
excess of value over tax cost was $20,743,558 and the aggregate gross unrealized depreciation for
all securities in which there is an excess of tax cost over value was $16,714,457.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional Accounting Standards</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fair Value Measurement: </I>The inputs and valuation techniques used to measure fair value of the
Fund&#146;s investments are summarized into three levels as described in the hierarchy below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 &#151; quoted prices in active markets for identical securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 &#151; other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 &#151; significant unobservable inputs (including the Fund&#146;s own assumptions in determining
the fair value of investments)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the
risk associated with investing in those securities. Transfers in and out of levels are recognized
at market value at the end of the period. A summary of the inputs used to value the Fund&#146;s
investments as of August&nbsp;31, 2011 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>August 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,043,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48,200,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,665,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Financial Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,337,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,791,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,764,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,285,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,479,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Utilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,115,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,915,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,200,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,949,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,910,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,038,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real Estate Investment Trust (REIT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Miscellaneous Industries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Debt Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,863,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,583,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,280,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Utilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money Market Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,070,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,070,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">179,079,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,594,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,307,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund did not have any significant transfers in and out of Level 1 and Level 2 during the
period.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The valuation of the Fund&#146;s investments in Level 2 and Level 3 is based primarily on
market information, where available. This includes, but is not limited to, prices provided by
third-party providers, observable trading activity (including the recency, depth, and consistency
of such information with quoted levels), and the depth and consistency of broker-quoted prices. In
the event market information is not directly available, comparable information may be observed for
securities that are similar in many respects to those being valued. The Fund may employ an income
approach for certain securities that also takes into account credit risk, interest rate risk, and
potential recovery prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a reconciliation of Level 3 investments for which significant unobservable
inputs were used to determine fair value:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Preferred Securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Banking</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance as of 11/30/10</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued discounts/premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized gain/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized appreciation/(depreciation)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,398</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfer in</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">174,375</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfer out</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance as of 8/31/11</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,885</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1) </SUP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Transferred from Level 2 to Level 3 because of lack of observable market data due to decrease in market
activity for these securities.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ended August&nbsp;31, 2011, total change in unrealized gain/(loss) on Level 3
securities still held at period-end and included in the change in net assets was $(16,398).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;This page intentionally left blank&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Helvetica',Arial,sans-serif">



<P><DIV style="position: relative; float: left; width: 48%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donald F. Crumrine, CFA</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chairman of the Board</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">David Gale</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Morgan Gust</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Karen H. Hogan</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Robert F. Wulf, CFA</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Officers</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donald F. Crumrine, CFA</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chief Executive Officer</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Robert M. Ettinger, CFA</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">President</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">R. Eric Chadwick, CFA</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chief Financial Officer,</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Vice President and Treasurer</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chad C. Conwell</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chief Compliance Officer,</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Vice President and Secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bradford S. Stone</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Vice President and</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Assistant Treasurer</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Laurie C. Lodolo</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Assistant Compliance Officer,</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Assistant Treasurer and</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Assistant Secretary</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Linda M. Puchalski</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Assistant Treasurer</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investment Adviser</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Flaherty &#038; Crumrine Incorporated</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">e-mail: flaherty@pfdincome.com</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Questions concerning your shares of Flaherty &#038;</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Crumrine Preferred Income Opportunity Fund?</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>&#149;</B> If your shares are held in a Brokerage</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Account, contact your Broker.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>&#149;</B> If you have physical possession of your shares</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">in certificate form, contact the Fund&#146;s Transfer</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Agent &#038; Shareholder Servicing Agent &#151;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">BNY Mellon Shareowner Services</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">P.O. Box 358035</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pittsburgh, PA 15252-8035</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">1-866-351-7446</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>This report is sent to shareholders of Flaherty &#038;</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Crumrine Preferred Income Opportunity Fund</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Incorporated for their information. It is not a</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Prospectus, circular or representation intended for</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>use in the purchase or sale of shares of the Fund or</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>of any securities mentioned in this report.</B></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="center" style="font-size: 10pt; margin-top: 200pt"><IMG src="w84070aw8407004.gif" alt="(LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 100pt">Quarterly<BR>
Report
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 30pt">August&nbsp;31, 2011
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 100pt">www.preferredincome.com
</DIV>

</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>w84070aw8407001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w84070aw8407001.gif
M1TE&.#EAT0`V`.8``*ZJJ?;U]:FEI,"]O&ED8[FUM-G6U3(L*\C&Q;VZN+&N
MK3LT,WIU=)&-C5I44X%\>[6RL:&=G%%,2T$[.MW:V1H4%,W*RIZ:F4I#0\3"
MPIJ5E2(<&RHD(XJ%A=#.S?GY^/+Q\.7CXNSJZ::BH9:1D-72TN;DX^[M['5P
M;NCFY82`?T]*2?#N[;NXMM/0SN#>W>KHZ'1O;6-=7.;DXG)M;&!:6=?5U'=Q
M<&=B8=W;VZ2@GO3S\HV*B920CWYZ>??V]MO8UMO9V.+@X./@WZNHIXF$@XB#
M@<K(QUY96(N'AD="069@7S4O+A<1$?'P[S<Q,/'P\.WLZU504&%;6G)L:U=0
M3\/`OUU75L?$Q'UW=K.PL)>3DHZ)AVYI:28?'A\9&+2PK]_<VW!K:M?4TF-?
M7BXG)D`Y.$4_/B@B(3TW-C`J*/S[^_KZ^OW]_<?$P_/R\6UG9IB4DW!I9YR8
METU(1YN7EO/S\[>TM/7T]&!951T7%_GX][>SLNKGYA40$/___R'Y!```````
M+`````#1`#8```?_@'^"@X2%AH>(B8J+C`8PC)"1DI.4E9:7F)F5%DQ^>@V:
MH8DI"0\Q`Z*IJJNL;0IP$(-\$WZU7X^LF3`"*QNUM45LN</$Q88@64U^:6M_
M:V5Z4W2U1L:3:R,K?DT'!RM/M2W6X^2:(#B_?K%&:.)_!'YPY8M#$DUG%T.#
M>PM^9*D%;,P;J&D-@PHC9A3QHX)"A02#(OBY0O!0"3U>!K0QM$=/FBBA2C11
M4;$DI09>W`CR\&7!F1B$,E205\F%BQ@.Z'`XL.=2`3U(H"22($64##\93"IM
M="#"H#4KFE3(0>B%&IB,WB0@,F6"GFWIT+RQY.)`C`^*,#`0U4+`TK>)_PA,
MP4-HBA\FA8Y\Z:`HB((82BHH2_=+CPY++^C0Z*EH@5.XQH88`%`G0@,^%#9:
MBU)!95T_(PI=\'/G4!L#<BH0KK#A#(T>&@R80&7IC(P`C+R$@3PL3`L57@C7
M\D(@B+$B%`O9I5!(105#;1*`^Z5&S@@@JY(\8<$H2!;>JP(\Z"1<>!,<0H>9
MT6+(@1=#-380"A"!/)H;"'X,"U+!.",4*8"7BAL._,(!'!HD<(0%-K@AP!)I
M##8!`KG8T,18A4AQ@"$++#&(`N`T,<$6+Q2S1Q5(0&*".P)JH@`'M6`0@0OZ
M<13"!?WX0<4.K(!H2`A/T&%($UL,<H4$/H`A@O\U$%1@`B1CH-5B)@#4LH`5
MD>QQ0RVAK8*"!(9@48&'A"11`863D&"!)FS40-.4UMPAU1922D*"'UYPIXH7
M-1C2@!\H%&*&!#5*HL>;E[10!FYP&N/"%U\(<0D*?N"@"@M^$&$(/#X08D(3
M253BQP1Z7L+`#8T:8P(&:'AFB1L;B)4*$'Y`1,@S@!*BA1\E4-*&'V!B$@03
M:*8ZS$$*"`*"%>E)\D.!`*1RA!_%"D("I#004H4$S4RR1Z69="%#G<:N`L,7
M;])0J3"3*."'`ZD@X,>:A#`A00U5#$*K6Y0,X0</F6SP6+FL+,&$/H*HZT>R
MDYC@QPJI6%$K(0/XH07_"F4,TH,?/%*B@Q]%7O(IO02KDD,%=1#"PC3R31*`
M'A.D0H$?7!#R!`<@&/'>'U"<450E6])F21=ZD%LRFQ,LL"0A==2"Y20.5'""
M*&&,.L@`38#Q!Q%-4#5'!7Q8@H0?V%W"!%9'B_)Q`88(H1H5E'1!MB@_Z/'<
M'Q0P<8!^+BS\QP087&)&!6,<`<#A#<0"R0GJI"W*"7HDUUXM`DG2#\*A'.`'
M"'\\X,<1@D3AAQ(:^&V):L(1$,FT!C@>R@,5=&Q(Q7[P)8D9<XL"3@D0M*1M
M$QO088<E!I2G!LF+C.!'ZZYC8@,:G2+2!C@+!!B)-LAG(H`?-S"Q@7^")%!+
M_[26!.''`CPTT$`/O4K2@1]&4T+`%]64#%P?BAA1"PFW\YH*[14(V2!L4(N!
M5:()W[D$!G9V"7G5(@:E2A4=@I6($-2"@HSHAP<&5`LR<&X0.SC*1.(7B9%@
MP@MXN00>X%&+)G2A8U%@0`.R9XD0#"`"21`#$AX0!P58P`#6DP0'R*2(,]3B
M29"0@!_`9P@H#(!1BF`#&`:3P$%PP0](L%O8*A$`/X3J$EY8`";XT`0SD&=T
MO=I2!W<CB`NH00]/8```<L""(\RA!SK`@@=,D`(GW,$YY4F''M3@`!7TH`$7
MR(`'&%,('S!/$55Z5R1HP2Y#4``#M7A"!#*```MDH/\`#Y"!`USB"T_XH0+\
MZMSH_I"$T>&"$GX@8B7*`#%+K($)7^C##W+40L)D9&N#":0PASE,#MS@@Y38
M08B8PXBO=$!V?Q#!%GA)S'14X5Q^V``!&J`$/YC!>N]#`Q_()XDFY`$3$TC#
M)3P7O2B@XQ>M09V5@EG-='AA"DF@3!&DX(4OU+,69DB#`2'Q)^XUXA=><(`,
MII`&?WIB`:4<9A,6T"4X$$8&5%'60OR`MD@P@21@5,,EU."#5^*!"`[8P!1:
M=P*=%>8"AJO#!-"`AC/<(`M2.`--F7"%(@"@1(A@`0(00)DYQ($'!*@!#:X@
M!1RHH`$`"`$E6O"5#43P$!+_$R83`-`'%V@`#FG@``?4(`$4/*`!.+B!`#`7
M`LUY`D"%@$$,RK!%2:P`%"/]0B4G88'XX<$#Y+I#)SC`,$&(P``&*!4($&N"
M;BEE#TKTPP46L3TU!%,/"\"!T"PQA!$\`"2J0$(9FI6(&!3!$`S(73&<D`!H
MEJR5$UG$#2H0A0!@@9,DY$T68JN(%IB.$!O36O/&\8):5.L0$CA#VE+`A,T>
M8@,K@.(@/@:PX8XC#BQ"1`$JL!;K(B(_AY#7%YS@W;>H8&+EE00,U.`'X::W
M)`=0PGLGH;PI.':^FM#"TQ9A)O?B=Q%LX$`3-(4)!5RUO&?P;U`Y0`/-_)<1
M\#@#^2,IP0(T+.V]HK-5(MK``#VT[\&,*(`R)FL)'4SAO\4]K2(@D"D02\)S
M(K5$&D"'7S:@80%21<04N>7B2%B`O9:BQ!$VX-KT3D,"$Q[$%+Y`J!Y+HG1^
MR"XDZ$#B_]*.`TD@@@+<X`8S;>`&279R%.&!!@U@B!$*4$.A_HL"U"GC"U\Y
M@P+V*F9&1$%S%2``:1%A!24,]+\"8(*`F:`$,1RFSI5X08Z^``"Z((((&P@4
MHB<="C$,A@,,.&X.:N`''SB8TJ"NQ!HLH,9M'``-5W"`$IK@A3KD-M2P9L0>
>/`"''`UF`V2@8:QW+0D3`*`!Z6O`?GE-;&('`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>w84070aw8407002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w84070aw8407002.gif
M1TE&.#EAQ0`X`.8``,W*RI*-C&%;6JFEI/GX^,G&Q$I$0S,L*U%,2]#.S6ID
M8X)]>_+Q\3HT,QH4%,"]O+"MJ[ZZN;6RL=G6U"(<'-32T>#>W:ZJJ4(\.^KI
MZ,7"PN3BX;FVM2HD(YJ5E.GGYJ:BH8:!@-S:V>SJZ:*>G>[M[):2D(Z*B;NX
MMIZ:F>/AX%!*27]Z>>?EY%514(1_?O3S\HJ&AG5P;L/`ONWLZW9Q</#N[=O9
MV'IU=%A24M//SG1N;7%M;%Y96(Z(AEM55+.PKOCW]M[<VF5?7GAS<KBTLW!J
M:6QG9MK7UN'?WEQ65=+0T-;4TXF$@\;$Q.;DXX>"@1<1$9R8EJ"<FFYI9R<A
M(=_=W*NHIGQV=6=B8/'P[\O(QR\I*$9`/WUX=S<Q,:2@GEE44WET<I^:F92/
MCC\Y.5U85O;V]1X8&%5/3M;4U(R'AC4O+GUV<Z2>G'%K:CTW-L/`P$9`0"8?
M'_S[^_W]_?;U]?7T]/?V]NOIYRXG)K>SL?7T\TQ'1Q40$/___R'Y!```````
M+`````#%`#@```?_@'^"@X2%AH>(B8J+C(V.CY".!"@0E7L%.A]:D9R=GI^@
MH:*>5@ML#GZIJJE1%'UM!3:CL[2UMK>,>WVI:$123EL32QK$*5("%*D8"TNX
MG@P)&BK.U-61="@_45\O#P2-*@-#>@YF('C6A39,6R`>.%0Y&,D'`E`PZ?GZ
M?S9B%`Y$-G2Z8<*`'P0HZ%ACL(?*G%0.T'QQ,:3&E@(!E#@XH#`2!`1SR.P;
MF6A$`S\8*H@:P,9/FB2X-K#(@<8/A2%3='Q#!"'*ID<VNOBI(B.*0))(!6WH
M$.4%OED^JD094XO.CBA^OI!@LE,1&`<8(&UH4"7"ACH=G"1%.H'-'":W_T8H
M\7.D*R@&.%(=0.((R#^XC@K(87-CT`$-H8*<F$-D;2(M&N[\B<"&C0AG#`(X
MR/)!%!0'%%CP;62C!X4UCP!\L4RH`X!0`U+U<'QH0Q8'?2#`P=",4YZCC$CH
M06`A5(\#D"BS*0`)@YD1A+2@L0)*!9HJ7!30+N07S1%47:!S`B#U$0H]#3*`
M&F''T98#?OK\=,0!#8-"#ZJ`LA/&00LY4&PGB`5"/4<'!5$(T4D+J.CWR!+7
MR5+-!RLXP$4$D0CA@`F&L,!#(A;(L(4B4D11!`P4<"!@$:@L(-D%?M30R09"
M^3%`AE4<,,TM=,PPA(4AS/?(C^H1X@0;$R!"`_\7\ZAUB`0=X/#'%#F@8TL=
M3#!11R,I5-$!8G\\T<$<3W!"QQ!H'$!!D9#<4$87HX52QP<`%(`"$6@XP$,"
MG8@0A0"&_/`A(D7X\4`30TA6"!T-&)!!'0=X<$L&"U11A12,#"`1F'^`X,<)
MG101Q0\.+.!)!6RX8%<D(J1@!GRK^$'$EF:*@49GA-1@``V)0."'#W]T@6$A
M)/AQQ1\:.+#CHDZ<H,`1<+`1@PZ-#*`'%RP<$,8B*C@`!W6"$.!"%&5&4@(%
M1KRAQZJ0:*`'H)P$$8("/9P@0S*\Y.!'@)SX^@(A=%"!1F^(6.`'''^<D(4A
M%#2@$!$['*)&35$XP$;_&65$$47$B=B0A@-0V`&``RPH,@(%:"0Y"!(=A*7D
M`0\8<J8#8%2QQR$PL(L($'Z(\8@%8!@PFP<(4!R"OA^282@G87#1T1];8,!&
MN8G0(<<74%>1!R$H^('"9'[`9,@,(:E`ZQ\C\.``U?BAG*0=9:`1YR%F^'%!
M(0E0L`(B=O3@AXK$_MJ%"^I@H<0,3S4R110W,P*C'WJD484?<V1!P@A,W/14
M'ST\?4$`.@^R1114_/$!&$/`(4/BBCPQ1Q($*-&X("YT\`<=1_01B01^),`Z
MVDTX((!X,:`Q8B).^*'$TX(P\./7A6@A@Q\'2#C('6F@,<`!(^(QPQI]L+$&
M_W"/>%&%DXD,@$HJ9>``!%=_9``'%X4)P@(7X/[A011'*(C(]'`X`EEJH))'
M",`(?XC!OP2Q!#^0X`\#J`+!'/$"6<FA!GP0A`I6,`<H6"D.40"!(C[0!S0L
MBQ`PF@/Y.H45Z!&"10J8@PNDP((^X`8*)X0$`0S0AQ46`@5]<$$(_#<(`G3!
M`1,\@=T(X8)4S*$&*>#`!1Y@`B(@`"M1Z,$:F.>(#:`!`CX@G""PX!,;J"X2
M=S!(%.90A205($TS&(0*&@"O1%S!#R4S1!-\X8<H9&$`&F!""\K@!P-<;P(3
MV,,*5.$`/;C@!;@*Q0%R$#I%T$$,(2P$!_P`!D($P/\/:)!!#PS`A2I0@`TK
M0(`3#V$""M0Q$36(0`6P%J8O;$L!?;">(V)3!2;H`0ZG\X,<Q".(/E"@/8K(
M"Y\*`8(H>.$/!8CA^E;A@&GZ87W:(^8L(D"!-W#"`PY8("%\195!5-`!OQ-$
MH6QBB#V`\F^,H,(`*(`/,-CM`0Z(622^X(`9C,$/9LB"'YK`O!!$H0F,8($?
MF)>'16(!F8(H`024Z(<?Q,`$*1@`$`"@@D]&P0V$V-HL)!`%8#W"":[DXA\(
MX(<4#.()NS##(1C0``J$(0H%'$03HJ`9#@D"!:`RQ`AD`!8/K$`/(J"`.!^A
MT"98(!D.^`*G!%$`!^Q`I8;_X)UH(B"!^_F!#%C]@1]"8*5"A*%GA``!&EZS
M"`9<X`1'R$$.AA`#,GBA`7W@U1_($`7`-<(%7P",(:(``4'08"Y^8(XA(N`'
M&<3`#\\DQ!=@9B)!M``.44`$#'[0@9HT;*`G,$)0&9$`!_R`!F_HHQG8.H@@
M-&`.1%2$%J@`.0>L`#Y>P&H*A%E60B"!`C\@9@:DTH)##,`%O+)`$_W0`+F6
MX12J.$H0LJ"'V";"4YA"1`.*TX*3'`P12OR`$:+`!HC^P5LIN)4@9N``!"2"
M!&_@02HHD(,>8$$"CK`#'*;S`%#BUQ`\.Q8DR%"!&:"A#(>X0PA2$4=#W&!R
M+NP4_T`/(814)*D&#@C![UP`'D(0@`M#J*0@1N!'1;2`#E6-PDFRNZ@PS.$/
M]?!#&PAAL3*43A"\"P#RPK"+*NCU$71(@Q\B0``A3^$0(T"#'CR16I41@@:8
MO>8AN)D*JM&!)NQBPA=209T<=.$0&>/"CP6A`PK<2!%4<`";#D$`+/AA!4\P
M@,L,80,,].`#:"C`$/P@J3^<X2%5:/`?SMKG0V@`00CPX2*V<)(^0X'%A5#H
M["*AA[T58IX-@)%V"G&!.0SA`"\>Q`7^5`BY5%,!?N`5#NBI#@?,(9*$"`$7
M%($BD2#B#@,@BTA`Z,U#;`%D4*A2"[H0!2D@H0)P\`,"__]`@QV@`0V&-$0=
MD."W)4(B`1AX,R-00`$Q<D(%49"1()(PA2%TX`0MZ%J$&="$.31A!`ZXL2`0
MD.%!9&`-4'T!;;\A!3\<3Q!U\`)D$4'"31^"";TKA!TR``,2""`*+H#>&FS$
MDRBT`0U`$$2<H]`!IJ"A`1+80@XH0((%^&$!^?O#$F)P`*R$#1(BJ$DO&3$$
M"@@V$G:8@P%TH`$HK&8'RYR"'XBI!25480IXH$$4;"V$&)A!`'W8PA9.@("6
M[`O7?J".&APPXT&8H`H"L/0A6+1,0R3`#ZO"@1*$7`41#F("(`B=T*.0AD(4
M@0@L`(`4DA&%,C"'`#S0&!>(P(;_R56.L=%^1`4[H,\1HL'@AKWY(@2:"BYX
M0$B:$00=--6`^A'``:"R`!O@`(,KK`\.0+BC`G8R!QG<X`Q<L)T@KM"`)>0M
MCX>00QF"<(@Z3%`04(@"%R#=B"*@X<N*L,$$5I@$(Y1A-V]X`.]Y)^!'8,`!
M$4[$$?0P-R3T\Q%X6$(*EL#[0@@\"&ZX/D()T;`34$`..Z'!%G00A`(4LBMY
M6,`*/#"]K9F>6G6``PY`!B5P"/U56(]0`EBU"'4@`N8E"GDA-H^@!>G$9DJ%
M'SE`"YZ""@)0=H.@1&@0`H@@`@NP9H3P!`Y``A!0!2X4!.=4!CQP`AZ0$T(P
M`U%0:`+R_PA\0`%+Y@PF@$350``7D`)S4P@5((&<(`9ET`&V1@@ZL`9FL`+&
M5!.J(&XY^`@SX`>O5`L?9H57R`E)0#U(*#-+``!Q,`,S``3U\X6-8`()APL:
MX`>2QX:-<`<_D&U+18>T@`-L<#:V($!Z"`EUD`5<<`<*<``5&(B?<`:)*`JN
M\U^*R`A3(&9_L`%?4'>1F(F5&`5.IHE3Q@9W(PA@$`60Z(EZZ`,Y9(J#T`6X
M)PC/57ZJ&(N:"`5P8((5X`<(*(NZJ(<P,`?51PBCMXO"R(9>T`</*`@F$`74
M,HS,Z!@?4`5G9@@&XU+-6(TD\8/:5`A$88W<F`]T\`7NE0APD(>!W5B.SM`U
M&9<(84".YMB.M!`\8V8((;"%[EB/GG`$%+`(""`#]MB/GY`##;`(51`#_EB0
MD:`1NE0(3!`%H6B0#KD(_=9KAE`!/`B+#WF1A@!EC>4$M+(!%^`%&W$9&#F2
H#M8#:Y0#`I`#;*`Q0U"$)/F2?Z`#0X``*Y`&`G`";`.3.DD+@0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>w84070aw8407003.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w84070aw8407003.gif
M1TE&.#EA1@&Y`.8``-G6U//4VIZ9F/W\_-R*H\O(R+@D7+4:5>BRP,ZKM#@Q
M,-J$G\A3?:JFI>:KN_',U+--<<M;@N"6K/3;X(4%-MZ0I^W`S/3S\]-TD[NX
MMN.BM8J'AL)%<OOR]*0!0>[&T;LL8>*=LD$S-;\Z:EE34[TR9:H43-9ZF,]I
MBZT+2U%&2-W;VL1)=O7@Y=%LC>SKZE]96/GIZWMV=&IE9*@!1$Q&1.N\R>3C
MXOKN\,U@A<QYELYEB<9->._M[<$^;OWW^:T;475P;NJWQ2(:&AH4%/;DZ)&-
MC>?FY=5XE>.UQ'!K:K"LJJP'2;<Q8K`B5J0'0Z&=G-N=L=71T(%\>\_,R\1?
M@[M!;KXU:.6FM]A^G.?`SL/!P.#>W3L9)(>"@*6AH)B3D;6QL,INCNKGYJ<+
M1KHV9F1>7;8Y9T,].\AJBO+P\,QSD;4V9>>OOL=FAZ).:Z@/2%1.3M)PD/CF
MZL.?J+`24."MOBHC(OCW]X117[,L7K)I@<M9@:$`/L)!;____R'Y!```````
M+`````!&`;D```?_@'\]1H2$7R]+?XJ+C(V.C4<"CSU@CY:7F)F:FYR=GI^@
MH:*CI*6F?P!$2D&L&RLRIZ@PCZFQMK>XN;J[O+V8J6.,>"M_8Q<%7T>+&0+$
M?S<O``(OBU1@7']X`(J188JUON'BX^3EYINI4F/K`U)Q?QMQJPK;-693(E!_
M00HS,G=4\"B)@Z]!@3M_EBCP8H9$#W#G(DJ<2+%BIE0*,BK@X@Z>B@$#S!C!
M`^/"GR_O@KS[$P?,ECLFH00Y^`=,AC\#`$*TR+.GSY^V@#'JN*'2O@U_,GB)
M,R0ETC\BP:Q41/.&D1D*AA38";2KUZ]@41$)MHBHT2`;I-S9,F:)4T51_U<^
MI!G'"X"<6XF$W<NW[SFA9=\5582V@9EL)-Y"-5)@2(]]2F@J>!Q&*U>_F#-K
M'L5%`;5%`&;\$=!`T08!/6K$@;%!08'3BF1\&8U&!8P54FK4%$%"1AP97-!L
M'DZ\.*8!8P8P&O#X@LD_:DSVH$)-BIKHBK#_X4+%Y`!J[;8=68'<N/GSZ-.K
M7\^^O?OW\./+GT^_OOW[\_$L,2)@&Z@M>)C20X"67*`<?@C&-T`-:"@!`Q$W
M?3(6*6HP-00L?_P3!W@R/)?@A[B4-Q$50QRX!$+F>#&+&C5\(842`S0@FA<1
M7F(-&#CFJ...//;88P$@FC>&&400,807`0ZPS?\**()"Q0Q!.".%%ULH,L!L
MBQ0PX1\74"&($D,,`4.`=QA!A!?"<2F"6M3\TQ0>>,@09AQJ0!4F"8U,X<P,
M8!3@Q1]AF'&!$II((<"AB":JZ**,,FK&4T$2AP8)Y%$A@FACZ'79)AD,$48#
M1'"G0A@P>-.`48K@8<80-03Q18!3P*`&'BJ4IHH4G7FYP0P#C`5%'$=<@,9^
M&Y($!A5WX'&!#%4V(B,:`S9$`@`R^$<1&)!^,@8KW';K[;?@ABONN.26:^ZY
MZ*;+2IV+@($&67^\!,`41`A`!1%A^".%(F$HH80W?T"1@1+L9BC)'THT8$0E
M6_`JPV/";&&$&7<<5H/_$DLL808LH<86Q!]HV#H&"48HLL(-),R0L1(SK'!A
M`]@XLH0,"GB#AQ0OW###&%,HT6Q$V(H"P!V-%FWTT4@GK?323#=]-(&*P##%
M<G$8X0417]P+@XSO9*#`H0K<\(<(:$SAX0IJW+`%/520``4,&4"1""-4U+@"
M$3>($`>WLVWI]0N._3%6'`<K$D>KK$CR2@U#U(C'ST9,M4\/,`@@A0('GB/`
MGZ$`H$"D%%7=B!E!9"I6G<B"#+``L"A0FB-*W($&-05,$08>)"A9P($-8*Y(
MID>PILC"@I.5$UJ*C.6/X5_,,/5H7LQLVF&+=`P/GE1]C(;8-4!\SA(?=_XY
M_^@2P8"AE56;#@Y-8;:/IP(_-S*`$MB;1@6:,&!_@0(-SG#'U`50@!E618PM
MU80(^RK>$11``HJIX7)FF,$0J,`%(LP`*UYJU__\E\`!R"!`8+"'"B8"/J&-
MCWS?NX.UEN`8]>GE#ZE;RS=N`K]&A$T1#4A3,?`$`VQ,)E7[Z=,B;O"%!I`%
M0(M0P\^0>(0E-.`S1VC`%\2V'2E:RTH9``,4G/&'(_RL`!F`VO?"!PK/H5`B
M9D##%[8`!@64K`=$V((47DB3$&8@`VBH4@T9$00S2&$+:"B<#,3&)Z]E[HR7
M**'X$'F.%VQ`!0Q\E2)6$1J3?6P`7B`!R6)SQ6?,0/\U7CC0#3`DA3X"B9&8
M4&093XC*5@9)E9\PHRMG^2%8>D*6M,RE?6S9"5SJ\I?QX24G?`G,8K)'F.A@
MI3&7B1YD:H*8S(PF<9QY$65*\YJ9Z9<)L<E-S5"!>JOLICC[(@5PQM*:XTRG
M3\JY376Z\R?L7.0[YVF1>(:3GOB4B#W/F<]^FF.?MT2G/P>:"X#V4J`$3>@I
M##I,A"KTH:)@:#(AVI54%.FB\,+%!0I!B-UE8`,14D.VUFG.@%(4*.E8!SMV
M<8%N#0$*4""!%$0`),9X1:+/=*@Q17"'GHH@?I@H@&X602I0#&)K(-11::;4
MK"LQ`C"+^`(49E`71;R`JDK_$!L`EN`%I$QA;U#XPA0BM(7G-6()-?!@:98`
M!6I]!0"SD&<W[P`&``#@"];+Q-H8H;9/O*`&S"(!H39`V`W4``94&%6I_G"J
MIQ*!/X?R!C^6L+8EJ`$-&RB`#&:Q-AED(');^,(=@B"`H9*@<(M@4C`R4#41
M<,$+I_1*_?@ISCO,K5=`HI9(Q$;9*<Q@-GL=@`"V`(#2-"`,OL42%8(0&2AX
M"(_<0$/!UJ8&XC7,@]X32QPT28*IL2)J1EC;$<8PTWB)@$P)7,4+\'8#(GR&
M$3VSDL2HL((-J&$)MV,$%^S*W_[Z][\`!C`7#GF)V9H4/6'(F((7S.`&._C!
M"ZX1_R/NL($M;,$+-8B.&QOPFS_`H$Q0&`(`UC8`PW+!+7\@@0B,$&(`K`"S
M'!8!O!ZB#2_P:A$D\$;;WA:WN8'&@(1YBD@$,`2-T&,+<=V2$3[6H@8,]:D*
MR&C4N,"RC3$"*T;.LI:WS&6-R'@3!CYH>@0XP#*;^<QH3K.:RWR^"4]*Q7$8
MPPLJ<8%,>O@I-:#L0A00(!1O\@]Y!D-<UR;ERV'-1/6KW>UR!X#=?0/(1X&+
M$<(PO@N4!LF*0,,I9?`Q,$0058O80)@-M8*X-BD<-9"R)<+<T/2PNARV780*
M-C"`(`SA#@ST\,'B0%DBW&$()O'SKI>P`3)^V1$N.Z4(?/\<ZONA(7^/AA*W
MMB5D(ZA!`3)XTCLP#2CX&6$(E\0U@5E2LD:@X0(D^8(`2MJ+5(.YG>=Y-3EB
MK8CN+N'<H^'AL->&!S1\3-B&6X(`XIHW>('A?#43BX=^QT,?/L:1A27L"S+0
MK"4`Z093>!0V;G#;YC$$0S`@E"/`D$#0S.VU&W@OJE7]"'E7$P<PGX#,9SX!
M.]C\YG9(@A:T\($'/$#F,>A`15PNCCLHX5!>N$,!*+UT-*2Z<@'?ZPT:!W"6
M+"$X4"A`'**\B+6%`0!&0(,R9"":1@SR#X7TW2G`D(@7C`HG-9`P6-RMB5=W
MH`A:B`(!"+"`!>A`!R?0P1[NL(;_PHOA\(AW0Q_@P/C&PX$,9("#"4S@!"?H
MH0E68`$/JI`&'2R@`E'0>0"*\`->$#T<2BAS$*JTK)09)@PV,<U6,+2PU_S!
M"!'*;+SR!P81O'<`O[+'*6G4B%$JHI1FB*TI#J(`H\,0W'ZA^R5^4`05V,`!
M$E@`"GQ@@!0PX?LCL(#XQR]^.BB`_.A'0!_\P/[VN__]/KA"$_1@`"<``0B3
M?_P3^K!X-E1A`5%@!Q_0`J57"J=G'+6C"&_S%2\P;GV1:AT0`';P=P^@`2[`
M`2!0!]_7!=_7@1[8@5&`?N5W?B(H?NKW?BB8@BK8?CXP`F4``DY@`G#P!!ZP
M>'K``CJ0_P03('2><(#%42'\HQ7BU`)1(`8LT`5PT`<FT`0<X`0>\($;"(50
MZ`0V((+F5X(FN'XKN(5<F((^4`;S%X/[9P)LP``Z8`=BU'+RT0X!$4TX\`$:
MH`,,P`;WIP=6P`,*X`99T'<+D`56\(0?R(%2^(%R8(4D6((GV(6*N(CP]X(&
M@']DX`16X`8$H(.'Y(,G)1$2N`!5H`=`X`1LP`(1X`)[V'<BX'E\V'<\\`0T
MX(&".(@=Z`0:@'Y7B(6)R(BXF(M^,`(EH`<Q2`9`8`5B(`$?T`&8F(GC$``:
MD`8S"`1-P`-(D(K2N`"G.(T+L`-P`(A,\(JP^'T\0(N'*(*WJ/^+Y*B+32"&
M?2`"!*`%.(",$Q$#=F`%9/`$3L`#<F"-^%B-UH@$3MB-@R@!Y%>+B*B%Y5B0
MY.@#70`$9-`'3I`&6E"`[M@+`V`'#.`$3Z`'#.`"^+B1IHB*UI@%(]`'_@B%
M!A"0X9A^!&F0*LF(7<!^/G".,\@&8O``$7D+`_`!!,`#G\@!.7`"'/F3U.B1
M^+B*K3B2'5B((XB%%C".*]F46]B2[S<"G@@'3E`%43`!-2D*`Q``%<`#)G"#
M*`"48AF40!D!<%"41ED'")"4MIB23OF6*`B57@B30&"5+9"5G!`#&G`&#,D`
MI3B68JF//RD'_6B43,`'XI<`)*"43`G_EX[I!W*YA3[@!$G(`$G`@W@I/UKP
MAY1'!A[@!!'PEX#)D8+YDUG`!B)IF`"IE%GXF*[)?I'9A=P'>0P0`)FI"#&0
M!D``!V7``'SPFSQ0!B;@`<$8C:.9CT()E`S0!VC9C2,@!*RYE&[YFDX9FXLX
M`A;I!%F`F9G8`10)!WK``;\YGN3)`]@)!T!P!GQ@G,?9=WF0G$"9`R;0G+"(
M`M'9F-2YDM;)B#X``O>7!A_@@/[T`QI@!5_)`^29H`G*`-@Y>66PGNT9H=H'
M!-H(BTZPEHPYG?FIDON9BR6PFU40H`GU`W:PFR.@H"B:HCR@!\.)D>PIH6*9
M!879C2S`FOBY_Z$%V:&ZZ`-`\`16\`$#90=.0`9^D*)&:J0,:@)*:`48`*-C
M:07,Z8]8D*$X^I8Z>I`&X`%G<)?T]`!-``<^<*1B>J0,X`-ZX`%PT`0YX*0_
MR0=D0)\?6))M6:75^9B3Z0%54`3NU`)I0`9-X)MC&JA(Z@<L>J`:R:;3Z`(4
MVHTG,*=TJI^O.0+W1P`0R4UV<(XL(*B:*J8,P`%-L)LW>*B(VG=(<*:P"`1M
M,)"/"JFOV9]PP`-8B4T_X`9D<**;>JN!6@8]"@<<@`*BZ:1G4*$?&`&JNJH&
M>:5.2:%V(*"Z5`3W!ZBX&JUCR@(6>9$[\*L1R@"L*(4I4`'BJ*'&RO^(*E"E
M)?`$5<"LLY0$:2JM[*JI+""<G\D!+]J><I"-4E@&WQJN^IJ+(_"5W*E+&@`$
MMMJN!!NHP4F9P=B3$5JJPOI]&("2^QJQB\BC>A"KNF0'3U"D!;NQFMJ$\]@$
M$>"3Q_F'4%@'T#E^-RJQ*NM^,6BQL_0!'I"I'#NSFLH`99"$0,`"\]JFV^J!
M-8JRX+JR0NL'EL>EKA0`1$JS2KNI#.J$)E`&82F6<C"<'Q@"0#NT6(N"P3A+
M,6`%>K"T8,NT9CIY9=BD''D"IMJ!37"R*9NU$MNO:^!*"V`"85NW3$NHD_>,
M]XB/(%FAC2J=;ANX?E`&9&"T9]0!0*"Q=KO_N(+*`TTPG$#``Z(JC=I:E`;@
M`(`KN&[K!!R`2F+@!(P;NK?J!SU*!F4PN7TG!Y[Y?0R0N9J+M3[0![:)2(DK
MNK:[J9X*>0;``W]Y`OV8`A+0MJ^KKT!``(@T`4]PN\J[J2SPJ9'(`=?JAZP(
M`FT0M,.KKU<`!.B*'U$`NLO[O8+ZKKLIB3G``6^*`=9[O>'J`88;*6[PH.`;
MOX(ZF?,(!'VP?^J+M60`I"CT!`,KOP`LIHZ[?WV@!R.0ORL+!W:`0AW0!_\;
MP!!,G@SPJ03,?WT`C%>`P/NJP"B$`WW0!!$<PL%I`$IJP29LPL!HP!K\J$^P
MP.3CP4`0PO+;J11\_\(V?,,I?,`K3)T^X`%1@$(3P'_0*L.B:YY.>,-(G,3\
M!P<&H,,[#)=ET`<2`,3\![]$O+@>J\1:O,5/``1E\,1.J:3&2QQ=5L9F'"9=
MD,9JO,9LW,9NW,9O(,,LP*(UN,5V;,=/\)5@7)`AV0<+4!Q$$&""/,@`D``4
M<,A.\`80H,B,O,B.W,B0_,B2K,A##+Z>.J1WG,F:W`<>0'EEX`-[S(A.P'\Z
M`,BWH`6<?,$(>L7L6J:>6,&;',MWW,E.4`*@',HK6`9U+`:F;`NHG,ITR\JW
M*KZR7,S&?+].T`2WC,LLF(3\Q\O$\4*QD`3\YP$UZ+W"3*8\"LO'W,VR#/\'
M(+#,H6R_=5P%O1P+=E#-UMP'!I#-*$JTSNS-\NS-Z.G$.TS.Y7S.IY#.G&S-
M-=C.V<P`?E##\US0!8V>*IR_/-K/=<P`^FP*_.S/Z^P$E1S`1ES"!IW1&9W#
MP[O0-$`#Z]P'+/#0I1#1_@S22KC*,SS0\:S1+OW27VG/0]NO'O#1(%W'(QW-
MMV#2UFS3UARFWQN<&/W21%W4R"S3$=L$ULP$/HW3)$T*/%W3/MT'0%#186NS
M/6K46KW5][N$$>L#2LH$WM?4_)?3PR'-^ZS./6W3'^T!3]";86N>)%S'7%W7
M6IW'!O#%=#J;3U`'*3#6;>W4.FT+-J#64LW6;0W_!.(YL\V+R7;]V':=QTZ@
MU]3YN$^0`G7@UX!]TV7]U*/PRQ*-V!_]?31`U2H=K:[,S9"]VI%=R^+<E#0-
M!P=P`)G]UTP=V)T]V+'P`(8MVLVY?U4]S'JPD*Q=W,;-R4OXVN0HG$IH`+--
MVYI]VYS=!PZMVZ<0Q`Q]V&S=@7^=`L"]V$C*HJI]W.0-V6CJ!$BMB%_:R0;0
MWL]=VYL=TN9LW:;@P=GMV]S=W2G@F4\[Q.]*F>4=X`*^>$X``ND=E91)!@<`
M`@SNWK,-W](=TFG@V:.P?Z$MVOG=W9D]C^#YDED]X*Q-`2!NP\`8SBGXH9%G
M`"50`@P.`@X.W;9-UGU0_\KT;0KXO-:(G>%_G=D\/MXC;M==(.(_;L,QO8L&
MT(PCT()7P.(-[MP/'MTR_L<U7@JH>>$Y_GWZC=D\7@</[N-#7M1!_N5(/(9E
MP`(<X`=*SN0N[N0P'M]U/,533@II<-\8CN7ZO>5<_MRT[>5B;M!AWN<F++`\
M,.AFCN8CL.0M_N(0+N,N?-:XD,Y6OMUVKN%;KN>S[=QUX)F`[M)_+N:1.`(,
M$`%\P`"$?N9IGNALONBXW0?\Z^BW$,21;M,ZKN4\;ND'T-ZX?@#9N.D%W>DC
M?J`HL`,YD`.B3NH\4.BGWN3O#>6KWKZ9@=:G,``6CN.2+M9W7NF6CNNXWN`*
MR?_KW>SKY4V/#"`'&"`'+A#LPU[LI6[HB*[L3Q[CN/T$VQL6T'X*54[MLC[I
M.X[M>J[M[=WBB0[@WK[)X,[:'E`&$6"V68`$Y7[NPD[LH[[NR;[FRP[OG&T%
MQE'OIC#G)UWGUD[IM9[M_@[P(+#B)N^+,DC7`X_$!<_5X,D">B@!$E`!>]>'
M#&_NZ`[QQH[LAZ[FBL[LG#W&<4X*U-SQ5_[Q^Q[R_3[R`&_R)7`%(Q#UO(CR
MFK[R)MSR+TV/5E`%2%`!6(`%&A`",D_S?+?P#9_SZG[LIM[SJ%[Q;MX'29#Q
MNC"<^#[:^D[KF6WK_FX`)._T4!_U/A#X[,<!'%`"]C?_@RN/]?.\A"P@!B'P
M`19@`T*``&W@`&`O]C-?\V:/\P^?]CS?[A3_[F_O[,^N"\M9]VB9Y7BN]TS?
MXGXO]8%_RX3/`2Q0^\<^T+O)Y^6M^+(,!/X7!380`!,0``'@<Y`O^91O^6$_
M]II_\PZ?[A&O]NSN\ZD.]-9L`N:A\:80!?V,WW>_^B*O[7UO\G^?Y(+O![-?
M^YK'`PS0_N[/`QPP`DU`PKH/Y$(>RV1P!F)``!H`"%H3/S\=.#%%+1,!`0\/
M'Q8V0@AM#E@:(1(2%00$"UE(&'(N*#LY.1%\##P\+!Q^/B-7)2"U!@8'N75U
M*2E,-,`>?7Q_Q<;'R,G*R\S-_\[(1,_2R45.'A[`V<!,W+W>N^"YX@>WY0:U
MZ"7J)5<C[C[P?GX<]"SVK`SY^7Q\$1&G.79$6,7!RH@F>IP`,0'G29^'$"-*
MG$BQXL,N%"8^@0-$SQD.#-+H(!`ER8<6.#IT(#1@P)]"AQ(M:O0HTJ1*ES)M
MZO0IU*A2IU*M:O4JUBQTM\3MZO4K6!\MTZ)*G<HL&E5I8OI@T[:MF[<4X':-
MRV7N%KI:Z]BY&P'/ASQZ'.RQP*>/`3]_`'?H18'"A9R_&#"0$JB*J)4S9YH@
M3.A$(9#'D"$WGJQ'3Q/$5CAT>>-&S)HL!"1H:&/AP80)+5H4*3(G1@P<*5?^
M:/G2$/\B18P<09)$R1(F39P\@1(U.&AAHK!DT;*%2Q<O7]D\D/EQM;IU9U:O
M+_N@E6M7)E_!AAU+KNQ9$&G;O8LWK]X]'G7M]OMW2N\.OGX!8T""Y,2)+%DL
M(&`G!%1@H"::A*!@"!IH@`46#D381AL(("#$A398H*$*='S@B".,,'(::JJQ
MYAIL*K'D$DRWS:2;3;WE!!Q/P_UD"BK'N9+<4<PI]5Q3-'C`@G9$%IE=D<A8
ML157W(#W55AUD%?6.6>EMU9;;[DW%WQUW45?0'OU]9<<@?'G'X`"+D"@@14@
M*,&"##H(H8046HBAAA9PZ"&((08P8FJKM?9:;"K6%A-N-.W_=I-O.@77$W%`
MX3B4CD8M!T)2SC&531])(.GI54=^^H<6W3'IU3?CC37E>5:NYU9[<;T7GY=Y
MA9D?F?OU]U^``W;"IIMP-OA@A`Y,6.&%0F2X88<?]NGG:8":.&B*LZUHFTRY
MU<0;3K_M))Q/Q4G*"J7*(=7<`4M!%V03HK8[3:B?#L#&DMDT&1Z44II7Y3KJ
ML<4>7'+1I0^M]=DZ9IFZHMEK@0<B&*R<Q!IK9[)XZMELGW^6*"B*LM'&(K:)
MPLAMHS2"&ZE0XQ95;H^9JML'`>[&W`R\GW)'+PWV/IGJ.*ONJTZ_6,(:,)<#
MSU?K?6+J9^:N::[9<((+"CMGL74B_ZMLGLSR&6+&@9Y(:+6&MIBMHC%VZVB-
MX:*,7*7F^J@I#7JT(//<R=#\J9*F.HEJ.*KJFPZ_5_ZKI<#[&%TPTK<B?":O
M:OKZ])M10TSGL7<NN^<#SG(M+<>%?HSHB]LR.N.WD-ZH-KD\7GINNK^\3/?K
MQMCM:0QPT)OSWF+U;0ZK@+N:9:Q;SFHXF(@?G.OB33O>IL.1#SOYQ%=;K+6(
MT&KL-;4>7_NYMHO*Z.VC-AHWJ<JI8XKNCS3`T0'LL,ONZ0)]:'-[+_CJ7@[O
M/P?^*L"R=CF\??@QWM(4UCB&+0]J"I):Q*I6.:Q=+G/5Z]JT.F:M0[F(>V4C
M&>G")ZZUK?],=6[S!:?8U[[7=0!OW[G7SL31L[_ESW="ZU_1\'*X`"HM88QS
MV@$AET#)48UR%+/<Q;86P<U]+7L6')O(1/<]M)TL1^2SE/G210,KN(2$='.?
MIP)`AGJ=BGXK)(O?T-([?^UO<$0K'`V)9T-<#3"'R@-6\Z8F,:M5+&N8PU@1
M-W;$"HHM9*'SWME,9CHH[DB*J^,%$^`@-RQFD7UVB!_.OB@>OO%LC.@I8]#X
M%SS_K1&`27,C#I-G0#GVT'D_A-X='ZA'$DF0<V#SW`7)-K+1@2]MAF0;R\Z7
M`@](P)&OT^*GQ("-^54R=Y?<G<_4`D-.$DX^GS38#9&WL%\Q[Y3_=&1@$!TX
M1.JYTHC8\R/(0-<]LY6L=.)+V2';YAP/N`&8P<1B%3Q@S/HE\W[+!)K@@/=,
M@K$QE(IC6C4?]S!4UK&!TLLC$;_)QW"&;9P8K&43"9E.#Y9O=4]@P?K@.3=A
M?BH&#*"GWL!H219BLE5F_-W0A!?-XDU3H`6T)@+C9%!M1@^/$&3H]2CXT.W1
MDHF#1&<'48=(<9"A"47@Z".Q&`,.T%.%)16C,EW(S)3&L),S_!(H$W<\F.K0
ME#3-)A!ORLJ%1JNA/)6E$@-IS@WB<GSK9%D*@#`!I2X5BS\XPU-Q%R7[F26?
M^E.I#-6H56F*DIHQ)>@<%SC657;S63J=_V#GM#?+)0KRG!P\713;QI%&VE5F
M'FW7`%BPUV/V]9Y_I:H^S\C/-$*SL"X]K%?C>,VP,E:50IP>9,^ZT\DF$9#E
MU.`MGPA77:J.#$Z(P6?O"LPU[-6>)ITJ&5]H56>ZUI];%>`H![K#@HH5M]S4
MK>;0ZML_DC.#MG1B(8O[00-D-*G+[:A2!X`%$SS!M/F2;B:INTDTLA2V;0PH
M`;]:6P4^SXZY5:@W>2O96%)VK<%-+T6'NED0'.`)8MAH?$'[V0_HX;YA+(]^
M4=K?UO[W:`'NZH!I.U,#IQ+!X57P;JW78"2:-Z)`Q>Q;U<DV(,"A`E?<,(<_
M.X"05C*_^%1M8/^OVL__&5;`<"QE@7UXT&TF-*<,AJ6-(?K3R[J5N#R6!0C(
MH(<`"#F>\4T"$)Z`S.@F>;I5+?%*/0E@@*HXRC+EH6T/C%"<MC++?>QI9=DJ
M7/56E%Q`>!EUSLS<S^)`!WT@`Y)3"^?5"A:KA$6QG=](RCQ[][8POO*?::QE
M<?K4LFT=[GK5^6$K>);1\CWS!WAP7]122<G-]"^=-<U53G,7K"ZN,ED?.][>
M.OBWYY5H4#-['`XT`0YGL$.081WK,P\@"FQ@LU3?O-\X[W/.6>6U=A%+X!93
MV::.%>\>C;WE4Q-:PD)%V0B`X(0%*)?:):3V`"JPYCHXX:2:_/9@7RO_[I>N
M6,KFKFEC$XQE4@=:K<!%[T3CS8`1<$0'T\9WHQD]`#M8PP0C#CAKP9WI&FYZ
MNXGM[F+Y;&4_F]7A#H5XLG/\95/PH0E/<`(6%JUQ]H76K@/0`@,B_6_\>7OD
M`\?ND^_<:<5B$]1]+NN"89[6!T=<V3I&@1_67(4/9+SG:`9[,0*@`SV0H0ZW
M)K'`,4UPD_<:Y>76<[#1S?!1O_+A5I^YEWN"`A;H`0X<D$!=Q>[(GPM9Z&1X
M`CG4CG2V*SVV4&ZZRI_.\F&K.[*E%C2$)1X<)##@PTW0`0X(SU'#6UL++$@\
M$-!C:29?U\F09_JOIZQP\(KZY7>/>=YQ[#TD_UC!!!YH0A3N3?K2%W\9'=""
M#AH"!R?DVL2[=ONX9XMPN9][X3%N>.ZKCFS>G\#O3S"!#I(P^N/;U?0:'\`'
M",``)W#$`"5PBW5/+'V#X]GI>WYQU(F][AJ;NK(.0`!BX'=`8`5B$`4!\'7F
M!T_H)W838`<ZP`(^!@0&T`0^0')M]T]O1VXL9GVU%VHN-W7;5U[88@$AD`55
M8`6-P0%K$`4/P',+&%\->'P3L`"?]P0>T!%EX`=I]'@IYFLI!VS79WLA.&,C
MZ&`38`-1H`,\`'Q.8`5N$`7E%X/4-H,Q.``/*`9L``=]$'Y.4`8@T0\%)UL'
MYVDKIW\M)W5&"$XQ$/\`6A`%:6`%:Y:#9[`&=C`!"DB%L&:%>F@,./``=E`!
M8H!S76@"]*8'(\`"$7!R'%A]GU9YZ29C(_(!@:@#;L``5M`$3D`&?6`"!E@!
M=G`2>=B'&L>'I)@,`S`'#Y`$4;``:U`%+'`&"F$")M`8EG$&F<$*_:`7@+$K
MH,$FW;5#;$(@`8($(O`&8N`&5<``+&`%5L`&E(&+#.`&(U$2'S`!&G:*5&B*
MVO@,/U`$`?`!2:`!$D``69",L-B,;%`9DQ$9[NB.DQ&/3E`93>",++`952`&
M.O"+46`'6O`!`5`$,-B-!,F-!-ES)%``![F0TF"0#`EK"?F0$JD,#CF1&Q;_
MD1:9D4.0D=V(D1PID53PD:?HD2)9DB8I=B1YDBJYDA>ID"SYDC#)42D9D^:G
M!DN`![!V`UQP#!<``#A9#`.@!L8P`#>0D3-)D\4'`$0P!F>&!T%0`VB@!!?P
M!TL0!S40!UOP!U(``S!@!"Z1`6%@E"[)/CU``D59#%[0`']P!$4I`&H)`S>0
M`5[P!S=P!%1I!%.A!E^P`5#0`W_P!0(0F`+P!7\``&`0EL60`4))>$K)E,70
M`],V!J-8#(NI!HMI#!?PD\5P`5.)F9UY#!M``@.`!S4PEW<0EELP!'@P`UF)
M!E)P`7'`D4<I,V-`!`!@#"2P`7]@!$'P!QF0E;9)_P5J&01X60!+(!6K&0=@
M4`,P@`=F0`+0J0`*<`$*$)JZ>0-S27J-205H``-W0`2$60!#<`=WD`%_@`8N
M>0>W&0=!<`=X@`9#,`1H@)/=.01$H)L#``/Q:09_,``D$)\P@`QH8)Y_(`!Q
MP`4RX!(70`078`9%&0<%(`"(:9&S&3.U>9O%D)M20`(U0`5;H)"V*05AL`(U
MD)!40*!A8`9>T)D9H*(O<`Q;H`#&,`1CN0(BP`54@)=2$)LD8)?:N90%0`3'
MF0%H0)U9N00!J@!9^0=#<)OW^0)+H`2C60,*>0=S>01$<`-04`,#T`,UL`0R
MH`1X<`$P,*'',`8*``7%P/\%2B`":DH%=X`&,H"@'UFA[G*AN+D!```#*B`%
M0:";MBD`)+`"*@`#.<J?2A`'<BFC4(`&6V`$*G"9-["D8W`'(5D,9H"7U"D`
M9C`%4B``Q]>8!7`'QJ``8S`#:+`!BOD'2EH,3<JJ17D!80`&&W`'67D'+FF;
M(K"D7'`#=R`#@3D#_,F31B`""5H,+R``2H`&3'D!.^D%6X"D,N"8#\F>1G"M
MV)JMVKJMW(JM8+`,>)JANLF;?_"G?Q"H)%"N>&D$9H`'1+"3K$H%4T`"4C``
MJWH,`Q`&"N`%5[0%-?"B?Y"C7X`'<7`!)WJ9/;>=I%H,IJH&`C`#"C`#K+JD
MKVK_JG^)!E,@`#5PJ[D*`+A*F1<P!$JP`22KEIA)`G&`F`!PJ0-0GL:`G3:Z
M!5.@FQ+9`"1[LSB;LSJ[LSF+E\H0KG^0F[O9F^:*KNJZFV:P`D1@!DRK`!FP
MH7<0!P-[#"\0!`H`!I^IG,FP!5`0!G$P`P$J=J*ZL*RZ`O,9L*0J`N:IM+=I
ML0/Z!^]YJY=JFS,P!7!+`E^`!B8K`#Y;#$$@L<;P!:+9G[9J#$E;``%Z`X"+
ME$3BKDMZGM]*KD4+`()ZM.R*I8M)!6H@!7ZY!"Z[F21@!M/V`N^*#+#Y!W$0
MDC,`KPF[E'!:JJ>J`$&`!A+K!7>`JNK)JDSI!0JPK+1[\P$?>ZX`L`)#8`90
M69C%^Y\(.P32*9T2JP!Q8`1H$`=7Q`5XB0<B`+%FRKC78954<`-30`0K@+07
M,+F5*P,R<`'L>IX;<`%;0`0],`-2R@4*,)8-(`(%D+\%()0"@`;)(*%_8`9?
M\`)W\)D:AP=4,``7(`7&4*\#8)Q4\),%$`8WX)-:V:\9<`,O$`9X\)K%$,%_
MT`-AL`6=>0-AD`%^>0Q4L,(K?)L;#`5;$&1;L)AX4`"LR[W:H08R8)\D@*%F
M&P90<)P.F@&Z2:(-,*M_<*IW0*5TV9Z.>@Q(RI5<>9L;L+U<T)LA+`,J0*`X
)W,5>/)&!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>w84070aw8407004.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w84070aw8407004.gif
M1TE&.#EA#@%:`.8``.2MP?_^_N6FN\@Q<+HR9O/;XL-*>=>'I<A:A/+4W.N[
MS/WT^-)XFOKC[+0;5]V;L_CK[O;DZN:4M+4F7OGM\.S#TJL`1?/,V^[-V/WX
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M?/S]_??V\?O[^MF.JK$34;D06:X*2MYPG_OS]*$73.#`SO;[][ATBNG,TN?3
MSJH-4O7>YO;*W<"+F_SU\^_&U?WJ\_;V]?SK\OO0YM5.B/___R'Y!```````
M+``````.`5H```?_@'^"@X2%AH>(A`&+@HL!/XR)DI.4E9:7B(L_FY"8GI^@
MH:*CI(../W\H965+*`&EL+&?CZNKK[*XN;J[ES]E?R2J2Y&\Q;B<9;?&R\S-
MEX[)&22KKL[6?X[9VMN<CM??X,;:&PNNU>'B*.KKZR3N[NRK5<3H]?:@`:X!
M&0D%&2@DE-T;A(K@(G;JWBG,D,'&D1(+(D8409'BAHL7VY0H<>2(M&#9!HH<
M66A(CS(]-L2Y`\%;)FVE%@51YV@F"IOLW&60&!'CAA-`3QBA0`&"T0](DRKE
MP93/$R-&@(@@MT`:37HDLZ)#V>.,GBLW/NC#MTT;0H`D&*KEN0`CU*%%_R%`
M:4!WC%T<=?+JK5.@[XB_@`'W+9"WQI@('YA2,'*QZC^76B.#*T-B0X$')I*$
M^!!04;:S[-0R/,+S8E"H%)C.I=M@#([7>.OD&%P`L`\?%W+KWJT;0XK?P(%C
MP'#!A8^_A`TCYF'D!%6K6"5+7T;B@XX;",CXX>`A@8U:9<Z(%^^PXY$L&S<2
M7:_TP][!@'GO9D(_CWW[%?)WV+]BQ7[^_P7(7WX$VJ=;`B/D4(==8T`AQ!/.
MD0.=0--5&!-D?S#!AA)^=&A`&&SL0$0"#D*Q&FPXY*#BBCF,X(,=,,)('Q,!
MAA#"?C;F&((""L#`HP(AS"#DD$0B@<2/2"*I8_^.!%9@'Q.ZC4#8&*P)P<<)
M*F1A@WC16>BE*!C.0,`78JSA!A8$&/``"QYX\<*;+S#AA1?_[=C?CS#`0*20
M,?3IYY^`]@D``'[N.4.>,-C9WPH\+AI@'C/2]QMQN=WF@X(+1F"B@T!IN64R
M7X8Z"TR-!$'"&0G0P*$#!/C1Q0XQ"-"G![0."H"L@A(:@ZZY^FEKH(`:>JB>
M1`+))($IW/<;;Y;>E@""?ZD(VW).0>C<`F?T<%*7HG9["">;4(-"!FU0\`$3
M#^P@`0,2A&`'$S&PP((`\PI@KP`[W*OO#OP*\.N@?THA<+$_+OGH??3%Z,*S
MT$I)&Z8HXE!##1%47''_8GQ@))%:)`2!H;<@(])-*B2TQ<<8!;@`@P<8]..$
M"F#,$:^]]=K;K[[XPAJ#P$8J&4)^]T$*Y6[-6LJB@B@BUEYB$##UQ%,1^M3&
M1,^]LPZI(6?=2)=I+?!$`SCXD$(%*Q#1@APU.'=&$7-$43,`M'H0PPQ2'*D`
MH_YUP,1P+BQ\],06*XT44X0_'51%%&UDGF@<*V0U.V5%KO7DAE0QSRL'I:7'
M7#GXP$0>.?IH1Q\-`"6''&[+2H397J3PI@N`S88T#A=_`$%S06F4'N,?.>Z.
MML"7$<3PPT=N_,>4)T])-FEMP`<4G5^0!Z,=V*B``!*L"P(,,8!`[[PQ,/&"
M_Y2&0;%88SPQ]#CD6$_2OO+P+Y-/\T(T$/WG%>S'A!U-("$!&V$P0!>F,`4.
M=$$":'@``#J0@#I$``)`:(-'X.&QD%3B>.^+GP:-\8,>V$`$%``;;NC3`4C9
MX0*7PD$4&.`',F@'`0%4`AO8)8`0O*``-0!#$<Q@@Y-T@BP81-X&AVB);*RB
M(-@`R$XVP(,Q=.Y%]'$3@G(PAI=M0`<3H(,:Z,!%.J1A`A,@@`8D$`4BW!`,
M3H"`"+0T%B*Z<239X`0V`M"\$_#@`S6H30)R`Z-G%6`,/"B">$@@APF(00QJ
M2*0:Q.``5BE!!C'P0`MNJ"D@E"`+('FC)NU1EC*,:_\G3_A`!/BBQV?=)@>(
M>4(;,G"&,@`!"@]P@"(3><A#3D`).^`>##IP@1S@``).$(%']$&A31I3')])
MRQ$V8(3GU8"4@\D+E81@ABQ(@Q4DJ,`.PN"`-*SAD&I(0QILB0`)/$``>>(E
M*C]``4L&XQS'C&<QM)$!T@A%E&.`9AW*QP,(+0`.9[#<$(:P`32P@0SB;&0:
MU-!-1D[@0TD0P`S,E@(?.)"=)X"./#>*"VVD)0,_>0(/H#"&9TJ32E#@@81<
ML:TJ#.$')[B!$LB@140NDJ$,=8`+#=`N(I21@0M*Z0E6V4:.&G54S-O)`D[P
M!#Z,-'"(>9"$,LF%9*@C`WW_R,X`:%G+1<I2#0-PH0Q"X--#7:"!#8`"8X[0
ML6(>]:V2\.@2F>I4PC4E8U4!B3(@,;\%],$$6["`&BQ@`3HTT@V-=(`%UK"&
M+SR@`PKH$PQ6D`*T,F>5K70K7#?K&4<PI"U&>-H3*/`4C4T(,C))2P,>$(9%
M;H$*?@@##`W0PBVH80(:R$,"F,"]&""!L@U,J25[""K.&K<0<FV+4()R@HA\
M)!O%BX0ODI&/!=C!`#2=0!=8``(`&#`,6Q`#&WP`AAHDH`,PT(&1*H"!`B"&
M`L+,%A*/2U]3H.`,-LC"'O:0!2V=@9@"T2SSH,``-FR!``#P@0=PX($5<.#`
M,#A!_PEX$#8F*,"G9AN?`R&X$1L4M;['18D-\CMB^6HV$=`@00&N$`8W?,$*
M#[B!!V#,@"\@8`5`4,$3G'B!#OBTC%ZXP`AJ8#M+LA6>(#9N`%;1E3+\D"P_
M($$$0,""&.RR`C;BW@YDP`(,7/($),W!!6+P8R+$H`4X?*`E/T`##`CQ$"-`
M``2.F8`#'"`*%3K"G'61P4_X8@@D\$$P*9"!$CR-#Q%HP!,@H((RV&"I/&C`
M!3BP!@(D@08&,$`_ZF`[(V!@#0J@B24>8($";!()!*`!9='@@"-(!P0F\%(`
MEC`$%`A!!1L105LV\)`BJ&`/15A"5TIP`CZ$S0$(B(*R-?_P@DL!\DH.4$`F
M+5'J+]6`!0]8@2>0X(`DH&`0(!"!="*0@B\-M`P_<0Y0)+*!-J@@2R@8J`T,
M#3T':*`%1)B!`"9IT0;QP0$SJ`J2)5%M7E!`%B:HP1$FX`D"$"#)H7C$(,Z]
M`".\&P@4Z"_&52""YI)@H&<XP@GTT`![>T$!!B!""-PD+2@`7.`>&\0(ZO!M
M0Y0Z`C@^!`I<D((,'$($"JA#`@Z!;5FD(0$92`,F/&"!`U1"`>S]`"@B((("
M5,#G-<B#N`_A@@(DH`:'J,,A2""%$E1`[&&OP)YWX0N^KN(,&Q#!?D'HD(YG
M8:D;0,$/AG"&)3[!`0;PP`'60`3_!;0@R"ET0`PD=`9(U$#5)D##(2S``1`D
M80U@)X01$."!#V@@`H6(`*O$:0@0K&$")F!`(5!@@#0\``5H2(,+*&$"`W``
M"7^H@`%H<'!)T,`"'J`$$M)```O$FA`@4#H*!.``$!@"#6LPP`$0D`8:<(`&
M:0!](2KP4./77!`0T,#Q"2$"#3B``0^8``<,P0`.1``-N&>[D_.Q"!LX9R,C
M#ZT>]#`UY^C]!TJT!'@`>`]P``[0`CS2`GF`0CF@>$\@3#U$`B8`>M<W>14@
M"!,@`(6`!@C0%P8@>820`>I';H?@`,%W"!#@`.4V991``32`>FWP!VV0!+TG
M"1I@`=HV_PDI^`#]4`@8X`"#$'F&X`(X"`QI``""0`.J5P@?@&!>5P@9P`#C
M-PCE9P""\``/1P@%D`9]@093>`RV$!`H<`3-01$D)P3JI@590`YZEP_J``=9
M<'Y.A`!>T`)VZ"2]I'C,P1'9@@%_,`*[-WFF]@<$\`"%8``F0`.*>(*$8`*&
MB`@.D(.'('U_<`#:EP@0,`$U\(,&@`(:,(B3P``6@(24@&"'\(-!^(B$0`$%
M%XF"P(&3Z(>'@!F'@`96^`<`D(6#P`(3H(C6)S\'L51&$!%`800?<!%0`0%M
MX#%\E0]G<'X4$`$%@`%D$P*'EP(NX```\$!M@`>L)`(&D`(,0/\#@B@(A5@(
MCB@)Z0B)DF@(!V``57"+DE"!N6=\\4<)!4!YE6"*AH"*@K".JV@!>^:*?P"+
MAF``LF@(M/A\MYB+&X@`X(`"2]43&Q`7/F$$;3`6T'!^(L`#=3`"%Y`_=N@F
M#B``8_`!0."-&<!Y?W!IY4B(JB@("+"$B`"0AD"0AY`"#B`%%S@)"`"1@B``
M%I"0E(``$T`"A"`EAL"//@B$_QB3@L"*O4>0!GF(1$D("[F!#:F+0<EPWU`R
MZD8.UU*1$-`6;8"46Q,`)9`&&D`!)R`$%=8!(^D%:2`!.,1A&;`&!X`!)F`"
M&D@(1V`!(X"!4,F+2``!*X!VA$``SH?_"!-P`$II"*Q'`-^7"-#7>2MP`"90
MDO<H"9YG`)E7``1PB8*``B5Y"$UXF`K@`&A0`H50!Q8`>B20!CG(`4`)F";0
MD\_WA8+``;?(BZ&W!@\0`2/0F;SP"I7Q%N3P$\H5(0N`EG-4!].G`0<P!F`6
M-A>0`G7(``:@`1[@7CP@`B7@A6B@`#3`B*GP``@``C7@`AK``5(W""5P``2P
MGCY'"!B``!P@!:YF""RP>^56B^1(">$W`3,)`1&``&)D"6WP`$E@9^]9F7\@
M``AP``HPBV+D`4G``4,W"&T``@C``FU`H6@0`1B0!$F0>8/@`=1)!$.8!!HP
M>X00`9>F`$#`_P$:8)P"D"8<L';%4`7`L`&CY1,:LP&W\YRFX`UT9#+VDP`O
M,"=>(#ZPTR!2,4$G5@]HH*(0YR490`%BV1S-<1%&(10B`)W(I0YM(00HXZ1/
MZB8OD``YT`",D5?!D!5ML'Y;&BJ581I"@1$G8!3,5*8OL:1VE$<)X`)P\J9_
MU$Z\9A4DD003`)5Y*AWY`%*F`0%`\1->&JAFVEE*Q$2&VC=O@B"<YJ5Y):'V
MH``/L'636B%+ZA9N68S#R*EQM0C-`P%Y-`+/LC!2@AC#*'"M&JR'D`&,<0)$
M(99"800@902"BF*.D!;FDJL,TQ?OM5+".JG2U0HGT`<[D`0^0`%PD/\!(B`5
M1OH$[180MU`'P[&N[#H<*=`"*Q`%4E`KA%(W4%<!*="N^KJO_-JO_OJO`!NP
M`CNP!%NP!GNP&$":'74+OH`")Z``26``._`!6D`![`8!3^$$KCD(*6`K'ONQ
MW_,`(@L"(&!.:S(O'YNR*KNR+-NR+ONR,!NS,CNS-%NS-CLH@[D+T@6`?+`"
M`I`9$;`'N_830,`80'`$W"*9)%`"0"!*$5`#.$`7_40.G?$'\W6M2;9W*+`!
M*P`#)J`!-6!_HF4$Q+8`9QD)Z@JP8\,H1F(W*Y`?DX*P<CNW=%NW=GNW!ZNP
MO!!E)Z`#,$`&GV@#Z?84(K<!0&`#D>!='+#_N(S;N(W+`)`;N9#KN)1;N99[
MN9B;N9J[N9S;N9[[N:`;NH[;CL;@L&_`!'Z0!"/@!,PE86TA3$!:1(XPAAL1
M$8Z3M%@+8B7S!E*``'$0`2H0`1ECC,<8=T<0NQ>45&JA#S=QI;E+7YZ4`3K`
M`AQP!V`@M!E%K&[)K"7P"[)K/,_[O`'0=W-0`3[@`ONU`&J4!4``(1BI`F<P
MHU*P`G53@UN3`'?C`7EPG_TXOT@```%*"-G4'_\+!(50`K]%OP``BH/P`0DL
M!09\"`C,*%+@HX0`!`#0'QX``!M+"!T+`$0`P*@Z"05@)`',L0J0L[FG`!4\
M=DC@`5(``/Q;""Z@_VP*T,&KV!]F2C;Q.0@9T&`*K,+6T`,9,')04`):H`5Z
M0`&_U@;.0;9%8`,;:`)MX`%IH*6.8)LD@``:`"Y()(%)4```D`2HF088D`$<
M<)5_D(]H5GF'(`5`Z`$.8,&#0`$.4``KD`9T+`@58`%]\XF'H(1_``$,,)J>
MD`2W20AMP`!IT,,,(,0-S)B"``)JC,9+"``&@,,<.XJ#0(0*T)\!*04)@`9X
M*KN"L`G*L`B6L\J7LS5710YP8`1S,<OFV@80(*0G$`$+(!`/<(O468L0N0)>
M>0@(\(@1?).F5AV&()6I<,R$L`).20#H60AW3(C3/`CY*`CU=`@<0)-6//_#
ME&";B-#+!+"Q#V"_@D`"!$"3B."%A&"+.M=(-9<$%I`(!:>ERW,+V\#*_#P/
M<V2K'%$"1N`$&@LA(@4!>-`8Q\C+MV@`+`#,?Z">B5#,?]`?D&AJ&G`(S.P!
M,6@(T`P,#M##R#R;(JV%]?P'I5P(W3P(IGG-\YC(6)D!]>ESY^S1%L"J-9G2
M1%C2?T`!C(Q[(R"*]FQJ+IW/^]S/JWP*J6`#*@`$.=`'/K`!)<`'5C)4>!"K
M-0`$O&P"`,"=SCP(7OB.>RR3JJ8!I#L(KH?)&CV**\``(YS'N7C"AI`&($``
MQFG2+YS1W,S.)M"8EB#.M?@'$9!J$8W.?\`":T#_"1,`@H*0CS*JA95G`B3`
M`MF,"!;``DA`QIB`0<X:!,FPM"IP`AQ@`E<P`AWG($!@!GC0'$]0`Q3`T"D@
M!1W]?`@PV+II"!2=+!<=T6M]<"L`RL_L`*SG=(EPQQJ@V8=0V7ZMTNP<J9@`
MV,\G",(LLH8M!6L`SDN9TBD@D/W(`2*P!MA6V>5XUI/0C+BK".K@9`Q!;`BP
M!B9P`1N0`7K``VVPAHS!1$;`T),`B]PYT8^(SX-0S8C`S'\`X!4-A!&P!AU:
M@NZEX(@@W@:^TH+P:3S]THA`W']@W;QG""*@C:MH"*/]SKQ9T>N'``[0=2?]
MDHI9"<WX!ZRP!$OPV3MQ_P(>X1&?50X@=250X`=;8`)Y8`-:X`1F8`9%P`?#
MR`,UT!*$\(XC/`C<61V%B*HD8'L44`!Z70A&8,:)4`-^3`&9_<9Z_`<:8`![
M_`%I4&X<,`%[O-T/I$"2J0$3`%^Q!,F3@`*(C`@,T,,L8`&&_0=U,`$Y^P!2
M8`A'\)[2;0*:G`HL0,8C0,9$J+=_(`(64`$44`$P[3[>`.-P4&LGT`$LL&79
M<TX"D"X@L"8[T`1-``-E8@(Q(`3#6`19<`10X!S/\]IU?#=R30@N\%L76@<K
M0.<IL"@KH,9'T&!(L.*#``0)W!_(_@<?,+\><`1M\+:=6L7T2VAO^]40L.PK
M@/_3@E"<B^("39X(*6`DC\VQC`**:`#<`KP"+RP%G5J:&.`!1+`"B?Z'1Z)M
M)$`!#=9Y!SR_B\+`R?L*93`$E+$`.X"()D``?5E["&``#__P"D\`AT0&?JEH
M.U0$PW@:SAN^2>8-*'$&)^`!"S\`)G_R`^!P9!!6)C\!)P]&#`\`>G`>JMT&
MZ6;K'H^U2EH94F``#C<`W90&*$\`*V_R19_R--`%70#Q%;``1&X&_<<'2I[S
MPBIJP'`"L/;RX40'8L#R!&#R7[_R?6D%>20'2&"4,1">1N!K10`$8!`$IUQ<
M5/_QM?`#&:![7T#Q!.``C#0`:Z`&!.`&+G_R9.!P"'#_`0/]`3D@`WV)!,56
M(@T0`=7@"Z_0!N^H`3^9ZQJ@`8K(Q<LMYIQ/`YM_`-XN"&>/^0;P^7\``J'/
MQ>Y7"$F`!BE`&WUQ`$,'`3`J^DD0GP#`^1IP@1EP`*)_H53(`+[_T(.,`)T?
M?X,=!0XS&!6@V3C:^;W7^Z*O^M_NB[Y8H8+@`LHO^HR-!HJ8!'-6!Z&/TW&F
MB!J0LS3PDQ*OGWW^$JC<`T"0`ARH!`_/\'[@!EL`"!,&!B8FA"9?)CM0)2HB
M>AT&#R-`%$8G/&,U)`&=/P$"!"!'?R0K!!HE?ZM_$3064@52!A,1K!\/%AP%
M%0@.*ZQ_!8,%JZX3+L$E%0X&_Q0I&FG)JQEI!@<':6O8-`X8?R@?+!9)-2C4
M2"8N&:LU%6L.2,$?&-)`K'4$$YNK#VD,:!!8,("&0Z%5;="LJ<6*Q`,'`$@%
M8X4B`@$+&`HD>&!B%8D")M:P^,"*`@<&$<YE<,'``@&)I0H<T%#@W!\(XQZ@
M:(.!0QH$=28*7=6ITY\R)#+D@!%BQXXN-+HH"1-5AH`=,9Q*>)#C0X82&1;X
M8!&!PA(5EIY0B$`"A=$*_R:.6)/$YBHT%BBL&F%!0S`,%@!0:\8.G`$"(H)E
M,#$A:$D""%916!-Y50H$$DTX8`6BV"K`@H-1H"%TPL(:$R<(/<B*!K`_`"P\
M:)>$5?^&5Z]+$6`Q=*()"\'\LO+EF=6*T*P`I.EK]P\1-!-76,C]9X4#$XY[
M$T7A]NB/,T9R)!CA0L&='4DT@!#@(H$+'#@::%*AI82(1B?B0["18<.3$R<4
M<`1W`?RACRT3:3!=,'CIM0H!F[$"VG`.>':`!2`(50,YHD'&B@,$L`*!79I1
M])<%'DPTVFH7$E#8*JKYUM$MR<EF8DEII$'2'QQPH%TPO[%R3S"^9+?*<1,!
MP,%%T+'R7'0+!H/$&L+]6,8/P02`P@+Q?3"&#P#,\`4!!RC`0PT?0`#%$PU\
MD,4>%"P0EAXI"""%%`#DF:<5=Q3`21T65#:1"QRRTJ!':<S_^%E@K!!2&`%I
M?%.:`]E1X&$K-@Y5XE"`4??'BA,14$5+!M@5(Y"*)IDIIQ;0@$(*I?[(2I"K
MI/H'`@0X:!QRJ[#`@0C+(?=D,-)Y^H<!:<CZQR>L!%!&`$=$<$($=>3@@QV$
MH)$"#VE"<`(44!AQ1!L?"''"!B<(<(,5(*`!@A7LLD`6)[$Q,!0$`S&8UUT6
M3+-H:$A@R,I"._H&RV,F$/$``?;VMJE0Q:I(6FI_9""0CS"N9FN-LVGW"@,F
MO"CK;^[2D&PPA^EZ)*]_/.!C!#G*XUR3QD49#`<65"!K$$$4U4D91YSK!`4-
M-.`#`5^P("X0*N`!11T\B(`'NO]M_\"E'3G4$1\4#4`A1`U`<#(.QA-]D*^A
M&&J@3X8GTD"#"6EP\*)+$`QUD10(>P"ARKY%"+'-DDT<3(PB_*;3'Z?.NO$J
ML77<6P:0%J?L;Q5@@$3BQ^8:'<LN'YF&`R/,#*6Q>#G>&W<$?M)#`04`X803
M4`1(@`D`.`%$$2H<`<48%+31AA`+;+#!$5GP4$`$13@!E@C"%R`""D$`5N6)
MTS=(`H(3@8:"Y*LXD$;H0GF?P&.1>4"E=@^/+G'XK(C@P!J"8?X':T(U+NMA
MR@()W"IDKY+RYA,I""M8L)`2#*MFQDJ"!5H@*V81)0,9T`$`@)`%%3SA`W8@
M$P[V`(0C%/\!#/`!W@9P8(3_O.D$8^!#?Q80/!9&X`@]0T$:$".45_#J4+V9
MT%`4)`"A1"!0'8H,"A3$O5GY;2(5`-P?ZB"X#P4#9G1(@/SHIRK3#05_^:O5
M_JY(@+H%XP$R,U3_0."2*-#L2$I$G/R$4I15_``%&P`!`AA`@P.@X0`T0,`#
M)"``';SA#3KP8PK^^(8[">!=\$+#`T#`R$6B@0%YX`0*\,*VDJPA9/KBVXE8
M)J+K"$4@DI+,I0I@@37.[XC!(*45`5`;9:`2"9^;XN)@LZK>8#&+M!H*#=:0
M@HD8P$A_.$#_4-"2"9RQ.@<+CDB4]8D"+2L#)P#!%R8P`0*0X9K_U\0"%L9$
M`'T0P`\FZ*8XJTE-<I9SFE\0P`*"0((@<&`"`K!)#0A1L%6T!'M"$8`%>M@;
M!:!B2!D`01KPELKK#.E"#$A,,"#@O2%-!`40\E<!$!#*57Q@#7R+#2J/T,WF
ML`*A/^+H!#RJ'11,P`(U&8H+?N(@$@!`4*Q@P/0J)I!CZI,`J#G""F@!`)(*
MY4K-@N8=OD#4:DZ3FFZ@@ANTF50J,-4-4(6J-JE`52JL@:I$-4`(CE"&9Y'`
M`PA(`C<.H-`!(N`:!$V2!@S``$ZRH@#IL2,=>QD,#R1A$$G0&07.>H!02N&N
M;$V14"9J`AIPX`"0#(9+#V``#HR"(APX_^(*&,!7?`(A(`9`P`'PR8H4<&`0
M!^"-K.K`6`/0H)(388$A&"!,#JCB%B#0``+0P,]5B(``9Y3"6@V0A`>@00-H
M`*9VKF04&Z"`!%#H0Q.4VX00A&`*T(VN=&4071E8][H2D,!UH=N'V&7A#$MP
M8!;'2][RFO>\4D*O>M>+7A$4D;U_,,IWRH""#`0AO@'@65(RT!8"!:`M_>5$
M?O,+00B2H`<]^&\`AK"$\,+WP1".L(0G3.$*$\69/\#24'[05:#V9@@@[K"'
M>\;&[ECXQ"A.L8I7+"OB.M,H\?6OSV"\X0Q#CV<\\R]^"Z0E9[+XQT`.LI#+
MF^'>S-C'R\JPDD67W,PC.ZNK58BRE$T\Y"I;^<H_;F.SM+SEGXGXRU?2\$00
EC&`I5X$+"<:RFM?,Y@=S><=(AG.<LT1C67EBSFW.LYZQ'`@`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
