<SEC-DOCUMENT>0001193125-12-321829.txt : 20120730
<SEC-HEADER>0001193125-12-321829.hdr.sgml : 20120730
<ACCEPTANCE-DATETIME>20120730124025
ACCESSION NUMBER:		0001193125-12-321829
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120531
FILED AS OF DATE:		20120730
DATE AS OF CHANGE:		20120730
EFFECTIVENESS DATE:		20120730

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		12992755

	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-CSRS
<SEQUENCE>1
<FILENAME>d352196dncsrs.htm
<DESCRIPTION>FLAHERTY & CRUMRINE PREFERRED INCOME OPPORTUNITY FUND INC
<TEXT>
<HTML><HEAD>
<TITLE>&lt;![CDATA[Flaherty &amp; Crumrine PREFERRED INCOME OPPORTUNITY FUND INC]]&gt;</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM N-CSR </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>MANAGEMENT INVESTMENT COMPANIES </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment Company Act file number 811-06495 </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity Fund Incorporated </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U></U>(Exact name of registrant as specified in charter) </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>301 E. Colorado Boulevard, Suite 720 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pasadena, CA 91101 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices) (Zip code) </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Donald F. Crumrine </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Flaherty&nbsp;&amp; Crumrine Incorporated
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>301 E. Colorado Boulevard, Suite 720 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Pasadena, CA 91101 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Name and address of agent for service)
</B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">registrant&#146;s telephone number, including area code: 626-795-7300 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Date of fiscal year end: November 30 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date of reporting period: May&nbsp;31, 2012 </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure
review, inspection, and policymaking roles. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A registrant is required to disclose the information specified by Form N-CSR, and the Commission
will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please
direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this
collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Reports to Stockholders. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Report to
Shareholders is attached herewith. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3" COLOR="#823355"><I>FLAHERTY&nbsp;&amp; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND </I></FONT></P>
<P STYLE="margin-top:30px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To the Shareholders of Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity Fund: </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">Total return on net asset value</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> was +2.5% during the second fiscal quarter of 2012</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. In combination with strong performance in the prior quarter, total return for the first half of fiscal 2012 was +14.1%. The
following table highlights investment performance of the Fund along with other performance measures of interest to investors. </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>TOTAL
RETURN ON NET ASSET VALUE FOR PERIODS ENDED MAY 31, 2012 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actual Returns</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Average Annualized Returns</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Three<BR>Months</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Six<BR>Months</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>One<BR>Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Three<BR>Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Five<BR>Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ten<BR>Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Life&nbsp;
of<BR>Fund<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">Flaherty&nbsp;&amp; Crumrine Preferred<BR>Income Opportunity Fund</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">14.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">8.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">32.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">6.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">7.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">8.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Barclays Capital U.S. Aggregate Index</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">S&amp;P 500
Index</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">-3.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">-0.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">-0.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:10px;margin-top:0px;margin-bottom:2px;margin-left:2%;border-bottom:0.5pt solid #000000; width:15%">&nbsp;</P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Since inception on February&nbsp;13, 1992. </FONT></TD>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The Barclays Capital U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate
bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. It is generally considered to be representative of the domestic, investment-grade, fixed-rate, taxable bond
market. Unless otherwise noted, index returns reflect the reinvestment of dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. This index was formerly known as the Lehman Brothers U.S.
Aggregate Index. </FONT></TD>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The S&amp;P 500 is a capitalization-weighted index of 500 common stocks. The index is designed to measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries. </FONT></TD>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Current performance may be lower or higher than the quoted past
performance, which cannot guarantee future results. In addition, NAV performance will vary from market price performance, and you may have a taxable gain or loss when you sell your shares. </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Total return based on market price of Fund shares during the second quarter was -4.3% as the premium over NAV declined sharply. For the six-month
period total return on market price was +11.4%. We know price changes in Fund shares are important, but we encourage shareholders with a long-term investment horizon to focus more on net asset value performance. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Conditions in the preferred market remain positive as evidenced by strong demand for several new issues. In one of the most active periods in recent
memory, more than $15 billion of new preferred capital has been raised since early March. A portion of the proceeds was used to redeem older, more expensive issues, so some investors are scrambling to replace lost income; beyond reinvesting,
investors have increasingly turned to preferred securities as many competing investments offer lower yields and often greater volatility. </FONT></P>
<P STYLE="line-height:10px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:15%">&nbsp;</P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Following the methodology required by the SEC, total return assumes dividend reinvestment and includes income and principal change, plus the impact of the
Fund&#146;s leverage and expenses. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">March 1, 2012 through May 31, 2012.<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP> </FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Economic conditions in the U.S. have softened recently, but we continue to expect moderate growth. We
are more concerned about developments in Europe, although we still expect the European Monetary Union to muddle through what is likely to be a prolonged crisis. No one doubted the path to global recovery would be bumpy, but the potholes seem bigger
and more numerous than expected. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On June&nbsp;7</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, after much delay, the Federal Reserve proposed detailed new bank capital requirements as mandated by the 2010 Dodd-Frank Act.
The proposed rules are intended to ensure banks maintain strong capital and are thus able to continue lending during severe economic downturns. Among many other effects, the new rules should gradually cause a shift in the type of preferred
securities issued by banks and certain finance companies from trust preferred securities to traditional preferred stock. Under current market conditions, this shift is likely to put downward pressure on the Fund&#146;s investment income. We
encourage you to read a more detailed discussion in the section below. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In April, shareholders approved changes to rules regarding the
Fund&#146;s investments in certain industries. In the weeks since, we have shifted a portion of the investment portfolio out of utilities and into financials. The move is more fine-tuning than a major strategic change, but we believe it will serve
the Fund well as we go forward. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">From time to time we are asked why we do or do not own a particular security; recently there have been a
few questions about the Fund&#146;s exposure to European credits. As set forth in one of the discussion topics that follow, we believe the risks presented by these positions are manageable and consistent with the risk-tolerance of the Fund. As a
reminder, the essence of our work is to study risk and assess value. We have no aversion to risk but we despise surprises. Our team is a skeptical bunch and we spend a lot of time thinking about what can go wrong. With an in-depth understanding of
each credit and individual security we can evaluate price relative to risks and assemble a portfolio to meet the Fund&#146;s objective of high current income consistent with preservation of capital. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">These topics and others are discussed in greater detail in the following discussion topics. As always, we encourage you to visit the Fund&#146;s
website </FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355"><U>www.preferredincome.com</U></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> for a more in-depth discussion of conditions in both preferred markets and the broader economy.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Sincerely, </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR>
<TD VALIGN="middle">


<IMG SRC="g352196g87m77.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle">


<IMG SRC="g352196g32b14.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Donald F. Crumrine</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">Chairman</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Robert M. Ettinger</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">President</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">June&nbsp;29, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#823355"><B>DISCUSSION TOPICS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>The Fund&#146;s Portfolio Results and Components of Total Return on NAV </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below
reflects performance over the recent six months of each element comprising total return for the Fund, namely: (a)&nbsp;investing in a portfolio of securities; (b)&nbsp;possibly hedging that portfolio of securities against significant increases in
long-term interest rates, although no interest rate hedge was in place during this period; and (c)&nbsp;utilizing leverage to enhance returns to shareholders. Next, we compute the impact of the Fund&#146;s operating expenses. All of the parts are
summed to determine total return on NAV. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355"><B>Components of PFO&#146;s Total Return on NAV </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355"><B>for the Six Months Ended May&nbsp;31, 2012 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Six&nbsp;Months*</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Return on Unleveraged Securities Portfolio<BR>(including principal change and income)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+10.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Return from Interest Rate Hedging Strategy</FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Impact of Leverage (including leverage expense)</FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+4.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Expenses (excluding leverage expense)</FONT></P></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">-0.7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">* Actual, not annualized.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>&nbsp;</I></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Total&nbsp;Return&nbsp;on&nbsp;NAV</I></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>&nbsp;&nbsp;</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>+14.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>%&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">For comparison, the following table displays returns over the same time period on four indices compiled by Bank of
America Merrill Lynch, reflecting various segments of the preferred market. In addition, we have included a composite of these four indices weighted by the size of each segment. In our view, this composite represents a broad measure of the entire
preferred market. Because the index returns exclude all expenses and the impact of leverage, they compare most directly to the top line in the Fund&#146;s performance table. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355"><B>Total Returns of Bank of America Merrill Lynch Preferred Securities Indices* </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#823355"><B>for the Six Months Ended May&nbsp;31, 2012 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Six&nbsp;Months</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #823355; BORDER-BOTTOM:1px solid #823355"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BofA Merrill Lynch 8% Capped DRD Preferred Stock Index</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+6.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BofA Merrill Lynch 8% Capped Hybrid Preferred Securities Index</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+7.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BofA Merrill Lynch 8% Capped Corporate U.S. Capital Securities Index</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+8.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BofA Merrill Lynch Adjustable Preferred Stock, 7% Constrained Index</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+11.2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Composite Preferred Market Benchmark Index</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">+7.9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The Bank of America Merrill Lynch 8% Capped DRD Preferred Stock Index<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP> (P8D0)
includes investment grade preferred securities issued by both corporations and government agencies that qualify for the corporate dividend received deduction with issuer concentration capped at a maximum of 8%. The Bank of America Merrill Lynch 8%
Capped Hybrid Preferred Securities Index<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP> (P8HO) includes taxable, fixed-rate, U.S. dollar-denominated investment-grade, preferred securities listed on a U.S. exchange with
issuer concentration capped at 8%. The Bank of America Merrill Lynch 8% Capped Corporate U.S. Capital Securities Index<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP> (C8CT) includes investment grade fixed rate or
fixed-to-floating rate $1,000 par securities that receive some degree of equity credit from the rating agencies or their regulators with issuer concentration capped at a maximum of 8%. The Bank of America Merrill Lynch Adjustable Preferred Stock, 7%
Constrained Index<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">SM</SUP> (P0AC) includes adjustable rate preferred securities issued by U.S. corporations and government agencies with issuer concentration capped at a maximum of
7%. The Composite Preferred Market Benchmark Index is calculated by Bank of America Merrill Lynch and weights the above four indices according to each index&#146;s daily market value. All index returns include interest and dividend income, and,
unlike the Fund&#146;s returns, are unmanaged and do not reflect any expenses. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Although total return on the Fund&#146;s unleveraged securities portfolio performed very
satisfactorily compared with the Bank of America Merrill Lynch preferred indices, its NAV net of the impact of expenses and leverage (the bottom line on the Fund performance table) performed even better over the period. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Return on Market Price of Fund Shares </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">While our focus is primarily on managing the Fund&#146;s investment portfolio, our shareholders&#146; actual return is comprised of the Fund&#146;s
monthly dividend payments <I>plus</I> changes in its <I>market price</I>. During the six-month period ending May&nbsp;31, 2012, total return on market price of Fund shares was +11.4%. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In a perfect world, market price of Fund shares would closely track the Fund&#146;s net asset value. As can be seen from the graph below, over the
life of the Fund this often has not been the case. We can only speculate about why the relationship between market price and NAV isn&#146;t stronger. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g352196g44a00.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">As preferred market participants we tend to focus primarily on staid fixed-income markets; we are less impacted
by the vicissitudes of equity markets. It is clear, however, the price of Fund shares can move dramatically when there is volatility in stock prices. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT
STYLE="font-family:ARIAL" SIZE="2">Based on a closing price of $11.40 on June&nbsp;29</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">, the current annualized yield on market price of Fund shares (assuming the current monthly distribution of $0.0755 does not change) is 7.95%. In our opinion, this distribution rate measures up favorably with most
comparable investment opportunities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Market Conditions </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Conditions in the market for preferred securities are mostly positive, benefitting from ongoing improvement in credit quality and favorable technical factors.&nbsp;At the same time, all investors must battle the
headwinds of slow economic growth in the U.S. and the European economic crisis.&nbsp;At present, there are two notable trends which for a long time to come will have a marked impact on the universe of preferred securities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The first trend, <I>refinancing</I>, has been in motion for several years.&nbsp;Numerous issuers have
taken advantage of the current low interest-rate environment to redeem outstanding preferred securities, replacing them with less expensive new issues.&nbsp;Of course, for investors the impact is a decline in investment income.</FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The decision by an issuer to refinance a callable security is straightforward&#151;the company compares the all-in cost of a new issue to the cost
of outstanding issues, and, if the savings are sufficient, redeems and refunds the outstanding securities.&nbsp;Recently, the threshold for savings appears to have fallen as issuers scramble to reduce borrowing costs wherever possible.&nbsp;In the
past, as a general rule, issuers would refinance when the coupon-rate difference was 1% or more.&nbsp;For some issuers, the required margin has dropped in half.&nbsp;We estimate over the past year, $13 billion of U.S. bank preferred securities with
a weighted average coupon of 7.16% have been replaced with a weighted average coupon of 6.37%. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The second important
trend, <I>par redemptions of bank trust preferred securities</I>, has been anticipated since the Dodd-Frank Act was passed in 2010, but has picked up momentum recently.&nbsp;The legislation required the Federal Reserve to issue new guidelines for
bank capital requirements, defining both acceptable structures and minimum amounts (discussed further below).&nbsp;The release of these proposed rules on June&nbsp;7</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> triggered a special provision written into many trust preferred securities allowing the issuer to redeem the security at par.
(Absent this provision, many of these issues could not be called for several years.) </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Since the release, 10 issuers have redeemed or
announced redemptions of over $24&nbsp;billion of trust preferred securities.&nbsp;Very little of the redeemed issues have been replaced with new securities. As a result, investors are scrambling to find suitable reinvestment
opportunities.&nbsp;Banks have roughly $67 billion remaining in trust preferred securities and we expect much of this to be redeemed between now and early January. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Over time, we expect banks to replace most outstanding trust preferred securities with traditional preferred stock. However, the substitution of preferred stock for trust preferred will be neither dollar-for-dollar
nor simultaneous.&nbsp;While some banks may replace called trust preferred quickly, many banks are shrinking their balance sheets and have plenty of common equity capital. Those banks may take their time to issue new preferred stock. This may create
some dislocations in the preferred market, and it certainly will make reinvesting proceeds from called securities challenging. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Beyond
those longer-term trends, market participants are assessing events unfolding in Europe.&nbsp;Preferred securities issued by European companies, primarily banks and insurance companies, exceed $97 billion.&nbsp;As discussed as a separate topic below,
the European financial crisis, which began in sovereign debt markets, has now spread to all markets and has precipitated a recession across most of the continent.&nbsp;Investors concerned about the impact on credit quality have either taken their
money out of the region or moved into the highest quality issuers.&nbsp;While we expect Europe to muddle through and hold together as a monetary union, it is likely to be a prolonged crisis that will inject volatility into preferred securities&#146;
returns. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Analysis of Proposed Bank Capital Guidelines </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">On June&nbsp;7, 2012, the Federal Reserve released its long-awaited proposed rules on bank capital requirements and calculating risk-weighted assets. Although these proposals are not yet final&#151;that will happen
after a public comment period and final vote by regulators&#151;they answer many questions investors in preferred securities have been asking since the passage of Dodd-Frank nearly two years ago. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">First, if the proposed rules are adopted, banks will be allowed to count non-cumulative perpetual
preferred stock as Tier 1 capital. Income from this traditional preferred stock qualifies for the inter-corporate dividends received deduction (DRD) for corporations and is qualified dividend income to individuals. In addition, most trust preferred
securities will begin losing Tier 1 capital treatment in 2013, with full phase-out in 2016. Trust preferred securities that no longer qualify as Tier 1 capital generally will continue to count as Tier 2 capital without limit. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Second, banks will be required to hold substantially more common equity capital under the new capital rules, which closely follow the Basel 3
framework we have discussed in the past. When fully phased-in, the new rules will require <I>at least</I> 9.5% common equity to risk-weighted assets for a large bank to avoid restrictions on dividend and bonus payments. This compares to the current
regulatory minimum of just 2.5% common equity (although common equity capital at most banks is well above that minimum requirement). In addition, there are more deductions from the regulatory definition of common equity for certain forms of capital,
which will further increase the amount of common equity capital that banks will need to hold. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Finally, although the proposed rules on
risk-weighted assets are quite complex, they generally increase the risk weights applied to assets on bank balance sheets. This means that both the numerator (capital requirement) and denominator (risk-weighted assets) for bank capital calculations
will increase. When the dust settles, we expect that large banks will carry roughly double the amount of common-equity capital than they did prior to the financial crisis for a given set of risky assets, adding substantially to the capital cushion
beneath preferred securities. From a credit standpoint, however, the new rules are good news for investors in preferred securities and ensure that present healthy levels of bank capital only get healthier. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Risks Related to European Financial Crisis </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Conditions in the Eurozone have deteriorated over the past several months as markets have again begun to question leaders&#146; resolve in solving
the sovereign debt crisis. The root of the problem is that Europe&#146;s desire for expansive (and expensive) government services is at odds with many member countries&#146; ability to afford them. Economic reality eventually will win out, but
populist policies may delay reforms and increase economic risk in Europe and elsewhere. Most European economies are now in recession, and market sentiment has weakened considerably. Fiscal austerity will keep peripheral countries (Greece, Ireland,
Italy, Portugal, and Spain) in moderate to severe recessions through the balance of 2012 and into 2013. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Longer-term growth in Europe
will depend upon both budget discipline (to defuse the sovereign debt crisis) and structural reforms (to raise potential growth, reduce unemployment, and increase the tax base). Although they have more work to do, the peripheral countries have made
significant&#151;and painful&#151;progress toward those goals. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Importantly, European policy makers have made stability of the banking
system a clear priority. Banks are being required to meet stricter capital requirements by the end of June, and virtually all major European banks are in compliance with those requirements. The mostly smaller banks that are unable to meet capital
requirements will receive state aid. The European Central Bank has provided ample liquidity to European banks, including roughly <FONT STYLE="font-family:Times New Roman" SIZE="2">&#128;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>1
trillion of 3-year term loans&#151;with the possibility of more if banks need it. These steps have helped stabilize the banking system, which has helped European preferred securities&#146; prices. Deposit flight from the periphery to core EMU banks
remains a risk, however, as permanent firewalls have yet to be erected to contain it. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Despite worsening of the crisis in recent months,
we think Europe will muddle through and stay together as a currency union. Faced with walking off a cliff or taking a responsible (albeit difficult) path, we think </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
political leaders will choose responsibly. The Fund&#146;s investments in European preferreds earn attractive yields and are concentrated in what we believe are the strongest issuers in the
region. We recognize, however, that the politics and economics in Europe are difficult to read, and we expect continued volatility ahead. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Monthly
Distributions to Fund Shareholders </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund makes monthly distributions of income to shareholders consistent with its primary
objective of providing high current income. The Fund earns its income by investing its assets in income-producing securities and by employing leverage to borrow additional money and invest the proceeds in more income-producing securities.
</FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">As we have mentioned in recent communications, conditions have been nearly ideal in the last couple of years for the Fund&#146;s income
strategy, and shareholders have benefited in the form of high current income. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The use of leverage continues to be very positive for both
income and total return. Given the sluggish economic picture and outlook from the Federal Reserve, it does not appear that short-term interest rates are headed higher in the near term. Of course, that could change and it is important for
shareholders to understand that the Fund has not hedged any of this exposure and higher short-term interest rates would have a negative impact on income available for distribution. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">As discussed in a separate topic above, the Federal Reserve has proposed new bank capital rules, providing issuers an opportunity to redeem bank
trust preferred securities ahead of their normal call schedule. Several have already done so, and we expect this trend to continue as banks have the opportunity to redeem securities with relatively high coupons in an environment where they are
struggling to produce income of their own. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">While we intentionally stayed ahead of redemptions in many instances, the Fund does have
holdings in bank trust preferred securities that will be redeemed in the near future (approximately 12.8% of its total net assets as of May&nbsp;31, 2012) and which have a weighted average current yield of approximately 7.93% as of May&nbsp;31,
2012. Those proceeds will have to be reinvested at lower rates on average&#151;how much lower will depend on a number of factors. New issue preferred securities in the last couple of months have been coming at yields in the range of 5.75-6.70%. We
have also found a number of opportunities to reinvest in the secondary market at rates in the range of 7.00-8.00%&#151;much closer to the coupons we will lose on bank trust preferred securities (which range from 6.75-8.25%). </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">All these factors will take time to develop, so we do not expect any immediate changes to the Fund&#146;s distribution rate. However we are
realistic that the Fund is not immune to the pressures that exist in an environment where the 10-year U.S. Treasury security is yielding 1.60%. While the distribution rate may be lower at some point in the future, we believe preferred securities
offer attractive total return potential and the Fund will continue to offer a competitive distribution rate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Changes to Fund Industry Concentration
Policy </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;19</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, the Fund&#146;s shareholders approved a change in its concentration policy so that it will invest at least 25% of its total
assets in the financial services sector under normal market conditions. Formerly, the Fund invested at least 25% of its total assets in the utilities industry under normal market conditions and at least 25% of its total assets in the financial
services sector. The change was recommended because utility issues now comprise a much smaller part of the preferred universe, and financials a much larger part, and the old rules could start to pinch if this trend continues (as we expect).
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty
&amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OVERVIEW </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>May&nbsp;31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P><DIV STYLE="position:relative;float:left; margin-right:1%; width:43%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Fund Statistics</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Net Asset Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Market Price</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Premium</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Yield on Market Price</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock Shares Outstanding</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,146,712</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:78px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Moody&#146;s Ratings</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>%&nbsp;of&nbsp;Net&nbsp;Assets&#134;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">BBB</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">67.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">BB</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">21.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Below "BB"</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Not Rated*</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Below&nbsp;Investment&nbsp;Grade**</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Does not include net other assets and liabilities of 2.4%. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Below investment grade by all of Moody&#146;s, S&amp;P, and Fitch.
</FONT></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:53%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="31%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Industry Categories</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>%&nbsp;of&nbsp;Net&nbsp;Assets&#134;</B></FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g352196pie_01.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="22%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Top 10 Holdings by Issuer</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>%&nbsp;of&nbsp;Net&nbsp;Assets&#134;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Liberty Mutual Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">MetLife</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital One Financial</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Banco Santander, S.A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC PLC</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Bank of America</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs Group</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Enbridge Energy Partners</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">PNC Financial Services</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Axis Capital</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>%&nbsp;of&nbsp;Net&nbsp;Assets***&#134;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Holdings Generating Qualified Dividend Income (QDI) for Individuals</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">42%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Holdings Generating Income Eligible for the Corporate Dividends Received Deduction (DRD)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">28%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">***</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">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. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Net Assets includes assets attributable to the use of leverage. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; 89.7%</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Banking &#151; 35.9%</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Astoria Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Astoria Capital Trust I, 9.75% 11/01/29, Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,859,560</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Banco Bilbao Vizcaya Argentaria, S.A.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,375,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BBVA International Preferred, 5.919%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">881,574</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Banco Santander, S.A.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">280,123</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Banco Santander, 10.50% Pfd., Series 10</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,116,889</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Bank of America:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">83,225</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Bank of America Corporation, 8.625% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,106,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">505,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BankAmerica Capital II, 8.00% 12/15/26</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">508,787</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,016,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BankAmerica Institutional, Series A, 8.07% 12/31/26, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,026,160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Countrywide Capital IV, 6.75% Pfd. 04/01/33</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">58,956</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">15,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Countrywide Capital V, 7.00% Pfd. 11/01/36</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">356,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">350,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Fleet Capital Trust II, 7.92% 12/11/26</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">353,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">627,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">MBNA Capital, 8.278% 12/01/26, Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">634,054</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,680,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">NB Capital Trust IV, 8.25% 04/15/27</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,696,296</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Barclays Bank PLC:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Barclays Bank PLC, 6.278%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,089,142</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,700</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Barclays Bank PLC, 7.75% Pfd., Series 4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">116,701</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">73,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Barclays Bank PLC, 8.125% Pfd., Series 5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,849,260</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BNP Paribas:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BNP Paribas, 7.195%, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,439,375</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital One Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,250,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital One Capital III, 7.686% 08/15/36</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,322,187</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">250,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital One Capital V, 10.25% 08/15/39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">260,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital One Capital VI, 8.875% 05/15/40</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,793,330</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Citigroup:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,325</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Citigroup Capital XII, 8.50% Pfd. 03/30/40</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">578,943</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">56,700</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Citigroup Capital XIII, 7.875% Pfd. 10/30/40</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,507,228</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Colonial BancGroup:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,500,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Colonial BancGroup, 7.114%, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)(5)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&#134;&#134;&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">FBOP Corp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">FBOP Corporation, Adj. Rate Pfd., 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,250</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)(5)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&#134;&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Fifth Third Bancorp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">700,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Fifth Third Capital Trust IV, 6.50% 04/15/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">689,500</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">125,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Fifth Third Capital Trust VI, 7.25% Pfd. 11/15/67</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,179,688</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS (Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Banking &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Horizon:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,750</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Tennessee Bank, Adj. Rate Pfd., 3.75%</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,545,313</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">500,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Tennessee Capital II, 6.30% 04/15/34, Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">456,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">FT Real Estate Securities Company, 9.50% Pfd., 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">990,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Niagara Financial Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Niagara Financial Group, Inc., 8.625% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,733,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Republic Bank:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,050</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Republic Bank, 6.70% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">262,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">815,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs, Capital I, 6.345% 02/15/34</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">747,976</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">523,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs, Capital II, 5.793%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">347,795</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC PLC:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">127,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC Holdings PLC, 8.00% Pfd., Series 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,434,531</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">120,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC USA Capital Trust I, 7.808% 12/15/26, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">120,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">104,250</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC USA, Inc., 6.50% Pfd., Series H</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,661,638</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">JPMorgan Chase:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">JPMorgan Chase Capital XVIII, 6.95% 08/17/36, Series R</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">303,750</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">285,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">JPMorgan Chase Capital XXV, 6.80% 10/01/37, Series Y</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">287,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Lloyds Banking Group PLC:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">450,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Lloyds Banking Group PLC, 6.657%, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">267,750</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan Stanley:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan Stanley Capital Trust VI, 6.60% Pfd. 02/01/46</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">240,215</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PNC Financial Services:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">32,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PNC Financial Services, 6.125% Pfd., Series P</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">807,440</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">99,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PNC Financial Services, 9.875% Pfd., Series L</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,615,828</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,105,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PNC Preferred Funding Trust III, 8.70%, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,132,612</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sovereign Bancorp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,600</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sovereign REIT, 12.00% Pfd., Series A, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,799,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SunTrust Banks:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SunTrust Capital IX, 7.875% Pfd. 03/15/68</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">140,422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Webster Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,400,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Webster Capital Trust IV, 7.65% 06/15/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,421,626</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wells Fargo:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,880</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wells Fargo &amp; Company, 7.50% Pfd., Series L</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,183,120</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">35,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wells Fargo &amp; Company, 8.00% Pfd., Series J</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,026,288</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS
(Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Banking &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Zions Bancorporation:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">85,200</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Zions Bancorporation, 7.90% Pfd., Series F</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,239,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">67,200,526</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Financial Services &#151; 1.2%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ameriprise Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">250,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ameriprise Financial, Inc., 7.518% 06/01/66</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">265,770</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Charles Schwab:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Charles Schwab Corporation, 7.00%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">321,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit Suisse Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Claudius, Ltd. - Credit Suisse AG, 7.875%, Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">995,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC PLC:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24,899</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">HSBC Finance Corporation, 6.36% Pfd., Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">612,329</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,194,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Insurance &#151; 22.8%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ace Ltd.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,200,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ace Capital Trust II, 9.70% 04/01/30</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,671,520</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Aon Corporation:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">225,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">AON Corp, 8.205% 01/01/27</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">270,190</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Arch Capital Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">87,460</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Arch Capital Group, Ltd., 6.75% Pfd., Series C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,268,494</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">AXA SA:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,500,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">AXA SA, 6.379%, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,730,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Axis Capital:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">175,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Axis Capital Holdings, 6.875% Pfd., Series C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,536,437</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Delphi Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Delphi Financial Group, 7.376% Pfd. 05/15/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,258,442</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Everest Re Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Everest Re Holdings, 6.60% 05/15/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,780,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Liberty Mutual Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,600,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Liberty Mutual Group, 10.75% 06/15/58, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,394,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">MetLife:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">MetLife, Inc., 10.75% 08/01/39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,750,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">625,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">MetLife Capital Trust IV, 7.875% 12/15/37, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">687,500</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,325,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">MetLife Capital Trust X, 9.25% 04/08/38, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,973,375</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS (Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Insurance &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PartnerRe Ltd.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">30,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PartnerRe Ltd., 7.250% Pfd., Series E</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">784,200</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Principal Financial:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Principal Financial Group, 5.563% Pfd., Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,098,250</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">73,405</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Principal Financial Group, 6.518% Pfd., Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,931,469</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">StanCorp Financial Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,210,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">StanCorp Financial Group, 6.90% 06/01/67</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,138,912</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">The Travelers Companies:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,060,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">USF&amp;G Capital, 8.312% 07/01/46, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,306,143</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">XL Group PLC:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,170,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">XL Capital Ltd., 6.50%, Series E</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,006,750</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">42,585,682</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Utilities &#151; 20.4%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Alabama Power:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,460</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Alabama Power Company, 6.45% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">210,978</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Baltimore Gas &amp; Electric:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,579</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Baltimore Gas &amp; Electric Company, 6.70% Pfd., Series 1993</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">679,488</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Baltimore Gas &amp; Electric Company, 7.125% Pfd., Series 1993</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">254,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Commonwealth Edison:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,350,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">COMED Financing III, 6.35% 03/15/33</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,373,500</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Constellation Energy:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Constellation Energy Group, 8.625% Pfd. 06/15/63, Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">214,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dominion Resources:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dominion Resources Capital Trust I, 7.83% 12/01/27</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">765,230</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dominion Resources, Inc., 7.50% 06/30/66</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,182,781</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Energy Future Competitive Holdings Corp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">750,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">TXU Electric Capital V, 8.175% 01/30/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">168,750</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Arkansas:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">40,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Arkansas, Inc., 6.45% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,003,752</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Louisiana:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Louisiana, Inc., 6.95% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,651,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Mississippi:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">80,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Entergy Mississippi, Inc., 6.25% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,022,504</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Georgia Power:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Georgia Power Company, 6.50% Pfd., Series 2007A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,936,485</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS
(Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Utilities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gulf Power:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gulf Power Company, 6.00% Pfd., Series 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,674,550</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Indianapolis Power &amp; Light:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">27,600</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Indianapolis Power &amp; Light Company, 5.65% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,772,075</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interstate Power &amp; Light:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">137,756</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interstate Power &amp; Light Company, 8.375% Pfd., Series B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,984,248</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Nextera Energy:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">FPL Group Capital, Inc., 6.65% 06/15/67</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,078,258</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">FPL Group Capital, Inc., 7.30% 09/01/67, Series D</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,066,159</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PECO Energy:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,500,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PECO Energy Capital Trust III, 7.38% 04/06/28, Series D</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,555,095</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PPL Corp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,500,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PPL Capital Funding, 6.70% 03/30/67, Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,490,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Puget Energy:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,155,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Puget Sound Energy, Inc., 6.974% 06/01/67</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,195,017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Southern California Edison:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,050</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Southern California Edison, 6.00% Pfd., Series C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,203,494</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20,044</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Southern California Edison, 6.50% Pfd., Series D</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,117,148</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Virginia Electric &amp; Power:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Virginia Electric &amp; Power Company, $6.98 Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">304,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wisconsin Public Service:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wisconsin Public Service Corporation, 6.88% Pfd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">305,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38,211,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Energy &#151; 6.6%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Enbridge Energy Partners:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,498,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Enbridge Energy Partners LP, 8.05% 10/01/37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,877,168</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Enterprise Products Partners:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,150,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Enterprise Products Partners, 8.375% 08/01/66, Series A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,485,938</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Kinder Morgan:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Kinder Morgan GP, Inc., 8.33% Pfd., 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,911,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,274,231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS (Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$ Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Real Estate Investment Trust (REIT) &#151; 0.4%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PS Business Parks:</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,052</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PS Business Parks, Inc., 6.70% Pfd., Series P</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">52,262</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PS Business Parks, Inc., 6.875% Pfd., Series R</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">201,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PS Business Parks, Inc., 7.00% Pfd., Series H</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">522,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">776,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Miscellaneous Industries &#151; 2.4%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ocean Spray Cranberries:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">32,700</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ocean Spray Cranberries, Inc., 6.25% Pfd., 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,946,067</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Textron, Inc.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,950,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Textron Financial Corporation, 6.00% 02/15/67, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,540,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,486,567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Preferred Securities<BR></B>(Cost $160,645,958)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">167,729,397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Corporate Debt Securities &#151; 7.5%</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Banking &#151; 3.0%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,885,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Goldman Sachs Group, 6.75% 10/01/37, Sub Notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,832,572</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Regions Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,900,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Regions Financial Corporation, 7.375% 12/10/37, Sub Notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,852,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,685,072</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Financial Services &#151; 0.1%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Raymond James Financial:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,900</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Raymond James Financial, 6.90% 03/15/42</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">154,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">154,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Insurance &#151; 2.4%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Liberty Mutual Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,250,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Liberty Mutual Insurance, 7.697% 10/15/97, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,240,512</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unum Group:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">UnumProvident Corporation, 7.25% 03/15/28</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,276,302</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,516,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS
(Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="2%"></TD></TR>



<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$&nbsp;Par</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Corporate Debt Securities &#151; (Continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Utilities &#151; 1.0%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Energy Transfer Equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,474,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Southern Union Company, 8.25% 11/15/29</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,812,759</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,812,759</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Energy &#151; 1.0%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Nexen, Inc.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">72,995</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Nexen, Inc., 7.35% 11/01/43</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,845,408</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,845,408</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Corporate Debt Securities<BR></B>(Cost $12,193,105)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,014,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Common Stock &#151; 0.4%</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Insurance &#151; 0.0%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">WMI Holdings Corporation:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,821</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">WMI Holdings Corporation, 144A****</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Utilities &#151; 0.4%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Exelon Corp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,940</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Exelon Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">330,601</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PPL Corp:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,558</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">PPL Corporation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">398,452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">729,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Common Stock<BR></B>(Cost $1,637,843)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">736,716</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="top" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em;"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Money Market Fund &#151; 1.0%</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">BlackRock Liquidity Funds:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805,025</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">T-Fund</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805,025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="7" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Money Market Fund<BR></B>(Cost $1,805,025)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805,025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>PORTFOLIO OF INVESTMENTS (Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000;width:52pt"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares/$&nbsp;Par&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Value&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Investments</B> (Cost $176,281,931***)<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">98.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">184,285,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Other Assets And Liabilities (Net)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,603,669</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Managed Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">%&#135;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">186,888,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Loan Principal Balance</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(62,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Net Assets Available To Common Stock</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;124,388,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Securities eligible for the Dividends Received Deduction and distributing Qualified Dividend Income. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Securities distributing Qualified Dividend Income only. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">***</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Aggregate cost of securities held. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">****</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified
institutional buyers. At May 31, 2012, these securities amounted to $35,069,727 or 18.8% of total managed assets. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">All or a portion of this security is pledged as collateral for the Fund&#146;s loan. The total value of such securities was $119,117,114 at May 31, 2012.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">All or a portion of this security has been rehypothecated. The total value of such securities was $59,476,305 at May 31, 2012. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Foreign Issuer. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Illiquid. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Valued at fair value as determined in good faith by or under the direction of the Board of Directors as of May 31, 2012. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Represents the rate in effect as of the reporting date. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Non-income producing. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#134;&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">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. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#135;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The percentage shown for each investment category is the total value of that category as a percentage of total managed assets. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ABBREVIATIONS:</B></FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Pfd.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Preferred Securities</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>REIT</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Real Estate Investment Trust</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>STATEMENT OF ASSETS AND LIABILITIES </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>May 31, 2012 (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ASSETS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investments, at value (Cost $176,281,931)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">184,285,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Receivable for investments sold</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">596,792</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends and interest receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,468,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">85,013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">187,436,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>LIABILITIES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Loan Payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">62,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Payable for investments purchased</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">240,914</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends payable to Common Stock Shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">88,064</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment advisory fee payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,175</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Administration, Transfer Agent and Custodian fees payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">44,718</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Professional fees payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">61,860</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Directors&#146; fees payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued expenses and other payables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,503</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">63,047,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET ASSETS AVAILABLE TO COMMON STOCK</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">124,388,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET ASSETS AVAILABLE TO COMMON STOCK </B>consist of:<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Undistributed net investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">29,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accumulated net realized loss on investments sold</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(23,983,317</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Unrealized appreciation of investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,003,398</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Par value of Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">121,467</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Paid-in capital in excess of par value of Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">140,217,731</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Net Assets Available to Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">124,388,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET ASSET VALUE PER SHARE OF COMMON STOCK:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock (12,146,712 shares outstanding)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty
&amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>STATEMENT OF OPERATIONS </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>For the Six Months Ended May&nbsp;31, 2012 (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>INVESTMENT INCOME:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends&#134;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,268,185</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,709,156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Rehypothecation Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Investment Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,991,751</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>EXPENSES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment advisory fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">522,150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Administrator&#146;s fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">94,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Professional fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">84,354</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Transfer Agent fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">32,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Directors&#146; fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">37,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Custodian fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,952</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Compliance fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19,802</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">397,035</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,767</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,298,188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET INVESTMENT INCOME</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,693,563</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net realized loss on investments sold during the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,127,676</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Change in net unrealized appreciation/depreciation of investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,671,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,543,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET INCREASE IN NET ASSETS TO COMMON STOCK<BR>RESULTING FROM OPERATIONS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,237,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">For Federal income tax purposes, a significant portion of this amount may not qualify for the inter-corporate dividends received deduction (&#147;DRD&#148;) or as qualified
dividend income (&#147;QDI&#148;) for individuals. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE TO COMMON STOCK </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Six&nbsp;Months&nbsp;Ended<BR>May&nbsp;31, 2012<BR>(Unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Year Ended<BR>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OPERATIONS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,693,563</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,730,119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net realized gain/(loss) on investments sold during the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(2,127,676</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,690,859</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Change&nbsp;in&nbsp;net&nbsp;unrealized&nbsp;appreciation/depreciation&nbsp;of&nbsp;investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,671,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(11,352,572</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net increase in net assets resulting from operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>16,237,282</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>7,068,406</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>DISTRIBUTIONS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends paid from net investment income to Common Stock Shareholders</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(6,037,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(11,079,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Total Distributions to Common Stock Shareholders</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(6,037,377</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(11,079,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>FUND SHARE TRANSACTIONS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase from shares issued under the Dividend Reinvestment and&nbsp;Cash Purchase Plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">582,128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">995,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Net increase in net assets available to Common Stock resulting from Fund share transactions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>582,128</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>995,319</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET INCREASE/(DECREASE) IN NET ASSETS AVAILABLE TO</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>COMMON STOCK FOR THE PERIOD</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10,782,033</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>(3,016,137</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NET ASSETS AVAILABLE TO COMMON STOCK:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">113,606,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">116,623,102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net increase/(decrease) in net assets during the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,782,033</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(3,016,137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">End of period (including undistributed net investment income of $29,719 and $373,533, respectively)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">124,388,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">113,606,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">May include income earned, but not paid out, in prior fiscal year. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:100px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of the financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty
&amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>STATEMENT OF CASH FLOWS </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>For the Six Months Ended May 31, 2012 (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>INCREASE/(DECREASE) IN CASH</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CASH FLOWS FROM OPERATING ACTIVITIES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net increase in net assets resulting from operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,237,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>FROM OPERATIONS TO NET CASH PROVIDED BY IN OPERATING ACTIVITIES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchase of investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(29,438,535</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proceeds from disposition of investment securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">29,914,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchase of short-term investment securities, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(281,369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash received from litigation claim</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64,780</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Decrease in dividends and interest receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13,365</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in receivable for investments sold</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(540,914</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(46,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net amortization/(accretion) of premium/(discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(156,093</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in payable for investments purchased</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">240,914</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in payables to related parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,631</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Decrease in accrued expenses and other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(16,104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Change in net unrealized appreciation/depreciation on securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(12,671,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net realized gain from investments sold</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,127,676</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net cash provided by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,454,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CASH FLOWS FROM FINANCING ACTIVITIES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends paid (net of reinvestment of dividends and change in dividends payable) to common stock shareholders from net investment
income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,454,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net cash used by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(5,454,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Net increase/(decrease) in cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CASH:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning of the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">End of the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest paid during the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">396,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Reinvestment of dividends</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">582,128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Increase in dividends payable to common stock shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>FINANCIAL HIGHLIGHTS </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>For a Common Stock share outstanding throughout each period.
</B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Contained below is per share operating performance
data, total investment returns, ratios to average net assets and other supplemental data. This information has been derived from information provided in the financial statements and market price data for the Fund&#146;s shares. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Six&nbsp;Months</B></FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ended</B></FONT><br><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>May&nbsp;31,&nbsp;2012</B></FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(Unaudited)</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Year Ended November&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PER SHARE OPERATING PERFORMANCE:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net asset value, beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized gain/(loss) on investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>DISTRIBUTIONS TO APS* SHAREHOLDERS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">From net investment income.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total from investment operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">From net investment income.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">From return of capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total distributions to Common Stock Shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gain on repurchase of Auction Preferred Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net asset value, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Market value, end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total investment return based on net asset value**</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%****&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32.37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">88.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(48.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total investment return based on market value**</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%****&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(57.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11.28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total net assets, end of period (in 000&#146;s)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">124,389</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">113,607</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">116,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">95,019</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">119,086</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Operating expenses including interest expense<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%***&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Operating expenses excluding interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%***&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income&#134;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%***&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #000000">
<P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;investment&nbsp;income,&nbsp;including&nbsp;payments&nbsp;to&nbsp;APS&nbsp;Shareholders&#134;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>SUPPLEMENTAL DATA: </B>&#134;&#134;<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Portfolio turnover rate.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%****&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total managed assets, end of period (in 000&#146;s)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">186,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">176,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">171,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">142,019</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">105,347</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">189,086</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Ratio of operating expenses including interest expense<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)
</SUP>to<BR>total managed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%***&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Ratio of operating expenses excluding interest expense<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)
</SUP>to<BR>total managed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%***&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Auction Preferred Stock. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Assumes reinvestment of distributions at the price obtained by the Fund&#146;s Dividend Reinvestment and Cash Purchase Plan. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">***</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Annualized. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">****</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Not Annualized. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The net investment income ratios reflect income net of operating expenses, including interest expense. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">&#134;&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Information presented under heading Supplemental Data includes APS and loan principal balance. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>See Note 8. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Does not include distributions to APS Shareholders. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>FINANCIAL HIGHLIGHTS (Continued) </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Per Shares of Common Stock (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total<BR>Dividends<BR>Paid</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net&nbsp;Asset<BR>Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>NYSE<BR>Closing&nbsp;Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividend<BR>Reinvestment<BR>Price<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT>
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">December&nbsp;30, 2011 </FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.1205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">January&nbsp;31, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.0755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">February&nbsp;29, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.0755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">March&nbsp;30, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.0755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">April&nbsp;30, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.0755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">May&nbsp;31, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0.0755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:10px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:15%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">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. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying
notes are an integral part of the financial statements. </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>FINANCIAL HIGHLIGHTS
(Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Senior Securities </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:69pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total&nbsp;APS*&nbsp;Shares<BR>Outstanding (1)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:36pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset<BR>Coverage<BR>Per APS<BR>Share (2)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:43pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Involuntary<BR>Liquidation<BR>Preference<BR>Per APS<BR>Share
(3)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:52pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total Debt<BR>Outstanding<BR>End&nbsp;of&nbsp;Period<BR>(000s)
(4)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:51pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset<BR>Coverage&nbsp;Per<BR>$1,000 of<BR>Debt (5)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">05/31/12**</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$62,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$2,990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">11/30/11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">62,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">11/30/10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">55,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">11/30/09</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">11/30/08</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">214,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">11/30/07</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">270,894</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:10px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:12%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See Note 7. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Calculated by subtracting the Fund&#146;s total liabilities (excluding the APS and accumulated undeclared distributions to APS) from the Fund&#146;s total assets
and dividing that amount by the number of APS shares outstanding. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Excludes accumulated undeclared dividends. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See Note 8. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Calculated by subtracting the Fund&#146;s total liabilities (excluding the loan) from the Fund&#146;s total assets and dividing that amount by the loan
outstanding in 000&#146;s. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Auction Preferred Stock. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Unaudited. </FONT></TD></TR></TABLE> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:60px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:52px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of the financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Organization </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Flaherty&nbsp;&amp; Crumrine
Preferred Income Opportunity Fund Incorporated (the &#147;Fund&#148;) was incorporated as a Maryland corporation on December&nbsp;10, 1991, and commenced operations on February&nbsp;13, 1992 as a diversified, closed-end management investment company
under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Fund&#146;s investment objective is to provide its common shareholders with high current income consistent with the preservation of capital. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Significant Accounting Policies </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of the financial statements is in conformity with U.S. generally accepted accounting
principles (&#147;US GAAP&#148;) and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from
operations during the reporting period. Actual results could differ from those estimates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Portfolio valuation: </I>The net asset
value of the Fund&#146;s Common Stock is determined by the Fund&#146;s Administrator no less frequently than on the last business day of each week and month in accordance with the policies and procedures approved by the Board of Directors of the
Fund. It is determined by dividing the value of the Fund&#146;s net assets available to Common Stock by the number of shares of Common Stock outstanding. The value of the Fund&#146;s net assets available to Common Stock is deemed to equal the value
of the Fund&#146;s total assets less (i)&nbsp;the Fund&#146;s liabilities and (ii)&nbsp;the aggregate liquidation value of any outstanding preferred stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Fund&#146;s preferred and debt securities are valued on the basis of current market quotations provided by independent pricing services or dealers approved by the Board of Directors of the Fund. Each quotation
is based on the mean of the bid and asked prices of a security. In determining the value of a particular preferred or debt security, a pricing service or dealer may use information with respect to transactions in such investments, quotations, market
transactions in comparable investments, various relationships observed in the market between investments, and/or calculated yield measures based on valuation technology commonly employed in the market for such investments. Common stocks that are
traded on stock exchanges are valued at the last sale price or official close price on the exchange, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available mean price. Futures contracts
and option contracts on futures contracts are valued on the basis of the settlement price for such contracts on the primary exchange on which they trade. Investments in over-the-counter derivative instruments, such as interest rate swaps and options
thereon (&#147;swaptions&#148;), are valued using prices supplied by a pricing service, or if such prices are unavailable, prices provided by a single broker or dealer that is not the counterparty or, if no such prices are available, at a price at
which the counterparty to the contract would repurchase the instrument or terminate the contract. Investments for which market quotations are not readily available or for which management determines that the prices are not reflective of current
market conditions are valued at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund, including reference to valuations of other securities which are comparable in quality, maturity and type.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">24 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Investments in money market instruments and all debt and preferred securities which mature in 60
days or less are valued at amortized cost. Investments in money market funds are valued at the net asset value of such funds. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><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: </FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Level 1 &nbsp;&#150; quoted prices in active markets for identical securities </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Level 2 &#150; other significant observable inputs (including quoted prices for similar securities, interest </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:14%; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">rates, prepayment speeds, credit risk, etc.) </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Level 3 &nbsp;&#150; significant unobservable inputs (including the Fund&#146;s own assumptions in determining the </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:14%; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">fair value of investments) </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">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 May&nbsp;31, 2012 is as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total<BR>Value at<BR>May&nbsp;31,&nbsp;2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Level&nbsp;1<BR>Quoted<BR>Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Level&nbsp;2<BR>Significant<BR>Observable<BR>Inputs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Level&nbsp;3<BR>Significant<BR>Unobservable<BR>Inputs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Preferred Securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Banking</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">67,200,526</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47,673,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">19,515,881</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Financial Services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,194,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">933,884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,260,770</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">42,585,682</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">27,332,225</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">15,253,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Utilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38,211,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13,016,186</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,194,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Energy</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,274,231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9,363,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,911,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Real Estate Investment Trust (REIT)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">776,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">776,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Miscellaneous Industries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,486,567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,486,567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate Debt Securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14,014,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,832,118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,182,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Utilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">729,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">729,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Money Market Fund</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805,025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,805,025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">184,285,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">107,469,342</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">76,804,737</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund did not have any significant transfers between Level 1 and Level 2 during the period. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund&#146;s investments in Level 2 and Level 3 are 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 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
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. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Preferred&nbsp;Securities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total<BR>Investments</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Banking</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial<BR>Services</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Balance as of 11/30/11</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">137,595</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">137,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Accrued discounts/premiums</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Realized gain/(loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Change in unrealized appreciation/(depreciation)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(126,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(126,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Purchases.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">(345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Transfer in</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Transfer out</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Balance as of 05/31/12</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">For the six months ended May 31, 2012, total change in unrealized gain/(loss) on Level 3 securities still held at
period-end and included in the change in net assets was $(126,000). Total unrealized gain/(loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Securities transactions and investment income: </I>Securities transactions are recorded as of the trade date. Realized gains and losses from
securities sold are recorded on the specific identified cost basis. Dividend income is recorded on ex-dividend dates. Interest income is recorded on the accrual basis. The Fund also amortizes premiums and accretes discounts on fixed income
securities using the effective yield method. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Options: </I>Purchases of options are recorded as an investment, the value of which is
marked-to-market at each valuation date. When the Fund enters into a closing sale transaction, the Fund will record a gain or loss depending on the difference between the purchase and sale price. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is
marked-to-market at each valuation date. When a written option expires, the Fund realizes a gain equal to the amount of the premium originally received. When the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if
the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a call
option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a put option is exercised, the amount of the premium
originally received will reduce the cost of the security which the Fund purchased upon exercise. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Repurchase agreements: </I>The Fund
may engage in repurchase agreement transactions. The Fund&#146;s investment adviser reviews and approves the eligibility of the banks and dealers with which the Fund may </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">26 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
enter into repurchase agreement transactions. The value of the collateral underlying such transactions is at least equal at all times to the total amount of the repurchase obligations, including
interest. The Fund maintains possession of the collateral through its custodian and, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is the possibility of loss to the Fund in the
event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Federal income taxes:
</I>The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to
distribute substantially all of its taxable net investment income to its shareholders. Therefore, no federal income tax provision is required. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Management has analyzed the Fund&#146;s tax positions taken on federal income tax returns for all open tax years (November 30, 2011, 2010, 2009 and 2008), and has concluded that no provision for federal income tax
is required in the Fund&#146;s financial statements. The Fund&#146;s major tax jurisdictions are federal and California. The Fund&#146;s federal and state income and federal excise tax returns for tax years for which the applicable statutes of
limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Dividends
and distributions to shareholders: </I>The Fund expects to declare dividends on a monthly basis to shareholders of Common Stock (&#147;Shareholders&#148;). Distributions to Shareholders are recorded on the ex-dividend date. Any net realized
short-term capital gains will be distributed to Shareholders at least annually. Any net realized long-term capital gains may be distributed to Shareholders at least annually or may be retained by the Fund as determined by the Fund&#146;s Board of
Directors. Capital gains retained by the Fund are subject to tax at the capital gains corporate tax rate. Subject to the Fund qualifying as a regulated investment company, any taxes paid by the Fund on such net realized long-term capital gains may
be used by the Fund&#146;s Shareholders as a credit against their own tax liabilities. The Fund may pay distributions in excess of the Fund&#146;s net investment company taxable income and this excess would be a tax-free return of capital
distributed from the Fund&#146;s assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Income and capital gain distributions are determined and characterized in accordance with
income tax regulations which may differ from US GAAP. These differences are primarily due to (1)&nbsp;differing treatments of income and gains on various investment securities held by the Fund, including timing differences, (2)&nbsp;the attribution
of expenses against certain components of taxable investment income, and (3)&nbsp;federal regulations requiring proportionate allocation of income and gains to all classes of shareholders. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax
purposes, and may exclude amortization of premium and discount on certain fixed income securities, which are not reflected in ordinary income for tax purposes. The tax character of distributions paid during 2012 and 2011 was as follows: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">27 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Distributions paid in fiscal year 2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Distributions paid in fiscal year 2011</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:28pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ordinary<BR>Income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:51pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-Term<BR>Capital&nbsp;Gains</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:28pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ordinary<BR>Income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:51pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-Term<BR>Capital&nbsp;Gains</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Common</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$11,079,862</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$0</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">As of November&nbsp;30, 2011, the components of distributable earnings (i.e., ordinary income and capital gain/loss)
available to Shareholders, on a tax basis, were as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:105pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Capital&nbsp;(Loss)&nbsp;Carryforward</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:63pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Undistributed<BR>Ordinary&nbsp;Income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:61pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Undistributed<BR>Long-Term&nbsp;Gain</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:104pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net Unrealized<BR>Appreciation/(Depreciation)</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$(21,973,742)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$654,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$(4,549,896)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The composition of the Fund&#146;s $21,973,742 accumulated realized capital losses was $8,211,352 and $13,762,390
incurred in 2008 and 2009, respectively. These losses may be carried forward and offset against future capital gains through 2016 and 2017, respectively. During the year ended November&nbsp;30, 2011, the Fund utilized $851,491 and $6,957,240 of
capital losses expiring in 2015 and 2016, respectively. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the Regulated Investment Company Modernization Act of 2010
(&#147;Modernization Act&#148;), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December&nbsp;22, 2010 indefinitely. However, any losses incurred during those future taxable years must be
utilized prior to the losses incurred in pre-enactment taxable years. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their
character as either short-term or long-term capital losses rather than being considered all short-term under previous law. The Fund&#146;s first fiscal year end subject to the Modernization Act is November&nbsp;30, 2012. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Excise tax: </I>The Internal Revenue Code of 1986, as amended, imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not
distribute by the end of any calendar year at least (1)&nbsp;98% of the sum of its net investment income for that year and 98.2% of its capital gains (both long-term and short term) for its fiscal year and (2)&nbsp;certain undistributed amounts from
previous years. The Fund paid $9,651 of federal excise taxes attributable to calendar year 2011 in March 2012. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Additional Accounting
Standards: </I>In May 2011, FASB issued Accounting Standards Update (&#147;ASU&#148;) No.&nbsp;2011-04 &#147;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS&#148;. ASU 2011-04 includes common
requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value
hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in
unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value
measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December&nbsp;15, 2011. Management is currently evaluating the implications of ASU No.&nbsp;2011-04 and its impact on the financial
statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">28 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Derivative Instruments </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund intends to
use derivatives primarily to economically hedge against risks in the portfolio, namely interest rate risk and credit risk. Historically the Fund has used options on treasury futures contracts for the purpose of economically hedging against a
significant increase in long-term interest rates. When the strategy has been employed, the Fund would purchase put options on treasury futures contracts that would increase in value if long-term interest rates increased significantly, offsetting
some of the related decline in portfolio asset values. The Fund has also purchased and written call options on treasury futures contracts to supplement the put option strategy and also to reduce the overall cost of the interest rate hedge (by
earning premiums from the net sale of call options). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund has the authority to use other derivatives for hedging or to increase
expected return, but has not employed any of these derivatives to-date and does not anticipate broad use of these derivatives in the near future (although this may change without advance notice). Other approved derivatives strategies include: buying
and selling credit default swaps, interest rate swaps and options thereon (swaptions), and options on securities. Accounting policies for specific derivatives, including the location of these items in the financial statements, are included in Note 2
as appropriate. No assurance can be given that such use of derivatives will achieve their desired purposes or, in the case of hedging, will result in an overall reduction of risk to the Fund. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund did not use any derivatives during the six months ended May&nbsp;31, 2012 and the fiscal year ended November&nbsp;30, 2011. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Options on Financial Futures Contracts: </I>When the interest rate hedging strategy is employed, the Fund intends to use options on financial
futures contracts in much the same way as described above. The risk associated with purchasing options, and therefore the maximum loss the Fund would incur, is limited to the purchase price originally paid. The risk in writing a call option is that
the Fund may forego the opportunity for profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security
decreases and the option is exercised. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investment Advisory Fee, Administration Fee, Transfer Agent Fee, Custodian Fee, Directors&#146; Fees and Chief Compliance Officer Fee </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Flaherty&nbsp;&amp; Crumrine Incorporated (the &#147;Adviser&#148;) serves as the Fund&#146;s investment adviser. The Fund pays the Adviser a
monthly fee at an annual rate of 0.625% of the value of the Fund&#146;s average monthly total managed assets up to $100 million and 0.50% of the Fund&#146;s average monthly total managed assets of $100 million or more. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">For purposes of calculating the fees payable to the Adviser, Administrator and Custodian, the Fund&#146;s total managed assets means the total
assets of the Fund (including any assets attributable to the Fund&#146;s preferred stock that may be outstanding or otherwise attributable to the use of leverage) minus the sum of accrued liabilities (other than debt, if any, representing financial
leverage). For purposes of determining total managed assets, the liquidation preference of any outstanding preferred shares issued by the Fund is not treated as a liability. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">29 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">BNY Mellon Investment Servicing (US) Inc. (&#147;BNY Mellon&#148;) serves as the Fund&#146;s
Administrator. As Administrator, BNY Mellon calculates the net asset value of the Fund&#146;s shares attributable to Common Stock and generally assists in all aspects of the Fund&#146;s administration and operation. As compensation for BNY
Mellon&#146;s services as Administrator, the Fund pays BNY Mellon a monthly fee at an annual rate of 0.10% of the first $200 million of the Fund&#146;s average weekly total managed assets, 0.04% of the next $300 million of the Fund&#146;s average
weekly total managed assets, 0.03% of the next $500 million of the Fund&#146;s average weekly total managed assets and 0.02% of the Fund&#146;s average weekly total managed assets above $1 billion. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">BNY Mellon also serves as the Fund&#146;s Common Stock dividend-paying agent and registrar (the &#147;Transfer Agent&#148;). As compensation for BNY
Mellon&#146;s services as Transfer Agent, the Fund pays BNY Mellon a fee at an annual rate of 0.02% of the first $150 million of the Fund&#146;s average weekly net assets attributable to Common Stock, 0.0075% of the next $350 million of the
Fund&#146;s average weekly net assets attributable to Common Stock, and 0.0025% of the Fund&#146;s average weekly net assets attributable to Common Stock above $500 million, plus certain out of pocket expenses. For the purpose of calculating such
fee, the Fund&#146;s average weekly net assets attributable to Common Stock are deemed to be the average weekly value of the Fund&#146;s total assets minus the sum of the Fund&#146;s liabilities. For this calculation, the Fund&#146;s liabilities are
deemed to include the aggregate liquidation preference of any outstanding preferred shares and the loan principal balance. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Bank of
New York Mellon (the &#147;Custodian&#148;) serves as the Fund&#146;s Custodian. As compensation for the Custodian&#146;s services as custodian, the Fund pays the Custodian a monthly fee at the annual rate of 0.01% of the first $200 million of the
Fund&#146;s average weekly total managed assets, 0.008% of the next $300 million of the Fund&#146;s average weekly total managed assets, 0.006% of the next $500 million of the Fund&#146;s average weekly total managed assets and 0.005% of the
Fund&#146;s average weekly total managed assets above $1 billion. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund currently pays each Director who is not a director, officer
or employee of the Adviser a fee of $9,000 per annum, plus $750 for each in-person meeting of the Board of Directors or Audit Committee, $500 for each in-person meeting of the Nominating Committee, and $250 for each telephone meeting. The Audit
Committee Chairman receives an additional annual fee of $3,000. The Fund also reimburses all Directors for travel and out-of-pocket expenses incurred in connection with such meetings. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund currently pays the Adviser a fee of $37,500 per annum for Chief Compliance Officer services and reimburses out-of-pocket expenses incurred
in connection with providing services in this role. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Purchases and Sales of Securities </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">For the
six months ended May&nbsp;31, 2012, the cost of purchases and proceeds from sales of securities, excluding short-term investments, aggregated $29,438,535 and $29,914,114, respectively. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">At May&nbsp;31, 2012, the aggregate cost of securities for federal income tax purposes was $175,406,726, the aggregate gross unrealized appreciation
for all securities in which there is an excess of value over tax cost was $20,013,698 and the aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value was $11,135,095. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">30 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Common Stock </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">At May&nbsp;31, 2012,
240,000,000 shares of $0.01 par value Common Stock were authorized. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock transactions were as follows: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Six Months Ended<BR>05/31/12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Year Ended<BR>11/30/11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Shares issued under the Dividend Reinvestment<BR>and Cash Purchase Plan.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54,465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">582,128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">98,756</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">995,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Preferred Stock </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund&#146;s Articles of
Incorporation authorize the issuance of up to 10,000,000 shares of $0.01 par value preferred stock. The Fund does not currently have any issued and outstanding shares of preferred stock. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Committed Financing Agreement </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund has
entered into a committed financing agreement (&#147;Financing Agreement&#148;) that allows the Fund to borrow on a secured basis, which the Fund uses in the normal course of business as financial leverage. Such leveraging tends to magnify both the
risks and opportunities to Shareholders. The Financing Agreement has been amended from time to time to allow for changes in the committed amount. As of May&nbsp;31, 2012, the committed amount, and amount borrowed, under the Financing Agreement was
$62.5&nbsp;million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective August&nbsp;23, 2011, the lender charges an annualized rate of 0.65% on the undrawn (committed) balance,
and three-month LIBOR (reset quarterly) plus 0.75% on the drawn (borrowed) balance. From January&nbsp;1, 2011 to August&nbsp;22, 2011, the lender charged an annualized rate of 0.80% on the undrawn balance and three-month LIBOR (reset quarterly) plus
0.95% on the drawn balance. Prior to January&nbsp;1, 2011, the lender charged an annualized rate of 1.00% on the undrawn balance and three-month LIBOR (reset quarterly) plus 1.10% on the drawn balance. For the six months ended May&nbsp;31, 2012, the
daily weighted average annualized interest rate on the drawn balance was 1.25% and the average daily loan balance was $62,500,000. LIBOR rates may vary in a manner unrelated to the income received on the Fund&#146;s assets, which could have either a
beneficial or detrimental impact on net investment income and gains available to Shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund is required to meet certain
asset coverage requirements under the Financing Agreement and under the 1940 Act. In accordance with the asset coverage requirements, at least two-thirds of the Fund&#146;s assets are expected to be pledged as collateral assuming the full committed
amount is drawn. Securities pledged as collateral are identified in the portfolio of investments. If the Fund fails to meet these requirements, or maintain other financial covenants required under the Financing Agreement, the Fund may be required to
repay immediately, in part or in full, the amount borrowed under the Financing Agreement. Additionally, failure to meet the foregoing requirements or covenants could restrict the Fund&#146;s ability to pay dividends to Shareholders and
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">31 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
could necessitate sales of portfolio securities at inopportune times. The Financing Agreement has no stated maturity, but may be terminated by either party without cause with six months&#146;
advance notice. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the terms of the Financing Agreement, the lender has the ability to borrow a portion of the securities pledged as
collateral against the loan (&#147;Rehypothecated Securities&#148;), subject to certain limits. The Fund receives a fee from the lender in connection with any Rehypothecated Securities. The Fund may recall any Rehypothecated Security at any time and
the lender is required to return the security in a timely fashion. In the event the lender does not return the security, the Fund will have the right to, among other things, apply and set off an amount equal to 100% of the then-current fair market
value of such Rehypothecated Securities against any loan amounts owed to the lender under the Financing Agreement. Rehypothecated Securities are marked-to-market daily and adjusted as necessary so the value of all Rehypothecated Securities does not
exceed 100% of the loan amount under the Financing Agreement. The Fund will continue to earn and receive all dividends, interest, and other distributions on Rehypothecated Securities. Rehypothecated Securities are identified in the Portfolio of
Investments listing and fees earned from rehypothecation are included in the Statement of Operations. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Portfolio Investments, Concentration and Investment Quality </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Fund invests primarily in a diversified portfolio of preferred securities. This includes traditional preferred stocks eligible for the inter-corporate dividends received deduction (&#147;DRD&#148;) and fully
taxable preferred securities. Under normal market conditions, at least 80% of the value of the Fund&#146;s net assets will be invested in preferred securities. Also, under normal market conditions, the Fund invests at least 25% of its total assets
in the financial services sector. For purposes of the financial services sector concentration policy, a company is within the financial services sector if it derives at least 50% of its revenue from providing financial services. The Fund&#146;s
portfolio may therefore be subject to greater risk and market fluctuation than a portfolio of securities representing a broader range of investment alternatives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Fund may invest up to 25% of its assets at the time of purchase in securities rated below investment grade by all of Moody&#146;s, S&amp;P and Fitch, provided that (a)&nbsp;such securities are rated at least
&#147;Ba3&#148; by Moody&#146;s, &#147;BB-&#148; by S&amp;P, or &#147;BB-&#148; by Fitch or (b)&nbsp;such securities are issued by an issuer having an outstanding class of senior debt rated investment grade by any one of Moody&#146;s, S&amp;P, or
Fitch at the time of purchase. Thus, the Fund may invest in securities rated below &#147;Ba3&#148; by Moody&#146;s, &#147;BB-&#148; by S&amp;P and &#147;BB-&#148; by Fitch if the issuer has investment grade senior debt outstanding. In addition, the
Fund may invest in unrated securities that the Fund&#146;s investment adviser deems to be comparable in quality to rated issues in which the Fund is authorized to invest. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Fund may invest up to 15% of its assets in common stocks and, under normal market conditions, up to 20% of its assets in debt securities. Certain of its investments in hybrid, i.e., fully taxable, preferred
securities will be subject to the foregoing 20% limitation to the extent that, in the opinion of the Adviser, such investments are deemed to be debt-like in key characteristics. Typically, a security will not be considered debt-like (a)&nbsp;if an
issuer can defer payment of income for eighteen months or more without triggering an event of default and (b)&nbsp;if such issue is a junior and fully subordinated liability of an issuer or its ultimate guarantor. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">32 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition to foreign money market securities, the Fund may invest up to 30% of its total assets
in the securities of companies organized or having their principal place of business outside the United States. All foreign securities held by the Fund will be denominated in U.S. dollars. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund may employ certain investment techniques in accordance with its fundamental investment policies. These may include the use of when-issued
and delayed delivery transactions. Securities purchased or sold on a when-issued or delayed delivery basis may be settled within 45 days after the date of the transaction. The Fund may also enter into transactions, in accordance with its investment
policies, involving short sales of securities and purchases of securities on margin. Such transactions may expose the Fund to credit and market valuation risk greater than that associated with regular trade settlement procedures. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Subsequent Events </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Management has evaluated
the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">33 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty
&amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION (Unaudited) </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Dividend Reinvestment and Cash Purchase Plan </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the Fund&#146;s Dividend Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;), a shareholder whose Common Stock is registered in his or
her own name will have all distributions reinvested automatically by BNY Mellon as agent under the Plan, unless the shareholder elects to receive cash. Registered shareholders may elect to receive cash by contacting BNY Mellon at the number provided
below. If shares are registered in the name of a broker-dealer or other nominee (that is, in &#147;street name&#148;) and the broker or nominee participates in the Plan, distributions may be reinvested by the broker or nominee in additional shares
under the Plan, unless the shareholder elects to receive distributions in cash. Shareholders may elect to receive cash by contacting their broker or nominee. A shareholder who holds Common Stock registered in the name of a broker or other nominee
may not be able to transfer the Common Stock to another broker or nominee and continue to participate in the Plan. Investors who own Common Stock registered in street name should consult their broker or nominee for details regarding reinvestment.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The number of shares of Common Stock distributed to participants in the Plan in lieu of a cash dividend is determined in the following
manner. Whenever the market price per share of the Fund&#146;s Common Stock is equal to or exceeds the net asset value per share on the valuation date, participants in the Plan will be issued new shares valued at the higher of net asset value or 95%
of the then current market value. Otherwise, BNY Mellon will buy shares of the Fund&#146;s Common Stock in the open market, on the New York Stock Exchange (&#147;NYSE&#148;) or elsewhere, on or shortly after the payment date of the dividend or
distribution and continuing until the ex-dividend date of the Fund&#146;s next distribution to holders of the Common Stock or until it has expended for such purchases all of the cash that would otherwise be payable to the participants. The number of
purchased shares that will then be credited to the participants&#146; accounts will be based on the average per share purchase price of the shares so purchased, including brokerage commissions. If BNY Mellon commences purchases in the open market
and the then current market price of the shares (plus any estimated brokerage commissions) subsequently exceeds their net asset value most recently determined before the completion of the purchases, BNY Mellon will attempt to terminate purchases in
the open market and cause the Fund to issue the remaining dividend or distribution in shares. In this case, the number of shares received by the participant will be based on the weighted average of prices paid for shares purchased in the open market
and the price at which the Fund issues the remaining shares. These remaining shares will be issued by the Fund at the higher of net asset value or 95% of the then current market value. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Plan participants are not subject to any charge for reinvesting dividends or capital gains distributions. Each Plan participant will, however, bear
a proportionate share of brokerage commissions incurred with respect to BNY Mellon&#146;s open market purchases in connection with the reinvestment of dividends or capital gains distributions. For the six months ended May&nbsp;31, 2012, no brokerage
commissions were incurred. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The automatic reinvestment of dividends and capital gains distributions will not relieve Plan participants of
any income tax that may be payable on the dividends or capital gains distributions. A participant in the Plan will be treated for Federal income tax purposes as having received, on the dividend payment date, a dividend or distribution in an amount
equal to the cash that the participant could have received instead of shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">34 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition to acquiring shares of Common Stock through the reinvestment of cash dividends and
distributions, a shareholder may invest any further amounts from $100 to $3,000 semi-annually at the then current market price in shares purchased through the Plan. Such semi-annual investments are subject to any brokerage commission charges
incurred by BNY Mellon under the Plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">A shareholder whose Common Stock is registered in his or her own name may terminate participation
in the Plan at any time by notifying BNY Mellon in writing, by completing the form on the back of the Plan account statement and forwarding it to BNY Mellon, or by calling BNY Mellon directly. A termination will be effective immediately if notice is
received by BNY Mellon not less than 10 days before any dividend or distribution record date. Otherwise, the termination will be effective, and only with respect to any subsequent dividends or distributions, on the first day after the dividend or
distribution has been credited to the participant&#146;s account in additional shares of the Fund. Upon termination and according to a participant&#146;s instructions, BNY Mellon will either (a)&nbsp;issue certificates for the whole shares credited
to the shareholder&#146;s Plan account and a check representing any fractional shares or (b)&nbsp;sell the shares in the market. Shareholders who hold Common Stock registered in the name of a broker or other nominee should consult their broker or
nominee to terminate participation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Plan is described in more detail in the Fund&#146;s Plan brochure. Information concerning the
Plan may be obtained from BNY Mellon at 1-866-351-7446. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Proxy Voting Policies and Proxy Voting Record on Form N-PX </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund files Form N-PX with its complete proxy voting record for the 12 months ended June&nbsp;30</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> no later than August&nbsp;31</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> of each year. The Fund filed its latest Form N-PX with the Securities and Exchange Commission (&#147;SEC&#148;) on
August&nbsp;22, 2011. This filing, as well as the Fund&#146;s proxy voting policies and procedures, are available (i)&nbsp;without charge, upon request, by calling the Fund&#146;s transfer agent at 1-866-351-7446 and (ii)&nbsp;on the SEC&#146;s
website at <U>www.sec.gov</U>. In addition, the Fund&#146;s proxy voting policies and procedures are available on the Fund&#146;s website at <U>www.preferredincome.com</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Portfolio Schedule on Form N-Q </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Fund files a complete schedule of portfolio holdings with
the SEC for the first and third fiscal quarters on Form N-Q, the latest of which was filed for the quarter ended February&nbsp;29, 2012. The Fund&#146;s Form N-Q is available on the SEC&#146;s website at <U>www.sec.gov</U> or may be viewed and
obtained from the SEC&#146;s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Section may be obtained by calling 1-800-SEC-0330. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Portfolio Management Team </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In managing the day-to-day operations of the Fund, the Adviser
relies on the expertise of its team of money management professionals, consisting of Messrs. Crumrine, Ettinger, Stone and Chadwick. The professional backgrounds of each member of the management team are included in the &#147;Information about Fund
Directors and Officers&#148; section of this report. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">35 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Meeting of Shareholders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">On April 19, 2012, the Fund held its Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;) for the following purposes: (i) election of Directors of the Fund (&#147;Proposal 1&#148;) and (ii) to approve a
change to the Fund&#146;s fundamental investment policy regarding concentration of investments (&#147;Proposal 2&#148;). The proposals were approved by the shareholders and the results of the voting are as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><U>Proposal 1: Election of Directors.</U> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:12pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>For</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:33pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Withheld</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">David Gale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,572,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">287,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Donald F. Crumrine, Morgan Gust, Karen H. Hogan and Robert F. Wulf continue to serve in their capacities as
Directors of the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><U>Proposal 2: Approve a change to the Fund&#146;s fundamental investment policy regarding concentration of investments.</U>
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:12pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>For</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Against </B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Abstain</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.10em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Proposal&nbsp;2-B&nbsp;(only):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Revise the fundamental investment policy relating to concentration of investments in the utilities industry</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,359,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">195,294</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">76,624</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">36 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Information about Fund Directors and Officers </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The business and affairs of the Fund are managed under the direction of the Fund&#146;s Board of Directors. Information pertaining to the Directors
and officers of the Fund is set forth below. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:31pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Name, Address,<BR>and&nbsp;Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:57pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current<BR>Position(s)<BR>Held&nbsp;with&nbsp;Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:50pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Term&nbsp;of&nbsp;Office<BR>and&nbsp;Length&nbsp;of<BR>Time&nbsp;Served*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Principal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>Occupation(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>During&nbsp;Past&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><U>Five&nbsp;
Years</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="border-bottom:1px solid #000000;width:48pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Number&nbsp;of&nbsp;Funds<BR>In&nbsp;Fund&nbsp;Complex<BR>Overseen<BR>by&nbsp;Director**</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="border-bottom:1px solid #000000;width:87pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other<BR>Public&nbsp;Company<BR>Board&nbsp;Memberships<BR>During&nbsp;Past&nbsp;Five&nbsp;Years</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="border-bottom:1px solid #000000;width:49pt"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>NON-INTERESTED DIRECTORS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>David Gale<BR></B>Delta Dividend Group, Inc. 220 Montgomery Street Suite 426<BR>San Francisco, CA 94104 Age: 63</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;I&nbsp;Director<BR>since<BR>January&nbsp;1997</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">President of Delta Dividend Group, Inc. (investments)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Metromedia International Group, Inc. and Emmis Communications</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Morgan Gust<BR></B>301 E. Colorado Boulevard Suite 720<BR>Pasadena, CA 91101<BR>Age: 65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Director<BR>and<BR>Nominating<BR>and<BR>Governance Committee Chairman</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;III&nbsp;Director<BR>since<BR>February&nbsp;1992</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. (petroleum refining and marketing) from March 2002 through June
2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">CoBiz, Financial, Inc. (financial services)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Karen H. Hogan<BR></B>301 E. Colorado Boulevard Suite 720<BR>Pasadena, CA 91101<BR>Age: 51</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;III&nbsp;Director<BR>since<BR>April&nbsp;2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial Consultant; Active Board Member, Committee Member and Volunteer to several non- profit organizations. Board Member, IKAR, a non- profit organization.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">None</FONT></TD></TR>
</TABLE> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The Fund&#146;s Board of Directors is divided into three classes, each class having a term of three years. Each year the term of office of one class expires and the successor or
successors elected to such class serve for a three year term. The three year term for each class expires as follows: <B> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>Class I Director </B>&#150; three year term expires at the Fund&#146;s 2015 Annual Meeting of Shareholders; director may continue in office until his successor is duly elected and qualified. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Class II Directors </B>&#150; three year term expires at the Fund&#146;s 2013 Annual Meeting of Shareholders; directors may
continue in office until their successors are duly elected and qualified. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Class III Directors </B>&#150; three year
term expires at the Fund&#146;s 2014 Annual Meeting of Shareholders; directors may continue in office until their successors are duly elected and qualified. </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Each Director also serves as a Director for Flaherty&nbsp;&amp; Crumrine Preferred Income Fund, Flaherty&nbsp;&amp; Crumrine/Claymore Preferred Securities Income Fund, and
Flaherty&nbsp;&amp; Crumrine/Claymore Total Return Fund. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">37 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:31pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Name, Address,<BR>and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:57pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current<BR>Position(s)<BR>Held&nbsp;with&nbsp;Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:50pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Term&nbsp;of&nbsp;Office<BR>and&nbsp;Length&nbsp;of<BR>Time&nbsp;Served*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Principal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Occupation(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>During&nbsp;Past&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><U>Five&nbsp;Years</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="border-bottom:1px solid #000000;width:49pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Number&nbsp;of&nbsp;Funds<BR>In&nbsp;Fund&nbsp;Complex<BR>Overseen<BR>By&nbsp;Director**</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="border-bottom:1px solid #000000;width:87pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other<BR>Public&nbsp;Company<BR>Board&nbsp;Memberships<BR>During&nbsp;Past&nbsp;Five&nbsp;Years</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>NON-INTERESTED</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>DIRECTORS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Robert F. Wulf </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">47-154 El Menara
Circle</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Palm Desert, CA 92260</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age: 75</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Director<BR>and Audit<BR>Committee<BR>Chairman</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;II&nbsp;Director<BR>since<BR>February&nbsp;1992</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial Consultant; Trustee, University of Oregon Foundation; Trustee, San Francisco Theological Seminary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">None</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>INTERESTED</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:44pt"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>DIRECTOR:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Donald F. Crumrine</B>&#134;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado
Boulevard Suite 720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101<BR>Age: 64</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Director,<BR>Chairman of<BR>the Board and<BR>Chief<BR>Executive<BR>Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;II&nbsp;Director<BR>since<BR>February&nbsp;1992</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Chairman of the Board and Director of Flaherty &amp; Crumrine Incorporated</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">None</FONT></TD></TR>
</TABLE> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The Fund&#146;s Board of Directors is divided into three classes, each class having a term of three years. Each year the term of office of one class expires and the successor or
successors elected to such class serve for a three year term. The three year term for each class expires as follows: </FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>Class I Director </B>&#150; three year term expires at the Fund&#146;s 2015 Annual Meeting of Shareholders; director may continue in office until his successor is duly elected and qualified. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Class II Directors </B>&#150; three year term expires at the Fund&#146;s 2013 Annual Meeting of Shareholders; directors may
continue in office until their successors are duly elected and qualified. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:15%;margin-right:13%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Class III Directors </B>&#150; three year
term expires at the Fund&#146;s 2014 Annual Meeting of Shareholders; directors may continue in office until their successors are duly elected and qualified. </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">**</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Each Director also serves as a Director for Flaherty&nbsp;&amp; Crumrine Preferred Income Fund, Flaherty&nbsp;&amp; Crumrine/Claymore Preferred Securities Income Fund, and
Flaherty&nbsp;&amp; Crumrine/Claymore Total Return Fund. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">&#134;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&#147;Interested person&#148; of the Fund as defined in the 1940 Act. Mr.&nbsp;Crumrine is considered an &#147;interested person&#148; because of his affiliation with
Flaherty&nbsp;&amp; Crumrine Incorporated, which acts as the Fund&#146;s investment adviser. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">38 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION
(Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:31pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Name,&nbsp;Address,<BR>and&nbsp;Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:57pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current<BR>Position(s)<BR>Held&nbsp;with&nbsp;Fund</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:47pt" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Term&nbsp;of&nbsp;Office<BR>and&nbsp;Length&nbsp;of<BR>Time&nbsp;Served</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Principal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Occupation(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>During&nbsp;Past&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B><U>Five&nbsp;Years</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="border-bottom:1px solid #000000;width:43pt"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>OFFICERS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Robert M. Ettinger </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado
Boulevard<BR>Suite 720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age:
53</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>October&nbsp;2002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">President and Director of Flaherty &amp;<BR>Crumrine Incorporated</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>R. Eric Chadwick </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado
Boulevard<BR>Suite 720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age:
37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Chief Financial Officer, Vice President and Treasurer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>July&nbsp;2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Vice President and Director of<BR>Flaherty &amp; Crumrine Incorporated</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Chad C. Conwell </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado
Boulevard<BR>Suite 720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age:
39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Chief Compliance Officer, Vice President and Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>July&nbsp;2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Chief Compliance Officer &amp; Vice<BR>President of Flaherty &amp; Crumrine<BR>Incorporated; Director of Flaherty &amp;<BR>Crumrine Incorporated since<BR>January 2011</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Bradford S. Stone </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">47 Maple Street<BR>Suite
403</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Summit, NJ 07901</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age: 52</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Vice President<BR>and Assistant Treasurer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>July&nbsp;2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Vice President and Director of<BR>Flaherty &amp; Crumrine Incorporated</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Laurie C. Lodolo </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado Boulevard
Suite&nbsp;720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age: 48</FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Assistant&nbsp;Compliance Officer, Assistant Treasurer and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>July&nbsp;2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Assistant Compliance Officer and<BR>Secretary of Flaherty &amp; Crumrine Incorporated</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Linda M. Puchalski </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">301 E. Colorado
Boulevard Suite&nbsp;720</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Pasadena, CA 91101</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Age:
55</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Assistant<BR>Treasurer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Since<BR>August&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Administrator of Flaherty &amp; Crumrine Incorporated</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">39 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>BOARD CONSIDERATION AND APPROVAL OF CONTINUANCE OF INVESTMENT ADVISORY </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">On January 24, 2012, the Board of
Directors of the Fund approved the continuation of the existing investment advisory agreement with the Adviser (the &#147;Investment Advisory Agreement&#148;). The following paragraphs summarize the material information and factors considered by the
Board, including the Non-Interested Directors, as well as their conclusions relative to such factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In considering whether to approve
the Fund&#146;s Investment Advisory Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board&#146;s request, by the Adviser. The Board members also considered detailed information
regarding performance and expenses of other investment companies thought to be generally comparable to the Fund. The Board members discussed with management this and other information relating to the Investment Advisory Agreement during a Special
Meeting held on January 17, 2012 for that specific purpose. In reaching their determinations relating to continuance of the Investment Advisory Agreement, the Board members considered these discussions and all other factors they believed relevant,
including the factors discussed below and their multi-year experience as directors of the Fund. In their deliberations, Board members did not identify any particular information that was all-important or controlling, and Board members may have
attributed different weights to the various factors. The Board members evaluated this information, and all other information available to them for the Fund, and their determinations were made separately in respect of each other fund advised by the
Adviser. In particular, the Board members focused on the following with respect to the Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Nature, Extent and Quality of Services </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board members reviewed in detail the nature and extent of services provided by the Adviser and the quality of those services over the past year
and since inception. The Board members noted that these services included managing the Fund&#146;s investment program, as well as the continued provision of significant administrative services beyond what the Investment Advisory Agreement required.
The Board members noted that the Adviser also provided, generally at its expense: office facilities for use by the Fund; personnel responsible for supervising the performance of administrative, accounting and related services; and investment
compliance monitoring. Board members also considered the Adviser&#146;s sound financial condition and the Adviser&#146;s commitment to its business, in part evidenced by the Adviser maintaining its staff despite materially lower revenues during 2008
and 2009. The Board members evaluated the Adviser&#146;s services based on their direct experience serving as Directors for many years, focusing on (i) the Adviser&#146;s knowledge of the preferred securities market generally and the sophisticated
hedging strategies the Fund had employed until late 2008, the reasons why that strategy would have been ineffective during and after the recent market dislocation, why the Adviser has suspended its customary hedging strategy, and its focus on, and
internal resources dedicated to, identifying opportunities to add additional value through hedging and other sophisticated financial transactions, and (ii) the Adviser&#146;s culture of compliance. The Board members reviewed the personnel
responsible for providing services to the Fund and observed that, based on their experience and interaction with the Adviser: (1) the Adviser&#146;s personnel exhibited a high level of personal integrity, diligence and attention to detail in
carrying out their responsibilities under the Investment Advisory </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">40 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION
(Unaudited) (Continued) </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;margin-left:25%;border-bottom:0.5pt solid #000000; width:78%">&nbsp;</P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Agreement; (2) the Adviser was responsive to requests of the Board, and its personnel were available between Board meetings to answer questions from Board members; and (3) the Adviser had kept
the Board apprised of developments relating to the Fund. The Board members also considered continued efforts undertaken by the Adviser to maintain an effective compliance program. The Board members concluded that the nature and extent of the
services provided were reasonable and appropriate in relation to the Fund&#146;s investment goals and strategies, the corporate and regulatory environment in which the Fund operates, the level of services provided by the Adviser, and that the
quality of the Adviser&#146;s service continues to be high. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investment Performance </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">As occurred last year, Board members took note of the extraordinary market conditions since 2008, the more recent recovery in markets for the
Fund&#146;s securities and the Fund&#146;s recent strong performance, which evidenced the Adviser&#146;s continued adherence to its investment discipline. The Board members considered the Fund&#146;s relative performance since inception, including
its performance in recent fiscal periods, including its disappointing absolute performance over certain periods that preceded the recent periods of strong performance. The Board members reviewed the Fund&#146;s performance compared to relevant
indices and funds thought to be generally comparable to the Fund and examined differences between the Fund and certain funds in the comparison group. The Board members also reviewed relative fees and expenses of the Fund and the funds in the
comparison group, including comparative advisory fee, administration fee and total expense ratios, and noted that the Fund had below average advisory fees and below average advisory/administration/shareholder service fees. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Profitability </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board members considered
the Adviser&#146;s methodology for determining its profitability with respect to the Fund, and the Adviser&#146;s profit margin on an after-tax basis attributable to managing the Fund based on two expense allocation methods. The Board members noted,
in recent years, that declining assets under management, when compared to historic highs, had led to declining Adviser profitability, but noted with approval the Adviser&#146;s continued commitment to maintaining existing personnel and service
levels. The Board members also considered the increased profitability for 2011 attributable in large part to the recovery of preferred stock prices and the related increase in fees. The Board members also considered that the Adviser provided, at a
lower cost, services to separate account clients and determined that the difference was justified in light of the additional services and costs associated with managing registered investment companies, such as the Fund. The Board members accepted
the Adviser&#146;s statement that it did not realize material indirect benefits from its relationship with the Fund and did not obtain soft dollar credits from securities trading. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Economies of Scale </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board members noted that the Fund, as a closed-end investment company,
was not expected to increase materially in size and, based on adverse market conditions and related deleveraging, the Fund&#146;s size had declined significantly from historic highs&nbsp;&#151;&nbsp;although recently aggregate assets had increased
as a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">41 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="3"><B>ADDITIONAL INFORMATION (Unaudited) (Continued) </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
result of market appreciation. In light of these circumstances, specifically the lack of material asset growth over time, the Adviser would not benefit from economies of scale, especially where
personnel and other Adviser costs of providing services did not decline commensurately. The Board members considered whether economies of scale could be realized because the Adviser advises other similar funds. Based on their experience, the Board
members accepted the Adviser&#146;s explanation that significant economies of scale would not be realized because of the complexity of managing preferred securities for separate funds and other portfolios. Nonetheless, the Board members noted that
the Fund&#146;s advisory fee schedule declines as assets increase beyond a certain level (commonly known as a &#147;breakpoint&#148;), and that breakpoints provide for a sharing with shareholders of benefits derived as a result of economies of scale
arising from increased assets. Accordingly, the Board members determined that the existing advisory fee levels reflect possible economies of scale, and possibly at levels more favorable to the Fund than might have been negotiated had the substantial
volatility of the Fund&#146;s asset levels been anticipated at the time the breakpoints had been agreed upon. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">In light of their
discussions and considerations as described above, the Board members made the following determinations: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the nature and extent of the services provided by the Adviser are reasonable and appropriate, and the quality of the services is high;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Fund&#146;s overall performance over time has been satisfactory, and its absolute performance for recent periods was reflective of market conditions, given
the Fund&#146;s investment policies and strategies and the Adviser&#146;s adherence to them, which is responsible for the recent strong performance as markets stabilized; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the fee paid to the Adviser was reasonable in light of (i) comparative performance and expense and advisory fee information, considered over relevant time
periods, (ii) the cost of the services provided and profits to be realized, and (iii) the benefits derived or to be derived by the Adviser from the relationship with the Fund; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">there were not at this time significant economies of scale to be realized by the Adviser in managing the Fund&#146;s assets, and the fee was structured to
provide for a sharing of the benefits of economies of scale. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on these conclusions, the Board members determined
that approval of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">42 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[This page intentionally left blank] </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
</DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
</DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355"><B>Directors </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Donald F. Crumrine, CFA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Chairman of the Board </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">David Gale Morgan Gust
Karen H. Hogan Robert F. Wulf, CFA </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355"><B>Officers </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Donald F. Crumrine, CFA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Chief Executive Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Robert M. Ettinger, CFA
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">President </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">R. Eric Chadwick, CFA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Chief Financial Officer,
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Vice President and Treasurer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Chad C. Conwell </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Chief Compliance Officer,
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Vice President and Secretary </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Bradford S. Stone </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Vice President and </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Assistant Treasurer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Laurie C. Lodolo </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Assistant Compliance Officer,
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Assistant Treasurer and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Assistant Secretary </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Linda M. Puchalski
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Assistant Treasurer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355"><B>Investment Adviser </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">Flaherty&nbsp;&amp;
Crumrine Incorporated e-mail: flaherty@pfdincome.com </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355"><B>Questions concerning your shares of
Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity Fund? </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">If your shares are held in a Brokerage Account, contact your Broker. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">If you have physical possession of your shares in certificate form, contact the Fund&#146;s Transfer Agent&nbsp;&amp; Shareholder
Servicing Agent &#151; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">BNY Mellon Shareowner Services P.O. Box 358035 Pittsburgh, PA
15252-8035 1-866-351-7446 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355"><B>This report is sent to shareholders of Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity
Fund Incorporated for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report. </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">


<IMG SRC="g352196g15h91.jpg" ALT="LOGO">
</TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5" COLOR="#823355">Semi-Annual Report </FONT></P> <P STYLE="margin-top:54px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="5" COLOR="#823355">May 31, 2012 </FONT></P> <P STYLE="margin-top:120px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#823355">www.preferredincome.com </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Code of Ethics. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Audit Committee Financial Expert. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not
applicable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Principal Accountant Fees and Services. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Audit Committee of Listed registrants. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investments. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under
Item&nbsp;1 of this form. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Portfolio Managers of Closed-End Management Investment Companies. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant&#146;s most recently filed annual report
on Form N-CSR. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Submission of Matters to a Vote of Security Holders. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#146;s board of directors, where those changes were implemented after the
registrant last provided disclosure in response to the requirements of Item&nbsp;407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item&nbsp;22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Controls and Procedures. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The registrant&#146;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&#146;s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that
occurred during the registrant&#146;s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.
</FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 are attached hereto. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp;
Crumrine Preferred Income Opportunity Fund Incorporated </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>

<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">By&nbsp;(Signature&nbsp;and&nbsp;Title)*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald F. Crumrine</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald F. Crumrine, Director, Chairman of the Board and Chief</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">By&nbsp;(Signature&nbsp;and&nbsp;Title)*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald F. Crumrine</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald F. Crumrine, Director, Chairman of the Board and Chief</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">By&nbsp;(Signature&nbsp;and&nbsp;Title)*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ R. Eric Chadwick</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Eric Chadwick, Chief Financial Officer, Treasurer</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Vice President</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Print the name and title of each signing officer under his or her signature. </FONT></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d352196dex99cert.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<TEXT>
<HTML><HEAD>
<TITLE>Section 302 Certifications</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section&nbsp;302 of the
Sarbanes-Oxley Act </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Donald F. Crumrine, certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have reviewed this report on Form N-CSR of Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity Fund Incorporated; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant's board of directors
(or persons performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial
reporting. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Donald F. Crumrine</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Donald F. Crumrine, Director, Chairman of the</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Board and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal executive officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section&nbsp;302 of the
Sarbanes-Oxley Act </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, R. Eric Chadwick, certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have reviewed this report on Form N-CSR of Flaherty&nbsp;&amp; Crumrine Preferred Income Opportunity Fund Incorporated; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial
reporting. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ R. Eric Chadwick</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">R. Eric Chadwick, Chief Financial Officer,<BR>Treasurer and Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal financial officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>d352196dex99906cert.htm
<DESCRIPTION>SECTION 906 CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Section 906 Certification</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section&nbsp;906 of the
Sarbanes-Oxley Act </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Donald F. Crumrine, Director, Chairman of the Board and Chief Executive Officer of Flaherty&nbsp;&amp; Crumrine
Preferred Income Opportunity Fund Incorporated (the &#147;Registrant&#148;), certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Form N-CSR of the Registrant (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Donald F. Crumrine</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Donald F. Crumrine, Director, Chairman of the</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Board and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal executive officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, R. Eric Chadwick, Chief Financial Officer, Treasurer and Vice President of Flaherty&nbsp;&amp; Crumrine Preferred
Income Opportunity Fund Incorporated (the &#147;Registrant&#148;), certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Form N-CSR of the Registrant (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;7/24/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ R. Eric Chadwick</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">R. Eric Chadwick, Chief Financial Officer,<BR>Treasurer and Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal financial officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g352196g15h91.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g352196g15h91.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0L<4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````7````1@````&`&<`,0`U
M`&@`.0`Q`````0`````````````````````````!``````````````$8````
M7``````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"(`````!````<````"4`
M``%0```PD```"&0`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``E`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U50LNKJ$V.#1YI/:]VC3M'CW0SB@,>:SMN((;:X;MKH]KMI_=22`.
MI:%'5<LWW>M0/1<^,45/#W%K1[GV-`&S<[\U6AG7GZ.)9\X"YGHGU6ZIA9E.
M19:V7ML^T@0=3_-^FX//\X_WO_T:Z##ZK594XOW!U=@I?IKO+_L_`+O\*DV,
MN.`/ZNL@T^7B_NI_M68>,4CXN"7K9YXH`^+@BW95%#'/L>`&%H?'YN]P8US_
M`-UON1/4KD-W"7"6B1)'[P28;Z\`_%K;NH'\QH^:+7]H_/CY)VY6,_T]EK'>
MM/I0X'?M^EZ?[^W^2I5VU62:WM?!@[2#!^22"3^[7T9I(=&11D,#Z7ML:X2"
MTSH21N_Z*C7ETV->]I_15EP-I@-EA++?=_P;V.21PG739,DH-NI=MVO:=X!9
M!!W`C<'-_>]J:O)Q[2X56L>6?2VN!C^M"2J/9(DALOI>T/8]KF.;O#VD%I;^
M](*=M]+PTLL:X63L((.Z/I;?WDE4>S__T/54QX36/+*W/#2\M!(8V-SH'T6[
MBUNYRYQOUEZV^RRH=&>7UQNKWZ@.GT]T,_.29,>*4[,:TWN48_\`2=K!R&95
M-.36"&7-WM!Y`(_.A5KL)GI!M=%C8>;3!$EQL^TS]+_3)8%]E3*\;/?4S+KV
ML<6EK66%PTLQJY:_8[=LV>G_`#G[Z%ZV&,,U-RG_`*1S\BN\:^H*G^K<S'U<
MW:QK/3V?X2K]+^E_G$EX!$C6UBJN0\VTVIM@>ZRBS=:6.?[AS6[U*X]W[ZG7
M4RK8&4/`KK%31+3[6Z,Y=^;*#;U+$JR*[+;'M(:]KV!IVCTW5U6N?MW?1MR*
M6_GJ/KXK:MGKO(=;;:RS4AYK<^VZBK7_``6US/3_`#V5_H_\(BBI5L:/][^7
MI;%=5=8H#*'C[,STZM1HV`W:?=_(8GI::ZWU^B[]*Y[WEL-DO))_PCG(#LNG
M[15F[[?3>TTBL,):7%S8^C_A'O<STW?S?\XHUL;;7E8K+K2YV1#G[8+'.:S,
M]-IW-_1-J?6Q)5'K]?F[^K_%;..P8^_TZK";';GEQ:9=`87?2]N[;[_Y?Z3\
M],*F!CZVTV"NP/W,!;'Z0E]IC=^<]RJOS<3(K;EBVUM5-;K;&M86N'H/KMM8
M]CO?6_\`,?3L_2T/5RW(:;=@;9OI/J.#6$RW;9'^?M=L_EI((D-P;Z[_`**S
MFM?<R\TV;Z_HZB.'LXW?NVV(5.%C4EWIX]@+FEA]PX<*ZW?G_NT5)L(T9;[<
MK&NL=5>SZ0D,.X>U]+C]&VMK?3NV?^?=ZA1GXN33BBNQP%Y/HEK8#@*C9^D;
MN.W]$_?[_P#"I)J0L"]!ZOFT_2;3FAQ)=2\DL-1U;]$\\.294PWUV&I[7L#P
M'$B(L+;+`1/[[&*C?=C%^/.1=6YE-=S:R-;JZW,M>YT_SMM>QGJ[/TM7J?N7
M*UCY-(R[F;GDW6EK=S3M#ZV,#ZF.U;]!GJ_R_P!(D@Q('78_O/\`_]'U*V/3
M?,QM/T?I<?F_RES=$>H?1_:WK;6^K/H[N/T?J^JOGQ))EQ74JO\`YM?X7$_1
M%'K?:*]W[7C>R?4]+9]+_"^G[_2_TFW\Q6/\B>B-F[T_2R?LFSC;_P!K/L7Y
MN[_0_P#`_P!$_5?57S>DBR:]>/\`P>']V7[O\N!^EW?LO[;@3&_T[OLT;?3^
ME1ZNZ/9Z_K>EZ?I_\(A']D;1MW^E&3]FV?0W>_[9]FC_``W\_P"EZGYGK_9O
MU?>OFU)):-A\_7_U)_+_`,-?I"O[!]FKV?:/1^U4[(VQZOL^A'L]'U?Z3Z?Z
M+[1Z_P#PBMT?9?MN3Z/J;O6'K<;/6]&OZ.[W_P!&]'_@=_\`POJ+YD221*]?
MFV.]?U?F?HL?L;[-D;/6W_81]JV_SGH[!L];_!?;/L__`*$>C_UE:S=G[1?'
MJ;_19NX].-UFS^5ZO\XOEY))62_Z^WZ?^"_3_3/0^RGT-^SU;]WJ1N]3U;?M
M'T?;_/\`J*AA_LK[#TW[-ZD0?LD1ZO\`-.W>M^;_`$?_`$O_``?^%7S>DDH7
M<_GW_9/Y_P"7[[])YO[,]/\`3>KZ6VCT-D^-GI?9MGZ7?Z?J_:O^ZGJ>O^K^
MHI8_V/[>?Y_=]HLV;_YKUM@]3;L_X'=Z7J_H_P"=_P`(OFI)).O"?GV/Y?RX
MG__9.$))300A``````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`
M;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@
M`#8`+@`P`````0`X0DE-!`8```````<`"``!``$!`/_N``Y!9&]B90!D0```
M``'_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`__``!$(`%P!&`,!$0`"$0$#$0'_W0`$`"/_Q`#%```"`@(#`0$`````````
M````"`8'!`4#"0H"`0$!``$%`0$!``````````````,!`@0&!P4("1````8!
M`P(#`PH"!08/`````0(#!`4&!P`1"!(3(3$4(A4805%Q,A9F%^>8"6$C\(&1
ML=&AP9+"TB1"4F)RLC-38X.3LR4W9R@1``(!`P,#``4'"P(%`P4```$"`P`1
M!!(%!B$Q$T%182('<8&1X3(4%O"AL<%BDB-DY!65T4+Q4C-#".)3)'*"TC3$
M_]H`#`,!``(1`Q$`/P#W\:4HTI1I2C2E&E*KW*&2:YBBGO;G:7#AO$LWL/'&
M.T8NI)P9W-R[.'9)ILV2:KA7K=O2`.Q1Z0'?5#VKV=AV/.Y%N46U[>@;)97;
MJP461&=CJ8@#HI]-6`4P"'AN.W@([?+L`^/S".^JUXY%?6E4H_CI2OP3`'F.
MWT@/]/ETJMJ^!62+]91,O_..4/[Q#2JZ6_Y37&+MJ7S<(!]*I/\`:TJHBD/9
M#]%<!I2.*.QGK8/_`!2;?V[[;:7'KJ\8\Y[1-]%8YI^&)]:2:%^E8G^.J7'K
MJ\8>4>T#?16&I;:\G]:4:_U*D'_6#?5-2^NI1MV:>T#?16$>^5A/SDT!^@Y/
M]O;0LH]-2KM&>W_8-8!\E51,=AD$Q$`W]DY!_P!;STUKZZE&Q[@?^R:X@R;6
MCB':<@8!_P"43??R\@,.J:UJX[%G`>]'6<E>HE?;MF$=_$!W#;^GCIK!J)MI
MR$^T*W;6<;.OJ!Y^7B'^?^&K@0:Q9,1X^];H!`P`(>0AN&JUB'I7[I2C2E&E
M*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E?__0]_&E*-*4:4HWV\1\`TI46G;G
M7:\D=22D4$A*`CVP-U'$0#?8`#?QU:6`[FO0Q-LS<U@L$!-=%?*3%',SDUD^
M1-0+O$S6+$;D8T!`RQG43%56*CDVZT?*.F,?/HI2,NF],<$EQ:&7.5/<1+X:
M(\9OJ5K^PC_2OK7X?\B^&'`]AA&\;3)%R`XO\21+.\KL2&0,T9*IIM==>D$V
M%^M,]1,O99PO&M:+:[8>^/XIBBD[D%F#EJ47IS*',#51V^DGOID2&`A0.?8W
M3U=)1$VH=3#MVK0MWXUQWE,[[OMVW_<X9')"A@?=]H"JMSWZ#IVZV%3PW*>^
M+^",:(;^72"AO#_RP\=-;>NO*'P^V=/M9%8X\ALH.O929K%`?("D4V_Z(>.F
ML^NJCA6P1_:F!^<5]!EK,+T-TF[WV@VW*FJ'A_#<-4U-ZZ'CG&8C[TB=/:*_
M/MAF=UX"G)``_(4%0`!'^OP'34Q])I_;.+QC[4?YJ_0>YE=#X^]0W\]C*!_5
M]8-.IJTQ<7C_`/;_`"^:N8D3EUR;VQD_H%13Y?D'V_[]+'U50Y/&D'01GYJR
MR4S*"P_S#2&P^>ZAMP^3_M0TTMZJC.Z<?7L$^CZJSB8WR(J(=P[[R^50V_D/
M_>B`^(Z:3ZJA.^;(M](3\OFK9HXHNQQ`#B[^7?V_#_U--#'T5`W(MJ'8+^7S
M5LT</6HPAW/4!\@]1O+^._7JNAAZ*QVY-MX^SIJ2QF))Y(0,H"VP&`/`=_+^
M/6/SZ!#ZJP9^18C@Z;59,7C^2:@7N%/N'3ON)?+SW^L(!J\(:\*?>('O8BK$
MCH%=KT@;<``0WW$/D#P'SWU>!7BS9:2=JEZ91(0I1'?I``W^C5U>:3<DU]Z5
M2C2E&E*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E?_T??QI2N!9R@W#=94I`_B
M/C_9I>KUC=_LK4$G<A1$210"&!=4H>R4-A\?H`1WU87%>MB;-DY!!(LM4C-Y
M!NEB4%K!MU6Z)_9*<B8_/MOOT^'@.HRS'H*VK%V?:\,"3+<,WRUH/PO=.&ZL
MU>9Y*-8EV[CJ6>I,FI#*#TD*95THDB!C',``&^XCL`:!?236;_?T1UQ=IPR\
MOJ12QZ>P7->;2;_<TS'CW*]N0KC49>MP\Y8:\SB6EL?QL*Z;H32R;*9]7$,&
MCAR5XU;@9$QSG)VSE$`^KMG)A*4!:2UQ?M]=?<>+\">,;SQ[;7S9/'FRPQR,
MYA5G!*#4EG8@:2;$``W!]M-3P_Y03N;K$\3MD:4KZOQ,:+QV\D&KT9<HE.W(
MN8@M&RAC&.'L["?<H"<1\0UBSP^(CK<5S[XE<"P^*X,9VZ<^&:1M(52NCTV^
MT1\O;U6KNXH)J7,M45"1$:)Q(0#E[)!,4VQ0$!#S\-1KI/HKY4W@;IBRNIR9
M--_75_QM7J2Z1>B&CP-MX;)$`1^CY?DU+I7U5IT^?N*L0V4]OEJ1I0$*B`%3
MC6A0#RV1+_AJMAZJPFS,I_M3M]-918V/+]5DV#Z$2?[/AI8>JH_/-_[K?37(
M#)H'DV0#Z$B!_FU6J>:4_P#<-?8-T"^2*0?0F4!_M`-]+"J:W[ZC7T"20>29
M/]$/\-.U4UL?]QKZZ"?\0O\`HA_AI5+GUU^@4`\```^@`TI<^NC8/F#^S2ES
MZZ-@^8/[-*7/KK]TJE&E*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E&E*-*4:4
MHTI7_]+WRR3A1ND)B#YE$`V\]_#Q^0?#2LB!`[6-5E(%E9(QB)B<I3"(;@([
MCX^>_CYAJ,W->[#X(+%AUKA88X*Y4!=^(F`1W$%#"8?Z@$@ZH$[7JZ;>R@T0
M_FJQHVLQ,84`0;)B8/\`A&(7YOFVU(`!Z*\2?/R)S[\AM2K<\,=96R7QPM==
MPPYKK2Y-'<;82)V9U*,HIY%5XZLI),.]#"1YZMTFW`J).HJ9S[`<0+N.J@)<
M>2^CTV[_`)ZZ%\(M[X]L7.-NS>4).VULK1_P@K.'DLBM9^E@3[QZD#L":\@>
M&.'>:\Y2V0(N';0[27I-HBJ]8A75<F65G;&BH[20`J?B5@V%,R:?>ZU%0Z=N
MDH=!<^;(BC$3*"0PZ>P?ZFOTHY1\2^*\3Q]FR,F25L;*QWDCL!81Q'3?K_N/
M0FU@.O<]3>_&SC?R%A.5$!B&O,XEN]=URHY0M#F5E9)@UBZ*C+2"H=A1BB)U
M57K=@"":"B2@*G4`@&3#K6+%(T4N.)#?5<@6])L#U^GT5J/.>;\+ROA]F<ES
M99&B6>;$B"(K%\@HHZACT"EM18$6`N0W1:]"R:LMCRPF*83E8*+B(![73T=S
MPV#<H!X%UYG4>CK7Q@RXV]X0(MY@/U4WU(N2$DW0635`=REZOG#<1^<?'RU(
MK5S7==K>!W5E[5=S-V1TD!BF`1``W\O[OGU+6JRQF-B"*S-*BHTI1I2C2E&E
M*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E&E*-*4:4K__
MT_?DL@FN&R@;@']/\NE7JY3J*^4FC='ZB10'YQ`!'^[2JM([=VK(TJ.C2E:Z
M7:-7\7(LGR)'#%VP>-GC=4H'27:KMSI+HJ%'8#$41.8!`?`0'5#V-3XTLD.1
M#-$Q657!4CN"#<'Z:52)P'AJ#*=*,QE3H\';A-^^>(P+%`[AZW04*1TLJHB*
MRKHW4(D$PFZ1'V3!OMJ/T6/:N@Y',.3Y9#3[]DOI4JH,C&RDCH`#8#U]K^KT
MU(J3AS&E;L[:Q5NBUV#FUF2\8,PP9(I2/NTB"PHQPN2&$QV:(C[!.D`(&X`'
MB.]0.HK"W7D^_9V!)A9V[32X@<-H9B5U7%VL?]Q])OU]/:E`_<YCY*H<9;+D
M&N3DY69^M7;#C-I,0$E(L'!(^X9HQ[2;`@LW8+`G().J_8G212*)*BD<X*)`
M54I#!E8<:ODJC("I5N_L4D?G`KI?P%F@W+GN#LV;B0Y&'/B9K%)%5AJAP<F>
M,@L+J1)&A)!%P+-=208'@2T1L/;LAEK=LN,W!0LW!TY]$6B0L$HTAK`PK[.U
MO7D$^M#EW,J-IB%NT:"P&-V2K-1[?F;6-*&58@Z`,03TL+B]NMNG<&O7YA@3
MY.V[(<[;L6++EBDF5XEC0O&TC0JLBQ`("CP2Z>E[/U]%,Y7[[*K<M:7&(6";
M"O2?'#(D@]KGO>0^SJTS#9-Q6VBYD8$7'NHLVV8SSQ`'8)`X%!84Q/T``!-'
M;[JQ(%_(.OI['T_-6AYFT8Z_#C=,A\.+[['OF,JRZ%\H1\7++IY+:]!:-&T7
MTZAJM?K31W[,52QRQ%>9++24B%9MMT+`5Y@$E-JU*A(Q;BZ6)-LHNT;^[JXE
M-LP5ZE2JJK.T&Z!%G*Z*)R1M)V[7`^<]A6@;/QG<=\E"8ICC@\\,'DD;3&)L
M@N((R;$ZI3&]NEE5'=RJ(S"=,GT7;ZVTDHF077A;1!H/HR4CUG3!RM%S3`CA
MG(,5P!N]9+J-')5$C[$53,(#X&#5I!5K$=0:\B6'(VW.D@R80,K'E*LC`,`Z
M-9E8=587!!'4'VBDUX5<@F5WPCQ2J%O=WMYDNY\4,89#&UW2'FRM<DO8>CX^
M:9&EF-KE0.><GH^P6MJL\%P*:[XCSU;873<JJQ,G)ATRY#+;0)"+#T=3;I\@
MKI_Q3X9+M7*_B)N>VQX:[%B\BRL;PP/'?&5Y\@XR-"G_`$XVCA=4TW6,IXY/
M&Y52TESR5!4R4KU=6:2\];+6WFW]?J=<:MW<U(0]7]U?:F>.9^\C8F-@JX$X
MR*Z=.W3=+OO6S9,5'3EN@K`J%@3<!1Z3[>WTUS_:]BR]TQ\W-62*';L=HUDF
ME)"*\NOQ1^ZK.TDOC<HB(QTI([:8XW==W7[G6;738?(%9EDIZGV"NLK9!S44
MBZ>I2M?D8Y.58/V#5!`[YSZM@J4Y$BI"N81`O1U^SJA5E8HPLP-JQ,W:\_;M
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M(R7@2-YD6:1HHUDDT1DW.D/$`OVG+W46%S)<LY:J>%JNTN-U)-A!.[34Z>#B
M#A'TX=K,W>>95>M>\$V*9QCXZ0L<FU9B[6$C9!9RGW3D((F"V.-I6TK:]B?H
MZG\U8''..;CRG<)-LVHQ?>UQYIK22+'=((VEETEOM,L2.^A;LRJVD$]*VU5O
MT+<)N^P$6TG6[['%E;U.Q*2T*]BV1YAU`1%H0)#O'29$)IH:!L#%QWVXG2`K
MDA1-U@<I:,A4(3:S"_ZJQ]QV;*VS$V?,R)(3%G0&:+0ZNV@2/$=:CJA\D<BZ
M6L?=)M:Q,WU;7DTA^-.9+:RRV;9&V),XZFX+>9.99/9PM/N<C<,6NJAD5[7:
M"VEV4.K:'>2"Y5Q\P7L[9>`CBH,&:1`,+@CI%4,M\:PB"_:>UNHL;CKZK6/3
MJ:Z]OOPP?`QN*0;<S/NF[KBMBEYH%ARQ-C++D%&<1#&^Z9++BLN1*6D<FV@Q
MLI>2/?(R<>QDFQ'B3>09MGS=.0CY"(D$T7:)'"1'T3+-F4I&/"$4`%6[E%)P
MB?<BA"G*)0Q2+$BN331/CS2P.5+HQ4E65U)!L=+H61UZ=&5BK#JI((-+!S6S
MW.<:^.%\RA48F/G;XFXJM-QW$2XJEAG=]R+;82B55::.B=$P0L5*V`CUX7NH
MF5;-CID.50Y-3XL(GG2-C9.I/R`7/Z*W[X5\/Q.=<XVC8-RR'AV@K-/DNEM8
MQ\:&3(E"7O[[I&40V:S,&((!J5U7!\O!QM)=S&9,L66_U]]%2ELM[ZV224-?
MG)-_M%'2.,D7`8W@J],)JG(W;QD8T6CP(B=-8RA53KVM*"6`B4(>PMV^?O?Y
M37G;ARS&RY]UCQN,;=!LTR.D,*PJ7QQ_VV7*(^\R2)8%FEE=9+L&4*5"3'+.
M7J9A6MQUIO!K![NE[;5:1&-ZQ5+'<IA_8[E+MX2"8-82K1DK*KG<O7``'2D(
MG-LFF!UU$DE+8XVE8JEK@$]2!T'RUYG'.-;IRG.GV_:1#YXL:6=S+-%`BQ0(
M9)&,DK(@LH])Z?::R!F&P@\C1$]C-AE-O$6V/@Y"I%N186?K$K7KFSC!CADS
MLY*I3*+*7CII%N40,T5(57N!T@`B(;T*$.8[B][=^GTU#E[)DX>_3<>?)QGR
MTR?!KCE22`MJT:EF0LC(3V<$BW6HW7LZT"SS6,(.)7F5%<QXW<Y6QX^6@Y!O
M%3M19-JT]?*G>J)`2,E&;6X1RAV;H$5Q*Y`2E-TGZ:F)U$A-O=:Q^7K_`*5G
M9O$=YP,7?\O)2(+MF<,3)42*7CF8RJHTW]Y&,,@#IJ6Z]2+B^=E?,U'PPSJ;
MNZJ6$5+U<6-!J,=6:C9[C*SEMDHR7F6<0W85B*E%T%%HN!=K`HN"2(@B)0/U
MB4ID<3REM-N@N;D#I\]0\=XONW*)=QCVI8;8F*V1,TLT4*1PJR(SEI70$!Y$
M%ENWO7M8$BFZUS8PM9G$2W19Y0ARO,D-L-SSZR8GO<)$4++,E,1M?@L>7F:>
M0Q8F%L-AG)EDU9B19PT.J^:@98@.VPJR-BRK?[)]W5T(ZCUCY*VC.^%7*<!,
MEVEV^4K@G-C6+,QY'R,-4:23)@17UO''&CN]U5P(Y+(?')IO_)^1JOB#'-YR
MI=G#UI3\=U6<N=G=1T8^F'K:"KL<XE)1PWC8Y%P\='09MCF$"EV``$QA*4#&
M"*-&D=(U^TQL/GK3=@V3<.2[WM/'MJ1&W/-R(X(@S*BF21@B`LQ"B[$#J?8+
MFPKBQQD>&RA"/Y^"B+I#,6%BG*V*-[H]JQ_+.W$$[%HM)LH.XQ4-,K03\=E&
M;L4"IN4AZB^0@!T,9`)!-K]"#^BKM\V/*V#*AP\O)Q997@CEOCSQ9"`2"X5I
M(7=!(O9TU$J>AK48JL=6LB>05JK9K794HK*%M@IP;8E*MU("S1ON\LS6(%M,
MQL4[;UF&64*1H!4SH&ZC'1552,4YJR!AHU*![H[>KU_+61R'!W#!;9EW#`QX
M&DV^&2/PE")(FU:)9"C.#*X%WN0PZ!E5@0*_R%RNQ9C2>R+!6!K?7'X0UVJW
M'*<W#T.Q/ZS1:?;4YUPTM$O/"T08/(>*85URYD#,#/%&K<ASF(/9<@C>F/(X
M0@CWB0.O4D>C\]>ULOP[Y!OV'LF7A28:_P!RGFAQ(WR(EER)H3&#$D=RRN[2
M*L8D"!V(`/OIKN^YW*N8^K$Q<;;(>[("#;D7?.BM7C]P8R[A%FR9,(V.0=R4
MK*R;]RDV:-&R2KEVZ63113.H<I1B52[!5'4UJ>U[7G;SGXVV;=#Y,R5K*+A1
MT!9F9F(5$106=V(5$!9B%!-:REY!A+NK88]FB]B;%4)!E&6VJ3(QQ9^MO)2)
M93\0G*)1,C+1X$EH*2;NT#HN%2"FIT&$JI%4R59"EB?LGL?0:R-TV7+VI<*:
M5DDPLE&>&9-7CE5':-]!=4;W)%9&!4&XN+J58__4]_&E*-*4:4HTI6MESB2.
M=F#S[)P#V1-XF#I\@`?#QU0]JGQA>:,>VJP.D13I*H=-(0$=R%,83)`/L%$X
MF%,1/]8>K?8OU?'<!U9WKW@Q6Y4$C]/Y=/E[UL(,Y3R[8=P(<BZI0ZS&``ZV
MA.E,"F#914A!`/#;PWT'<5#E`C&?U6'Z>_LZU3/-;"-[Y"8)E,5X\-4&LS+V
M_%UB6DKE.3,+'-&F-\I4O)9FZ(0E5M+EXXF1J'H0ZB(E;@Y[VZG;[)\S&D2&
M4.][6(Z>T$>L>NMI^%?*]HX7R['Y#O0R6Q8\;+C"PQH[,<G$GQ;GR31!0GF\
MG=BVG1[M]0U][QPN=G[Z5B8R+G7O9>3J$.Y/(M#216K5F<Q)16*AG4H"+=HF
MB1=5L@H9),@"0H%`H84BV['W?14NT;XBR_=5R9),-+K&7&DZ;EOL!W"7)+%0
MS"Y)N;W*L0%>OD;R.K&02HUP:9$8QM5`>"M-RJ5F![9;)5;&#UK#EK:T4NS;
M*U%%`0/))'$')E/-($U;E=!CM$=6LL#VZ=`1WO[?570,S.V>?@^X;,6G_NDF
M?%D"T:&+3%%-%I+^4."1,6Z1$74+_N+*P&:Z)E/+J,'7*>\I!J%,47*]5O4=
M;)NSQ"R-@MT1`1E"MC>/KD))(WZ$JJ9)?U]:D'D4RDE7;5<7)%626V1C2QQ@
ME[Z[J1:WHO<=>Q/2QZV^>M/XKN_'^-MEYVYQ9?\`>(LO$EQVACB<&.%Y&R(2
MTKJ<=YOX/CRHTEDB"2)XRLK4S.+8&ZTW#5)K$VG5Y2\U2AQ4"="*D99C4W\M
M!1"<?'HEF'<0]F&L<Y]*D59T,>HJ7J.H5L/@EJDA5I787TD_/^7SUH?(,O:M
MTY1NN?B-D1[1DYCR`NJ-,J2/J8Z`ZH6%SI3R`'HID[M2TX5X\Y8QTCPHC9\<
M>.&7&GCQ/8/N+V(M=D=.IMXXK.+:Y%6&M,'M`CDEFSC\,"K.&[IPU,W]>)"'
M7[`&7FEFC?[R1JN[ZAT'MZ'K[:WOE7-..[V_Q4GP_OJR[[O4>?"KPQ`1J)<N
M5XY67(8@C[T55D5PWCN0FNR3#/N$;?<<HXNRU2ZAAO)3BG56^X_LN.\W.Y*&
MK\E7[S,4.>1LM:M$90LFK0-MK,A1@3*FI#.&\@S?K)'40.1)4ML,JJDD;,RW
M((*^R_0BXZ&_KKS.'<KVW;./\@XYNFY[I@)E9&/D19."%>19($R(S%+$V1BB
M2&59[W$ZM&\:L%<%E+*LX^0@:>A&P,164I>*KQ6\5",^]6J?[V:Q_2UCT#,H
M^7<P5>._*!`,FU=*MVX[@DJ8O2:$D%KDFU_E/_&M%EFAS-S>?,R9SC237>1K
M2S:"W5CJ9!))IZV+H&;H64&XJ_C#CRVXAX\84Q%=OLZK8,3XMH.,G3^K2TE,
M0TR2A5.(JJ,ZW6EJ_6WK,\P6*]09J9!0&HJ=L%ENGN#?.ZR32R+>S,3U]IO[
M:]_GV];=R7FO*N2;5YQA;CN&1E!945'3[Q,\IC(2256T:](<,-=M6E;V&$ZQ
M_?H_DO\`BS!MZA*4FS8CK>-+6E+6.:A+37'5/N%SM,;+UZ*9U"?B;6WF$[LJ
M@NBYD(<S06A3E.X!42I5UH8/&;ZPQ(]74`>OIV]M2Q[SL\W!/PYEODQ[KC[E
M+E0E(DDBE$T,$3)([31O"4\`966.8/K((32"V+RXBZ/8.-N9:UD"PL:M!V2@
MV2(9SCQV@U<1UE4BG3JJ/H,JRJ1GMFC;"T;.HYLEUK+O$$RD(<1Z18Y83Q%%
MN01]'I^:I/AOD;MA<YXOG[-A/D9<&9$YC4$AH@X$RR6!TQ-&625C951B20.M
M3K"U7LU3QI5V%[<,7N1)%F>RY(?1B7:C7>0;0NK/7#W405G*A(-E./UFL<F=
M544(Y!!(#F*F`ZME96=BGV.P^0=J\CE.?@;CONX3;0CILB-XL97-V&/$!'#K
MZ`>1HU#RD`:I&=K`DUM,L5"6R#BW)5"@+/(4F=N]`N50A;G$G53E:C+66NR,
M-'6>,40507)(0#QZ1VB)#D."B0;&`?'5(V"2(Y6X!!MZ['M4''=RQMEY!L6\
M9F`F7B8F9#,\#V*3)%(KM$P((TR*I1K@BQ-P:1"R\<.25NG<4YA4K7&>GYBQ
M*M6X*9JM<N63W>+.0%"A#'=MX6[NT,>5AS0STVQIHSE.24@[F6LRB9^TLLDL
MN53*6:%1)'J<Q-?K874^SJ;W'0]5N*Z]@\XX-MN'R+C*Y^_9/&=R$LB2RP8H
MR]NR).A>`')E&1YXBT&:1/A?>HB-2JRH5[(H\S\[!B:529H2AF;8TDA'N%G;
M!%^*)!>),73ELR<.6:;@3`DHHBD<Y``3$*(B4,,VN;=JX;,(1-*,=F./J.DL
M`&*W]TL`6`8BUP&(!Z`GO51<A\'5?DAAVZ8;MSR2BHNVM(\[6>A#HIS=9L4!
M,1]EJEHASN$UFX25<LL0T>)%4*9-0R/0<!(8P#)#*T$BRJ.H_/Z"/HK9.%<L
MS^#\FVOD^VQ1R9&,S7C>^B6.1&BFB>Q!TRQ.Z$@W&JXZ@5JXLG)H65)AIK\&
MB.6,M`!D"_14M;CN+#!Q2Y%IY2LXU=U0C.N2EQ2;=DJ:]D?I0Y7)SD4>F23Z
MZGP>\1J[=!TZ?*;];?)U]E9&0>!>7=<K%_NA1XY/N^.Z0VCD<6C$N4)M4J0D
MZB5QHS,5`*Q!C;BY%X_OF1:Y0HZ@(5%>0K&9<49(DR7"PS-<9K1.-[E&7)=@
MQ=PM2MZYY&57B$VQ.X@1)(BIE1,82`F="Z(SE[V*D=.O<6]8J[A.\[/LF=O$
M^\ODB'(VO+QE\,:2L'R86@#,'FA&E`Y8V8DD!;"^H7;+1OON#DXAT?TWO>*>
MQK@Z!N]Z?U[11JJ=$RA$N[VNZ(E$Q2]6WB`>6H@;$'U5JF-/]URX,F,:O'(K
M"_2^D@B]KVO;KU-(KB;"'(VK6/BDXM\=A,D!QYQ3=,*S1JWD"]24O9(>5A<5
MQ$'D"+0E,4PS)E).BXY.+NNJJ&2:"Y`R<RZZ1*.5)+"RY&DM=V#=0.G?IW]O
M?\U=<Y'ROA&X8/Q$3;)]U^^;UN,&<GEQ\=4B='RWDQW*9;LRC[R-&2`"^D@X
ML=[TP.;<?7>]6'`4E44ZJ9CC+,[+)%I^T<Y+Q#MQ#M*/=Z:+&OHQE8L"+V2.
M:ZF<_P"\J-$@!H"75_.[B,43J@F#7NRV%OE!]?LK3.*;UM.T87,8-R;(\V?M
M;8T7BC1P',\$VJ0M+&57^!I]T.??U6]W2RVK<:LV!4\LP;<F+#O<@<WL7<HX
MXRUVMJ;5I5,>93PYDIQ6GJQ,9*JDL,G^#J3,AB)*MD_>9U1,;TP$<S>>+5&?
M>Z1%>P[D,+]^W7\U;RO.N*_W'CF6YW`18?%,O:FM!"29LG$S<42J/O0'C7[Z
M7()#'Q!;#R$HSG)K'=IS!QSSAB.GJ5]I9\K8HO.-(YY99"180,4>^UN0JCN7
M>NHN&FI!4D,REE72:)&HBZ51*B8Z)5!63@@=8YHI&OI5@>GL-ZT+@>][?QGF
M_$^2;FLS8&W;C!E,L2JTC_=Y5F5%#NBC6R!"Q?W`Q8!B`K7%#JS"\6Q6L#&-
MC)I1N0TE'P\LZG8MHZ'?N(L9A["UUW(-R_(JHQ:F-\J8:C-KFQZ5K.4N,F1*
MN%-))BAO=9T$;D>@LBO(%/L$CCVFJ1P%CZ\X_)EO[;I51-2]9HN^2(,*K/2\
MX1&%M)V/I&4J:7JU8,VE&A&`=P$0<)&$X['#;QDE='\>F_10.OL^<UM?,=YV
MG>3QO^U-D$8FUP8TGEC2.[Q:KLFB66Z'5TU:2+=15*9KX\Y7R(7FO&0`X\0C
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M`B7(RE0#V3MJ/6R]J__5]_&E*-*4:4HTI4)R++K0-+L<RW3257BXA_((I+&*
M1%51DW4=%34.82E(0_:V$1$`#Y1U:W8UZNR8ZY>Z8.*[$))*JDCN-1MT^FE5
MXT96F<TX\>W"P,&<1,QMZMU(?1\65<6<<_I4RO"2B3<RB[I5XBO(HG,50W9'
MI$?8Z1`QK;6[^H5T'G?'<7B^]1;9A3-)BOB0SJSVNRSH'4GH`I"D`@7^7T!C
MH83!(LB@D4`35Z.L#@`&$XJ"83")C"8>V&P`'R>!ODT'<5I.2!X9>O<?E^7T
M5A9)R?\`8)]&-/>>(&/O!HLYZ,DY=_#=\IVE@2ZHQE]BK3[R:!OL=7N)=!_9
MZ1\]9$<>L'HWS"_ZQ4NQ;!_>(IY/!N;Z&`_^+A_>5%Q?WF\\6D^H6-QUO51R
M6>49!`R2D_Q5V,`[_P#ZC`1'?;_ZB#YM7F#UK)^Y]=;)!P]H7###Y#_BOZRE
M[L>2447IE$9WC*'6.X"AR435`H[B/U@Q:F.W]6H3C6O99+?_`$?^JMRPMB9H
M@K8F_=/7MA'_`/6:E53SRY9`5-6P<9^D-@`5>2X)>7D/ABQ755@M_MD_<_\`
M56!N'$$EN5P]^^;:[_\`]8JYF_(H2I%`;%Q8'P#ZW*380\/+_P"(AU-X>O:3
M]WZZUA^$W;_]+D/^*_K*Y_B,^\/%?]4OY1:>#]F3]SZZL_!'\ER'_$_UE'Q&
M?>'BO^J7\HM/!^S)^Y]=/P1_)<A_Q/\`64?$9]X>*_ZI?RBT\'[,G[GUT_!'
M\ER'_$_UE'Q&?>'BO^J7\HM/!^S)^Y]=/P1_)<A_Q/\`64?$9]X>*_ZI?RBT
M\'[,G[GUT_!'\ER'_$_UE:J7S?!V!!JVGG'$*;;,I*-F63>7Y*-))!I,0[M*
M0B)9JD\PXLFWDHI^@1=LN0`506(4Y#%,`#JHB(["0?\`V_\`JK(QN*9>&\DF
M&G)8G>-D8IMA4E'!5T)7-%U=2593T8$@@@UM?B,^\/%?]4OY1:IX/V9/W/KK
M'_!'\ER'_$_UE'Q&?>'BO^J7\HM/!^S)^Y]=/P1_)<A_Q/\`64?$9]X>*_ZI
M?RBT\'[,G[GUT_!'\ER'_$_UE'Q&?>'BO^J7\HM/!^S)^Y]=/P1_)<A_Q/\`
M64?$9]X>*_ZI?RBT\'[,G[GUT_!'\ER'_$_UE'Q&?>'BO^J7\HM/!^S)^Y]=
M/P1_)<A_Q/\`64?$9]X>*_ZI?RBT\'[,G[GUT_!'\ER'_$_UE'Q&?>'BO^J7
M\H=4\/LD_=^NGX(_DN0_XG^LH^(S[P\5_P!4OY0Z>'V2?N_73\$?R7(?\3_6
M4?$9]X>*_P"J7\H=/#[)/W?KI^"/Y+D/^)_K*/B,^\/%?]4OY0Z>'V2?N_73
M\$?R7(?\3_64?$9]X>*_ZI?RAT\/LD_=^NGX(_DN0_XG^LH^(S[P\5_U2_E#
MIX?9)^[]=/P1_)<A_P`3_64?$9]X>*_ZI?RAT\/LD_=^NGX(_DN0_P")_K*/
MB,^\/%?]4OY0Z>'V2?N_73\$?R7(?\3_`%E'Q&?>'BO^J7\H=/#[)/W?KI^"
M/Y+D/^)_K*OFBV?[85MG/>IJ#OU2KM/OT6W?;FMF],Y5;[,['[EK_JU2]O98
MGI2=I7J)N;;J&)ETFW7YQ:M/W?`_MF=+A^/)72`;9$/@EZ@'WHM<FD=>AUFX
ML>E[5__6]_&E*-*4:4HTI4'R/%GG*98())Z$:M.14C#H/S-O6`R7D6+EJB[%
MH*[8'0-U%`-VQ4*53;I$0WU1NQKUMDG&)NF'EM%K6&17*WTZ@K`E;V-KVM>Q
MMWI9\'XD1PC59FN#+KV%2;O]WOCAT6&]P)IO;O,J3CY@#--_(&609.7:Y2*@
MH4PIF(`EW`1&,DFQ/J_16\\KY&W*]QQ<W[L(!%AP8X&OR$K`@C5M15;%@%N+
M6O?K:KL16,V<(+F'NII/4CD$QMA,5=RW*(%4*7Q(D*WGXAXF#3L16K,H='4=
M&*G\P/H^;]%9&8LG.L5PM2EFE>;V12U9.QKC4K9Q-J01&2^2+A%4]I+F<)0L
MX9PE&.98JRB/;(*B91`#@.VLF-/(6%[64GZ!>K>,[!'R'*W+&DS6@&/@965<
M1B34,:%YBEB\=BX0J&N;$BXM63BK)?XE,[F9:$&"DZ)D.SXXFD4)-.;AWDK6
MA9*+/X";3:1XR4<HA(IIJ]QLW6:ODG#55,%$#[I$T%>MP5!^FK.0[#_8I=K"
MY?F@S,*+)0E3&ZI+J`62,EM+`J2+,RO&4D4E7%4YDKD,:FY"OM'?8_1F65!K
MG':U.I%A:3A.SD?R$R?DO%T3&U^LJUH$G]C@Y;&CEP+/UY?7).4B)*`KN35Z
M0!T1M7<L.W_*`>]^W6MFV+A0W39=GW:+>3%+F3[E$%:+^'&VW8N+ENTDHENL
M4B92KK\9\95BRE>M-0C&M$``")%]GR'Q\/\`+J"N?//(][M5!XKSLXR=-2L.
MW@*S&K0.0\LT28CTL@)2%F:M<4V>0J+NV)UQ2M1JKB#DYI!HF.RP*-O>*`F`
MX"80FDBT`&YZ@'MTZB]KW_*U;AR'B*;!BX^2^9D2+-A8>0C''*Q$Y<2S"$RB
M5@)$0N?LV;QO:W2I=G#*?X,X]=7\T,WG4&5EH5?<,G,U[@23)>KW7*(E(GD1
MBY8A$HIU9$W*I3)`!D4C@!@';>V*/R/HO;H3]`)_57F\3X_^*-ZCV8930NT&
M1(&">0G[OCRY!73K3JXB*@WZ,1T(J2T*X?;>*DI=(M?4CVMBG(&/DZQ9T;7#
M2_V>>##S"R,BE'19VSN*LS-]&.FRB('1=L%0`QR"4PVNND@=;V](MW^KK6#O
M&V?VK(@QF,PF:".1EEB,+IY!K0%2SW#Q-'*C!K,DB]`;@58CG=PZRQ>\5H0%
M91>4:<QE&F<2F0$HR3GV&1&I9!5_!P*U:.+IY7HTBRIV@.=W(I"4BA1'PD\0
M$:2:C8@^CU?/Z:V!^()'QS:.0OF3F++BRFLF.72-L8Z0LD@EZ+(VD!]/NWN5
M-7?9I5S!5V=FVC-"0<Q$3(2:3%R\4CT'9F#55T+=1\DRD5&H*E2$.L$%=A'Z
MHZB`N0#6J8&.F7FXF+)*42614+!=1&H@7"EEO:_;4/EJC,&<@#9E6:-EZ>>M
MK/\`#>&\T-5V4Z%DC4H;,C&QNHVMRCP8>"5CK;"&K*IUV_94169N&ZZ2IA.H
MDC++#X_]U_>*^KMZ?DZUMO+>&CC"R2)N8G5-TS<$AH_$Q?":(-*BZY`T+^4!
M6U!@ZNC*+*S3/-N3G.(*$>\-Z^A9NS:\>UE6+6FE(+8M_OM;H*#Y-Z2'F^L8
MU[94ESI"B7N))G`#E-MO;$GD?3>W0GZ`3^JO*XIL*<EW@;2^:8+X^3*'">3_
M`/7QY<@KIUQ_:6(J#?H2.A%ZS,79'-D9G<#KP9H-[2K_`&.@2'8D`F826=U\
M&2QI6MS?HHPTI&G1D2(+B9L@=I)H.FA@,9N)SI$T%>MP0#_Q_+MUJ/D&QC8Y
M=L"98EBRL.+(6ZZ)$$FH:)8]3:&NI9;,P>)HY`0'L(GD_.".-LA4*C/(^M)-
MKS4,F6PMIM-U^R4/"DQF-/%^S?F-79D#$D$;@FH14IP%,K=43$$-A&J1:T9@
M3T(%@+][_P"E>CL'$VWW9=XW:*:<R8F3BP^**#S._P!Z\VEE_BI]DPD$6ZEE
ML>]7;%KOG49'.I-@$5).6+1>0BRNTWY8U\LW34=L"OD2)HO09N#&3!8A2E4Z
M>H``!VU&;7-C<5JN0D4<\\>/-Y(%<A7L5U*"0&TFY74+&Q)(O:E6<<D[8VI&
M8\AIXC";K^#KS>*S;XJLW?WC=)2"Q\DQ>V"PU""DZC!14U(IQ3E5RE%K2;-5
M?TXI)*J+'33-/X%U1)Y+%P"+CIU]!Z_GM70DX+MTFZ\8V4\D\69NV)!+"\L&
MF!),@LL<<TBS2.BEP%,HB<+JU,JJ&(:*"FXJS0D-9(%ZE)0=@BHZ;AI%`#@A
M(14LT1?QSU$%")J`DZ9N"*%ZBE-L;Q`!U`05)4CJ*Y_F8F1@9>5@YD1CRX9&
MC=3W5T)5E-NEPP(-JVNJ5CU4F.LG.;[<,Y552OH1">%LG1F-5)$DTI)'L;F4
MQ%BS+Z4L1D:'CRQ2"<1E5JT,D*SDWJ6JH@82"01D=-"Q->^I;_)U(_56Q[WL
M";/MG$MP7,,IW7`;*TZ-/B"9F7AE-6MM9+XCN#I7W67I>X$(SIR,CL!3]!^U
MU8>.,<V8912ZY&8R)/38HB6$C7().W6^&48`8:,2PW"+;/Y))U_[2BY.\<I%
M9-W"Z=T4)F#Z6]\=AZ_8/;T/3T]N]>MQ+A$_,</>/[;GJN]P:/!C,O7+=EDD
M,,+AO^OXX96CB*?QF411L971&MBIVU]99N^QJL5'LV--LK.NM)%I-K2:DWZV
MI5BXIOC-#0T>C')>[K6W3Z2N'6ZI%-C=(%,:-E"A3?J1^LC]5:[N.VQ8.)L\
MZY#M+E0-(5*!0FF:6$K?6Q8ZH6-RJ]".E[@1&1RZ9;,2V%*?7T[%9X.B161[
MS)2$T,'`5"NV>:FZ]2VB[EM%3S^0L=ND:M+';-"-B))M(M=59=,3-DW%XC_A
M^5C92;#VV[_1<?37I0<:"\97E6YYI@P)LQ\:!53R2321)').0"\:K%"LL(9R
MQ)>5%1&M(4M"`<SCN(9+V2*CX2<.10)&,BIA:P1C99-=5,/03+B(@'$@U72(
M50AU&353I.`'2(8!#49M<Z3<5K^8F)'DRI@Y#RX@(TNZ"-B"`?>0/(%(/0@.
MXN.C$=:HF*SW(6W'MRRM0J(>TT>JS%]CXXQK(G%6>\,\83<O6[?(5*$5A74:
M?U<[7)!O"D?R+$DF"*2QU&K=P14)3$%=8W>S$#T=!?J+_2+^JMOR.'P[=O6U
M\=WC=QC[MD18[-_"UQ0-E(DL*S2!PW2.6-IS''(8M3*%D="M7/4[="WVF5J^
M4QZWFJ[<ZQ#6ZJ2/6JV:RT+8HIM,P3WK%!5=NW?L7B1]Q2,<A3_5$0VU&RE&
M9&%B#8_-6K;CMN5L^Z9VT;I$T6;BY#PS+T)1XW*2+W`)5E([@$COZ:3@>=-8
MC\!<ELQV&E/HZR\7Y;(D'=,;1TU[U<SCJIQI[%4)>L3J\)$N'=1R54'+*692
M*L:CZ5HNN*R74S7`,G[JQF@C#>[):Q^7H;^T'IW_`$UTX?"3/FYCP3C&%NB/
M@[_'C2093)H$8F;QS)+&'<";%F#PO&)3K=4TM:5*=Z*4E5HUDK-LX^.EU&Z9
MI%C%2;F9C6KH0_FHLI5W$P3I^W(;ZJIV;8Q@\TR^6L4VN;'I7*,A<=9Y5Q)7
M?&#>ZSJ$8CT%D#R!3[`[`>LU0N*\[N,GS4M#MX"LQJT#D/+-$F&">0$I"S-6
MV*;/(5%W;$ZVI68U5Q!R<T@T3\%P4;>\4!,!PZA"62+Q@&YZ@'MTZB]KWK<.
M0\038,7&R7S)Y%FPL/(1CCE8B<N)9A"91*P$B(7/V;-XWM;I3%:AK2:__]?W
M\:4HTI2(<NN?>*N)HQL)+-U[I?I4GK$Z?!OV**T7$$*51:4L+U950L.DHD;J
M;$.F91P'B``0!.%0"?LUUSX;_![D/Q$\^5CN,79XSI,TBL0[]@D:@#60?M$$
M!>W4]*2QC^]CCQR1-53$=@[*@B!%VEDC'R1Q*IVU"%.BR(F*J9_`2@/@;P$0
M'<`%)!W'6NI2_P#BQO2$J.1PZQZ&B=3ZQW;L?K%Q6NL'[RF/9>-=L?P?N`.!
M;N#LW#&Q0_IBK&:NDTQ</%B-2(%!02#N'5X"8-A$-C4T,>]A4V'_`.,>\XT\
M<OXEQM&H7#1O>UQ>RB]_3^;Y1C?M=YZE'U!4P_F:6OQLH3UGLMRJ$[D96<5B
M;769!*(,TK])M-G<&<3#N';M15!L@`%%LL8[<%`*L*5TP4L3';38>K\X]%ZD
M^/O$((MX')>,8V&-@A@B@FCQA&'BE4O>2>*(617)MJ;_`'`!]-UU=MKXHK-Q
M#J3#99)0Q]CD(D5LJFL0AA*83;[$_EE]K80\`\]H/1[:^<8B$<&Q[$?2+?\`
M'M7YGG$+S--9JE:;S\)!-H#*&-\B21;!4%;FPG6>/;7'6P*VI&$LU73;$FW,
M8FBJX4.Y*FB8X=@XB`ERHI!$S-8FZD=#;N+7[&KN'\EBXMG[CGOARS23;?DX
MR^.80-&V3"T/E#>*4GQABP4!26M[XMUMN$@H2LQ3*!K<-%5^#C4A0CH:$CFD
M3%1Z`G.H*+*.8(MV;5(5%#&Z4R%#J,(^8ZC)+$EC<UK>7F9>?D2YF=E239<A
MNSR,7=CVNS,2Q-NER:3[+7$>4RAE6[973R+!UN?D*9A**Q;(ML=.G]FQ5>\#
M73+%VJ]T1L1K^S1L,38U\OR47/PI64<24@Q,S%TF594YLF/($<:1Z"1=K]>A
M#``CM[`0?0>M=,XY\2,?C_'MJXZ=DEGPTRLY\M3DA8LO'W"#$@E@,?W=C&\0
MPXI<><O(8I[2^-BJ@.1%IR:4<R2F7;%_+)MD22+V+CG$1'.GA2`"Z[*+=RDV
MYCVRJFXD24>.3D+X"H<?$<8VN;#I7,<AH&GE;%C=,8L=*NP=@OH#.$C#$>DA
M%!_Y1VI>\2X2M^,W*BSR^52?"0RAF+(4TLSQJ]A))S&9>L$S;GU0BY!YD.Q>
MYV<=9W,<X.Y[:YW:<61,2)]P3DEDE5_]A'N@=_5TOV'H_36Y\CY7MN_(JQ;1
MDPZ-OPL9`V4KJ'PXTA69U7&CUEHA(H6ZA#*6NVFQF.=L7R.8<>*T:,LK*IKK
M6W'5G-,/Z\O9T0)C_(-9OY6!8MO8:P<#RKBLIMA6]2((D5,?MG$`#5L3B-]1
M6_0CU=P1[?77F<1W^#C.]+NV1@/DH,;)BT+((C_\C'EQ]6LQR_8$I;3I]X@"
MX[U:$5&-(AF#1FU8LRJ.7\B[)&LR,&B\K,/W,O-R)6I#J]"\K,/EW2PF.H<Z
MRQC'.8QA,-A))N37@9$\F3+Y)9'8A54:FU$(BA$6_3HB*J"P`"J````*7YIA
M*WL<E94R`WOE4,GDJQXKED8MUC5Z[>5B-QNFG'KMV,LKD,6KNPS$*==-O(&8
MIH,72A53LW213-E)C*I2--!]T'T][_-^7KK<I.5[;+L7'MF?:,C5@09:%QE*
M%E;)]X%D&-=8T?26C$A:105$L;$.MYVN)?3U8L,'&OVL6_F863BVDD^CEI=F
MP7D&:S0CMS%MY*&6?I("KU"D5VW$^VW<+YZA4@,"1TO6I;=DQ8>?A9<\+20Q
M2JY56",P5@;!RKA2;6N4:WJ-*SQWXLS/'=]"&KV0:^Z@G>,Z#3<H5ICCIY!1
MEWNF,JZTIM:RO`$+D&43I5JEZ>P:QT^54DP661C6`E.V,U'NY$TXF!U(;ZB0
M;]@3<CMU%^W:US70>:_$'%YK#EC-V69<M<_(GQ96R5D>"#*D,\N))_\`'3SQ
M),SR8Y!A,+2S7$@D]VV>0>*)7->,W>/HFS0]35>V>@V%>5G*FYNC%1"BWFO7
MHD8I!MK53S*$EGM<1;J*"[$"(**?RS&$HECAD$3ZRI/0CO;N+>H^NM<X9R+'
MXKOT>]9.!+DJN/D1A(YA`P.1!)CZ_(8IK:%E+`:.K`=0+WPL(8;DL)IV^M1E
MJC9'&,I9Y2UT:D(U5U%.,;N+0HE,6RMP\V-JDF;JBJVYP_?Q$:6.;'AD'WHR
MKKH((@5+()=+%??M8F_>W8]N]N_K[U+ROD\'*FVW.R-OD3?X\=(9YS*'&2(@
M4AE>/Q*PR!"(XYI?*PG:/RE$=VOQY$PW,7G*M"R$G9ZVTA*90<HT=U3YND/K
M"6Q$RD>H%E73R70N\"BW8M&E.02*T]"J*O>5$RP`)2E)(%C=-)N2#>_JO[/;
M5VR\GQ=IX]O&RM@3MEY69B3B9)UC\?W3S:`J&"0EB9F.OR"VE;+W)NB";2S*
M$AF<_*-YR=:14<VFIMI&!"M9B60:(I24HVA@>2(1+>0>$.L1MZA?L%.!.X?I
MZAC-B20+"M6RY,:7+RI</':'#:1BB%M91"250OI7656P+:5U$7TB]J5-/C=D
M/[%9PH/XRPT9#9SR->;3,2]<Q>X86VN5/(;%G'6&MUV3F<C62$)9DVB"A6DT
MXC%T$!5`PQQS$`1R/.FJ)_$;HH'?H2.Q[#I[+_/71#SG9?[KQ/>/PO+)E;3@
MP1(DN4&AEFQF9HY9%3&BD\6H@O`LJLUK><`VII*O6H6F5FNT^MLB1E=JD%$5
MJ`CB**JDCX6"CV\7%,B*KG574(U8M4TP,<QCB!=Q$1\=8[,69F8^\3>N?;AG
M96Z9^;N>=+Y,W(F>61N@U/(Q=VL+`78D]`!ZJWNJ5B52V+,6S>/KEGVURUKB
MK$CFS*D7DQI&QU4=UU6I^Z\1XQQ`G".7[FV6,MC[L1BMDZ%R5"/V<N%P[70*
M94Y9)`ZPJ%MI6W>]^I/J%N];3R#D&)O.U\.V[&VZ2!MJV]\4LTPD$VO,RLS6
M%$,7BL^7(FDM)[JI[U[D\MOQA*VO*%2N:\Y6E:9#X[R3CFT8^GJ4YL!;?%Y+
ME:#)2BBDN>VQ\4S2;I8_0;`W<1$@FL@[<%/X'*!:*X6-EL=18$&_:U_9[?75
MNV;_`(^W;!N6UIB3C=)<W%R8LB.<1^%\5,A4LGA9V).0S:EFC*LB$=C>-<<,
M!$XZU^]4R-M\Q::=*Y"5L>.HZ>W<R6/:(2D4:J0F-??2JJSZQ1524JJR<:Z=
MF,[3C%&[94ZIFXK*732^8JQ6S6Z^TW)O[+WZ^VL_G',3S;,VC=)]LBQ]SCPA
M%DM'T7)R///-)E:``L;S"53*B60RAY%"A]*R%QBE2)S'-9NI[YLA/VZ@U?'M
M[KDJ18D1:8RB3MHFZ+*-Y1H"SFOSE<4ODVD=7TKY-\V=)HG32%%-4M/)>,1,
M.@)(]E[7^FPK"3D0R>,XO%-SB8X>-F2Y./*EM<39$<29"%#821R_=X"!KC,;
M(S`MK939]?0GFT0U2LTE'2TX`N5'SZ(BUH:-.*SM=9NW9QSF1EG"*#%JH1`#
M*.%#J]ON&V$PE",VO[HZ5X&:^')DR-@0/'B=`JNX=N@`)9@J`EB"U@H`O87M
M<KU`X#GJ1C*^88H=U;P-(MDED5W59<\.9S;<7Q^3YJ:LUCBX<57BD1:%8V>M
M$@>!<NTVQ8EOZ5)TA*`@<5YC*&=)&6["U_4;=!\G87]?LK=,SF.'NN_;/RC=
M]J:;=L:/&$J:[0Y;8J)%$[V4/$&CBC&0J%C,WD:-\?6-%WU"EP^/*#5\=T9N
MWA8"C5"$I=/:+HJ/FL3#UF%;0=?;K()N&*KQNP9,D2F(59$RA2;`<@CU!$S%
MW9WZDFY^>M4W/=,G>MXW#>]V=I<S+R9)YB"%+O*YDD()#!2S,2#8@$]CVI$K
M7P#=W"FWB/D\N-$;[D'CI=./MEL[#'KUI4),UE:6^%A,GO\`'Z>10</KY3*K
MDRTQC-129%N=M-"!B`5NF0<M<O2R$1^XKA@+]>ENE[=B0#V]%=<V[XQQ[9N>
MTS0<;8[/A;W!N,439*F9?$87DQ5R#C67'GEQ<25P(-0:"X-W8UV'1B<FE',D
MIEVQ?RR;9$DB]C(YQ$1SIX4@`NNRBW<I-N6#913<2)*/')B!X"H<?$<,VN;#
MI7%LAH&GE;%C=,8L=*NP=@OH#.$0,0.Y"*#_`,H[4O>),)6_&;E1=Y?*G/A(
M90S%D*:69XU>PDDYC,O6"8MSZH1<@\R'8O<[..L[F.<'<]M<[M.+(F)$^X)R
M2R2J_P#L(]T#OZNE^WJO]-;GR3E>V[]&J1;1DPZ-OPL9`V4LBAL.-(5F=5QH
MM;-$)5"W4(92P+:;%DM0UHU?_]#W\:4H'P`1TI737R:_;+Q)E._W:]FEKFPD
M;0H>4E$3V1_(M3R;U%91V9(\EZM^1!=4`*FD53TR"8=!"`0`*%/+(A]VWT5]
M-\$^._(^/[/M6T#&Q7@QQI0^-5.A2+7"V6X'<VU,>I)/6NK_`!K^W]!2O("Q
MX45D;O%O8"G5ZQ61HT"*/#,22R<BLRE6P-'$A*=;Q<$RG!XW21.=4A$SF%,$
MPD:=VB0D`M<]>M_1\WT?KKOV^_&/*Q^&X7*5@Q)(ILF2.(G7K;05#(=05/=%
MR-#%@`2P&K47\J?[4V+X>UU28>WRVRC&)F6<G(U1\WB%(F9;,3E,LQD%&K".
M>D;+.B%$^QMQW$@@)1'>+RL1;2/R^>N.;C_Y#;]E;=N.-%M&-'-)$R+,I<.A
M;LR@LRD@=OF/0T\W(/$>-K?CI@M/L9Z)C*--UJP(GH<5)K6]J6NR+5-NVK7V
M=3--1Z[EJ;L]QGLJ@W,82](=6UH]TW'>N3<,Y)OFV[W,N'-#)/EQ2QG[PZ"$
M^13<R^3W&`/O6?HS`=^E<CCD727::C5C4,YN%3M"@GWL#Y71%5PDF80(+IU5
MVS,RIC);*"<X`!C;;AON*WY7'^M43A.ZQLLDNY;2JZO1GXAL#[!*6MUZ6%8W
M*SE!::%C'`;3%[-Q6<F<K,R8SPA1)"YP1%7&-0R"9TZG;W-UERIZ-])4^NQR
MZK>-<*]*T@=$JJ:J15DC9N+$LID=[^-$+$>NWH^?]%2_#S@.W[QOW,)=_E6?
M8>/;7E9^0L$EAE?=["/'CE`U*LTK*&E476,,5*L582+D/3;IB'`U^RQB+)60
MAR?AZE6#)3<]\ND]=*MDLM*AW=CGZ?=JA,OQJL='W=E'K-P<036$<1+A5-5D
MHW13,@>L++)*D<B+XV('0`$7Z7![]/;>_IK!X5NFU\EY?L_'>2[%A?V#<\J/
M%/W>"."7%\[B*.:"9%\S-`S*VG(>=9E#+*'9@X7GF?R'F;/^VC'\L\0V:WXU
ML-B@N.USK$A"3\E$/X%GE;*6*H"RPTJW;JHQ,T=O`V=XR$[E!=))3==N)3="
MFIL:$+FG'D4,H+`]/4#;]%;K\+N%8N!\=I_ASR7`QL_"@FW*"59(U=9&Q,3+
MDB="072\D2/964D>X]Q=:GU;RG((<WL?XEP9E=_F#$LEA_(5DY`5MW;4<E1>
M&9J'>5=MB>Q-,@/!FK)'V3([]])M5*^[F%4CLV8O4&B14S*'L:,?=7DECTR:
M@%-K:N]^G:PZ=;>RO'SN/PO\*-YY'RWCJ;9R./<\:+;I1"<5\U'64Y<9QUT1
M-%C*L3C(2$$.XB>1B0!6#K(<-$\VN7E#ROR(MV+\4T;#F%;K3!D\T252C:C9
M[N%X>V^;AU9V8,PDA*6$042C7J;^+;D+T$9@D/;U)H)Q<9XX0TA9@?=O<"UO
M^/?VU[T>RY63\*OAKN_'>%8VX<BR]SSH)].$LS310>!88W$::E_ZC`RH8Y6/
M4RZA>M<ES'SU0_V[\3Y9N#-K*<A,RY$B,*XLF[37/<#&>>9$R?/5;%F4KA4&
M#6&0B"2&.6:%@68)@V0=*=!`],5QVTGW:%\R2-3_``574;'U"Y`/R]*G;X8\
M/W?XU\CXYMDK1\+VO"?.RXXI?(T8QL6.7+Q(9F+E].2S8XD.ID%S[Y34SE9&
MQ!=ZYB*QS6/<QY,_&RK560L,/=[3:I&<KUKML)&*2/I+=C!PZ1Q>UK%K>M`;
MO6L1%Q1F398XQZK14I50QDD4R*'C7Q$]@.H'L/>X]I/MO7,-CY+M.=R3!Q=Z
MXQ@?A7(R%C>"*%8Y(89&TWAR@#E&6%3J1YI90[*/,LBDK2VY+Y+2></VK;/R
MWH,C8\;W!?C[9,HP3BLSLM$.ZKD"L0\NPE6::[9=N6?@XVRL':2:3Y)9J[1(
MFL=+K`@DF2$19ZX[@,NL#KZ0?JK>=BX)C\3_`/(3`^'&\009VV#>HL202QHX
MEQY71D8@@^.1HF0DQE71BRAK7!P./F4;G;^0V$X'$>4[-DO'J''4\YS!@+A,
M2-EC\=9"G8"FR>'96"FK$T6L$3>;\^7G#NH=%\,8$.U]4#1`1;'4K-&JPRM)
M&%?7[ENEQUOV]`Z=>]ZFYGQ_:]MX7RK+Y)QZ#`WH[WX]FDA18FR<:.29,U)$
MC(C>#'40!)FC\OF?Q^1_X@7._<(4RWQ_XL\L^1E'SMD>-OK<U4L-%C6;F*&E
MX\C49JB4HD+!5F7CIIJX]YQ_J7<@LN8X.)!ZJJF1$`(4M,/QS3X\+Q#1UOZS
MW/?]%1?!A>-\R^(/PYX1NW$<&39V$T>0S!_/DL4R)]<DJ,A&EM*1JMM,:*K%
MNI+O0^(I"+N$E/N<JY-GZ]*T9[4'--F[(Y!BT?/)!HZ&UPLI"&A)&)G@9HJ-
M^^03.$@4`S=5N)3`?&,@*@"-0;WO;\WR5RC)Y)!D;9!AQ\>P(<V/+683I$-3
M*%(\+I)K5X]1#:393:SJ]P0J_P"W%9;?=\<9FLMYN]SN\Q&<G\^X\B'-KLTM
M-)P]+Q[>WU?JD'',W3DS)$&#!#^8Z,F=\Z.<1774`J8$GS0JO$%0`&-3T'I(
MZUT'XWX.V[5OG%\':=JQ<3%DV#;\EQ#$B%Y\G'62:1F`U'4QZ)<1H![B+<DW
ME@.`,_K^7&DQ9[_.IN,O9+JC9:9R'=7[^&K=8L\E%P45`2BDZ$G"^A9B)3.F
MZQ'[D>D5UU1(F)(IFLT=E`]T'L.Y%:GS#,$.;QN3&P,.$KMN+,0F-`JO++$K
MR/(GCT/J;_8RF->H1%N;HSQQY(Y?P=D6)Q9RJM3RXX;Y`7N^1W&'/TR<".X"
MVQ=UL$%\.V3Y1%,!+..VL4+FMRSM1,9$O6V`YU`!%IE30QRH9,=;2(HU+[+`
MZA^L5UKF_!N-<LV3)Y#\/-O7%Y/LV'CMNNWIVDA>".3^Y8J'_M@OIR84!\?1
MR`OO2/=@Z(59WSDDS6L=WFF57RS"4^LLK->K=9VT#7'>!<'W=Q'L$YZ9D!%5
M6T6Z1=>K5%5Z`.>R"P($32)BRFZ0^Z`2MS8`==3#T>P5R+EF2LNS\&E3!Q(I
M<C;GFE:+'AB,DHW#/@#-XT7H(H8TT"R>[JTZRS%>N"M@O%R>\W_?EYM=CD,;
M\S,T86QL>XV6QVB+JE$J]6QS+5>']UOI@I),(N4L+@ZCQ8YI1RD?MJ.A*!=I
MLL*HQ;(`&B5C8`7))O\`EVK=/BWA;3MD7PH^Z;3CP0YW%\+.RO#%%$\V1++D
MI*^M4]W6D:@(H\2D:ECO>\)R*QR?AWD9^W=@6.Y!YEL=:RRYY`P66):Q3D*]
MG[PIC;"#VZU^16D%($[F%7+9FO>,5F=+K1-VCB<H`.KD\<D.9,85#+IM;T7:
MWZ*]79)M@Y-PCXU\PFX9M<&=MR[=)AI'&ZQP#)SE@D4*)+./$=(U@V8:@`::
MJV\?+U+8?R90*]R'RQ"W>R3-@LN.\IJ3:QK'C^4?135K!1#INT4;Q5EJ,2_;
M',HP4;(I+-US=)4W12N]8ZS*)$<PJ5`L1Z#_`*&N>;=S/:,;DNP[SF\*VZ7:
M8(HXLG$"#Q9"*Y,C@F[Q3.I%I`S$,HN3&3'2D8AS1D/D=A]AQJ;KW3%W*?'%
ME+C_`)+SK&U69S(8=4JQV;F9R=%6-_)N'5C;Y?CGY5J*SD#O&;LSM94Z#MC!
MO2ADRQ)#(9^C8["Z]!UOZ+>BW^ZWYB172.2\6V7A')IN=NF+N'P]SH/O&UQM
M%$%S1+J"8KQ*H$1PV4C/>,(Z!%4/'+EQ&NTJ%B48*)CX=NZE'J,>V3;$>34K
M(3<LY!,/%>0EI1PZ?OG*IA$3'44,/CL&P``!@$W)-?/V5DOEY,V2\<:,[$Z4
M18T'L5$`50/0`/SUUT\V;U+47D!P9CTK[=ZA2LHY7O%-R?'UNV6V'8V*NQ&,
MY^Q0C-9K7GR3E@X1L:*)Q=,`;NU">PHJ9(`*&9C('ARCH!95!'0=[@?HKMOP
MJVC'W?AOQ:F;9\3)W7;]N@FQ6EAA=HY'RHXW8&12&!B+#1)J0'JJAC<V-&/X
M>>P9R8N=`R?E6;K;=?(XU`\_8[@PGJ%9<65UQ`R[2MV5_-#<7]>6N-<5?$3D
M%!!4ZJI#$4:G(35A!$L"O&H;I?MU!]8[=J\.>')P^6\$VO>=@VZ+.88WF\<4
M+1Y$67()$,L2IX%D$,HC)C'0!2"L@)K9\%74YD/A/@>T7JVW.UVO*6)ZQ;KE
M:I:V3QK$\G+1!-%Y%Q%RK5\V<UM%(=@;HQHM$D!*)RE[IU%#TR@$RI510%5B
M`+>K]/SU!\7(\39?BIR_;]HVW%Q]NV_<988(DAC\:QQ2$*'0J1*3_N:766[$
MZ0H&RQ-&O[%POH$Q,W#(+VSVK!55R%+W$U[M*=K-;YK'L;/NI-I-(R::[)LG
M*J]Q-@D!8T`#I,W,4QP-20@9+@*-(<BUA:U_R]M0<CGAPOBCO&-B[9A)@8^[
MRXR0_=XC#X4R6C"%"A#$H+&0_P`7TAP0"%?X<<B,I1CVM<2.9<\O)Y(OF/&5
MZP!G%FX=5='D/CF6A$)26B"R,$JQ4KV9<:HO01D4$'*3YRV!-ZEU;"Z<9&3#
M&0<C&'N`V9>^D_\`XGT?16__`!.X5Q^>+.^)'POPQ'L>'FMC[C@,!*=MR4<H
MCZ9`PDPLHKJC9E,:M>)K?]-&_P`!5T\_BVZ-)NUY"E5Y'+_(&K^^7V0[DO/Q
MT'0\^Y*IE090LR::]=#^YJW7V;85&YDU'@(];LSA0ZACXTITR+91]E3V'I4$
M_G-<TYCFC#Y!M<N)MV%&B;;MTNA<:$1M)D;?BSS,Z:-+ZY9':S`A-5HP@"@*
M!P4@,A<DN!.$,JSF><T5O.EPK=FE#Y48WF9GTTIYC=[1&1;N3QG:G<OBR>B4
M4(QLFNP5B"$703,4BB)U#*ZR<HI!ERQB)3$".EO8/2.OYZZ5\7,S9>#?&#E?
M'L3B&US\2QIXD^Z-`D9,;01,X7*B"9<;DLQ603$JQ!(8`+36<,<Z6K.^(9-]
MD9G"L,L8LR?DS!&7$*T"I:TMD3$EJ>U>9E8`BZSE9&*GVJ#>031,HIZ?U0I`
M<X$`YL?)B6*0!"?&RAA?O8B]<\^*'$MOXAR7'AV265^.;A@8NX89EMY1C9D2
MRHDE@`7C):,FPU:-5@38?__1]_&E*-*5UCY[9\_XK.5FDL`4/&]OQ1,LJFND
MO=;&S9R3:090Z4?-H1C`\LP59$.K_,`QR"4ZA-]P`1W:4()8G57>>(2?!S(X
MG@P<QW?.QN11/,+01,5*LY9"S:&#=.E@;@'UTJ\-4?W-*3D.ZY7@.-.%YN^9
M#+%1]BF9^_,$E&U>KS!LTA(.,0B[$BW(R9F3%3?_`*Q10H"81``U<JQ6TN[6
M';I]==`RMR^!&Z[+M?'<SG6Z1;1A:VB2/'8@R2,3)(Y>,G4>WJ`/07JUBY*_
M=&06?JJ\.<1N7)TR-XY='*1!;$13$04]0B>P`J05"FW3*7<$]A`1$-M-$/2T
MA^CZZUX[%\`76$+\3-R5+DL#B=;^P^.Q]OKJ*S&3_P!V-RR=-R<1\9HCL<Y2
M-[?'/^M-(B:2:/\`O=X0*H;V=RF$0W`-]P$=@>.(]/*;?(?]*]#%V'_QV26-
MS\1\\_+"R][DGI`?R]=?4'??W=I?TC0G&/"E=!51(!=SMLC6C1H()F[YWB,5
M;)1<Q.DXE`2(JFW`-@\QU7QP`FTI(]@_UM3+V?\`\;\7RR'GFZ3V!Z1PL2W7
MII+PH/;U(%.+DGC)?<^<=,25V_V*L4/D7B6Y4+,M,N=3:/+'3:CF#'LJN_BC
M)1ST8)].U)_&NEXQZW.*!E&SDY@W,0@#)CS"!VZ$QL"I'8E3^@US/8N>;/P[
MFW(\[9L*?,X3N6+D84\$S+%--AY*!7NR^18YE8+*C#59E`[$U*<RT;D#G_#M
MBPE)Q=&Q*CDR`=4G*-\@;S)W1:*IT^B:/N".+XIU1:ZM,3,_`*N6*#F8&))%
MF=`Y[3T4>PI=$\,,@E!+:3<"UNOHOU/;V7O[*P.+[MPWAO)\+E>/D9>Y-@3"
M?$QY($@#S1G5"<IQ/($2.0+(RP^8RA-&J+5K6$<O^*MLR;PQ2XF\>F%!@V#-
MMAFNP*M_M=BKT16JEAV\4*UQC5!2O4:\OYAXZCJ,1B!3IM@(*W>,H<2BF:[&
MR%3)^\3$D^]V`ZD@CUCUUZOPT^(>W;#\4&^(W-)LR:9FS9)!CPQR/+-FP9$+
M$^2>!44-.9.A:^G2%%]0>&`:KMHXJKZ&A8.6?JJR$TR@'1Y".-*N!#U+@LFM
M#5]S**K`0O4NJT14.(>(>`#K%/?H217)\R1'F*Q94LV.@"HT@TMH'8:`\@0#
MK90[`>NDOH>`,K0_-3/^>[7#8H>XNRS2L4TR!9M;E9)BZ1?X5$MJS.>DZU)8
MMCJ\1U,N[`D7TZ,PIZ(J9CE77-L0<EYHSC0Q*6\BDGL+=;>F_L]5=2W?F7'<
MGX6<-X?MV5N*<@V[*RYY&,$20/\`>_"#&LJY;2601GWFA'D)`*(.M6YRLXZQ
M/*'#4SB][8'=-G$YBMW.@7R/8I2<A0LB4F9:V"HVMK&KKM49(C"1:`FX;&52
M]2S662!1(QP4)'CS&"42`7'4$>L'N*UOX><VR>`<GQ=_BPURL0Q2P9&.S%5R
M,:=#'-"6`)74INK6.EU5BK`%3&KU$<H,CXCG\7J16,,?W.X5AY3;%E6'N4]8
MH"`9SD?[IF[?1*BXIT/-R=B39NEEF,9).6#5F[Z0._=II;N;D,"2![L5!O:U
MOF)OV]H^BL[:,G@&Q\DP]_7(W#-VO&R%GBQ'@CCDD:-M<<.1,)GC6,L%626)
M9'=+VAB9O<A>8N*DDAP/L/#;CJQJK=%WAYQA>N/,CVF8KT=&Q3Z"<1#NUS$G
M6J1<7LM.J.E1>+H)L&Z;QPLH/=0#8!NCR!][7)F)^UJ-A?T]NI%>IQCXAP/\
M7L+XG<VFR"R[F,Z5<:))&9UD#B%$EGA5([#0K&1BBJONO4$CN,>>ZG?./F>:
M`.)*WE>EXL:8'Y`4-:[V][CS,N+X2-04J#UM=$L6,YJ*NU-L[8SI@Z5KIS%:
M/5FAU3HE`BEYGB99HGU&,MJ4V%U/IZ7[$=^M>Q/SWA^X[1S/A^\_W*?CN5N!
MW#;L@00KDX65(Q$RF`Y;(\$T1"2(,D7=%D"AC<6+S\P;F#D[Q2R!@3%[;&K"
MS9.C(2,EIB^W2T0D%6"1ECK]C<+QQJ]C>W2%E.J>(4;D*JC&``'*J(^:6K,2
M6.#(2635I7U`=>EO6+?GKP_@[RSC/`OB)LW,-_DSGP,"21T3'@BDDEU121`-
MY,F%8K:PQ(:7L5_:IP:VXLCJ#CG%OB8.#LJJ`FEHFMV!_:H-BY[B@%2CK#*5
MFFOY1`40*85%8QF8#")>@0`#&QFTW.DDK[>GZS^FN:9R8,>7.FVY$LV"#[CR
MQK#(PMW:-)9U0WOT$K].M^M@FG'3#68^,YLTTN+@J1?Z+>\Z91S+CN?)=).L
M3,,VRE,C9GE0OL.[J,P1`E?FG*J2,I&.)([QH('.S14)T*9,TL<_B8DA@@4]
M+]NEQU_,;?+74.;<HXQSP<6W2?+R\/=\/:,3"R8_`LJ.<1/$)L=Q,E_(@!,4
MJQ!'N!*RFZL7CBFV:@425;*A!3EYGK/>[Y*HA)2$56S3]XMDO9P@V\N$-(OR
M0]=:22,8B]]V@L[29E<*-B*JJ%"%V5W'<(`![>@M]?>M(WS<\#>=WQW7S0[3
M#CX^.ATJ\OC@A2+R%-:KKD*M*4\NE"Y17*J#2\4;BVYO'%.0XP<J*;C^8@)!
MG-L78T>[6"VD<*2MIG;*PGX^1L..J"_K=DKCIXU79.$4W)TW:8G`P`0.Y,\X
M7($^.Q!]HMZ+6Z$W!K==V^($>T_$.'GWP]W/-BS$9&'G@CAL$BCB:-ECR<A9
M8I0KJZDJ"AM8WZ;OAQAG-6#:)E"MYEOC?+=QD<J/Y2LY!>+F:25UHT)C?'&/
MZ!(W(4VKA9E;30=(1;RZG2Z.J\24<=:_=`YZ9,L4KQM$FE=/4>HW)-O9UZ5B
M?$[E'%N6;OL&=Q?:&VW;$V]4EQE%U@GDR<G(R%AN0&A\D[-"+H`A5+)IL-3P
MVP=F+",IR?<909XT3:9SY.9%Y!U\]"O-IM3F(9WF'I<*A5YEO8<94-(',>E4
MS+'=(*JD4,N!`2`"]9JY,L<H@\9:Z1A>H`[7Z]SZZR?B?RSC/*\?@*;!+GF3
M:=@QMND^\010AV@>=S*ACRL@V8S:0C`$:;ZC>PU?(+">?+_RJXDYIH4-B!U1
M^-DGEV3E6MOR;<ZW:[4?+6,U\=JH1\9#8:N,1&$K0NSNRF4?K"_Z02$&VXJ!
M6&6%,?(B<MJ>W8`@6-_^8=ZR.&<JX?LWP\^(_%MXRMS7=M]CPT0PXL$L,/W/
M*&2"S/FPN_EL$($8\=RW\3M3Y:Q*Y!2.8"PAFG'_`"DY>9JN\?B]&H<D9G#L
ME!,ZK?[7/V2MI8GQ<ACP4Y9A+XJJD6Z4GEV9'7\E]LU(H8FZHD`Q\J:6)X,>
M)2VI`>X%C<W]9KK/,>5\6WGX?_#7BVTS;@=RV.+-61I<>&.*4Y>6<GW&3+F<
M",,4]Z/WR`?=O8/'K%KDU(]R;P?F7)^<N)>2L=L<8N*]QYR#:;S8&UTOEJK$
MS/%M%&FZ0>,AFD'BZ[,4QCR2I70++N2=X2BET)^"NLJ"6..+(1RUW4`6`/8W
M]8KK'`N6<7V#B7Q'V+>Y<]<W>L**",P8\4J1^*>.?4YDRX&.K04TJITWU7/V
M:;:?J,79*G:ZJZ;(1K6Z0TW%SIXLB::AU+#%JQ<B\!8J*`N7G85V!90H'-T%
MWVVV#'#%65O4:YQA[ED8.X[=N,<A>3%E1X]=R/X;AU6US9;C[(-A<VI2^,^/
M.1F`>.]`P$\K>+++/XJJ*%%J^04+Q8(^H6"&@RG8UJ;GJX>EK66'F0BRHB]C
M6YW;=1=,Q4Y`A%`.GD3O#-,\P9@&-R+=?;UO;Y_S5T;G>]<(YCS7>.8Q9VX0
M8>XY)GEQC!&TT;R>]+''+YQ$Z:[Z)6",%(+0DK9K>E<6V*M<9D\'XY/#S\S#
M8;:XE@)"Y3;ZJ1[DC"E$IS2:E9&"K5O=-%>A$BYTT6*H";<H"7P'48D#3^5[
M@%K].OIOZQ6M8W(,+.YX>6;X)8<67=#F2+`BS,-4_F*(LDL((ZE06D'K-ZJ.
MY\4!SUQCI6&\SMX>CY$QU&TUWCG(^++3+6.8QEDBA0D:VK.3*39)>I8_EF<J
MPEFR@G;>F2*X9B*1U0[H]N1<CPSM)%<HU[@BUP>X(N:V3:_B+^#^>[KR?B[R
MY>RYTDXR<;+B2),K&R'8RXL\239",C(19M1*O[P7W?>G7&FD9MQ;QPAZUD=6
MH73.S:5RE8[*\0F'-;I=KMMTRE=;J>4+*QM8FG=?BIS[0E<"5*)7.T!7M]@1
M)TZLG:*28LEQ%T`])```]?ZZ\GG>[<4Y!SC)S]C7)Q>(M'B11*4$L\,,&)!!
MHT-*@D>/QE>LRA[:M?6]+IQ$PIS*XP<1\=\=R07&:5N>/V\Y!Q]\_%3*3^M!
M&S-DG;"WGG5.'!\')2DA%>^01-&%EF*3SM"<'K;KZ"S9$N-/D/-=])]%A?MZ
M]7Y[?-6[?$GE7PPY]\2-[YJ<O?H]KS6CD;'^Z8BRZDBCC,8F^_R*BOHU"4PN
M4O;Q/:Y:GC#Q]BN->*FU`:V&1NMCE;':<@Y(R#,MT&DOD+)M]F7-ANEQD&34
MQVK`9*3="1!NF)P;M$44Q.H8AE#P3S&>37:R@``>H#L*Y[S[F>1SKD,F\R82
M8N#'!%CXV.A)3&Q<=!'!"K'JVE!=F-M3LS`*"%'_TO?QI2C2E&E*-*4:4HTI
M1I2C2E&E*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E&E*-*4:4HTI1I2C2E&E*
3-*4:4HTI1I2C2E&E*-*4:4K_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g352196g32b14.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g352196g32b14.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0L*4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````.P```-,````&`&<`,P`R
M`&(`,0`T`````0`````````````````````````!``````````````#3````
M.P`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"&X````!````<````!\`
M``%0```HL```"%(`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``?`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#T#+=]8<C-LQL)M6#AUM'Z]</6LL>X!T8N+6^MM;*OS[LJS^<_[2^G
M^E65F7]1=8<'I/5LG/ZM4]K;=K,<8M,F+#U"QF+L;Z;/^T3;_M]O^"]/^D5U
M>L_5RW/R:>F9.=D=3S<DNM>ZQPJHQ,?1CLIF+BBK?=]&C!JOLM99D?K+_4KQ
M<A-G9-OU9KR>D='BJVV[%'1,,_I076%E>4RQFXV48-EC7.NR;74_I[<CTK/6
M24]CDY%.+CVY60\5T4,=9;8>&L8-[WG^JT+&P>H]9OZIC_:65X^/F5VV5X!:
M?7JJK]/9D9=^\U^O99:QC\2NK]#ZG\_=Z*Q_KEF=6QZ\+%S,C&^RV9%=^6^N
ME^E%%M3GVV5V7W;ZVVOILMH_T%5]F_T:[59JZYA])ZEU;UA9E,PL2O)R^I/>
M'VV.=[L3$JJ:VK&KJL;<_P"Q54NIK??Z_P"B]2VVYZ4],S,Q;,FS$9<QV30U
MKK:0X%[&OGTW/9])N_:J577*[^N.Z312ZQE53WW98(%;;6&D'$;^=9:UF2RR
M[\RGV5_SGJ>ED?61[OJ_EGZQ4UFZNTEF12W^<-KJOL]&W<[])5?93@U6T5_I
M-^/3;2RU_J*S]3\#(Q\5]^77=7D6-8S9>T-<&C?<]SMK[/4R,K*R,G-R[?\`
M2Y'V?_M,DIZ%,YS6-+WD-:T$N<3``'))7$?62K&P<IM7U<J<[KS+6WVWAS[G
MM-I+:,3(?;=[OVA8[;Z%]OV>C#KR<W]%]FH5KJ>'G]7S,;I_4'-]?(8;;,*M
MP=1B8P(99DVES1]NZE<X^A@OMJ^S8UGJ9&/C_J-M^0E/6@@B1J#P5A9GUJK^
MU5X/2\=V=D7O?CU7!S68XO8#98RRUSO5LIQV,?\`:[L2G)]!_P"K?TJST4?K
M6%E5]"&!TACVM9Z-'IT.:VT8H<RO)KQ++W,K9?\`9/494]]K-G_&K"?U`,KH
M^L-#J.B=,Z?79A8562SU#D4DL.0*\?$L_0-WX57V'[-]HLNJJLMLI]'TTE.Y
M5]6L:XF_K3SU;)<2X^N/U=DQ[,7IY<_&I8S;[;'^ME?Z7)M5?&POJMGYF;@8
M&.*+NG.8S(OPP[%`LL#G>BS)PW4.LMJ:W].S=^BWK(NZG]:<'"=D95F-7U3K
MSVMZ?A.LM>ZISVLJIQ:Z-OHL^Q[_`+1FY?T/5_G/\`K/U>P\;I6'D47]1>S$
MZ1;^N9#6UX]%UQ:VZY]U^^[+N=3ZE5-GZ6C_`$'Z;WI*=3UNH=#).?<[.Z4`
M)S'AHOQ_Y6;Z3:Z\C#_>RV5,MQ?^U7K4^MEX^R""`09!U!"Q?^=.+=6;<3$R
M,O';C5Y=MS!4QC*[FNNKW_;+\9[G^BWU7^FQ^Q5/J_U`XS,0"JVCHO4]>F-R
M`&VXSSN<S`N:UUC6XN16WU>F>_\`1?T'V?J=:2G_T/3W8F.ZRVTLBV^MM-EC
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M=%7JV^C578_>D/JG]7Q918W$:'8UK;ZQN<1ZK`6-N>QSBVRW7U++7_I+KF5W
M6[[%KH>0+SCVC'(%Y8[TB[Z(?'LW?R=R2GDLS%Q:^H>M70[_`)OBUF#U%KGS
M78[U+/1BJS=_DW!S<I^-DT5V5T/]:WU*/LF!^GU;OJU:_&.$SJF4W"_,I<*;
M'5[3ZE/V?)MI=DM=C6-8_'LNLOMK]/Z:R1U#'M^IIZ55CWMR'XC\6Y]M;FT5
MV;74Y.7D=4>&]/LKJN]2^R^G)M?=_@?4N79)*?_9.$))300A``````!5````
M`0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`
M;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P`````0`X0DE-!`8`
M``````<`"``!``$!`/_N``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#
M`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__``!$(`#L`TP,!$0`"$0$#
M$0'_W0`$`!O_Q`"$```"`P$``@,`````````````"0<("@8$!0$"`P$!`0$!
M``````````````````$"`Q````8"`0,$`@$#!`,!`````@,$!08'`0@`$A,)
M$105%A<8(2(C)20G&0HQ-28:$0$!``("`@,``@,!`````````1$A,0)1$D%A
M<;$BH3)"<O_:``P#`0`"$0,1`#\`WFSB=0NLHC()]8LKCT&A$4;CG>2RV5NZ
M%ACS$V)^G!JUU=W(],B1)PB&$.!#'CJ&+`<>HLXQD%7R+S(T?*!";].J4V;W
MT=25?Q[FY:YTW+#JUC*_&<YRCE5I3-NC<:0&B*Z1@$DPO+S@P/4(/\^DRUZW
MYTZYBVG\F-@-0U$6\8C!61JP9X6QROO<>`M)9"8.,"2KW&*5G7]A2,`SOY`-
M(:)&:6/^>O(/00AB>7'5'Y`-FH[N/4VDVYVM=:U[.[YCT_DM5V!15XMME1I0
MDKJ+NTM>@3*#/+8R3^'M:EO9#R$3HJ*P0O7_`-@@H>"U)A`LF,RF_<K(X"J'
M/S%:D@N@51Q!LNBT8^TV+%JHGNPU;UT!\UIK">3.6L<$C['-;67/S0F'[R6R
M1$BRH:$CLF`8?@63,`",09EKUN#5^5D<`X!P#@'`.`<`X!P#@5^V;VAI+4"I
M'ZZK[FB*&PIDZ4J?K#E6^RA_4$J#FN)0]C)S[V12EY]L/"=*3C^`@&::(H@H
MTTLLENH4NRQ#R9>3414RG=AS?QCZ<O&2E$2JVM1$I=S[-CHLC[+W.IXJ38S3
M`75.9W"$:4`C@`%DE4A4`P2M-G*ZZ_=3,P>!_P`9"#"A;,*+?[?E;AVA/4\M
MNXK?EDM?#R@8#[IP/*FS6S@4F9]1#$G1)^K.?3/].`A"Q#V[>75@\,&BL=+[
MU.1Z[-<'LL11B*24!LYL#`')L.(&8:0H;4'Y$=8PE4%&GFCP/#?G.3#C!B]1
M"SGC![5PCQK_`.4W510.0:Q[0MF\=:-_6<HUXW,3,K';2I$6,'6EA6S,1;V4
M+G)EB<(2RLR5(0V)Q`$8/N",R'#9GK>9A:+4K?FO]FG^15'*81-]<]I8"W`=
M+%UEN)$%JGC.T#.+3ERZ(.``%--D5XM.-![9Z;,B*$`TH1I1&#BL#J68_%\>
M$'`.!__0U\;R>/6N=_G.B6F[)S/2*:J.3R>72^DXLZGL<:NAV=&]H1QC$T>&
M]4E>4">&F(562,HA%J!E.:D`#2!"":$LN,XY6"CRS6C5F%Q6H&605)2$,A;`
M0ABT*72N-Q),U,*0(NDXE*].B96>`8NHPY4;DPT\T0S#3!F"$+(W2U)+Y97O
M8*;OM*>+6C7#;N=,:TQHE5_2@YP@>G]7+,9"$2M_L$XI.[6`<E_DP+:S!3B<
MTO\`>;E:O&,XY,^%]<?[58#4;Q]XIVYK"W(V'GJ2^=V[C9&Y@FME-T=3P^OX
M)%4#6PM22O:?A)`C?AV%`WQQ&F.=%AAKJZX3Y..R2-2J+-J6_$X,IX0H'>:>
M2?9O8RK/&-3\ZFD+23*-O5N;M6'6:XAJE->:WIFQ>T1ZO4$G4MKJFC\GNZ7K
M$Z002P>]):"A&"`)*K%U3Z:FI[/SVZKFJ(Y!M._%]0L/88XVVA<=12%5`8YG
MVQ<$ULUELF+WQ:,_=U`3C'!.H?'J$H6<AQ6#$I>'YZ$(1QRC)V<OHGSVIP7*
MR71J/Y-]?]R;>M>FJY:+$CK_`%THE"N+O$ZCR5GC5UPV$S,^NY;/ZE=4;FY`
M?8W'YD46D4X/PE5DA6)A#)"(9I9+*WK9A87;7::K]-J*F%\6PN4%L,;*(0,C
M$VD*%D@G$T>!"21."1A`E3JE"M^D[KTD%9P7DI.7W%!^0)R33`"3-P11XPJ1
MV9=_*3?VR>S$]<WZTPZL1T=U05"O7_4*)L'82>I9]6NMD?*7.CH-4@JZFH4G
M7+"@CR!*M>B0^HQ@RJ6R<M=K/62--/*P\%O=&QV*-/:W%"Y$DJ#4AQS>K3K"
MBE1'I@],:8G,,`6H)ZL=8,YP(/K_`#C@>=P(LN.\*?UZ@Z^R;PLF'59!6TTE
M.JDTU?$3&VB6*<Y"E;D8U9H#7%T6"#G!*5.$U0=G&<``+..#&>'G5-;E9WO7
ML;MBG9LP6+6\O)7'QJ8Q=:!P9'<#6ZKF-S"E4AP'/>;7IK4I%!8L!,(4D&%C
M"$8!8P..7>+5J-M1JW%Q5ID#>@3'K5Z]:>4E1HD:4H9ZI6K5'C+(3)DQ!8AF
M&#$$``!SG.<8QP$2R?>2]]^GJU(7H^^I-?=,:M*D[9>/DIE:$#AE81&FAP62
M]IUABZ\:!`XJ&U,2')TK5'C)0)A&*B2R#0H#E<:Q)SSX05X==67;9=J:]V-H
M)S=.P4`KZ>V!'?'9&]G))]W?834C;+%7LKIDH34;>DD%H2%<G]DD7K$N1H$S
M46-'Z$!;LI47M<:C2QRL/1R>31V%1M_F$N>VR-Q6*LSG(I)(7I80WM#&Q,R,
MYQ=G=T7J1EIT;>W(4XS3C1BP$!8,YSGTQP$->.3R0[%>1+R`;'J(DB)B6@E)
MUO\`%PIK4Q%$FDLXF<LD4>S7,XD\@=DIDC2+93$V60.J1O1FHT:5J/2`4)E)
MX@+125OMUDD\M`/*PIEN!I9!MKV6./),B?Z=V"JY2H?*(V3KG)#?9U4R,9)H
M!D$+O0L4D@$@P9E._1Q69\>[HAC`+M'=I0467'XAO2S<J?2R>R;2_<5D::^W
M>J1@*?7#X8(BJ\V.K`*GXYLOJG%0BB"C&QU-!C#NT=):AJ7=P."BP@.3HXMG
MS.#,>5D<#__1=A*(W_V"-KKAE#+(HC0>GNM!@I(SE1"16(WR\<FB[PG/9TYS
ME*J$EBBV7V0($B@2LDHEQAC:>;@(%18RL#(,FV_Z2?935F>%2NY/L_'M.XE<
M+M>.W$G5-EA[&63#X+'JQH+4BC#%N%YJQWAK$<[NTIN*;)E2=,P(5SN5[@@[
M"A66`)Q"D$PU[:S\'GZ_4=#_`!E^1>GM7*&'+VS67<?72>.Y<!D3VXR1K9=A
M-;4L5&[V`PN3@$T;>X3:NG/&9`G*[92IR,)/_H+`F3E5BW,S>4G7CY7E6KN^
M[GIM<.N]I3MLL*!Q&RM:Y!K5%G"X;#E4=.9'LJ?IIQ5K:K!)"CHY)X-(3BCV
M<I89AI1A-.2!!@:G+).N9G+M)?YB-9X;%%DN7U-NNI0-36YO+X0#3*^F<3"V
MM+;\FM6/+M+(C'(LB2%$@,",_+AD@GM#&:,LG&#,LGK2=O#G?F\^R+/N'L%1
M&O-/GV)LEM$_.%C;5WI:ZL<)@"!DB,65PRF(_3\09A69.TE4QF4!&@$-P96\
MXIP)($IQDHS)*-=I)B6F[:UIM4=8=KGZJ[=VO0WUY--@F%$X364SI*4T2M?#
MT*-?)&*LJWB[,E50ZH*[;D#8<Z(XL2NRN6?TK#LJ0Y29+?RS<V<:-OY666K\
M3&Z$;,5+3#6VR,EIJK?6OKPH*TU1C7E.X:F[Y/K3K=L#5$@-$J0&JTU9WG*F
M$2\\)9X20N+"J48(,/38-C?,S])=\ENQ,'5[OPLJ;-SC.ZC\9]9-NT<EK%E,
MR>?:^YUR/*.!Z?TZ4@(*<%9TQ(,5Y?V_MI33"4B@\[)9Q(32\B37W32?'50]
MF4=KQ[V]UR9QV'O6?S+8F^SDG:$G;K(M-6G<#8BG/+Z@GI:_C2-M82^@8TX`
MMO2GS[?!6,5FW-UP^-N?'90N[\FASML$^W,^Q"',ZII+I^,VS)X-4\B&M6F*
MU+S*(]%#6MT<WXTH84WN0+R182EA+QC'IG.1+9P1]Y)*FUG\4EBZ,V5H15#Y
M`=D'B^$F9)5%532:9!=VL,+C[P[7#'9\T/#\_(%2/)ZEM`4[KR!81%F*E1AF
M<),#)ETU+>V9>%X*Y\VT3NO7>B)#35&O-B;G[(M\U40'3>$3)-+ET,21.PI9
M`?O5R69F/1ILKVL!`C(7,;BO;TQYB=4`))!A0359;*>N[O2J&R50S]ELVJX7
ML!.H=MEY6]PESS%:&9#&5P5ZRZ"5*:2LS/+HK:JW`)P<YKYD;SCTDA=2,/ST
MZMX!`%ZHEHE#^5E\?ZP_+4C6.`Z<:[UGKA6BAV7Q6MVE:F"]/Z@*I^DCZ^O3
ME*)7)WDX&`E_(2*4/2Q8,LO&"4^#L$E8"46`.*S;FY+.\HL@L+9._P#5_P`5
MU=/[_!8QLFWRBU]J9]'5(VYY3:SP$2A*[P)E7A`<$L=F.A![<J%D`@!%A*2<
M`U(J5%"E\+UU+V37Y`3]8-<=`I7JB0O;Z@9+CK9TUBH"KJY:"GB9/TAL!(&&
M-#3!X(2M3.\K]LXR$M4]*.X(8BC33E)PSSL=T3-N51=3O*+"M.Z"K?6_R%T9
M=VG<YUY@T>J-1,3Z4L:<T//&FMV%%&VJ6P2<UE&94G6$O3:UEGJ0E)QH25!@
MNTJ-!Z]#/E;US<S:G.O7FOIR^?)%9]R7!M*IHG5&GX:ZU/K=2@66TE0;\=Y?
M(<DFV_+F*/QAW1C=BT#)@:9&O)3N"$#@A(3@",MQ$H9VMZXZ\;<?YE/*_`]H
MHG3FF>GC9;MNXN>8MC_9T=:JHMBOI%:D,9QD+(/5L3:II%(O-7AAL::$B"YK
M6Y#D91+,(!0C@&F%#6G7KC=7JT"KSR,4?K5&*?IS2JIZ`G$I6JK#NK8;:RV&
M!U'-+0E1A!\ODC;06O")<\A3(R`%MS$V+WJ.$H&YO3$#*"'&1C)<6YM.MHVO
M[4@L8$&Z+N=;SL)SR6<\2#Z=%ZYAS5T9,'AH@\%BZ<8VIE),.%G!KLXO;N;G
MTP:N$6$HHNLW\3;PBC>\>G";:>'1:1P62BJC:&C7LRP-:;T;",8=X+.$Z899
M[`]F%`RH>*RGJ3_'2%I,[B96D,P8(HPPDO'"RX_!H_N*5M!%)9$+!C(JIVIH
M9X3P'9NCEYG^NA$X+3]:>1QPP9IV'^K[`2E_)QUV(-4)E2$W`<'&"+$,0LQ^
M+R<(_]+:'O-LT/4'5NT[W;XZ&92N-H65AKN&"$8$$NLZ>R-H@M=L"CLG)U.6
MY9+Y$DRMR4,!H$(#A@S@0<9P63-PX#0?4!-J%5,@<9Z]H9CL?>LJ56YM';9H
ML8,F]K2=4I6J&QN5J0EG$0B&'.IC<Q(_0LHLK)AP2@'*CL9%N?Q2C>'86E6#
M>'7*34N9)MJMXJ*A5\02"Z@T\6E>"2G2XD$-:5<PNRQP+!QNA8["T3&:%>8Z
M%GJU!#@69A.64G$;R+)<7PJ'XFZ@OW9/R2;C[S[D2Z-S*T-:GYVU/A3-#`N1
MU?5W.0D*#+&B,`-<DI.4C+5+4Z*&,OH-/,<%+ZX+5`S#3L*5*+VQ))#!?.18
M*R+:&O5<-\D3PU5L];M/ZQG2U4=V4T=8;.EA)TU7JLY$`(T)L%C[FG4AS_'M
MCS,Y_P#'%3KR4=XS-@$OCIFKI,[.ABFG_&CY$9Q,[&UDL)T2.1;+1[Q')=(X
ME7[7:RC*;(8LFN2J&MF<R5JKI3B`%,:7D!!3@80X_&K/;_U$6:S3*I=E/.9?
M]RKY_2Q]54A:DOV<<[\56/%Q(I9!833;53-.Q6*.BM0W$CCT06R$UW=%2?!Z
M0O"(!)YP1`3&J'R7760TCQG;LQ/;CR*^0^5M=UR9T@#TS4&W:JU9,%CS&$#W
M6,.898QV-9M<0-\5X*<&9[G33E48X)R<+>TK")86F[A:<I$[3$FDO^==7JN=
MH7;;=?LCKILL-GCBF7Z\M\A?$;=8*BUVH7<C@:[2)E9$J.5.IZ8:-8-$`1($
M8C1J,A+*$,"IUSG1/OB:\65P;)E*/(9.=H;PJQ#/[4<+-UX:7$^&7/8KB7#_
M`+I7L(M6W5]VQF?Q*1RV,1I[<6^.J5#0>N18,$XHU"7ND8XD:[=I-8:YZTAC
MA7T)8X@ZV#.K4<6@I4!7/[+41A3-I&8I7*5@5#X.%Q>%14)J4M0%.4%"U(BL
M$$@]0",ZS!US0)N?NM0^B%,/%TWO)0MS:G">CBD1;#$)\VL:2A(R<FBD(9EB
MQ%AS=#\>@C3!F%)41'J<I-**#D?"R6ZC/-8NA6_'D&B)^UC\F8Z^M'>%VC%;
M'ML@?$A>=+O'88)1(\QJ/MIHDSA)++MT!B4]_"E"2I&E/4H#0)2W1P`FC>9-
M?$/!H75O3?Q,:SV&]0%@*AT%@L8D%BVU9TA&D>[(F*.--RIT//D$ARG0'NIJ
M9,1DAJ:4P4Z,!QG0F(P>H,$;>&+;VJ%/%A64KL5JL/R17RR92WWNNK)D<,:W
M(@D:JGM56T>"J.JUB'DGU0IWB.DD/SF:0(&'4U6E.4@]R2,0I/*]O$XAO'*R
MH[M=H776UTSJVT%=J7]05NU`BE;+$[:UKG[97<]-BDU3I2I%#'QQ>(K,&YVC
M*M0B)4@)&DP:0H!D11H`FG!,++@D/Q6BU,K]!?7E#VXV$1+YS(+EM&K*6E6S
M-QESR?513\+?ET:;F=O5R-<<^J[(F81'A5^Q2`'AL`44W)DJ12I+/D\M=LZZ
MR:??R8;H;2[A0BN:"UBKB4TMJ5MGL#7.I1FRUEM:V*3F^\6HI<RG4JH*S=2T
MDN;:.Q%6M4J=9$Y)4F'E$+V962`C/*4*=9)N\G*6/<6LOC`H&IZ<A\67+EY3
M:@K76_6NL6\E[MVY).F++*"ACK"D`!2XKEZ\_*Z02%:$"8L]08I5'"4GEEG7
MAG?:EH^,L^0W=LUOKY$-]HW7==W%0\]3:N18AS>D"B"ZQQ&NHX<]SQAC\P='
M%2Q?(JOO*8MU>BU&.\<8L$GRG3.!A`Y&KJ23AT7CCVA@5I63OIY*+YV.B\(K
M66V;FC*5AE@V&U11DKJ@Z@QE7&7YRC4A<49D<D-DGO87#V8RBU`U0E)H`F^\
M#GB%G$D5PV7\VL\ONX:.B7CX0R]/KA%=L]?:ZV&V><XHD0,\S/L2?-R!@J^"
MM\I2FN:1@DC8WN1K@J4H4KBH+(`6`"9,+K7,K.N.>5E(G0,GWGWZ\@48V(VE
MVPAJ#62>5=&:HH:D[=?*8@3/5=DUT3*8M/5YD/.+62AYEBE&KZCLB).(,2C`
M>:<$92=(3.),0O\`DFK3_;WE[KS3G63>+9Q7K_KE$8_=E_HK'V6M"R26ZR(%
M824,[K2O$KL]8:%LJ$Q2V,)W'TP<%E,=E@U0A&%`0&OE<_US9LZ;R&T))Z^E
M<4\EVMC6NSL7K(R'@M.%,?H43LYJZ6H`MLFIY"G#ZEJI/&F8*AYC"P19YA+@
MDP3VC3,HC$;[9E_YO"P7_(]J![/Y'\KM_P`?^HO[P^^]J?[/]>OG?J_V/W/I
MV?G?LW^.^)ZOD/??Z?M]W^CERGK?\O_3W>6/6%?V['"HC9<4:9E&R)'$I:2T
M/)(CDI4D@LF:IC$W8OMF%&`4LTD9$RD'H+I'V\EF8&4,8!!QNQNO=;;44S,J
M&MU&\KJ_G/UX;V3'9`Z19[`IBDJ8YJP+&U^9CTSBWJ6Z21Q&HQD`^D?:Z!X$
M6(0<EEQMZ36_4S734:&B@NNU312LF14(@UZ4LZ4U5)I6M38-"2YS28NQSA*Y
MBZ%X.'@*AS6*C0!'D(,A#_3P6V\IU:F-D8@+BV1G:V8#HZ+WQS`U-Z1O`XO;
MJ=E2Z/"X*0DG"MT<E&>XH4&=1QP_ZABSG^>$5NVWTUH+>&NXW5>Q<672^$Q6
MQXS:36U(']WCHA2>,)'EJ3A6*F92E4JFMQ8I&X(%9&18ZTZL8@"+."4<666S
MA/9D$A)\/3UZ?#XPH@21G;H^FA*EA:U$3(86@E,0U,Q<>/2F-(6MM(1D@(([
M/:*"4#`0XZ<>A%:9OX^]&[(>(<^SG4G7N2.,!1@;(F)PJF'Y1M;24>H5D,HF
MLEJ):W%C3*UAQQ2)42>D*..,,`6$8Q9R7-GR\?8OQ]::;8)H<GOF@H=,3J];
MDC-!7AL/?X#)HBR-YQ:AO8H_+:Y>8E)VMA;E!>#$Z$E6%*G'D0BRPY$+.1+9
MQ2?O)AX]-/=4M)K3SJWJ-&7G8>_'F#ZZUM(GLN97//D+[;$D1L+BM:)19CU/
MY6PK$\,+<BB%:(XHXG/:+P+!6.G$K76VW=TT!4]6$;I.IJSIV'$!3Q6K(%$J
M]CQ>"^T+X>'L*%@0&FAZS<Y4'IT`1FB$,8AF"$(0A"SG.:Q=[2/P*L;`:8Z]
M[1SVB;!O2%CGKAKH_P`AE5;Q]S=G$,*#(Y%B.Y,=I1$R#RVB7'-1L72F(BUX
M#B"!9,QDL031AR66S.%I^$*"\BR0&V%VZU>,Q$<M^JVFMSLUMF8ASGU3ZOTE
M(4)K/#EF0&)U"<%R7/AJ:BU1!N#$9;>>/(18S@(I]-36>QAMS4:V7#!XS7A<
MWL"K(U'II`)0I(J%]3PA9(&*`/*-X(K=R<4;><N00*0B0$IG%,VF(5!R,'8"
M>`D9@!U,IPX0<"D,4\;&AD)MIZO2.:ITXDM5^?E<H62Q7%B'DQ'(URDQ8K?(
M\TO9CBP1-T/5&C,$>UI49G6,6?7U%GU87VO&7X[R:8'[C,%*`8;DDE#3^@[P
MC5YU]8L9BT;FBMOD,=:'UG`F-CDLP-B5A,+>^\48>`X!)Z<&1%&@R,L0EQE]
M-8O']36M<O?K@5/EB7WLC+T/Q<KV3O\`DV)Y:RIF$,1XHI&%?LV]BK^$%*31
MY*:V5$C+R5VRSQJ,$DY`+;?Q6Q3X>J>D&RUC7'/[4LR=4G8-U@V66Z@N@FHB
ME%]_&LR%I73J=`**,<;";"S4!:I"SJ\$HTQ^,@.]TG$80.87VUQM9:S?&YI5
M:DMG]F/=`5VUW)83"\M*VYV**QXNQXZ\.S)ED2V#$5[PU/+(RV5'0A*5-KUE
M`:K3+2"SLY'G`L"J9OG3V]>:`ZKUUJ:GTJ1UHBD-#&MZ8F3,LE4&GOL[D!+N
MWR,^>S"2,V&1R63]7*&I,Y8=$N4AJ-6F(]EA,4F3%DC-SGY9[_(A+FG17<1I
M3:AW#:L';I30-;4!OC8*A19NPR[42H)?<\6!4MYNMBV+)I<_H[+%')&]MK$A
M<W0TQ`UX2G)"0=Q'ZQN;FSGK#\9-0R.G]?V#6JR);K19FMAKA(J#V+KKX>52
MH+A-&AM;YZYV.F=@A:KD:[<1MR93(BUYI>7@\DH8SNSW"3:QGG+EFNO/-?$,
M)$"/9+Q_VXE)$!&H?[0H&XX<^J4H1%9$\G-576,W,F7@80B]4Q62$G\_QG'\
M9#-K_7Q2R?\`A`W0^M_4?S-I9];_`"W^0OB/Q'<OL_QO^5OSA^J/:_(73^K'
MY6_S?UW_`-C[[^Y\EZ\87VGV_]3?QP#@'`.`<`X!P#@'`.`<`X!P(22:_5RA
MV)>]HDR-Q!:\AI]BHYT6B7]QH-@L<E[S-VLDEM,)$)(XA>WX_)IQ1H`G%8+"
M,`LE@%@N=83;P@X!P#@'`.`<`X%:]O-C6?5+7JQ+K<6L<D=H\WHVF!0E,=V7
M&P[0ECBDB]:P!LZ<#/\`<RR9NR-(,PL!@DR89JC(,@)'PLF;A&-"Z50B':TS
M*G[G;VFTIML8WR*1;>R]>GP(=P699+>8"P%HCL`)4(8RTY5B;(TD*[065F1I
M"B,`&5D8AG:!/$Y,Y2P5K=6EEC/RV23[02Y7>@D#^Z#ZW23T<J0D2K7F3K@]
MLK"<9]<KRVP!6,9P$MI#GK'U=>9%[?%\FN\K(X'_U=_'`.`<`X!P#@'`.`<`
MX!P#@'`.`<`X!P#@'`.`<`X"5O(](F-PW^\.U16:Y_#TU([TNVU5@EIJ8ED?
M+QIVNV0W7IJ6*#C,@3K29Q,!>U`86+W:E2643Z#ZC"I?AKKQV\G4\K)0FA3S
M';-W^\M=Y5R[-4HJV0SK4JG6V8Q]64X,,AL>C*-<TEH%(5Z<64RU1&SYLV-9
MY@.H(A),=(QE]O/)Y:O'6&]\K(X'_];?QP#@'`.`<`X!P#@'`.`<`X!P#@'`
M.`<`X!P#@'`.`BW_`+`/U/\`32/_`'/]6_B?RDU]G]C/S7]G^4^OOWQOZ\?@
M7_[7\O>Y].CO_P"&^-]S[_\`L=7)6^G/R2S9?L?UB+^R_P#Z(_J'T;/I^TGV
M'],>Q\=CN_E/\3_[Y?A3U]?9^O\`J/C.UV_XZ>1J<_#2AXD_@/T9JCZM^I/U
MSO2'X7]*_P`E?AKX[Y0WVWNOS'_NI^1>WZ?8OL'^5^1Z^_\`U^O+&.W)E'*R
$.!__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g352196g44a00.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g352196g44a00.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0VJ4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@`````````````!*````DT````&`&<`-``T
M`&$`,``P`````0`````````````````````````!``````````````)-```!
M*``````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"PX````!````<````#@`
M``%0``!)@```"O(`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``X`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#TVBB@T5DUL^@W\T>"#E8%UCIQKF4`@#::FO`U=O>V=OZ1WM^E^C_X
M-1LN;9@OKJ<X64^DU^UEI()%=GM^SFJU_P"C?_@K-G^E_P`(B,KW5M=M!)/=
MKB>?SBYV_P#STD@T;T^HMK'"SZ/TS[:\AK!9ZE+,=K2X;=U/H^]WZPVUOY]O
MHV5O_P"N*L1F!K6M>XV,KV/>["):^P`,=;L:ZO9O?^E^EL_X38M0U"'>T>7L
M/A_63BH;A[6Q'[A\OY2-KQD[QB?I'_O7*'VO]]X`.F[!G<W=.[]&[=N]+V?X
M/_2>C_@T^0W,`=;0ZTM)L<VHX;7.@?08-SJ/9[F>U_Z6W^0M!M9VT^T2>?8[
M]T\^Y/Z?M^B/YR/H'C?_`%DK3[H_='V1_P"]<ZO[6;BZ7OJ$_HOL88XR-HBV
MQ^S:RQ^[_K20;G%K8>2=`?U&),!_Y]G^$V/K_KV_F+1]/^<]HT(CV._='\I3
M](;_`*+8C]P^)_E)6KW1^Z/LC_WKDN'47-:]A<T^UC@<,;9A[G7"OU#:QKO3
MV?VTA]MW.&]SX:US@W!V@`N#8K]1X_3.]W^EKKJ_X3Z>H*M&>T>?L/A_63;#
MLX'\Y'T'<;_ZR5J]T?N1^R/_`'KF569PW,LKM>0_<QXQ6MD;7.-5K?4_FM_T
M-GZ7V;++%:Q\+.LHW67M:;&M#3]G96]A'J>J_8_UV[K-U>UK_P";]-6'5^V[
MVC3CV._=''N4_2'JN&UL;1^8?%W\I*T')>T8CZ11XV!=7:3?<W(K+0`TU,:0
M[VR_<P?UD:^B@46$5L^@[\T>"`^RFJW'IL`%F1N;6-AU+&^J[\[]QKD=PC$L
M'@U_:/WD%DK-$BKVTX7_T.^92_[/G.L8TL>ZHL]0!S7-;51KMM?35],/_P`+
M]-'?8RG'WN#'.807-@;OI>__``BEE.:WI?NB"Q@,FMHUV]\D.I_SVJ=55!I8
M[TVN)CW0S77GV^W_`#$E-3'SZ;GNJMJ&+:X.VUVAA+M@8+-CJ[7,=Z?J5[O_
M``/?^D5L>EO&M?'@WQ'_``B%G83<C'>RH-JN81939M8=KVCVNV'VN_.;[U2K
M&1AW69.16;L(N+"W:U]E;:MM+<H[:_6O^T.:Y]^W^;K]-]?^$29.$2%QJ)_<
M_P"];S/2V4ZU_<W]UW_")_T6SFO^=\&_O_\`&*C]GS<YC/3=5A8K_P"9LJ8U
M]SV%KO<[U6MKQ]S?=^C99_QGYBA?C=5H=NJ->2QS@V356WT_3)L>_P!)DNOM
MS=OV;Z;/L]GZ?T_\$DH8^G%$'M_;\KHDTCU`75#<0!(;SM;I_.+/RG6Y5EEC
M+6X^)08>X!LN])WK6W-]V[8YK/LS/?\`Z6Q1^PV]2J->7B'#95-E;PZLO;<&
M^C5HS^=]#])D?I/T+_U?^<_P>K3AXE-;,>NEHJK8VMK2&GVB6P9]R*=,?42G
M_C1C]7.<Y[,IU^.*W,L>RRXN+2TUM+\5S:9L_1[*V_:F[&^_^;_PBL8V15?6
M9])CQ<X[/:3L]5XIMEMG^&JK]9J*SIV$W"9A5TBN@5^DT-(W-;M+?99/J;OY
M:JV=*Q[+MEN.RS"=8UP88!8ZHMKJ9M_PE=NZW>S_`-+)*N$M#I6Q_2X8_P"$
MPRLG"MNQZVO8_P!4MR:7,`+2T!E&]WO^@W[5ZON5>S)RLS&J=2^K'S=[[Q60
M';JJG6AHW!_TK665;_\`KBMGIN'@LZGE5LAUQ]6'0X-(8'^QK]^W=:^QZET_
MI5--PN>T6../4T;MI`):*[MC2/96_P!"I_\`QGJI+@8`6->'Y>+J?W:_PD--
MK\W*.10658]+FMI;<R-[8K=;<RMSJ[&.MJLNJJ?_`,58M4Q]CLB(A\1Q^=\5
M%M&.`P"E@&V-&LX`:&_YJFX-;B6AHV@!\`?VO!!BE*]A0&S_`/_1]!=E6/Q;
M:V@,^SFI@<'N82',KLU<RFUS/I[=C/45RDN-##IJ1P9'TOZJIG'LKQK[226W
MNI<P-]4D!K*J^,7]-])GYO\`UQ7*OYILS,Z_2_>\_=_G)*9DNA_^WP_JIY=O
M'P/Y1_)43$/Y_P"EX)]-XYX_E>(24P:7EE$\_/\`==_)2EVS_KOG^_\`U4S`
M-E'/_2_=<G@;._\`._ROWTE+R[]+\?/]UO\`)4Y=O/P'Y3_)0X'Z7GG^5^ZU
M3TWGG@?O>)24H%T,_P!OA_54)=L_Z[Y_O_U5(1#.?^EX*,#9W_G?Y7[Z2FEU
MUMC^C=18R0]U1#=LSN+6AL:+0$BUP`T#6P/F[^2J^6S?C9#!,N@#1W@Q'T]9
MW/T1^]XN27$^@#L9'[>%=I=[/ZOG_)_DJ-G]&M^#_P#OR=L>SGZ/\K^2F?\`
MT6WX/_[\DM?_TO2_2Q<C$KJO#7LVL.TGN`"%2?5GM-E%;P9>;,:^?T;6-+'_
M`&3);OWM>_WUUWU5O_1_\+_.?-B22GZ2)S'EQ#;:J\H!E8)!MQGP]KK;V>JZ
MJ['=L8[=ZC_I_P"C_FT+<UD7V4O<VL>G=CUNESG2P_:L)YL_2X_O][+G5O\`
MT?\`I?T=GS:DDI^D0W/KV5D&U^+#GO#MK,ACO4KVTNW?HLQC6;WT_P`Q[_Y[
MT[/T:<W/]U3"=UK_`%J+7'V5M::['8F9M<[T['_I*F75^LOFY))3](%V8_>Y
MK+JV90].H&#9C6`/J]>]GJ[+L9VRNUCOTG_;?\W,69S7-O?4]S:QZ=^.QTN>
M^6;<K#?ZOOH]S_T5SJK/3_X7]'9\V))*?I$#J+`&.!M?C>ZQS7`-R6$/:UM#
MO4'HY;=OOK=Z='J?X3TOTC$1G.!K9N:;2;Z+7F&M`++/L>:W=NJMW/=6VVEM
MGT/])_.?-R22GZ1'VNYMC@RVEF4#6QKR/4QWM%E9OM9ZFR_'?LK>SW_^!_S2
M]7-:[[0^FQS:AZ5^-6Z38[V/;E8+W6-]6EOJ/WUV>G^?_A:]EOS<DDI^DFMZ
M@STJW.]1]!W76`D,OK.]FRIV_P#0YC=M=OI_S/\`POO_`$9J[<AE=M=P+J[!
M9959H#6TM#_0R?=_.L<Y[6/9ZGJ+YG224__9.$))300A``````!5`````0$`
M```/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B
M`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P`````0`X0DE-!`8`````
M``<`"``!``$!`/_N``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#
M`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__``!$(`2@"30,!$0`"$0$#$0'_
MW0`$`$K_Q`#;```"`@,!`0$!````````````!P@)!08*!`,"`0$!`0`!!0$!
M``````````````$"`P0%!@<("1````8"`0$"!PL)!P4``@`'`@,$!08'`0@`
M$A$3%!46EM87"2$B-E97=Y?7&%BX,524U+<X>)C802.EU>5GIS(DM%49424F
M0D.U=K8W$0`!`P,#`P$%!00%!@@+"0$!``(#$00%(1(&,5$'$T%A@2(4<9&A
M,@BQP2,5\-%",Q;A8G*BLB3Q4I+"<[,T%X+B0V-$M"4U=28VTE.#TW3$1;5&
M=O_:``P#`0`"$0,1`#\`ZV=0M0M37O4W5YZ>M7M=G=X=]=J4='9V=*4K5>Y.
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MU:Y-%E:A)&EQ5H0QG"52N:TKVM+3G#`(P@M8>$&0X-,P(E33JO_0[8=+OW.M
M3OX:*)_9;%>%3U*DOPHCA$<(CA$<(CA%QWZ2V%'+PKRMR+MW9]L6AN.;R]3%
ME)E0VC82RHDXW"6FL4;/*DKE%Y2%*46B-($XFF+C`)S<&9S@`0]..QW3#$]_
MI6MMZ8%=0*]-=*CX+],_*N%ON)YK./XIXJ\9/XQ:6PE`O+2V;>';"))08FRQ
M5.X.$0$8+AMZDU5KU>;,6K7&S'MA7\UMMS8%LI%PU9-JRCV:0/;R2VG2B&3+
M#RBAS8O&ZM$%95JL)3@^*TJ3``)48U`RCS"@%BX]\$;X,<*M87;JN^PCKW]R
M^=LUP3CN<X)^F>S;/C<-/E6987=^^.-A<(IX-CIG-V/N'M%8X&/?4O>&!S`X
MD8)?[2*?6K`=Z*)E$%CM17=5VCMW7U%9I1M_L=N,K:0S1%<S9(Q,H8E9U4.L
M>'R9X1&%A(.,.",`C@B(P`@9^0LF1OM96O+HG2M:0YM/;V/4$+=P^#</Q[,>
M).78_+SY+BF0Y98X^6"_QTEF]Q?,U]?1G+Q-;31,>"7``@AI#ZO#,;J)[0N^
M(S%=!X'?NO\`*@UYLC&HG6T*V.D5PM4TG4ZL0#`A%B4RB'>#N+ZC9Y4YGX[D
M]>XY6F)A>&&>[G*8*XLXG.NWPS#>PDEH%`!7H#[OL]RU_)/A;B%_D/,.8X=S
M*W_G6#GFN9\9'9/@M[>V]1W\**:K8W/B:/F;''L#OX3>F\^Q[]M.0U.SY8:>
M@$RS4N+6Z94#W;8[HAJ:T334[J!H5V$S4.-#F3KX80K-!@&._"8<`S`LF%F!
M-(+#&5`9ZW^\%M:;33[-W2JT[3]++[BVM,*_F3F^1[C&B\99_13&T`+-XMGY
M#=Z39R`:_*0"*4<TM>7VN]H+?,LV?O;637_34^W5]"O,&*DMAJKQCL*A?D_,
MXDID"5<\GO41R<PNBQS[E(@1HLOAZI*!:MP#`4?<':0LXFP13S7.T/!H-I)T
M/V_U>P>U=.A\,\0QW`>(\]YEY/&-AS$4YBMA823S^I!,(RU@9-21C6[GR/?Z
M#6/,45:R[VPRU9]IMLC!=4&>\MDJS365`W#:Q!3;[<`K39V=YB$:D\B?&U[?
M'&$L]6%H3&.K#6Y(E*R-<28]&.)?]XFP`8N;F>QA?<&*!^U_I[J4ZD#O7V_@
MO4?(/@7@V7\B7/$N#9YUCF&<==>QV?TCWLFEBBC='&V=]WN$EV'/>:1N$`C.
MCZ@*VJI]J3[<VGV3UZ8:^[J)ZUM]?I9!;8I2,\E]G<\:`/@88WQ/R9(+(\0(
M"E(5BO#L<(L\D`,IPX-"/''R6_IV\$Q?\SZT%/8/;6O[E\X\C\>LXWX^X+S2
M\S5<CG7W!CL_2H8[>W?Z?KNF]4D^HXL+&>BT%KB=YVD*KOVSNU;U24_UZAJ*
MXK9BD&7QJU)5;$(UKG:>!7<(U.UH4-2REQD86Y4H9J]S,^]3J@C/3EK"P*,8
M`H&4`(=]C;<2LF<8VE]0`7"K?>/MHO?_`-+OCRUY7A^:927C.-N,LR>TAM)\
MG;FXL:%[G7D38MP#[GT*.80UQ82RI8'$FRW16UW:;T?"X)9=JQ&T=BJVKRME
M=XJ8FZ(GPIN5V-'S9;`E#B]LX1,#TN>H6).<8M0G'IEIP##P#$`P(A;&ZC#)
M7.9&6PN)VU]VA_%>$^6^.V^*Y7E,O@N.W./X3?7MT+`3,=&7"VD$-P&QO_B,
M:R?<`R1K7,!:P@%I`AC>0+1W1]H#,=/$=VVS0U!Z^TQ%K"GYM(2@J%3^R9].
M53<J8FY5*<(ERA+%6YE<09RG[HTO)Z8S(@Y&:28FW47IVUHVY])KYGN(&X5`
M`]W=>H\2/'_%OAK&>39.*8[,<PS64EMK<7T1GM[6W@#A(X1;F@RN>T_-4':Y
MM#1KVOW4E=L7[,S7/:2Q[8LUPV_J6ME49D="(Y[,G-#=25@>9`CCSW%+'GZN
M(/*1R`B,>DIR)442JSVIS@X*(*/*)2X4AOIH&1L].1U=U!\OV@57%.AX3YXY
MOX_P?',"SC7([YLL60=;P,=8F1D;I(YK:W$S"W<&/#V%S/S-.Y[F.=)ZV7VC
M-MIAZR*[0U$=*M:]L[WCU85@G?K<8%LA1P"11B/O3?9KXT,<:=AIUQZYU/*\
M0K,M:LH!(<C-]]V\&SC_`(XCN-QC82=-*@].OXZK2NO"/&Y!SR/`>28\A<<<
MQ$EU=&.SD;&ZXCED8ZUC?)*RK0UC3]0SU6$DT;HLC=?M,?4])]^(WZE/*+[#
MT5HF3>&>LCQ1ZS_76WQE?X%X/Y!.?D5Y,^471WO>.WAO<]O01U]@9%8^HVT=
MZM/5+ATZ;:^_6M/<M'BO@C_$UAX>OO\`%7H?XLN+^+;]-O\`I?H72MW5^H9Z
M_J^G6E(=F[J^FJG2>TVVF<K59J20Z`K`67;%1-MTT*Q*-AJ_PC?(4<,SQDY6
M&^B;2&J)93)42DT"4DQ4MR?@E,,D`3O"B]3Z&W$9E-W\C7;7?*>ON[KL4G@;
MQ]!QZZY7+YC:<%CLDZQR$@QUQNCG%-K;:/<7S5+F@N<&LV[Y`XEGIG]F>U]/
M5T'K';D2UAE,UF.PMP2:BUE3-D]1('V+V#&3_`1(V5U51,]!+$SHN-([H9V&
MD!)1V1&C#DL8>/Y=_&GC=.`UC0ZM.H/QT_%1OZ:F1\PY[QO)<^M[7&87&17X
MO'6[G1RV\HW;GL$P="6-#JAOK%Q%&@[@5C_M:2V"[27!+K6IFP(?<-8>RXFV
MQ\QJ@.QZ20U$D,@\X3KQ05!%66$.D>(FSAE"6#,R3N*WNTAHR/%X\9R+%^G:
M^"-L<H,;IPT';KJ.M:]/=3XK7_[N<=E_'_&L;QWE%E<\9O\`R!!C(;O^6&.\
M(G@+?J'3/G9(8&[B?HG1LJ\!_K"E%LU7^U&M*43#4X^S=/W*J*6W&5M<:JNQ
MO7'&IH]^5[DUIUB?+C#6N.MZY-%W-P6`)1*5)B-2:CQX:,D&1Y2%XR6,;6W&
MRYW2QZD4(T^VO7_@7'Y_]/\`Q_'XSR*S`^2X\CRGC#7RW=M]%+`ST6O+3MG?
M*YIE8UI<]K0]H?\`P@\T]1VASGVS>8P^V)-&37M/(M7JBMP=/SNT3;IA;-9R
MIQ2/C='W:60RCEB/,ED,8;U[H1@H6#P>%A-QD1B;):@).;,;N#&F:D[FU`H:
M?87=*KF,3^E[Z^TPF+NN:&#G^2QOUMO:"QG?:AIC=(R&>_:[THY7-8ZHVG81
MHU^YA=./VB<[?8WH/L785;RU\C3VCJHQ^BDRB#TY1]\;\JE34:C=61[:E")S
M;SS$JCM`:486/I'^7W<\VEFP.NX6/:"-VH*\F\*8BTOO,/"<+G,;%/:.R(CF
MAF8V2-U`\.8^-X<QP!&H((J%1I6-UEQ*=:#N.KWM"-IMI;PMJS*ECNP&NMGV
MH_6]"6N$2./E.-PN6$:Z.H$L1!"E?66`]2<L4IB,C4X.Z49PA\J^+<R[$]G'
M'$UI+7`4-0=/MJOK3/\`%79+$^88.?\`ACC_`!_B>-L+R3'9*UM([.=\\4A;
M9-JV5QF]<4):UK&N=2/;65@%G46]I_-I)8^R:0[51^:J`U`L;8*'WQ?Q5F1]
MQ0M[53;!+5<:4Q:%N#+&GN1RZ>OT:*2GM",:L#(4O2FG*C0']9>Q=8M:R#_>
M!ZTC6EK:=Z5J=:`5Z^U>"9#P%BK'!\%D;Y#ADYER6QQTV/QYM9&N<^]DA;*)
M9VOECBAMXY2]LSPPSF.1K8VEE':73_M:IG/9[4T6FFM+#"FG9F/2-PUM<VO8
M6&3->]R5N8O'<3B-KLS(PC=*N,G9:A(62K/(491'+"P"3GA`H,)RDQ[6,D<V
M<DL(W?*1I[2.]%RO)OTXXO#X?D>0Q?.YKNYP,T3<FQ^.G@:R)TFR::T?))LN
MQ;T>7,:YN]K"0]A+&OAQJ3O':5%U'L_MG?\`'[$M:56/M-B@JQC2_8'QG&W"
MQ<N3XO35;'8X]1M/':GC4/:N_,,D!0C4S@F`64!"GPGQWFYN+6.62"WA+6M;
M'N)VZT[UK4D]OQ7IOD?Q-Q_EW).`^.>&WMECL?8\?_F%U*W';96VVV-INY)6
M2F6\EF?M`MS1T;BYQF?OTF(F]KPZQF";08M6@&-ENW6>#1*S#('#+QC<Z@ED
M0>6RZ-Q,#JPV?&8Z])&98Q+94D"L2F(E@L#&''4$0C`$;;^7!SX/3F)B>2*E
MM""`3T)]R\R?^FRWO\OP`\>YE++Q3/7<UK]1/82V]Q;3PPRS;)+661A>V1L+
MRQP>P4!T(#2_-RWVH-Z0""TG-Y=HC+D*S9.V$$#I2O"[@BQT[D48>H>Q/L<E
MBQ$ACKFE:71\>W4:3+2Y";#D)(,&G&=G;VQMC$]\K&W8^1M7&AH#7I_E%5M<
M;X!XEF,ORK%8WR[;/BP6.=<7US]%*+>.5DTD<L+7.D:7LCC8'^M$)6R..UK:
MKX69[4"Z(/*T5.M>I\=7WY#ZC;[=OZ%RS8^O8-&*X+<A&J6Z`1::+4;BVV-,
MG-H$G4E^`]A0`J0=(3LA/P098Q.:9#<'T2ZC2&DD^\CV!9X'P%Q;+8Z7DUQY
M%G9PZZR3K/'SPXRYGEN2V@=<2P-<UUM"U^YI]34EIJ6U9OS:WVKF;$CNJJ+5
M*@W6\;AVFC4KF3;6SY/&6N45?1RNW1V8IPJE<M<&UT;\C3O\:<T:$6`$EJPI
M,G8SUC(3*(+#8ZX-Q+LCC(%:5J3TH/B%M(OT[_R6]\AR^1.8QXGC/'YX8774
M=N^Y=<2W+&20"&%KF.UCEB?)JXLW[>@?(S[^RVN2U[BG^_BZU5%B-BR/;/*V
MAGK2P9>LE@ZC380+LKX%'S!.*]D1,K2O*$65XLP4A4@``XL.`B#V+^..-EH(
M]M#'U`I7W_\`"L/U`\8X[QG#^'(N/,LI(IL`'ONK>%L/UAW-VW$@VM>Y[VD$
M^K61I):XU!2;3;CS[7J[/;.6C)5,OMZ(:Z.&HZR`U.^V*]-L;82)FQR)J?D4
M0$O0RILA)3JL6$JUG@3;G"LU,#O`Y%TC#J?3,FBQL;:-<_?4TUTIUZ5^]=GD
M\8X?FG%?TO<?L([;&Y+-LS#;B[CMF.ED,$D;XW3;70OG+&M+&;Y?D#CM-*@R
M!JWVCUANU^5'4M_:NK=?XML36LOL^E)NKM>-SM6M8H+##Y^_!G#`P,Y`(F;Y
M*I#%60C5#.2CR60,H8AC$5I263!#))#/O<QP#A0CJ::=]5TWD'@_"V_#N2<C
MX=S]N9R&$OH;6^@%I+;M;)<3BWC]"21Y]8>L0RH8&O&YX<``'86E_:3W?<SK
M7%A,>C%F+-2K@LI37,&NN*2<F<31N3)W]TCF+&GM11R-JWB)P`IP:%&%RTU5
MX.WA)SGOU`ADA-LME%$'L-TWZAK:EI%!WH"3J5NN4^#.*<7M\YA;ORU8-\CX
MRQ%S/8S1&"!Q,;)?IK>\EE#)K@M>WTV!FZ0N'R,`>6X.:^U'M7PF]+$I/3YY
MM_5O629R2#V]<N;8C$2?%;C"0E&3QQ@,"7M:U<_,T/1J"E@CLGXPL3#QG_ML
M8&(%;81_PF2W(;.\`AM">O2I]ZW>*_3_`,>V<2PG*_)D6,\@9ZUBGL[+Z26:
M,-GJ+=MQ<->UL;YG`L#=OR.']O0'/3_VG$X<+2159J[K&;L"HD.I48VYC4F5
MVVQ5VGQ")$Z(DXTS^Q/L=/$C&WMRXOW$S@J6FN)Q27*4LOOE1,98L$9DGGV4
MD+"*5U^_^@6SP_@7$P<?EY#S_GHPS(>22X>6(6<ER?7C8XUCDCD&[<YI_-&Q
M@C:Z3U"=L;]$JOVM\VGZ[5&9R#4MY@^N^V%@-%)PRU#[6C+Z]D7`X/"F*JTA
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M57XD3D^1Z(,!D'6GIP+6\MWL"31N%QE_,1GXP4N2-:V6$+LDF8R`X)/0/&0B
MSCFTM(!/=10OZ$Z_`$G]B\>\/\%M^<^5.+\)S(>RTFN9!.T':XLMXI9Y8PX:
MM+VPNCW#5I=4&H59EO:H;':[ZF.&XT8WJVDD&S5<0%FN*<MLTLD<DHN7EH$J
M!_E\(!62EM+0D1M&A$H`V@&::#(@=@BPX-#X/O8[B&:X%LZUC$#C04%'#L:]
MU[QQKR+PCFOD:'QC?^(^/P\#OKQ]E`Z"U]*_A+BZ.&?ZH.W&5SMIE(`-#HXE
MIWOXWVFERRVP:PIZA=0C+EL.T-.:QVR;SLW&Q0!E9$5@$M9JQHD)<DC9J=O:
M6;#D`HI8!R..5+STR;N"@&F*B=+Z&-K)));C:QLA9TKT[4*Z<WP-QC&X;/\`
M)N8>2AB\+C^3W6(</HI+A\CK<O`?&8I07/?M)+#$UK(VODWN+1&[!!]L`8ZU
M#0$XAFLDBEUE7#L#)M8Y/3)=CMC*]U_;L;(;3<LA4@7Q(QID"==A]0&=^I"T
M%)4RK)AP@]T,/+_+J23,=.`QK`X.IU!^/]:WA_32+?DO,L3E.>06V"QF&BRD
M5Z;9SV7%G*7#U#&V8/C+?3D&UOK%[F;6@[@5O$6]J6")-NUK3MI1SC0%IZH1
M&/3^101CG3-9R:<1.:J6]!#SHA(T"!C:AN+B]2%I;A@,'D@"AQ*$,TK.#R4^
M+K#<;<V\N^.0D`TI0CK7[C]RXG(?I].2G\=W/CGEC,SQ[D5S);QW$EN^U,$T
M`<Z831.=(_:UD<TH(&XMC<`UWR.?D*I]HC<1EKT3`=I-25VNT;VH+5AH6;HK
M7CME$+'DMK1/;?%)ZSM;0T.$2>79M<DV"<FXP9E6>$G*</0H,3R2SC].5\%Q
MO='^84I\1W6AR+PIQ@<=Y=F/'WD=F;ON/$?S"!UI):EK-[HW36[WO>V9C'-=
MNIIL:7!YJP/BU)/:@;97CJWL+;=&ZB+:XA=<0NV&Y=>[Q=\24$QN8PY2F)*<
M85&'2"DN\T&SLAXUYH1-P$0UI>4.5`1%Y,'KML;>*>&.6XW.<1\NT]#W-=/O
M]Z]!L?`7CKB?D#A?&^6^267V4OKJS<VP98S`RPS`DMGE9<%D&^0",$2%X81+
ML(.T23UJWQM9:/V;M-W-5"4Z<;@TM(9<JLU-9J)R,RAKNEVVP44\<(RWUZUH
MA.MK!ZCU+46J2`835&08-5X!C&=">TC'ULL4GR1NI2G=U*5K[._M]RZ+SKQ#
MQV(><N3\7Y$X8GC.5CA%J;5S1NN;YUNZW;*ZY>[9:?E;,6/-P&U+8ZK&6A[6
M#-;0S:N78U^4R'.LFS\=UOPT(K,"F63W+\K6)<2U(,5?*`L2DGP3^[:\X6X.
M&/`?"P?]7+'C][K=OK4]2/=TZ>[K^/X+<<?_`$Z_SW*>/,;_`(R;!_/L!)D]
M[K6K;?TPT^B?]X'J`UUE^3:!7TST7H.WVLEWE6QNMVQ>LLAH&;-.I-F[%0@,
M8NV/R=VDE;-:)X8#DN97%8^K1P&<X7(U/@ZPGQD6E4$#S@L7=%"5/I&!L,\,
MX>WU`TU;2A^P]1]RP;X?P5MCN$<YX1SV',XJ3DEKC9_5L9(F173W,D!]&:0.
MN(-KF[F.](O:X"HW.$</F;<+9YI?/9'1^BX>_'UA>4)M!>KBMC7TU2N4W"K9
M6UN.7L%@6(\5,6[-)]9ICBW%*ZDI@Y?!N`DPB$^$V##-R;:`C(F5P]1A&H;0
M#[!7V]O8O2[KQGP&YM/U(WO+<G",_B;JU:);;'OABL@]S@V2WMF7FQXNB#&^
M)SOX`C$@>_?M$Q7GVJP8W1VR<]?Z'-2W+KULL@UF*H9%9>7!7/Y,^/S0TQEZ
M9IGZO4V4+?)$9CJK2%^*%.32VD6`C%@X`P[86&Z6!C9?X3V;MU.@]NE?9I[?
M:O,K7]/)ON6<%P]GR\.XQFL$[*'(.M=HMXHXWOE8^#ZD[G1.$3'GUFT,PJ!M
M(,LMYI5,HKHSLI,69S<H+/&6A)L]HG2(R)Q2ND6DB:,J%/?QZ4MY;*Y@4-:[
M&<)UI0$IHNC!F`EYSTXV]JUKKJ!I%6%XZ^T5[+SGQ+C\9D?+7!<9=6\=WB)<
MQ`QS)HVEDL1E`I)$XO91[?S,)>-:5=U5-OL]7ZN;4G&L&5^W7M<)'<+Q'XI-
MI-&+"GLT4ZR/LO8H-F=3%C<%SS#S$KO6KDK:E9"$!SB8)>G&27@\8S<#SR5X
M'QMGI;VXC!(!`&ZE:#V]?@OI[S19YOCV)Y\(?&WC>#C,4TT$4MM;P#*1PR7'
MH0R-:R8%ETT/8Z0B,>FX.=L`;03=6^U7\#T&FV\7J&[SR.M5767JP]:/1XQ\
M%G39"_'?EKZNQ>"=?C'PGP;Q2;V='=][GMZ\;46%;MMKZO5M:T]U>E?WKRB+
M]//J^8<5XG_Q?3ZK'"Z^J^D_+6!T_I^A]3K^7;N]8==VW2BR-P^T7NZ-WYM)
M05(:>&7(Y:M1N`S>63)5=T>@[(IB,JKENL1T-/:GB)C7)7Y,4NRA;D2,YR$N
MR2<I,$GP4%.=([.(PP32W.T2$@#:3J#3O_4M'C/A+BE]P_Q_S'E?DP8N#D$]
MQ!#"+&2=XFAN76S`'LF#3&2WU)'O;%Z>YK`'[B]N-<_:FNDUC6I3?K1KLZ7'
M=FU\,?K";*P>;"9X"V0")PM6Y-LN<)'-7)G6(%)8'B/N21`9W"8"K"01OO3!
M$I#Z+`-=<&>;;%&:5I6I/2@6O!^GVWQ=]Y'FYWS6/&<5X[=1VS[IEL^X=<33
MAKH6Q0->UP^22)\@W.+-X;JT.D9_?9;7):]Q3_?Q=:JBQ&Q9'MGE;0SUI8,O
M62P=1IL(%V5\"CY@G%>R(F5I7E"+*\68*0J0``<6'`1![%_''&RT$>VACZ@4
MK[_^%3]0/&..\9P_AR+CS+*2*;`![[JWA;#]8=S=MQ(-K7N>]I!/JUD:26N-
M05\E%L3:Z]P-Z5#;*9$QUUH]KR*OH4T,;VZ-+:\7':T,>Y=*;!7`;52<MPD$
M,01G#.B[_(\-V!"/("6:>,>7IMBMK6K07ROJ?L!H!\:U]ZR9QW%<5\:>)&3X
M^"7-\LS7U$[Y(V/<RRM)XX8K=NX$MCG=+ZS]M/4H&/+FL`5(46V$6,.I-4W5
M67M*MO9]OTODL62H]69!;\KM>#RI]<K+%'Q19572]C4'Y3J89V+<>&.*T!Y_
M20`.#%!6`<HZ$&XDB?91BTH?FV@$:=:_;[E]79#A<5YY'Y%Q7/>"N-6?AUD$
MI=EH[.&TGAC;:^IZHN6R`5$_\/Y(F%K:O)VL=68.UEN&F^T7OR"7/L;[0JIZ
M_8*PIAWB<+TNGTTRC:92\PJ/*9&!V8VEJDC.C;3C3S!X4%)4PE"H0A"&+(LX
MYMH(_P#<X7Q0PN>7.J7@=*Z=EYIX\XVUOA+A^7XOPCA>1S,V0O633YNW@W/B
M9/((MDCWQ/<X``;2]VUM``*)\2F36'+7'0G1Z@=E=JX["]C&JV;BLG8"W90I
M-VN%7<7PY/:2&HY8X,[:YQAR/5IE:4D>$@#T9($6.T9(#RSM)H8T7=U-!&7,
MH`T#Y*GVT]O_``KJ&/L,+C8/,'ECF/!>.SY7"26=E:XZSB`Q'U,NUAF="U[F
MRM`+'N&\M>XR]'%CFL($:LOV?NYNJE6,U_W9>6M^W*BPJZ?H+?DU'8S_``*:
MQUC0NK1(8=(U2-O4-[:[+G4L*E*`(2N[RJ$9@PP:<1.&YEW;7$AA:R:.AJT4
MJ#["N%-]@?,OB_R'R"ZX;BL3SCC;;:YCN,?!]-'<022.8^.:,.<'.8UAVO)K
M7TP"UH>'2.]G79TM$^;9:HSN0O4O>]1KQ5QN)RF3.:UXE#M3%C^-975!4G=7
M,T]Q=WIJ;D:Q)E8://?)22`X[>C(A:-XQM+>X8T`2,J0.FX:&BZ/YLP&.%IX
MY\B8BRBMK7DF);+-%$UK(F7MMLANS$QH#6,>YS'[`/E>YY]H`LTYL5X.CA$<
M(CA$<(CA%&B5?OBT3_#1MC^U+2[A7V+_T>V'2[]SK4[^&BB?V6Q7A4]2I+\*
M(X1'"(X1'"(X10J]GUJT_P"FFKL+H&32IGF;Q%WB9.2B0,2-:@;50)/*720$
M%$IG#(E0!I27#!8\B]S(@YSCW.;J\G%S.Z9K2`0/P"]3\S>0;/R?S_*<QL,?
M+:VUQ%`T1R.:YP]*)D9)+=-2VH]RAI?'LOK$ME1[0A:R6_'8\;N'*M;95%4"
MAJ>C&UK+HA,\%N<7L+P0TL]R8I88Y`SC*+M$0(D(Q`,P')8MS%?,C^C!C)],
M.!_\+VC[%ZAQ#S]A>.,\,177&IYF\9M\G%*X/9N?]>6%LMM44;)"&G\^C@2`
M6UW##1KV8%J$3B^YZZ2#6V"^O'0ZS]1$U=T563W7U>5R]SD]*8VR)J1&*7!9
M)VM+EM`:N/4^"+E)RHSH``L@H`JZ^CVQ,`>=DH?5QJ33V>Y;F^\^\>?B>'X>
MWL\[=_RGE]KF#<W]TRYN;ED`(=&]P#6Q/.XB-K=\;6L;4ESW$.U7[/Z8*8#[
M-J'AL&-!4Z.2^"R65K,MCIDB<D1)E;6M0FCQ>!=XW&JS$61@RI[<!P+&,^[S
M2^K;OO7;#_%!`]U5U6/S+C&9CSGDSAI]G++:>*%N]E8#,]SP9/\`C`!U#M45
M6;V/L\ATAD<'ASQIN92<AM)SGZ:Q['U)@-O;2Q:,NSEAQ5U@TO-EL\GKUV90
ME=28EP<4IZE-U=\44$/_`&_-<Y%C@U[A+ZH;2@>0TGOI0_<O0[K]2^(R=E8Y
M;)VO)QRJ''MMS;6V8N+/$RRL;M%T]EJ^*Y8^OS.CC>UKJ;7.)^=6-Z[ZI/%(
M[-[G7HID;$XQ[9QSI)7&(NTMRI$KAR6J(G)8VJ2.)AG8A/`O$^%B3X3X"$HL
MK(<X_)S9S7`E@MHMIJS=4]ZD%>(<U\B6W*^!>+N),L9F7N!COA+*]P<)C=S1
M2@M'YAM],AV[4DU"KJFNIJ/3_P!G1NK36S-P0:0T/*</L@I]Y9H%)4\LC]AR
MQ]=7J.!E24E3(BGA8?81<;PW@1E$@(&G/R:=@)@1E;QMP;F\MI8(R)1UU%"!
MUI\*KVS%>19/)?FWQ9R?@?&;N#E]OZ<=ZQ]Q$89+:&-C)?2)$98T6QN?4+RX
MN#F;6DM(=+OV2U-3*KM0H],+4&XJKCV'D;Y?UF+WPK('TYPG/@H(RF<N\`4>
MF,(A3:W&C1Y+)`A4J#B@E@[,]NWR$K9+ES8_[M@VCX=?QJO-OU&\HQ?(/)5[
MC./!C>,82"/'6K8S_##8*^J6]009W2`/J3(UK'%QJ%INRVB%[RG8NQ-@M<K*
MIQN%?51-])7=`+_@"^<1E7%4!1",+C%3&D6%0#%#>D(":V'X+1G'EB--,,ZP
M`)R@NXFPLAF8[Y';FEIH:^_^M<GP3R]Q''\)PG#.;X+)O&'R3KZQN,=<-@E$
MKB7;90_2@<7$2MJ]K2&M:*$NVOV:^A<QT"8[2KQ;.X194)FCZPRUEE**)+HK
M8I;TFCK<R/#1)!#<'AO<8JG-2"-:"0J,FH,F'Y%DSPH6"<;V[;=F-X86N`I2
MM1U]GO[KCO.GE_&>8[OC^:BQ%W896UADA?$Z9LML6&1SV/B^5CFRD&DSBVDE
M&4#?3&[U;+:8W>\[&M.W^GUR12H[N'7@:JL%AL6+JI/7-EP].Z%.K8-WP@R<
MYM+LUG$%!P:008(T"5/@(R.@W)Z"YB$)M[F,NBK44-""L.">4>*6O"+GQIY+
MXQ<Y+B@O?J[>2VE$5S:S%A8[9NHU['@DT<X`%SR0^K=BN</9NW!,=8=L8+:V
MQH[)V+VW41-5*9VYMKH@J^"I(@_M;LS1:"PE.K-RVLZ-,F/*,4$EI3%G:GP8
M2#"?&19B]C;/;OCAVPQUH/::^TE<_#YQXSC.?>.LOQWA'T/">-MF$5NUS'75
MP9HWL?+<3D#<]Q+2&N+PSYZ.._1N;7:5V5<57:K%5'9$5A=VZE3*`3B$O<O9
M%[Q`Y$XQ./I&1Q;7M"BZW1(B7G(B3RS2RSC,`*$3T!R;@\G3M[ED4D_J,)BD
M!!IUU76_'?E/!<9Y!Y"=R3!W%UQ3D=K<03QPR-9<1MFD,C71N=\A<T.<T@EH
MJ0ZI#=CHQOGLP=A+`9]\W"T[YK>1V-NK"Z+937QCA#W'8]$76JCF4U8FPS87
MKU!["G1-0&]O'@X2HX@@!RGL-&9C&N+Z%AM!'"X,B+O;6M?Z:KOMIY\X7AKG
MQ!#Q_A]]!@^*W5^\1R3LDDF9=AX:=^UH$A<\R2"@8'.+&?*`5+]ITUDS=MIK
MGL6.9L1C+26K)FO[I'`H'##H]O`Q*A>4#>JSGP1.VX[_`!_=&8[WW.;8W+3;
MS0[35TFZJ\UN?)]A/XYYOP@8N8765Y`,BR7<W9&S3^&X=2[3J-%%FL_9:SZ"
M134N.J[3AZ\[73;V7;)O2A.S/194C8Y(Y)%Q$::PFBZTKJF`GR$9QO:3G.?<
MYN'W['NN'>F?GC#?LI[5Z#GOU`X?+Y'R->Q\>N6-S?&H<8P%["8I(FEIE?3J
MPUT`U3VO'1"6VOL3LA=3?/(ZTM=X>S[L335J9%K:YGKV.335T"X)9FX*"!83
MJ&)$`/28G+_[@6?R9YI17;8X88BPDLF#_@/8NH\3\NX[CO"N#<6FP\\EQB>9
MVV:>]KFALD4#-I@:#J)'>QQ^4>U8=7[/Z8*8#[-J'AL&-!4Z.2^"R65K,MCI
MDB<D1)E;6M0FCQ>!=XW&JS$61@RI[<!P+&,^[R_5MWWKMA_B@@>ZJW,?F7&,
MS'G/)G#3[.66T\4+=[*P&9[G@R?\8`.H=JB\I]D/8+!,[,8:\>=.1U)9MMNU
MGDV';VIT)NC9:LVU_<4CH[5[#G.PFV0P%]CG:28F(,=TYYA`#AG%!+-%GFO_
M`#%A:PO$GJ-;2@>6M/O--:_8N_Q_J3PUYB\#>9JUY..1V&-9:FVL\O/8XNZ=
M&TL9<S-MG1W$<NH<X0N:'%H:XN:%:AM/K^IOC5>T==(HZM,1/F\!!"6-T6-H
M0LS(40-!A*(;4RD(RBD9"=#@`24Q918,=F`!"'&,8V$$WI3QS.%:&J^>_'W,
MH^(>0N/\VR-O)<LM+SUY&-=\\A.ZOSO+B7$NJ7.))ZDDZK:Z%HR(4E7%=15N
MC4,32F)US#H4_P`KCD9;&97(5D=C[8UN*\U60C)<3R'-<@$HZ3AB%G(L9%VB
M]WF,LKI7O<7':7$T)7'\PY;DN5YS-Y&>_NG8^YOIIXX997O$;9)'/:T`N+06
MM=M^4`:::*)56Z!BC]>[_P!8V%,D3S'=V+LO.R$ZJ-HU:1RA3#;Z8Y,B2&^'
MB[A:_P`<&:$_`P]J8TTL.,AR#.<9W$EW5]H]C:&)K1K[:?UKT;D'F,7F:\-Y
M["XM\5[Q7%6%L1*X%L\EF07$;=6QRTVT_,`30@T*CYJQ[,RTJ=G]+K9^ITG#
M":$3EEM,BJG46`(;VN1:U(RDD7>K-LR:LCXZ1"1,1R<I2-SC9Y+FO-"/*E08
M>;E4'6GOHY&2AGJ[W^PO.T=Z`=?L.B[IY!\\<?Y-AN4Q8>/E7\US#COCN\Q<
M.L+)KW$RLM;6!\;)HY`2T17+711B@8P,;Z9\[E[)AX?]2)?0+U9<0-FN-O9!
MMK7,D5P\R1PE*\KL>"(8C.HB\F!+DC$N9EJY(O*%WB<??@'DHX)>21AD`VX;
M,&';Z>PBM#]H/L6<'ZC;6S\D8WF5K@KD8K_#4>'N8A,(IRQNKIK>9@K%(U[8
MWQG1PVD;FD[AC3?9;VG,*9V4B\N<=-ZNG%WP*.UY%6/6;6"(UA`H,UM,XB<Q
M>W%SG)+&"YI>.4FQ%+DQM5..&M,H+P8$HS."<I[]?&V2!S1(YK22=SB2=".G
MY12O6E5KM_4!Q[&<HX+?XV#D^0Q.)O)+F:3*96:ZN)WO@FA8UL!D^BA](3.I
M*R/U7-.TN:"[?,"Z=-9-:*W0M4@F;$U!U"L>$S>2`6('`[,P2Q5@:&=0A9,D
MYQA"H5&-HA@$?VA"$6,9]WFVBN6QB[JT_P`1I`]U5YIQ;R?8<?B\OQS8N:0\
MEL9X(MKFCT3+(]X=)7\P`=0ANNBC_M5[-Z:67LQ)=F*A+U8E#O9-?,L$G<*V
MVI0%OQID<8Z02V,]BUX+&%(FR4HV5*G(\&.)PB.R1VG]\`SNR]:WO6L@;!)Z
M@#34%CJ'7V'W+N7CSSCB\%P.QX)R4\AM[:QO7W%O/A[[Z.61LA+GVUSTW1.>
M7.W-.\;ODVEM7>1^]F[<D`.U8M36JX:DCFQ.O,6FT'D[B_4E&JXINUHY8CFZ
MO+T6IK.DD$;9(?AE<GQ4-(2B2C,5Y$6<I4^%%"4'47L3_7CGC<87D$?,201[
MW5JM2S\Y<8S#?(/'N=\9R4_"<U<03Q-COI;F]M);9K&,I=7SI9)M[8V![GO`
M91S61^FX,;(W1C4BS-8W?963VM9L:M"6;#6YFUG%XC,;5Q5&E<5J)0%U3^)E
M*M<6B3C7JA93$EGG8)(P$`C#!8R/.A=7#)Q`V-A:UC::FJZ1Y;\D8'GMMP6P
MX[@9\?CL+C?I&LEE$SBUKAL.\!I<=H&XEK:NJ0`-`AK6]FU-[#_^F'@5E15N
M^W9]G_R3\*:7<WR$]3GA/C/RB[H7_P"R\<]_CN/!NSN^SW_-:.]:SZ&K#_"W
M5]]5V_COG/%87_N(]7!7#_\`"/\`,?6H]@^H^MIM].OY=E/FW=?8G#.=&W6=
M7KI+9SG+&(R*:Q5';-73>-#1..'";DV93QU7C/9%8!8(;TZ89XCS,']H\E9[
M`^^YI,N@R*YC#3N>X$'M0U76<3Y9M\1Q'RK@(,=,,CG\E9W<$NYNV`VMZ+JD
M@ZN)H&C;I7KHDIKIHKNC1'JAI)-MS&$^I-)3IPES(BB,(<&6[[!CZE\>)&36
M<]?%:M;'DL2&XO1H5!B(0CC2,](0E])'@^K-=6TOJ2_3GZAPIJ?E!Z5'O7:N
M;^6_%O+_`/$O*W^-[AWD?*VC89'33M?8V\@C9$;JWC`;(9MK`6AX#0[4DU?O
MTZ5>S=VICJ+8BCM?-DJYA>J.TTVFLRGK%,8&]/=GUV"S2"D-@QJNES<XI61S
M87QL(PE"!8:DR6F%D..P[)J@_)M[;GT99H7&XC``H=#3I5<GC_./CV]EX5RS
MF?!KZZ\B<>M8(+>2&X9':W/TI+K:6Y:YID9)&\[R6!]7"OY=K&2&K+V??JCV
M33VK#Y:W`K9BT,9=,HS%EZ14;*2E#!(H\ZHY@[N9("6U46J1,><*0@``TQ2;
MD>,8QGLYI/O/4A]-S?G,N\GV>W1=+SWF;_$G!G\>R>-><[-S!^;EE:0(B)(I
M&.A8TU<"'2?+4D!H`2<AOLQYU&-;_9]4@?9\25.NFFTS7L!)GPEH>`-\S9V^
MU9I80X^Q)QC\)0.1B.4%I\&J.TK!I0A?].<<U'7S737DOIFDL>T>[0"OX+L^
M4\]8B_YQYFY8S`7+;?E''WXZ*,O9N@>ZT@MO4D/1S=T1=1NM"!U2E4^R'L%@
MF=F,->/.G(ZDLVVW:SR;#M[4Z$W1LM6;:_N*1T=J]ASG83;(8"^QSM),3$&.
MZ<\P@!PSB@EFBSS4_F+"UA>)/4:VE`\M:?>::U^Q=CC_`%)X:\Q>!O,U:\G'
M([#&LM3;6>7GL<7=.C:6,N9FVSH[B.74.<(7-#BT-<7-"N`NF@H#>M#S37B8
M)#"('-(9Y&'!9B6]M4LI"4E-EB=&-.G1@:4*Z-N*!,K1EA3>"%G)@![K)>.C
MG'13/BE;,W\X-?Z?:OFGBW,<QQ'E^+YKC)`<O:W7KC>7.#R2?49(2[>YLK7.
M8\[MY:XG=NU563M[/_?JQZK9]2K=W*KARU7;4L;C3W((C5JUKOV=5[%%+4:V
M0YW7N"Q7'689B1I)(&X%J%BDSHP)7X:`9Q1N_%W:,D-Q';.^HU.I^4$^WO\`
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M'$;7B$5E!9"<-E-G`9/X;9:$"5V^1S2UCA&7-:1)M+G34;O9ASVYD&WTIW*M
MR*RJV]JX+$*T2K*BC#BV0BJ8Q7;DTR.(GQ]!*%>71X-%+XVUN*I(:).'(T8P
M^$#&HR<5MC?,B-NVVC(CC).IU).AK3W5"\LG\^8?B\WC7'^,.-W%OQOCUW-=
M%MY*UT]W+<M?%,)'1#8P>C++&QXW:/!V`,#79NN=%MK)?;FN,RW#V`K>PX1J
M*>>ZU)&:QAKVQ.\VEI;2@9&69VFYOJD9&'9H(;"5."D0#0#4]78,`1FY,C[J
MW;',VVA<'2=23T'8+:YSRWX\QO&^;XOQGPV^LLMR0!EY+=3LD9!"7ND?!:-C
M%=CRXMJ\@AM*@D-V[U3'L_)#7VAEUZ;R&QF94[6T*Z@IYRS,BXYN8PVEX2)M
M-.9ERM&I<,LYAP<GEA/)[X.,X",&<X%C"2[#[N*Y##1NW3[%Q'*/,MEF?+_%
M?)UEA)6VV-^AK`][0Z3Z2FX![0X-W@':=IV]2#T25</9[[;-L9T<ET*O.DT.
MPFD#%**TB+JZP.4FUI**H?X*QUNA2O;=AR6O>)4V19J/`><5@LI8<L$,&4HB
MB\\U1>6Y==-=$[T92"=14&M?NJNU0^9_'$]_Y9QN5XEE7\+Y9-%=3,9<1"ZB
MNX[B2Y<8W;6L]%\KVEK34L#`")`XK4W+V45T2*HMCH3+KX@TBG-_;2P/8U?,
M2H<ZL362.-+%+@^-9D?2JE>$)CBJ5"PE+*.-+3E8"$0QYQD6<A?Q"2%[8B&,
MC+:5[KD8/U$\6LN2<(RN-XA=P8G#<?N,:V$S,D>?5:&QO]0@;@T#YR6@N-2`
M.BEU>ND<IMO:B9;!-TXC[0SR?1.?:D$1Y:W.)[FED4PD,P>DTN.5$"PE&RHR
MI*``R`X[\0BA9Q[F<<V\5TV.!L)::B4/K]E-/P7FW$?*V/XYX]Q?#)\3-)=6
M_+K?,&1KFAICACA880#KO<8B0[\M"$C%'LW[F8(5[.L5<7%7C79VB*&PFP2V
M40Y^>H=-TUDH6)L=E!"9"\-CJWGMS>RB"0`?4$9BCJ$(."L!,U1>Q%UYOC.R
M6G0ZBB[:SSCQ>\ROFP9SC-[)@>7/MG[8IHV30&V=(Y@)<QS'!SGU<12@;0`[
MJMC2ZTS%+W]M@N]6+ZL>*MK1'7-_;2QXAE<$$8;]DZ7;9E!:F1'*U[<D;W"3
M(D\L0.8,IA'@-+,7CR,1@1B)UA*Z+&#>*2.JUO?:ZA/PTI]R[W;\HR/$/TK0
M_P`^M&Q<@OW7./Q4A>UTKL9?.@N+QP#7%S8G&&2([@T@B$4#2`ZZ[9^HW&_-
M=KII5H=T3`Z6C7$IA"![<B#U*!K52!K/;R5RQ.ESA0<G3C.P(00>^SC'N<XR
M"00S12D5#7`KY6X#R2#A_->+<IN;9\UOC[Z*=S&D!SQ&\.+6DZ`FFA.BS&OE
M;+J9H.D*?<W-(].54U!6M;.#P@).3H79=!88RQ=6YHR%&<GDI%Y[6(TL`_?A
M`/&,^[C/),\2RRR`4#G$_>:K;<SSL7*.8<LY-!`Z*#(Y.ZNFL<07,;<3OE#7
M$:$M#Z$C0D:*DF7>R2VP=**MW4B-[+U(VZUR>TUMIP=&XUR^*K$,5N4L0R/R
M<E[V2N`A1-+3E/WP34852A8L*!G.4Z<8B`\HW(6XECN#`[UPVAUTZ4J%]5XW
M]1_CJWY=QOR1?<$R4G.K?'MM)W-N8Q;;6PNB]6%A;N<]]=I#]C6,)H'O`>;$
M&/363-.R&^=X&3-B.:MO*XK>$1QC`@<`N$050>JO5ZJ7/:@0O!ER=<L_[@L)
M&,""5[W/ON;,W+3!:1;36-Q/VU-5XK=^3["YX/X@XFW%S"XXU?7,\LFYNV83
MW?U(;&.K2UORDNT)U&BB1'_9BWW3T1TUEU!797#-L;JM"K`K)W<)M&)&Y559
M<#G\GDLA,;W%$V*BI"WFL!DE/&2$(1>$*#`C[PC)`!"W!OH9'7+9HG&&0@Z$
M5!`"](O//?#^39+R?C>8\5OI>$<ANK>Z8V"6)MW:W%O%%&'-<X&-PD$3034;
M6@C:_>0)=:,:D69K&[[*R>UK-C5H2S8:W,VLXO$9C:N*HTKBM1*`NJ?Q,I5K
MBT2<:]4+*8DL\[!)&`@$88+&1YVUU<,G$#8V%K6-IJ:KS;RWY(P//;;@MAQW
M`SX_'87&_2-9+*)G%K7#8=X#2X[0-Q+6U=4@`:!`Q*KWJKM\]XJM5X-;XCOQ
M3#+9542A4F//9DL\@T9>H%9T24*RBP9&^@'*RWWP;W?_`-6$.0"R(!O-9SQ)
M:6L@_-$ZA'N)J#^%/M7<<ER"UY!X@\3\@CH_)</RC[6[B!`>;>>5EQ:S`$_W
M?\$P;O\`[VM10M4K])=0H]JI0%3UD]MD!DUC5ZTO+<YV2QQ-"@<7<UTD3X[!
M.)<E:3QZ'`&]T`G%WAN<YP7V?]/9CFWNK@W$TD@)#'>RJ\[\J^2KWR'S+D6>
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M-2Q-;&*SA2R6(,-\FFSHYR0SQP[/"UK!@.2S"@`),))-P?D)`"\:DES"V%]O
M:Q.#7D;B34FG0:+LG(O)_"['A.7\=^)N*7ME89::)U[<WDS9;J=L+MT4#&Q#
M8QC7^T$EP<YNRKRY?GV;L.>)%,-SMP79`N:V[;&^!'ULF<DQR%<XTQ3I;S#*
MZE*IO4%$J$!DE"O7'%ECQG(DP2C<"$$P(LKUP:VVM@=8V:_Z3M2/@GG+)VUE
MC/%WC2VF9)-QS$4NBTAS6WMZ63W,0<"0X1;8VDCHXN;0%I"M-YL%\^HX1'"(
MX1'"(X11HE7[XM$_PT;8_M2TNX5]B__2[8=+OW.M3OX:*)_9;%>%3U*DOPHC
MA$<(CA$<(CA$<(CA$<(CA$<(CA$<(CA%SK:7^TGOFUY!K><_776%\N-K`L(V
M[:'A%*.41F>OL:B$>E;RBG*^Q$4L<(XM1*E+$B+$2O1HN_PY`)3X,.]^'F;F
MRBC$](G,#:;7%U0XDC2E/Z47VQY1\%\0X[9\X;9\5O\`#P8XVPL<A/?-F@R,
MLTD+'0-MG0ME:X"1Y#HWOV^D7/+6Z&7I'M:82JK&LK'#0=H,GKS='1'2##/)
M=35<>L)HBL?$^3J7BE$SL-IAT6BT8.R2A+-<5Q*AT6*DX4A!@30BYMOY>[?(
MSUFG9^:@)I7H*`5)/NZ+S9_Z<LK'GL]@SS''R_RB-CK^2WAO;GZ9\TGIV\/I
M06SYI99160MCC<V)C'F1[2TA?9W]K76ZN(QR85;1UOVLA>M;)KM.\%M2RN8Y
MF$5G5T^=*]M$<G.DDS1%'.L+>V)8`1+5XS\/,`6%+DT)O>!#'OW.;)*UI#PW
MVZDBHI0>WWT6%M^G'.1Y*^QG(.68S'319V#$L+VW,OKW5W;LN;3TA%`XAD[)
M&'=+Z7I@N,FTMVG5[!]IN!ZA$H`PP:UZ(ES4MU>G,35R=HJZ7K9W2FP=E-45
MCTH1MB&62%H81O!`C25R)<86Y-I2@LP&!*,#+)R98T<W<]KV_,#2HH6BI'0?
MU%;_``W@4VN5QYO,MCLOC9&96"81/NX6V]]CK5\LD3G.AC?)L-#&^,&*4M<#
M1A#G2?/W[K<CQGU0V;Y\5[WL6@AW2%A_O+(?O)WP:9%]KOC_`/@@GRD*Z\Y[
M%_\`=C[$^?<[=#Z1^GS#^Z]3X:Z?;HNA,\.YQ_T],I:?Q.(2<A']YI;1^I6`
M_)_?GTC3_P`GJ/GZI$MGM3\2>0P^/0;4>^)<=:,AN2"U`I2R*F&PJQI]12U;
MBP69(6[6,E/CS&SL;><N$YN84P3L%&$IR3S09QS5-AM:YSKA@V@$Z.T#NGL_
M`+MT_P"GPV%ED[W+>2,1;-Q\-E<7@,=Z\VUO?M;].\EEL1)(^1S8_2BW$5#G
MN8TI?WC[16832GH';>JZL$?;3=2M@]LIRAF<>:'1T:F>$(05U7,6=4XCER-.
M:Y6ZY*SQ#2']2HB-'A`/)(S>9Q6;6R/CGU/J-8*'OJ3]W[5S/$_">,Q?)LQQ
MOR%&9IQR/'8B!T$CV,>^=WU-S*PT:XAMFUC0'MHQUTPD;@U?5=LQME0BFL4E
MU6K`+:CFR.M-[V9"I)#:>!74SJ6?5#3'K@RF,9CYA,HO.&)4R#&66-6)OP8N
M*`$SNP"P6?!!;S!YBC+7,>T&IJ"":=@0L(N">.>81Y^3BO'KS&WV#SMA:SQ3
MWOU,%Y;WE[]%4/$,,L$@DH2&>I1A)&X@N9N4(]J!%BE6OM:.L1E4[G4WHO6F
MQIG(E3]4E?/SH??,9;%K>YP:LWN7LKO9JU">8:L?D<5(5DLQ0L@+[T0<%8Q=
M8N_C/#@&![@!J?RGVFFGNKU7&97P%D'1\SSMODK>TQ-IE\I;01B.\N8V#'RN
M:YL]U'"]EJUP`9;ONW,,Q%7;0=R?<;WN:I7:<DBS+1-U.5-Q:RYK3;ULJUL[
M(\UHTV+73>N73,#ZTM3RKG#'7[.I;S$'E2H;@LPW+'<Y,"#^]YI.M"V,.,K?
M4+0=OMH>GNK[NM%T^^\17&.X]8Y"ZY=BF<GN+""]9BWO>RZ?;7+FM@]-[V""
M2X>'"3Z1LGKB+YMI/RI<1_VG4/<$C'*)/1-Q0*LK.@EIV#KY8TC'!36ZZ6BH
MX8[SY_1)V-IEB^05\[/L69#UK&2_D(@NB8.!`$$6<`SF;%P):V5ID:0'`5^6
MIIVUUZTZ+G+WP)DX9+O'V'+L9>9ZPO+2WR-M%]0'6+[R=EO&XR/A;'<LCED:
MR<V[G^DXT((J5EY;[3*J(A%FB5KH%8:E&\:0LF]1"9*"-^$E5X^R.&1I/$#>
M^?"RO+,E7-4Y@\8%E#W91G8?G/3@4;8R.<6AXJ)?3]O74U^S1;;&^!^19/(7
M..BS%DV6+EDF!)/JT-S'%/*9A2,GT"('`:>I4M^2E:)6[_:A36(T-M%*X?KO
M)X+=.OL?IZ:D0ZXE<,?&!97=T/'@L6G3KBOK*).&4%$D.+6-*=P"Y(5:A/C(
M3<!4A)U8K%KI8&NF!B>2*BO5O4:C\:47:>*>`<5DN7\`QV3YK;W?%LU->P&:
MR$\<C;FQ966W9]1:D5W%I9,Z/TI&-?JVL9=.RZMFD]'UM64ID593=ULJWY+#
MJ]@=&,2R'K9LX6A,&=6\XA*Y_#(\P!O*C:=K69='CQH8SIRT@S`*#0"*R9M(
MH/5>]H>-C027:TH/;TKK[!2J\CXMP-_+,YGL?99ZTCP6,@FN;B_D;,V!MK"\
M,]=L?I?4.,I>STH?2$SB\-+&D.VU\W-[1&XI&Z476E,53-JLL]_VO:Z"OMEE
MI%2R60UXO01G,W/B3$%=/RHI(,3J-'`7M[^G-.;1-:93@!A2T:8L6\CLXVB5
M\L@=&(]S:5`.M*]*Z'V=:^Y>S<7\*<9L;?EN=Y1R*UR&`AXZ_(8]\)O(H[EK
MI?0$TFVW,T?T\H,<ENX-E]5T9+71"0AD>T7W$N#5BX=-6NOSXX&O+!D-B/-[
M)7MH+7+SZVKV04J7(%+$Y#,!ED6-$7FSLK$;C`L9P3C.<9R#`186=M'/'<E]
M=X`V_:0[]X"X/PEXRXSY"XSY/N,RR?\`G5E#;,L#&\M:+JYCOC&)&_VVOE@A
M8!I^8]*U"H@'M';2+V`W0\LF'$RH^H6;+E3D:AC2RMDC<R&R]Y+KZX/#O,7Y
MT:V`B.'RB%."\]R7J4Z)"VXR;D8L@P`6;[*/TK;::2NZD]/RAW3O0].Z[%F?
M"''SPWQ;_*[SZ7EF3EVWLL[WNB87V$61:QD,;'R&413QQMBC:Z226C0!4D,U
MC]K37THC\?%$*2LFP+"D=V3*@6V`5I):NG:5QG<5@J*?)5S)8+-,\P=]A;PT
MN)81.9"K.$8B5(SBL%$A,-P./>TG=*T,#0ZI!&A-.E*U]RX&[_3EF<?>WHR7
M*[&RPL&*@R#KBZBN[<MMY;AUN6R6SX/7CG8]I/I.9\X+`UVYQ#?QKU[1<^7W
MA>>O\[;#W^R(AL?>#8A:6%.R,S?4&M%71JOE/E]:#LJ<2@JB"I3(5C<0-$4L
M6."H`@X*"65DSB:RVQ13,-&%C?BXDZ#X"ON67-/"3,;Q/B7,L1.(<'<X.P<Y
M\AD>Z\REW+<#Z>U8&FA,4;)7!Y8R-A!+B746G*/;"0R8U[=#I5-7/N)HP:\V
MK?5'AD\FJY_99Y'ZV0=ZY.<UCT,L\<JKP;*4?AX4L3N)L>%[(D481Y\,$G3F
M9?RYS7Q"20;2\-=0'0GM44/:HJ*^Y<FS],^4QF:XM;\BY!#_`"N;-6F/O_2B
MNXWV\ETZC6P23VOI7.\CT6W$/JPQSO9ZO\(/>UU7SMG<,1]E^X[>L\>;8#<(
MZ@KJ>$LCJE:WYD;W25/T30J51"!$_P`@2&LKNV/(U:$@U><J3IE!0%.0J2S0
M!TXK>-U\+<FL>XC[JKJO$/'/&<EY]@\:W-[)><9&3N;<R,+XY',BCF<`7.CC
M(>QS`R1PC:QSFN+*L+28S5Q[2Y_K]OV+F,XLEBW4HBF813<C*NNAZ=6U<H)G
MUIVL16!E1C8WN9/C!(WAO2NB)Z":B6=8$HC"Q]1V0%`UWV(?Z+6,,4KB1M<:
MZ`5KTT[+OF<\$V>9FX3C,3@YN*\NREW>Q&QR%ZV[!M[2T-T+SU(X(Y(F.+'P
M$/90O#7"C07%QOGM#E]<V=8JBTX+:\62L]%U')XWKDHC]>N$Z46%:=Q2>LX>
MQHG]CD"O*V52\:-$,Y$8L&W-R8>1X-&8`S&=(68>Q@C<TDO(+JFE``3\!]Y7
M6+3PK#F\#A&<>R^.N))<O>12Y(27+;<6UI9174TCHY(QMBAW/`>&"21PIM#2
MU,&<^T<;ZPA#"LLO7>VZWN"3V6]59'Z=L-YK*#)7QVC\6!,7:6,ESRB:-=,N
MU:)6@T!.7HAX&$3CGP7!63,AZL&61D<=DS71AM:BI]M*4`W5]U.BX;$^$)L_
MEKR+!<UQM]QFWL&7<E[;,NIS&R27T60OLHH'WK+HO!/H.A!]/^(7;:TW-SW:
M0330:S-SZ'BJU_51>K;2EC+#Y:%I*,:Y/6H']O?$\L`WRM"WN3%%W1A/5K<-
MCMDYQ;$XO%YAAYQ`18BU+;MEM*ZE7`5'8]M/;[QH>JXN#Q5-BO,.!\7<OR#8
M8[C(6D+YH=YWQ77INC,.Z%SFR2LD:QGJP[8I7#U@UC7D)MG]I:\"@<?=S=9;
M4GLLB&OT`O\`V?3UVX5NG9J7B4Y8G1^:%Z0I_L42B6.$E8&!6^-S&W*5KD6T
M"+">/"L"@DK4-B-Y'KM#2\M;6OS$?#2AT).E5V>Y\$VPR]Y;-YYCK/'7.9N,
M=BC<MN2^^F@D9&]I,=M2%L4DC())Y&QQ&8.+!Z98YVW[U[4VG7VN5`VOJ0*.
M2N2WQ==$0^`D2-`$QGF,>N-"XK&!%VKC$0V?,B&-"$*H>0#2@-SG/9G&>S&U
MMXWS31W%0UC7$T]FU<;XC\>\?S/-^8\=\D">WL,1BLA-<&)WSPR63FMD=\H=
MO]/^(=HJ'D`:I?U3[1YLL&S+?EZI:F;:!K;2N+[#.\>4H$Y$UAT\0RF?,EG0
MM_6G"3&#?HVLAYC4)&(``Y7$YR7U!,!G.<ED6,C:!_%=*6U]A%!0_&M5S/(O
M!\^&P/&L;'$Z3F5]RF7',D#B8)K=T5N^UGC:*CTY6S"7>"?X;OFH6E+W5G;_
M`&YO6A]I8M(SH"U[<P2M(;>--)6!F2JH^Z0NVZU2SN`1A6RGG&^'.S-(VQ='
M7@8LX,2K#@8%CJP68;G/;6\4L#A7Z<N+7=Z@T)_>%S/D'QIXWXCR_P`?Y"Q;
M>2>-[N_GL+TR/(D9/9W1M[B4/`&UCXG1W,(&CV`TT)#7GK/N/--JKHIY#`5+
M*15"+3R&7C>>2&XM8N3VW;;B8T0VN"G$8A9:A,!<7?5JCN>KO>Y`#(LX[<8T
MI[9D$4A?7U/4+6_8.I_$+J7._&.+\>\6Y-+F&2GD3N33V%A5Q:TV=FT/GN2W
M^WZAEMV-W4IN)`2`VC]H?L56+S[0>-1>M&MD;=54>HZZOIN)&R/BQ<.[;-B,
M:D#;*&@<[7G/:F;1UU7*(WX$UH\-I3<H"YC+4FH@&ZT%G#(+-SGU,F^H_P!$
M$Z:>P]==:Z>U=R\?^%>$Y^U\,7^0SLDL_(79AMQ!NDC:WZ&UFEC=$_Z=HC$$
MC(VW.^5_JF1AMPZ-LI;(!U]II&8A%[36V'K]=$2L2G[CJ2GI=3J8^NY;-!N5
MYMZ1ZK-S8UT8FB^)/.'QG6EC&E)<,G%'Y[GM%GL%G1%BYSHPR9I8YI(.H'R]
M>HJNFV_@>_R60X]%A>9XNYPF3QEY>PWI%S#!ML'%ETV1LL#9F>F]I`>Z.A;\
MVG1?)^]I@WQ@$M>'O6FZB8+2V(6@VAG2-=72]LH&531N973$66-14O#(;&60
M]&_IC)`='4JTAL+,ZNTWW<8"Q+MH$[=SJ[1K\P'MZ:5]E>JRL_!$U^<;:VG.
M\4<OE?7=BK=S;EKLA%`Y[/5:\P^G;"8QN%NVY>QTI%/E3)>_:!5DR%6&>.(S
M-:176T]>:HKSD68^:4ZRZQPQ<;1*6HS+P$!D42@E1.3A#R!5G`!Y`4+WO;@+
M1YV?,/FC+_@*Z?;HN"M/#6>NG85@R5JQ]]QZYR[0[U`60VWJ[XGC9I,?2=0"
MK-15PU6C)O:51=;8T6C:.B+@4U=/]E1ZJP"^P&P3$"D]H-B]X:I+W;6.6!F"
M*/-SBQJ0HUHD`BW0M*IR5TC3F%XS-DX,<XRM]0,WENM0/9[*?U+EY/!60BPF
M0OI>7XQO(+/!?S:XQ]+CZB*U>UCXOG]'T72.;(W>P2`Q%S-U0]KDL=`?:*3>
M](]K1#[XJV51V<;"06TY-`[9(!"4E?V8Y5(_'ES=`S1=EDSC*XJ4PLRU($LY
MS1)0KS2S!DAR5DLTS.[LVQ&=T4@+&$`C6HKTUI0_!<]YC\)XKB-[SO)\0Y!;
MSXG"W=I%<69]<W%JV\C!@<^5\389C(]KR1$]YC!:''<'-;Y]KMS=@Z_L';-5
M4:VNVN"Z,UK1<_GL7ET1=)`[7$ON%:^.+@PI)&CDC+Y$HF*%L9@TAQ"968:Z
M##@X7<9$`*WMH7LM_4#M\KG`$'I3W4UU_!9^._%_#,SAO',?)(KV3+\MOK^W
MMY89F1LLFV38VMD,3HG^NZ2>0!X<Y@$0.T;Z$X&O/:"SNR-I79D#-8]":5;M
MIY-JVPL3_0=FJXW,ET99\!P=]HTE>EC,?N.521,L-:8\<W>`9:4X`GFX5&EB
M'D^S8R`':3+Z8=^85%?\WK0#J>ZWF:\,XC!^/K:[.*FN^5/X]%E9)(\A:B6%
MLK^G\L+3+)90Q%@FN6R>IZSB6-]-I`U.9[?;?E4J^;/-EI4-5M'.0[JGU0JK
M!A>9G*;8\73U[B=`4!'(LQRV%.PC;$AT7!(,O243HXFF/A11902DQ@<9-MK?
MU1`8WNE^4&AH!I5SB:'H32FG1<CB_&OC1W*;3@,_'\QD.61BQM[P6T_H16FZ
MWCFR.1EEDAG92VFE-OZ#A%&!`YSG%SP3K$B]IK>$5L],NL5=5M/$1NQ-9:^?
MM/Y5%G!3=TSCUY1.$.<WM&/S/RP($2BK]_E"PA*`AF.;QX;<)UIY2HXL)E;8
MQ.91FYU6N.\'Y1M)H*4]M._MT7(67@;B>0P#XL)#D,F^>RRES'F896BQ@DL)
MIV06DD'HFKKB.)CGET[9!ZN^)CHVN(:MC;1[4K<WI;\5M^BJ.U9K^T[4B<=L
MBSXFFFISN;2S3&H<3#HNQHI1"G&2'VE<#;*R1*RE*U02G0I2F\HPS(\&8,@M
MQZ4;HWOG+0:`T_-K4Z&E!3]ZZ[@_'_CV+_"7&LAQK+Y;R#>8^TFDMK68P!@O
MGRS&:61T4[8A:63K1P86L:YTDCIG!H&U9R+VA>W+I![4M%KC=>58/5#7+6&Y
M;KJ:7PQ^>'.Q)9?"9S?)!%FYW'*6QRKII9(DSFGMP!DKEQ:\XLE88((3,!S%
MG;AT<9<7>H]S6D'H&]#TUUZ_@N>LO"WC>WRW'N/W%]>Y`<BSF5LK&\AGC8RV
MAQY;''*YGI.;<O?,\-D(='&8PYT0!+29N)-DKT5;\Q:AW.+0AGI&4:^6%:L*
M7,S^LD,NGAK%)(6V,[V]X<XW&BX'V$/1Q06LL;A@77WAJGMP$L&U]&+Z1TH<
M3*'@'L.OO-?M7E,G!N)1^'LAR^#(7<O*[?-6UI.U\;8X;<213N?''MEE-QJQ
MI]4B/IM;'U)6M`;&[4J-K8W0UQR.EK#<)/7MAS^WX'3T:7EJ=/US0Z,9=:QF
M5V+B8OK;-2I\WN!Q192IN;'3P@OOP@\%#VF9S0V_T[I8PX`$`$G\_<@4TI]I
M"YWF7"/'K/'=]R_C%EE;*&"]MK>SN+V5I&9:]DANI8;;T8W0&W<UI)9)+%M.
MPGU#I:SS8+YX1PB.$1PB.$1PB.$1PB.$1PB.$1PB.$1PBC1*OWQ:)_AHVQ_:
MEI=PK[%__]/MATN_<ZU._AHHG]EL5X5/4J2_"B.$1PB.$1PB.$1PB.$1PB.$
M1PB.$1PB.$2!H;7*$:\:_136^%.DJ=(/$(^^1ML=90N:%LK/0R!S>'58:N7-
M+&R-!JLI0]FA*$6A*`$`08$$6<9R+6EF=-,Z9P&\FNG1=QY?S?+<UYED><96
MWMX\M<S1RN9$U[80Z-K&-#6OD>\`B,5K(34FA&@$>7KV<M0K*?UXJEAF5A1Q
M=JXD>T-1V,:FK272I*BDS<:U2-!*6.:UT_UQ)V][2"*R<68QE9`<E(-)$4,'
M4+5%Y())I"T$2=1J!\*&H^]=UM?-W)8N2\UY#>8RRGAY`Z-UY;`W4,1=$X/B
M=%)!<QW,3HS7:1.:A[VN#@:#V$^SJI8I$Y(QRZVU0G?4.R],G-<MD<95KUM=
MVS*3YE+Y@:>?#!A#9!K\J-,3'@"%F3EC[L+;T!`$+ZR6H.UND@?T/4"@'7I^
M/O6D[S9RETL$HQN-:(N2VN;:UL4H:VYLXA##"`)_^S",`.:29W$;C/4DG%RS
MV:=%3$Q(8YRRV2!(ZPUVJ<K"!]AY6!1W6:9)9O`UIGA$#59R].SLD"6[F8["
M#T^<A3DI1]AF*V]E;6C6_F<?;_:%#[?N6XQWG7EV,;(V#'8TAU_DKL[HYC_$
MRD)@N&Z7`^1C"3"/S-=J]T@T7E>O9LUB]6XHLW-MWDTQ\_9J&[@9I]E?H2FK
M8V_(@<T#S*5Q2V!.,J6-S\0QD%*T/C,`,8R,1(BC.Y$2%Z\1[/397865UKM/
MLZT_!:EKYSSUKQMF!_PWB9+T8&?#?6OCG-T,?,'_`,)I;<-A:Z,R.+)/2)Z!
MP<-P=O-=Z$4_6;[0L@89)92M;KM/]@['A13N\1<]*Z/FR:-_0SE+*0(X<@-6
MM345(S\M($@T)Q`@`\(-58P+`L7W<CQ*TM;1X:#U_L]*:^[5<1F_,/)L]:<P
MLKRQL6Q9NSQUM.6,E!9'C'1N@,6Z9P:]YB;ZQ>)`X$[&QZ47M;>S%HZM*AMB
ME$,RM1]BUJTPT4$:]/SK$SYG$JT:EL\>Q-<8=$D-1LB=6NDUDNSB<8:V&%C.
M,*P(H6"0]N;[Z5\D<I:T.:[=[:$Z==>P`ZKFL[Y[Y9G>2\=Y5+B\?#D,=E'Y
M`,C9,()KI[;>/?*PS.D(;%:PQM`E!#0ZC@7%9.(>S?JUA.=UTPN#8NYW@^F9
MA0T/=[;G<7>S:I@$\8\1V4E5JTQZ!1:,LSTZM))!)BU6A7G"+3%EY[2\"`*.
MO9#0-C8T;@XT!U(U%:DE:&2\X\@O&VT.,XUA,7;#*0Y"9EG;RL%W<6\GJ1&Z
M?)<2RO8QY<0QDD;:N<?S4(TZ:^RNJ"=L\#A;Y;-VKZSA4!I^NQ5^]K:SE2!4
MST@QLS%$7"*OLHK-VDU./CZ2QE&20^$JX\!\,$,0RRA#$+.3;^1A>X1MWDDU
MU'YNM:&A]VZM%R>*_4)R7$7.7REIQS%,SUU>7MS]1&VZB<'W\CY)FRQQ73(K
MV.,R$6S;YER8```7``)KQ[0V!1FUWN>M=IW:3`)!9$UN-SUX+E[8EIE;9]B(
M5Z*7O[BA01Y),'=F<CG`Q:!D5NYS00X"$8$CN\A)#IF[>Z,,,;=X:!NI\U!T
M]WQI5==O?+^8O^.VF'N./8HYF&Q@LFY+T7&];:VSFNAC:YTAA8]H:(S.R%LS
MHP&E^X%QTR%>S1J*++8^C?K)NFR:[KN*V+"Z8JB=2:/+(;4,>M6-.,/ER6.G
MM$49Y*^*"XL[J6QK.>5[@8V(#>[+R(>,&\R=>R.!HQK7N(+B!J:&HKK3KJ:4
MJN4ROG;DF0BO);3!8JQS=[<6T][=V\4@FO)+25LT)D#YGQ1@RL;+*V&.,2R#
M<Z@^5:,T>R9J$E@D,>E=Y;'SM*\:T&ZBM&9!)*V+#"J.)ET6ES$QQ1.VU:D(
M(>6!3$$R<I:LPL[Y.8;@XH>>XR1F<A)4%L3!1^_H=74(UU]ZY:Y_49R5UY97
MN.XE@[.2+/#,/].*Z/KWYAEADDF+KMQ+)!,YQ8S9M<&[7#Y][MLKV?M*6J"_
M"I2^6/W&Q55U544V);7R/HPM<?IY:I<8DZ180XH>:BD!BU1WBLQ6)<D.[L.`
MIRP]01:3+N6/TMH;\CB1\>M=5U7!>9>5<>/#W8^TL=^$R-W>0%T<CM\EZT-F
M9+_&`=&&BC`P1O;4DO)H0SKBUBCUV5G7<%E4^LA+*JH?H=-H%=+,Y1MOM)IL
M6%-2EH13U0>3%PPM<[/25P5X=$F68#4K"L.`%*4#N\%X1SF)[WM8W:X$%NM*
M'V=:_9K5<!QGGM[Q7/9K+X_#6+L?D89H+BQ>V5UH^VG>'NMP#+Z[6,+6>D_U
MS*PL:3(X[BY11/V>]4QU9`Y([3JV)I8<0O\`%LP_6+)7N+FR.R;0%#ED$*Q,
MBD<02M*>(ML<5X3H6QH3M84A9!6`FYSWF3=1UY(X/:&-#"S;05H!6NFO6OM-
M5V3(^9^17L68L;;$8ZUPMSAOY7';1,E$5K:^L+@^B73%YF=*-TDLSI=Y<ZK1
M\NUC;&Z=55M"_0Y^LI?+R3(57=^UDWMT=<&1$VKF'8N%M<&FBQR`YQUY6">F
M9L:"3V<].>G"D6=IAH%&,!`'"&YD@#@P#5S3K_FFH]OWKA.$>3>0\`L\G9X*
M&V(NKW'W3G2-D<YLF-G?/`UNR1C=CWO+9FN:XO9\K2S4F-+C[)K7Q3$S(R@G
M5SMR@NM:GKI`^F/T)=EQ)E.60Y6Q&IBYHG6`*6B1R5ZFKL>>\EKTY[8N+,S@
M"0@SI-#K#(3;MQ8W\Q/M_M"A'7I3I[5WN']1G,V9$7\V)Q;V&^N[ET8CG8TB
M]MFVDL+7,N`^*)D#&M@,;FRQD5,CQ5IW^O\`V<E20&PHS:/K%N25S*.7,\WR
M);)'2NRT+U/Y#5R>IWD;BUQFM8XD1Q]4PIPJ2T#?A$2D5]@4_=)`A2AQ?>R/
M8Z/8T-+=NE>E:^TE<-F?-_),QA;_`(__`"3%V^+GQ;,?MB9<ES+>.[-XS:^6
MZE<Z02':9)/4<]FK]TA,A]*?V<-"(K*56\WNUA-]B+M@[$V!7R9*X0["YQ';
M$5:8=8-.N0CH0=ARI.2,S.7WC8?WCD2>88:2X%C'G/)];*6",@;-@;37V&H/
M7\P[]/<L'^<.82X*/C4]M9/PC,+;8YL1;-M;])*^:VO6TG&V^B>\TE;2)S0U
MKX7`+7JY]F53-=L,UA0)Y:LCKV3U%/*.8H6ZJ:^:TT*KZQT"MMD2=$_1"OHU
M*9@_)&Y><D;7*2K7I4A19`5@0Q`P9S)]](\M=L:'AP=774C[20/>!1;W.>>>
M49N\Q65.'QT&:M\E;W\D[!</,]Q;.#HRZ.:YEBAC+FM?+%:L@;(^KJ`':G++
M=.('.]0AZ8RR<6>\UV9#6""#F1[G#B+,%'XN\-CJPE9=$D'3Q'PAN)9DR((_
M$O8)(5CKP([(CLZ3;E[+CZEK&A]:TUIK\:_BNKXWR=E\1Y*'E''8FPBS0NI+
MCT`V8VOJ2L<R0[#.9J.+W/(]?1YT(;1J96QE"0_9RGY-2D]<I*T165N$-<G%
MPB"QK02`D^#SF-6`T@1*GEG?VXLI0\Q9.4HP-(9D:89@09+'D)@,(9G02-E8
M`7"O7W@C]ZX+A',,GP+DMARK#P029"W9.UK9FO=&1/!+;OW!CXW$ADKBVCQ1
MP:34`M*4NW0RG;XFUAV'+7ZQFN56!!*TA(5T8?61LQ"U-13M78T$FT,R?&EJ
MM',6N3JNL8UARY`<2#!8DG3D?7JQ7<D36,:&[02=?;44(.O2B[5Q3R_R;B&*
MPN%QMG8R8^RO+J?;+&]_KB\MQ;7$$])6AT+XA0!@CD:XEPDJ!32W[V=D+E41
MCR.67;>,OM2+68[VTQWC-'&OYI+$,F?8L*'.K(1#)9`'JHB*[5,.0E98BX\!
M,$0,&X%@_(S19"\<USML3!&6TVBH%*UZ@UK[ZKE+/S9E,=DKV7'<4Q-MQZXL
M&6<EA`VX@A=%'+ZS)#/#<,O#<B2I^H-R74.TC91HD`P:Q0)DUL?=7E3O,9%!
MI7!)Q`)2_/CLB'-'QNL5`\H)4Y&N3<U-S0@=%13Z?DC"1`G2)/>!*("6#`.:
M)G>9A.``X$$=M.BZ;><]S%USJTY_';6L&6M[R"XBCC8[T(W6SF.B:&N>Y[F`
MQMW;Y'/?J7/))*C`Y^S)@)S0F98_?^R,/3.]1QRB+95,$DKM,X7=5</3O+;%
M&*?#Q684"1UCL;?#V9,YLJ9J6>*1Y*,$8:+)_-<7SZU,+#\Q<-#\I/6FOM.M
M#75=^@\\YAMS)=7O#<'<OCR4F0LQ)%<EMC=S%CII+?\`WK<622QMG=%.Z5GK
M`.:`T;%)ZQ-6ZQL2&T/`#\R"+137.SZ<M.N&N)K6]*62Y488#,'CKJ-Y:7P:
MN*X(*`2J**RG6&E`QW:DH7:+.@R=['2OT+GM(-?\[J?M70L+Y`SV$RG+\RST
M;C(YNPO;2Y?,UQ);?_W\K-CXZ35)<PG<P$ZQN&BCA/O9=ZY3R8;&3#QO9T/,
MVI(AB>XF"%/D5;(Z\@B,L:YHMRW)W&$N[DU&3Q]:@CD`BU6<KL'*,@[D:@T8
M]=E],QL+:-/IUI6OM%._L]B[QA_/_-\/C.$8SZ:PN1QXSFRDGCF?(SUH7P-W
M%L[&O%O&\BW!9_#VLKO#&@-:M-$-<J4O!!>])Q`NGWTJO'JM'R'5VCCL>KR9
M,;R]-L@"X2E@*8#5JJ0M#DTDB2+$RQ(()>.[-P:#L#C3?=S2Q&*5VX;JU/4?
M8NNYWR]S?E7$YN(\JR1R=H;UEU'-<NDDN8)&,='MBD,@:(WM>[>QS'BOS-+3
MJL]K#IY46I/K;]569*;ZX[*=;)?_`"F<&UP\2#7]?BZ%1;Q:S,W@$%B_A"CQ
M:E4>%JR?"C>\4F]H>F3W,EQZ?J4^5M-/VGWGVK9\^\F<E\C_`.&_\0^@/Y98
MLM8_2:YOJ;?S3R[GOW7$M&^J]NQCMC=L;:&JYN+V?%1W5*;ZD\@G%N,(-D6"
MF&2SXY%GR&IX\M5T',XY,ZWDS64^0-_=FU_;3(^-O.[%@T)[>Y*\9384Y(4I
M\X[R2)L30QIV%U":_P!H$$=?Z47.<9\S\DXMC^'V%GB<;,<'->OM998YS(T9
M""6"YB>8[B-CHW"02-^02-DBC^?8'L?DIUH13]@SJTK!>9)929YMRW]=+JDB
M9L>(N2V(I3K(SMS)`D#(2KARU4FC[ND;"Q.Y1YRE2H,R+*<]+C.`XC+N1C(V
M!K:-:YHZ]'=?;]RV^(\P\FPN(X_AK6QL76N-QF2L8B]DI>Z+*/=)<.D(F:#(
MPN(A+6M:T4WLD.JUVV/9X5E:\VL9^567<D1@=X.L9?;[I6'R&.H:WMUXB*=J
M1M:Y[POBKE+&`;HA94R9X"SN:`+JG(+"9@(L#&.QWCXVL&QI>VNUQZBOQI]E
M1HM]QWS5GN.XK"6<>"Q=SE\3'+'C[Z:.1US9LF+W/:S;*V&38Y[W0F:*0Q.<
M2VHH!AIM[-6K9M:<CL(RV+PC,;E5QUQL"]U#%'R#H:Z76_6860AGDQY3E`7>
M2B0."*/D`5M^'`*<1@AFE]V,*?*?)M[(V-K/3:7!I;4UK0^SK3V]5NL5YTY!
MBN/6.%;QW$SWUOC+G',O)HYW7+;.Z]0OB!;<,BW-=(XLD]/=0!IJ"_?%;/L_
M+H6;.P)\;&PROZ0@FWRC:8381L0OFM8B$7B5+#RX'2:JHXZ]1"=SI\?"%#EX
M4_+6=G!X6!N%D*@83-?ZR+T'@FLICV_EH?9U=4U`]FE3[5Z#_P!\O%HN`YBT
MN+@7G*[SC0Q.XXUL%UKZ30;B^%Y(R:WMXXW-BV6[)ICZ9G%6`MG)4VA-/TY]
MD_R8DEE+OL=1^YXW67CYXBZKQZAO/P/RM-G?B^'-?C-6W>`@\7";_%8">W/?
M!4>YV;62[DD^HW-;_$+2>O\`9Z4U^_JO)N1^8.3<G_[Q?K[&Q9_B::RENO39
M*/3=8;O1%ONF?M#MQ]3U/5)TVEB\E\Z#UI?LYEDO>9Y:4.:K5C4'AE\02$.T
M:1Q:[(M6SVLD$-:I8:]15\D3(-O5K34IZEC7-:A4VFFIACQ@P0^(KM\+&M#&
MDM)+2:U:3UIK^VNJU>'^8<[P[$X[&VN'Q]U<8Z>>?'W$[)72V,MS&V.=\(9+
M'')N#0]K9XY6LE#9`/E`6I6-[-VM["DTT=O6M<<9BDQLAXO8-8,;G#_(B/;#
M.L4-BI5S,IJV'*9F6]M0QA=T[:8[F,OCP&%0THPY$2+)EZ]C6CTVEP;MKK7;
M6NWK3W5I6BY+!^<<YA;#%VW^'<9/D;6Q98?52-F]>3',F$ILGALP@,;_`.Y=
M*(1/Z!,8D!HX?.QO9I57/9'0<G:;?OZJEFM-5LM35&@K)_K9*SQEK9@93BDZ
M-)-JLG)Z2;NJ$I,F5.*8X@8TZ(@(0@S@8C*R^D8V9IC8X/=4UKK[M"-/<K@_
M.W(</8\QL+CC6&R,6=R#[R\==1W1?*]^OI.,%W`#`QQ<YD;@X!TCR200&[/(
M=#F>6RV*O\MV&V+FD>C2VKI,HK^;2J)R6*R.PJ>;VLB(3=T&JA13XU>&OC.0
M^/+(RJVJ.NSZ#PHQ"'MR#.+;LM:X-A8":BH!!`/4=?@":D#2JV%EY>N<=CLA
M9XWA>$M;V=EW$+B"&:*6*VO7/,T#*3F-^V-[H(9YV2W,,!]-LQT(T"6>RZJ:
M61O6R/AN38&(F:O-CYY!N4-?ZX*-<YG*EXGB56?(T4PJ^:(%4_>GLXY7X:G+
M3^"G'#$0$L6>KF;;Z1KISZ;#ZG6M>@Z`4(T7,8[S_P`CQU]SF\/&,-<MS\D?
MU#9X[DAL$+=D-K$Z&Z@<+=D8:S8XNW-:`\D:+-3OV;E>6(>KS)+LV!7(YO"H
M)7U_)U$C@IJG8Z,5H_KY'#2K,<\5Z6L;7)$J<3$BA7&\L1JIK&-*+L[P1G,6
M7KV4VQ,J"2W0_*3H::_MKJMKB/.6:PC(OH>*X9DMI=7%SCR(IP,;+=1MBF-J
MWZDM<UP:'M9<^N&2@2#H`I1/VOT1D%^1C8PYZEB&>1&JI?4+0D;UC,".8C\S
M>VA_<'50A5L*QQ-D*)<RD^"F85A2A!D6#$YF<XSC0$SA$Z&@V%P/OT70+/F>
M2L^'W_"&VML_#W.1AO'ES7^KZD#'QM8'"1K1&YKSN&PO)IM>WH8ZZM>SWB&I
M,@&[U[L!LM(V9:ZR.02*#SZ35>Z169264%*PN$FF1L?J*,2N12`I2KR>2J/=
M!&`,++QGJ*!@OFM/>.N!1\+`=-0#4`>P:D#[EW;R#YGR?D>R%MFN&X*"Z9'%
M''/;Q73)8(HB-L4`DO)88XR!M<QL5""2*..Y3_YM%XVCA$<(CA$<(CA$<(CA
M$<(CA$<(CA$<(CA%&B5?OBT3_#1MC^U+2[A7V+__U.V'2[]SK4[^&BB?V6Q7
MA4]2I+\*(X1*NX;DA%&0\4WG@Y(-JRXI6A$WPZ&2VP90[.BLE4J`B9HE"&9_
MD;H:2@0*%1^24P@)TB8TXT0"BQBP3JHZNOM%-3&E2H(,GTA7)BX\Q/J!Z:*N
MM)UC<@6R>+P:;1^$1B1HH<:RR&S76'V6P.9<;2'FO.$;F68-.'`#NZ*T*DI5
MENP"ZHRFF=:/1LCBJY#&W)O?/%+PTI5Z.61"/3IE-2E/:!M6B$;&I2A-.`(H
M)B4XT28X):DDXHLIT2*A>W[=8T489U!*#V,D\.E+<0\1N0H(?"R$3RTJL9$D
M<4A3C8B%>6G5%XZ@8.)*,Z<^Z'&?<X5I[UM'VBWO[LNR_FI7WUG\)3WH^T6]
M_=EV7\U*^^L_A*>]8ENVG.=EC\@;M<ME%2R+NQ+&_$`B,#")N=E#$RR4E&8(
MRRP`,&-CD*)1U%Y&#I/QCMZL""$E/>LM]HM[^[+LOYJ5]]9_"4]Z/M%O?W9=
ME_-2OOK/X2GO6);MISG98_(&[7+914LB[L2QOQ`(C`PB;G90Q,LE)1F",LL`
M#!C8Y"B4=1>1@Z3\8[>K`@A)3WK+?:+>_NR[+^:E??6?PE/>C[1;W]V79?S4
MK[ZS^$I[UB6[:<YV6/R!NURV45+(N[$L;\0"(P,(FYV4,3+)249@C++``P8V
M.0HE'47D8.D_&.WJP((24]ZRWVBWO[LNR_FI7WUG\)3WH^T6]_=EV7\U*^^L
M_A*>]8ENVG.=EC\@;M<ME%2R+NQ+&_$`B,#")N=E#$RR4E&8(RRP`,&-CD*)
M1U%Y&#I/QCMZL""$E/>LM]HM[^[+LOYJ5]]9_"4]Z/M%O?W9=E_-2OOK/X2G
MO6);MISG98_(&[7+914LB[L2QOQ`(C`PB;G90Q,LE)1F",LL`#!C8Y"B4=1>
M1@Z3\8[>K`@A)3WK+?:+>_NR[+^:E??6?PE/>C[1;W]V79?S4K[ZS^$I[UB6
M[:<YV6/R!NURV45+(N[$L;\0"(P,(FYV4,3+)249@C++``P8V.0HE'47D8.D
M_&.WJP((24]ZRWVBWO[LNR_FI7WUG\)3WH^T6]_=EV7\U*^^L_A*>]8ENVG.
M=EC\@;M<ME%2R+NQ+&_$`B,#")N=E#$RR4E&8(RRP`,&-CD*)1U%Y&#I/QCM
MZL""$E/>LM]HM[^[+LOYJ5]]9_"4]Z/M%O?W9=E_-2OOK/X2GO6);MISG98_
M(&[7+914LB[L2QOQ`(C`PB;G90Q,LE)1F",LL`#!C8Y"B4=1>1@Z3\8[>K`@
MA)3WK+?:+>_NR[+^:E??6?PE/>C[1;W]V79?S4K[ZS^$I[UB6[:<YV6/R!NU
MRV45+(N[$L;\0"(P,(FYV4,3+)249@C++``P8V.0HE'47D8.D_&.WJP((24]
MZRWVBWO[LNR_FI7WUG\)3WH^T6]_=EV7\U*^^L_A*>]8ENVG.=EC\@;M<ME%
M2R+NQ+&_$`B,#")N=E#$RR4E&8(RRP`,&-CD*)1U%Y&#I/QCMZL""$E/>LM]
MHM[^[+LOYJ5]]9_"4]Z/M%O?W9=E_-2OOK/X2GO6);MISG98_(&[7+914LB[
ML2QOQ`(C`PB;G90Q,LE)1F",LL`#!C8Y"B4=1>1@Z3\8[>K`@A)3WK+?:+>_
MNR[+^:E??6?PE/>C[1;W]V79?S4K[ZS^$I[UB6[:<YV6/R!NURV45+(N[$L;
M\0"(P,(FYV4,3+)249@C++``P8V.0HE'47D8.D_&.WJP((24]ZRWVBWO[LNR
M_FI7WUG\)3WH^T6]_=EV7\U*^^L_A*>]8ENVG.=EC\@;M<ME%2R+NQ+&_$`B
M,#")N=E#$RR4E&8(RRP`,&-CD*)1U%Y&#I/QCMZL""$E/>LM]HM[^[+LOYJ5
M]]9_"4]Z/M%O?W9=E_-2OOK/X2GO6);MISG98_(&[7+914LB[L2QOQ`(C`PB
M;G90Q,LE)1F",LL`#!C8Y"B4=1>1@Z3\8[>K`@A)3WK+?:+>_NR[+^:E??6?
MPE/>C[1;W]V79?S4K[ZS^$I[UB6[:<YV6/R!NURV45+(N[$L;\0"(P,(FYV4
M,3+)249@C++``P8V.0HE'47D8.D_&.WJP((24]ZRWVBWO[LNR_FI7WUG\)3W
MH^T6]_=EV7\U*^^L_A*>]8ENVG.=EC\@;M<ME%2R+NQ+&_$`B,#")N=E#$RR
M4E&8(RRP`,&-CD*)1U%Y&#I/QCMZL""$E/>LM]HM[^[+LOYJ5]]9_"4]Z/M%
MO?W9=E_-2OOK/X2GO6);MISG98_(&[7+914LB[L2QOQ`(C`PB;G90Q,LE)1F
M",LL`#!C8Y"B4=1>1@Z3\8[>K`@A)3WK+?:+>_NR[+^:E??6?PE/>C[1;W]V
M79?S4K[ZS^$I[UB6[:<YV6/R!NURV45+(N[$L;\0"(P,(FYV4,3+)249@C++
M``P8V.0HE'47D8.D_&.WJP((24]ZRWVBWO[LNR_FI7WUG\)3WH^T6]_=EV7\
MU*^^L_A*>]8ENVG.=EC\@;M<ME%2R+NQ+&_$`B,#")N=E#$RR4E&8(RRP`,&
M-CD*)1U%Y&#I/QCMZL""$E/>LM]HM[^[+LOYJ5]]9_"4]Z/M%O?W9=E_-2OO
MK/X2GO6);MISG98_(&[7+914LB[L2QOQ`(C`PB;G90Q,LE)1F",LL`#!C8Y"
MB4=1>1@Z3\8[>K`@A)3WK+?:+>_NR[+^:E??6?PE/>C[1;W]V79?S4K[ZS^$
MI[UM]9W8UV3)9=#1PFPH!*X6QPZ3.S#83,TM:PZ/3Q?-6J-N[<8R/\A1*4RM
MRKUV)$')H#2QINT0.D8,Y)1.CA1'"(X11HE7[XM$_P`-&V/[4M+N%?8O_]7M
MATN_<ZU._AHHG]EL5X5/4J2_"B.$27O^I%EX5@_5NDFJF#@D`,I')<&)0J>M
M#PRJDZEO>(U*(9/V1]C<DCCRW+3`')S2BQ=Z$L>!]@!`&5&BBQ7/LZJ]K>41
MQ83/Y?.*]B324I9JLLMKB<O855BYH*%ZU.%@2EZ,9D,BE/CNL84#PQK4J/!#
M79Q6J\"#@P@E.2J:]&ZF-U%V9+K`9+4LI\:9;%69C,K9W<D9-?-+\F3,/E),
M&F.-J9(VH724/K*I>!%DE%@3.L@>S09$!>$I,0FOL6.]GE^X_JY\S</_`/`#
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M<[G*"T,4K^LX[(8@LG=A2QS*(0(4ASNUHDI)YZ]4I`0C,P(J!4J`L1WCW(L.
MV9+2S4SZ[-%BKZ3A<EKZ'1L$7M,`[!!46N-AW(:_3F.[9)G=F;8HYVZ])(TA
M>8,R,LB*0MI^)0`M>5WT5H*54Q]1MOB+R>GZKYZY1M'>\4BL1DTHB$-8I&5%
M$C<L@U<N3N^L$G<U#J@>V&2NTX2OC+G"O)V(R_-8#<#7$.6"*H13[%INA$ML
M])ICK4E:ZB\;MQ%210I$Z>7T>0>'I@(L8*5>!*$PCTO?`QV]`\Y$'M[,\BII
M7JI=>6UO?(C_`,E1C]4Y5*#NCRVM[Y$?^2HQ^J<)0=TH*UF5L`F>P8BJ8[T9
MMO,HU!?K%C9?@IV*$I`L)'6)+G!W4G+`;U!]S'>=/Y0YX3335-_RVM[Y$?\`
MDJ,?JG"4'='EM;WR(_\`)48_5.$H.Z4%:S*V`3/8,15,=Z,VWF4:@OUBQLOP
M4[%"4@6$CK$ES@[J3E@-Z@^YCO.G\H<\)IIJF_Y;6]\B/_)48_5.$H.Z/+:W
MOD1_Y*C'ZIPE!W2@K696P"9[!B*ICO1FV\RC4%^L6-E^"G8H2D"PD=8DN<'=
M2<L!O4'W,=YT_E#GA---4W_+:WOD1_Y*C'ZIPE!W1Y;6]\B/_)48_5.$H.Z4
M%:S*V`3/8,15,=Z,VWF4:@OUBQLOP4[%"4@6$CK$ES@[J3E@-Z@^YCO.G\H<
M\)IIJF_Y;6]\B/\`R5&/U3A*#NCRVM[Y$?\`DJ,?JG"4'=*"M9E;`)GL&(JF
M.]&;;S*-07ZQ8V7X*=BA*0+"1UB2YP=U)RP&]0?<QWG3^4.>$TTU3?\`+:WO
MD1_Y*C'ZIPE!W1Y;6]\B/_)48_5.$H.Z4%:S*V`3/8,15,=Z,VWF4:@OUBQL
MOP4[%"4@6$CK$ES@[J3E@-Z@^YCO.G\H<\)IIJF_Y;6]\B/_`"5&/U3A*#NC
MRVM[Y$?^2HQ^J<)0=TH*UF5L`F>P8BJ8[T9MO,HU!?K%C9?@IV*$I`L)'6)+
MG!W4G+`;U!]S'>=/Y0YX3335-_RVM[Y$?^2HQ^J<)0=T>6UO?(C_`,E1C]4X
M2@[I05K,K8!,]@Q%4QWHS;>91J"_6+&R_!3L4)2!82.L27.#NI.6`WJ#[F.\
MZ?RASPFFFJ;_`);6]\B/_)48_5.$H.Z/+:WOD1_Y*C'ZIPE!W2@K696P"9[!
MB*ICO1FV\RC4%^L6-E^"G8H2D"PD=8DN<'=2<L!O4'W,=YT_E#GA---4W_+:
MWOD1_P"2HQ^J<)0=T>6UO?(C_P`E1C]4X2@[I05K,K8!,]@Q%4QWHS;>91J"
M_6+&R_!3L4)2!82.L27.#NI.6`WJ#[F.\Z?RASPFFFJ;_EM;WR(_\E1C]4X2
M@[H\MK>^1'_DJ,?JG"4'=*"M9E;`)GL&(JF.]&;;S*-07ZQ8V7X*=BA*0+"1
MUB2YP=U)RP&]0?<QWG3^4.>$TTU3?\MK>^1'_DJ,?JG"4'='EM;WR(_\E1C]
M4X2@[I05K,K8!,]@Q%4QWHS;>91J"_6+&R_!3L4)2!82.L27.#NI.6`WJ#[F
M.\Z?RASPFFFJ;_EM;WR(_P#)48_5.$H.Z/+:WOD1_P"2HQ^J<)0=TH*UF5L`
MF>P8BJ8[T9MO,HU!?K%C9?@IV*$I`L)'6)+G!W4G+`;U!]S'>=/Y0YX3335-
M_P`MK>^1'_DJ,?JG"4'='EM;WR(_\E1C]4X2@[I05K,K8!,]@Q%4QWHS;>91
MJ"_6+&R_!3L4)2!82.L27.#NI.6`WJ#[F.\Z?RASPFFFJ;_EM;WR(_\`)48_
M5.$H.Z/+:WOD1_Y*C'ZIPE!W2@K696P"9[!B*ICO1FV\RC4%^L6-E^"G8H2D
M"PD=8DN<'=2<L!O4'W,=YT_E#GA---4W_+:WOD1_Y*C'ZIPE!W1Y;6]\B/\`
MR5&/U3A*#NE!6LRM@$SV#$53'>C-MYE&H+]8L;+\%.Q0E(%A(ZQ)<X.ZDY8#
M>H/N8[SI_*'/":::IO\`EM;WR(_\E1C]4X2@[H\MK>^1'_DJ,?JG"4'=*"M9
ME;`)GL&(JF.]&;;S*-07ZQ8V7X*=BA*0+"1UB2YP=U)RP&]0?<QWG3^4.>$T
MTU3?\MK>^1'_`)*C'ZIPE!W1Y;6]\B/_`"5&/U3A*#NE!6LRM@$SV#$53'>C
M-MYE&H+]8L;+\%.Q0E(%A(ZQ)<X.ZDY8#>H/N8[SI_*'/":::IO^6UO?(C_R
M5&/U3A*#NCRVM[Y$?^2HQ^J<)0=TH*UF5L`F>P8BJ8[T9MO,HU!?K%C9?@IV
M*$I`L)'6)+G!W4G+`;U!]S'>=/Y0YX3335-_RVM[Y$?^2HQ^J<)0=T>6UO?(
MC_R5&/U3A*#NE!6LRM@$SV#$53'>C-MYE&H+]8L;+\%.Q0E(%A(ZQ)<X.ZDY
M8#>H/N8[SI_*'/":::IO^6UO?(C_`,E1C]4X2@[H\MK>^1'_`)*C'ZIPE!W2
MGJMTD;OMI?JF3Q;R17@UUU2();?'B!_[]&&R]R3"UWAC>6627WAQAA?=9QU8
M[KJS[@L<(5+WA1'"(X11HE7[XM$_PT;8_M2TNX5]B__7[8=+OW.M3OX:*)_9
M;%>%3U*DOPHCA%J<TCD%DS()%8C#$Y!'$ZE.M&DFC6SNS(0L!D29*K$0^$*$
M!2D.562RS,XP/'>9#C/ONS)%\4T<KUA.4`1L,-9E">)H656!,ULC<<1!68*E
M.V-*@)1!(RXFU`$<`@@78C(QD80!#[['"+-(F=@0KU2UN:V=&Z&(6UK6JT2%
M$G7C;&S"@3.W*CR"@*!(6_"L[*8D>>[*P:/HQCJ%VD43O9Y?N/ZN?,W#_P#P
M`\*GJID\*(X1)JL/AML9\\K'^'NB>%>R<O"B.$2:K#X;;&?/*Q_A[HGA7LG+
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M)MR84BCTGI/6&KG">(G+PH@H9YK6\1HUM$$KMQE0+J"(0`"SS5]%^V1SM-H!
M^T.I3]M5W)G",RW$9[+7L8MX["RL[K:[5TD5])$VW<VA-`]DHEU_LBA`)"G'
MS2734<(HT17]\6]OX:-3OVI;H\*^Q27X41PB.$4:)5^^+1/\-&V/[4M+N%?8
MO__0[8=+OW.M3OX:*)_9;%>%3U*J?WWDNQ,AW:>*Y@!^XS[`XEK=4,P21G6O
M:C7_`%#9V223>PKN:'MZ?G2Z7-M76ZJ?D,&0DE9;S@DQWP`8#2QB<`#!%0!1
M7G08"LN$P\"\#L6N!%H^!:6_O""0OI:L+2DPI`]/[6,QL?'8)V!84K$PA$*3
MNHPO.0"QGE6*BKOM6EC6Q0AD/JJIZWM^9*9E&E*)DMD;8NA$;2$^'E.,Z60N
M0JDD1LAYBZ10(UH97H0FK+N)*L/+-PCP6,J.JKXB'LRY&Z35D9K&@3=BMB(V
MP*7BSE=ALLPO^00ACU<I"GXUK',URZ(E-4L0Q2UJP%)59ZI4IB;R-(2:<B$:
MX+B02BN[3JIMZ>4UL)0\CD-?2=OK1/KZA@T$Q`U#4YN[S9)$A9X1`8HEBKZ[
M*@)$SJTU^TQY:P$*S$X!K&1K8E'4)<:[YS5#0_:M?T(JOQKICK4Y>L>UFWPZ
MI(HI\`:IAX&VH^]18'X.A2^+C/!TI7;V`!U9Z<>YV\BI.O12Z]3G^ZER^?'^
ME\JE?<CU.?[J7+Y\?Z7PE?<E!6M1=[,]@P>L^WR_!K>92>LJ:]`S^JA*04=Z
MI%XMSWIV._Z,"]S^[``/]G;PE>FB;_J<_P!U+E\^/]+X2ON1ZG/]U+E\^/\`
M2^$K[DH*UJ+O9GL&#UGV^7X-;S*3UE37H&?U4)2"CO5(O%N>].QW_1@7N?W8
M`!_L[>$KTT3?]3G^ZER^?'^E\)7W(]3G^ZER^?'^E\)7W)05K47>S/8,'K/M
M\OP:WF4GK*FO0,_JH2D%'>J1>+<]Z=CO^C`O<_NP`#_9V\)7IHF_ZG/]U+E\
M^/\`2^$K[D>IS_=2Y?/C_2^$K[DH*UJ+O9GL&#UGV^7X-;S*3UE37H&?U4)2
M"CO5(O%N>].QW_1@7N?W8`!_L[>$KTT3?]3G^ZER^?'^E\)7W(]3G^ZER^?'
M^E\)7W)05K47>S/8,'K/M\OP:WF4GK*FO0,_JH2D%'>J1>+<]Z=CO^C`O<_N
MP`#_`&=O"5Z:)O\`J<_W4N7SX_TOA*^Y'J<_W4N7SX_TOA*^Y*"M:B[V9[!@
M]9]OE^#6\RD]94UZ!G]5"4@H[U2+Q;GO3L=_T8%[G]V``?[.WA*]-$W_`%.?
M[J7+Y\?Z7PE?<CU.?[J7+Y\?Z7PE?<E!6M1=[,]@P>L^WR_!K>92>LJ:]`S^
MJA*04=ZI%XMSWIV._P"C`O<_NP`#_9V\)7IHF_ZG/]U+E\^/]+X2ON1ZG/\`
M=2Y?/C_2^$K[DH*UJ+O9GL&#UGV^7X-;S*3UE37H&?U4)2"CO5(O%N>].QW_
M`$8%[G]V``?[.WA*]-$W_4Y_NI<OGQ_I?"5]R/4Y_NI<OGQ_I?"5]R4%:U%W
MLSV#!ZS[?+\&MYE)ZRIKT#/ZJ$I!1WJD7BW/>G8[_HP+W/[L``_V=O"5Z:)O
M^IS_`'4N7SX_TOA*^Y'J<_W4N7SX_P!+X2ON2@K6HN]F>P8/6?;Y?@UO,I/6
M5->@9_50E(*.]4B\6Y[T['?]&!>Y_=@`'^SMX2O31-_U.?[J7+Y\?Z7PE?<C
MU.?[J7+Y\?Z7PE?<E!6M1=[,]@P>L^WR_!K>92>LJ:]`S^JA*04=ZI%XMSWI
MV._Z,"]S^[``/]G;PE>FB;_J<_W4N7SX_P!+X2ON1ZG/]U+E\^/]+X2ON2@K
M6HN]F>P8/6?;Y?@UO,I/65->@9_50E(*.]4B\6Y[T['?]&!>Y_=@`'^SMX2O
M31-_U.?[J7+Y\?Z7PE?<CU.?[J7+Y\?Z7PE?<E!6M1=[,]@P>L^WR_!K>92>
MLJ:]`S^JA*04=ZI%XMSWIV._Z,"]S^[``/\`9V\)7IHF_P"IS_=2Y?/C_2^$
MK[D>IS_=2Y?/C_2^$K[DH*UJ+O9GL&#UGV^7X-;S*3UE37H&?U4)2"CO5(O%
MN>].QW_1@7N?W8`!_L[>$KTT3?\`4Y_NI<OGQ_I?"5]R/4Y_NI<OGQ_I?"5]
MR4%:U%WLSV#!ZS[?+\&MYE)ZRIKT#/ZJ$I!1WJD7BW/>G8[_`*,"]S^[``/]
MG;PE>FB;_J<_W4N7SX_TOA*^Y'J<_P!U+E\^/]+X2ON2@K6HN]F>P8/6?;Y?
M@UO,I/65->@9_50E(*.]4B\6Y[T['?\`1@7N?W8`!_L[>$KTT3?]3G^ZER^?
M'^E\)7W(]3G^ZER^?'^E\)7W)05K47>S/8,'K/M\OP:WF4GK*FO0,_JH2D%'
M>J1>+<]Z=CO^C`O<_NP`#_9V\)7IHF_ZG/\`=2Y?/C_2^$K[D>IS_=2Y?/C_
M`$OA*^Y*"M:B[V9[!@]9]OE^#6\RD]94UZ!G]5"4@H[U2+Q;GO3L=_T8%[G]
MV``?[.WA*]-$W_4Y_NI<OGQ_I?"5]R/4Y_NI<OGQ_I?"5]R4%:U%WLSV#!ZS
M[?+\&MYE)ZRIKT#/ZJ$I!1WJD7BW/>G8[_HP+W/[L``_V=O"5Z:)O^IS_=2Y
M?/C_`$OA*^Y'J<_W4N7SX_TOA*^Y<AM%W`DA_M3W&*R2;V.T5N+?&[T;8YHG
MQ8E<U;S<[I>M6,,XP%:2F(0I7)X?6(AX<,DXR(G`LFYST$@!V.6WW8\EH^<Q
M-_U0TT^X%?IARKQV;_\`3Q/>XZ*-V>GXCCGR:-J&X^#$SOB+F@E\@BM9G1-)
MZN+6@!SB>O+U.?[J7+Y\?Z7SKB_,^ON1ZG/]U+E\^/\`2^$K[DIZKC7DKMI?
MK?Y02:1]]KKJDL\.E3KXX<2N\LO<DCP0E3W"?H1`\'ZPE].>P9@\]OOO<(5+
MWA1'"(X11HE7[XM$_P`-&V/[4M+N%?8O_]'MATN_<ZU._AHHG]EL5X5/4JD;
MVQ:BH2;G7/,H>-+)#:$;HAN%!:JOG1FWMAK1EYJ5RG#M'8HP6="WQ,P-+3*I
M&K.3(4(THQ(EB@XXW.0'8[(5DTZ+HAKT!94!@Y1+(.,E%Q"-`*CAK6%C,CY8
M&5$$#(8R@/5!:!M0<8(REP:9A/DON^H73VYJP6A[&WBQ:U4;:5\RB-R^61RI
MX5(IT_,<%:BGB2*F>,M2IX<S$B92K0(B24J)&,P]0H/)3)B0B,-&$`<YX5`J
M:*,T\]HM5<)MV_J330&Q)9--=8VR/\R"PO\`11`7$Z0LM62!`B8HF^W.T6T8
MT(6NX68YSDBF,IHFTE^$95.A8B,A$2F@*DO15[1?8")%S**-,A8VXU(P*<-<
MM(;&V2I#7A@0.C@WNS(WNCJ8U.,5?3UL?<RS1_W+\RN*8&3`IN]&4.BB;H1=
MU8,FF.M30Z2;P5Q;:DBB-:G\2R$[N5)"+`#2^]3M)I!G0/'9V@$(.?[,\BR(
M-5+K[050_&[_``&3_P"2\JE"C[050_&[_`9/_DO"4*4%:WU4Y,SV#,-E?2!7
M;S*H3B\1207>$AH2D$@A]@6?.0=BA*,/8+LS[WM[.S.,Y)0Z)O\`V@JA^-W^
M`R?_`"7A*%'V@JA^-W^`R?\`R7A*%*"M;ZJ<F9[!F&ROI`KMYE4)Q>(I(+O"
M0T)2"00^P+/G(.Q0E&'L%V9][V]G9G&<DH=$W_M!5#\;O\!D_P#DO"4*/M!5
M#\;O\!D_^2\)0I05K?53DS/8,PV5](%=O,JA.+Q%)!=X2&A*02"'V!9\Y!V*
M$HP]@NS/O>WL[,XSDE#HF_\`:"J'XW?X#)_\EX2A1]H*H?C=_@,G_P`EX2A2
M@K6^JG)F>P9ALKZ0*[>95"<7B*2"[PD-"4@D$/L"SYR#L4)1A[!=F?>]O9V9
MQG)*'1-_[050_&[_``&3_P"2\)0H^T%4/QN_P&3_`.2\)0I05K?53DS/8,PV
M5](%=O,JA.+Q%)!=X2&A*02"'V!9\Y!V*$HP]@NS/O>WL[,XSDE#HF_]H*H?
MC=_@,G_R7A*%'V@JA^-W^`R?_)>$H4H*UOJIR9GL&8;*^D"NWF50G%XBD@N\
M)#0E()!#[`L^<@[%"48>P79GWO;V=F<9R2AT3?\`M!5#\;O\!D_^2\)0H^T%
M4/QN_P`!D_\`DO"4*4%:WU4Y,SV#,-E?2!7;S*H3B\1207>$AH2D$@A]@6?.
M0=BA*,/8+LS[WM[.S.,Y)0Z)O_:"J'XW?X#)_P#)>$H4?:"J'XW?X#)_\EX2
MA2@K6^JG)F>P9ALKZ0*[>95"<7B*2"[PD-"4@D$/L"SYR#L4)1A[!=F?>]O9
MV9QG)*'1-_[050_&[_`9/_DO"4*/M!5#\;O\!D_^2\)0I05K?53DS/8,PV5]
M(%=O,JA.+Q%)!=X2&A*02"'V!9\Y!V*$HP]@NS/O>WL[,XSDE#HF_P#:"J'X
MW?X#)_\`)>$H4?:"J'XW?X#)_P#)>$H4H*UOJIR9GL&8;*^D"NWF50G%XBD@
MN\)#0E()!#[`L^<@[%"48>P79GWO;V=F<9R2AT3?^T%4/QN_P&3_`.2\)0H^
MT%4/QN_P&3_Y+PE"E!6M]5.3,]@S#97T@5V\RJ$XO$4D%WA(:$I!((?8%GSD
M'8H2C#V"[,^][>SLSC.24.BS)VY]!)K80T^IE"TF2NL#6V"U*A1]]\6+FMK?
M4["[(BQX;_#0.:$]<F-Z<D]V,DW.0C[0"#S4])QB,P_('4^-*KLD?%<K-Q.Y
MYG$UCL/#?LM)-?G;+)$Z6,T]K7-8\5!T<VA&H7WK?<S7FU(\;)8K-QFHT[T^
ML*Q*I97C+B@7L+LK:S0+TR!&O"B\/*3`6)@&"":8A4DFB`#O.G$DC=$[8\:T
M!^]:/).,Y;BN2_E68@#+GT8I`14M<V6-LC2UQ`W4W;'$5`D:YM3M6OUK?53D
MS/8,PV5](%=O,JA.+Q%)!=X2&A*02"'V!9\Y!V*$HP]@NS/O>WL[,XSG!<#0
MZ+)VMNE1=21UIDKV^.;D@=)Q`X0,+6PO/?(#YY+&J))7=3A>@1@$VM*EV"H4
MX+$,_)`!=T68/I!G4BC=*XM:=0TG[A5=EXKQ7(<NR-UC,:^-MS%975S\Y(#F
MVL$EP]HH#\SFQD-K0;B*D#5>6B]S*KN2FJOM9<H,ABZPX-&I<NB1J=_?Q1I<
M^-:9<L9,/J2.(4[R6VJ31%`5!((PH`'!G=%Y%T!31^C+)%6NTD5^Q9<UXR_A
MW+N2\4=>"X./O9K?U0W9Z@B>6A^S<[87``ENYVTFFYU*GS5K?53DS/8,PV5]
M(%=O,JA.+Q%)!=X2&A*02"'V!9\Y!V*$HP]@NS/O>WL[,XSG376*'1-_[050
M_&[_``&3_P"2\)0H^T%4/QN_P&3_`.2\)0I05K?53DS/8,PV5](%=O,JA.+Q
M%)!=X2&A*02"'V!9\Y!V*$HP]@NS/O>WL[,XSDE#HF_]H*H?C=_@,G_R7A*%
M'V@JA^-W^`R?_)>$H4H*UOJIR9GL&8;*^D"NWF50G%XBD@N\)#0E()!#[`L^
M<@[%"48>P79GWO;V=F<9R2AT3?\`M!5#\;O\!D_^2\)0H^T%4/QN_P`!D_\`
MDO"4*4%:WU4Y,SV#,-E?2!7;S*H3B\1207>$AH2D$@A]@6?.0=BA*,/8+LS[
MWM[.S.,Y)0Z)O_:"J'XW?X#)_P#)>$H5%J%>T>IF8[2V[K!AM?6I=4T>:I.=
M/5!"M3'9&VOD>K1X;2&UL3MN7]&Y!6S=<F4%J"`$E`:RS2SCO#.[3;E]LYEM
M%<EPVO-*>W0G^K\5Z=F?&&0P_C'B?D^3)0OQN6N)(&0AKA(Q\4MW&_<3\I;2
MV8YI!JXRN:6M],.D8U:WU4Y,SV#,-E?2!7;S*H3B\1207>$AH2D$@A]@6?.0
M=BA*,/8+LS[WM[.S.,YVR\QH=$S'?9NC&!")S>I\D:V\*EO1"6+6:2$)\*W5
MP2M3:GR8-FP'!JYR6DD%X_*(PP(<>[GE:TN-&BI_JU6\L,=?92Y%GC[9TMR6
M/?M;UVQ,=+(?L;&QSC[@5D_M!5#\;O\``9/_`)+R+9T*4%:WU4Y,SV#,-E?2
M!7;S*H3B\1207>$AH2D$@A]@6?.0=BA*,/8+LS[WM[.S.,Y)0Z+%6+N'#HU;
M^O$'8WUO41RRG^QDLV<53#)<K&YMBE;/<B9BVPO+:2+"A=(B4V##,!.P$@`P
MY!CKP8#6CC#HIWGJT"GQ-%W/`<=M,GQ7GF<N'O%SC(+5T0!`:73W<<+B_K4!
MA=0"GS$&NE"]/M!5#\;O\!D_^2\T5TRA2@K6^JG)F>P9ALKZ0*[>95"<7B*2
M"[PD-"4@D$/L"SYR#L4)1A[!=F?>]O9V9QG)*'1-_P"T%4/QN_P&3_Y+PE"C
M[050_&[_``&3_P"2\)0KD[.@S=-K8L'8!O,2H4E?3.+S)H?'J.20:)V!]JF"
MVF9#RW5`U'I")$GCAA9HB!FXP7A0;@!F`FB$/G63!@?`3JXTI7_S0%?LJOOW
M`\WL,3;9C@US>%]S?7+H#$Q[=[/_`)8AMO6]-Q#O1,H<-P;0EHJ-P`'6)]H*
MH?C=_@,G_P`EYP2^`J%'V@JA^-W^`R?_`"7A*%*>JYC')MMI?KK&''QF@3ZZ
MZI-YQ_@B]%T+"K+W)4F$]TX)4APNDE66+JP'(<]79C/;C.,$.BE[PHCA$<(H
MT2K]\6B?X:-L?VI:7<*^Q?_2[8=+OW.M3OX:*)_9;%>%3U*I[W:,FT-V)*IZ
MN;%WAD#RT5DDL^0.0?:,5!J?",MMH6Q;:]C;(LEL^++5]@KHVI;%K8<-`7W#
M"R)&9&>,0QE"'%1TJK[X%X3Y"POPT:TQ9Y)QSPL;B^I)2X#4^)T??C7R9`64
MAD2T1O;DU>2`)2L?::#&`CQCE6*QEKUK%[GJVRJ>FY2T^%VQ`)C6LO(;E@V]
MP.B\ZCKC%W\I`O+",Q"M,:G4W!1P<9R4/.!8QG..$Z)>EZU5V7=JR_A.$_5S
MP;8\H61(ZV#*7N$0M=)69@CTED,(@+TXN$2C;X_LL5;B%`R$G@_808862`U:
MX&*RM=*+%U?J52E/VG*+EA#(\))[,8BP0U_<W"2/+L2M;V%EB$?\/$C7JCB<
MO;TV0!EPX*<]0E!Z#PCL"H5+35)*DK2_9Y?N/ZN?,W#_`/P`\(>JF3PHCA$F
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MM'T369<K831'$.B1"5+VP/A`Q=!85!A@B,"'DT..4^E+'6.Z/0Z.K[34G7X+
MZN;XDFQ5_P"`7Y7C(CM[R*2.]]5GRR3MO+V;TYJ`M<_Z8-:WJ[TV,:\AH:5(
M:8N1YGM@Z@0"]UO:M()D5D821]A+S-;1<EC:E-/P'(>MS:ZN<32@_DQA`;VY
MQD0<"T6C_P!G2'VF4?@/\H74<9`QOZ:.2S#^^DY9`>O5D%HUKB!_FONX@?\`
MI&]C2!_L%+.-G\BVY/%V&(%Y=).S:MR(L2M:XC2V(Y2O#B6G.&E1J4*B3(2>
M[+#G'>!-[!BZ>D&[RT>QMOW^;]U/V+UW]8&`;AK'QLP:3,-\QS?8UM;9L.TD
M5<'"*1U3[-N@K4WHUA\-MC/GE8_P]T3SAE\1]E3G[::PY!.T<5U0KAKDYEC1
M^-)MN@N+*))A,H;X8\OE>Q9HSV*\K@JDDU?"77L$G[HT;>2`(Q"R(H7+8Q@8
M77#R-A.S[]3^&B^P?TM82RQ$N1\BYRXMQA)ISA]KZU#IV1W,K^FVA@C=%HZH
M$CB0!1PLST);2F/4.D8T0H&I30^.ND(1C-P7@XM#")2_1-$D4X+QCL5H4C,`
MDWJ[3.\+%UYR/JSS8W9K<2N/4FOWBJ\'\P3NN_)7*[][`V2YG9.ZG0NGBCF<
M1[G%Y<*:4(II1?JEKAB[[L[N51R,M?B65W*Z@GKPI,`1EJ4-UBTA`FQO0(SB
MCS#\.;3Y$9.5EG%E=)+BE$7D>!CZ,'0O;%',?RN)I\/Z?@N!R7#<QBN)<9YG
M>,8W$Y:>ZC@U^<BU=&Q[R/8QTCWQLUJ70R5`&TNEYS274T<(DU6'PVV,^>5C
M_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]
MDY>%%SS^S3F3A?WM#=E=NSPM[<WW;7#_``A#'4B96G/;%5!@UEA+NN/PI5K\
M83NRQQ_N`X.&+I($,73@P(`\Q>M$-G!;^UKJ_P#*W%?:7G7%P\.\+<$\;,+W
MS8J^CG=(2"'#(?S2=C10-U8UOS&@'S`"M"3=G6'PVV,^>5C_``]T3SAU\7=E
M'F_+/BUP:;QNVHB<I\CYY+M89<PJ',LA(IRRNFPE3+$AZLLE2J3DYRG%@6>D
MT8<8]WJSCF[AC='<NC=^8!P_U2O6^'8#(<9\G7W',DUO\SL[;*PR!I)&]F.O
M&D"H!.NG0'W*=?-HO(TFJP^&VQGSRL?X>Z)X5[*JWVQ]@^KE=IJ_I7).W.J>
MZ3#40SUG@.`I3'RNVIT5C.R(`1)4*5XP,\&<X",K.0B[`9%G')XUF_ZD4TV_
MUKZK_3'AOYY#Y/LY('/MW8L!U&[M?3N7L%.[BRC3U!H1K16^/-FP6/6!!JL>
MI"F;Y[93--G^#1X].N[V1M=<^3.9F:B7`2C:P*64N8-YF4QIY:D\DTPPDLPM
M.H$5QX8\L?(!\C2*^ZM:?L7S5:X'+WN&RW(+6R<_#V$L$<\@+:1/N?5]`.;7
M?1YAD&X-+6N`:XM+V!VJUA\-MC/GE8_P]T3S!<3V3EX45;^S&\+M06S%;5@D
M9XM(JX]6-CSR[!X.4YG\7$W0*PYC6.8X42Z@1B325=5CDB4A4HS.S!Y1H#,!
M`;T[V"U$T#WU(?N`;V.H!^ZH7N/`_$]MS'@>=S\MS<09SZ^VM['0?3R[KBVA
MNO5)9NK$V[B>TM>/RN:14MK&BL$KTD]FGL&ZOS*Z1J1^#Q:S7../S<K;'%I?
M5%,4%99S"XMJP)"Y$62XF^#"`9V'`)_+G(O=SEH<@0#5NZE1]RY3U+63]13[
M>SNHY['^:NM6RQN#FOC$9M1(US:M<2T;JCY2?9317;\V"^>D<(HT17]\6]OX
M:-3OVI;H\*^Q27X41PB.$4:)5^^+1/\`#1MC^U+2[A7V+__3[8=+OW.M3OX:
M*)_9;%>%3U*I!]J0@K%NWH0/*]#0$PD<BU@CR:8-U[:$+MSF2MV>J4>V-VM[
MV3(5%AQI+`72P('!I:-*R-2%6Y.X8F:><#)99(P0K)O1=$\``E*@<)*0J8\M
M0EQ&-@1K(BVEL\45I0,R(*=3&&@D]22U1X\G&!(DP##`D)L@!@0L![<U8)![
MR/EKQ33O9R8T=)5L4MB$47:<W@KLV1=',784BB$(?)$V-C0P.!:A(K=G=6W`
M3)A#(5=V<:$6"#LXP6(J.HJH,6;.]P99M1:%35U;DZKA0=)),SM;([5JP%5#
M"]>F>BZKFK/=C/93I53YDR;RBXESU%\+SG1Y2-YBT\&64XQGSVQ72E:*1^G5
M]VA,9-):;N5ALYUL"*0:`RQ9:CO`$4-K.4MR^#P$I*X1\M,C:#6YVG:AU->E
M*`Q)CQ>^9?6<'24Q%B.JA'M"P>A#O=Y.F.M13'7E5.+.74D4`VKG6Y)<S.2M
M'A%C!!ZYJ242^I6]28#LR,DM:J`#/N8,'^7A#U4N?'FPGR84U].TW_ISX31'
MCS83Y,*:^G:;_P!.?":*-]`VQ:L^EFTRF)0*HW+R7V16P.38/NJ:I2V^71"E
M*3:7IM2'!U\48<4Z;)1><G=A6<&C&5D':5D0M22)\8C+O[3=P^S4?N78N0<7
MRO&8N.S91K&MRF.CO80TDGT)9)HV%X(&USC"YU!4;2TUUH)(>/-A/DPIKZ=I
MO_3GS377=$>/-A/DPIKZ=IO_`$Y\)HE#6KU?>)GL'DBM:A,,%;S*)6`V[YF2
M`A1ZA*0"$I,8#7P\2HG*0)0\F""2+!@Q`Z,X!@P9--$WO'FPGR84U].TW_IS
MX31'CS83Y,*:^G:;_P!.?":)0UJ]7WB9[!Y(K6H3#!6\RB5@-N^9D@(4>H2D
M`A*3&`U\/$J)RD"4/)@@DBP8,0.C.`8,&331-[QYL)\F%-?3M-_Z<^$T1X\V
M$^3"FOIVF_\`3GPFB4-:O5]XF>P>2*UJ$PP5O,HE8#;OF9("%'J$I`(2DQ@-
M?#Q*B<I`E#R8()(L&#$#HS@&#!DTT3>\>;"?)A37T[3?^G/A-$>/-A/DPIKZ
M=IO_`$Y\)HE#6KU?>)GL'DBM:A,,%;S*)6`V[YF2`A1ZA*0"$I,8#7P\2HG*
M0)0\F""2+!@Q`Z,X!@P9--$WO'FPGR84U].TW_ISX31'CS83Y,*:^G:;_P!.
M?":)0UJ]7WB9[!Y(K6H3#!6\RB5@-N^9D@(4>H2D`A*3&`U\/$J)RD"4/)@@
MDBP8,0.C.`8,&331-[QYL)\F%-?3M-_Z<^$T1X\V$^3"FOIVF_\`3GPFB4-:
MO5]XF>P>2*UJ$PP5O,HE8#;OF9("%'J$I`(2DQ@-?#Q*B<I`E#R8()(L&#$#
MHS@&#!DTT3>\>;"?)A37T[3?^G/A-$>/-A/DPIKZ=IO_`$Y\)HE#6KU?>)GL
M'DBM:A,,%;S*)6`V[YF2`A1ZA*0"$I,8#7P\2HG*0)0\F""2+!@Q`Z,X!@P9
M--$WO'FPGR84U].TW_ISX31'CS83Y,*:^G:;_P!.?":)0UJ]7WB9[!Y(K6H3
M#!6\RB5@-N^9D@(4>H2D`A*3&`U\/$J)RD"4/)@@DBP8,0.C.`8,&331-[QY
ML)\F%-?3M-_Z<^$T1X\V$^3"FOIVF_\`3GPFB4-:O5]XF>P>2*UJ$PP5O,HE
M8#;OF9("%'J$I`(2DQ@-?#Q*B<I`E#R8()(L&#$#HS@&#!DTT3>\>;"?)A37
MT[3?^G/A-$>/-A/DPIKZ=IO_`$Y\)HN)/737;825:C;6;4T\0TBB,^;[DK2T
M\CDQR-W@M?5VRQG9E_>QM9S+A$Y@>#80F84QZ=7A7A0Y]'<EE#&;SM,MQ#]5
M#;2#YF%M/>3I_P`ZOP7ZS\K\D</C\I\-\9\AB>,EB+FPE@)95EQ>7;&V4;(W
M`EP;''?&=_J-8#Z!ZT:K;=[Y%MT+8*=22HZO:'&>262(=-P&0&PGER/C[S9.
MK+Z[1@Y)+E\&K\N,.C$JO`#\B6'*4II:I-W><!3C"H%Q]F(?18)G`-`W_<_M
M[:[:+YV\)V_#'\+P]CS?)1VV)@MWYHA[=XD;:Y>-D@,)W&5DC+`P2-:QPVNT
M#G`M&V>R<J*Z];)$=!"JZA87QZBVPB-P32.T9`QX6'4WLKZM'4U0H:*QF"1;
MEF<A]TWG$APF5IE)B@L0,C,`+#(RB8;VFH!;_K-JN&_4ORNUYM9#+V5PV6TB
MN<:6$"E&WN*%T*`@%I=KO:27-+&AW0!MNM:O5]XF>P>2*UJ$PP5O,HE8#;OF
M9("%'J$I`(2DQ@-?#Q*B<I`E#R8()(L&#$#HS@&#!\2OCK31+"K5=W/NTVU,
M\'75/+GZ-M]%T4`@RW90E3L++%86[W*2G0NY5"+ESDN=W#8)0<LR84BZ22DA
M>"AA+">;N)#2WMVCH=SOB3M_YO[5Z1R.4V?COQOB(MS8+AV0OWU)^:26X;8_
MEZ;&QXYFTZG>Z776@R6H#Q>9=&H0-==5.L1^LW8,03U]T3!M4Y4#V#M$:XK*
M1/0KJ5@E.N$8649WV1'%`"8(!0AY*!+G^^/^BW_9"T/*-/\`&$W_`,/QO_\`
M6VBHKMK:V:1K97:."LR$,7M';.[TNM[/(JRLR5MSFUR"$3"F8::>EEQ<!;71
M+X%'3U+40X$%IU&`K<9`2(M,45SE88B^&%Q`+(F[B#[VEW3VZT7UGPWB$N;X
M7PZ_NK.TGP?$[#ZZXBN6A[-MQ87-Z&B)S2R7=+)#(YCJ,HTDNWEP=>IJ#?\`
M;5U4)7S_`!F.U1-U#%$*_CDLDCC=<Y2+'*6FUE")6XJE.<:_N:52K6(I2F//
M&G5K"`J#1EX/,$`0N<5<QF*9X+:`DT^RI'[E\E^3^+W?%.:YZRN+$6UM+=W,
MENS04@%W<0L^4?DH8G`-(!``-*$*3?CS83Y,*:^G:;_TY\T%Y_HH[4W95SO=
MK[;1=OK.I_'$*NJ%IY`4JNZ7DD!-?M:*&>6TUM-)H!2:K1&H#0A$8:6G'A0`
MT&`9``)IFH^-S&1//1X)'P)'[EV'+\;O,/B.*YFXD8ZURUK+/%MK5HAN[BT>
MU]0!NWP%XVDC8]NM:@2)\>;"?)A37T[3?^G/FFNO:(\>;"?)A37T[3?^G/A-
M$H:U>K[Q,]@\D5K4)A@K>91*P&W?,R0$*/4)2`0E)C`:^'B5$Y2!*'DP0218
M,&('1G`,&#)IHF]X\V$^3"FOIVF_].?":(\>;"?)A37T[3?^G/A-$H:U>K[Q
M,]@\D5K4)A@K>91*P&W?,R0$*/4)2`0E)C`:^'B5$Y2!*'DP0218,&('1G`,
M&#)IHF]X\V$^3"FOIVF_].?":*G;V>5;SBI7'6ES@4'@RTZYM,Y!>KJ2_P!O
M/:!,H>K+/U:6R=S(*:J&/S'1+7%N(4X:\B=L`.6*<Y<1A++"/D[V1T@N`[^S
M+M'V#?1?4?F_DF0Y#!Y"@R`9MQ7+8\?"6AU3;VHR[8=Y<YU7AKMI+=K2UK?E
M!J3976KU?>)GL'DBM:A,,%;S*)6`V[YF2`A1ZA*0"$I,8#7P\2HG*0)0\F""
M2+!@Q`Z,X!@P?&+Y<TT5-4\O-XB'LLM.J9D#?7#,ZV[`-8W.KLCLN6!D<O0U
MC>FMJR0)0,F*@`QI'/"64(S5*/QT:8!N\+4$^%82&%BYAL;W9"YD#:L:7U]U
M6NI^Q?:.'XSF,G^H_P`H\DM+$RX;&7N79<O%#Z1NL=E!`YS:UVN?"YN\"C7E
MC207MK;U0MQ;'V01;RA5!ZD=BX;?5G5RARJMJ3L>6U)"W%(U^*",(*`6^-DJ
M%7@W!:X_NE"D(NT98.S';QLS`STJ#JP'[U\Q<TP5G@G\69:QEKKK"VEU)\Q=
M62=KGEVITJ-ORC0>P+-UJ]7WB9[!Y(K6H3#!6\RB5@-N^9D@(4>H2D`A*3&`
MU\/$J)RD"4/)@@DBP8,0.C.`8,'HKI>FBYB-WMI;?VON""4?9M5P_,MU\(W9
MM9B?F65KS6::QV%PBRY-'$Y+4"+HEJ)X@Q5.F)BQY[<OBQ&68(M)@\6`]DM8
M&6\3Y6/^5_IBG8D@'[ZK]-_$W`<1X[XME>6X3,2"QS1X_:2Q/'S02W%Q:Q7)
M]0U#HY1>[V:#8UY82-M5(6";#W!8OMG:XE<@<XVMCBI!<R:EHI,+(DC+`&9`
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M^5O9A'&"=K=QJ:N=_9:`"7'V`$JC7VC33.6]3O!LN^-$98Y!`2*?HU0!CMEZ
MD"1@#)*6=_%2QD:5E-,!KFL<U%[EEGA4+49`"Q&A[@SO,*,<M8N)^D@H-KMS
MON=_XJ^P_!%_<W+?$'!/I8W6%Z;V_<2TASO2OXPYI=NH6M98.<"&;MX8T.H"
M!8A?JFXVS67VBB?U=U8W,T;C<Q=5@DMQ3%U4MB:'ZEU*[$IVU&KI)O\`'_8V
MLY.<8/6-XC31B*R8#`<*!<=:DFZ@K[7C\2OF7Q7*^Y\K<`=,ZK[C.6C''0?W
M]PQCG"F@(WD@4I7V44/M"/:>[5W)*(52LIK.O)0\2>VI#'(_/I+-WN/'OD-]
M5UHWOWJD3/&I0HSEIC"6-I4#IXL+3J4BT@(RC#SS#TN_O+&*)KI6.-`RM/?4
M-_KKK71?0GFGP/P_BV/RW*L)DIHK:WQ#)I+=H!#+OZNSQ[8QN:T".21UV^4>
MJZ2.2,[6;`&NO'\>;"?)A37T[3?^G/G$+XUT2HJM5,5FVE^FS=AC,>=0ZZZI
M`3HHK+'29-YK?BR]R1%*CG-WA<%4D+1J1&@$0%(8`(``'@X61B`63V*7G"B.
M$1PBC1*OWQ:)_AHVQ_:EI=PK[%__U.V'2[]SK4[^&BB?V6Q7A4]2JA=^:^B-
MV[U$M3EJE8NUK!!:(AQLBSJML-&:OLIOD*Q]N6)/-9;`1)PV'@HI/`%E;6$X
M$HCL-#:L3(96ZH,K%B5T4$)H5DWIU5^L8$$4:CP@,)T6`)C:1!C"G"(*B.!R
M@3Y"PGX;3U3=@YHQ_P!N+"<TPGJ+ST"$'LSFK!9SA$CI1LYK?"91*X/+[^I>
M-3F"1G$SFL'>[/A3=-(I$1`;1ER:01)2]%R%I8SPO*/NU1Z8!)F59&`"SDXO
M`BM#V3*BLVATY0^-(5*H]+FKP=G5A=8R\('UK-2R%A:Y2PJ2'%L/5(CT[S&7
MM$XI1@,$$]"L(/!G)1I8A%%%WV>7[C^KGS-P_P#\`/"IZJ9/"B.$5+?L_P"?
M,M1[N^T"TID#Z-XL-PMW.U8'?`O`V1X';-9TU(9@@9F]4I5+`.3>\RD`S2\B
MQCP3!8BPY``>"N0NFF6VM[D#Y`-GV4K1?27E;'W?*_&7C/R?9PAF$MK9N&]/
M1TD(M'3"'U'-``:]C2145W..XU<TN\H/:^533DLW"8]@5$S<1T_L?)(;7S=$
M8E'<#4UTWQ7#2W(&Q:O?8ZDD#IFS*]DR0XPT\1I*E6E*,&`K`_!\_P"722-M
MC#3YF`FI/6O]1"Y8_IJY%R?'>,[OAC+5@R>#BGN7332:7+I=[G.:V.0QL^EN
M;5[0&@%K)'-!=3?M=9;V1R,>TJV1U,E@;"?Q69/Z87U`_HDX'6OXBG=-2X7+
M5K*XJUKT0;&TDB6QM6I2DHT9OA+@L,,$'I$H.)QDM'.LH;ANT;0:]S\Y'QZK
MCL]XCOK_`,%<&\C8XV4(L+.];>1N.RXF+,Q/"U[0UA$IC;*QKR]XVQL:T&H8
MUV#U8VXK.R/:C[?5]&K&<%S)+ZLHMWKEC7'NC='96^Q2$E+IT\Q9G<A)RQ/!
M3`_-P#C!)B%BI*W&C#@Q*E";S&6UDBLHY',%=YKW`H`*_$'[_>MCRWQ1R7B_
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MMK%/IY&:\;'5Q5.[BTMJ!C;'B5)SW!2<H`!*A+--]]D&`"U(HGS/$;/S$'\`
M3^Y=CXGQ7+<TSMOQS!1A^4EBGD8T[B7_`$]O+<O8T,:]SI',B<V-K6DOD+6Z
M5J*I?:@&6;L3G3:NM2[ADK#(;6==@)Y!9E5TT4-;!)G"I*3?9?%$QLG97QN;
M0)'Z4$I6]$YF'"3(C%N5`3,9"'KW]CLA^I?<1@M:&@@CI5P!T^SV+Z'\!#`\
M)_[S\WY&XS!-98Z/'6\\%W`'R1-O+Z.&8B)\;G5CB+Y'Q`;GA@86FIIJ],:T
MO>H_LL_:,4;)53*L?8Y&-L79:?'5SBXM&$<KUH8I+'4Q"EU1HEOA:&*NB`A8
M'(3``6E'8+./+Z3C,3.+C(PRMK0O9^%`?Q7$77.[3R1^I?@_+;&.5MI/F\(Q
MHD:UK]T+[2*0D,<YM'3,D<PU!+"W<UAJT3+]GTKG-IUA95KWM7#;%+%L'89V
MFKFQG(%JUI2OT%KRM*B;Y5$%,B1EKO%2TBN>_:SL8R:C2F!3=Z8,D9H]*[VQ
MO9'$^K`RGP))H:?;JNK>9H\3Q_/X+CO$<X^XPEEA60-D#FM>8[BYNKQT4PC<
M6[VFYVRMZ/<#)M:'!H<\KSX%NU1)V,C+)?M8=I&Y2,8>TDY>Q6AJ0X,B4LW(
M.PM7E"ZNIO1@6,FEE"%V9P5VXTVZVLOND;^Q_P#D75\=_%\5<N;U=#G\4X=P
MV2US#7DCVC<R$5]A(']I,:L/AML9\\K'^'NB>;=>>]DCM#(LB;*=F-AX1D)9
M#?U_WY=TM&E4K34ZQ?([,?8Y%S@I59QY;6I35I$F%*J3I\Y3X6)SAAR/)@C!
M[F[=61K*_*QC6CX"I_$E>I^7\A+/R;&87U2ZRPV&Q]C#4-!#8K6.645`!>#=
M37#V.=\VQS00``T5FZMW]/&+>M/4SG.EC?3F+@]IDW&Q<U:!NBK>\%;$V)8<
M?5NA:;"9,-80V1.2GHCG`0P$I"%N"<AP7G`=]/$TVID#/XFV+7V_E`/[1^"]
MW\@<.P]WXC?R.#$-?R?^6<7<)0W=*YAQMM;2!E:G:736K7B.A+W1%U2=92>S
M4IRFWVLY+9ZJNX%*)2XW>_V;&K">XPPO\I)-LJ(U?9^'YAD[DA5/#44[.+L2
MX$@3G$X)SW72$&2PX#L[F6432LWD-T!%:#0`=%XQY6Y/R>TYGRC`1YN\M\>Q
MMO:RVT<LD<1%K:16OIR1-<&/+&L=&XN!W?-4D.-:@-"6S8N-P;0N==P]2376
MU-GJSFY<C;E?=I:Q?ZZCLSTP=H9(688L)2D\]<79I5H5)`^M:4C4Y.(P8DP<
M;RUV82^[9H)FL(IWJ0^OPU7U[Y@N.$WV6\OXC?%!S;'8"Z@])PJ;J.YD@S;)
MXW]2;=K)F2-<*,+V!KRV3:WJ;N*S8_3%56%:\J6HT#!7T1?)2X*%Y^4Z806E
M`<I(2B-P$8\&+U02R"\!P(8C#`A#C(LXQS@8V&61D;1J31?GUQG`WO*.0X7C
MN/B<^\O;F.)H:*GYW`$T[-%7&N@`).BJ*]D-?:S8ZSM[K95Q]/&`6+-J-L!`
MT%J#SCLH'*O'B$^,R@J@$J`,KJOKI0<AR8#!G=Y$$S/>`&`&_OXQ$VWB!KLJ
MW]CO^<OH']0V`@XKBO'7$X;A\SL,V]L7R&E'/!M;ZGRU`>QF09'(`2-S=S?E
M<TF[WG&KYB1PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_``]T3PKV
M5>5:;=3^55![4N239S,?B]=K_P!BJNJ9*4PM*%86T1:*MS##H.D3LS:1E[/5
MSD!I:=6MRI5J#7#I--[L``%\@^W8V2P#13>QI/Q.I^Y?2&=\;8;'<E_3[8XJ
MW$)S>&QMW>$R/<TOEE=)-.2]Q],""A<QFUC1'5K=Q)+?9\1RA]G=%:B>G0M*
MX2?3N\*9B"4:8\P;E):=-UGDPV\@U)X6F)RHA[4\K!B.&`H.&W``F"&:`(M,
M[I8+J0#02-)^P[A^VGWKK5U]=R_@/ESDEK;ET-OR:PO9C4?+%>C*1;B#0FDS
MX6``$_Q:EH#21)2*N1[,Z;5NZ4!1BEJLHAR3@/",1`ST.MM(*B@'!+,*,$4(
MPK&!8"(.<X_)G&?=YM&BK@/>O'K&!EU>V5M(2(Y)6--.M'.`-*UUUTT*XKMH
M[#EDAIGV9<>C[B48EJB@:TED1<!MQBG,;E\XNFWX?*5;I@X&0JFW"VEHV246
M>#)0,INPK/2HSU]J@8T27Q</S/(/O`:"/]HK]<_'^%QMERCSQ>WL!$F1S-U#
M,W<!ZL,%C9S1!E.CMM]<N)::G=\VK-.M3V>K[Y00?816<=WSB#;^_/&XL$]R
M'#DO=VE[-Z`X"$O(!D.I8_>>]QU=/Y<9QCK]X*/A[>FU?G)YHM/H\MPR)K:0
M?X:Q^S6ORM8]@]_5A&NNE?:I+UA\-MC/GE8_P]T3S:+QWLJ;$NFL.G*0&SA$
M)P2^QW7_`-J?#WVQ29`J*PFFKW;LEA54HU\6$^E`="RZ]F-A!":0AR3C.0>%
MFX-`W8QRQN7,_@;M"^(T]U`3K]H;_2J^Q)/)^3Q,AX$_*UM)\SQ.:.V,8-8(
M[.*>[<V7TSL)N8<=HZ3=U]-NTSJ.Y>O;#/Z6]F!NHP1I^73/.ZFM4=?G`W).
M6F&TBZ;?7](VER)(4-C>[$8E4^N!E3*CS#!EJ>ENZ"">DP9FMZQ9+?6I<-OI
M.^+MC1^`!_%=U/-+S#<I\^^++R_A9B_\+9.2-HKOGOF8;'Q/:2'.8?2M[.=S
M&@`M_CU>ZK0WH;K#X;;&?/*Q_A[HGG!KX&[*D;VLNSS=8]B2[1!O;?"6B)4#
M>UYVFI4$+2C%#O#=4KSLJLD*%0E?`(5;4Q2QI8G)64M0CSX>)$80+`B!"#S&
M/@+&-NR=2]K1\7M!_"H^]?:?Z<^`SX/"XWR]-/MN;G,V%A:`%I`9-E["UNG.
M!CW!\D+[B)A9(/X8E#Q1X!8[JL6[#:^W)9BA$WFQ"Z_:X4:1&75&E&OC[[5\
M`OW6G5.-2PA,OR6)>B?TU4%F*0"%T&+#C@8Z`=@08`"&:-E?F;;NK]I:YY'X
MK@[>*+A?,^,8%DKQDL5XWOS*QQVR1W5QC\GEI826UVNC-V0TC4,#2:G4V(3J
M!.%JUK[0"KVDDE2ZV0*90)L3J57@*<]PF&HU21Y&2H6X]U&2:I<0A&;_`/TP
MYR+^SG'0O$<T4AZ-<#]Q7S=PK,0\>YEQ'/W#BVWL<G:W#B!N(;#.R1Q#?[1`
M::#V]$A83H_(:]O3V?TPC08^CBFM.N,YK>UG!,!*A6RJ7)JSKBKX,K,*2=TI
MD#JN1A=#?##R>E(D;Q%B-P)007G=/NFOBO&NKN>\$>X5)/[OO7JV5\KV6:XE
MYEQE\9G9'.YR"YM&FKFPPFZN;J<`FHC8UWI#8UU7OD#@VC'N%H/-BO`E&B*_
MOBWM_#1J=^U+='A7V*2_"B.$1PBC1*OWQ:)_AHVQ_:EI=PK[%__5[8=+OW.M
M3OX:*)_9;%>%3U*ILA.EN_5*WQ$K@K36W3E\DT%NO<6>/%K.-[2N(V;?T1V:
MG<[DS&QVLY-E$O#CD$%1R)K\'3J%SL3@YG)R#NL]@@S595:?:5T+LIKL>S-)
M[^C1-[Z<V(#7I`W+#'%O0NQB4H;BC0.!R9$<N1)EF1@*.&22(T`<"R`.<].*
ML%D^$5=CAI"[/NT5OW#()4R+:CMENPOE=4MKK<36;/YB@A]/Q*%NDS2K;1?:
MSCKO68Z90K&B2Q:-LTAZS22Q&`RD/.<RM=*+>-9-:+3U^FDD)46XSO%&K(=&
MD,1I]GAJ9H20^7)62*('Q6VO)QZQV#&V]P9'+Q.E&H,\'9W9*U9"!,Q-^3"$
MU]FJ7FA%-Q%YTQUJ=5;O:I*IPJ2**U!35>UWL3:6:<BP,8$+,QV&W,[8FQG/
MO"$Q!1)>/<"'&/<X0]5+GU$PG_WER_S&;"?6?PE4>HF$_P#O+E_F,V$^L_A*
MJI;9&EM<J%F-G;=.;-(628P?::JF*7VYFVK21SDRM3-=ZU3+(PLGBF;B>BDK
MXI?`-H1C4=X+!R=/U=V40`&]M3+*'VH<2P@T'OTU_#]O<KW3Q/=\JY=;Y;Q5
M;Y&:7#75A=/AM/S1_4N?;O\`5#`*ET?H^H#7Y`)2S:)9M_@=/9C1"^J4UZLB
MW43VE=VB/;'6W9L#E4]GDH$2[;&M\ZLYD:$V7%\7I@OM6V%,"#SC2AI?&"DM
M2>I.4G&CR=K-O#!+.R(Z'8T'_0H/Q`7=<=YFN>"\KYUA.+73WVUQ)B;&VN&Z
M?P\1]/9F0;C5C;RU@<'$`N-6;AH"V"6N,7*G'L\;6W\4N<CCUY1BYJND;Y-%
M4[M#)4K@NND9K2#(XNH*1SXDQ*B[A2\X3N`1Y<40E&<$F%E%)R2-U.`V[CL^
ML1:X4[%Y)K^Q>L\[MK;&^8N->%`U\W#IL5?11PM<&OBGRTUU<OE]39O<X.$-
M(W'TVM;1H&YY?LN@_LW4&S>C[-+WE_G=/[3PNZ[$>HW9;LJFP']B.-A\71L3
M6I8#)&S$)FIX);F!6<X`3B<CFQ+A.0=A.=CLEU?>E=R,`#H-H!'L[_?J?CUZ
M+8^6?.T7#_,7(L58VT&3X'+C;2TN;5CHQ$^A?<.?&\->&RL;=3LHPL;ZK@Z0
M.?"REEFN^PE-VE-:)H=\<;J6W'.*,<I]8#]'MC;W.@4?GD0D#Y!I%"BE9%KG
M&EOKQ)*]E:M.A,"4H2M[1G)@,B&+!7'S6CHVRR@_PP^@KUH=:_<1]Z^=^:^'
MLEQ_%<NY?:2!G&+3+MM[>.2HN)+>:..>.<M(`,;(KFT8Z05:^2;Y30`NL4]1
M,)_]Y<O\QFPGUG\V:\3JE#6M(0PZ9[!EC>K>P%+;S*05DK8.^R!B`*A*059$
MI-(LHLQ8=WBD6,&'9&9@O`2\"[L``A)7HF]ZB83_`.\N7^8S83ZS^$JCU$PG
M_P!Y<O\`,9L)]9_"52AK6D(8=,]@RQO5O8"EMYE(*R5L'?9`Q`%0E(*LB4FD
M6468L.[Q2+&##LC,P7@)>!=V``0DKT3>]1,)_P#>7+_,9L)]9_"51ZB83_[R
MY?YC-A/K/X2J4-:TA##IGL&6-ZM[`4MO,I!62M@[[(&(`J$I!5D2DTBRBS%A
MW>*18P8=D9F"\!+P+NP`"$E>B;WJ)A/_`+RY?YC-A/K/X2J/43"?_>7+_,9L
M)]9_"52AK6D(8=,]@RQO5O8"EMYE(*R5L'?9`Q`%0E(*LB4FD6468L.[Q2+&
M##LC,P7@)>!=V``0DKT3>]1,)_\`>7+_`#&;"?6?PE4>HF$_^\N7^8S83ZS^
M$JE#6M(0PZ9[!EC>K>P%+;S*05DK8.^R!B`*A*059$I-(LHLQ8=WBD6,&'9&
M9@O`2\"[L``A)7HF]ZB83_[RY?YC-A/K/X2J/43"?_>7+_,9L)]9_"52AK6D
M(8=,]@RQO5O8"EMYE(*R5L'?9`Q`%0E(*LB4FD6468L.[Q2+&##LC,P7@)>!
M=V``0DKT3>]1,)_]Y<O\QFPGUG\)5'J)A/\`[RY?YC-A/K/X2J4-:TA##IGL
M&6-ZM[`4MO,I!62M@[[(&(`J$I!5D2DTBRBS%AW>*18P8=D9F"\!+P+NP`"$
ME>B;WJ)A/_O+E_F,V$^L_A*H]1,)_P#>7+_,9L)]9_"52AK6D(8=,]@RQO5O
M8"EMYE(*R5L'?9`Q`%0E(*LB4FD6468L.[Q2+&##LC,P7@)>!=V``0DKT44?
M:'TY2=C4(YZ]I;=E#=-[<O+6ZE26ITV`L>=N+4YRNY:KDS[A17DPLYP:G5Y8
MZL&JD)*)8G[S*4HI27T]I)O-[8[XIQ/L):UCG>[1I'7[=%[EX)DS7%><V?/F
M8.>7'8O$Y2^W%CVQ/;'8WD+/XH80&/NBVW+Q4-D);U:0HD>S+86*U[564^G;
MK4;XC[/^N;!HM[F(+MMAB*G=DS^TV](@>8HS,,O9B8LPM$=IAS(.2-^"DIYZ
M[K4%"R6D$#<7[=D9E+OFF<'4[`#_`,8+TK]0&+9AL!+RB>^8[)\XR%KD6P-;
M_P!FMK6T>3&YQ)JY\E_&ZNGRQ@`GYU:/'M::LGBW::$2\RTGZ)R2P01"0L:R
M_K[\"?8W(==*82/34\!)LLHQR)<43H<08(X0S,IQ8*P+!8`!#QC'.8]KVFC@
M01]H7RGB<M?X+*XO.8J?TLI9W$<\+]K7;)87B2-VUX<QVU[0=KFN::4<"*A/
M9/0$!2)R$B5VN!.E2DE)TR<G8G8(LD@@D`2R22BP6=@!9118<!"'&,8QC'9C
MF)U))ZK92RR32R32NK*]Q<3W)-2?B57/N;'&NJ=E?9^*&.764UH+$MR<U1+5
M#O>ES*S<Q:3,,>?%I3>]NEBF+V$Y0LB:<H64IQ.#\&8Z\"$65D&]MF"2"\!%
M:-!'VBO]:]Q\6X6US_C_`,U6UU;/D?:8ZVO(@TFHF@DEC94-_,T-G>2#IH*Z
M*0;1%:IB;'M=:RB3VHYQ"%2(<]\9-&R%YY2ND99=8Z:EYB\AV168(ES+5H<#
M$2K&,[M(R6$(LE`+"':-872-CI\Q-/CT7D>+PM]E,_C>.-B='DKB\CM@US2'
M-EDD$6US30@M<:%IH013JLYJKK:V1[6ZD6R8K+0:I=BMHLX2EM9=@KS2-R*1
MO+:2\O:8DEIG[4VY,*<UYN#3"4Y0#3NL>`^^[<ZEPX.GE<T_+N-%SWDG(VF5
MY]R^^Q\I?8.OYA$XC;6-CRQA#:G:"UHVMK\K:-]BK6A6FE1;";K;G5C+'VRV
MYEKJ957,L)F*TYMEY4AD$:E"5^8Y$O=GUV<%338T9F3NC7C/SE4K;7-666<$
MM2=U[]TSX+6U>T"I!&OVC]A`^Y?0=]SG-<#\4>*,WBH8I+FZM+N`&9I>W^'-
M"^.1HJ`Z2VFMX'QU);&^)E6T:`K"-7-2ZXJADL2JF>1W"K:*UF,'A38NQ>%O
MQX]P2,NN=$DX7K6V)3=A82%2LX0QY`G2DD$@R$DD`""RBP<;+(99))7#5QK]
MZ^9N5\CO.7<ESO*+^*..\R%W+.]K`=C72O+BUNXD[6UH*DF@U)*4L\TZKS7+
M6JI(+&9!8:QOB&UFM9:$":S;4CK/XOM3=>!(UI"2+LT^+8&=Q:4%BG9*7)"2
M51BU/A9U!/,&+FZ;*9[B61PU,;OP8?ZEZ?C>7WO/O(?*>0Y*+9=WG&LHU]';
MM;3`7`::D"N\VK:@C0.(!)`*8N\-`P!RUPDL:6/%M*$DYG=%UPL0+;WNU[)=
MD5D7Q6D%7LV&E]GSLUK3W=%(#$Q834QN`F&X%C&!!P+&G:$MG:\=6AQ^YI*Z
M]X=O+C&^0,7E[7;]38VM_=-+@"UKK7'W4[7N!T+6.C#B#H0*%0*]FMK&55]F
MD5Y/D%DPZ9JM;X=Y8-+7:MC1-P2R.%1:B'AR9';,*FK44%/'72YUF$:8.1)B
MLK%'3C`NW.=>[D$HG>UU6>L:?$?^*O0/,7(;3EUKSC,XZ\;<8MO,I'0O;7:8
M[FSV![*BI$C+%FZO38V@`)5LK(R4%(['FU1,ED6HX637+='G>;Q(G8G8X+E'
MFV6)/#HZM69-L8M*,AV2]HRLE&&?DSC/9G&<8V1C>UC9"WY'5H>].J\,NN.9
MRQP>*Y)=XY[,'?/D9!,=NV1T)VR-;0UJPZ&H'NT3%]1,)_\`>7+_`#&;"?6?
MS!<)5*&M:0AATSV#+&]6]@*6WF4@K)6P=]D#$`5"4@JR)2:1919BP[O%(L8,
M.R,S!>`EX%W8`!"2O1>VZFNC]?ZNF%Q67++M:H-!6\ASD*])L#L.O4ITJEQ1
MM9'<(BK0P:I-,6KR@!`'WPLB]S&<^YS4BB=-(V-@^<KG^+<9R_,N08SC."@;
M)EKMY;&TD-!(:YYJXZ`!K2:G319JLX74-MUU!+3A4GNI=$+&B$<G$95J-A=A
M4JHYBE#0D>FS*Q&.T,F(EH4:T&#B!^_)-P(`O?!SS%['1O?&[\S20?@MKGL+
MD.-YO+\?RL89DK&YE@E`-0)(GEC]IZ.;5IVN&CA0C0K6*UI"&'3/8,L;U;V`
MI;>92"LE;!WV0,0!4)2"K(E)I%E%F+#N\4BQ@P[(S,%X"7@7=@`$.*XJO1<N
M1]LEUCLQ/M>O'<^Q`MD7$2]M;PV7;?@BB=@O:Q4T1=DC>W2P"9T<9PW(FQ,)
M8M*4848+3G9'@?2;CL?H"2%D_P#;C'X;17[M5^F?_=_9\BX1Q_G)C_\`;7'H
M?3+@0/\`=OY?;>LV2IH1`YTKZ?F:2\>Y76[;5/&V;V@7LQ0HWNQ0HCS]L?&A
MSM<ERNSB$IQA]50Y.2RR5?88WZ('GGS#'4-N5)\+QA+3J`'EB"#'%VW_`&*_
M'?9^!)_<OE+QEMD\(_J%M7-)]48:E.H,4]W<5I0U'\'YAI1M3444M4-,PD@K
M;90>_6N02U3-0+!QNP5ZE$A(*ULIQ>8<XC%9(2UV`#.%U&*>\S@D(2\Y[H``
MAV3/SM^T+PO#-<_,8EC&DO-S$``*DDO;0`=USJT%JLHOS3]A2M2*1J5E;M5'
MS6R,&3I];01N-5[,-XA3!-AA=9&F;RE:60QY"C`F1I1JTAYQIJ<L'>*C!<_-
M,(;ESB?S;@/>2(Z?@OT5YAS*UX=Y4OKZXN=OU\F1@MA1SVRRW<''Q$1M!;0Q
M.>\/<0V@INJX`VF^QTBL1M_7:X;`.DUG+T\@VRNM<U.+/<=UQ$IQ950(HL:5
MJIM9YLQ9.7'H5(,C/5DY7##TA.%G(,8QQ^3;LFB:10B-H_:OF[]4N-=AN<<4
MQ+X!');<9Q\3FU!VN9ZS7"H)#CN!JX$U.M36JS<LG;-4.R>ZD;\,M%VBM.:X
MSO:->R%W]?B!U>G:&U91I;2C/?"+*$<(A4C;G$C(C"S3`X,+QU9`246'0BMQ
M)&PUHYTH9]X71>(^/;7D_&>/7IF=%D,CRZTQ+).K6,GB+GNV:5<'/C-:]!32
MI*DAHG6T'GVL,&FY;U:>$LNDUQ2)N&SW_>B!L4-+Q==B+FA8B*:[#0(E!"YK
M/).PJ"5@2SO/"!B&,T0Q2[&V=S3U`:/N:%L?,5I)CO(.7QTH(FMK:QB<"*$.
MBL+6-P</8X.:0X=000>B2VR&L*S7OV>$K;82ELNR)]40(C,&"-1VT+Z6L;J*
M)W;')X06FAS?.3"DR5G9TF33E)"<!R+P8:T!A1I6#@ZL+VS7K7/.UKJ@_%I"
M[?PG.XOFWG2QR66O!8XS*>O!+)(^-FSU\?+:N.XTCW/<ZC&]'.<UE#6BCI?>
MWU*Z\9LN.88]K9)9=SQR16;7P:^NRY#B(V0S:DTQ*27.3K5EP)%H\(5:DTXQ
M1A.XC2HD0\C_`+LHDH5MK%T[GG>T,8\`U]NJU_&7@G+<WR>5O#E<?!@<3F;>
MTN/J'O:93)<",MC#6$$N%&@.<S<Y[6M.I+:[J8JX-PUG&+/G3M8#C,Y)KC[3
M(R:2)XLJ:KI`[+ZBUMUDHL2LUQ.>E9+B4I?S7$1I0LF)G!`84G6A/)("F#R<
MKA&]T;/RB2*G;5[W+ZHY3?P<:SV0P&(BA9BX,]Q5T$;&!L;!=9?+90-#1M+0
M&N8TC2E-K0&45X7LX-9(B\Z`ZO%V61/7-<\PYBLWQ:=;-M-[&!>Z313:L$DJ
M&,MLY21YM=FM6H;7A"K3)BCD[D24M+$!2$)F.*O7_P"^W#F&FI'X;3^\+Y$\
M[9Z1GF[R+?82Z,=+B:T)93\GTOT-S%T_*YGJQ.'L:2`I05K2$,.F>P98WJWL
M!2V\RD%9*V#OL@8@"H2D%61*32+*+,6'=XI%C!AV1F8+P$O`N[``(=DO#J]$
MWO43"?\`WER_S&;"?6?PE4>HF$_^\N7^8S83ZS^$JE15<3:X;MI?K8T*I,L3
M'ZZZI+QFRJ:3&=.`3S;+W)3B`2[S=^D+JF18+2AR%,6<%.`>1C"#`S#!")[%
M+SA1'"(X11HE7[XM$_PT;8_M2TNX5]B__];MATN_<ZU._AHHG]EL5X5/4J2_
M"B.$1PBK7M+?>:0BS)S!XAKHLL=F8)R_4U$GMIG;T*3RNYHO4T)NV1-JRMXU
M5,TD;=6C+7LK5GFO+4.02%0J8U:=''%0C4`E96GO4B=<=H(IL&D<T8"V&&V"
MPMT?6RBHEDV9GFSX6<O8&4Z0I)M$4I*-WC6([-U2]D*/.*R0Z!;PKDXLI5:;
M(R$44`=)]V&B$ZF:_P`1.UFW4DQL<K*.LYDAA6LTWDT2>1H4V2!.,<D*'_LW
MEH59#U$*"O>&@S@6/<SR*D:]5*+_`.@#)]TK?O\`E*L'E4I[T?\`T`9/NE;]
M_P`I5@\)3WJ*\KV-JV]HIMG3]E:C;X/4(MN:(FYZ1M>JTT.=V<D5(TNA1JNU
M2E7$LDK9G1E*=&X1I)@B!82*L!SU!YG%*Z&1DK/S--5V'BG)LMPSD>'Y3@IQ
M'E;*821DUVDBH<QX:6ET<C2YDC:C<QSFUH5)@_>N)J6HYD,T_P!]@M)[>8U#
M0D:DV&E("W&ILI!)"<)<DB3%83"Z`]WD.08_Z>SLQS"IK7VKA&3SLN&W;93]
M2'A^XZG<#6IK6IKJ:UK[5$2FWO7NG=5I!IZDU&]HQ)ZAE!5DM[V2]:M6$E?5
MK)9+P\+UC88\,@&U6$UI;70M$0J"(*C($P!B%U?DW,EW+)<"YZ2"GX+TGD_E
MGE/)O(5EY,D=#;\EMS:NC+&UC:^V8QK7;)-PH]S"]S#\M7$`43LJ_>2.,,BN
MLA%J=O1A"HLQ@,0H&W5.>GC9T:&BZ98R&UQ3@]\W+`@:>^+)'[[*0X@W_I,#
MS;5J23U7FDLDD\DDTK]TKW%SB>I)-23[R52A"H&L2QSV@BR[=3-P5KS/7ASN
M/6]Q5:\6;A-4MAQ^1;<OD%F;RI3!;$K6V-I%O)'`PM2-4G"<:K&8#`R"QXYI
MUXVMCZ3OE_*[WCY`:_=U7W%E?,>/EN_`8XGE0VS%,?DVAH#IK=\>#BN8I&/:
MY[0XVSXVR-:TO9&/3<YNX&R..>TQ4+-\4^4]'[7N=<6+I/`GUOK]#3,Z<IH5
M+&&U9VX%6#$Z_"K`6X5W)(W+LHU$B*3Y\*4-R0G`\`*SCFS="!8N?_;;,6_#
M:/ZOVKQ;*<)M;3P/?YJ1K6YG&<XN;)SMK0Y\3[*WJUSJ;SZ<L6YC=VQOJ2FF
MYU5):O-\&9%+KV4YU5WL4X=K5:'`)*/56>J5+>$ND*;:O!'8D'OF]P&)LR>$
MD?OA)3R3?^DP/-BO`J=-4U?_`*`,GW2M^_Y2K!X2GO7Q#[0B.C.-3@U0WV&H
M(`48>0'4Z?".)`?WF"!FE8SD98#NZ'T9SC&!=.>S\F>/@LC&\-:\M.PDT/L-
M*5H?;2HKVJ$L*\WP9D4NO93G57>Q3AVM5H<`DH]59ZI4MX2Z0IMJ\$=B0>^;
MW`8FS)X21^^$E/)-_P"DP/"QITU35_\`H`R?=*W[_E*L'A*>]'_T`9/NE;]_
MRE6#PE/>E57F^#,BEU[*<ZJ[V*<.UJM#@$E'JK/5*EO"72%-M7@CL2#WS>X#
M$V9/"2/WPDIY)O\`TF!X2G35-7_Z`,GW2M^_Y2K!X2GO1_\`0!D^Z5OW_*58
M/"4]Z55>;X,R*77LISJKO8IP[6JT.`24>JL]4J6\)=(4VU>".Q(/?-[@,39D
M\)(_?"2GDF_])@>$ITU35_\`H`R?=*W[_E*L'A*>]'_T`9/NE;]_RE6#PE/>
ME57F^#,BEU[*<ZJ[V*<.UJM#@$E'JK/5*EO"72%-M7@CL2#WS>X#$V9/"2/W
MPDIY)O\`TF!X2G35-7_Z`,GW2M^_Y2K!X2GO1_\`0!D^Z5OW_*58/"4]Z55>
M;X,R*77LISJKO8IP[6JT.`24>JL]4J6\)=(4VU>".Q(/?-[@,39D\)(_?"2G
MDF_])@>$ITU35_\`H`R?=*W[_E*L'A*>]'_T`9/NE;]_RE6#PE/>E57F^#,B
MEU[*<ZJ[V*<.UJM#@$E'JK/5*EO"72%-M7@CL2#WS>X#$V9/"2/WPDIY)O\`
MTF!X2G35>383VD9L1H>Z)/$=<MTH3+V.K)ZXP^83C5B7MD-C$O31=T'%GR5.
M#T6<T(H\V/\`X.:L,5`&G`0$63`Y#VXSJV[!)/#&X?*7@'[*ZKN7CK!VG).?
M\(X_D(3)CKW+6D,S0XM+H9)XVR@.:0YO\,NU!!'4&JC=:'M/%+1NGKIDV`[=
MQ6E%\`D34X5@XT5)&.2V':%C*EC?5RQGBP@E/$S2+$T><`H@X-,3%G)C1E%=
MZ$0\;F.$.L[A^RLC7#[AU_:*KTSC'!K;(^%/)69CPT<W*++(PTDZOCM;<-==
MF.IH&L,L1E<P;BUP!);HOO4WM&6J)[=[P&2ZH=O/(YY6:MN,5A`Z1F9\AA3^
M\P$$$=#I-#E2LLN&'6"\)V),TCR$)KX9@L`.\$`H.,'QUM;9[6_,2^M!KI0_
M@*KK^;XPR7Q3XRS6,Q@=DI[S,,F='&#(]EO]-*USRUN][88_6<2XD1L!/RMJ
M5%>C-SH!8OM&KOF*RB;\LQECTQM:<-449J'=IO9T-FK'$-3*99%[W"2!+5<0
M/AYM<OB82O(0*T1YZ0&#`9/&#.[G:Z+'P'4%P:/@2]W]2]DYYC,EQ7].O!KA
MCIK:>^M;"!P:7QA\%Q+G;Y[2?E+P\/@=(PU91[20:L*L*UTOFNM>V2>(V73S
M=TQ]L*V[>LJ12-KTLG#2XN:.P+:GE@1./NJL.3E[F7!(_,"VL@9QPP=1)II0
M"@G9+QQ\TSIBRM:!H`'V``_?2J^<N;<TR/,[O$274THL[+&V=K'$^0O:QUO9
MV]O-(P:-:;B2$RN#6@_,UKBXMW'<Z\WP9D4NO93G57>Q3AVM5H<`DH]59ZI4
MMX2Z0IMJ\$=B0>^;W`8FS)X21^^$E/)-_P"DP/-%=*ITU35_^@#)]TK?O^4J
MP>$I[U5W[5S95%:M&0B4,U(;A5O(J<M!KFT9<;)ULET.AKK('AE>H,T-+G*W
M4X"9F/-7R<L:7L+.&H4``3@/:/MQR.,=_'=&1H]I!^P:_N7TQ^EG(,9S_(\=
MGMVOL\MC98I7;B#'%"6W,C@T`[R6PENVH.M14T!U&/;YURXZ1["T&CJO8TZ=
M3/5B)AR613;PL0L\(E>G5-U&19#F>F7C,2P98Z(%!Z!V$#Q>L(R2,!N<&]F,
M6L<+_<6G:)R*^RH=6E5Q]GA,I9_J%;EI;"8XNWYU+'ZX8_T'7%O?&<PB4MV;
M]K6N+*[PQP>6T(5N7_T`9/NE;]_RE6#S8+YWI[U#ZHK\!7&W^X]\#U0WW.C.
MR,<UD-0A'JM/35B645#%;!A$D380EIRQ(VOQ&H9#B1C,,&<H.4_](0!QS<R3
M!]M;1?VF%_W$@C]_W+U#DW+[/-^+O%O%6RM_F6$N<LU[`UX/HW<MI<0O+B-C
MB^0W#*,=5HB&]HW-+G97F^#,BEU[*<ZJ[V*<.UJM#@$E'JK/5*EO"72%-M7@
MCL2#WS>X#$V9/"2/WPDIY)O_`$F!YMEY?3IJM'VOW>9)123NV_9;W;:"T<XI
MB3*'"4ZOS9D94Z2&757LP6=\YK\A2)UAJ5B&!)@8@X,6"*!U!R+`L:]K_?-'
M<.'WM(7H?BNO^-K&)KZ/EM+^('WRV%U$*T_LU>-W7Y:Z'HJ\]AMO169[2VAY
M:EK/;@,/K=;`8,Z5&YU3.6]Y22QG,<+Z4>`52,P8W*=O;82QKNL&`'FM"1*?
MGM)2^^W\`#<=,:?,03TUI^7KVZ_BOH#@5K;8K]-_.;E]C$S)7,-S=-E],>M)
M"Z1F+`$U*^DQ[IQLJ:.=*0*O-)=,.YS0CW><9W]FW<TM*NBM[1T^/EZW3?$M
M<'!VB'L_5C)C,;QG"E25'T4"=SU(\]N4)#NC%GWJ\/-@W6UF]SV?L?\`Y%X!
MC!ZOBKF<=0719W$2`'V--MF6/(^USH0X#K1IH=NB"^TJ^,&^LCV*AM4;;QY%
M+=A$%46K##M7I2NDDSKH.G])O,(KX8U@S#8]+XW.6%XD13,63X>K9WDIP+-+
M($,)N[W-=9MB<VI$>X>X^HX'[Q3[EZX,AC+WPKCN)Y/&&:2#C,F4M)-Y:(+@
M<AR%I.\L%/4=-`Z%E2[:UL6K7$M+9];#>T-1-U!7>N:];MYH:ZIJCL<UIEKY
MK/.(NS1EU##WCQ8_.LE6C+1Q]O:5W=GFK318`F`#)@O<#S96[=]Q`PC0O`_%
M>(^.L;'F/(/!L3-$R2"YS%G$YKA5KFR7$;7!P]K2TG=[JI2T7[26O:[K:<SF
MP*6W!!'!'5[(WJ?*M?I@JCX$C?K#2!;B].LD5J`)^A:F8SG0!Q@\B4-IQ2KM
MR`W&>5T;GSOC8WYB\BGQHM3)<;R68\@9;C6%QY?D)<M+!'$T4`<ZY,3&GH&-
M#BUI)HUOMH%$#<WVH=1[OT!8^JE;5!LFFF-HR*%-L.1%5\%>[3M@89`"7*Q,
M""/K7]R)?2957*]M.193G$F%)#1@4&=B@HCD[:TDM)8[A[F[0"3[N@U^#@5]
M1>-?#W(?$/*^.>2L]D+%^+L[*XFGVN=2UD>V&W:R?>(Q\T-_%.RC@\`2!S&&
M,%[H]G9O,]T54#-J7==![3/-I5.8_H(6PP36^P75_-IQE:ZZ=F]?+&Q42A<4
M+]'UEG(TBOM2D%>#*F\T.,A4@&/:7P:^3ZB('TW]?MJX?CMJ%Y+Y]M<9F^2_
M]X_%[>=W'\LP/FD=M=&R]^HO;9[&N87-VS"P?/#5SB]A<ZNA#=8D_M<%4.=K
M*D\:JZZ(\D==^X]`'(I]I5Y`E50Y)0$1@+O7\@5+CU'BNZ,3R%+%Q#&F&E</
M!F\`!]@?"`CSCL@:`U)=#O\`L-?ZOVKF>->#X;UUG#>B2>:]X0_,L#7!IAE%
MVUK`-0"QUN8Z^I4?QG.I\K2*O++3J'*TM!K-E%`[#HK510ZM5CXEQ3TZ:D<N
ME4;V8KV7&+JQ;5B8DR9-?DC8BMO+&5WP1KUZ`KMSDU.8+D(IQZ=\QI_A@NZ]
MMCOWM7T9Q;GEK+QKS[A\==$<<M+R]8SU`W>83A[YNNI-72V#7-H`7=`*N<T7
MY;);OL\@8ZH&3K#NZR*F#8JB)"G62#6*=LI)X$5AM"=Q:&TY1GNUS\_LRU2A
M1(\8R-6H4!+![\0<XX6W_-*/_-N_8OA[QSK?<IB)!C?Q[)U'?;:22-^Y[&N'
MO'9>!\W@9U43W'1XU@W<(S*7!^[M2IU@G)"-B\(UKJYAQY4*1^\8NY&ARJ,[
MW_H0&E'Y]Z/'-.+^]C_TA^U=>XD/_FOC&O\`_(6W_7,4-?9D;/QV%PF^H^^Z
M[[2V,V2Z;R\*]-7^OTKGK86W.]I76K5M$B\7XR4C4#2ON4AZ<S';A00I)S[I
M0N<AD20^$@Z[1_LM7T3^I>::VS'!KFWE++B.Q@<UP-"US;+'%K@?800"#W69
M]DYL6DUTIN^*R6ZW[=R!,BVMLAV9&^O-=9O+$,+8G>&5DH;H6_F)_P"]99,U
M`P(TY"?G)P4ZD@[.<@/!S')OWRP/]IB'[2N/_5'E(\]RG@&<9)ODN^*6;WO-
M*O>+F]8YQII4EFH]G3V*+NQ.S9<HW$]H<H:J;V08UMQ:`AJ=J8'RGY,S3>/N
M+R9`8X0]2^)&ARYLL#=C7P*7QH/M)$<>23@(AG@QS5M*"V@>>@N:_<T']R[7
MX@BBB\8>/<K/1UO9^3FRN;2I+8L5'<$C_.:(#M'M<1J%9)[/C<E!6VEVN\#<
M-9=TI(NBL`3M"Q\A&M$XD\4<%*9R<N^-97Y&$*9S2@&+(,F`QC&!A$'/NXSS
M:7Q_WRX_TEXWY_<R3S+Y"DC>'1NOR00:@@L8001U!]A4K)1O<U/49D3.GU)W
MVRH=F)W;",'ZEV%@C)R]O4)2L'9P`><%=9N.K/3GW/[,\VK31S3[UY3CYFVM
M_97+R=D<S'&G6C7`FGOTT5)_LH-K$3H?.Y;:%$7U>;BRTU5-0(W:MJ'=+B`B
M;D*64Q-];G)8VIQE,K.^PV%Q]*(KIP%TRD.*.P/P+&<\ID6^BYS6Z!TA=_JL
M_>2OK+]2^-DX3E,AC<1*^VM[[DUW?!L;RT&EAB)624:[\S;FXNMA<0YCFN<P
M`25-B4[NNF8CKY>40K72/=*,.4CKO9HME?'W5"<IR8ROOWQE+Y\E)DSD$Y1$
MX0]S$A$M6I"1EMY);<ESDOI2$8+V<<SY)X2]QIN9_JZ"OV#V_:O%.-\PS^?Y
M_P`(FS>7>^$9+$L>-VUCFV+F6]N^1HHU\D4+GM$KP7TDE.ZLCZLO63=R.PW6
MW7R()M5=XW!-%:/J>-IU\=U<GSS'UQ#'`F!L*6,3P4(13JS*2TN!I5(<Y">0
M((\9[!<PN#6XG)Z[W?M*X+R3))/Y%Y]-*^LK\U?.)[DW4I)^)6;KS?!F12Z]
ME.=5=[%.':U6AP"2CU5GJE2WA+I"FVKP1V)![YO<!B;,GA)'[X24\DW_`*3`
M\T5TJG35-7_Z`,GW2M^_Y2K!X2GO1_\`0!D^Z5OW_*58/"4]Z^VMEP);KV<V
M&E22N[>K,MOHC5B/B8;IKMXK.4JQI;!V\<<NZ!A>_P#NU;`>%UP24K#_`'9B
ME.>7CW2A<(5/7A1'"(X11HE7[XM$_P`-&V/[4M+N%?8O_]?MATN_<ZU._AHH
MG]EL5X5/4J2_"B.$1PB2I6NU,$6Z[WPG@J%-;3ZUJ&ETF*5P>TRI06K9&&,J
MG,#<0YELJ23J8Q%FQL,>"4Q;L-M;TR3*G*<DLL)6II1?>$:_4U6\Q<I_!X"S
MQR7N\88H:O>4)C@(PV.QMFC4<:T)210M/0)#<,$+942E2246J7)65O*4F'`0
MI<$E*I,^SR_<?U<^9N'_`/@!X5/53)X41PB358?#;8SYY6/\/=$\*]DY>%$<
M(DU6'PVV,^>5C_#W1/"O9-EQ0)G1O7-BT&3$;BC4H%981B+$-,L)&G/`$P&0
MC!D11F<8SC.,X_+CE!H01U6I!-);S0W$1I*QP<#UU::C\0N6[V73[;23>),B
MV%"\I973-&E:M"6RY"I95K,FC1]L6-&&H:9R*+*94(ZXC0'#*<)O2,DPI0'`
MBQ#$7SM^(S:_P:;7/W:>^@/XE?H#Y_L^.2>)WR\+,3L=E,L<MMA<)&O,HL[:
M5]6DE[OJ93'N(J'!S"0X`.Z&8++(LPSN["7R2Q]F.EE]1QBBQ3J\MS<9)7Q5
MKC2*Y,S,`%BDD3RZJ$2,XXM.FP8<,HH8\!R$(LXX(-<=U&DTZ^Y?`UOCLA>-
MNW6EC-*VWC,DI8QSA%&'!I?)M!V,#G!I<ZC02`34A*74'?\`H3=UWM)MHXZ3
M*T]3YCV'QQD304REN(9-(+"9&A2T)LK%*H]&M25_ER`,82QA0NB/!P"57A"5
M/N;BTFM1&9:?-^ZG]=/@5Z5Y*\-\P\46W'Y^6-MVOR/J>FV)Y>6^E';/>'G:
M`"UUQZ1`J#)%*6ET>R1\-9/M"*G_`&RI50N;NP,<"OVC*X89"\R!0F;2")C6
M37=,HBK(B<W`9*9.M=A3T@O!>!8RJ.4)R09$9D)>=RV#U,;Z@!+V//W':#^Q
M>GV'`!R7],+N2P6TTN8P^7N9(V1@N)ANGV,4LCF-J2UGT[C6GR!KW&C07"T.
ML/AML9\\K'^'NB><8OEKLG+PHCA$FJP^&VQGSRL?X>Z)X5[)R\*(X11S8II%
MJ]==F)9-'M%'8XWW;#TJUW<!#`D3J'NDM>F)J*,$6`P>!KG=S(3@]SW3#0]O
M9CW>9-:Y[MK15RY#&8O(9J]BQV+M'SWSVO+6-ZD,8Z1Y'3\K&N<?<"GND?6-
MP<W=D0/+4M>8_P"`>/FA(XI%+FR>-4XE;7XW0$G#5MOC)(#)J?O@`[XO&1`[
M<8[>2A`!(T*V\EI=PV]M=S6LC+6;=Z;RTADFPT?L<11VTZ.VD[3H:%1@TDV7
M6[<Z^1N\UL130GRG>94C0L21V/>BO%+&_+6II=?#E3<TGYR^MR8M9W0TY8D^
M#\%"[1`R+.O=0"WF=$'5H`N_^5N"1>-^9WW$HLDZ[^GBB<Z0L##ODC:][-H<
M\?PW$LJ'$.V[A0&B9]8?#;8SYY6/\/=$\VZ\Y[+';166^TWK=?%JQ5.G5RRO
MJCL"5Q%(K0*'1&KES-%W-7%DJUM2'IE2Y$I?RTX#BBS"QC*$+`18SG&>:L#!
M+-%&[\I<`?LKJNV\`P5IR?G/$./9![FXZ]R5O#,0X,<(7RM$I:X@AKA&7%I(
M(!I4%;Q5,\06G5U;6<U9+RV6-`8=/&[).19*R@E\>;I`CR5D><CR7X.X!Z>W
MW>S\O,9&&.1[#U:2/N*XGD.(FX_R#.8&XK]18WDUNZO7=#(Z-U??5I6L5A\-
MMC/GE8_P]T3S!<1V4=?:<2_,$T.V2E&"U!V$,+0)ADI1@+-/*>)7'F0Y/WAF
M,A`4>4XY`9GLSG!8A=F,Y[,<W=BW?=P-]_[EZYX%QHR_E[@V/JT;[IQJ=0"R
M&1X-![06U'OHIW\VB\B2:K#X;;&?/*Q_A[HGA7LHC^UJF!D2]G_?Q"-8A2.\
M[;HE5;0!>;W859UF3N,PUT*(#C`C#CTL<=ERO(08$+!288NSWN>;W'MW7<->
M@J?N!/[5[?\`IQQC<EYDX<^6)[K:S?-=OVCH+6WEG83[`#*R-E3I5P'M7.;9
M5W[*;:LT/VIAE?.I+YJV\4Q:X"4#:0XH8%7M4'[D70W.$L?#FIJ83$3'!(RS
M`2J%:8LMZ5.)*;&3E9X21<RR*"W+H'/TD#A]I.QNGQ)^RB^V\%Q3@OCBZR?C
MW*9J,VG((KVTJYQ:ZXN+L86R<V&,/?)NDN)9BYK'$P,C=)\L;"\2#V6O)8U6
M5[76ZF[P1S1MDRT@!6BTD:0QC?ENN%ZTEET0$KDHU0%03%1Q1W>XP;@0!&]O
M3T@+SH6\32RPB]M'[NXW-/[ET/QYQ.PN</\`IZXLU^RZ?%G/KFU<9(G9/&77
MIES338?1#/E^70L=0[BXV)^SBU)GE3[+S^Z92BRF+DVK%,MTD?L1UQ9T5BV[
M:3D?:]HR9J7G-;<@<<M4@(&0L"'M/(&J)`8$/9S:7EPR2!D33TD-/<!H`O'/
M.'D?$<BX)A^+8^7<Z#D-ZZ*/U6O=;6=HT6EI$]H>YS=\9#F5^5P8XM)JKN><
M6OE-)JL/AML9\\K'^'NB>%>R<O"BT.RZP@=PQ!;`K*CB651)P<&!U5,ZP]:E
M+&Y1=_;)0P+2U3:J1+DZAL?F=,I+$6:#.1%8P+M!D0<YLD?&[>QU'?UZ+F,%
MG\OQG)19C!7SK?),9(P/`:?EEC=%(TAP<TA\;W--0=#44-"N,+42I[YJ51+H
MO):SE<CM"Q[)D/L_'M@;WE&OPE:FQKA-ERM`?)"7=Q8W9)`([!%Y6<-QHP$(
M2@`3*"@8%D?8IW1/+GMD`CTD_#:-/97WK]+^<Y3AV8N+O,6'(K:+`1QP\G8]
MS2/G,(Q\)](QLDC=<R.C?24$N>\ND:2X-;V\\ZTORX1PB358?#;8SYY6/\/=
M$\*]DM=Z3<)-/]B7C.#_`/\`ABKY%,\&IRA*#4@H20&7!<.X"`SORVT3+A0,
M&0B`,!><"#D.<XSN+76XA'=P'WZ+T/Q(WU/)?"K:H_WC(1P4)H#ZY]';72A=
MOV@U!!.A!54^JEBMFU5VZL;5-\8Q&3;5VGV)GJ]M\(#(5R#$=T5BE38CKE(O
M%K0:N0Q1Z2*4J,\29.`02P"`27D_..;^X8;>.>W+J[8VC[WUZ>]?0_D/"7'C
MWBGD'QY-?_4-Q_'L;;M=3TVN]3/37GJ-CW/#73,+7O:'.()(+G;%)+9>\(AJ
MQ<X-CI\G?%,/C-\657[X1&T:=>^+"9?I+3L[3-K6D7N+6UGKUBZH2LE@//3Y
M'DO(0&X%GNCMI:Q.G;-"RFX[3]QI^]>/^)>)Y+R#C.;\'P[XFY.XCLKB,RDM
MC:8;QMN7/+6O>&M;>&I:UU*U+:?,W[M+\AE4Q56@U&FG(I)[3FK9"C)4$>#Y
M/;'O2>L*R:,=WV]XB-)85:96;@?>Y$H+&'WH1X[O4(+6AAZB`C_7)79+FSFQ
M^,CP%PT"6#@5W&X@UHZ/.75T_7HX&0.8*4HT@ZD?-*+VB28];HOM>A2EY.5K
MZ-G[>B(#G'>*5J]D4)$24K&<XP(]4J.`6`/Y1#%C&/=SS0L_^U6Y_P`\+H'A
M1[(O+?CN61U(V9:W<X^P-;("XGW``D]@%R^Q4&TEV*3O9N[,^.X#,K'==:6F
M/)G-F0A:&5SJ^%FN*@Y>FC82"6MU<J"RQ)%9F3`Y4C8A9Z3E(#0YYLMMX2Z^
MM]6_,3\:#V_YP/W]E]VRV'CGA$F2\]>/G,O<>Q^2N)RV0ES_`*GT;9K8S)JZ
M-M]#+(T$':;@ZMC<VG3UKGI34M1U_J_F6U[7\@N[7>FHW7*"R$+7A2<@>`LH
M031;&EJM`VJ!(W.1.#F>E4*$I:TLI>?G^[&H48'PDUU)(^?:\B)[B:?LK^"^
M%>;^5.1\DS//_P"6YJ]AXIF\I+<NMG/H',W_`,!LK0YPW,B;$U[6O+"8V?F#
M&4I=]HA.]@]4O:G5;=-=FJ6."696F5#L[#:RSV65LT.3,;E<D#-/5GY0&/BF
M*U$PCZ\X*.)">D'C.>@`@\G9LAGL)(GZO:[[J_E/WDKZC\*XCAGD3]/G(.+9
MMK9<O87]&,WD/A?,9&V5P`!N],2WEP*:M<6R#VD&IN\+T<[%EMBN4/Q(289,
M)Y/]XH;&W0)90DW@EK[:OD8>GMO:ERU.W2A-'[3;#%)I*HT)(6_)61CP``P[
M^&/:`'4W-`C)_P#!97X5!7T!PKC46+M+2SRH@.3L(;;C\LK*G<'8_!^JQCGM
M!=$9;>9K06-W;PZ@)<#W#UW#V+%950V.K8UOHXK"X.6U+'1K1JCDJQG9V0:5
MR184EJ,H%A:QM)/`,L6!EFE`%@74`.<=8>X[Y"#2I*_*K-Y.[_GW(I[>XDA%
MQ=3E[6/<`6O>^K74IN;M<YI!%""010E)O=IP;66D620/"Q&V,\;V2TND3R\N
M!Q21O8F-EW&HAP?WMQ7GB`0W-;4QD*3E:@P0"B4H#!F"P7@6>:EJ"92`-2QX
M_P!1R[-XJAGNN5W5G;1.DN9\%FXV,:"722/PN0;'&UHU<]\A:UC0"7/+0`31
M:]8SL)!3_M"GUM,3J!HD$Y=D!O;@]*<)-I[4RQ*9VE#Q@Y.9D`<]H18Z@Y]S
M/]O,(!6>('_CC]H7#<%MA-SOAMI.'-#LM:,<.A%;B-IZ]"/>-"H=>QMPA3,.
MZ3&C`H%B([F6_$@JE>21J#TJ%^7NR,/>E!!@118'P0LAZ0!P>,T00XZNW.]R
M5:VQ[Q`KW3]3OJOO/%MW*6_[SQ>SFH*T!=&UCM#[?X?<G:&@G1:C(_:`LVMG
MM+;9UE?(XF5?:`NK5,MC=\>&)LI!SNH6*NI*ZKE(1"0",;'%BC`$V!@"(P@Q
M5@8\X+*[O-MH9[*.<'\C7_@:C]ZY&Q\-77.?!/'.>6E\YO\`)L5EC(SY37Z>
M\DN8F-'YJ.;)=%U":.$9`^9VZ-&[]>V$V[E;?[$PZ2D,[7%(_HE2$S8%3$A=
MR9?`[TLR-%O^"7$U:!9&G&.R:#,)I)P"!^$!4F`P,.,""+*R<WT&0O;J7O</
M<6L']97->#<GB7<"P?#<MCS)->Y?.9&VD$CF&&?'X>W;&2T-(D;(R6Z:6EPV
M[&NH:@B^G6*IW6C*)KVIWI:WN+C"V]S;C%K6I4JT2@@^0.[DA&!2K;F@\TW"
M%:7@W.4Q6.]P+`<=/9G/&SR"65\@&A7S#SWD5ORWEV:Y%:Q/9#=/8X->`'`B
M-C7:!SP!N::?,=*5U3YYI+J"JL]ESJ@'4=#MK7(`NPFQHV561V"K'A6Q+%KC
M5J6MH#.H<M4&,@S1!5#7V6Y@'A5D"GL`'J++QV8SO;VZ^J=$ZFH;K]OM_<O<
M_.7E5GE6_P"(Y-L;&W,&+8+D,#PWZQ[B)MH>!\HC9`!MJVH-'.5CUDQQ=,:Z
MGT1;#4A#E*85*8XWGKQG%(25SXQ+VQ(:L,3D*CRTA9ZH.3!`*,'@&,YP$6>S
M&=HPAKV./0$+R'!7T6,S>'R4[7&"WNHI7!M"XMCD:XAH)`)(&E2!7J0O%4D,
M.KFJ:RKU08G./@=>PN&'&I#CE"4TZ+QMM9##$RA20E4'IQC0YR`9A18Q!SC(
M@ASG.,61V^1[^Y)^\K5Y)E&YOD6>S3&N#+R]GG`(`($LKI`"`2`?FU`)`/0G
MJM<K#X;;&?/*Q_A[HGF"X;LG+PHCA%&B*_OBWM_#1J=^U+='A7V*2_"B.$1P
MBC1*OWQ:)_AHVQ_:EI=PK[%__]#MATN_<ZU._AHHG]EL5X5/4J2_"B.$6,>C
M7DAF=CXZ@;'60$MB\UB;'IV5,#,XO):4T;8@=GU"RR1:RMBQ;@!9ZLEN7FIB
MA",`F/$'!0B*F@Z$[NV=M%>$?F3I:=2Q">5X7DITA,FN5ZI^E!,4.I`:9)5,
M\CMFU8ENANM&4,\G1K,-D/KJRV(2M<:2O2EB:UAD66E`I4:=2C8MNDTEJ.Z:
M]L5:UQV#P)\:+_G$E7*A3DS$&@+0@:ET2.:,LD6F1Z<*H4C(;'IUSF6-KRK/
M+2(U[.)75#3J%[O9^HYP/2C6,:&111.C%4$2RF(5PUW6J22<H<=V6>K)G:`I
M0:$/N9&$DK`L^[@./R<(>JF#X#87QHAGF&]_6-PFB/`;"^-$,\PWOZQN$T2>
MK)%/LS78?HDL0"+%PLF#LC@[T,)AGJ`HS.!EAQ81>2@8*R$/3G(\Y%C(NWLS
M@(2::)P^`V%\:(9YAO?UC<)HCP&POC1#/,-[^L;A-$GJR13[,UV'Z)+$`BQ<
M+)@[(X.]#"89Z@*,S@98<6$7DH&"LA#TYR/.18R+M[,X"$FFB</@-A?&B&>8
M;W]8W":*F+VGVL+I$:,V%V"@ZR(GVC/;"UJ<2\)(LJC`VJ=)9%F@VB6,;N&6
M+AIWIVCUN#1+QJ@G%&IB\=O3[[MY.PG+I889#_#`=]U-U/P7U-^GWG5WD>8\
M*X;GIW'C5G991I`J\OMS'_,'PO!)&QDEF'QAH!#C]E*XY8RR7;%3[/\`J^O[
M0=:UF*RVIC&DCIY%2.,3>#3>D=+=;&]_.>XX^/6'82-*\PTY$8H&E+*$F,,4
MX`:2;A/S<P_[N[)22,#FZ'W$.)]OQ7J'#91XWR7ZF^0Y_"07^)K:S!@>Q\%Q
M;WUY*8]DK-S'$QS-<&M=42-V5:YM1<=2U#(=5MC==:[C`:8A\FL+3VQ8[+G6
M(UL<Q%V+,:)D6NZ?#H^%))4U*Y=(!-\\=%"5<?DM04B*4!$5T9!@G8RRON(9
MWEQ($H(KK0.#OZ@O`N5\KS/D/@_.<U>WM[<V-ERBVE@;.]TOTMO?Q9,^FRKG
M")FZWA:]K?D+RTC6I/,YMW:%D7W<>O=]H$BRTK#,F$F*<6Z(,@`NZX=7.]>%
M)6!:T1@Y4B2NPV5:D[],02`TLM:7WF3<#`8+G+:-D44\)(:R@Z^^NNJ^^/&?
M'L7P[B_-N'7-S%88?Z6+8^4D1L^K9<DR!TSMSV>HUVUQ<`3&[;MH0+</8[WE
M:T$M.Z]%[#'@VV<V9<]RRF62)(XR,I"H94=/PA2P%%AE34,91[PG<,9$28:0
MF4(C"P".P/K*X[)1->R.ZB(]/:UM/O-?NHOF;]3_`!#$YK!\8\M\7N8(^-"P
ML;%D#&`.<7F\N!(YS:`$1&&C7M#W,>UQVT#3T/>`V%\:(9YAO?UC<X9?$^B/
M`;"^-$,\PWOZQN$T2>K)%/LS78?HDL0"+%PLF#LC@[T,)AGJ`HS.!EAQ81>2
M@8*R$/3G(\Y%C(NWLS@(2::+=9U+EU8Q5VG-B6C5\*AK"!(8^2F315R9V%G*
M7+TK8E/<W1;9121"G-7K2BN\,$$`1#QVYQCW>9,8^1P8QI+C[`N1Q.(RF>R%
MMB<+CYKK*35$<432^1Y:TO(:QH)<0UI-`"=-%'26[OT=!+%353+=DJD8IP:?
M/2EK6YP&7(4;$"L8VXRN;*I&^JYP0PL:9G9VT8\"4*094B$'!&#>W.<:S;2X
M>SU&Q$LT_$T"[MC?$?D7+X23D6.XK<38D"W+7MV.=)]5*V&`11AQDD+WN`^5
MIVT.\MTKSX[6;=7P\73O^YUXXK9=KU$[QUKI*SV)Q97E)&(E8K.]X:@V^W($
MK](4L?CHI;KIX@/4G+DX'4+LW=0B#S2"N<Q;6L38K4/`$[FN<#W%.GVT=7W4
M*^TO&/BKB>-XKXD9FHX+;GU_CLGDH9H]OJ7,#H&M%H[=M=),+:^CF:`'F+Z>
M:C7,#G#2K3WIW85-MC[Q4Z1B$U-:<V@+HME$>2OYC8:NIF!M=*NU8.!3F2M;
M4"24.-EN;ZE`L$)8=X@"M*`2)'C.,X[2V!9:RFLK0?\`6.X'X4`^/O7.\9\1
M>-8I,#XFY;<LO>3XZSN6"-X8PTOKE]]'=L#9"\F%EK%;R;#LK<&-SR)=J?VM
M>_MPZ9HY-6JFGF=ZU:J25UA%[`MEJ8W0M="W:U(0SIX>])VL^4-+*JC87.+*
M4;B7E07D@PX@T)W>F!2J-&>S;<[7B6D[@2`?;0Z_'73^A72.?^&,5Y1DL,[:
M\P;!Y"R5O=2V]I(-S9X[2=YFC+FDR"7;*Q\;MI#@U[2S:#(R9$I]J7%:Y>YU
M(:Q=V.U6=_N"EK*M9V1U79:5KK/6&<TY5\9>+M/<4KVL;C5C"^,Z5`0P''E.
M#BL6!`3VBSD`-C%CY7EXD.TBH'35PIIU_%>#<3_3MRK-7.;L\^]F-N8A=6UF
MUSX2Z[RENR.1EDUIE:X,D8Y[W7#0Z.-L;BX@*HB%[?[_`.UEJ,.DA4R=)I%+
M:`SR@YM=`HF=X<8D^.3;M,$]9-7-Q0R,AJ,JU$-C2MISR0E4,H^Y[K)IF`<Y
M=UO:6\9NMH#FZ?'\O3IUUZ=5]C93QGX@\><;O/*KL=#:Y3&[X@]@<^-LT;'8
MF@MV[HR[ZQPN'2-B<]LPKNH-RZ>M&QRA;JS4R&/S*#*6V*M3M!20%11<YG(0
MP>1O$6);G`]!/TB8MR2)6HL)Y6"2>['[G0''9CG`W0/U$A(ZZ_>*K\^_+D,\
M?D/DDUS"]DEQ(RX^8$;O7B9*7-KJ6N<\EIJ:CVGJJ=-S_:61Z&V;;^N,,F#6
MML`.Z6N3K(W4RNYA'FQ&36JFCESZ8P/1DS/P8*+S&F<MKN0K3@)6I%P1H#U)
M9AHTF_L["4M]=X&PL=3XM(%?OT^S6B^@/"OZ>.47-C_C_.V\;<!<X+(F!C7L
M>]_U-C+;Q&1G]D2,N#+%L<YS71$3")VT.D%NK+[2N_V(1%@RB6L,AD%GU!J2
M[R12&'"CKF[2Z36E28'M48I;9$7'T'A4D5&F&X2M1"01>1!)((!D(08VK&Q9
M78!1C7/I]@#J?@N+\4XG'\3_`%;/Q%G;^EB+#*9ED3`YS]D$5I?^DW<\N>XM
MB#15SG.)'S.)J5-W>FZ++IG5-;<<>GC(SJ29UKLH0&MD+=4+JL:)#>59$/[0
M(TZ;/*<!#M#UBY.L*R4+O4IAI0!@&,)@=I:1"2X]-PJ*._V33\:+R3Q!Q*WY
M/Y%BXSDK1DT)L\F'`_E;)'C[LQ2=6G^'<"-[?\X`G2J?E9(I]F:[#]$EB`18
MN%DP=D<'>AA,,]0%&9P,L.+"+R4#!60AZ<Y'G(L9%V]F<!#M5Y-IHHF^T?J&
M<WA`Z/IHUTA[LX6)>#ZDC2?R;<V1,7+X=K%LC9T3.7+%,R=B@ILO\%3EXSDL
M/<FF`.R+."L@'O;*3TGRRDZ!FOV%S0?P*]O\%\@;Q+,\MY1)(YMO98F,RD#<
M[T9LKB[68-&FOI3OT]O3VK<]>]%FNEJ1E=>-V(22LN"I8!!;99WR)/$B97$V
M*4VU50<UY(-L-2C,:E2%,H,6`QWI2M4K4F^[@WIQA-=22RM>7:-<2/BZJXGF
MOE?/<JY=C\W+?.^FQF3N;BS<P>G(QLUZ^[#MP#3ZC26ACJ-+6L8V@VKF@USU
M#L?9=5J57CT;)6FG+M/NQ'9$S8F]S&P(9)(*:)NB+`?L)G,IK>7AG4-9"MG)
M5@"G2*$J<`\"QTA%S#[AL#K][:>JUS:`]AM:?\J^TLUY(Q?!<C^H'-63[63E
M&*R>,=:024]0Q1LL+*;97YVLD:]S)G1D.<U[W#VT[,FUAG32W-[6CD\/"D;4
M25O2X,@SX,>$Z,@M.1@8\V-C(QX*+QVY_MSSKI)))*_-F>9]Q/-<2_WDCRX_
M:XU/XE>WP&POC1#/,-[^L;A:6B3U9(I]F:[#]$EB`18N%DP=D<'>AA,,]0%&
M9P,L.+"+R4#!60AZ<Y'G(L9%V]F<!"331.'P&POC1#/,-[^L;A-$>`V%\:(9
MYAO?UC<)HHWU=6.2K!O!P3-U0D.4>V%.F+.X8J//A31,Y=KM4J*4RUD4%S4I
M0T2&3-LC7$.*PH?A:T"U3@XT8%!@,Y;WT(WFA%.OL'0?8%RC\YFI(9K>3+W3
MK>2WC@>TRR%KX(7-?%"X%U'11/8QT<9!8QS&.:`6@B2'@-A?&B&>8;W]8W,5
MQ>B/`;"^-$,\PWOZQN$T2>K)%/LS78?HDL0"+%PLF#LC@[T,)AGJ`HS.!EAQ
M81>2@8*R$/3G(\Y%C(NWLS@(2::+:+/K26VK6EAU>_2V)$,=D0:6P)Y/3U^Y
MG'DM4P8'"/.)I!*RP3T9IQ:-Q'D(32QEB%C&!!R'MQS.-YCD9(.K2#]VJY?C
MV8FX[G\'R"V9NN;&\AN&"I%70R-D:*C45+0*C4=1JDYJ'JO(-1:60TM%9[$W
MAD;)?8,D0K%%<.*$TM),9F]2-O;<D([#+)[&9K<"$G5C'ONX[<=@>D.-2YG-
MQ*92*&@'W"B[3Y.Y]<>2N63<JN[0P3R6MM$6[S)\T%O'$]^X@?WDC7R`4^4.
M`)<07%*7=JV':)FO*)V"^LZMN@&S,)MQN0,\/=R5#Q)H3KA4^&YI,'B<FJ2F
MIX1.YB-463GP@PLP>`&`Z\8"MIWP2%S*5(I\"KXVYWF.`9^?(X5T;9KRT?9O
M<\5#8IW,W/&H&]A8U["ZK0X`D&BKL8+AD=9Z4P+8%4_Q!='TNYFL$@6+G%D5
M8390!INE(A()*J<$DQ3(@MK>G2*U.`XP4`X).#<FE%CZ`<D8O4NGP^WTG#\7
M$+Z9O.+'/>5\SPV-DC+AW%<M$UC0=PD-[?S0Q@$$DG=&PBA-26C756O;6N$L
MEM#1IG993$'A+>5CT)"(TJ20:0(\#;)W9D.6K9%@9\X4F%%,<*)7.N"C"0Y.
M\%P3G)63.L''6X+9G%W]EKB?@#I]^B^<?'%I+C>97MU?,,9Q%CD)Y6U%=UO:
MSM;%UI62<QQ5!--Y<*TH?M&*%;9===O6.\):Z.GL,O\`A\A:)8"`/!+T!S9-
M9*[CS4`:]/81"HYJ1LL\<B\(S1FDY-4",SCMZ,`TVRR-8Y@>=A%*?<?W+JUG
MR[D5AB+S`V^5F_DT\#X70EQ=&&22Q3/VM-0USI(8W%S0#H==366W@-A?&B&>
M8;W]8W--=<T5;'M3J.<I_JO8=F265,GC.A*UO*81]*TPY:C"Z^6%(SVLGIJ<
M%"V9NO<IQ-LNRK*,++ZP*T9.<]1?6`6]Q\CF7#&#H]S0?@X']R]V_3QR>^PO
MD7!8*VC8ZSS%_80R[JU:(;ZWNF.90@;MT.P[@1L>[2M"*R:`]F<V6Y?=F18F
M4FQ"JX-IOKW6Y@D\;=%:A^#>L.<)K(4[>XJW[)&7=E4M8S%8_",B`%U(%@D&
M,@[=V^^>R-QH#(9W'_DAM/V_@O7<WY[S>!XYD+MT-O<<EFYS?SM+M&QLL;>P
MCBWQM<'4?ZI#3T/I.%30KI73-$[1IDZ-)(H0G2I""DR9.5`7H!1"<@L)1))0
M`V-C`"RBPX"'&/<QC'.'U.J^+I)'2O?+(XND<222=23J2?>2H\[=54YVSK-=
MD&GKQ%G6*.$">'9T;4<3D36>N%$@`F#>F\/3V*(].2:Z,)&#>GW1%=0?<[>W
MFM;O='/$]I^:O[=%W7QKG,AQSGO$\OB90R_9>QL:X@.H)CZ+S0@BNR1VVH(!
MH:&BI1]H+*[5A6AILBCTJ*"YJMB-=&4:=@;'MH=7M+*-)JZ979B6N)<K6B6M
M,B87(UO7)<D_]X`\SM$$(^C'(8]K77TP<!2COP(U^"^B?T[8O&93SOS6SR=O
M$ZS;;Y!XWM:6QNBO(9(Y&@B@=$]K9&._LN:".BGI[+B"R*+LN[OB611S"A3[
M1+:-"Z*G*'N2PY6?'7EB8BS$_@LV;@I$!@48CBR!X/,*&</&3AX[.S0OW%QM
M>WHL70_U"Y.;(W?B8R-VQMX1B2UH/0R,DD=\?F`KIHT:*-WM/O9NNUWW17FQ
MA*Q,J-\A;@C%G.,;8I&V>(E$*H:RYQ3DT7&'2F2)FAL03>,IFHU22!,,*MP1
M]F#C!!#C7L+TQ1/A)'5I'Q<`X?<:KO?Z?O-T_$N*9W@]S+'N^ML9;0/#2'MF
MR-K!?P!ORND>^WE?*P%Q`;'*2-H(.WNT;L2X77:@MK/+D;B_9]E#-EB!!!GQ
M\>7!(SSZ,SLT\Y&GEJ\_N&M`U'*78X7?A$E+.,R(@(1#QI,(C]*I``,H_P!6
MBZSAKJUXR[BQNIX88(;GET&XN$;`Z3'-MV!I-`"7O:V-NA<XM:-2%=1X#87Q
MHAGF&]_6-SCE\S:(\!L+XT0SS#>_K&X31)ZLD4^S-=A^B2Q`(L7"R8.R.#O0
MPF&>H"C,X&6'%A%Y*!@K(0].<CSD6,B[>S.`A)IHG#X#87QHAGF&]_6-PFB/
M`;"^-$,\PWOZQN$T2>K)%/LS78?HDL0"+%PLF#LC@[T,)AGJ`HS.!EAQ81>2
M@8*R$/3G(\Y%C(NWLS@(2::)P^`V%\:(9YAO?UC<)HCP&POC1#/,-[^L;A-$
MB(`4\D[>WR%\7MCBKSK?J@(L]J:53,G"GS9VYN`%#2JWI],,."9@><F8."'(
M18QT8R'(A$]BE5PHCA$<(HT2K]\6B?X:-L?VI:7<*^Q?_]'MATN_<ZU._AHH
MG]EL5X5/4J2_"B.$2TN&XZQH"MI;;UQS)I@5<P=I4O4FD[QE0-.A1)2Q&9+3
M(D"=8Z.[FJ$'NTJ%$0H6K#Q!*(*,-$$&2=4HYONIK774XE-<2VP'!#,8<2GP
M\MB"O+.D*<Y\5HHBY(H%'7J.0QV8IE;"YLGS(J(AS.I72H]*[)#BV\11Y8A%
M:%.:M[3@-NL!$JKF0E2B.*D,;<DCTD0NB5O6H)?$(_/(ZJ1*'%"C`M*<(G*F
M]7_==?<X4X+-Z#0C+"44=_9Y?N/ZN?,W#_\`P`\*GJID\*(X1)JL/AML9\\K
M'^'NB>%>R<O"B.$2:K#X;;&?/*Q_A[HGA7LG+PHHE;Q5T^VMK;*(-&FE:]/;
MG.J*<$2%`4H..QY,WW64I4KS@)23S\-[0D93%:L00"Z$I!@LX[,9YN+5XCF:
MYQH*._%I"]'\39NTX[SG'Y:^N&16L=I?M<YQ`'\7'W40:*D#<\O#&:BKW-"A
M1K;6T+EOM/\`>)VD,?0JY!K)(*JE5:N01*2\LTCVDIQ<.=O*0)!R4O*EPB+`
MG0*@'@/+.&8(S&`C**'S<S/<VQM0TZ2`U]^TZ?BO4>;YG(XOP)XJ@L+IS+3D
M,5W'=MHW^*S$WC&V[7D@D[97E[""TM:UK=6DM3AW^N-FUHDU&;).T0Q+A5?'
MMB0HV].H3MCFY&NE<('@V.)'XUO<C&=,\$Q/*@\>2ADBRWE]01&!)#G3M(S.
M)80ZFXM_;U_%=<\.<8NN=V'+>#6V2^F&0FQNYQ!<QH9<N8)3&'-#RPS;6BH<
M/4-"`7%0F]B;J9+6/6`YUV!@CZQJENQS5L74QCFYF)53F-#`4<98YB8!`N$<
MM;7`*I:80%5C)*U.<4I!@PL91F=UD[AIGI"\'Y-I^^M%ZK^JKR-C;OGS;?AF
M7AFC;@WXV\#&@AFZX=+)#\S:-<VC`[9\S'!S#1P<%'[9*F9FR>TMVQOVG+#?
MJ;+U^J:F;5G*V-J#BLS!IE;TVODZ8G-0I.&$QN>$[*H5JDO;W1I9608`+'22
M/*UE:ZT;#*P.W2%HK[*-%/VKD/%7+<??^',5POE6'BRO\UY'=65LV4#^`8L;
M:"![``/F8^;:QY^8%U=P_,V=M*V9<<P]I.]SN<SIJ,HV6,NQE":XQDER8BFY
MW1U0_P!0/,R?4!+:I3JWF1*I*T+NX-5EGGY:B3QD9RFQ@WFA*R-MD&-9_%!:
MYQ^VM/A3\5T7E6!XQC/!=IB,3B)!RVVEQN0R4I;(7,-W'>,@C<7`AD8B?'N#
M"UOJN8'TDJU7,<XU?+ZAU,9RBK>$[Q3-9(4T8-89$\N+6[J%9"0TAY1:J4\M
M;`M^3Q8PI=,JDV,IR08&8:8'&`A%GW.:D+"^5C0*U<%V;AN)ESG*N.XN*R=<
M-FO8&O8`2"QTK&OW4Z,H?F<:`#4D+G(8=@+KFFI,C]GOL"79;AM%LI<%.(X=
M';/D$J7R)DIAFB59N;O)7!<\J7M:D8YF^TTXA`@*-2K#E$E/=2RS`F8P?SQA
MB;<-O(=OH,:ZI%*;JG3X;A]U%^@MYPWBN+\CV/F?ACK!G`,%C+TS26L<+8WW
MKYKIC(FM8&-,D$=[&3(0YC6VK+=S@6G8^*FTL8MA-3-Y-N[N9S5Q^P\*D=^T
ME+4[HA!/8,WL?K/F:J*IUY7C`38VN0LI&]Y)R#I=4YRK/;C)N!%Z4ET8;BUM
MXC^0[7#V'H*_U=EU#D?E.[X7Y&\3>-N*708S"W46/OH2QWT\[I/I8!*6G;O<
MWYY(75K"YL?7;1UF^INOJ*7Z;WQ1TO4H0KKN0J#+%>FUL(+)%-[\UAI^43J1
MI$N!X[]2GE<T5*2#1F=\,18!Y'@?NXXV6<B[]5M:,=I]C3H/P7S%RKG%U8>8
MG<JL#*ZWPV4C;:1O>X[;;'RAD$-3^5KHXAN:T;:O?IJ:RMB.HU*-&N%?ZS2J
M`PJ6U_#8[$6YT9BXPE8(Y*I%&T",IQE+E'FX_)!BN3.Q!RQ<6>:I\*&I,"I&
M?UCR/3=<2F9\[7D/)/MU`/L^"Z_DO)'*KGG&9YYC\Q=6V9NIYG,>93)+%'*Y
MQ;$V1PJ!$PAD9:&[`UI8&4%-HV'U^A.Q-!SV@92WH"XQ,(R4SMP3$RHU#'WA
MD/1N\)>P-S>XLYBXB*29H0K0HO""B%84O@YW:28,(L89G0RLF:?F!_X?O"X_
MA7,LKPGF&'YCCYGF_MIR]U"`Z1D@<R>/<YKPTS1/D9OVES"_>VC@"*<+_P!6
M83K)[+CV@%+5>VGKB(D\0H2]Z5]JI]>_`X-K;+I`X+ERDPY9EM1G*EQZ9*(T
MPM"D["2^W`?=WUM</N,C#)(?;H/8-#_3[5[UXS\D9SR'^I+A/)>27I`DO)&1
M1U_A0M=!,R..-HHT%SG`O<&CU)7.D=JXJX.G:#C]9OL^FP@@5R6SWJ#2]X(5
MHT!H(S(8K34)IY0!A6E`&:$"]GA^##C,"P(8U1V.W(!Y[=E),7AC?[+01]H+
MB?WKPKDW,+S/6F'Q0.VQQ\5Q"P@N'JQS7L]Z/4:=/E?-1H]@:T]0J!&W>%[U
MM]K`VZZ1UM*<JYL*Z7FLY)&REH&PB-OEZ77*W4ET2(RVE6#"TM]EC6[B%GI&
MH1#RG"8449@8.6-J)\>9G'YPVH]^UH_J(7V-/XGM><_IUGYO>SF/-V6*9=12
MEN\RQV%C$PL+B\?*8X980-0UXWD.<VAKTW>TVL&61+9/=J")G=X)CN]VU6)X
M:2>FRXL%?'S".*Z[EB4T"T#H6VMV%`BQD!*$:WX-P,8BP8Z"]W:7<8?%:..O
MI,'QI4C\5Z[X?\N<>AS'%O$61FCCG9Q;$1Q@M<&/N_I/5N(=6['.<R2-P?7;
M(06BKA4V%[,[*P&MO96ZZ:C20AZ(MV=1BH(HVH<(>Y0(E%!;%11DFISD>L&F
M.*-*<ZW6$X(++,&$9@,]N2^TSFT@A>^_FN&T],$G_E--/VKR+@?!<QG?U"<W
M\DV+XCQNTN+R9SMU7.&0QLTD`:!4$%ERQVXD"@/0Z*:6P-FU'OEKI6FNU-S3
MRH.GDLD$`E?@+4\)%+*?!*%V4>F9Z3A<VLI,YMYEITL02B4D9.)-,"68`6,Y
M!GFVA9):3232-I0`CXN;^YR\MX;@>2>(.;YWFW)\7].VSMH[B'<]A#Q<9#&,
M>P[7DL=])?.+VNVN`W-(ZA9/4+VH=!V##;KLN<2!LB\C?+,?921"68#DZ.ZN
M&P>G*KC:F5I$BA.3V(%[E&S4X0A/.`!:,*8)IHO?YTYL?-'(&M%6FFOO/L77
M^;_IQYMQGD%OBL;:/N,?*R&D[]C&-EF<YHA<03\S:%]2UI,?SEK0M8U]VJ=]
MC]JH3%7Z6Q:7-\+VQVGF5'N#.-F&8\:]LM:VM6,?DI*II5FHWU""0/1A34Y$
M%?\`=,BT@P1Y@C1=NK-`(;=S@T@F-@=_I5!I]W4=UVCF?CRVX/X\RN1L\;<6
MTUUQS$P7[7[Z,R+[JTNI(B'@.C=Z;`98G'Y)V/:&-#0KP><6OD](&CHY'H@\
MWI%HFQ,T7C$>M2,,[!'(ZUH61A8VE!KK0R9"UL[0VD)F]L;D2<L)9)!)8"BP
M!P$(<8QV<I<7$N<27'VE;J^OKW)7=SD,C>2W%_,\ODED>Y\DCW$ESWO<2YSG
M'4N<22=24_N1;5'")-5A\-MC/GE8_P`/=$\*]DY>%$<(DU6'PVV,^>5C_#W1
M/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]E`'1
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M-K7L]%V^CBVEY58?#;8SYY6/\/=$\X9?$O9.7A113WN**.TAW%`<46:`.K=_
MFX`:`)@<&IZIE9Y!N`CQG&#"3RPC`+\H1AQG'9G&.;BT_P"U6W_2-_:%Z'XB
M<YGE?QD6N(/^(,<-.QNX01]A!(/<:+.:YA"$%L!"'`0AG,!"$(<8P$(<:R:^
MXP$.,>YC&,?DQS1?^=_VKIV8).6R9)U^HE_VW*2',5QJ5=Z__P#$;C^:NPO_
M`/47?FI%_>Q_Z0_:NP\1_P#JOC'_`,0MO^N8J-ML*_>;7U]U\K5C:'1_42_>
M35M*I9FE(XK3UK>R^SV896K-5$-296X8:6D,?PN6F%@SW"1*88+.``%G&_LW
MB.XO'DTHQW^T`OHSPYF;7CODCS3G;NYCA9;8;)$/>6M#7/R5I"`"\AN]_J>F
MP$_,][6BI("L@T%3!3%[GX`GPG*/W]V24@P`K!19PCU,4$H4`Q@(0F9.5]YD
M8\=O49U=N>KMYM[O_P!&_P"A;^]>:^8I#(?%U7[G#AV,'6M*":@^`I0=J>Q3
M5F[)Y2PN7QSP<"OQ_%W]D\%,,[D"GQJU*T/@XS>LON@'=_TY%U!Z<9[>W'Y>
M;9IVN:[L5Y9B;KZ'*8V^W[?1N(WUI6FQX=6FM:4K15+>R!F4NN2)VY>TACHV
M1EDK9KW5D/6G*$GADA:J5IYN9UKTYH275R4I')Q=9$:IR,04Y1J901@!?4`W
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M0O!;4F>STX!)!+PIC3`9*@THE6ZZ-QF0WA)[*D\H0R^LY#*I=9WJ)E\!89%%
ML6O-Z8C-#2!]>7=<KRIDT+50./&CQ'U2;N\.3DH.\*[H"1.F)73WK::"U/4T
M)8LLES7<,Z?X=)8JS-"2I%IJE#7L;DQ25A%*99'(NG=SHI&\R20-"UV`D:6Q
MM"F6R!S`8:J2Y;4[:2M5IOL_8)!U^E&L:U=#8HM6*J@B1ZE6KCK0H4J#C$.!
M&''GG(QFG&C%GMR(6<YSG\O"$ZJ8/JYKWXAPSS79/U'A*GNCU<U[\0X9YKLG
MZCPE3W2>K*O8"9-=APC@\0&$FX60LD(XTRB"47F@*,.R67C*+."P9--$+LQV
M8ZA9S^7.>$J=-4X?5S7OQ#AGFNR?J/"5/='JYKWXAPSS79/U'A*GND]65>P$
MR:[#A'!X@,)-PLA9(1QIE$$HO-`48=DLO&46<%@R::(79CLQU"SG\N<\)4Z:
MIP^KFO?B'#/-=D_4>$J>Z/5S7OQ#AGFNR?J/"5/=05U^U]:&K='V@ECN%?1H
M$,FKEJ[%HP8>V1Q6B.?(#2HE\L&A:\&*%;0(*:=M83<C3)BE`@X$6(T03<@W
M,DK7VUM$/S,+OQ(*].Y/S"RS/C+Q;Q2*0F_PLN5]1I#A1EW/!-&0=H:02).C
MG.!!W!H+:H3VLL!K<J(:NM#I$6%!&K'V@B=-/XFAG0MRA:DLZ,2II4-(U360
M0Y(P.K.D6D@5$Y"8D.$`P(RA8"8'<8ZH=.6_F;&7?<0O0_TVRW<&4\@7F/<!
MD;'`2WL9-#M-I-#(U]#\KMDAC=L=HX`BCA5IM'BE*U7#8O&X@S0.*^*(JP,\
M;:O#(^S*U?BUC;D[8A\*5&(<#4J?!4H>LP7NC%VYS^7G'N<7N<YW4FJ^>\GD
M;K+Y+(9:]>'7EU/)-(1H"^1Q>X@>P%SCHHS2+7:"6W$]YJS21:&,CI8RY_K9
MOD7DPTA4,699JS4K2B6E*$Z#*LDII<7L:L&"L]H#<B&''7G.<YPR>E+')_Q7
M`_<5R_$.0OXORGB_(MKGQX[(V]UL!IN]&5DA:-:5>&;:]M#HJX=P?9XIJ+T>
MULA&O+FXJKOHF]J_9*VLUV/1M#JX238BYD47=`R]S:&H@A1'%DFGZ5%@"L(B
M`-P0DFX-SG(3.2M[L374[YVCTGL-1[FMK^P?>OIWQOY=M^9^6?(&7YSC;?\`
MPKF\/.^\M6L]1OHXRR=+'Z;9'$F1D5NZ0;37U*N;MI43`I?<;525QG62(O26
M'2^[KAK?7EYD;'%(9#%(X\_71#W5T*6RO*025E8,IW6+KL+V].8<N;\'I192
M]RH)&+:RV<C73N#:1-<ZE?;M/L^_JO*N4^%^58Z_YYDK7&?3<4QE]D6123.>
M/4CL9F,+8:M+Y*LEC].1P;')MD'J;F.`AWO?0;#MGX10M5,,:;I*=[2Z*-#Z
M-0U(X\G+CE>:(L\UG*4#DG0CQE(8A7$A)!V9P<L4!ST9P$8PZ]BXVCI)W_E,
M513WN`'X@KO7@7)R^),CR'G>>:187'$))K<QD/<?J,I!9PU;4$'UK>4N%=&,
MK6KF@W1)]<:%2SEZLDNH:_'.)`TQ]C<Y`IC3:L5":HN<ZJ&5(A)5D'HFC"<]
MZ4",&D*(,4YR#OQ&=R3W?'^H_8(MQ],&M/>5\Z/Y+GI,%:\9=E9OY!#-)*V`
M';'ZDH8U[W`4WDAC0-Y=M%=FW<ZN,B&K]#PNJFNF&JM(HI@+5%#84!M<V1L6
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M:W'HU3<M`J-P<0,`BC,&"P(.>K/;6DM(<TT</:MS9WM[CKNUR&/NY8+^%[7Q
MR1O<R2-[35KV/:0YKFD`M<T@@@$&J>/JYKWXAPSS79/U'D6VJ>ZHO]I#[,IB
M<%5\;W5P>YHKGK-JK6R:MB$8#&4,1+'4"-O,DRJ6,3XRG('0(6UJ\8A`0H([
MT*#!60#$:+`^6LKR@BLW@>BZH/\`X7;]GQ7V#X+\WNM;/B/A?,6D!X;?ON[2
M[?(V0O(OG/\`3;"Z-X+0Y\AC=N8[64NJ`T$.33:@81LMHW;D7DD>9HR=L.I%
M*5CH&.MCDZ1;%WTI4MCF8:S1IF@PT+0;,!82F%92!R$(3"\%XR'&-K+(8+US
MQJ6.`_Y.G[EY9R_D$W`_.=]E[!HGDP61CA8*[!)]`QEJ*GY]NX0_,#NI4M.[
M6M:EG:]UU=VP<:C1;`UG>IG;]IJ*PSF)<46LBU=["[L>T41(64Q$B&<WEN)<
M;:(6,@Q>2)8D(-2=SD)9AF#>3CE=#"XU_/'4>\M9'_E7U%QWE62X?PK(WC)"
MQN6XTZ\MVNC`;-<XW!<:K)4@.+?4=>M(8=CBV0.J6MVRJUCTDK/3KVA$!UM8
M%SK8T;<:'+V$"[6$E9EQOE"U@M:HY4A;D2-"`A$VA%)FQ<E2FX,#@Y>M'WPL
MEDA#M[BX==6;YG-`._;IVT(_9^`7G7D/R5DO*WA?-<YREA;VMZS+G&ED(=3T
MGFSO82\O)+G?P9&/<*:10C:*N)T3:SV83+&M7=A$>K<595EDT9-5H%KFY,"9
M5/9_5BG7Z'2V911H5L29&+#Z!YGCBYMR-.F%X6KP`@(<F9)R&6E\771^H=\C
MB/L!T`/X4*VGB#SO-D_*CI/(EX\8++74+FL#Z6]O>-^FA@F>V0N^3T[>.*21
MSAL95]0W=6YS6[5>EZZKBMW,500A)89U.U#$Y<^+XDV>.S\PF"MC&F;S"E9*
M@+.6D'@[)J9-@HL1YAAAF!F"$/.PGF?(]X+SLW.('LU-5\_<\YGFN09G/6<F
M8EDP/\UO9XH@\F.MS<.E>_2GJ.>=IWOJZ@:`0``)&>KFO?B'#/-=D_4>:"Z!
M4]TGJRKV`F378<(X/$!A)N%D+)".-,H@E%YH"C#LEEXRBS@L&331"[,=F.H6
M<_ESGA*G35.'U<U[\0X9YKLGZCPE3W1ZN:]^(<,\UV3]1X2I[I/5E7L!,FNP
MX1P>(#"3<+(62$<:91!*+S0%&'9++QE%G!8,FFB%V8[,=0LY_+G/"5.FJ</J
MYKWXAPSS79/U'A*GNCU<U[\0X9YKLGZCPE3W2>K*O8"9-=APC@\0&$FX60LD
M(XTRB"47F@*,.R67C*+."P9--$+LQV8ZA9S^7.>$J=-4X?5S7OQ#AGFNR?J/
M"5/='JYKWXAPSS79/U'A*GND]65>P$R:[#A'!X@,)-PLA9(1QIE$$HO-`48=
MDLO&46<%@R::(79CLQU"SG\N<\)4Z:IP^KFO?B'#/-=D_4>$J>Z/5S7OQ#AG
MFNR?J/"5/=)ZLJ]@)DUV'".#Q`82;A9"R0CC3*()1>:`HP[)9>,HLX+!DTT0
MNS'9CJ%G/Y<YX2ITU3=*K.MR`Y`37T()`(PXX0"HHPEAR:H-&H4&Y"!!C&3#
MSS1#&+\HABSG/;G.<\'7JM26::=P?-*Y[PUK:N))VL:&M;4^QK0&M'0-``H`
M%&NHM*ZEK*Z-CKG/A-?N\@NV;,KNR+#(@T&.D3AC?75?,3C$2UBA#G!"1TGD
M;<78PI-@!)@5"?)G6:5D6-Q+<.DA@AJ=C!T]A-3K]QHO0.4>1,KR/B'!.&NN
M)V8G#VKVNC+SZ4D[KFY>R8,K3<RWFCA#G5<*2;:-=1;O65>P$R:[#A'!X@,)
M-PLA9(1QIE$$HO-`48=DLO&46<%@R::(79CLQU"SG\N<\VZ\[J=-4X?5S7OQ
M#AGFNR?J/"5/=:=8E!519=?SFN'V&L")DL"'2:$O"UD88^B>4C5*V5:Q."IH
M6G-*LE(YITB\8TYHRC0EFX"+(!8QV9R8\QO9(W\S2"/AJN5P.9O..YS#<@Q^
MTW]A=PW$>X$M]2&1LC-P!:2W<T5`<"1T(.JT"GZNKQMD5[-`(9%E*9GM.,M:
M,Q9'6,X_P9)KQ1``9,'AO++[PT>1&#Z0A"(P8A=F.WF)-22MA<W#[JXGN9`!
M)(]SC3I5Q)-.NFNFI3P]7->_$.&>:[)^H\+1J>ZU.?5M71D%FA9D!A0P#B<C
M`,`XLQ"`,`F=8$01!$@S@018SV9QGW,XYDS1[".X7)85[X\QB9(WEKVW,1!!
MH00]M"#["/855%KTQP*0G:6MY3-#G)85=\,=G\SP!F6J3A-?LC$"=P:',L)!
MIHU0W>=)7`T)^>T)H0F"#D9@!<WCFEKL@2-#_P#F-_J7L^7LY['(_J)GEMGQ
MP2QO9'5I:TM?R*R<U[2:`L_W9[!MJ"00#\I"E_IC!(.K:=DLJX;%%.4^Y6R2
M1/E1'6@[)"5/->@A,3DQ&+NDY`/<``/8$./<QC'-*YZP?]$W]BZQY4/^\\$_
M_P"6Q?\`U"F5ZN:]^(<,\UV3]1YMEY;4]U&G6W7VFJN+N"MX=7D81Q.$V9'&
M".HES4C=U*-L3Z_T<<`DQQ="5:]68,]088,PTP8QF#$(6<YSG/,I'NE>Z1YJ
MXG5<QR#/Y7E&:R/(,W<^ME;N4R2OH&[G'J:-``'L````T"DMZN:]^(<,\UV3
M]1YBN'J>Z/5S7OQ#AGFNR?J/"5/=)ZLJ]@)DUV'".#Q`82;A9"R0CC3*()1>
M:`HP[)9>,HLX+!DTT0NS'9CJ%G/Y<YX2ITU3A]7->_$.&>:[)^H\)4]T>KFO
M?B'#/-=D_4>$J>Z3U95[`3)KL.$<'B`PDW"R%DA'&F402B\T!1AV2R\919P6
M#)IHA=F.S'4+.?RYSPE3IJG#ZN:]^(<,\UV3]1X2I[H]7->_$.&>:[)^H\)4
M]TB(`RLS%M[?*1C:6QF2&:WZH*3$K4@2MR<Q0.SMS2AGC(2%$EB.$62`.19Q
MU9"'&.WLQCA/8I5<*(X1'"*-$J_?%HG^&C;']J6EW"OL7__3[8=+OW.M3OX:
M*)_9;%>%3U*DOPHCA%"_<79V1T33.QS_`%7$CI';5*:XV'L&@!8<"N5GI)4Q
MP1E7NBU*=;[)!3ZZD$O)"BR:7$4LA1/BTH.1#&A2]XN)*@5HHZSK<O8H6TMZ
M:Y5=$ZQ=UT;8SB:.*.)C<M<YK)8]"**FMBADIS9LC$UL:?X6VVLN,2QJ2-$,
M1/@4J'!<F2@6Y.)BM!0%/[4_;I#>Z]YK^8J6!DNV,QV,OTG@,<9)?EF:TYT)
MKMRD3BRSUS)4PV=,;@^3A*ZM!S0N/'B*/K(H5!`>K%C%4(I]BP_L_9$[I]*-
M8R"8)*UY1-01(LM:D60<"94`*'&`GD`73)$L"49CW<8-*+'V?E#C/N<(>O53
M!\J'OY.9G^G5[Z><)\4>5#W\G,S_`$ZO?3SA/BD]64E>@S78?.*]EYF3+A9!
MB"!;`<")%B@*,!W9G7.`!R/(08'[S(P](\>[U=0<$[:IP^5#W\G,S_3J]]/.
M$^*/*A[^3F9_IU>^GG"?%)ZLI*]!FNP^<5[+S,F7"R#$$"V`X$2+%`48#NS.
MN<`#D>0@P/WF1AZ1X]WJZ@X)VU3A\J'OY.9G^G5[Z><)\4>5#W\G,S_3J]]/
M.$^*3U925Z#-=A\XKV7F9,N%D&((%L!P(D6*`HP'=F=<X`'(\A!@?O,C#TCQ
M[O5U!P3MJECMO23ILO':60>0DI2N5,[/T)L`V%.+S!$C0YI:XFB<$T:''P64
M.BI28XUH^/9;>2$)(#';*3!QY)'>F8W%O/Z#I331T;F_>-/QI\%Z)XWYT_@E
M[RF;TW.@RF`R&.>6@%[3<P'T'MJY@&VZC@,CCN(A]3:QS]H,K_*A[^3F9_IU
M>^GG-NO._BD]64E>@S78?.*]EYF3+A9!B"!;`<")%B@*,!W9G7.`!R/(08'[
MS(P](\>[U=0<$[:IN'2!U4@P6HK*6GEA-(/"`Y571H`GI3RU24[`1SH0<&IE
M)(#"Q?E`,.!8[,XQGA9->YA+F/(-"-"1H001]A!((]H)!7.786E42U`KC8';
M0=,O\/L>%;M1RV:QFF7R,K4T%I-5:[$P,K<F1MTC7C)8FQGGZ]0M2&)E*0TM
MM2"4&=B4*@OFF7;[F2&WW588B".[J5^_0?>ON+!^7LSY-S_"O&W\U-Q@KOB<
MMI=PEH;ZU^VSDE>7$D$RODMHV1O:00Z:39I(YI8'LW-);OK?8R87Q;$JL"PV
MR(/+Y((ZUF/3&>_/MI7K6,*>)-(Y]Y13@`?"8[6CZV("<A$J4*5RA0,1I!9`
M2#=&\O8Y(C#'%0U`/2E&]*?:5U#S-YSXWR?B<W!N-<4997#9(K660-C$;;6Q
M?OBCMO3UVRW+I'FH8UD;&#8YSR]M_/E0]_)S,_TZO?3SG%KY*^*/*A[^3F9_
MIU>^GG"?%)ZLI*]!FNP^<5[+S,F7"R#$$"V`X$2+%`48#NS.N<`#D>0@P/WF
M1AZ1X]WJZ@X)VU3A\J'OY.9G^G5[Z><)\4>5#W\G,S_3J]]/.$^*3U925Z#-
M=A\XKV7F9,N%D&((%L!P(D6*`HP'=F=<X`'(\A!@?O,C#TCQ[O5U!P3MJG#Y
M4/?R<S/].KWT\X3XK7I=CRYBDGA4EJZ:+XY,(\]1:0(0NL$2B6LD@;5+2ZI`
MJ4M@%*4^5*!68#`RQA&#M[0YQG&,\K7%CFN;^8&JWF-R%UB<C896PE#+ZVF9
M+&Z@.V2-P>PT((-'`&A!!Z$42=H,A-7ZBWX-#JHE#+$X=/X3%8RPH5\'$F8(
M]&];:#9&-E*&KG@S1E(&I`2`O/>&YR7T]0\CZL8.<Y[G/<:N)J?M*N3R-[F,
MC?Y?)W)FR5U-)-+(:5?+*\OD>:`"KG.)-`!4Z!,>*12(P603:60S7L<6E-DN
M29XL&2,#95#6_39S0Y7"0K)2[HYD4X/IJ`;HJ$1X289@D2HX0,!R:9D63I'O
M#6N<2UO0=OL6ZR/(,[E[/%8[*9FYN,?8QEEM%)(]\<#7;=S8F.);&';&!VT#
M<&-!J&MIIJZN3ENQ\9V.S#YV6]1RDYM2N&#KKHQ(M;9C.8#.`O65PK$P-,K:
M5$(&G"4`G.#@+A9$/'=A"+(2D0NAIH7!WW`C]ZY2+E5Q%P>_X1].TVL^5@OO
M4J:M=#!<0;-M-0\3AQ)=\IC``^8D>VLI*]!FNP^<5[+S,F7"R#$$"V`X$2+%
M`48#NS.N<`#D>0@P/WF1AZ1X]WJZ@XTEU3MJG#Y4/?R<S/\`3J]]/.$^*/*A
M[^3F9_IU>^GG"?%)ZLI*]!FNP^<5[+S,F7"R#$$"V`X$2+%`48#NS.N<`#D>
M0@P/WF1AZ1X]WJZ@X)VU3A\J'OY.9G^G5[Z><)\4>5#W\G,S_3J]]/.$^*3U
M925Z#-=A\XKV7F9,N%D&((%L!P(D6*`HP'=F=<X`'(\A!@?O,C#TCQ[O5U!P
M3MJG#Y4/?R<S/].KWT\X3XH\J'OY.9G^G5[Z><)\4GJRDKT&:[#YQ7LO,R9<
M+(,00+8#@1(L4!1@.[,ZYP`.1Y"#`_>9&'I'CW>KJ#@G;5.'RH>_DYF?Z=7O
MIYPGQ1Y4/?R<S/\`3J]]/.$^*3U925Z#-=A\XKV7F9,N%D&((%L!P(D6*`HP
M'=F=<X`'(\A!@?O,C#TCQ[O5U!P3MJG#Y4/?R<S/].KWT\X3XH\J'OY.9G^G
M5[Z><)\4GJRDKT&:[#YQ7LO,R9<+(,00+8#@1(L4!1@.[,ZYP`.1Y"#`_>9&
M'I'CW>KJ#@G;5.'RH>_DYF?Z=7OIYPGQ1Y4/?R<S/].KWT\X3XI/5E)7H,UV
M'SBO9>9DRX608@@6P'`B18H"C`=V9US@`<CR$&!^\R,/2/'N]74'!.VJ</E0
M]_)S,_TZO?3SA/BCRH>_DYF?Z=7OIYPGQ2>K*2O09KL/G%>R\S)EPL@Q!`M@
M.!$BQ0%&`[LSKG``Y'D(,#]YD8>D>/=ZNH."=M4X?*A[^3F9_IU>^GG"?%:M
M.9.]BA4P#FNYB#&8M(,9&)=7^0@QEI5XR(6`3H8\A#^7/9C.?_QCF3/SM^T+
MD,1_[VQ>O_I$?^VU49>SDD*M79L')11I[=$Z"8V`]X\7*HKWQCHRZ%>SLAAJ
M/O%TH1IPE)2GT\T\.>P?4(C`1=8%!0.3N]&S'[/]MY_<OJCS(QT&*YD][2)'
M_2LH?^))F,],'?:?290]-KCH:@BRS3&1.Y+3LE@N"2M7WNY6R1P\IUD'#A.8
M9->H:0[PN9)LB4)\^X/)?65G/_2,6/=YL[GK!_T3?V+QGRI_VG@FO_\`EL7_
M`-0IE>5#W\G,S_3J]]/.;9>6_%)ZLI*]!FNP^<5[+S,F7"R#$$"V`X$2+%`4
M8#NS.N<`#D>0@P/WF1AZ1X]WJZ@X)VU3A\J'OY.9G^G5[Z><)\4>5#W\G,S_
M`$ZO?3SA/BD]64E>@S78?.*]EYF3+A9!B"!;`<")%B@*,!W9G7.`!R/(08'[
MS(P](\>[U=0<$[:IP^5#W\G,S_3J]]/.$^*/*A[^3F9_IU>^GG"?%)ZLI*]!
MFNP^<5[+S,F7"R#$$"V`X$2+%`48#NS.N<`#D>0@P/WF1AZ1X]WJZ@X)VU3A
M\J'OY.9G^G5[Z><)\4>5#W\G,S_3J]]/.$^*1$`7JG';V^3U;*YL1@=;]4"@
MI'4UF.4&`#9VYH\*0"8W9Y28)&(>0XP(T)G4#/:'&.G(B>Q2JX41PB.$4:)5
M^^+1/\-&V/[4M+N%?8O_U.V'2[]SK4[^&BB?V6Q7A4]2I+\*(X18QZ96:2,S
MM'9$TMC_`!]_;%[*^L3T@2NK,],SJE-0N;2[-BXH]$XMCBB/&2>0<`91Q0Q`
M&'(<YQPBPX8)!PR5WF@8;%`S%_9$\:?I8&/-&)*]QQ*,9J6/N[[A'XT<F1,8
M8(1:0XT9`!"SG`<9SGA%]6J%PYB=UD@9(G&6=^<&EH8%[VU,+6WNZYBCX#BV
M%E6.21*2L4M+(!08%&F&,1*;!@L%A#U9[2*+GL\OW']7/F;A_P#X`>%3U4R>
M%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358
M?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_``]T3PKV3EX47P4IDRP@Q,K3
MD*DQN,!-3J2BSR#0XS@6`F%&A$6/&!8QGLSC/NXXZ=%FR1\3VR1O+7CH0:$?
M80D[5112>8[#D$%%DD$W"P%$DE`"64447KS1`"RBBP8"`LLL`<8"'&,8QC'9
MCA1[G/<7O<2\FI)U)).I)[IT\+%'")-5A\-MC/GE8_P]T3PKV3EX41PB358?
M#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8
M_P`/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3P
MKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_``]T3PKV3EX4
M1PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\
M-MC/GE8_P]T3PKV3EX46JSOX$3+_`/Q60_\`]H6<R9^=OVA<CB/_`'MB_P#]
M1'_MM7*'["*^W^QM@C*XDQ;:8OC3+:]CIG@CI3.#MB70S7JL3T!C<2`M&4BC
MC/1[3T&EXZS35YF3/=Z<YY[*PMCB,C?:0/N+C^-?P7Z&?JVX1C^/</FS^-]0
M1WEQ9P/8:N:UT$E_.'!Q).Z0WD@+>@$8V]2NB_4EO3MB?9!,FR9DLW;>\G`7
M>BP(7A#NYM+JJQC.`AQ@O"I:/HQV=N`=F,YSV=N>'N#7T?\`HVKXJ\CS/N'\
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M)X:=#F--)[S?9[6DNNN6U0T:O4I6T<U9GK<N3RB-2I0Q7?`%,D>DRY.[5Z]F
M$''F@5"?'%/B*U4Y-.JRV/IB326NIW'84"CT$'@1L(EX7=2^VDL?6F#0&*HH
ME,9!F0GIY4.!,[&K81K_`!&S`5HV=M<L&KEKJYEH*H:'[5[O9^QUW4:4:QGD
MSN5H"CJ@B1A:)(C@XTR4`D.,A((&NAJU8(HO'N8R::8/L_*+.?=X0]>BF#Y+
MO?RC3/\`0:]]`^$^"/)=[^4:9_H->^@?"?!)ZLHT]"FNP^,6%+R\EW"R`$("
M*`Y$<+-`48/O#.N#C#@>`CP#WF`!Z08]SJZA9)VT3A\EWOY1IG^@U[Z!\)\$
M>2[W\HTS_0:]]`^$^"3U91IZ%-=A\8L*7EY+N%D`(0$4!R(X6:`HP?>&=<'&
M'`\!'@'O,`#T@Q[G5U"R3MHG#Y+O?RC3/]!KWT#X3X(\EWOY1IG^@U[Z!\)\
M$GJRC3T*:[#XQ84O+R7<+(`0@(H#D1PLT!1@^\,ZX.,.!X"/`/>8`'I!CW.K
MJ%DG;1.'R7>_E&F?Z#7OH'PGP1Y+O?RC3/\`0:]]`^$^"3U91IZ%-=A\8L*7
MEY+N%D`(0$4!R(X6:`HP?>&=<'&'`\!'@'O,`#T@Q[G5U"R3MHG#Y+O?RC3/
M]!KWT#X3X(\EWOY1IG^@U[Z!\)\$GJRC3T*:[#XQ84O+R7<+(`0@(H#D1PLT
M!1@^\,ZX.,.!X"/`/>8`'I!CW.KJ%DG;1.'R7>_E&F?Z#7OH'PGP1Y+O?RC3
M/]!KWT#X3X)/5E&GH4UV'QBPI>7DNX60`A`10'(CA9H"C!]X9UP<8<#P$>`>
M\P`/2#'N=74+).VB</DN]_*-,_T&O?0/A/@CR7>_E&F?Z#7OH'PGP2>K*-/0
MIKL/C%A2\O)=PL@!"`B@.1'"S0%&#[PSK@XPX'@(\`]Y@`>D&/<ZNH62=M$X
M?)=[^4:9_H->^@?"?!'DN]_*-,_T&O?0/A/@D]64:>A378?&+"EY>2[A9`"$
M!%`<B.%F@*,'WAG7!QAP/`1X![S``](,>YU=0LD[:)P^2[W\HTS_`$&O?0/A
M/@CR7>_E&F?Z#7OH'PGP2>K*-/0IKL/C%A2\O)=PL@!"`B@.1'"S0%&#[PSK
M@XPX'@(\`]Y@`>D&/<ZNH62=M$X?)=[^4:9_H->^@?"?!'DN]_*-,_T&O?0/
MA/@D]64:>A378?&+"EY>2[A9`"$!%`<B.%F@*,'WAG7!QAP/`1X![S``](,>
MYU=0LD[:)P^2[W\HTS_0:]]`^$^"/)=[^4:9_H->^@?"?!)ZLHT]"FNP^,6%
M+R\EW"R`$("*`Y$<+-`48/O#.N#C#@>`CP#WF`!Z08]SJZA9)VT3A\EWOY1I
MG^@U[Z!\)\$>2[W\HTS_`$&O?0/A/@D]64:>A378?&+"EY>2[A9`"$!%`<B.
M%F@*,'WAG7!QAP/`1X![S``](,>YU=0LD[:)P^2[W\HTS_0:]]`^$^"/)=[^
M4:9_H->^@?"?!)ZLHT]"FNP^,6%+R\EW"R`$("*`Y$<+-`48/O#.N#C#@>`C
MP#WF`!Z08]SJZA9)VT3A\EWOY1IG^@U[Z!\)\$>2[W\HTS_0:]]`^$^"3U91
MIZ%-=A\8L*7EY+N%D`(0$4!R(X6:`HP?>&=<'&'`\!'@'O,`#T@Q[G5U"R3M
MHG#Y+O?RC3/]!KWT#X3X(\EWOY1IG^@U[Z!\)\$GJRC3T*:[#XQ84O+R7<+(
M`0@(H#D1PLT!1@^\,ZX.,.!X"/`/>8`'I!CW.KJ%DG;1.'R7>_E&F?Z#7OH'
MPGP1Y+O?RC3/]!KWT#X3X)/5E&GH4UV'QBPI>7DNX60`A`10'(CA9H"C!]X9
MUP<8<#P$>`>\P`/2#'N=74+).VB</DN]_*-,_P!!KWT#X3X+5IS&'L,*F`LV
M),1XQ%I!G(!(:_P$>,-*O.0BR""@'@(OR9[,XS_^,\R9^=OVA<AB/_>V+T_]
M(C_VVKCR]A$PY!ORN;VMW=&+)FM+PZ#6-P6A0KR<Z`JUT6D]CTU.Z/"<Q6N'
MG&,$]8<8#C`L8[>WLF6-;,?Z?]:_3W]8,SY_#4+Y#5PS[&_!ANV-^YK1]J['
M&6M`1SQMXAE\C:/'KTOD;SXO:*X3>,WYT[KQB[K>[@0?"'!;W`.\-%VB'TX[
M<^YSK1)=2IZ"B_+RZOKR]^G^LN'R>C$V)FXD[(V5VL;7HUM30#056:\EWOY1
MIG^@U[Z!\BVOP2>K*-/0IKL/C%A2\O)=PL@!"`B@.1'"S0%&#[PSK@XPX'@(
M\`]Y@`>D&/<ZNH62=M$X?)=[^4:9_H->^@?"?!'DN]_*-,_T&O?0/A/@D]64
M:>A378?&+"EY>2[A9`"$!%`<B.%F@*,'WAG7!QAP/`1X![S``](,>YU=0LD[
M:)P^2[W\HTS_`$&O?0/A/@CR7>_E&F?Z#7OH'PGP2>K*-/0IKL/C%A2\O)=P
ML@!"`B@.1'"S0%&#[PSK@XPX'@(\`]Y@`>D&/<ZNH62=M$X?)=[^4:9_H->^
M@?"?!'DN]_*-,_T&O?0/A/@D/`&]6W;?WV4L?75^&/6W4XP*EV)9"3B0>L_<
M\/<%A8V=F3Y*[0Y%VC+&/MSGWW9V8P3V*5?"B.$1PBC1*OWQ:)_AHVQ_:EI=
MPK[%_];MATN_<ZU._AHHG]EL5X5/4J,]E^UST:J:P[;JJ86/)RI[3A7<R!@:
MJPL)Y.>Y`#+^4HB455-\=/0N#\F5L&2,C4&I&\TU41W2HP'?")53:=%8M''L
MF2QYAD:=$YMJ=_9FM[(;GI&)N>4!+JA(7%(G9O&(8T#FE`?@!Y.<YR4:$0<Y
MSV<*+0+FM7-.PW,N+KNQ;04"<TK:3%JS01D]ZZ3B%:U<\.KS.I5!*_B,98VM
MO/4K7-\>VM`4$L)(31JCTR<X@4+$/M4]:WLZ=E1=NGDG#7U25K<CWX&?53(N
M\E[<AM4SR#X.CTRM.,2J.IED=N5D,6OCV@:HFT=JK*]W3%HU(RU5=I4S:4NJ
M*WU"T,_A3?(TD;<T;$M;E$D;TK4J5X>HVSR!4DPA*<%JI,OC"QU,9G8D\)0T
M3ZW+4><"&F'GA0Z*-/L_9W!T&E&L:)=,HHB6):@B1"E(KD30G4ISBT.`F$GD
M'+`&DF@%CLR$6,9QG\O"I&JF#ZQJ]^/D,\Z&3]>X2A[(]8U>_'R&>=#)^O<)
M0]DGJRL*`ES78<0YQ$`!.N%D,)$.2LH0FEXH"C"<F%YRMQ@P&#2A![<=N.H.
M<?EQGA*'31.'UC5[\?(9YT,GZ]PE#V1ZQJ]^/D,\Z&3]>X2A[)/5E84!+FNP
MXASB(`"=<+(82(<E90A-+Q0%&$Y,+SE;C!@,&E"#VX[<=0<X_+C/"4.FB</K
M&KWX^0SSH9/U[A*'LCUC5[\?(9YT,GZ]PE#V2>K*PH"7-=AQ#G$0`$ZX60PD
M0Y*RA":7B@*,)R87G*W&#`8-*$'MQVXZ@YQ^7&>$H=-$X?6-7OQ\AGG0R?KW
M"4/9'K&KWX^0SSH9/U[A*'LD]65A0$N:[#B'.(@`)UPLAA(AR5E"$TO%`483
MDPO.5N,&`P:4(/;CMQU!SC\N,\)0Z:)P^L:O?CY#/.AD_7N$H>R/6-7OQ\AG
MG0R?KW"4/9)ZLK"@)<UV'$.<1``3KA9#"1#DK*$)I>*`HPG)A><K<8,!@TH0
M>W';CJ#G'Y<9X2ATT3A]8U>_'R&>=#)^O<)0]D>L:O?CY#/.AD_7N$H>R3U9
M6%`2YKL.(<XB``G7"R&$B')64(32\4!1A.3"\Y6XP8#!I0@]N.W'4'./RXSP
ME#IHG#ZQJ]^/D,\Z&3]>X2A[(]8U>_'R&>=#)^O<)0]DGJRL*`ES78<0YQ$`
M!.N%D,)$.2LH0FEXH"C"<F%YRMQ@P&#2A![<=N.H.<?EQGA*'31.'UC5[\?(
M9YT,GZ]PE#V1ZQJ]^/D,\Z&3]>X2A[)/5E84!+FNPXASB(`"=<+(82(<E90A
M-+Q0%&$Y,+SE;C!@,&E"#VX[<=0<X_+C/"4.FB</K&KWX^0SSH9/U[A*'LCU
MC5[\?(9YT,GZ]PE#V2>K*PH"7-=AQ#G$0`$ZX60PD0Y*RA":7B@*,)R87G*W
M&#`8-*$'MQVXZ@YQ^7&>$H=-$X?6-7OQ\AGG0R?KW"4/9'K&KWX^0SSH9/U[
MA*'LD]65A0$N:[#B'.(@`)UPLAA(AR5E"$TO%`483DPO.5N,&`P:4(/;CMQU
M!SC\N,\)0Z:)P^L:O?CY#/.AD_7N$H>R/6-7OQ\AGG0R?KW"4/9)ZLK"@)<U
MV'$.<1``3KA9#"1#DK*$)I>*`HPG)A><K<8,!@TH0>W';CJ#G'Y<9X2ATT3A
M]8U>_'R&>=#)^O<)0]D>L:O?CY#/.AD_7N$H>R3U96%`2YKL.(<XB``G7"R&
M$B')64(32\4!1A.3"\Y6XP8#!I0@]N.W'4'./RXSPE#IHG#ZQJ]^/D,\Z&3]
M>X2A[(]8U>_'R&>=#)^O<)0]DGJRL*`ES78<0YQ$`!.N%D,)$.2LH0FEXH"C
M"<F%YRMQ@P&#2A![<=N.H.<?EQGA*'31.'UC5[\?(9YT,GZ]PE#V1ZQJ]^/D
M,\Z&3]>X2A[)/5E84!+FNPXASB(`"=<+(82(<E90A-+Q0%&$Y,+SE;C!@,&E
M"#VX[<=0<X_+C/"4.FB</K&KWX^0SSH9/U[A*'LCUC5[\?(9YT,GZ]PE#V2>
MK*PH"7-=AQ#G$0`$ZX60PD0Y*RA":7B@*,)R87G*W&#`8-*$'MQVXZ@YQ^7&
M>$H=-$X?6-7OQ\AGG0R?KW"4/9'K&KWX^0SSH9/U[A*'LD]65A0$N:[#B'.(
M@`)UPLAA(AR5E"$TO%`483DPO.5N,&`P:4(/;CMQU!SC\N,\)0Z:)P^L:O?C
MY#/.AD_7N$H>R\RV=5HXHU;>MFT+/1KDQZ-60*4LP0G)E)0R3RA"`X!&'!A0
M\XSG&<9QV^YG@&AJ.JSBDD@ECFB)$K'!P/8@U!^!7'M[!Y5'T6^<L=WU\;F5
M,U:BY/2*7!P1($BAP-64.TB1#/6&%EB,PG7'CZ`BP/J*_P#Q@6.=DRQI:-]\
MG_VE^GGZPYW1>',;&UH(EY-M/N`;D'Z>^K`/L)78EZQJ]^/D,\Z&3]>YUM?F
M!0]D>L:O?CY#/.AD_7N$H>R3U96%`2YKL.(<XB``G7"R&$B')64(32\4!1A.
M3"\Y6XP8#!I0@]N.W'4'./RXSPE#IHG#ZQJ]^/D,\Z&3]>X2A[(]8U>_'R&>
M=#)^O<)0]DGJRL*`ES78<0YQ$`!.N%D,)$.2LH0FEXH"C"<F%YRMQ@P&#2A!
M[<=N.H.<?EQGA*'31.'UC5[\?(9YT,GZ]PE#V1ZQJ]^/D,\Z&3]>X2A[)/5E
M84!+FNPXASB(`"=<+(82(<E90A-+Q0%&$Y,+SE;C!@,&E"#VX[<=0<X_+C/"
M4.FB</K&KWX^0SSH9/U[A*'LCUC5[\?(9YT,GZ]PE#V2(@#TS/NWM\JV-V;'
ME(7K?J@F,5-2]*XIRU`+.W--&0,](:<6$X)9P!9#G/5@(L9[.S..$]BE5PHC
MA$<(HT2K]\6B?X:-L?VI:7<*^Q?_U^V'2[]SK4[^&BB?V6Q7A4]2JO-_DEVI
MMMCES27NZOJ==0U;`8BM+KUUXH3*.P4LXMH$S*LTZSI0PRV=J#(Z)A,:1X$%
M"U%#4@*"88J.$5%D!4*[.$!/!#(B%4!^+4AC#`%07*5Z-TDY9^&I)@X$C<V\
MT]`XOP3,9PL/(&,DY1UC`+(<XSRK!1IV6TBHG:-&X#F;)Y*2]Z1,$?DEG0%B
M@"&R9=`(Z^E2E)4LQDTHA4MS+:A6R=&E<%L9<"5+0L5(R1&DBP'.!%02%[H?
MJ#`XC:C5<ALYMV739BAQT681S.9IWAB87)SB$+@\HF['&R&1`RL\DES#7[9A
M:D3$E1TI06<>C;$AJI4(XE?8O74NH%/4M;4SNJ%$2,$XGT3C\3E"IT>"UZ=U
M+86N,M)K\O%A"0Y.DC?BX>A4+3UBE27X?E8L3E)U3HZFK25-*+6O9Y?N/ZN?
M,W#_`/P`\(>JF3PHCA$FJP^&VQGSRL?X>Z)X5[)R\*(X1)JL/AML9\\K'^'N
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MI#C';G^S&.=BRW_91_TW[BOTI_5X2?%,53TYB/\`U.]77MSKJ_-9'")-5A\-
MMC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_
M``]T3PKV3EX41PBC1%?WQ;V_AHU._:ENCPK[%)?A1'"(X11HE7[XM$_PT;8_
MM2TNX5]B_]#MATN_<ZU._AHHG]EL5X5/4JD;VR314SO<)\4GD5T-`YSBB$R1
M=:ET4+LK;-Z4W"5SK+HSFU7234Q%'J)5U7L:>U`_$K@^+6].%V+4",'W!1YA
M4*R;6GMHNBV'MPF>)19I&[$OPVN.,C<-\3)$B!.]"0MB5,)V(0-XAH$1+CDK
MO@DD9R26$>`@SD.,<JP4+MV[IL&NX+*44976/1:!M84C^AV721NH9;7ZV1"-
M5IVNH"\ORZS)+74AD;D%/DZ2R&N5T43HN\2%K`NJQ"$)4!0'ANR&\EMS%DAC
M)9KC6]I2Z$1Y2\U3-JKB4(8JTK8S5JDK;7;`JI,\U;83Q&II(;FD;Y#PY7BE
M$:9%BO"8R/+53$O"HBM`%.K3K9>:V/)I+3-M-TU6VI#X/`I@[3(4,8HU5K^T
M.D&@.$[]#A)52>7)`6$L>1OX$KVUH<HUBIR94PSC8\OP55"/:.B]WL_5DX!I
M1K&!#'8HH1AJ")83'JYD[HE)Q.$..[,/2$P1>4G-$'W<@"<;@.?<P+/Y>$/5
M3!\.L+XKPSS\>_JYX31'AUA?%>&>?CW]7/":)/5DMGV)KL/T1J("%FX63)V!
MSAZ`$LSU`49C`"Q8KTS)H,E8"+JS@&<"SD/9V8P(1--$X?#K"^*\,\_'OZN>
M$T1X=87Q7AGGX]_5SPFB3U9+9]B:[#]$:B`A9N%DR=@<X>@!+,]0%&8P`L6*
M],R:#)6`BZLX!G`LY#V=F,"$331.'PZPOBO#//Q[^KGA-$>'6%\5X9Y^/?U<
M\)HD]62V?8FNP_1&H@(6;A9,G8'.'H`2S/4!1F,`+%BO3,F@R5@(NK.`9P+.
M0]G9C`A$TT3A\.L+XKPSS\>_JYX31'AUA?%>&>?CW]7/":)/5DMGV)KL/T1J
M("%FX63)V!SAZ`$LSU`49C`"Q8KTS)H,E8"+JS@&<"SD/9V8P(1--$X?#K"^
M*\,\_'OZN>$T1X=87Q7AGGX]_5SPFB3U9+9]B:[#]$:B`A9N%DR=@<X>@!+,
M]0%&8P`L6*],R:#)6`BZLX!G`LY#V=F,"$331.'PZPOBO#//Q[^KGA-$>'6%
M\5X9Y^/?U<\)HD]62V?8FNP_1&H@(6;A9,G8'.'H`2S/4!1F,`+%BO3,F@R5
M@(NK.`9P+.0]G9C`A$TT3A\.L+XKPSS\>_JYX31'AUA?%>&>?CW]7/":)/5D
MMGV)KL/T1J("%FX63)V!SAZ`$LSU`49C`"Q8KTS)H,E8"+JS@&<"SD/9V8P(
M1--$X?#K"^*\,\_'OZN>$T1X=87Q7AGGX]_5SPFB3U9+9]B:[#]$:B`A9N%D
MR=@<X>@!+,]0%&8P`L6*],R:#)6`BZLX!G`LY#V=F,"$331.'PZPOBO#//Q[
M^KGA-$>'6%\5X9Y^/?U<\)HD]62V?8FNP_1&H@(6;A9,G8'.'H`2S/4!1F,`
M+%BO3,F@R5@(NK.`9P+.0]G9C`A$TT3A\.L+XKPSS\>_JYX31'AUA?%>&>?C
MW]7/":)/5DMGV)KL/T1J("%FX63)V!SAZ`$LSU`49C`"Q8KTS)H,E8"+JS@&
M<"SD/9V8P(1--$X?#K"^*\,\_'OZN>$T1X=87Q7AGGX]_5SPFB3U9+9]B:[#
M]$:B`A9N%DR=@<X>@!+,]0%&8P`L6*],R:#)6`BZLX!G`LY#V=F,"$331.'P
MZPOBO#//Q[^KGA-$>'6%\5X9Y^/?U<\)HD]62V?8FNP_1&H@(6;A9,G8'.'H
M`2S/4!1F,`+%BO3,F@R5@(NK.`9P+.0]G9C`A$TT3A\.L+XKPSS\>_JYX31'
MAUA?%>&>?CW]7/":)/5DMGV)KL/T1J("%FX63)V!SAZ`$LSU`49C`"Q8KTS)
MH,E8"+JS@&<"SD/9V8P(1--$X?#K"^*\,\_'OZN>$T1X=87Q7AGGX]_5SPFB
M3U9+9]B:[#]$:B`A9N%DR=@<X>@!+,]0%&8P`L6*],R:#)6`BZLX!G`LY#V=
MF,"$331.'PZPOBO#//Q[^KGA-$>'6%\5X9Y^/?U<\)HD]62V?8FNP_1&H@(6
M;A9,G8'.'H`2S/4!1F,`+%BO3,F@R5@(NK.`9P+.0]G9C`A$TT3A\.L+XKPS
MS\>_JYX31'AUA?%>&>?CW]7/":)/5DMGV)KL/T1J("%FX63)V!SAZ`$LSU`4
M9C`"Q8KTS)H,E8"+JS@&<"SD/9V8P(1--$X?#K"^*\,\_'OZN>$T1X=87Q7A
MGGX]_5SPFBYH_8.5>:IF5BWFUI"ULJB]#U?4R1`OE@F>/CC4]=5<P<5RA"G@
MC\XJ7PIQK=&`@85I"<D@PX(BCQ&`,)YS+R.#614&TO)]]1I^]?>GZQ.17L.,
MP?$FQ1?RVXS%W>.=1WJ"2W8V%C6G=M#"VZD+@6%Q<&$.:`X.Z7/#K"^*\,\_
M'OZN><&O@O1'AUA?%>&>?CW]7/":)/5DMGV)KL/T1J("%FX63)V!SAZ`$LSU
M`49C`"Q8KTS)H,E8"+JS@&<"SD/9V8P(1--$X?#K"^*\,\_'OZN>$T1X=87Q
M7AGGX]_5SPFB3U9+9]B:[#]$:B`A9N%DR=@<X>@!+,]0%&8P`L6*],R:#)6`
MBZLX!G`LY#V=F,"$331.'PZPOBO#//Q[^KGA-$>'6%\5X9Y^/?U<\)HD]62V
M?8FNP_1&H@(6;A9,G8'.'H`2S/4!1F,`+%BO3,F@R5@(NK.`9P+.0]G9C`A$
MTT3A\.L+XKPSS\>_JYX31'AUA?%>&>?CW]7/":)$0`UY.V]OD3X@;&Y7C6_5
M`)9#4[*GE.)/BSMS<@-&J5LK$86<(S(\9+P2(.`AQGKSD60A)[%*KA1'"(X1
M1HE7[XM$_P`-&V/[4M+N%?8O_]'MATN_<ZU._AHHG]EL5X5/4JKOVA+*F<;D
MVD75[8NP\'`Q:,P1[W>8:;B5$R4BQ]=_+VY&F*QZ)K+A4)'"+6V@B"^Q%V7-
M"/*8#*EP1D(EYR'(8J/9]JNLKWR7\@8/Y#AZ(5Y(1KR0!T*BNB+^)47D^'NU
MP0K2^EI[G'2=C!N/R#QU=O*L5^)]8U>U3%U\XM&=PVMH6U#2%.DOGTH9(=%V
MTQ>J*0H2U\@D2YN:48UJT\!)6##@Y,-&$`>T6<8X1:@Z[#T`PK'MN?+SIYF<
M(S$PSV2(76S84W+(_!AHT3@":/:98]DGM43&@<DQ^'$\):/)*@L?>=(PYR2B
M8;#*8Q*DXU47D;#)$I13:<8I87=O>$Y9+RTH7]G-&<WJ%!8"G5B=$RU,+.>P
M](H*.!U%F`%DBBI[/+]Q_5SYFX?_`.`'A4]5,GA1'")-5A\-MC/GE8_P]T3P
MKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_``]T3PKV3EX4
M1PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\
M-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\`#W1/"O9.7A1'")-5A\-MC/GE
M8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"
MO9.7A1'")-5A\-MC/GE8_P`/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1
M'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'P
MVV,^>5C_``]T3PKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(J(?8B0PN"1J
MU67OP*U0ZVUN7."LL)@"E"L_-T%!$44:,>2@%(R"B^S'9@609%V8R+/.5RC]
M[HS_`)SO^:OKO]5N4.7O^/76PMC%]DVM!I4`?0G4CK5Q)]U:>Q7O<XI?(B.$
M2:K#X;;&?/*Q_A[HGA7LG+PHCA$FJP^&VQGSRL?X>Z)X5[)R\*(X1)JL/AML
M9\\K'^'NB>%>R<O"B.$4:(K^^+>W\-&IW[4MT>%?8I+\*(X1'"*-$J_?%HG^
M&C;']J6EW"OL7__2[8=+OW.M3OX:*)_9;%>%3U*I#]LD<[2*^F6,8U*KJR'&
M+T]&9S!;8FM!V[;R-]9V-1>DOL.OY0NK9Z8&1WC.);"(7%4<3<S3E)SG987%
M.29DL/3"LF_:NC.)JG-=%HTM>F4$;>5D?9E3M'2SBU!;`YJ&Y,<O92SR<!)/
M`U*AC(P,&,!%@OMQ[F>58*+NSM"VC:K<]+(%83<Y&JX]X@:JCM%JC"2KF)R7
M%.+8YVC"[!A=>YOVO[C2L3NH2(G,M^=&8M$<H(\4`/4A7I2H(40JC]FQ+X98
MYBV=S6*2FM%=,UQ"YDVQ-^N6"N=HSJLJFH&NX3)U44(FSI":7?H(_422]M<H
M@^&MZ%X0E3#)+$W^%K)16NBDWJQKE<^OLND+.XV7&'37X4+BB&"5:RL"5.;"
MY4ACL/:'1,W/2EB*E1T2CYC"O2,H'-[>#`1Y2UM@"D06/!SE5":_:L?[/V&M
M"W2C6-6<LE8#5%01(XP"2=SA`F",:'`A8(1(9$G1I2L9S[@"BP`#CW,8QCA#
MU4P?(-D_/IG](UA>E'"51Y!LGY],_I&L+THX2J3U90=E'-=APY6R_&"KA9"P
M]%A3XL60YH"C#>TP0)*$1P^HS..H>1"P'&`]O2$.,$KT3A\@V3\^F?TC6%Z4
M<)5'D&R?GTS^D:PO2CA*I/5E!V4<UV'#E;+\8*N%D+#T6%/BQ9#F@*,-[3!`
MDH1'#ZC,XZAY$+`<8#V](0XP2O1.'R#9/SZ9_2-87I1PE4>0;)^?3/Z1K"]*
M.$JD]64'91S78<.5LOQ@JX60L/184^+%D.:`HPWM,$"2A$</J,SCJ'D0L!Q@
M/;TA#C!*]$X?(-D_/IG](UA>E'"51Y!LGY],_I&L+THX2J3U90=E'-=APY6R
M_&"KA9"P]%A3XL60YH"C#>TP0)*$1P^HS..H>1"P'&`]O2$.,$KT3A\@V3\^
MF?TC6%Z4<)5'D&R?GTS^D:PO2CA*I/5E!V4<UV'#E;+\8*N%D+#T6%/BQ9#F
M@*,-[3!`DH1'#ZC,XZAY$+`<8#V](0XP2O1.'R#9/SZ9_2-87I1PE4>0;)^?
M3/Z1K"]*.$JD]64'91S78<.5LOQ@JX60L/184^+%D.:`HPWM,$"2A$</J,SC
MJ'D0L!Q@/;TA#C!*]$X?(-D_/IG](UA>E'"51Y!LGY],_I&L+THX2J3U90=E
M'-=APY6R_&"KA9"P]%A3XL60YH"C#>TP0)*$1P^HS..H>1"P'&`]O2$.,$KT
M3A\@V3\^F?TC6%Z4<)5'D&R?GTS^D:PO2CA*I/5E!V4<UV'#E;+\8*N%D+#T
M6%/BQ9#F@*,-[3!`DH1'#ZC,XZAY$+`<8#V](0XP2O1.'R#9/SZ9_2-87I1P
ME4>0;)^?3/Z1K"]*.$JD]64'91S78<.5LOQ@JX60L/184^+%D.:`HPWM,$"2
MA$</J,SCJ'D0L!Q@/;TA#C!*]$X?(-D_/IG](UA>E'"51Y!LGY],_I&L+THX
M2J3U90=E'-=APY6R_&"KA9"P]%A3XL60YH"C#>TP0)*$1P^HS..H>1"P'&`]
MO2$.,$KT3A\@V3\^F?TC6%Z4<)5'D&R?GTS^D:PO2CA*I/5E!V4<UV'#E;+\
M8*N%D+#T6%/BQ9#F@*,-[3!`DH1'#ZC,XZAY$+`<8#V](0XP2O1.'R#9/SZ9
M_2-87I1PE4>0;)^?3/Z1K"]*.$JD]64'91S78<.5LOQ@JX60L/184^+%D.:`
MHPWM,$"2A$</J,SCJ'D0L!Q@/;TA#C!*]$X?(-D_/IG](UA>E'"51Y!LGY],
M_I&L+THX2J3U90=E'-=APY6R_&"KA9"P]%A3XL60YH"C#>TP0)*$1P^HS..H
M>1"P'&`]O2$.,$KT3A\@V3\^F?TC6%Z4<)5'D&R?GTS^D:PO2CA*I/5E!V4<
MUV'#E;+\8*N%D+#T6%/BQ9#F@*,-[3!`DH1'#ZC,XZAY$+`<8#V](0XP2O1.
M'R#9/SZ9_2-87I1PE4>0;)^?3/Z1K"]*.$JD]64'91S78<.5LOQ@JX60L/18
M4^+%D.:`HPWM,$"2A$</J,SCJ'D0L!Q@/;TA#C!*]$X?(-D_/IG](UA>E'"5
M1Y!LGY],_I&L+THX2J3U90=E'-=APY6R_&"KA9"P]%A3XL60YH"C#>TP0)*$
M1P^HS..H>1"P'&`]O2$.,$KT3A\@V3\^F?TC6%Z4<)5'D&R?GTS^D:PO2CA*
MJFOV2T6;''UK^$*I&7W=7ZUC#X#,):U]HC_7/UX,\6/:3O0![K'0$7:$OMST
MXQU"[>2R'_D_])W_`#5]2?J2_P#\W_\`$,I_^Q5RGD&R?GTS^D:PO2CG&KY;
MJCR#9/SZ9_2-87I1PE4GJR@[*.:[#ARME^,%7"R%AZ+"GQ8LAS0%&&]I@@24
M(CA]1F<=0\B%@.,![>D(<8)7HG#Y!LGY],_I&L+THX2J/(-D_/IG](UA>E'"
M52>K*#LHYKL.'*V7XP5<+(6'HL*?%BR'-`48;VF"!)0B.'U&9QU#R(6`XP'M
MZ0AQ@E>B</D&R?GTS^D:PO2CA*H\@V3\^F?TC6%Z4<)5)ZLH.RCFNPX<K9?C
M!5PLA8>BPI\6+(<T!1AO:8($E"(X?49G'4/(A8#C`>WI"'&"5Z)P^0;)^?3/
MZ1K"]*.$JCR#9/SZ9_2-87I1PE4B(`TI6;;V^4J0US.+,UOU0/$)U>GE]48&
M*SMS2\A`K?%[BK+)P$K'86$>"\"SD6`XR(6<D]BE5PHCA$<(HT2K]\6B?X:-
ML?VI:7<*^Q?_T^V'2[]SK4[^&BB?V6Q7A4]2J%;:IN571&[FV_BFK-<236BD
M91LPUH8Q(=]=[*]ORRXM2%TV\;;\M9?(&;I*HBJM]L-!)3V)J<RCQD(O!TF5
M*=$2C)+BRZ4%=5TE5DXL#O6]?.T4(7)8LYPB*.,:3.BE6M<D[`M84"EG(<5B
M]6O7JUQ+<:6$XT\\XXPS&1#,&+.19JP2.V8V]J36>&35U?)!'I-94;BH)&P4
M@U2Z.(K*F)KBM"T1\"1C6K?&#5'E[T:$"MZ/3Y;FQ(6>K/'@E.9G!4"JBRN]
MI>>,85<5UTFLV8'4"&+Q)SB\@\?NTDMXRE*\O]YB!,+C,4D$QS#8Y7,[/4*'
M]&C7JSCF)<6F:3^M")9*J[?>I?Z\[*Q/8-K6GMJ0,/E+4W1Q>_5C)'IJ!:42
M&[LB`YW23>"%&!?H@;'9IATCHA+"@`6KF14:FR8F$2:;5"*)->S]F30BTHUC
M2'(Y6,U/4$2),&D@DX7IA#`AP$62%J&.J$:HK.<>X,HP8!8]W&<XX0]5,'R\
M9/S&9_1S87HOPE$>7C)^8S/Z.;"]%^$HD]64X90378<644OS@VX60P/17L^,
M%@.*`HPKL,""-"$2/J+SGI'@(LAS@79TB#G)*=$X?+QD_,9G]'-A>B_"41Y>
M,GYC,_HYL+T7X2B3U93AE!-=AQ912_.#;A9#`]%>SXP6`XH"C"NPP((T(1(^
MHO.>D>`BR'.!=G2(.<DIT3A\O&3\QF?T<V%Z+\)1'EXR?F,S^CFPO1?A*)/5
ME.&4$UV'%E%+\X-N%D,#T5[/C!8#B@*,*[#`@C0A$CZB\YZ1X"+(<X%V=(@Y
MR2G1.'R\9/S&9_1S87HOPE$>7C)^8S/Z.;"]%^$HD]64X90378<644OS@VX6
M0P/17L^,%@.*`HPKL,""-"$2/J+SGI'@(LAS@79TB#G)*=$X?+QD_,9G]'-A
M>B_"41Y>,GYC,_HYL+T7X2B3U93AE!-=AQ912_.#;A9#`]%>SXP6`XH"C"NP
MP((T(1(^HO.>D>`BR'.!=G2(.<DIT3A\O&3\QF?T<V%Z+\)1'EXR?F,S^CFP
MO1?A*)/5E.&4$UV'%E%+\X-N%D,#T5[/C!8#B@*,*[#`@C0A$CZB\YZ1X"+(
M<X%V=(@YR2G1.'R\9/S&9_1S87HOPE$>7C)^8S/Z.;"]%^$HD]64X90378<6
M44OS@VX60P/17L^,%@.*`HPKL,""-"$2/J+SGI'@(LAS@79TB#G)*=$X?+QD
M_,9G]'-A>B_"41Y>,GYC,_HYL+T7X2B3U93AE!-=AQ912_.#;A9#`]%>SXP6
M`XH"C"NPP((T(1(^HO.>D>`BR'.!=G2(.<DIT3A\O&3\QF?T<V%Z+\)1'EXR
M?F,S^CFPO1?A*)/5E.&4$UV'%E%+\X-N%D,#T5[/C!8#B@*,*[#`@C0A$CZB
M\YZ1X"+(<X%V=(@YR2G1.'R\9/S&9_1S87HOPE$>7C)^8S/Z.;"]%^$HD]64
MX90378<644OS@VX60P/17L^,%@.*`HPKL,""-"$2/J+SGI'@(LAS@79TB#G)
M*=$X?+QD_,9G]'-A>B_"41Y>,GYC,_HYL+T7X2B3U93AE!-=AQ912_.#;A9#
M`]%>SXP6`XH"C"NPP((T(1(^HO.>D>`BR'.!=G2(.<DIT3A\O&3\QF?T<V%Z
M+\)1'EXR?F,S^CFPO1?A*)/5E.&4$UV'%E%+\X-N%D,#T5[/C!8#B@*,*[#`
M@C0A$CZB\YZ1X"+(<X%V=(@YR2G1.'R\9/S&9_1S87HOPE$>7C)^8S/Z.;"]
M%^$HD]64X90378<644OS@VX60P/17L^,%@.*`HPKL,""-"$2/J+SGI'@(LAS
M@79TB#G)*=$X?+QD_,9G]'-A>B_"41Y>,GYC,_HYL+T7X2B3U93AE!-=AQ91
M2_.#;A9#`]%>SXP6`XH"C"NPP((T(1(^HO.>D>`BR'.!=G2(.<DIT3A\O&3\
MQF?T<V%Z+\)1'EXR?F,S^CFPO1?A*)/5E.&4$UV'%E%+\X-N%D,#T5[/C!8#
MB@*,*[#`@C0A$CZB\YZ1X"+(<X%V=(@YR2G1.'R\9/S&9_1S87HOPE$>7C)^
M8S/Z.;"]%^$HD]64X90378<644OS@VX60P/17L^,%@.*`HPKL,""-"$2/J+S
MGI'@(LAS@79TB#G)*=$X?+QD_,9G]'-A>B_"41Y>,GYC,_HYL+T7X2BIG]DG
M+6Q"*W0J$DC'V5GK40'*&(2YT[1$E7$:,1GBUC5]R#/A.,`$+L"9V9Z<YZ1=
MG(Y`_D_TG?\`-7TW^HR?UI,/'LIZ64R;>O6L>.?7W?GI37I7VT%S'EXR?F,S
M^CFPO1?G'+YDHCR\9/S&9_1S87HOPE$GJRG#*":[#BRBE^<&W"R&!Z*]GQ@L
M!Q0%&%=A@01H0B1]1><](\!%D.<"[.D0<Y)3HG#Y>,GYC,_HYL+T7X2B/+QD
M_,9G]'-A>B_"42>K*<,H)KL.+**7YP;<+(8'HKV?&"P'%`485V&!!&A")'U%
MYSTCP$60YP+LZ1!SDE.B</EXR?F,S^CFPO1?A*(\O&3\QF?T<V%Z+\)1)ZLI
MPR@FNPXLHI?G!MPLA@>BO9\8+`<4!1A788$$:$(D?47G/2/`19#G`NSI$'.2
M4Z)P^7C)^8S/Z.;"]%^$HCR\9/S&9_1S87HOPE$B(`[)7G;V^520IS)++UOU
M0($%U97EB49&&SMS3,B`D?$#<K,)R$W'88$&2\BQD.!9R$6,$]BE5PHCA$<(
MHT2K]\6B?X:-L?VI:7<*^Q?_U.V'2[]SK4[^&BB?V6Q7A4]2H\23V1_L\I<\
MR=_D&NJ)<YS)\D,DDPP61<2%&ZO4L=%SU(UIK6W6$D:R?&[HY'G'%E$@*R(T
M78'&,]G"5/=6$,#$TQ=B98TPHP-S''6EN8F9O+&<86A:6E&2@;D99B@PX\P"
M5&G`#`AC$/.`]N<YSVYX46AVA2%/76PN48MNL8-8K([(C4"U'+8TU/(^X,3J
M4P1I%BM,8N;5B8I8;X.I3&E*$PQY&4,`_?<)4A+B$Z>:Z5M-FVPH'7HHM)V6
M(H(4QY;);.,1QC:FR$1:M$3FSP53)5$$;IH77<):&(<B*;0OYS.W$(S5@TQ>
M"^%:E;-`-;*5JZ<N]DP:&99)D^1AEA[BZCDDM=B!,;"Q0^,I0)&9[?G%C;'5
MPC]>1](YN*5,2XO)+$W!7GJ?`4O=$JE3[/+]Q_5SYFX?_P"`'A#U4R>%$<(D
MU6'PVV,^>5C_``]T3PKV3EX41PB358?#;8SYY6/\/=$\*]DY>%$<(DU6'PVV
M,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\`
M#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8SYY6/\/=$\*]D
MY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P`/=$\*]DY>%$<(
MDU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3EX41PB358?#;8
MSYY6/\/=$\*]DY>%$<(DU6'PVV,^>5C_``]T3PKV3EX41PB358?#;8SYY6/\
M/=$\*]DY>%$<(DU6'PVV,^>5C_#W1/"O9.7A1'")-5A\-MC/GE8_P]T3PKV3
MEX41PBJJ]DU$VE!2DJF6$AQ,G>GB'0UW/-.48")FA5>QUY8D?@1@NX3GHW.?
MN@AC"`)AF#@A'G."P8#N[QY,\C*_*':?$#^I>R><<Q>W?/,]B))FNQUK>/DB
M``T=<0VWJ'<-7!PACI4D"FG4JU7FT7C:.$2:K#X;;&?/*Q_A[HGA7LG+PHCA
M$FJP^&VQGSRL?X>Z)X5[)R\*(X1)JL/AML9\\K'^'NB>%>R<O"B.$4:(K^^+
M>W\-&IW[4MT>%?8I+\*(X1'"*-$J_?%HG^&C;']J6EW"OL7_U>V'2[]SK4[^
M&BB?V6Q7A4]2I+\*(X10%WHD^XB6KK'C.M-3*WKQO"!$IK.@EDQ]%;D<4GFJ
M!2<J%5U*69G:SWX$;3&$M3F2^J%J9S5DG$MBL1'<FE13VJ#\!2;QV7;<GADB
MEFPU6LLVUSKM:!_DT0L-!&J->VVGM=G)_`JD#4^-L*M*3V)8">9MB\J.R%HF
M\=/-4GB\'"%&J%%EI138TZL2_#9+)*ANR$VD[*HU!H#(4U]S%E>XPP3?O(/`
M6]$F*C"V/)XW&98^%GJ%CZVMC\^K$,L1OX%I#8WYCXW.K$T]B]WL_4<X'I1K
M&-#(HHG1BJ")93$*X:[K5)).4..[+/5DSM`4H-"'W,C"25@6?=P''Y.$/53!
M\!L+XT0SS#>_K&X31'@-A?&B&>8;W]8W":)/5DBGV9KL/T26(!%BX63!V1P=
MZ&$PSU`49G`RPXL(O)0,%9"'ISD><BQD7;V9P$)--$X?`;"^-$,\PWOZQN$T
M1X#87QHAGF&]_6-PFB3U9(I]F:[#]$EB`18N%DP=D<'>AA,,]0%&9P,L.+"+
MR4#!60AZ<Y'G(L9%V]F<!"331.'P&POC1#/,-[^L;A-$>`V%\:(9YAO?UC<)
MHD]62*?9FNP_1)8@$6+A9,'9'!WH83#/4!1F<#+#BPB\E`P5D(>G.1YR+&1=
MO9G`0DTT3A\!L+XT0SS#>_K&X31'@-A?&B&>8;W]8W":)/5DBGV9KL/T26(!
M%BX63!V1P=Z&$PSU`49G`RPXL(O)0,%9"'ISD><BQD7;V9P$)--$X?`;"^-$
M,\PWOZQN$T1X#87QHAGF&]_6-PFB3U9(I]F:[#]$EB`18N%DP=D<'>AA,,]0
M%&9P,L.+"+R4#!60AZ<Y'G(L9%V]F<!"331.'P&POC1#/,-[^L;A-$>`V%\:
M(9YAO?UC<)HD]62*?9FNP_1)8@$6+A9,'9'!WH83#/4!1F<#+#BPB\E`P5D(
M>G.1YR+&1=O9G`0DTT3A\!L+XT0SS#>_K&X31'@-A?&B&>8;W]8W":)/5DBG
MV9KL/T26(!%BX63!V1P=Z&$PSU`49G`RPXL(O)0,%9"'ISD><BQD7;V9P$)-
M-$X?`;"^-$,\PWOZQN$T1X#87QHAGF&]_6-PFB3U9(I]F:[#]$EB`18N%DP=
MD<'>AA,,]0%&9P,L.+"+R4#!60AZ<Y'G(L9%V]F<!"331.'P&POC1#/,-[^L
M;A-$>`V%\:(9YAO?UC<)HD]62*?9FNP_1)8@$6+A9,'9'!WH83#/4!1F<#+#
MBPB\E`P5D(>G.1YR+&1=O9G`0DTT3A\!L+XT0SS#>_K&X31'@-A?&B&>8;W]
M8W":)/5DBGV9KL/T26(!%BX63!V1P=Z&$PSU`49G`RPXL(O)0,%9"'ISD><B
MQD7;V9P$)--$X?`;"^-$,\PWOZQN$T1X#87QHAGF&]_6-PFB3U9(I]F:[#]$
MEB`18N%DP=D<'>AA,,]0%&9P,L.+"+R4#!60AZ<Y'G(L9%V]F<!"331.'P&P
MOC1#/,-[^L;A-$>`V%\:(9YAO?UC<)HD]62*?9FNP_1)8@$6+A9,'9'!WH83
M#/4!1F<#+#BPB\E`P5D(>G.1YR+&1=O9G`0DTT3A\!L+XT0SS#>_K&X31'@-
MA?&B&>8;W]8W":)/5DBGV9KL/T26(!%BX63!V1P=Z&$PSU`49G`RPXL(O)0,
M%9"'ISD><BQD7;V9P$)--$X?`;"^-$,\PWOZQN$T1X#87QHAGF&]_6-PFB3U
M9(I]F:[#]$EB`18N%DP=D<'>AA,,]0%&9P,L.+"+R4#!60AZ<Y'G(L9%V]F<
M!"331.'P&POC1#/,-[^L;A-$>`V%\:(9YAO?UC<)HD]62*?9FNP_1)8@$6+A
M9,'9'!WH83#/4!1F<#+#BPB\E`P5D(>G.1YR+&1=O9G`0DTT3A\!L+XT0SS#
M>_K&X31'@-A?&B&>8;W]8W":)/5DBGV9KL/T26(!%BX63!V1P=Z&$PSU`49G
M`RPXL(O)0,%9"'ISD><BQD7;V9P$)--$X?`;"^-$,\PWOZQN$T1X#87QHAGF
M&]_6-PFBK\]G&DFPZ>GV4,@BR<GUPNV!`5P]V6F9,]7U;=HPFDSE`$(,ASC&
M`]&<XSC.>WW>S&O<_P!^_P"'[`O0O*O_`->YW_\``_\`5XE8'X#87QHAGF&]
M_6-S07GNB/`;"^-$,\PWOZQN$T2>K)%/LS78?HDL0"+%PLF#LC@[T,)AGJ`H
MS.!EAQ81>2@8*R$/3G(\Y%C(NWLS@(2::)P^`V%\:(9YAO?UC<)HCP&POC1#
M/,-[^L;A-$GJR13[,UV'Z)+$`BQ<+)@[(X.]#"89Z@*,S@98<6$7DH&"LA#T
MYR/.18R+M[,X"$FFB</@-A?&B&>8;W]8W":(\!L+XT0SS#>_K&X31)ZLD4^S
M-=A^B2Q`(L7"R8.R.#O0PF&>H"C,X&6'%A%Y*!@K(0].<CSD6,B[>S.`A)IH
MG#X#87QHAGF&]_6-PFB/`;"^-$,\PWOZQN$T2(@!3R3M[?(7Q>V.*O.M^J`B
MSVII5,R<*?-G;FX`4-*K>GTPPX)F!YR9@X(<A%C'1C(<B$3V*57"B.$1PBC1
M*OWQ:)_AHVQ_:EI=PK[%_];MATN_<ZU._AHHG]EL5X5/4J2_"B.$2[M&V*\I
M>)G3BSY,DB<6)<6IH$Z*T[@LP-T>UI3<TMZ=&U)%[@K5KUIP2RP%%#%G.>W\
MF,YP1)QWW8U<87YSC#K;;2F?VB,M4J6M>&66*%643ZV1!Z9F=&%*P'A<YPZ,
M]@,2LB-ILG2$Q,\(S`HL@4E9&5H4\('9$&L]H#(*_DK=+&(Q)'EY+PSB-4-B
ME'+(HPSF.J4B[)0$RLIVB$H;G`K)8A?]LL*%GLZ\8X44;?9Y?N/ZN?,W#_\`
MP`\*GJID\*(X1)JL/AML9\\K'^'NB>%>R<O"B.$2:K#X;;&?/*Q_A[HGA7LG
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MNUH8WY6!K11K0-`.E3K4J1_,5QR.$2:K#X;;&?/*Q_A[HGA7LG+PHCA$FJP^
M&VQGSRL?X>Z)X5[)R\*(X1)JL/AML9\\K'^'NB>%>R<O"B.$4:(K^^+>W\-&
MIW[4MT>%?8I+\*(X1'"*-$J_?%HG^&C;']J6EW"OL7__U^V'2[]SK4[^&BB?
MV6Q7A4]2I+\*(X10JVOTW;MF6XPP,Z7,KT$4<"F89ZEDEIT<86P.PW+*MQI$
MN>01JQ)S@'#`2^-CBU/*?.`@\),2Y/2GE0:)-PCV;S='I)'R9Y9Z2\JECQ09
M297EMUPCE$AF=QJ-=()K6^3FQ)ZXRI<W2R-OL5A9KN:S&1\"L$A=5"G+F,@I
M*E)BM?O3NUVU3D&OT]DSTAN)R>:R>8BQL['2Z"-*8S!XC)B44>\IY%'F<J7.
MT48&MTD#6XN+>VL[,TC09D"U(J5N2)*QIV>J$U6MTM3VPE1P"/4A7.R>N3NR
M4XS,L(`F>M:YR^R]J3)VI(O9R9D<R[@LJ4I\7,RTA5G.$"$!Y1P32R0%#!CA
M$V/)7<7Y=M:/Y3K2_K1X31'DKN+\NVM'\IUI?UH\)HM*B\(V:0R&QQ,.QVK[
M@^.\L;'N<-Q6L5BKE+"_"@4,86Y$J0IMTO"6;PR)QYN5`)48[PP)_?!SW9H,
M8(MU\E=Q?EVUH_E.M+^M'A-$>2NXOR[:T?RG6E_6CPFBTJ-0C9INDEB@9-CM
M7ULA>Y&T2B:-(-8K%6+&1R40N,15H">WI]TL*VA,XQZ')C20GX[3A]X8`60Y
MQ@)/@MU\E=Q?EVUH_E.M+^M'A-$>2NXOR[:T?RG6E_6CPFBTJ-0C9INDEB@9
M-CM7ULA>Y&T2B:-(-8K%6+&1R40N,15H">WI]TL*VA,XQZ')C20GX[3A]X8`
M60YQ@)/@MU\E=Q?EVUH_E.M+^M'A-$>2NXOR[:T?RG6E_6CPFBTJ-0C9INDE
MB@9-CM7ULA>Y&T2B:-(-8K%6+&1R40N,15H">WI]TL*VA,XQZ')C20GX[3A]
MX8`60YQ@)/@MU\E=Q?EVUH_E.M+^M'A-$>2NXOR[:T?RG6E_6CPFBTJ.0C9I
MJE%A)V?8[5]5)7]Y9)K,&7[,5BJG!H.71-DA+&I-;"=T@K6IL=FFO0^#Y/#G
M"@\A0(`LX#D("+=?)7<7Y=M:/Y3K2_K1X31'DKN+\NVM'\IUI?UH\)HM*CD(
MV::I182=GV.U?525_>62:S!E^S%8JIP:#ET39(2QJ36PG=(*UJ;'9IKT/@^3
MPYPH/(4"`+.`Y"`BW7R5W%^7;6C^4ZTOZT>$T1Y*[B_+MK1_*=:7]:/":+2H
M_"-FF>53U(U;':OGRF2N;)/96Q"UBL50Y-H5L9:("R./BHK=(*YN9G1#7&0$
M&&AR`]4F5=`\]`@`(MU\E=Q?EVUH_E.M+^M'A-$>2NXOR[:T?RG6E_6CPFBT
MJ/PC9IGE4]2-6QVKY\IDKFR3V5L0M8K%4.3:%;&6B`LCCXJ*W2"N;F9T0UQD
M!!AH<@/5)E70//0(`"+=?)7<7Y=M:/Y3K2_K1X31'DKN+\NVM'\IUI?UH\)H
MM*C\(V:9Y5/4C5L=J^?*9*YLD]E;$+6*Q5#DVA6QEH@+(X^*BMT@KFYF=$-<
M9`08:'(#U295T#ST"``BW7R5W%^7;6C^4ZTOZT>$T1Y*[B_+MK1_*=:7]:/"
M:+2F&$;-,<KFZ)MV.U?,E4M<&JPI&PFZQ6*<YI"3(XQUZV.A+27ND!>B8UJ6
MO@E%FF!$6:K(48"/.<9``BW7R5W%^7;6C^4ZTOZT>$T1Y*[B_+MK1_*=:7]:
M/":+2F&$;-,<KFZ)MV.U?,E4M<&JPI&PFZQ6*<YI"3(XQUZV.A+27ND!>B8U
MJ6O@E%FF!$6:K(48"/.<9``BW7R5W%^7;6C^4ZTOZT>$T1Y*[B_+MK1_*=:7
M]:/":+2F&$;-,<KFZ)MV.U?,E4M<&JPI&PFZQ6*<YI"3(XQUZV.A+27ND!>B
M8UJ6O@E%FF!$6:K(48"/.<9``BW7R5W%^7;6C^4ZTOZT>$T1Y*[B_+MK1_*=
M:7]:/":+2F2$;-,$KF")#L=J_F53=P2V$\L)^L5BF.@2$D<BU>E.B)I#ND6O
M(8_!8@D*R:((R\J\F8Z^T6`!)\%NODKN+\NVM'\IUI?UH\)HCR5W%^7;6C^4
MZTOZT>$T6E,D(V:8)7,$2'8[5_,JF[@EL)Y83]8K%,=`D)(Y%J]*=$32'=(M
M>0Q^"Q!(5DT01EY5Y,QU]HL`"3X+=?)7<7Y=M:/Y3K2_K1X31'DKN+\NVM'\
MIUI?UH\)HM*9(1LTP2N8(D.QVK^95-W!+83RPGZQ6*8Z!(21R+5Z4Z(FD.Z1
M:\AC\%B"0K)H@C+RKR9CK[18`$GP6Z^2NXOR[:T?RG6E_6CPFB/)7<7Y=M:/
MY3K2_K1X31:4S0C9J.2N4HDFQVKX958+AFPG!A5:Q6*)S.)98Y":]4NC6TXW
M2+7X8T:5B;"CS>DPLM6IQ@0\9-`#!%NODKN+\NVM'\IUI?UH\)HCR5W%^7;6
MC^4ZTOZT>$T6E,T(V:CDKE*))L=J^&56"X9L)P856L5BB<SB66.0FO5+HUM.
M-TBU^&-&E8FPH\WI,++5J<8$/&30`P1;KY*[B_+MK1_*=:7]:/":(\E=Q?EV
MUH_E.M+^M'A-%I3-"-FHY*Y2B2;':OAE5@N&;"<&%5K%8HG,XEECD)KU2Z-;
M3C=(M?AC1I6)L*/-Z3"RU:G&!#QDT`,$6Z^2NXOR[:T?RG6E_6CPFB/)7<7Y
M=M:/Y3K2_K1X31:4TPC9J,RJ1I$^QVKY4ILIS/GJAB6ZQ6+XR6ACD9@L!<7%
ME:L[I%+C&9K0M+2!48$)H"52L/6,/?E@X1;KY*[B_+MK1_*=:7]:/":(\E=Q
M?EVUH_E.M+^M'A-%I33"-FHS*I&D3[':OE2FRG,^>J&);K%8OC):&.1F"P%Q
M<65JSND4N,9FM"TM(%1@0F@)5*P]8P]^6#A%NODKN+\NVM'\IUI?UH\)HCR5
MW%^7;6C^4ZTOZT>$T7UK*#RN*6W,YA:]KUQ,;'LJO('%V:.0:`N57$$0RFI'
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MXLLXDP!I1H`F%&EB",LPL8<"`86,.<A&`8<XSC.,YQG&>58**&[D[V"KC7*<
M2K6>)I)39R434DPI.;%LI<(/$W!P)23"S(]7+<0)=;,DKYA-.<T<7).3'/)A
M'=%9/,Z$:DJ*5U5#.L]RT/JOM0T70Y/%T5C4<OIZ=,SW-+4B-C/.QV^TA\I$
MT[L/=V]JQRSGOU4:_4JG;7$+)(7IK:3PH7)22CZ&XHY&3%D=11=29!Y*DDE2
MF.*4)U!19Y!Y!@#23R308,*.)-+R(!A1@!8$$0<YQG&>W'*L%&C<:;WW76N=
MDR_6F#MT_MUI:R1,+0X@6.&6Q`>L(3/\N;8JWE97V"\0UE-/<TT<3G)%+X8E
MPD(-[\TLLPJ*5U5`VMMH4AKQMC!KU?YI;=85N^5[:37/[RNZ$6:GOSVC5B/J
MA@?)C>=@T^3'E;S3FJNLJ-@./:Y,_-K&U1\A68C),+0^%C%%D:D4_H%U)%F%
MG%EG$F`-*-`$PHTL01EF%C#@0#"QASD(P##G&<9QG.,XSRK!1FW&F]]UUKG9
M,OUI@[=/[=:6LD3"T.(%CAEL0'K"$S_+FV*MY65]@O$-933W--'$YR12^&)<
M)"#>_-++,*BE=509KE9%,:Y[/PG8F02RX:TJY\@UIQV:W9<T#M#.QGM+[2>L
M,LKG%QR6BT,=<)56^LNK;%&%3@@?G-H:4$<1J1HR1%HQGY-BR-2*>W]BZAD2
MU&Y(TCBW*TR]O7IB%J!>B/*5(UJ-44`]*K2*B!F$*4RD@P(RS`"$`8!8SC.<
M9Y5@HV;C3>^ZZUSLF7ZTP=NG]NM+62)A:'$"QPRV(#UA"9_ES;%6\K*^P7B&
MLII[FFCB<Y(I?#$N$A!O?FEEF%12NJH,URLBF-<]GX3L3()9<-:5<^0:TX[-
M;LN:!VAG8SVE]I/6&65SBXY+1:&.N$JK?675MBC"IP0/SFT-*".(U(T9(BT8
MS\FQ9&I%/;^Q=0R):C<D:1Q;E:9>WKTQ"U`O1'E*D:U&J*`>E5I%1`S"%*92
M08$99@!"`,`L9QG.,\JP2"VMF-Y0#7NT9AK=7[79]SL4;/5PN'.ZM22G6J^]
M)*6.)+>C+\+E"Y@;C#EY#(2>C/>C$V$1*@DT\`N%12NO1<Y-)W+3]`;;5)?K
M[);V8X^JB5VJ[JV"L^L+,1[#>T/F[M%VUTGDBSKT0R8E5:Z=:A,D1->"G=<U
MHVYA,;@MK8`S`'$]3%G0D4I_D75>VN*!X;D#NU+4SBUNB)*XMK@B.+4HUZ!<
M06I1K4B@H0BE"94G-",L8<Y",`L9QGLSRK32&VMF-Y0#7NT9AK=7[79]SL4;
M/5PN'.ZM22G6J^])*6.)+>C+\+E"Y@;C#EY#(2>C/>C$V$1*@DT\`N%12NO1
M<]%#6'5-%;051LY)I==,-@ZIGM]GMO8^X:RM5%L-[2NX)7&FEQE)#!K<UQI9
M.X=JOJ<S18;T6Y'LJ9JC/@)2%)TE^'*E<61J12G^1=1C.\-4A:&M_87)"\L;
MXW(7AF>&M42N;75J<TQ2UN<FY:F&8G6(5R,\!I)I8A`,+%@0<YQG&>58)0;)
MRJYH/1%HRW7JOF>T[G88DYN%?0)]=S&5MD#\27CNB35!0.\6FI2<C4%(,'(\
MN1I04F%27)V%!944KKT7-Y3EE5M4>TU&[+S.779%D0#;;'L#M);]36U'[WWU
MM"20`L,FJ2M]9F^,KIO%]3M5&YB*?%S@H8\,46$R%)4A@%'A3@JBS-2"%U1,
M[PU2%H:W]A<D+RQOC<A>&9X:U1*YM=6IS3%+6YR;EJ89B=8A7(SP&DFEB$`P
ML6!!SG&<9Y5II0;)RJYH/1%HRW7JOF>T[G88DYN%?0)]=S&5MD#\27CNB35!
M0.\6FI2<C4%(,'(\N1I04F%27)V%!944KKT7-Y3EE5M4>TU&[+S.779%D0#;
M;'L#M);]36U'[WWUM"20`L,FJ2M]9F^,KIO%]3M5&YB*?%S@H8\,46$R%)4A
M@%'A3@JBS-2"%U1,[PU2%H:W]A<D+RQOC<A>&9X:U1*YM=6IS3%+6YR;EJ89
MB=8A7(SP&DFEB$`PL6!!SG&<9Y5II0;)RJYH/1%HRW7JOF>T[G88DYN%?0)]
M=S&5MD#\27CNB35!0.\6FI2<C4%(,'(\N1I04F%27)V%!944KKT7-C5-HP"F
M]H:*V8DKS?R/)BRTDUY[&6/4MFL6QGM"+>F,'3HWFE*DU>PS8F3)J_K&2SIW
M8Y0:S8:(^H:$Z!OSX8-0M5Q9TJ"/Z!=3L1ED;GL4C$YAKRAD<0F<>999%9"U
MF]^VOL;D3:F>&-Y;C\8Q@Y"Z-BPH\D?9CJ+'C/*M-:-?$CM>(4U9DGHR!L]H
M7`Q0YZ<Z[K]^?_)AIE<H2I!F-K2L><E&!3A.,QV@+$-,%28$)`E*7!F5)1![
MUS,UK8D/K_96@-G;`DEX1I^0RZ:+=E=L;4IZW8M<.V=ER"`*V=STUU[U;11U
MRG8]<Z'[HM>[G!8E#)'5$?*&0IPOSX<IBS]A"ZI8U)&"91R/R^)O+=(HM*V1
MJDD:D#.K)7M#ZP/B`AT9GEK7)Q#(6MSFW*BSR#0"R`PH81!SG&<<JP6@7Q([
M7B%-69)Z,@;/:%P,4.>G.NZ_?G_R8:97*$J09C:TK'G)1@4X3C,=H"Q#3!4F
M!"0)2EP9E240>]<PL$MB'UKL[KOL=-72_D<TQ+)RY;%[,S^G;1C%W[<6$[U\
MJ:7_`%!U]U<$TCEY6M&O@"BU[RJ&T&LD?5L!&$BD3H8!4LBU*5!"ZLXC+(W/
M8I&)S#7E#(XA,X\RRR*R%K-[]M?8W(FU,\,;RW'XQC!R%T;%A1Y(^S'46/&>
M5::T:^)':\0IJS)/1D#9[0N!BASTYUW7[\_^3#3*Y0E2#,;6E8\Y*,"G"<9C
MM`6(:8*DP(2!*4N#,J2B#WKF2KZR(W7FR6OFS4O7W\FF`)S)0;!;+V!4-F1.
M\]RK>FD-'%A:1:U:MJ&S$L/H&E%IA"IR'EI,96%8PD^#*O&(L+%46?L(74S`
M9Y#[2@\0LFOG]#*H-/8VRR^(21L$8)`^1R0MZ=T9W1+@\LE0`I8A5`'T&``:
M#.>D80BQD.*L%B;<>K%CE7V`_P!1PQKL2T&:(OKE`8(]R$$3:I=*D;>>>S,"
MV1FI5A+04YK0!*[TP(2\"%C`S"@YR:`@]ZY98Y:+;%MB=;MBK$-OM#<F;8P[
M;&[*3"GK/B5H7/-UL1>(Z'V<&H6LRA";+)!2D"4O^#I*J`@.9F\YI*<A.![H
MH2"'%J>PC^GVKJP@,\A]I0>(637S^AE4&GL;99?$)(V",$@?(Y(6].Z,[HEP
M>62H`4L0J@#Z#``-!G/2,(18R'%6FL3;CU8L<J^P'^HX8UV):#-$7UR@,$>Y
M"")M4NE2-O//9F!;(S4JPEH*<UH`E=Z8$)>!"Q@9A0<Y-`0>]<LL<M%MBVQ.
MMVQ5B&WVAN3-L8=MC=E)A3UGQ*T+GFZV(O$=#[.#4+690A-ED@I2!*7_``=)
M50$!S,WG-)3D)P/=%"00XM3V$?T^U=6$!GD/M*#Q"R:^?T,J@T]C;++XA)&P
M1@D#Y')"WIW1G=$N#RR5`"EB%4`?08`!H,YZ1A"+&0XJTUB;<>K%CE7V`_U'
M#&NQ+09HB^N4!@CW(01-JETJ1MYY[,P+9&:E6$M!3FM`$KO3`A+P(6,#,*#G
M)H"#WKEPB]B(XW?VO.S-B&WLV6REMUO5[(;-SBI++A=F7=94DC3M#F'V8VFV
MLZY&*62RKX^\R$/CK)"!0UI#V@#H)>>O,)-Y%J>PC^GVKJ:K.R83<5?P^TJW
M?TTH@D]8&Z3Q5^2%J2"G)G="`J$QHTJTE,N0J08%D!Z9044H3'!$4:`!@!!Q
M5I]%Z+#<YHRP.9/%<Q=NF\_:XP^.$+AKO(`11LE4G1MJA0R1Y;)C$+D4PIWA
MQ++($J&0861WG4/L#C.<$7*6GLLU%>NNFQ-LE7FS[#);\ACMLAL/+*ELJ'RI
M9*?%[]'V7V5FC6OIR<V46/&'!7)C$<G5("ES1X,6-\6+U:Y4@RGBU/81[/Z:
MKJLK.R83<5?P^TJW?TTH@D]8&Z3Q5^2%J2"G)G="`J$QHTJTE,N0J08%D!Z9
M044H3'!$4:`!@!!Q5I]%Z+#<YHRP.9/%<Q=NF\_:XP^.$+AKO(`11LE4G1MJ
MA0R1Y;)C$+D4PIWAQ++($J&0861WG4/L#C.<$7*ZTSHT-WT%LM<9]T1"[F"]
M8=(-I=HI[4EK1!Z*D>&R1,+#[*S2#7I*UNDWM!@>%<A.1R(;.C=6\Q*2:_*E
MBQ6>D&EBU/81[/Z:KJDK^?0VTX3%;'KV0M\KA$V8VZ21>1-8QC1.S,Z)P*4:
MHH)Q9*@@8BQ]AA)P"SR#,"+-``P(@XJTU^;#<YHRP.9/%<Q=NF\_:XP^.$+A
MKO(`11LE4G1MJA0R1Y;)C$+D4PIWAQ++($J&0861WG4/L#C.<$7*FEL)0CNB
MA-G+>Q=<<O-AOB$/6S^R\YJZQ(&_&2I0C?HS&O92Z.4(N*S)+*8WUQDQB&0F
MMQ2]L&F*-?5:Y6L/1B2Q:G<>S^FJZG:JM*#777D3M2MGL,AA$U:P.S"Z>!KV
MQ083WQR14D<&EU3(G9F>&MP3')5J)602K1*R3"#BP&EB#BK3Z+/RY;)&V*R5
MQAK$AE$M0,+NLC$:<WOR:;I!($R`\YG9%TA\7._B)(Z.`"R#%?@JC"<(\F9+
M'T].2+E$6S=Z=;;IG8R]B[@@FQ,6V#K.1;-;*3>L;,AZ&F?%CD[-D<]F)HE4
M25&ZR*\G6S?':IK>CF!/(&UX0*3GY><O[](%'%J>PCV?TU75+6UD0BWH)%[,
MK>0I)5!YDUDO$=?492M,6L1FB&4,"A"XIT;FUN*)448G5HU9!"Q$J*,(/*+.
M+&`-6GT66ERV2-L5DKC#6)#*):@87=9&(TYO?DTW2"0)D!YS.R+I#XN=_$21
MT<`%D&*_!5&$X1Y,R6/IZ<D7*(MF[TZVW3.QE[%W!!-B8ML'6<BV:V4F]8V9
M#T-,^+')V;(Y[,31*HDJ-UD5Y.MF^.U36]',">0-KP@4G/R\Y?WZ0*.+4]A'
ML_IJNJ6MK(A%O02+V96\A22J#S)K)>(Z^HRE:8M8C-$,H8%"%Q3HW-K<42HH
MQ.K1JR"%B)4480>46<6,`:M/HLM+ELD;8K)7&&L2&42U`PNZR,1IS>_)IND$
M@3(#SF=D72'Q<[^(DCHX`+(,5^"J,)PCR9DL?3TY(N3MYL!X46A4.S%\$7!"
M-AH9?M;2G9[9*<5S/X*@ID#.X.[?'_9C:*56H"H<[I<;*`]*FQ\5,P7MI=6]
M0<_N*E=@](%'%J=P.G]-5U.U%;4%O.NHU:E;NISQ#Y42O$WJ%C:XLKFC7,SL
MOC\A8GQC>$R)V8I'&9&TJVUR0JB2E*)>E.(-`$98L8JTR*:)D<(CA%&B5?OB
MT3_#1MC^U+2[A7V+_]'MATN_<ZU._AHHG]EL5X5/4J2_"B.$1PB.$1PBI"]I
MEH0QRWUQ;=LT*%>\NQ!8`D4T&]U\1-BWE]A#L='(W*6F1QQ(*Z4%<0N-S1U>
M9=`8T<,N>HT1J+N!G+#R5D*R:>@3(U)V`%1;59S;MIM++G1M-J6$;/1E9LO6
M"BBIM#Z^<$2:+6N)P0G0Z'Q)I:&BTQ$%HHBW&NZZ*I79M2GJCS%Z8&"$5Z!6
M'T3L'4&RT('8E*R_$PBR=[7QIP//8I-%'EED+82C5+&20Q.9LT=ED<=`H')*
MK`0O0IS#D2M.I+P(@\HP=4(IU58/M(]&(J_IKAV[8J\47S.@1&O#5FOC_`8_
M845E4MKYW\G8+81QB"*.=X^3%4QR7NKR^PN*.9!4T1HC4&4AQBY80X14'V56
MX:E[!#HYLL]!MOM/+W=`?4\)V@C:_9JLE-%SB(P!Q1)XO;(W)$?#XA$VII:K
M4$06CB3<:[KXLE=VU*>J/,<$P,$(KT"L.HG8.H-EH0.Q*5E^)A%D[VOC3@>>
MQ2:*/++(6PE&J6,DAB<S9H[+(XZ!0.256`A>A3F'(E:=27@1!Y1@ZH13JJJ/
M:9:$,<M]<6W;-"A7O+L06`)%-!O=?$38MY?80['1R-REID<<2"NE!7$+C<T=
M7F70&-'#+GJ-$:B[@9RP\E9"JT]`FGJ->*RCT<S8ML=GY>[HI-4D>V?@B_9:
MLC:+ED4@"%L1L%W@>L'1"'P6+-\8L,PD]/#4ZEQ<HHSN:#!Z@\M62(!"*]`I
M\T#LE2NT$.63VC9J":1IM>1QYT-.8)1$WAH><-;6_$H7F+S5DCDI:!KX^^H7
M%()2B*`M;EJ=40(Q.<68*J$4ZJL_VEVA3#9/K1VO;H:HO*6M%/M#$KUZ<H<E
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MH[PF-QU:_P`4O@:)K60V(0Z$0"/O>8^-GA8%B]WC3,L2'JA9PY`S@A%>@5BM
M`[)4KM!#ED]HV:@FD:;7D<>=#3F"41-X:'G#6UOQ*%YB\U9(Y*6@:^/OJ%Q2
M"4HB@+6Y:G5$",3G%F"JA%.JKF]I!HO$IZFM3:UOKY;?,W:*JCZ!;KB\1".3
M.,6B[5HJE2BLU@W`,7=+ICT?A2Z?N+N_1R$.B`Z:I486\Q.I,.,)5Q4'V+(:
M9W0^4UXW;-J-F9>ZLEG4VU;"UMG8NI%.O;O$&V$^/&S8@'@BV'Q*%U["F)0-
ME7,L+,7+'B/1W(5BD8BU>1@(=>@4_P#7W9ZB]IHPZS"B9X3-V-C=B65X$8PR
MF*.S8M5M2!^:S%D;FK'')&0V/S`ZIE[8N$DPB=$!Y:E(:<2,(\U0@CJJ]?:5
M:&,-QXGVT**(.5U2^)T`XP]7KL*-M;RIMDB%BG,H@D>A$[("5:51"4RR:&J)
M(3#U12Z7MZ!.VB*,[1E*H56FFBQ>CMPO%+B5MFRNR4C\B[`H%IN6N&*]Z4<=
M;44$+JI]G,;O04(;'F$PN-UO3S'&`Q-4P1%>X.+^WL&`NBL*8*LS`R'W!6/:
M^[/47M-&'6843/"9NQL;L2RO`C&&4Q1V;%JMJ0/S68LC<U8XY(R&Q^8'5,O;
M%PDF$3H@/+4I#3B1A'FJ$$=57K[2K0QAN/$^VA11!RNJ7Q.@'&'J]=A1MK>5
M-LD0L4YE$$CT(G9`2K2J(2F630U1)"8>J*72]O0)VT11G:,I5"JTTT7BT3M:
M0U(J/8MB=BY.IB=C4&TW)6D<O&DG/7!-!RZI?)U';V'!VMWA$+CE;TXP14N*
M+&*)+W!Q?VV/!"ZK,)@*C>HA]P5A^ONU%!;3LTB?J&L-)/&Z*.J5H?\`(624
M1I>A-<D!;JR.(6B8,D?=UD;DK4;A4TNY!!K4[)L9-1J#RPB%BJ$$=57[[2K0
MQAN/$^VA11!RNJ7Q.@'&'J]=A1MK>5-LD0L4YE$$CT(G9`2K2J(2F630U1)"
M8>J*72]O0)VT11G:,I5"JTTT7CT=M:0TN-O:]D-BY.HAEP4L79=4,-W4DYZY
MI((X4PKFB2]DL2:W6$0R.5;42"!ACCE%XBY+W!^2QMO4.JG"8!A^!$/N"L.U
M]VHH+:=FD3]0UAI)XW11U2M#_D+)*(TO0FN2`MU9'$+1,&2/NZR-R5J-PJ:7
M<@@UJ=DV,FHU!Y81"Q5"".JAC[0_1F%WDFEFQ1\.?[=F,%H&6Q!;KVC:84Z(
M-@&.,F/]A0FN$#])(^YS"KW958:DLXUUB*YK>%P2R"A#.-2H>YBH--$I=$[<
MEE3+6$K9#8*0ML*MJAEDV@4"N"AWS6J*5T^T8]RQ+:B2IVJ10>&M5:TFP51X
M@5,,?>')?(%+$W'/:DEO!E06,A]P5DNN^UNOVUS`^2:@+&0V`T1MQ2-CT,IF
MDT;7HAN2(+DRN&6:8,D?>5$>D;8+PEJ=2DXVQU38R:C//+QD6*H01U4(/:/:
M'QR^L2+8P,=>+6E=>T!,HB=0"9C8'!7<;?'Q/T_AT/K^<K`IYK1\N=YXH*PX
M/475%.CPB(3H3`F`*++%%0::)=Z%63+Z<,@*#8.^),@@5VTTK5U77MKT-(-=
M8M7$QH53+3+&8:Q:G^$1)OJFET-+I6=9%6&0.2U_=&)C6O1I:'!:LH1#[@K&
M]=]N-==L&^4.FOMFMEBHX:X)$$A&D:9*Q')0N8W(ME>4:25,K$L>8G(Q,RSQ
M4](BU#0ZX2'92*3L%&9#5"".JAY[0_1F%WDFEFQ1\.?[=F,%H&6Q!;KVC:84
MZ(-@&.,F/]A0FN$#])(^YS"KW958:DLXUUB*YK>%P2R"A#.-2H>YBH--$K=$
M[1FM3K(25L7?<F20J]ZA<'.LH#:]"/NN46KN;T8LEZFRF2L6=\@T0;*GI=)3
M2=H6Q5A?G%8^N;$QKGDPI#@M62(A'8*Q77?;C77;!OE#IK[9K98J.&N"1!(1
MI&F2L1R4+F-R+97E&DE3*Q+'F)R,3,L\5/2(M0T.N$AV4BD[!1F0U0@CJHN[
M]Z,0;8HM7=KFP2&PY17%,SZ,*J/;F^!N"6_8NF&"Q6:IVQ_FT>>'>HY/)+`C
M3>43)XPL9G@D(\8RI"82C4(XJ#311KT`M*<U:X5U]H.Z))$()=%,R4,)IFT-
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MJ!JI-(67'T4G=%#U+2F-:Z!`F,(4I\D/N"LIU[W`UMVK%,0Z_6JS61F!K$R6
M1Y;6Z0M80IEZUY;6J0L@Y$SLX)9"GQPCC@0WO[3E:R.!R!0!,J-$09@-4((Z
MJ,>_>C$&V*+5W:YL$AL.45Q3,^C"JCVYO@;@EOV+IA@L5FJ=L?YM'GAWJ.3R
M2P(TWE$R>,+&9X)"/&,J0F$HU".*@TT4<M`;)L*K555';`7#*HM`;\K5YC%>
MTQ8NO4GU[@=56I2YB]Q7P6FVA[@L<*JVH&JDTA9<?12=T4/4M*8UKH$"8PA2
MGR0^X*RG7O<#6W:L4Q#K]:K-9&8&L3)9'EM;I"UA"F7K7EM:I"R#D3.S@ED*
M?'"..!#>_M.5K(X'(%`$RHT1!F`U0@CJD'O/HW!-GALEG/R.0R9^K"OI]'#Z
MO;6ZOG9)<L(?5<<F;M5B!PL6.O\`BJY/,9%`6Q&GET=/9W]O(--"6L+_`+DU
M.0&BAE[/.QK$JYSJ`Z]+.E=9UQ=5<3R"Q37BP=>Y;0-95':U-9CS\T0&C"I+
M!V8V&UK%::)>$Y*B4/!CQ.UC2L<RBPX1&@Y%3KT5I.O>X&MNU8IB'7ZU6:R,
MP-8F2R/+:W2%K"%,O6O+:U2%D'(F=G!+(4^.$<<"&]_:<K61P.0*`)E1HB#,
M!JA!'5(/>?1N";/#9+.?D<ADS]6%?3Z.'U>VMU?.R2Y80^JXY,W:K$#A8L=?
M\57)YC(H"V(T\NCI[._MY!IH2UA?]R:G(#10W]GM/[*JM13+E>=DR^N:QO")
MR6I8CKQ.==Y?1-;U!=-<&,KO$*\I%&_P5I5P>L&:J4CLV)%DK=ANL^>$!RTD
M&#$XBLQ4^VBL_H+<?6?:)UFC-0EM,-D+X"HP5(`M2)_0ICT8W1V8RI%%7!\:
M&MOGL+4/;$M1%/K$:Y,QJM*:2!4(P`@XJA!'4)#;OZ%PW;)]@=BOS@YJG"KX
MM,8ZJ@H(_$)$"=Q*1.T3EKJP0MWF``FTO:3JZP-$C;INQJ43NU)U)W0:$S"9
M0D(#10@]GG/K-J]VH];<LXFM*57:D<G](L.K,]H*:U)5=06M`4=?R>LZVI5W
MDT%;')$S1.`$RMH<9)*7XQ38<B0*CD2<W"8L[$5/MHK6*"W'UGVB=9HS4);3
M#9"^`J,%2`+4B?T*8]&-T=F,J115P?&AK;Y["U#VQ+413ZQ&N3,:K2FD@5",
M`(.*H01U"4VZFD<%VL/@,VD9SXI?:C9I\U)XFA9J[DB&Q8+/?)5PGM;%)[.C
M\@:8/()WY!-S<GE;2-L?6E,<H`0L+"<(0"`T5??L[9S9-4.5'*;AF\TI.JK4
MCUA4HQZM3O7^95#5E26W!DT"EE<UY2[M(8&TKT37&8,"6-;I)90^#4V+)42L
M]$G-PF+.Q%3[:*UV@MQ]9]HG6:,U"6TPV0O@*C!4@"U(G]"F/1C='9C*D45<
M'QH:V^>PM0]L2U$4^L1KDS&JTII(%0C`"#BJ$$=0DIO)HW%=LU-;3=W<%QKS
M3C;/$9,.S&X=+$,\B4XS$W"811@S-P835A94A#!$C<T3AI4(GJ/D+58B#@C,
M+.3D!HH$>SDD]ETR"B%ULS.?T]45HDR?7AGU<G=!3JLZ^JB[D`H9)*G@]2.T
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M`*99R*GVJYZO]C:'M2;36LZ]MJ"RJRJV7.[?8-<MK^B\OX4H8WLR.KS)1"U!
MA$F9$.78OH3JE"4M,L+,+-3F&DFEF#JQH4C=Q]*(-MQZLWF3N[NV/%2J)EAN
M1HHY7,R;)9$;";&MIL6#.$=M2.2:*HU<P9&0E"G>R2DSHTEFGA3J2R5*HLTJ
M#15H^STEEGU*ZT4KLN0S[7BGYP]S[7%JU&F5"S:`U165A!2Q24TQ"*LF+[!4
MKE('Y$(J3MDDGD@?\EV!,33B&U*J#A.MS%3[5=!7^QM#VI-IK6=>VU!9595;
M+G=OL&N6U_1>7\*4,;V9'5YDHA:@PB3,B'+L7T)U2A*6F6%F%FIS#232S!U8
MT*=/"*-$J_?%HG^&C;']J6EW"OL7_]+MATN_<ZU._AHHG]EL5X5/4J2_"B.$
M1PB.$1PB.$59?M)M7=DMI8E"X92,EJTB-`5=_)HY:>5")K89VR3BN)]5-WH<
MHX/.PV".K72#+2%$&="$S!)D[T+PT[&4I.,E00.JB1H_FU\['N=?:?6PJL[4
MV!OCN\;Q;/6_%FR3&;+[=K%.038VB)(T*V=Q6/)C40VM#TK\)7Q6.M;*W(VP
M@1I8S'**GIKU5]?*L55M[4+778?82N&-KJ"05]Y&,"1P?YG%IVU/CD-GF,1E
MM?6765U1UCC%=V4[VVZUBN@"Y-FNU*$#5+P/7=J!B,3D`%"LFD!0-T[6W\].
M6N$LTR:]RW"I[!M-ML79JW-E&S59BJ389/)'8Q%?UY2,;=-)[L3FS7./,;<Q
M0^--Q#"WQT;0E*4!RG(6%'E336JZ.^58*L_VG&N>P&RE1((53SU6IL2,2/8;
M(A%FF.+:TJW)O>X/.JMM1"Z,D%L!UD"NFYI`<*SH>:C+:I>B<#TJTW&"B0&0
MK)I`*JVTDL.R97<VMS+I_/[>GJZ=1FK-K=^YS9\OUW=([+$%RN$E89.JM^&L
M2&33Z!6J&"U\S)(#%XQ(BD,>:QHBUJ%.!.Y#7%3T-5T\\JP5;7M*=9MAMIJQ
M8ZYI5[K$R-N?C-!8$(M14L96)6\$R&!S.J+43OC5!YZO>3J:G$$"K41)0D*9
MY:A<#TRXX(22@&"J"`JR=%[:VQ1WZYZJTG&H<;.8K>#K8/M)[@O<F63ZRU`O
M"\Q5&\O;['%\&JZ&S&UHO$48(#"X=F8L;'&2"1J'8@254$^+(TI7[ETM\JP5
M;7M*=9MAMIJQ8ZYI5[K$R-N?C-!8$(M14L96)6\$R&!S.J+43OC5!YZO>3J:
MG$$"K41)0D*9Y:A<#TRXX(22@&"J"`JD-'I9;<NV$JIAUIV:5R-%9L+D.UEG
MOLL:6F1S6R9.CE<$JRQW?>6!MHEA=5-UC15,-)2[!%)(WFQ!&PE%NC88;E5D
M,69Z&H74IRK35=OM(M<+[V@IHJL*9<ZW6,<C`\,%E5]:#DXQ>/R1&XB9W2"3
M,J8,4+G;X0IJ.P8\WO9K$%$%#*$(%"!8;W0L$G%00#JJ,?9[6%M?-=D(RU4[
M>(%I=JC'?E@/,A:XC(9==$>K:S('4L[F>VK$FAKPJUQB<^K=*[M%*PJ+.#6*
M/8822W`H61&*SXLC2BZX.58*NWVD6N%][04T56%,N=;K&.1@>&"RJ^M!R<8O
M'Y(C<1,[I!)F5,&*%SM\(4U'8,>;WLUB"B"AE"$"A`L-[H6"3BH(!U5<FO[!
M<ZQVB*K1-YMBZ;,8KE42#;K=J]W(54:J[+.H4;%!;$@;37Q;.Y2>=,<$88J!
MJ@HH@QHF.$FMX"D[H>6H<B5L61I[5T6\JP4`_:*:^7?LM1QM74^O@"]IDWE%
M'+3KFQWEVAC#8$0DL5=FEG/!8<:B4VD\96UW.C&J2!1ID.2'XML&WJAA(.$$
M94$`J@?4FQ]NG._Z^ANLTX?);8=BK%-AWC8<C<*)+*MUAI"Y(K1LUFU[UV8T
MJY1K=KE&(*%TCE55_%$:&0GJQ"<#O!^Y,"7%F0*:KKTY5IJ`?M%=?+OV8HTR
MK*@7P!P9Y*.0L%HUO8[R[0V/S^*2.)/3*RJB["C<2FTGC+A7,V5-LB"E2H,D
MOI3>8W*C`ISQA&5!`*H,UML?9)BV:::YUMO63W):5F***L"62]MKV`E1V[FB
M,R$$!V#E^R0'UDRLU?H#7*/QMZ@<#@$?;V!W5.YB5<E-/RH#CD69`I4C1==_
M*M-5R^TIU@N7:FJ:_A]4**\D+;&+-03.?TK;;[*HG6%UM+:P/B:+,,]D,):W
MF1JXK$)XK;']:P8("CDA#<)$>>GR(LX(JM("H$U"L_:0N^&MDUVMEQFMLVO<
M#:Y39J*CD+7+K9@M63DJNK<OG9XAT;'(O5C5>"QEG=(E4%<LF&>3&GC*59P`
MS("CHLR![5V*\JTU7Q[276JWMIJ*C]>U,KA;H!KLV-3"?U-8\DE,*KZ]H4R(
M'L/JSFTQA#8\2MGC`I.L;7=8G2$?_MR6H3>8:F`JRH**@T*K-HB(WQ7.S3=1
M>I%Q,=I7]AS9GCVI6PTBKQH<]<J]869O3)*FUZJF/MAS"X1N35.S>,6R'1!D
M<$C>U-KFL/>"<&Y+`UQ9&E->GL71SRK!5[^TGULMW:.B&&`50KAKJ6TV9&YE
M8%2V+(I7#8!>T)8F][QFLII+H*UO,M:HR.3JVUW6)D:?.7@EJRW#-3@594%%
M0:%4U:T(]E%S:BG&FR#;647O*+=;(QL'=4QK[62IM29TY5/,FJ'FUJ\PN?R9
MTV&J?7G6^!%RADC\0C\7C[X:H<`F8RE5`+)#%D:>WHNIWE6"KX]I+K5;VTU%
M1^O:F5PMT`UV;&IA/ZFL>22F%5]>T*9$#V'U9S:8PAL>)6SQ@4G6-KNL3I"/
M_P!N2U";S#4P%65!14&A5(FO,JMA/-JCB6I4^L&7[GW#+I],]FY":\Z^QJJ4
MM=:OW]$Z!21RQ*5=6R3S>LM6H;"W63(:ZCL>61N2Y-4&'>"=>`>"19&FM>BZ
MPN58*!GM&M=;6VAUT]5]4.4<-49G\0DD[KF82>202)WE7#&-P'(J:DT^AS:[
MRR'1^5*E"0]8>@3C,7)T(VXP9*=:<>4*K30JDFFI5N/KSLG/-3J;A]/OV^]C
MNE?&V1/Y\U3%YJZ*:PP=M;38X^5=`H:;"J^H74NKD<L6,$3;"7I^F+^^8,RX
MLK><H)\%BS-"*^Q=4A&#@DDA4F%&J`E%X/-()&G),.P#&#3"2##U(R"AC[<A
M`(PS(<9[,B%V=N:M-01]HUKK:VT.NGJOJARCAJC,_B$DG=<S"3R2"1.\JX8Q
MN`Y%34FGT.;7>60Z/RI4H2'K#T"<9BY.A&W&#)3K3CRA5::%4):]EW>BV+K>
M(4CLA'45]6G+[>A5E*HW&6PLN/2S3,^?1N.U^]4+DES!6WLOXFE3'Q6/)2%L
M-FSH_OH'DPD\92%.GBS/0U&G]/Q76TFPHPG(PL$2-7@DK"H:8L92<:C``]^(
M@HTPXTLD1O;D`1#&+`>S&<YS[O*M-02]HUKK:VT.NGJOJARCAJC,_B$DG=<S
M"3R2"1.\JX8QN`Y%34FGT.;7>60Z/RI4H2'K#T"<9BY.A&W&#)3K3CRA5::%
M<Z.O;WN`V[2J*ZHRXH?';CL&6V?53Q(&:/QU6G?I7J`RR0AMAZVFG*&R<W6W
MV9]624I1!6(*`+1+I`ZN>748LF&D(VZ+,TIJ-/Z?BNR'E6FH1^T(U_M'9G6E
M_J:JGQI1.3K)H@YRV(/TE?X(R7!7+,\%+9K3+Q8L2;'F60!IL-I!E(J<&Y*<
M<:GZT9F`IE1Y@"H-"J<:YJRW(RIGL`U>,F]H^T)CDD@#79=ZU_WM,Z":KM]8
MDN`H;IRU$2=`81-:&A[+(S2'6(QQE>'QT5*<.RY2W.92,U'%EI[>BZ48X*0B
MCS"*7%,Q$K$S-8I.3'#URJ/$R'*$C+T4PJG-,C<E+,6Y=[A*8H)*/&1@.3`!
M%G(<58*'GM"-?[1V9UI?ZFJI\:43DZR:(.<MB#])7^",EP5RS/!2V:TR\6+$
MFQYED`:;#:092*G!N2G'&I^M&9@*94>8`J#0KFQ@T@VYA5X"K#6EZ2%[8RB;
MVI0[L]0=;3+1!TSAK"QLBR,TI`*=LI`Z+*"]G?KZI=7G#D\%(\R^R74*7*7!
M!R]./D6>E->G]/Q79"B\,\#2>,?!?&'@I'A_@7>^!^&=T#PKP3O_`._\%[_J
M[OK]_P!'9V^[RK34+/:$:_VCLSK2_P!354^-*)R=9-$'.6Q!^DK_``1DN"N6
M9X*6S6F7BQ8DV/,L@#38;2#*14X-R4XXU/UHS,!3*CS`%0:%<VS5(=D*:OL5
M>Z^6OY0;53V+2"KD+91==1$R+I+DH2Q'Z$)=2&2%VDUK$.N>@^KK"))(W=_"
MUIG*?$.N513G@\P($L6>E->G]/Q78XB\,\#2>,?!?&'@I'A_@7>^!^&=T#PK
MP3O_`._\%[_J[OK]_P!'9V^[RK32YNE-;2RJ9ZDH=7!FZXU$<7$URXV40Z*H
M,VRD80A;G*1)64H]S4HV\><G!+*#GK-``(NP&19X04]O1<L[Y9ENT+9EB:\:
M?V)+'78E5:J^*V!:@V&`R[;'V@>ZJ",MSVZ&OK%.FZ0,-%:-:^H9`0<[N2U,
MG18:P>`,QO\`>*7`<6IUU/1=9T<\?^3S#Y5^+/*CQ,U^4GB7PCQ-X_\``2/'
M'BGPO_NO%GC'O.X[W^\[KIZO=[>5::TFZ4UM+*IGJ2AU<&;KC41Q<37+C91#
MHJ@S;*1A"%N<I$E92CW-2C;QYR<$LH.>LT``B[`9%GA!3V]%2*JCD^UNGT3T
M_P!!['%;'M`;%FC3=&^^REHQ)DFT:2PQW9'5O/E>P:[.0.L74&*%Y(ZW@<?<
MD)R=*D#@S_LCCU"V+/KJ>BO_`$0%92-(4O4$K%Y:4@"U6F2B1)U2L!0`J5!"
M(:E:-(2>=@0@E9.-R6'.`Y&+LZLU8)=72FMI95,]24.K@S=<:B.+B:Y<;*(=
M%4&;92,(0MSE(DK*4>YJ4;>/.3@EE!SUF@`$78#(L\(*>WHN>U@!9$/B%T53
MH+'MY+`V\BUQO!.S&W:J$:L19DO_`&.01M4!K9;?==DY0JGT.I.+.KPW."!M
M88MX(&*8"G;C3`N'C(46?O-*+I+8/'OB)E\J/%/E-XI;O*+Q!X9XB\>^!D^-
M_$OC'_\`8>*?&'>>#=__`'W<]/7[[MY5@H_2K]\6B?X:-L?VI:7<*^Q?_]/K
M9U"V]U-9-3=7F5ZVAUV:'AHUVI1K=FETNNM4#DUN2"M8RD7-SBA5R8I4B7(E
M10RSB3`!,+,#D(L8SC..%2#4Z*1'VT=.OO8ZT?3M5OI5PE#V1]M'3K[V.M'T
M[5;Z5<)0]D?;1TZ^]CK1].U6^E7"4/9'VT=.OO8ZT?3M5OI5PE#V1]M'3K[V
M.M'T[5;Z5<)0]D?;1TZ^]CK1].U6^E7"4/9'VT=.OO8ZT?3M5OI5PE#V6+9M
MM='XX@PUQ[9G51B;`JW)>%N9KFJ)K087/+DK>7A;A&ADA"?"MU=UYZM29T]9
MZDXPT>1#&(624/993[:.G7WL=:/IVJWTJX2A[(^VCIU]['6CZ=JM]*N$H>RU
M.)[*Z"P,$A+A.P^I,3*EDI>)O)28]<50M!+Y,9#D@;])W(E#)"2E3X]&I@&*
MU(L9-4&XZS!"'G(LDU6V?;1TZ^]CK1].U6^E7"4/9'VT=.OO8ZT?3M5OI5PE
M#V6EP_8GV>U>"D(X!>FFD&'+GY9*98*'V=2,9%)Y.X9[5\CD(F5[19>GY=G'
M:<L4]ZH-_P#YAYX35;I]M'3K[V.M'T[5;Z5<)0]D?;1TZ^]CK1].U6^E7"4/
M9:;$]B_9\P-3(UL(OC3F'K)@\K)%+5D7M*E6%7*']P6KG)<]R)2UOJ4YZ=E;
M@YJ3C%"D1IHC3S!9%VC%VDU6Y?;1TZ^]CK1].U6^E7"4/9'VT=.OO8ZT?3M5
MOI5PE#V6CQ'8/V>%?N,N=X%=^F$(=K`?#)//'2(V51\;<9M)3>\[V0RY:S/2
M)3)'PSOA]2M8(Y1GJSVC]W/":K>/MHZ=?>QUH^G:K?2KA*'LC[:.G7WL=:/I
MVJWTJX2A[+1XCL'[/"OW&7.\"N_3"$.U@/ADGGCI$;*H^-N,VDIO>=[(9<M9
MGI$IDCX9WP^I6L$<HSU9[1^[GA-5O'VT=.OO8ZT?3M5OI5PE#V1]M'3K[V.M
M'T[5;Z5<)0]E_`[GZ<`QV!VOUG#C(A"S@-ZU:'&1#%D8Q=F)3CWPQBSG.?[<
MY[>$H>R_OVT=.OO8ZT?3M5OI5PE#V1]M'3K[V.M'T[5;Z5<)0]EHD6O[V=D&
MD,TEL)NO2V'RNR7-.]6))HM8]&Q^0SYY2`-*2NTT>FEY2.4I<TQ9XPEGKC3S
M0!&+&!8QG/":K>_MHZ=?>QUH^G:K?2KA*'LC[:.G7WL=:/IVJWTJX2A[+1XO
ML'[/"#OLRE$*N_3"(26Q78M^L&11>RJ/C[[.WTDK)!3U,G=I>DCA)W8HC.0!
M4K3#S@@SV8%V<)JMX^VCIU]['6CZ=JM]*N$H>R/MHZ=?>QUH^G:K?2KA*'LM
M%BVP'L[H._S.5PJ[=+H?*+'="7RPY)%K)HZ/O\\>TY8R4[Q,WAI>DCC*'0@D
MP00*%QAYP0BSC`L8SGA-5O7VT=.OO8ZT?3M5OI5PE#V1]M'3K[V.M'T[5;Z5
M<)0]EBVW;71]F.=U#1LSJHU*)`Z"?'X]MN:HD)SV]C0H&L;P[FI9(4-R=!MC
M6E3Y4'9&=DA,47U=!8,8)0]EE/MHZ=?>QUH^G:K?2KA*'LC[:.G7WL=:/IVJ
MWTJX2A[+4V#9706*O<QDL:V'U)89!8;LA?IT\M%Q5"@<I>]-C,ACS>ZR)6FD
MA9SLX(V-L3I"S3LC&$@D(,9[,8X35;9]M'3K[V.M'T[5;Z5<)0]D?;1TZ^]C
MK1].U6^E7"4/9:7']B?9[1*0RR716]--(S+)ZK2KYU)X_9U(LTAFBY$5DA$M
MECTVO:9RD:M(0+("C%AIPRP9[`YQCA-5NGVT=.OO8ZT?3M5OI5PE#V1]M'3K
M[V.M'T[5;Z5<)0]EIK5L7[/ECETCL!EOC3EIGDP`F*EDU;;2I5%+)*4B1MK>
MC)?I$F?2W=V)2H69(26`\XP("TQ0<8Q@`>PFJW+[:.G7WL=:/IVJWTJX2A[(
M^VCIU]['6CZ=JM]*N$H>RT=DV"]GA&IA*[#CEWZ81^?SP#>7.)RR651[5,)F
M6TD@3-1<KDR!Z(>I$!L3EA+3X6'G8)!C`0=F,=G":K>/MHZ=?>QUH^G:K?2K
MA*'LC[:.G7WL=:/IVJWTJX2A[+1V38+V>$:F$KL..7?IA'Y_/`-Y<XG+)95'
MM4PF9;22!,U%RN3('HAZD0&Q.6$M/A8>=@D&,!!V8QV<)JMX^VCIU]['6CZ=
MJM]*N$H>R/MHZ=?>QUH^G:K?2KA*'LOYC<_3@.19#M?K.'(Q=0\XO6K<9&+`
M0@P(6<2GWPL`!C';G^S&,?V<)0]E_?MHZ=?>QUH^G:K?2KA*'LC[:.G7WL=:
M/IVJWTJX2A[+1&N_O9V,D]D=J,MUZ6M%GS%L;V676.UV/1K?/92S-."@M33(
MY@D>2I"^-C8%.7A.0J4&E$X`'H#CLQV$U6]_;1TZ^]CK1].U6^E7"4/9'VT=
M.OO8ZT?3M5OI5PE#V6CM>P?L\&2<R.SF6[],&BRIBWM[3+K":[*H]OG,I:VD
M!);4VR.6)'HI_?&]L+3EA3DJE!I9.`!P#&,8QV$U6\?;1TZ^]CK1].U6^E7"
M4/9'VT=.OO8ZT?3M5OI5PE#V6BH]@/9W-U@.]LM]VZ7(;4D+(BC3_9:.R:.3
M6`^1QM$6-N8'>9$O0)&Y,B`90<DI#E(R"LAQD(<=F.$U6]?;1TZ^]CK1].U6
M^E7"4/9'VT=.OO8ZT?3M5OI5PE#V6+2;:Z/M[D[O*#9G51$\2`2$3\[)+FJ)
M,Y/8FM-X$V"=UQ,D`J<A-R/^Y(R<,?<E>]!V!]SA*%93[:.G7WL=:/IVJWTJ
MX2A[(^VCIU]['6CZ=JM]*N$H>RU-#LKH*US*0V(W;#ZDH9W+6:/QV3R])<50
MD2)_8XH<\*(VUN[L5)`K%Z)D.?UF4P#!BP5X0+&/<[,8)JML^VCIU]['6CZ=
MJM]*N$H>RCO)MO=33=LJ4>BMH==C6=!KMM"UKG8NZZU&VHG)WLK4)6TMRM<&
<392IESHE9%IB<D8PF'EHSQ`P+!1F0DH:=%__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g352196g87m77.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g352196g87m77.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0DB4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````*P```-`````&`&<`.``W
M`&T`-P`W`````0`````````````````````````!``````````````#0````
M*P`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````!H8````!````<````!<`
M``%0```>,```!FH`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``7`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#T3J766X=S</&Q[,_J%C38S$IV@A@D>MDW6NKIQ:'/;L8^U_Z9_P#1
MZ[O3L55_4/K74T7/Z1CVU:;J:,PNO`_.VLOQ<;&L>W]S[5_UQ"N^K3\OHF33
MD/:SK&:1E69;"3Z>6R+,-U#_`&V?9\![*J:/WZ*_TGZ6^]7?J[U?]K]*JRGL
M]+)874YE'^CR*CZ633R[Z-K?9_P:2FUT_/QNHX=6;BDFJT$@.&US2"665V,/
MT+:K&OJMK_,L5E<GT?K^)@NZEBFG*ON_:&4^FK'Q;K`\.L.[T[VU_9/Y_P!7
M>]^17_PBN'ZVW-#@[H/5M[3#FBBL^7M>W)])_P#8>DII]9NR<JD9]>;9AW.Z
MC5@=,#'$-:1D-PLRVW'_`)K,NN:S,V_:67558]=7I5L?Z]EI>E4CIV5UBSHN
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M\;'`^VY%>EA>\;V8>,__``3_`$G,MR;_`.<JJNI^S?IK?7Q1T_5^C%ZMCYN%
MOI;778W))L>\W%^STFW&U]CK/2A]OJ6>_P#[<M3_`%7<+.D^N8-E^1E/M<.[
M_M%S73_4V^E_81^L9'5J:6,Z1C,R,NUVCKW%E+&M&][KGLFS])_,T^FS^=L_
MT7J)*=!"]!WVK[1ZS]GI^F,?V^G,[O6^CZGJ_F?SFS^0L,?6;J]9K.3]7<YC
M+0&`UNIN(O\`=NJ>RJ[]'B[F_H\^W93_`*;T*U,?6/J@@6_5[J`>##PQV*\#
MPV/^V-]1)3O)+`LZW]9Q9-7U<M?3V+LO&;9\Z@^RK_V91:.N]3=8UF3T'-H#
MC&\/QK&C^MZ67OV_V$E/_]#U'(99919759Z-CV.:RT`.V.(AMFQWTMCO<L3&
ML^ME^(,1V/BX60!Z=W4&7>LW</;;D8V)Z+-]KW;G,KRGU^D_^=]?^;M^=$DE
M/T_TNG!Q^GT4=/<U^)4W96]K@\':=KW.M$^I8ZS=ZK_]*K:^54DE/U4DOE5)
M)3]5*/LW]M\?.%\KI)*?HBMV3TG,RLGIU)ZGTC+N?9=5BO8ZW&R0?3S?3J>Y
MOK4VW,]2^BJS[31E_:/T%OJ_H[5G5,CJ+1C=+IR:G6$"[+R*+,=M+/\`".8W
M.KJ??D.9N;1Z55U?J_TC]&OFU))3]5)+Y5224_522^54DE/_V3A"24T$(0``
M````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<```
M`!,`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'``(``V`"X`,`````$`
M.$))300&```````'``@``0`!`0#_[@`.061O8F4`9$`````!_]L`A``!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("
M`@("`@(#`P,#`P,#`P,#`0$!`0$!`0$!`0$"`@$"`@,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P/_P``1"``K`-`#
M`1$``A$!`Q$!_]T`!``:_\0`C@```@,!`0`#`0````````````@&"0H'!0$"
M`PL!`0$!`0`````````````````!`@,0```&`@$#`00'!08'``````$"`P0%
M!@<(`!$2"1,A%!46,2(C-#47"C-C)38803)"4F(94U1D928H&A$!``("`@,`
M`@,```````````$1(0(Q$D%188$R<9'1_]H`#`,!``(1`Q$`/P#?QP#@+1;M
MT=.J!.+UF][8ZT4FR-G*[)S7[=G?%M;G&[QLY(S<M%XF9M3)^DY;O%"I'3,F
M!R*&`H@!AZ<+4^G=ZQ;*M=H9I8Z99:_;J\_(51A/5B9CI^&>IF(10JC24BG+
MMBY(9-0I@$AS`)3`/T"'")!P#@'`C=RN%8Q[4;1?;K-L:W3J57IFUVNPR:@H
MQT'7*]'.)::EWRH%.8C2.CFBBJ@@`CVD'H`C[.!G'W+NGDFR9JY>/)#1]A9;
M5+%&*8FNYHP'JI6:NB>SY(Q4SD8=\M:=D+FZ?(N6\_=JX[4?HU<C1]%1[`J#
M=TF+Q1RH29;CK=4C.?=.$_)OIKEWR';BW#*6*%CX.R7F;4[";*W%+C77+&-<
MH;ZQT:[6R(:1CAQ<[EDJ.K[>?L#@IVX^X/$V;=)$R!#%$34Q$+O?'G,W:QZ'
MZ<6/(\Q(V"[6'6;"D]8)R9<'>3,L[F<>P$DD_F7BP`X=S#EHZ3,Z56[EU'`G
M,J8R@F,-9GF4-V'\H>@6K#R2A\T;18R@[3#JKMI.CUR1=Y$OD:^0Z`+"5IF/
M&5HL4([.<0*4'S=L7^T3`4#&!9&LSQ!`S_J$];+@ZE(O7;5S>K9F1;-RA%OL
M5X$1=UB2DU%1;EC7#QU;`ML:9)T'I*'^!K=%/80J@\EM=)\S!_\`1/</*6X<
M#DJRY"TYS;J1%TNR1M;K#?.*2L38K\NJU?+V!PRJ\E`UV<B&]862;(JJJ(K-
M'"SH4T5SJ-W*:59F*\GTX1$[Y>Z=C"EVC(N0K)$T^CTJ#DK+:[1.NR,HB"@H
MALH\D)%\Y4]A$6[=(1Z``G./0I0$P@`A6''2FZ.__6S46^V?1#3:5,1>DV.'
MJD(XW'V`K*[,R:=M;%N[.>K>N./Y\S@'D,9:+=VYTW027638I.02Y&L1]E7]
MY"?'W:-.L*_U=ZM;@;RS^U%!REAJ*H$?E+.LQE]IEB8R5E&JXU0QO)UR50B6
MLBVG)*Z"\60.#ENX23<-U&JB2_V18FYJ8BFFGE8'`.`O.*)S9>9RSL(CEZEX
MXI^$X:PT^(UI7KDL^F<B6^%;P;Q3(-OR0X"6<P3!I)SZS4D(P;LF+MFBBX*Z
M%QW(K"6:Q7)AN$'`.`<#_]#:#N7MU4=/<6-+E*5^9R+D2\6:)QM@["]2,D:[
M9ERS9U!;5BE5U$Y51;HK./MI!\*:I&#(AU.Q57TD%2Q%JA&VAMBWTS%.5SR;
M[PFL>4XN!B<@K^.36'*+.FXYPW29Q)LG&H7J.27?W"[N^V1!!U+^FU7$ZZ8I
M2*[-=L!I_+5U^L8/9&^%?Q<1<*W@DM.,9.FJ#0S/WR2<VV2FEB*`<%%W$Z]L
MBTNH[,*@B"OK`=,>G8)0*4`5"=MO:OS.GB6F?'ZVF]Q_%+?LBXUL^*&25\R)
MJI8+M;+AB7/-!I+(\M;*<5!\O*6MU9IJ+8*F:(O7,B"KHP)LC,%A1535Z6-K
MQLO%U0V+IFVVN6']CJ")RUK+%-86)-BMU%S!32:B\5;*L]-^S4D*E:XY[&.#
MIB=(Z[0QDSG()3#69BIHPG"#@5D>5.3<2&&<"X5,4ZM?VDW9U2UYO[9"10C7
MC_&-GR2UMN2(EJLN(%7)-TNCO6;I``,*[%PN02'*8Q#)77S/POWZ@G/\#AKQ
MMY9IBJR+B[[`+1&*Z3!@!G#UXV+)L[7?YH&2)5''PRMT*OOU5G(@5!LNJW!0
MP>H0#25TC*7^3-^DSU!POHIA51%_<=UY_'.IN-3,%4W8P.(4X=G)99RBHS]1
M1:0JU'Q!`+B[52,<41D&Z@]Y>H&2:\V:[/6BF/M@*CCG&4SEC8G'.'L<U$U)
M+B'"F5%<6TR[P2<=%1$:TR&\KL*G=[(TA8J)(@U9A,(1P%44,HW44,!PJ1-9
M\O0P7X\='];8F,BL-ZO8<JRL2;O:6-Y3HVV7LZOH"W%9[D.XIS]YD%?1.8H"
MO(*=H',!>@&-U%S/EX.IFV=AV+S/O'C66K-?AH;5G8%CB&IS$(\?.W5CBCT>
M%E9)>Q"Y44:A.-+*+[K[L"*:395%N9(54%'#@3%4>GA!P*N,KL6F[.Y2&N+U
M8[_7'34E-RGL5`&*4\-E;8&V(L[/@/$\V4%B%E*GCJNM%K?-LC@JW</W$*BN
MD).[D:XB_,K1^5E";3C^N7.9I4Q9$%I,*#.*VFO1"RA!A"VH&*T=%6-^Q%(?
MB$G7&SQR:.!0XH-7+CWD$Q=(-5FX3;@'`.`<`X!P#@'`_]'3KI5'J;VYH?\`
MDQOW>ZQG`/+]BOQ_4)VD8&M2Q>PE5JAD#8.7:K"`IY+S9/0;QLW`R1#Q=:;H
M(=ZPKBH6?6IQ'4GOFGHLYJ#G#5_S!86KX#8<(W>'QKL_&Q($:+Y%P]<3I5F+
M&7`")LUW:;.0>5\CUT911-:3BC%#M8)=B?:ZYB=9:%L?7RIY3HE,R70YEM8:
M3D"K0-TJ,ZS$1:S%;LT6UF8610[@`Y2.X]XF?M,`&+UZ&`!`0Y6$M,4IRF(<
MI3D.42F*8`,4Q3!T,4Q1Z@8I@'H(#]/`I;\`DM[UXX*77`26:I4#,6PM-;L#
MF[VL:W2R_:K"E'QBANQ=2/:EL7:452)']3O#L`H%$9#6_*Z,RB9#)E.H0AEC
MBFB4QBE,JH":BPII@(@)S@DD8W0.H]I1'Z`'E9??@4G>>6S-<9Z@XKSV#YBA
M-ZS[BZU9\K<:K*M(^6G9&HVYQ!N8RO-7#ALM,2)HFV.#JMT3E,5F194X@DFH
M/)+6O-.(UC#<_P"2>C[-;W[3BTP_AK(6LV9,/:%U;(+N#BOR3P)E"C.&EEVA
MO#_UUXZ"NF54$FKP#J+G(P@$C-Q4<LUD5#.5OK40@G@MR%*[WRCS</,<W5WM
MTU8Q30=+,.8RAWJSU;'L0QI-8E,GYJET'214_F3/4PS20:O&X=&T?%.X\JJQ
M$S&%!MC#2URL#@9'-`+GYD)N'V<OFHV)M+W="SENMLE?[;>,_3%^6N;"_O;2
MC79EBDC4;U&-@JU3;0+9M'))QSPA>P_:!B#VA,ND]<7?#4YB%KE=EC&CM<YR
MM(F\OHUY@3(DKC:.F(FAO+/V",BI56$^X<S*,.4X@5(7)BJJ=HG$B?=Z9:YS
M\X='X%3_`(97GS]IN[V7DD%TKAN#L#L9L7<A<%Z&*ZG<NVBD55DU,;[4L3&X
M\H<.BT3-T])$H%``Y(:VYKTM@Y67XN7+=FW7=NUT6K1JBJY=.G*I$&[9N@0R
MJZZZZIBIHHHIE$QC&$"E*`B(].!5!K-YK-"=J\]6K73'N0YB"O4/892O4N2O
MT;$UVG9I4B7CAH=_B2Q-K!+)33>0*W]=DVD4XJ3?-S@=!J<`.!);4ZS$6?\`
MA]C-?[!DVR85@\VXHE<P4]5NC:,7,+_5G.0()5V@V<($DJBG*&GFQCI/41'J
MA]452E-T,8`Y4J>:PE$WE7%]:G4ZO8\D4&`LRQ6QD:[-W"O14ZJ5Y]T,G$/I
M%"0.5UT^S$$Q[_\`#UX2DF>V&`C7S.+D9R'82<@9(K".>R;)J^?&76]W0*S:
M+KIN')EG'V9`(4W<?ZH>WV<",9%ROBW$$&:SY:R50,75HGJ]]AR+<:[28,OH
ME*=;NEK+(QC`OI$.`FZJ?5`0$>`L==\E7CWM<G\&@MV-77DF)3F2:JYNQ['G
M<^F/UR,SR4\T2>J@4!-V(F.;L`3=.T!$%KUGT8&#SY@JSBB%:S5B6PBY:%?M
MP@\CTZ6%PQ.5,Y'J(,)EQZK0Y%B""A>I!`P#U]H<)4^G4FCMJ_;(/6+EN]9N
MDB+MG;19-PV<(J!W)K(+HF.DLD<H]0,41`0X'__2WLU6IU:BUR%IU(K4!3JC
M7(]O$UZK56&CJ]7(&+:%[&L;"P<0V9QD7'MB>Q-%!)-,@>P`#@0S-V'J1L#B
M'(^$\D1A)>CY0J$W3;&R,`>H#"99J-@>LU!]K:3C%S$<M%B]#H.44U"B!B@/
M!&,JC/!-B#<_6_7K+6MFV%->P%8POF6?KV`[#)OFBZUFI[Q=Z[LWP!!%XX='
MH"-C#XC#O%B$]Y"8733,9-N4B<AK:IFX6J[+YJK^N6ON9LZV=VDSAL58XM=T
M6.J`F]Y>0\0Y7B(Q$A4UA5=S$OZ#1`G:;O66*7I[>5(BYIF:T<\>7G!Q5@'&
MZV$_(!BG#5"RG"1>7I3'ERQW!Y$L5-FLE)FN$VU/\XXCNK8)LZ\T*K\C21;M
MU7QE`'J!"J&F6YG6\P;NZ^!F>V/AB3.Z7D8VTSKEN.6;2=-GZ\ZK=!QMCN9*
M3HY=5?%KMI;H]JLJ`%34<L742JN4G>)4S&Z%4G>N(>5&?I]G1&)X*>\G&^\G
M5_=_32KT9D52(8D6*[2=I'.W>/YZ/.W36(8_I@V*/JB4X'`2B!E'?XF>&/TZ
MFE],D)N=SS<\T[:3DG%6.)C`R_<#MZ_5OF9)="0GX.(KI&3]2VBFX,<KQZ_=
MHIN2D<I-TG"::I5'>?#R<"^!EQ1H>)Q#L'O9GG9746JV$ECJNIKI@_QQC===
M@[<.X&(O;UCD&U2%HK$2Y6*[&+CR03%:12*X%("]R)E$[>HR>S)/C4QW+[&X
M_P!GL!Y)ONI>08AW3XK,3#!IVD'3MAL:TEQ$F@J#D2G"*=:(:+C8D(]I)HM!
M<(QZQD5"+%2:BWK-XJ5DW"#@5R^-K#69->:#GS#F4<?-ZC5Z_M?L#:,'V9M;
M*]829&Q#DO(DWD"M6-2*AY*6DZFX;?'SME&<JM[_`-Z8B8H%`ICH7:;H\.3;
M7-47'5YN=;I,YDJQ5:IS\_`8\K*K1"P7B:BXQR\BZG#N7YR,6DA/ODDVJ:RP
M@DB97O/]4H\(\_#TUDNQXNH<_F.FPV/,HS59C)2\T2OV#YJB:?8'R`.'E<;6
M,K=JE-'B!4!!9PD3T%%B'%(QT^TY@J>\"&0V,MH'`8+D!%EDK4S)N6\#Y.@'
M;=2-EHR7CLBV:T0CIY#.1%XP2>U^QH)=3B8IWC1R4INY,Y"2&MN;75<K+BVQ
M.#X+9/#%\P9:K5>J=5,DQ:%>M4MC>8CH"V.JPI(LG-@K;68DX6>091=PB6RT
M3)"FW!R>->KD0506,1=,L34V0S9WPM:!;38]QQC^RXK<8V'$E5C:-0+MAQ['
MU&^0]/B&!(^-KTC,R<-8V-N8LP3!9,9MI(K)N3**E.!UW`JREC:8\E'S/^FZ
MT=MM`AV6"IK)^O><JT]CY>%V!0N5NR/8)*?9299,\[<JQ.6N'BI"34<&.LFO
M"+5UR@Z!)0JO8GZ)U+WG\/8=_IU-,\A4]VOL5D/8G.NQ-E2!Q?-I)O*<XUR-
M8YHJ+5HW?-(2?<76HLV,3&LDF;%N_:RZB#-,B:BZW80Q5'>?'#G:_P"ES\="
ML6G'IWO:UL[(1$IIQ#).-S2BIDA*)U%$7.&W$*!W(`('[692@`CV`4>@@H[R
M8/&WZ>#Q:4`IU)G#%NRQ(G,<Q93)V5KXZ63]0%`4_AU+F*37W!C@I_>69*G*
M)0,40-[15"=]O;HDSX&?$U.)I)N]189MZ/JBDI#93SK`*`94I2B94T+E!A[U
MV=H"4%O4*4>O0/:/54';;VXG*_INO%O(."+-,=Y2@DRHE2,TBLQ6]9NH<IU#
MBY.:;6F78+'*<"B!52I]I`Z%`>X3*A>^SJV!O"!JIK-8WE@PCEK<G'3>26*I
M)UFF[,V^FUJ61*=$192[6F-:[(2S82)F*'O+I55,3B=,Y%2)*)J2=IGE_]/?
MQP$`\GZVPD=I5E6QZP,K--98I$GC7(#:K4Q_+Q=KNE0H>3JA;<A4Z"?5XZ=A
M(YL=(AW[=1!@(O7S8RK5`IU%RIF2L5>2JXR\_P#XT;W46,M9<NV;%E]!L*=B
MP];\4Y4D+]7I]NDX%_72)U"EV*%L#U!PT43(+!TOW#V@H5)0WIA+A>FWI\+0
M.6?*Y>:$ZR9AVZ8)\=6-+/$9%4QUFN`"OY:W)O-?<A)4(UGQ^Y3=*4S7RMR"
M*<DHRDU?>K(H"`*-A0,!VKD_7SE=04I2%*0A2D(0H%*4H`4I2E#H4I2AT`I2
M@'0`#Z.5E]N`<`X!P#@'`.`<`X!P,\^X\3E3QB;OS'DQQA4)[(&HVP<=5:?O
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MGOX0<`X!P#@'`.!__]3?QP#@0"(_G^V_R!]RB?PC^?\`[DS_`)M_Z+_E/W/I
M\+Z3_A!P#@'`.`<`X!P#@'`.`<#S)K\&EOPS\,?_`(U^#?=5?Q;_`+9_Q_W7
M=P/Y_63ORO\`ZJR_"/R$_,'YO_C7^PU_6#^>/I?-3/L^&?/'_K'\0Z^MZ/R_
M]M[SW=WL]UYEV\?Z<>T?)GS)BWYH_P!P+XO\\1ORO_\`1G^??])OQ'UH?T_D
M[\GO_!_GGT>O3YP_A?K^CW_:]O*S_7X;2VWW=O\`L/V"7W;[O^S+]W_<?Y/]
0/3E<W[<`X!P#@'`.`<#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g352196pie_01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g352196pie_01.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0TH4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````L````3@````&`'``:0!E
M`%\`,``Q`````0`````````````````````````!``````````````$X````
ML``````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"HP````!````<````#\`
M``%0``!2L```"G``&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``_`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#T1O7^F>@,BVPT5N,--K2V=7-&W3\_8_8B?MCIY$BPF6.L:-KA+:P3
M86[FCZ&U6&XN,UKF-I8UKG;W-#0`73NWN$?2W),Q<9EEEK*VM?:9L<!JXD,9
M[O[%5;4E(,/JN)F-#JRYNYGJ,:\;7.9IN>QOTG;-VQ_[CU/]HXG[SO\`,?\`
M^11'#%QV>JX5TLJ;MWF&AK?:-N[3:SVL6/E_7?ZM8KG,^U^N]O+:&NM'_;M;
M?1_\$27PQ3G\D92_NCB=5V0VZG=0\B7M87`:CW-#O;8W_OJ!EX9DY%F992QM
M883(`Y=OL]NW](_=M]BYP?XP>FVV&NK&O!?8US3::ZVR-GM+FOMV_16M?U/-
MR,864MIV.+',@V/)A[?Y&.YKF?X1OYB54OERV6'SQX?-F=A+B>IOUT``($';
MN;H[=_@_IM^A[]G\XDSTAC/ILZBZUSMGZ1P,@L,NTW?X7\]4>H_67J6%DMI%
M=%@<P/W>]O+GLV_2?^XA5_73+'\[AUO\VVN;^#JGI)'*Y2+`!OQ#I.#2QP;U
M5[;'3[XF`2;!M9]#Z?\`X'^A_FT2AU-5C7/Z@ZQ@)_1G=$%NQK=VXN]G[SO_
M`#Y^D5.OZZ8A_G<6YO\`5+'1_P!-BML^M/17L>X7;',:7[+`:RZ!.QC[O3J<
M_P#ZXDME@RQW@?IZO^BEQKL:A\_;#8PM`<VS<[W`!N]CG$[-VWW,5EW4,?TW
M65$W;2UNQD22\^G6WWEC/<[^4H7YF2S$OOKQG/=74^RIH(=ZCFC=76STM[_T
MG]54[NJW/Q7MLZ;;>0&"ZK82QP>YM=@K]1OZ;8USK/ZB3$F?]8>E5,WWW>@T
M\&QI$P-[@V`[=L:BOZKBUY#J+`]FS;OM<W;6`\2PN>[_`#/ZZ@,N@W446XVP
MY!/I[FQ.UKG?0<W>U^VO\]O\W_+_`$2KX^=DVES[NGAK2UOVAX:\N(][6.8Q
M]#/M#=ON]+^<I9_QB2G_T/55E=5ZM9CO^S8K0Z^`7V.$M8#VVM(WW.;]%G_7
M7_Z.W1R"1181H=COR+C,Q^#9UO/P@QHNH>W:SNYAJI=N9_4_/29N7Q\<C8L1
M'%^+'J&%3U([^HM=E.'#['.$3^XUA977_8K65?\`5;'=KBWNJ_DV#U!_G-]-
MZUVTTL.YC`UPX(1#HTN.C1RXZ`?%Q2!(;\,LX:1E0[?H_P"*\ED?5_JE()%0
MR&]S2=Q^=;MEG_15KHGUAOZ3=]GS6O.,XP]C@18PCV^HUKX<[9_Y[]G^C6KD
M=:Z7CR'7BQX_,J_2'_.;^C_\$69F?6=ES#4S#;8P_P#<DAXG_B6?^E4ZR=PV
M0<F6/#/%Q1/7Y/\`"]3K]<LKMS*;*GMLK?CM<RQAEKFE]L.:Y9ZQ:NHY%3O:
M&>GVI`A@D[CZ3?\`!;G'=[5>IZIC6:632[^5JW_/'_?T#$H]B4(@#U`-Q1L;
MOK>R8W@B?BI""`X$%IX(U'WI(+$^'G9>#8;,*TTR9+!K6?Z])]G]INRW_A%V
M/0NN,ZI6ZNQHJRZ0#:P?1<#IZM,^[T__`#U_X)9PZU?JCD,_;YH;J[[+871P
M"'T>U)AYG%&<)2KU1'%Q>7=[A))))RW_T?4<C^CV_P!1WY%YI]<J+*/K1D6:
ML]=E5U3@8/T!07-<WZ/OI7I>1_1[?ZCOR+%^M/U='6<1EE&UN=C2:7.T#FG^
M<HL/[K_S'?X.S_KB(+:Y+-'%EN6D9#@)[6\0.J]5=4&5W,#Q_A'5@N(\W?1_
M\#6?DT=3O)=>7Y.L_3WCY5_^8*SZ-U%SJ,BMU-]>CZGB'#_S']U[?8]7*4;I
MUA(0UB(^=?M<!U=E8][',`_>:0/Q"AO8.7#[UV%+G>)5RH-/TFM/Q`/Y0EQ^
M"#S5;Q_%X+U:YC<.)F0EZM?[P^]>CX]57VI_Z.O^:K_,;^]=_)6OC!K2-C6M
M_JM`_($N/P8I?$`/\G?^%_Z"^6X='520[!Q\AX/^CJ>YI^6PUK<Q\'K1;.9B
M#'T^DY[6G^U2#8]J]#L)-!,E<]U#N@97T8?OIRFN",?'YI?]R\UD5O8TAS]>
MX9H/\[Z?_4*_]0Z2[K]]H;[*<8M)[`V/KV?]&FQ5LFNVZUM%#'6W6:,J8)<?
M_,?WGN_1L78_5KH0Z/AN%A#LO(._)>TDMD:5U5S'LJ;_`)[]]B2>8S"&&42?
M5D%`?]*3KI))(.4__]+U'(_H]O\`4=^13'`57/?FM:!CULL8YC@\O,`&6;=W
MN9^B]+U]_P#UM5FY/7O6>/L=1I!8*SZ@:2"X>JXPZW^;J^C^C]Z2FSU#I73N
MI,#<VAMNV=CSH]L\^G:S;97Q^8]8=WU)K#G.Q,MS&\MKM:'@']WU&&I^W^OZ
MBUGW]:+&%F.UCRT[VG:\!V[TV0_UJO;L_3V>S^;]G\\K6._*)>W(8&[2-EC3
MH\>.R7.K29(9\D!49&NV\?LD\R/JOU6L2#39'8/<T_\`2K_[\GKZ5U9A]V(X
M_P!5]1_ZJQBZQ))D^]Y.HB7F:<7/;EV`XEDBJN1NI_>N_P"'6A2S-!`.(\>;
MGU@?]!]BO%M@R[+*RQVZNMI820X;76G=H'>U^_\`Z"G.3^XS_./_`)!)8<Q.
M\8_\[_OD-C,QU6QE=8).I<]Q@?V:E5=T/UK-V1>2SO76T,D_RGN-K_\`,]-:
M$Y/[C/\`./\`Y!*<G]QG^<?_`""2T9)#Y=&&'T_#PFEN+4VO=&]PU<Z/H^I8
M[=99S^>Y6%6OMS6?S5#;1M!/OVZ^Z6@D'^1^8JQS^K;-PZ8[=[1L-U8,NDOU
M&YFVI):22;)L^+I)*E7E=1-K&/P]C'.L%E@L!#`T?HGANGJ_:/\`P/\`PB'7
MD]7+0]^.W0-<ZH:.U^E6'%_I^JS\[_!_F?\`")(?_]DX0DE-!"$``````%4`
M```!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`
M9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$
M!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("
M`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`L`$X`P$1``(1
M`0,1`?_=``0`)__$`.,``0`"`@,!`0$!```````````'"`8*!`4)`P(!"P$!
M``$%`0$!``````````````$"`P0%!@<("1````8"`0("`P<-"!`%!0```0(#
M!`4&``<($1(A$S$4"7&!(D(5%EA!4;'!,K1VUA>7USB8\'*RPB-#&`IAT5*"
MTC.S)#1T-;4W5[=XD6(E5I;4=3:V=Q$``0,"`P0&!@4%"PD)`0```0`"`Q$$
M(3$%05$2!F%Q@9$3!['!(C)"%*'1<C,(\%)BDB."HM)#4W.3LS145>'"@].4
MU!4U-[)C)$1D=+1U-A;_V@`,`P$``A$#$0`_`-_C")A$PB81,(F$3")A$PB8
M1,(F$3"*M#CE-2_EFS0T-0]XVWYI6:9J$O+U#3=WL-?^<%>="QF6+*98QIF;
M_P!0>D,D<Z1C$[RB`"/3"FBEG7VP&FQ(Q[)LZO?JJ1B^%@9GL&F35)DW!P;H
MN/663"<;MW#MCT6`OG$`2>84Q>O4HX4+Q[X[;.W;:->RNW[Q:>?+XT55M^6M
MU-/5^*D+QTE"TXFPDX=G`N6%9G-HL&H(Q2"<8JYC5S$D4DSNDU4`4(>%4=V"
MG:-YT;3;-5I1CI:O3>J-9SW$2C[(O5FW0X3VA+.N3M<THZ1FZY2X72S6JS#Z
MC.-Q-UY,'$G#(R:;8XM"('5!!`E.E<AK[1.41VU<Z%+:VHSJ%CH/DO(55Q3-
MM2%QL:,EQJ4E57L5LA>+UL;6%9>WN,BU%TV439YZ6KRH$;2+3U@S@C,E%R8W
MGKLZ&A5G6T-!U""LERU/H79^E*Q2MT/[6C9)/D1M:LZ/H^MK_8)O5%-;TR=;
M;'N\(F[DF#>;8E:/UC)$4,R#UPE.E=E=.46\=76>.+NG4D74K#7=6<I[NRBJ
M?R!H@:2VE$:EJNC+)#V1Y;-B:^JM@J#<\G>GD09>:6KJ4"LP?N%49AFX8N$Y
M44"P""YP7W:;JLUYLRK=,L=2Y?:`UI;I774]9KA1+YKW:E;FK,1&&E-D:NUC
M9"@8K0S1THE%BW5%L1PT>&*N9%"%-%,W,B<W`SNVLHVJI;]DM/%J=_D]HQO$
MZ1U>7>K*U$EJ*GK2>D(>]OF=JD-6MF"5B2=DJQ7,FO+*,B+HJ,P5*,J`JJJ>
MTI>:SH&MJE`S\-R'V"C3=FW:XV[<$3?^/%G>PM'V]<-;0&MIFAU32]X?1'(1
MPXJ4A$3(.XFOU]*6A'#PH(MGS5N2%-%.%L]H%>XM:\76N<?&+W0VH:=QXV1M
MNZVW:#^H[)@*#O5C!6&=F(G52&L;`Q7?:6I#]]-V!O)6"+(HWCA1;JBJHH+:
M5%.G%</8'/<*OL6R3!Z-;SZ]UZ3EI6*L:'N]:2C]V6;0`Z%JTX5>N2=%5<Q;
MQONZ[R]+B5R61JW;.HEZY?(K$<()LH4T79[=YL;NX_Q%>@MU:3U53=D7^^%K
M.NIICNBUVO2LQ7&E(D;M:K1,S<)IA3;4,]I;A@2$4C@J"P23]\S<-W)&:CT\
M=*B@*PJQ>TRG(S6FEMCI:?K-5C=@P>RY*TS&X-BVO66M6]DU;L%YK)]KVC[;
MD]1.:6$S>YJ,<R59DKLK1XV1A!:.3BD#ER,="FF:MWS<LNZ*?Q5W=>M`6VET
MV^TK65\NS:QW.K2-R9-HJL4JP3KHT#&1]AKZ"=G.JR1,P<O#/&")P$5VC@@]
MF2H%*XJ(-T63DE$.=1[*K-HGHC4T'2]<V^_S<<]T^PHT0WBYD)_>D_OUM>HA
M[L65JKK4Z8)5AO0@"0)."Y%Z""0M'3>%.&(VJ9^.F](#8ZMBK$U=6;O<!9">
MM=GUL`@)M;QA99O#!KZ-D46#>'LTGJPIV,/;5HYW)$86Q1RFN=N*[=L25!'<
MK3X4)A$PB81,(F$3")A$PB__T-TY'FWQ=<W-WK]IM9D^MC&\RVM7<:PK5U?(
M(7F`M#RE3=</+M*TM"@]B+9'KL')O6/*1<(G*<X=IA`IH5:K"A,(F$3"*$KW
MR1T+K"ZPFNMA;;HM/NUA2A%XRN3T\S8/_5[/,.:[5G4B"IP1A&EKL;):.BE7
MIVZ<G((G;-3*KD,F!30KD1O(?1\P_P!F1<5M*FR$AIQM,O=G-&DPW65I[.N*
M/V]C=R8$$0,UKK^*=-)!1$52,GS59JL)'"2B124*F)-0JJ::I0.!5"%4*"B:
MB*@%.4#`"B*Q2*I'`!\2F*!BCX"`#A0OWA$PB81,(F$5:.,/^Q-Q?]R^_O\`
MJ#*84G8K+X4**J]I?7U6U,XTC#13EOKMU!V>N+1*DI(N'1HFX+2SB>0"57<'
MDBG=*S;@2G!3O2[P`@AVAT)TK!D.*.DV]:M522KD@6#N<YIVQ6!L-AFS*.I7
M0S#7D9K1=)R+T5VI(=GJV%*J1,Q2/!;F%8#BJIW%-2HY8<!M!1\HUD$U=IKL
MHEQL[YL5=YMZ_NZ=3H;<<7.1FQ:K5ZNO-GB8RMSYK"X<`B*:BC-0$4VRB+9N
M@W3)4J1;)Q.T?;8Q.)GJS(NF:&I:YI5F9M:;-%OXZDU"PQ=MJIHF5B95C*Q-
MGK=GA&<@QF&RR4FU=MDU4UBG(`@2I4>K<!>.TG%33.T1UZNLS:&FP&]JO-KV
M5<Y"_6-SL>*UM!3$N_M;>692#:8AX/3]9:0R[,6HPR4.@+0$CBH<Y*E=Y5^%
MNFZU8%+:X>[-N%J=VK6U[E;!?-H7*VR$Q=M4-YME3K,]+)R9V2+MI'SRK91N
MU1;L#H)I$!N4$PPE5G.W..=(V]8JO=GDYL2@[!I\5-5V%O\`JF]3E"M!JI9'
MD1(SU1F58M8T79:W(24`R<E;2+5UZFZ;@LU%!4ZACDJHS?\`!/0Z]>@:["*;
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ME*N=.G*%.1#!56**>K6*%=5Z3C62\>9NM&E-$O#I)G0$AD?`2"40#H4+CSFO
M*U8:U`T^21<GK=?DZA)MXLCDP(OCT:2CIJN,Y10Y5'#N/:R\.T<*I=Y0<BW!
M-43HG534(L$H_';7&O=C6+9U?+:33T[\]O5(V6N%AF*M4?RGVZ/V!M'YE5J0
M?+1E>_*->XEK+ROED-WO$"^3Y*7<F)353IA0F$6,76[4_6]3L-\V!9X&ETJI
MQ;J;LUKL\JRA*_`Q#%,57<C*RL@LW9LFB!`\3J'*'7H'I$`PBA37O+[C=M!6
MX-ZKM6$1>4"JC?;A'W)A/ZUDX/7Q?6N[8CB,V/$51^MKPOJ2O6>234B`[!ZN
M,*:$*9H*]T^SS=BKE>L49,3531K[FPL6"X.#Q;>UQIIBN+K*$`4#HS,605T#
M)G.4Z?CUPH6681?DQBD*8YS%(0A1,8QA`I2E*'4QC&'H!2E`.HB/HPBK'6N:
M7%"YU:UW:I<@-8V2J4=E`O[5.PEF9R3&(;VJ1)#U8%#M!5,X<V>85(SC4$04
M7?NU4T$"**J$(8IH=RF2N;-U_<$:@XJENA+&WOM>E;93W,*[+)-I^MP2\*TF
M9EDX:`JCZC%O;&Q07.<Q?*<.DTC=%#=N%"__T=DSC9-S6NKW;*U;]R>T5I#M
M7FMR\G$=(0'!.>LG'.0KU_YG[JMM/<EW>EP$N$NK0-BU>RL9QW-([+*@T2DU
M#I/V#=(J3:%4>Q<*JZ?Y`TZ-U7L[7,?NLF_[ML'V@-?N4G?;!M*=@BUY5KR8
MG..K"Y5JW2SJIU37K2X0M0/71!JP9]JZ0MCF&05,X)ACN5;=:ZZY#R&OMDPU
M:E^1*:%@I7&.'V,VJVK^7^I+,&R7G)?59+K9G-TWCM:RWJ3W)&ZU1L1[1*TM
MD2*^2C).I!^4A(\IRG#!2+R"@*SJ6S[+A)`W)6*V=5^3?#:J\8K#5)WD?+:[
M@^.KJT<6X.6ISJ\1DM):S38R4]+6E.TLK>]&8E7\D@J)5_/@C80?0K6<6VVV
MI+E/?--VR<O#C7W!IYLYA$3LI9IM\UVTZY0349LK1Z$T\<RBSJSK<>=%N75<
M7+(E6[WDBBZ`?-2(8"@Y`[U7GG%2=L2NX.3T?7%]P0RVT*+H.)UKIVBZ+MFR
M=6<OY2C+2TR:O[6W)'5&PH:.3<S;QQ6)A5A-U%6&K21)QVLZ1$HHD&Q69W;H
ML*'8+)-:EK-\V$M3J[9=L/:I/2MILM0KC><V*RV)'ZIUY4:]%_+\Q#7K;M=3
MNEBB8Q:1F'4?3&=?02(REF#8I`5<OC7L2\;0U@UM-]C$FTF>>L,;%SS:@7G4
MS*^5R-D5&\+>H_5FS7<EL#7[&>;@/EQ\H[>*G*EZRBX7:.&ZII4%<*4U7NUY
M)R+N/Y1VV(8.GSMRRB4-8:A=HQ;1=PHJVCD7;ZJ+/723)$Q4BJ+'.J<"]3F$
MPB.$PW+@_DBWS]+2Y?FHTO\`B?A*C<GY(M\_2TN7YJ-+_B?A*C<HEWY!<B]3
M:*W3M2%Y3V22F-9ZFV-L")CI34^GQC7\E3*?,V-BRD0:55NZ%BZ=1I"+>6H1
M3RS#VF*/00)AN5\<*%6CC#_L3<7_`'+[^_Z@RF%)V*R^%"814OI;OD;M9_LN
M9A=TTVDP5=V_LB@P5?-IA.S.&T32;&Y@F:[V;<;!BSOGKPC7S5#`W2*!C=`#
MH&%.`I@LY_)WR?\`I*TW]GMG^E#"5&Y/R=\G_I*TW]GMG^E#"5&Y/R=\G_I*
MTW]GMG^E#"5&Y/R=\G_I*TW]GMG^E#"5&Y/R=\G_`*2M-_9[9_I0PE1N3\G?
M)_Z2M-_9[9_I0PE1N3\G?)_Z2M-_9[9_I0PE1N3\G?)_Z2M-_9[9_I0PE1N3
M\G?)_P"DK3?V>V?Z4,)4;D_)WR?^DK3?V>V?Z4,)4;D_)WR?^DK3?V>V?Z4,
M)4;D_)WR?^DK3?V>V?Z4,)4;D_)WR?\`I*TW]GMG^E#"5&Y/R=\G_I*TW]GM
MG^E#"5&Y/R=\G_I*TW]GMG^E#"5&Y83SJIUPM>FJS)U&IR>Q4]9;WT#N2X:Q
MA&B,C.[%H6J]K5FY6J`K\6Y=,V\U8HQC&?+,='&/UDWT4DT*4QURAA!FJ)<O
ME!YQ&>NM*ZVW2[KVJN*G,A"XW2R:HW!I1]8I[:FI&U<HV@:DTO4!0KO;YZ=N
M,>RG91HP:+Q[0]?:(.U0<.$VQX4C!88&@)!W`[NW%K&H;_1LE7HO!9YQUD$9
M#?D5*'7JL)!(VEU'5B7?LW]MFV;)5=A8`EF;YT+`%&;\OJYUDCE-=B[;2E9Y
M&_TVX:<N,K?6MR)R)Y$K;&38:>Y*)0<AQY66V^RU-'63:=VVFWXON]1'@VU4
M7K2%8B7EA0ED6Q%6A79+&Y2(:45R.'FJIS7_`+.G7,9:(O>,AMN^\8J;<MQ1
MEJLUDLN\Y#<<_H>JQEPAVI=UV0A*U<FDA%DC64.^<Q<7'/&Y$EB-P\\^2J2<
M5!'&77XWX3Z;KEPY;2/&VHZ4U/*,;-OW7LII>_::Y!:XMC,]0C-5+V+5NO\`
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M6$3")A$PB81,(JT<T?U.N6/_`&T;V_Z6VK"D9A67PH5:.,/^Q-Q?]R^_O^H,
MIA2=BLOA0F$57>-S]C&5K<[Z2>-(]DAR7WUYSQ\X1:-4?,V+(HI^:X7.FDGY
MBJA2EZB'4Q@`/$<`$X`8J['#+/(R*")SY3DUH))H*F@&.6/4IX^?=(_]Y57_
M`.0Q'_UF5<#_`,T]RS/^$:M_A=Q_1O\`X*^B5UIKA5)!"VUE9=90B2**4]%*
M*JJJ&`B:229'9CJ**',`%*`"(B/0,<+OS2J7:5JC&N>_3;@,`J28W@`#,DTR
M6392L!,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O_]/?XPB81,(F
M$3")A$PB81,(JR;<YH<3M#F<M]M<A=44R3:>9Y]>>W"*?6POE`(J=M0B%I&T
M*]@EZ#V-#?"$"^D0`;\=M<2_=PN(WTP[\EWO+?E=YB\WAC^7.2]1NH'92-A>
MV''+]L\-B':_+')>:.S?ZP/P3I9G#>D(;=W`Y(/:T=56CDK4&N/4!%1=WL65
MJ,VV0[>O02QJIQ-T`2``B8,UFD7;O?X6]9KZ*^E>[:#^#3S<U0,?JK]-TR,Y
MB:?Q9!U"V9,PG_2@4VUP7E_RJ_K#DKM'3NX-8T#C%'UV*ONM+_2'-DN&RG,W
M((QUKJDK`N'R%?A:G"MFKUHB_,<A32#E,QBAU\.N9#M'$<4CWSU(:30#<.M>
MAW_X++?E_EG7]>UGGU\]Q9V$\XBAM1&TNAB?(&F1\SR6DMH3X;310S+?U@'F
MY:IIH1TMK+6E<57,F_4UEKU!].M&J@$(1RS/M"8V!'.734Q.\2'1*17N.4.S
MJ04\EVD0-8[PZNDV<1P^BB]BM_P;>5.GVLAC9?W]\!5HNKDMC)&QWRK+=P!R
MJ'5%`<<:R;ICEGO,BZERO'(?<%GTE<[]>[!;'&OYV"H<Y#$M-C/*EV2"6IZS
M6G[AJ10O_K,0FBV>,TCG5032,FNV7TP):Z2W=`QER#A45!_1]HG/X36FP["/
M-8?*;E_3;36](M^1-,M.;8[J1ULVX:ZYCECXCP05NIIFM+FD&"5SB'&C)*\3
M7L]9F6J:/;8QA-JW_=&P8J98M)!C*3O)_D!=(>8C7J97B+EFE);2D()2)DTU
M04%)LD1DJ0P`"?9T`,%UY<M):>%I&S@8"/WM?6O'I>8M6TZ>:U;HVEV5Q$\M
M<R/2M.@>QS3PD.+;1LG&PBE7$O:1G6I7P6XS:%>>;\J:NK$\+@HD='LK=Q9U
M'B(D!(S9ZK8',DH]9F1#L%%43I"G\'M[1$,I^=N]EPX=1IZ%6WGSG"/A^7Y@
MN(0W+PB(@TYU:(PT-=7'B%#7&M5"&AN-7')5EL%XIH#2:CR/W9MI@P='U513
MN63%G;7[5HR:+F@15;-&K;^333()2$)\$H`'AD&[NLOF9*'](_6L"RY[YW;#
M>1-YRU41/N)'.'S=Q1SG/)<YP\2A).))Q)Q*X',#2&EX/C7MJ5A=0ZOB)1E7
MFZK.2BZ!5(]^T4&:BTQ4;/&D2DX0.*9Q+U(8!Z"(?5S(L[FX=<Q!T[R*_G'<
M>E>@>6G-?--WSURY;W7,NH2V[YB'-?<3.:1P/.+2\@]H7D$:BTDQ1*:G54Q3
M`)3%-7HD2F*(=!`0%IT$!#+OS$_\L_O/UKZ/&L:L""-4N:_SC_X2^3;7U#9+
M$<L:756#I(1%%VPK\4Q>("8HD,9!VT:HN$3"0P@(D,`]!$/JY5\U<_WA_P"L
M?K5;];UB5ACEU6Y?&<PZ1[FGK!)![0LKC_78?L^0YZV0'EN"NT_F]<;5`>4\
M(*8D>I?(\PR\MZ3RB=%B]%0["]#?!#H^9GVR5ZP#Z0M=,Z.YK\W:6\U10^)#
M#)5OYIXV.JW$^SEB<,2I#B-Q[WKP=(#D5R.B4P*<I6R._=MNXY,%#E5.9&'E
M;?(0R*IU2`83E;@H(]0$W0YP,^8?\3&']PWTTJM+<\M\I7N-YR5H<AWG3[,.
M.S%[(6O(IA0NIEA@*2]!\XN;-:%,(GE)L)9`@_"9V2MZEN**Y?,.H)%W=HUQ
M*38%[U#>*3Q(_00+W=A2%+'BL/O6S#^L/0ZGT+F[ORJ\J[ZOS/E]9!Y^**6\
MA(V8"*Y9'L&;"-M*DDSM6O:O\U*^<A99SHV_,P,454[%K>QP4PH4OF")$)BI
M;"C(IH903@!C'B7'0I2]"@/<)U;8YQ.'4[U$>M<E??AY\K+T$V\>K6<NPQW4
M4C!EFR:V<\TW"9N9J<J60J/MJ+.W`B6R>,2+HI"D!24UAM5L_<N3=@>89.L7
M>IU5LR#S`'M*,VX\!`!-X"(O#MW>[,X'I;ZP3Z%Q&I?A<T]Y+M#Y]<TGX+JT
M+0/]+!-,7=?@-ZE;&C^UYX=VA1%O:I#9VH':XD(1+9&M9I9@10P"8Q'=FUP?
M8=/CB)E*(F5<R**'U`.(B`9'RSC]W(QW4:'N=0_0O.]5_#;YF6#7/TZ+3]3C
M&VVNF!U.B*Y^6F=7<V-SNA7JUEO72NZ&0O\`4>V=<[+;$3\Q<:1<J_95F8`(
M%,20:Q+]TZCETC#VG37(FHF;X)@`?#+;XI8\)(W-ZQ1>2:]RCS3RM*(>9.7+
MZPD)H/'ADB#OLE[0'`["TD$8@K#-J[(VA#[0UOJK55<H,M,76A;8V#(RFP;!
M882,C8S6-ATY7!8,DZY7I]T\?2SK;B:G<H"2:2;,P=3"<.EM<_UK@^O<QO\`
MVQQH_P#G>TOT=83#I4EZZ7W&M\L?E:B]9QO;\G_('Y.IVTS?G=?7OE7Y8^<M
M<@/5O+Z-O5_(\[O[E>_M[2]Q,-B\(>5=.VC(6KVI.Y*Q3:,DUTOM*K/8OD-(
M<J=P:QW)I)C4>#?$38,J73^H*_KT^L+?)PAY=W*PR$U=H".FIZ359R:/J(J&
M=QO50^$*X<WS$W1_23J*-5.C-:(GN2E*XYR#`VMHR,A8)6TZNC;1))3.P[)L
MROWN1W%"6M=8QVL%5I:N,XU,S%TIZZ19Z@44P58-Z\F.4$GPZV;;[Q?:0^@^
M0/#3VC*\1`4>B2E%FM6S6E-97M_1+'!73Y[3TI+RCV*C522?F(MR`\,@NR]4
M!!1-R4@"O:K",>6.Q=C2FF[=9*_#TRQM>;V[=2/-'3["5;7S01==<%.8&PH)
MKL*4@[::OW&[["C*_$6'S$2/*RE7["W38>MN$49HY118JPYB\K*/K*I7"\VK
M4EUG=W<+Z/R(K*K;6\K2Z?I:YV6]Z,UY(+3A0O\`+R=OUA6&V\4YV64<O6#P
M4H)R*:[5!R1-F2@/>KL\=+WNI3>W([1VW=A4K9Z&HZSH:Q5:TUFB?,&=$NTF
M>RUYN,ND8WM-DBEI-HXIR"C0S4C$@,%TA.D90QE3RH.Q>>^RF,[KO=6G-HZ/
MVU)C7-Z2',2`D>2=EW=.V9C<-LO=7;WME.U[L73$NY@Z+2]-<>INBK+M9R.;
MOU:_\V$X]5BT;O9%^,*=]5PM4T'8-^M3_2NMJ7MC3T'8.,NNMC;39[EWZZV'
M";DOE?V]2W,?)DN6K=T[0L$+3=UU=E:HQ[9V"S!:T-TQ%9D^:1ZC14A5A]3[
MA/INPPD;LMWL+9T/KV"LM)C+'463F1J.O*TZVP6"V#L>TR.P[HVO5GHU;O1X
M_7E9.1.RVH8BEOI@Y56DJY<X3-?_U-_C")A$PB81,(F$54^1'-GC3Q<:OPVW
MLJ.96-C%FF/R?UIL\N.Q%X\0+ZN\&G5Q"0EXV-=G.4B;Y^1I']P_"7*`&$+\
M5M--3@;[)-*G`=Y]`Q7H?)7E5SWY@20__P`WH3WV+Y.#YB4MAM@[:WQI2UCG
M-S,<9?)N831:\W(G^L=6:0,_A>+.D6%>:")DVE\W,[^6)E1$PF+YS>@59\A$
M13Q,H`8AUYJ32$1^$CT#H;<PZ,T4,\M3N;]9^H+[2Y)_!!80B&Z\P>:WS29F
MWLAP,KN-Q*TO>T[0V"([G8X>)6\?:#\SN19GJ.U>0NPY6%?B;SZC`RH4FE'2
MZF!)%:H4M*!K[T$"&[2G<MUEA#J)CF,)A'9Q6=M#3PX6UWYGO.*^J^4_)CRN
MY)$3N7N2[*.Z9E-(SQYZ[2)IS)(VN9#7-;N`%`J;9DKT],(NFL7_`./SO_V:
M3^\E\M7']GG^P[T%<=YB?]/^>?\`Z>]_^-(NYRZNQ4RZ<W9:M.3?K<2H,A`/
M54QG:TY5.#&03#M*9PW$!$&,JFD7HFX*4?0!3E.3X&8=Y917C*/PD&1VCZQT
M+E^9^5=.YGM/#N6\%XP?LY0/::=Q_.83FT]8(.*]S.('+FNZ^9,Q9R:DEQYL
M4LJ:8:+_`.UM!6>64%T]?K-BG5.EKV0?K"I(M@$R46JJ9\W.+0RY2\S<VLCG
M>%,VEV!@=D@&S[6X[<CC1?)?F7Y;WNLRR^+`(^=8(QP$>YJ$3!1K0<*W+6BD
M3LY0!"\>(&$^WK=PW=MT';1=%TU=(I.&SENJ19NX;K$*HBN@LF8R:J*J9@,4
MQ1$IBB`@/3-0002",5\HO8^)[XY&%LC20010@C`@@X@@YA==$041`)ODH9@A
M'IR<M)SK\C<#`#J7F'1WLH_5[C&ZKO72ACG$.@"8?1D*VUC65#12I)[3FJZ<
MU/U6]Q_@TV_WY$YE67]JAZSZ"O0?*S_J!RQ_/G^K>O%S+R^G4PB81,(F$3")
MA$PBZ=U7X5X^;2B\8T^5V2I%V$R@F#6:CW"?@FXCIEKY,FP<)_%415(<OU!R
MZR:6/!DA`W5P[LEE17MW#$^W9<.^6>*.835CAN<PU8X=#@0I>HO+[E/J'=VN
M9VJ[JLEK6A=6;>A8N'W2O);<@V\-,6[1[^6BO6IV7:7A-H_=U]@(^3-HG1(T
M(1$R9#*`>KQ6/(\6%IPV>R=FX4^C:O(^9O+?R_YEYATVTU'E:"W9+973WOL0
MVSD+V26;6/I&PP%S1))[T#@XO)<'$-(]A-0>V>ASJ(1?([34Q4BB)$CW_4#I
MUL*M>)B>8^F*.[:QU^@FY"F,/DQI;*K\#T]3=`>#$_[J:AW.P_?9=_"O(^9/
MPP7'"^XY(YHBN3G\O>`6TO0UDX+K>0Y>U*;48Y8+UVU)O#4.^*X:V:=V-4]B
M022B;=\YK,NV?.8=ZJF*I8VPQ?<25KDN"8=3,WZ#=T0/NDPRR^.2(TD80?3U
M;^Q?-_,?*?,O*%\-.YFT2YLKLBK1*PM#VC#BC?[DK*Y/C<YAV%8E8^)G%:X;
M(4W';N,_'ZT[>5>Q,BKM2QZ:US-[(4D("/8Q,$_4O$G6W5G.]A8J,;-FBHNN
M]LW;I)IB4B9`"A<_4Y5P7.EN,/&^>O<CM&=T)IR:V1+/J]*R5[EM;5"1MCV6
MJ;B,=5N7<3SR(6DCS$,M!QXH._,]8*6.:%[^UHW!,E3O63R&EM.2U>;5&5U-
MK.3JC*&MU<9UB0HE6>UYI7K^Q=QE\@6T*YBE(U"&NT:_7;R[4J0(22"RB;@J
MA3F`2BJYCS4VJY&S+W20UGK]]<73YC*.;8\IE<=69Q)1=2M-!C9%>>7C3RBK
MZ.HMYFX5!8RHJ(Q,P^9D$&[M=-0BQ/8&AJ-<=>S5%@8BMT!RZU9+Z=K5D@*'
M0Y)S3-?R[>-07ID1!V2NR];7H3@L(R([KZS4T2\;M4TCH]")F(4U41\1^'E6
MXJI[#DHUW4GUJV>[K!K&KK[64%I^BLXJE,9-E68FOT2$D9T[<S<\Z_<.7CZ3
MD7SI9V)/-(V1;-T2$U4Q07'/0-7V'8=MUS2FK(/:%K-)'LFP(JAUEC;YE6;'
MNGEWT^WC4Y)5Q8C`49)3S.^0%,@N!5%,G:2IWKG:OT/I/2+6>9:;U+KK5+6T
M.6SRPH:ZIT#34YA=BBJVCC/PKS&/\\D6V7.DT(/P&B9Q(B!"B(845JOS+Z%T
ME85-:+6#4VNYY?32K1;5#B:J,'+.=>*L21Y69ZBYD&3A>#,U4B&2Q/(,3M<L
M6RX?RS9!1,E2O__5W^,(F$3")A%$FZ-YZOX_4U:];5M#>NPWK*<=%M4T'4I8
M;/..0-ZC7*C6XQ%U-V>PR!BB"+1F@JJ(`)S`5,ISEKCC?(:,'7L`&\G(!=)R
MMREK_.6J-TGEZP=/=<)<\DAD<48]Z6:5Y$<4;=KWN`R`JX@'QAW%S%Y!\@!=
MQE>=S/&W4SGO(WAJU)MPWK:&)C="*6R^1;AW&ZW1<)E`1CJVHM(I=WC,A\)$
M*G2PPX1@22;S[HZAMZW8?HKZAY9\L^3.3?#GO8XM=YC;F^5I^0B=_P!S;O`=
M<D'^,N0V,_W7)ZK;6ZC6J@V<-:W#,XLKUP=Y(N$2&5D)9^J<ZBTC-2CDRTG-
M2;A14QE'+M99=0QA$QQ$1',62629W%(\D^CJW=B[F^U*_P!3D9)?73I"UO"T
M'!K&C`-8P4:QH``#6!K0!0!8!?./VE]E^<>Z:WK$J\<"(K2R+$(B>.(B(B)I
M^%/'S)@[C"/05Q#J/7IXY=AO+J"GA3N`W9CN-0MQI'.?-.@\(TO7+B.)N3"[
MCC_HW\3/WJI=?/9FZ\E06<Z]N]BJ+DW<<D?.MVUHB`,`?`00.F:'E6J9A#Q.
MHN[,'7KT'T9M(==F;031-<.C`^L>A>I:/Y\:U;\+-:TF"YC_`#HR8G]9]]A/
M0&L'3M5+[YP"Y#4WSEXJ%B+]')]Q_6JC*IG>%2Z]">9#S)(B357,'3J1LFYZ
M#\80#KFTAUBREH'.+'=(]8J.^B]2T?SCY*U/A9<74MG.=DS#PUZ'LXV@=+BW
MJ51;#5K-4GYHJU5Z<K4F0!$T?/Q3Z'>@`#T$WJL@@W6[>OU>WIFQ9)'(.*-X
M<WH-5Z39:A8:E"+C3KV*>`_%&]KV][20N@$`$!`0`0$!`0$.H"`^`@(#X"`A
ME:RG-:]KF/:"PBA!Q!!S!&Y?W"J3"+/-=['M&L;`E8*P]\E02@A(Q[@OG1DU
M'B8#+1TFT$0*NW5#J`&#HHF(]Q#%,`#EBXMHKF,QRMPV':#O"U&M:'I^OV3K
M*_BJW-KA@]CMCF'81W'(@C!>\G!'G-6(-G&T6>?F:ZM>ODVK1*5?$._T7,R2
MI`3C'[E<Z976F)207\M@_P"B98)PH5!4"M%"%9<S?V$O$2X5GI@1E(!_G@9C
MXAB,<_D'S=\I=0NY9]7LX>+F!C"26-]F_8T8N:!6E\QHK)'B;AH+VUD:3+[I
M@(&`#%$#%,`"4P"`@("'4!`0\!`0S1+Y(RP.:J]S4_5;W'^#3;_?D3F59?VJ
M'K/H*[_RL_Z@<L?SY_JWKQ<R\OIU,(F$3")A$PB81,(F$4?27_%6F?\`\^V;
M_P#L>I<;5S]S_P#JM&_^OO?ZZP4@X70+Z0KR8JMD97:D6*Q4*\1O;\GW2D3+
MVM69N0O;_FRLC'*)#)1J@%[563PKADN3J51(Y1$,O,FD8.$&K-QQ'=ZQBERR
MVO[&72M5LH+S27^]!.QLL1Z0UP/"X;'L+7M.+7`XKV6XO^UUFH1PPIG,%FT=
MQ!Q1:--_TZ&%H1J<YS%!;:M"B4E$XQOXE!27@DA9$'X:[!F@4ZP5>'%-]S[,
MGYI.!^R?4>PE?,?/OX;[2[9-JGEI*YMUB3ITSZUZ+2X>:N.Z&X/&<F32O(:?
M>:$FX6RP\98:Y+Q=@@)MBUE(:<A'[25AY>,?(D<,I&,DV"J[)^Q>-U"G262.
M=-0A@,41`>N8Q!:2'"A"^1+JTNK&YN+*^MI(;R)Y8^-[2Q['--'->UP#FN:<
M""`0<"%VF0L=,(F$3")A$PB81?_6W^,(F$3"*&=_;QJ'';5ECVE<@=.V<0#-
MA"UZ+\D\_<K9-.THRL4VMMEE$R.INPR[A-!/J()HD$ZZQB()*J$KCC,C@T&@
MS).0`S)ZEU')W*>I<[<P6/+^E\+99>)SY'U\."%@+I9I2`:1QL!<=KC1C07N
M:#K[66P7K;]]7W-N=ZVE=A/&SAE`0;%==Q4=35EX8BGS)H39QVE*':F3Y4ES
MID?S;HHJ*BFW*W:-Z9YPX>##A`.]QWN]0R'7B?LJQL](Y:T=G*_*\3H]%:X.
MDD<`)KR5O\?<$=OA0@F.!GLMXGE\C_OF*J4PB81,(F$743=?@;*P4B['"1$_
M&+?XV.FXUG*L%>I1*/F-'R*[<_4IA#Q*/@.5,>^,\3'EKMX-%DVEY>6$S;BQ
MNI(;@9.C<YCAU.:0?I53+WP.XZW45W#2LOZ-(K"8PO:5)J1R(''H)0+"R"<I
M`HI%'TE1:HB("(=0\!#8PZO>Q8&0/;^D*_2*'Z5Z-I'F_P`[:5P,DOV7<`^&
M=@<?UVEDA/2YY]-:77OV9-UC_.<ZZO\``V1`O<HG&69DZKDB!`[NUNB]9#-1
M[Q?T?#4!F0>H]>WIX[2'78C03PEIWC$>H^E>I:1Y]:5-P1ZWHTT#LN*)PE;U
MEKN!S1T#C/6J6WWCAO'6@+*V_6UD9,4!'S)>/:DGH0A?24ZLQ`J24<W`Y?$`
M54(;T@(`("`;2&^M)Z>'.TG<<#W&A7J>C\\<IZ]PMTW78'S')CCX<G8R0-<>
MP$?0H1S*75KNJ_89>KRC>9A'AV3YOW%[@*15!RW5#L<LGS54IV[Z/>)"*:Z"
MI3I+)B)3E$!$,HDC9*TL>*M_+$;CTK%O+*VU"W?:W<0=$[L((R<TC%KFG%K@
M06G$$%>^7LZO:'0X&KVA=M281[%ZY1B->6"3>**$K;U?RTV5*D'[PYA5J3MP
M;R8-=10R\:82,%Q.CZLXSFM3TMXXKB(5(Q/3T]?YVPYC&H7QYYV^2MT?G><.
M7+?CF8TON8V-`\5HQ=.UK<I@/:G:`&RXS,H_Q&+U&YJ?JM[C_!IM_OR)S3V7
M]JAZSZ"OG_RL_P"H'+'\^?ZMZ\7,O+Z=3")A$PB81,(F$3")A%^1(03E4$I1
M.4IB%.)0[RD.)#'*4W3J!3BF41#T")0^L&%%!4.H.(#/KS]`[E^L*4PB817/
MX/<TY_AY<&->L<A(2?&*S2PEN=:4,Y?EU$[DUU5%]ET5F!U#L(%)^X\^QQ#8
MGE+MS*OVR7KJ:J;[*!^9'AO^^^$[_P!$_P":=^!PR\Q\UO*^S\S--EO+*%D?
M/L$?["7!OS@:`!:W#L.*0M'#;3.-6NX89'>$6NBVO&3UG),VDC'.VS^/?MD'
MK%\R72=,WK-TD1=L[:.4#J(.6SE!0ITU"&$AR"`@(@.89!!H<U^>4L4L$LD$
M\;F3,<6N:X$.:X&A!!Q!!P(.(.!7)PK:81,(F$3")A%__]??XPB8103MG;-J
MH]JUW1J-KMOL*U;";W-^V;/[FVI,9&1E);0:\FX<2:\'8#KN%SV!`B21$`Z]
M#")@Z``E("\5.?FX=[WGD!KO6TUJ"L1K73U`':+NL--PM9AHK:MI2EAIE0L3
MY\2E,RDDX*MT>P-V[84!,DC,&6,?^42Z7'.,=L<*>(ZE>AM"1WD=R^FO)VSO
M])Y-UO7;72VODU.\^5;*9.`B&T9'/-&UO`?8DEGMG.=Q8NA#0/9<JM_.K<7_
M`"C@/SHH?B=F'@N_^:U;_"H_Z8?ZM/G5N+_E'`?G10_$[&"?-:M_A4?],/\`
M5I\ZMQ?\HX#\Z*'XG8P3YK5O\*C_`*8?ZM995I:Z22CTMKIT?5DT2("R48VM
M.R"\.<R@+D4(2%B?5`1*4H@/4_?W>@.GC"RK:6\D+_FK1L0&5'\==_PMI]*S
M'"S$PB81,(F$3"*&KYQZTILL%CW+6]8DGB_=YDNV8A#3IS&#IW'G(4\?+*=O
MI`#+&*`_4S*AO;J"GA3N`W9CN."Z?2.=.:M"X1IFN7$<0R87<<?]&_B8.QJI
M=?/9F:_E!6<Z\O%AJ;@W<<D=/-FUGB@-UZE1062-#RC5'M\.Y15V<!\?'T9L
MX==F;031-<-XP/K'H7J6C^?.LV_#'K6DPW+/SHR8G]9!XV$]`#`J77S@+R'I
MOG+QL%%7R.2`3^MT^436=>7T$0[H>7)$RRJW0.@D;I+^/H$0\<VD.L64M`YY
M8[](>L5"]3TCSBY*U3A9/=R6<YV3,(%?MLXV`=+BWJ"N=KSF_:U>-6Q^*_)-
ME9XG8*%80CM:6FUQLDTDK`U9RT6=.H64)!LD\+-,&R(^I/E>XKQ$ODJF!<J9
MG.%/81FYCO;-S3%7V@",,#B.C>-G5EY=K7E1IS>>M#\PN19;>31C.7744+FE
ML9<Q_P"VBX26\#B?VD8Q8X\306%PCYN:98:81,(F$3")A$PB81,(F$3")A$P
MB_)BE.4Q#E*<ARB4Y#`!BF*8.ABF*/4#%,`]!`?3DJ02""#0A;+GLD=ER5[X
MD-*I+.5'CK1FP++IIHZ6\XROS;BXNMW>D1YE%1$JB<!1KY&QJ0D^""+,@#\,
M#9=N<7,EVO:">NI![R"5\,_B.T*#2?,>34;=@;'J]E%>D"E/%>^6"=V&1DGM
MY937'B>3E1>G68Z\%3")A$PB81,(O__0W^,(F$5:-B?K/\:OP-Y"?>>K\*1D
M5XF<V]A0\7[3JW:_7=MRO+9QJU,X:`*I.\9>HV'93\8D"]>[UM>#M"CL">D4
M41-];,N6%SM.BF`P9(ZO4X#'O%.U?<GE5HMS<>0FFZRR-WA6VNW@.'P31VK>
M/J$D097\YU%T.:M9:81,(F$3")A$PB81,(F$6`77:NM=<HBK>;S6*N/E^:FU
MEIAFWD7!/KLXOS323T>GCT12./3QR]%;SSFD43G=0P[\EN=*Y=UW7'<.D:3<
M7`K2K&.+1]I].%O:0J9WSVD.EJ[YS>EQ-GV$\(`^2X1:A6(%40`?@F?S2?RR
MF(FZ>(1I@Z=1Z^@!V<.B73Z&5S6#O/T8?2O4-(\C>:;WA?JES;V41S!/BR#]
MRSV#_2A4NO?M&=Y645T*DUK.O6)Q,"*D='EGYLB9NG4JTE/%<QIS`4.@&28(
M&#J(AX]!#:0Z):1XR%SSTX#N&/TKU+2/)#E*QX'ZE)/>S#,.=X<=>AL='=AD
M=Z:TTN.QK[L)V5[>+C9+6X3.<Z'RY+O9!%H)^O<5BU76,U8)CU^X1(F0/K9L
MXH(812*)K1T!>H:9HFCZ+&8M)TR"W81CX;&M)^T0*N/2XDK+*9O/8M*\I!K,
MGEXM(2A\DSWF2+4J90Z`FW7.H5\R(4OW)4E2I@/B)1S'GT^VGJ2SA?O&'^0K
M6:KRAH>J\3Y+417!^..C37>13A=UD$]*MI3.45)GO):V9!Q4I`_805ENY_#*
M*&^#U*]02!=J43>(^<D5,@#XJ#T$<T\^DSQU,1#V]Q[OJ7FNJ^7NK6?%)8/;
M<PC8/9>!]DFA_<DD_FJQ["082C1)]&/6DBR<%[D'C%PB[:K%`>@BDN@=1(X`
M(=/`1\<UCFN82U[2';C@N%F@FMY'0W$3F2MS:X$$=8.*YF4JTF$3")A$PB81
M,(F$3")A%_!$"@)C"```"(B(]```\1$1'P``#)4YX#->Y?L(+JC<-#\CU&J9
M18I<HYIVR>%.`^N-3ZFU-`-SE(4O:5([:L$5*;J(F!;Q`.GCEWL1A%JP^]X>
M/7Q.)]*^4?Q=:4[2^;N1FR._;'E]@<W\T_.7DA[:RD'=PKW*S!7R:F$3")A$
MPB81?__1W^,(F$5:-B?K/\:OP-Y"?>>K\*1D5J-^W%L$U4_:5O+-79!>*G8+
M7>IY.*D&XAYC9XT8NU4C]I@,FLD80[5$S@9-5,3$.`E,(#TNFL;)8%CVU87$
M$+]7/PG65KJ/D3'87T(DM)KZ[8]IR+2X`](.XC$&A!!"GKC=R5JV^ZVB3S6L
M/L**9(C:JH)S$$%"@5)6:@@6.8[V`=K^)1`QU6IC`DMX]AU.?O;)]H^HQA.1
M]1W'T[%QO//(NH<GWSCPNET61Y\*;HS#)*>[(!T`/`XFX5#;,Y@KA$PB81,(
MF$7P<NFS)NJ[>.$&C5`@J+N7*R:#=%,/2=594Q$TR!]<1`,D`DT`J55'')*]
ML<3"Z0F@`%2>H#$JLU[YD\=J#YR+[8<=8)%'N#Y+IA%+2N=0G<!D?78P%(5N
ML4Q>T2K.TA`W@/U<SH=,O9J$0EK=[L/3C]"[S2/+#G;6>!T.BOA@/QSTB'7P
MOH\CI:PJEE\]IXN;SFVL=:II!_,3%ZD#*F$!ZAT4KL`JF4@AZ>H2A@_L?7VD
M.@C`SS]C1ZS]2]3T?R#8.%^OZZ3O9;MIW2R`_P!4.M4MOG+[D-L(%D978TO#
MQRO<7Y*J/E55H"1PZ';J+PQ6TF]0.`CU*Y<+`(#T]'AFTATVRAH6P`NWG'TX
M=R]3T?RTY*T7A?;Z''+./CFK,:[P'U8T]+6M5;EUUW*RKARLJX<+J&56774.
MJLLJ<1,=15503'44.8>HB(B(CF<``*`8+N6,9&UK(VAK`*``4`&X#8OEA5)A
M$PB81,(LEK5QM%/=^NUF<?PZXB`J`U6_S9QVB`@5VR5!1F\(`@'P54SE\/1E
MJ6"*9O#+&'#\MN86!?Z7I^J1^%?VC)6;*C$=3A1S>PA6HIG+-TEY32]P971`
MZ%-,0`%2<=/0!W$4Y5*W5,(CU,9)9(`#T)B.:F?1P:FWDIT'Z_\`(O.M5\MH
MW<4FCWG"?S),1V/`J.BK3TE6NJ>PJ9=T05K4^QD50+WJ,?,%O)H!TZB*\:Y!
M%ZF0!ZAW]G8(@/0P],T\UM/`:2QD#?L[\EYQJ6B:KI#N&_LGL;7!V;#U.%6]
ME:[PLTRPM4F$3")A$PB81,(F$56-U;8358R%/J3KS3*>:SLDXW,/D-D1*8CB
M%C5R]"KOE_N'*I!$C=/N3`15,/E;2SM>%S)IAC\(]9Z-V_/+/T3E3ELMF@U/
M4HZ`4=%&<R=DCAL:,V@XN-#[H]K8#_JXSE<=)<DV(JF%FVVY6W2#?P\M)P[I
MB*+E4@=/`RR3!$H_V$PR=7]^`_HGTKXZ_&]&P<U<BS</[5VFR@G>!.2!V%SN
M];'&:A?$*81,(F$3")A%_]+?XPB815HV)^L_QJ_`WD)]YZOPI&16I'_6`(,\
M3S]:/SE7*6SZ*US.)BKV>6<C>9N=:$S;M`!\@%*\8![NH^8!_J=,Z;2C6S(W
M//H"_5G\&]V+GR;EA!%;?5[F,TZ602X]-)!ELIM7D+5I:5@96/FX*3?PLU%N
M"NHV6BW*C-^R<%[@\Q!PD(&`#E$2G*/4BA!$IP,41`;\H!:6N:"TC$'(KZ1U
M"WM[RVGM+N!DMK(VCF/`<UPW$'O!S!Q!!%5ZL:6YX$42:0.[&!D%@[44]@5Y
MB95BKZ>BEDKC,AW<<IT``,X8$71,8W44&Y`$<T-QIH)+K9W[DGT'U&G65\\\
MT^41:Z2[Y5F!;G\O(ZCAT12NP=T-D+7`9/>31>B5>LE>ML4WG*O-Q5AAW0=6
M\G#/VTBR5'M*82`X:J*I@J0#AW$$0,41Z"`#FJ>Q\;BR1A:[<<%XI>V-[IUP
M^TU"TDAN6YM>TM<.P@&FXY'8L=NFT]<:Z0%>\WBL5<.P3IMY>79MG[@H%[NC
M.-%49!Z?M\>U%(YA#ZF5Q6\\YI%$YW4/7DL[2^7]<UM_!I.DW%QCFQCBT?:=
M3A;UN("II?/:/Z4K@K-Z;&6?83TG<"2[9H%;@CF*/;VGD)HA98G=Z0$L<H40
M^KFSAT2Z?0RN:P=Y[AA]*]/T?R.YJON%^ISV]E$<P3XLGZK/8[Y`52Z^>T;W
MA9/.;U!E6=>L3@()*L6(6"<(4P"!@4D9PJT:8>@^!DV"1BCX]?1TVD.B6D=#
M(7//<.X8_2O4M(\D.4['A?J4L][*,PYWAQ]C8Z.[Y"%3:Y;,V'L-R+J\76S6
ME3S!4(G,S#UXT;F'Q$&;!186+%/KZ"(ID*'U`S9Q00PBD436]07J&EZ#HNBL
M$>DZ5!;BE*L8UKC]IP'$[K<25@V75MDPB81,(F$3")A$PB81,(F$7V0<+M5D
MG+595LX1.51%=!0Z*R2A1ZE.DJF8ITSE'T"`@(8(!!!%0J7L9(QT<C`YA%""
M*@CI!5@:9R5V#6?*;2ZJ5OC2=`%*7.9.4*0/J)3*13KF.(_&<$<CX^YTUL^E
MVTM2P<#^C+N^JBXK5>0M%U#BDM6FUG.UF+.UAP[&EJMI3.0VNK=Y39>1-690
M_:7U&?%-L@HH/0!!M*%.:/5+WB`%!0Z2I^O@3-//IMS#4AO&S>/JS7FNJ\D:
MYIG$]D'S%N/BCJ33I9[PZ:`@;U.13%.4IR&*<AR@8ARB!BF*8.I3%,'4#%,`
M]0$/3F`N1(()!%"%^LA0F$3"+&9^WP%:\I*2>]7[DHF90[%%60FG_3J'^9Q;
M0BKQ5,#!T,IV@D3TG,4/'+L<,DM2UOLC,G`#K)P]:V%EIEY?\3H(OV+?>>XA
MK&_:>ZC1U5J=@*A&WV6U61!9LL"M4@%"F*>+;.0-8)-$WI3EY)HH*,8W4)X'
M;-#G.8!$#.!*(DS*C$,1!;[<F_8.H'/K/=M76:98:;8R->VES>CXR/V;#^@P
MXO(V.>`!F&5Q5;[(BBV1,@W2(BBD0J:2290(FF0I1`I2E*````&9\1+B"XU)
M7<V#W/DXWN)>3B3F5M#_`-7)CUT]%<CI4PI^JO-R0<<B`&$5?6(RDQ[ER)R=
MH`5,4Y=+M'J(B(&\`Z!UQM7^\@'Z)]*^!OQNS,=S;R/;BOB,TR1QW4?.X#MJ
MPU[%L8YJ%\2)A$PB81,(F$7_T]_C")A%6C8GZS_&K\#>0GWGJ_"D9%:YW]9"
MULJTV+QBV^BV*="?I]VUK)/"$-W-UJC-QMHA&SE00`G1X2[2!T"@(C_(+"/3
MPZ[[1WUCGCW$'O%/4OT6_`[KK9-$Y]Y9=)1\-U!=-;O$S'12$#]'P(P[[3>E
M:Y<7]T7W?MFS/ER"^V;C(J0(_P"+^^#[68;]JTEQM6?0RLI'IO@@+#9*HO+(
M@WDGE3GI.O.7Z("':F^-&.&Z;\A0,(`"Y5``!$/JY9,A!'$UKFC(.`([*Y=B
MTUR()C#\Y907+(S5K9HVR!I_1X@2W]R0HJF]/6!PJL_C)4DVJN<55"R2ID))
M50_B(F<JF40<J#]4YSI]?K9G1ZE%[LC.'JQ'U^E=+:<T64;617%N8FC`<(JT
M#J%"!T`%1;+U>Q0(C\KPT@Q(`]//6;*"U,/HZ)NTP.U4]'Q3CF='/#+]W(#Z
M>[-=#;:C8W@'RMVQYW`X]K<QVA=#EU9J81,(F$3")A$PB81<.0=^H,G+SR_-
M]73%3R^_L[^@@'3O[3]OI^L.42/X&.?2M%I^8-6_X%HNHZO\OXOR\9=P<7#Q
M8@4XJ.IGGPE<S*UN$PB81,(F$3")A%(5.VG>J*8A:_/.DF13")HEV/KT2<##
MU.`,7/>F@8X^DZ/EJ?\`FS&GM+>X^\C'%O&![_K6DU3EW1]8!-[9M,I^-OLO
M_6&)ZC4="MI2>5L))&08W2'7AG:ABI_*<.1:0C#G-T#N49")Y-J4QAZ`4GK0
M^CQ^MIY](D;5T#^(;C@>_+T+S;5O+B[@#YM*NA+$,>!]&O['>X>L\"M,P/:;
M$FFI3Z%;9U!;IV2K^-4J-?*00`WK'RM:RQ1WS4"F#X;!!Z(CX`41`>FM,36?
M?3-;T5XCW-K])"\]FCL+)Q;J>L6T+Q\#7>-)U<$/'PGHD<SKR79+:SN[I/OM
M=I:P#<Q0%2$HQ#JN?`1,9)S;IEJ1RJF8.@"+2/8JAT'HKXATI\:!GW<1<[>[
M^"/63U*U'K>D1DC3]/=,_9)<8#K$+#0'[<D@WM6++U6`K*;E.%C4FJBX=7;U
M0ZSR4D#E[NBDE+/5'$G(JA_=+JJ&#Z^0Z:27[QU0,AD!U`8#L6<S4;V_+3=3
MES1[K11K&]#6-`:T=#0%"]F_G?=-EZ/8NHT_W@JY6KT+>Y_%'-G!\*[C3?>"
MV]/8`TQ6M<&)6Q+(]H[&WKL&T-5S`43K,(J)J%"(0A_5T3^KHR%.==I1.J!5
M#'$#!W"0N%JKJW+6[F#UGUK\W/QCZHV^\VK:R:["QTBVB(W.>^:XWG$MF9C0
M8`"F%3[?YK5\H)A$PB81,(F$7__4W^,(F$5:-B?K/\:OP-Y"?>>K\*1D53CV
MSW'5SR"X,WUW",1?7#24@RW;7444BF=.6-39R+*[L4U`.18R8T*8DG14"@IZ
MPZ9H%`@G[#%S]-F\*Z:"?9>.'OR^FB^B/PN\[1\F>;6CQW<W!IFJL=8R$G`.
MF<UT#J9?VAD3"XTX6/>:@5!T88L>HE$/$!'J`_\`CF^ER7ZT7&14@1_Q?WP?
M:S#?M6CN-JS^,^)[OVRYBO\`B6EGVK/(_P!!?>_@CF._:M1<9%9PP*4Y0*8H
M&*8!*8I@`2F*/4!*8!Z@("`^(99*U$I()(-"%^'NJ=>60!&4JL7YI_$SE@F>
M*=&.(C_*'7C#M%%CA_YQ,`].@]0\,N1WMU%[DSJ=.(^FJN0\QZW8D?+ZC)PC
M8X\8ZJ/J!V46&/\`B72Y+N-#ST_"JGZB!5_4Y9HGX=0`J)DF3H0`1^,N.9;-
M9G;A)&UP[0?7Z%M(/,G58,+JSAE:-W$QQ[:N'[U8-(<+KH`":!ME;DP#J)2R
M2,E#JG`/0!2H(3"0'$?J"<"_V<RF:W`?O(7#JH?J6Y@\T]*-!>:;/&?T2UX^
MDL/T=BP.1XG;T8=3(5%&71+_`#T5.0BW7X)3?!;N'[5Z;KUZ>"0^(>YUR6:K
M8N_C:'I!^JBW,'F+RE-0/U(QNW/CD'TAI;]*P.0T=N.+[A>:OO8$)U[UFU8E
MW[<G02AU,Y8M7+<H")@`!$W01]&9#;RT=[MRSO"V\/-O+%Q3PN8+.IV&5C3W
M.(/T+"7]7LL4!AE*[.QH$!03B_B7[,"`B/143"X;I]H)#X&Z_<_5R\V2-WNR
M-/40MM#J%A<T^7O89*T]U[79Y9$Y[%T65K+3"+IK#_L61_U<?X1<M7'W,G4N
M.\P/_P`9S%_[<^D+N<NKL4PB^J""[I9)LV15<.%SE31003.LLLH<>A4TDDP,
M=0YA\```$1QEB<E2][(VN?(\-8!4DF@`WDG)25`:2W/:Q2"KZCV?9!7*8Z(0
M%!M<P*Q"+@U.9((Z)<BH4CDP)B(=0!0>WT^&6W30M]Z5HZR%HKSFOE?3N(ZA
MS)804S\2XA93"N/$\;,>K%6%J?LYN<]U,0L+Q<VZW%0.I?G/65:0'H7-\,UU
M4KY4QZ-C>!A`>HE#TG)W6'7]DW.Y9V&OHJN+U'SN\I-*J;KS`TUU/Y*43[OY
M`25S&73N-+<T7V$OM!K@7OFJAK?6J0=!45NVSH!\5(@K^4)SEUR%_4,4J?14
M0(4QO+'H`"?J3+#]6LVUHYSNH'UT7FVK_BZ\F-,-+74KZ^=N@M9&UPK_`.9^
M7'1C3'HQ5E:W_5^[NR!-;:/(NJQ9D_%S'4&E2]E!80,("DA,V*5J(MP$G0?,
M,P5\?#L^-F#)KS!416Y/6:>BOI7"WWXRM*EXF\O\DW$@.3KB=D5.DLC9-7J\
M0;Z[%.<%['SBE1"IJV)QL393M,`,X)8[,G"Q*BA3?S#*G,*_(H(B4/$JCU8W
M41^%TZ`&!+K=XZO!PL'0*GZ:^A<C=_B8\Q-8XFV3+*PC.7A1%[P.ETSI&D](
M8WJ4N1FAM,:L(!=?:PI5660`2DD8V!8_+1@*``7SIUPDO,N1+]05%S"'4?KC
MFOENKF?[V=SANKAW9+G9^;^:.8'$ZUK]U<,/PND=P=D8(8.QH4?VG^<]S^WE
MD9=JV^G_``JO%F^/_??;RZ%VNGY!5ZLWI4]PW\;+K%V%AD%7>S?SONFS+CV+
MM=/]X*N-KZ]%NTIE#"``5,A1,=0X@(%3(0H"8YSF$```\1$>F;2W%2T+N--]
MYM30+_0/X2:25XY\3=!Z:>MP:S--UW#A:6Y1ZD2NU@\ZTWDJ9NXW<G\[YM\)
M1Z^)>@^'HS37,OC7$L@R)PZA@/H7XW>:W-;>=_,;G#FB)_%:W5Z_PCO@CI%!
M7I\&..JM+EA>?)A$PB81,(F$7__5W^,(F$5:-B?K/\:OP-Y"?>>K\*1D59)=
M!!T@LU=(I.6SE)1!PW73(L@N@L04U45DE`,FJDJF82F*8!`P#T'PPI8]\;VR
M1N+9&D$$&A!&(((R(V%:#OM)N%4GPJY+3E<BXUTGIS8CB2N6F)@Q#'9_("SH
MBDO2C.NWRQEJ`_>D:'3$PK&8*,W!^GK`9TD%P+F`/K^T&#NO?V^FJ_8/R-\T
M[?S3Y$M;ZXG:>9K)K8+YGQ>(`>">GYEPUI>#D)!*P>XJ51_Q?WP?:RA^U>H7
M&U9_&?$]W[9<Q7_$M+/M6>1_H+[W\$<QW[5J+C(K.H[XGN_;RRY:>;XEGL=Z
M`][[(Y96JF]:S>.](>X/\$N4%:B;:LZC?B>]]D,H.U:N;:LYC_07WOX(93M6
MLF6<,/27W2Y&]::;(K/([TA[V4G-:F99:E#0\AW&?Q4:^,HGY2AGC%JY,HD)
M>T4SBLD<3IB41#H/AT'`<YM*.(6O==7,(`AN)&`8CA<10[\"N\;:RUL]0%N\
MU[1W;=3M\Q!S4X%=$_8<IR=Z2K`Y#=IR@(=0\!`!ROQY@:B9U>LK$DU[78G!
M\6M7;7C:)I`<MX<L&WEIK4#/2VQ';35.MFKM"OK'0=-Z-6$'")_/0#O262BR
MJ)F\?2`@.3\Q<'`SOI]H_6N;YAYHYEETN^CDYAOG1EF(,\I!QV@OH5:2,T3I
M`#)J!IO50'(8IR'#7E1`Y3E.`E,4P1'4IBB'@(>(8^9N/[P_]8_6K-QS=S8:
MM/,^HT/_`*F;^&IA@]8ZV;+H.6VO:.W<)&*=)="IP*2R1PZ`!DU4V!3D-T'T
M@(#E!FE.!E=3K*YB[U_77L<Q^M798<P9I"#V<2G6NQT?&(^1&L&<>@<YECHL
M6J#1(RIBI$,J9-`B9#*&(F4!,(=1`H!]3*:DG$U7(7T\UPXOGF<]]*5<233'
M"IKABI4B?B^Z/\;'Y>A<]/F[J4GQ'W1/=^V.5-VK0W.:E)A_H#O_`%<WV"9>
MV%:";[]GVE`%T]*O[XWV\L.S78Z7[H54[?Z%?<'[.4%>AZ7L57[;Z5?=-]@,
M+T#3=BK+:?YSW/[>5#+M7=Z?\*KQ9OC_`-]]O+H7:Z?D%7JS>E3W#?QLNL78
M6&05=[-_.^Z;,N/8NUT_W@KE^RFXD.>3G+"$M$_%&=ZDT"]A]AW=PX2ZL):U
MMEE'>N*9W&`R;A5].L0DGB)BF3-'1RB2G;ZRGW9DDO@6Y<#[;J@>L]V'6>A>
M9?B%\QF<A>7=Y8V=QP\QZRU]M``?:9"0!<S[P&QN\)CL#XLC7-KX;J;K>:=?
MEDF$3")A$PB81,(O_];?XPB815HV)^L_QJ_`WD)]YZOPI&15E\*%5WE]Q+UE
MS,TU,ZAV2BJS\Q8DS3;C'(-U9^A7!FBLG&66%%P`$5["+G0>-3&*F]9+*H&,
M3O!0EZ"=]O('MQ&T;QN7?^6OF-KWE?S/:\RZ&X.H.">%Q(CN(7$%T3Z99!S'
MBI8]K7@&A!T:N1_&';/$;:\IJ3;T,+.2;G6>5BS,4G!JKL"ME6*FVL]2D%DR
M`[9J`8I7+<W1U'N!%!P0IP#NW(>R5GBQFK#W@[C^6*_6/DKGWESS(Y=M^9.6
MKKC@=1LL3B/&MY:8Q3-&3ACPN'L2-]MA(RCF,^)[OVRYCO\`B6YGVK/(_P!!
M?>_@CF._:M1<9%9U'?$]W[>67+3S?$L]CO0'O?9'+*U4WK6;QWI#W!_@ER@K
M43;5G4;\3WOLAE!VK5S;5G,?Z"^]_!#*=JUDRSAAZ2^Z7(WK339%9Y'>D/>R
MDYK4S+/X[T!^[ZV4[>Q:B;:I"C/07W_LY*TLZQ???_`W9/X.+?Y=#*1F%RFN
M_P#+KS['K5L(WXO[OC!@9K$N,U(D5\3WOXN-JTESM4DQ?Q?<_P`#)"T-SD5)
M$3\7W1_C9/Y>A:.?-W4I/B/NB>[]L<J;M6AN<U*3#_0'?^KF^P3+VPK03??L
M^TH`NGI5_?&^WEAV:['2_="JG;_0K[@_9R@KT/2]BJ_;?2K[IOL!A>@:;L59
M;3_.>Y_;RH9=J[O3_A5>+-\?^^^WET+M=/R"KU9O2I[AOXV76+L+#(+'=0\?
MMH<I-J1VG]01`2-@>^4\L,\]3<!5M>5I144G%NN<@@F<&4>CV'*U;!U=R3D`
M0;D,<3"3.B:&M\64TB'>3N'3Z-JSN8^<=`Y`T"XYFYEN>"R95L<;:>+<RYB&
M!I/M..'$[W(F^V\@4KN9\5>,>O.(^F:WIS7:*B[6-\V4L]G>HI)3=ZN4D1(9
MZWSQDA.`O9)5$I$40,9-DR10:I=$4$P#%FE=,\O<*#(#<-WY9YK\P_,+GW6O
M,CFB^YFUMP$CZ,BB:28[>!M?#ACK\+022Z@+WE\CO:>XJQN6EQ"81,(F$3")
MA$PB_]??XPB815HV)^L_QJ_`WD)]YZOPI&15E\*$PB@7D5QGTURIUZ\UMNBH
MM;+"*&4=1$DD;U&S5*8%(4D;!49](@O8*8;@/W:8BDL3JDNFJB8Z9KL4TD+N
M*,]>X]!"[#DGGOF?R]UJ/7.5M2=!=#![3[44S*U,<T9]F1AW'%I]IA:X!PU2
M>7'LFN0O%QS*VRB,Y/?>E&QU72=GJL29;8=3CQ/WE3O5#C2KO'R#%'P5EH9-
MRT,0AEW#=@3H0-@V6*X'LGAEW$X'J/J/>5^AGEQ^(GDOG]EOIVK2QZ/S4X`&
M*9]+:9V^WN'4:TN.4,Y:^I#&/F.*\YX=RW=HIKM5TG")AZ`HBH50G<4!`Q>X
MHB`&(8.@AZ0'P'+4C7-)#@05[7=QOB+F2,+7;B**08[XGN_;RPY:2;XEGL=Z
M`][[(Y96JF]:S>.](>X/\$N4%:B;:LZC?B>]]D,H.U:N;:LYC_07WOX(93M6
MLF6<,/27W2Y&]::;(K/([TA[V4G-:F99_'>@/W?6RG;V+43;5(49Z"^_]G)6
MEG6+[[_X&[)_!Q;_`"Z&4C,+E-=_Y=>?8]:MA&_%_=\8,#-8EQFI$BOB>]_%
MQM6DN=JDF+^+[G^!DA:&YR*DB)^+[H_QLG\O0M'/F[J4GQ'W1/=^V.5-VK0W
M.:E)A_H#O_5S?8)E[85H)OOV?:4`73TJ_OC?;RP[-=CI?NA53M_H5]P?LY05
MZ'I>Q5?MOI5]TWV`PO0--V*LMI_G/<_MY4,NU=WI_P`*K->YB*@F2\C,R+.+
M8IF[#.7SA-ND*J@B"2"9E#%\UPL;X*:9>ISF\"@(^&7XV/D<&L:2[<%WFC6M
MQ=R-@M8'22G8T$F@S.&0&TG`#$J>N/7LY^0/*!TSGI^/EM`Z=7.DJM<;M`KM
M=CVE@8Q%1#7^N)A)L\CV[UJ;^2EY]-JW)WE509/T^H9F!D4'WI#I/S0<!]IP
M]`[PN-YS\Z^3>0(Y;.TFBUGF8`@0P2`VT3LO_$7+"6N+3G#;E[C0M?+"Y;'G
M'SC=J#B_0V^O=/U9"!BQ4(]G)=RH,C:;A->4"2]AN%A7+Z]/3+@`Z=Z@@D@G
MT20321*1,MF25\I!><!D-@&X#8OB/G/GGF7G[5WZUS-J!FN*<,;`.&*%E:B.
M&,>S&P;ABX^T\N<2XSKEM<BF$3")A$PB81,(F$7_T-_C")A%6C8GZS_&K\#>
M0GWGJ_"D9%67PH3")A$PBH-R0]FIQ/Y,.I"Q6.BGH6QI`RRZ^T-5+MJ=;GCQ
M8@%,\L+=-D]JUT<=2D^'-1T@J4"]"'(`CUR&7,K`&.HZ/<['NVCL(7L/(_GI
MYB<BQ0V-EJPO-#90"UNP9H6M'PQGB;+`,\()8P:U(."\9]O^QAY+Z^5<R.F+
M92-\U],PG;PLDLGJS9!4Q[SD;IHR[J2U]-JI@'89PI+0I3F$!!`H"/;<X[>3
M:YCOUAWC$=Q7T[RU^)_D/66LAYGTZ[T>].;VCYNUZR6!MS&#F&B&<@8<9PKY
M\7S6>U=)+*H[HU3L?5*3=4$%)>ZU*38U$ZO<8!*SO[).0H$ET^J+:46``Z"/
M@(=:?EI#]V0_[)J>[WOH7LVD:YR_S4UKN5N8;'47.%>""9CIJ?I6[BVX;^ZB
M:OE!/F4@DFY8/&KYL<H]CAFX2<H'^"7[E5$YTS>\.8[FN:2'-(/2EU#+`]T<
MT3F/&QP(/<5(D;\3WOLAEH[5IYMJSF/]!?>_@AE.U:R99PP])?=+D;UIILBL
M\CO2'O92<UJ9EG\=Z`_=];*=O8M1-M4A1GH+[_V<E:6=8OOO_@;LG\'%O\NA
ME(S"Y37?^77GV/6K81OQ?W?&#`S6)<9J1(KXGO?Q<;5I+G:I)B_B^Y_@9(6A
MN<BI(B?B^Z/\;)_+T+1SYNZE)\1]T3W?MCE3=JT-SFI28?Z`[_U<WV"9>V%:
M";[]GVE`%T]*O[XWV\L.S78Z7[H5&-N;1UI0>\MWV!2ZBJIVD0;V.SPT,Z<J
MK?XA!HT?O$'+MRX$0!))(AU%3"`%`1$`RID,TOW43G=0)7K7+7+^NZP`=)T:
MZN6BM3%$]X`&9):T@`;22`,R0J]I.K]M0Y2::TCN;9R;KKZM--:0ZH%+5`Y.
MXKA*_;=7U[4)%D0`ZG/'NWJ@!X$3.IT(-\6;Q][(Q@Z34]S:GOHNV='H_+P)
MYGYKTNP+<V&<7$XZ#;V8N9FNW"1D8WD#%2=4_9Q\C]B.4'FU+_K_`$A7%015
M7@J`@ZVOL95`1(*C16R6&/J]!JLD!!-U,G&V=N4Q0[3'`1$+@9:QC)TCNGV6
M_14GO:M!J/G?R/HK'Q\O:->ZM?"H$EP1:6P.PB*-TMQ*W+.6U<=H"]`-&<"N
M-&A))E:*]25+GL9B)5$-I[2?#?+XU<@1(AW,$^E$2P]*,MY("=*`913<3"(^
M7XCUET\CF\#:-CW-P';M/:2O&N;?.#GOG""73[W51:Z(_.TM&_+VY&.$C6GC
MGI7`W$DSOTL%<G+*\Q3")A$PB81,(F$3")A$PB__T=_C")A%6C8GZS_&K\#>
M0GWGJ_"D9%67PH3")A$PB81,(OPHF14ATE2$434(9-1-0H'(H0X"4Y#D,`E,
M0Q1Z"`^`AA2"6D.::.&155]B\&^(.U72TE=>.^K7<VX!0'%EA*TUIMM7!0PG
M,"]NIGS?LRW:H(F+W.Q[#&,)>@F$1O-N9VCA$IX=QQ'<:A>A:)YL^97+T;8-
M*YUU!MHW**24SPBFZ&?Q(AN-&8B@.055[)[(#C!("<U+M>]]7B'>*"5=V4G<
MFR(B/4A#$W-`;0<*HE`.WH*H'[?$#`?H<)\<.^\@C=V</_9+5Z#8_B5Y^AH-
M4TW2-0WF2U\`G_8I+0`[<J=%,%"LS['^TM3G/1^5()I$ZF2:[#TG'V=54`!Q
MVHJR%-V'K8B)E.J(>:#4X$[3F\HW<!216V/O0.'4[ZPY=5:_B6T^0`:MY>U=
MM-M?.B`RQ#9K:YKMPXQ6H'$*$G!7OLP.5<48WR)L+CY:P("@IFE0V/015,4I
M3(@=-I#;(!`%#B)#"!E.P``X`;KY98X+4_%(.X^MJVL7GWY>7`'S>BZU;G#W
M/EKBF_-]M7>,!7+"E3TRG`WFU$"IWT;0\WY:0K`-;WI:%@7`I1'U9#YS:/J@
M^O&$H@`*`FAU$O58`$PE@PVQRN'=K/J<5EM\WO*JYI35]7BJ:?M;"(4Z3X5_
M-[/55V?LY5_9>*G,N,(4ZO'QG)@8W:"4%M_7"S@@].OF*EG9*N-P1^#TZD5.
M?N$/@=.HA3\O$<KD=K7>JJ@^8?EA.2&\YNCPSDL[D#L\-LIKU@#IV+NVF@.7
M[?IW<7[`/3^YVMHW[>Q`Q\M'_>F]SOJ6))SEY:/RY_A_V2__`-V4=<A=3<IH
MS1FRW,SQIL<9&HUM8[R1/L[2KM-HB#AN`JF;L=@.'BP`(@'1,AC>/HRDVT8Q
M%RT]COJ6@UGF/R^N-/NV6O/<$DY9[+?E;X$FN576X:.TA66::[Y7M^G=Q3MH
M]/[G:VA_K]?J[)#)^5C_`+TWN=]22:WY=OR\P[;_`&34/]V671M'Y;=H*EXR
M$:)]P@1"6W5K=!^!2B`=RZ40O.L$^\0$2@1TH/;TZ]H]2@^6AK_:A^J?\BUD
M^J^7%>$\^EQWLL;DM["\1NZZL&.51BLV843F<?RBM]%Z29'4*!NZQ\E;"Q;M
MRB3O%-VI7>/-N7*Y#H!>U%)=+O'_`!G;\+)^7MAG<.[&?6X+53:MY7#BX^;M
M5>!_):7&XGI`DU&$4V^T6FGPUP69,-;\UE0(*L'Q;K(B8ZABI[&VS?`2*`G*
M1L4YM2ZX]8$X&`PK]J79T$OE&Z]X3X5J/XR0]@'K*U<NM^5;2>&\Y@N,*8VU
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MNQ2D-;E%Z_'M./@;Y)`_:4I>[H4H`^8>/<:QO4UM>^E?I59\V>;(`&Z1#IFG
M-&7RNGV4<@PI]^8'W'9XU,S2I*F+7?'S0^HC>;JW3&K=>.1`_F/J;0JQ79)P
M90>Y55Y)1<8V?O5US>*BBJASJ&\3"(Y0^:63[R1Q'22N8UOG/F_F0</,'-&H
M7L>QL]Q+(T4R#6O>6M`V```;`I@RVN:3")A$PB81,(F$3")A$PB81,(F$7__
MTM_C")A%6C8GZS_&K\#>0GWGJ_"D9%67PH3")A$PB81,(F$3")A$PB81,(F$
M3"*M',?]6#='X&N?OQGA2,U9?"A,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$7_T]_C"*(9K;+>&WWK711H19=WL;4.[]LH6,KXB;>*;Z6N?'RG
MNH16-%L=1VM8%-^(KIK@LF5N6,.02*"L4R9-E57!USXUG$;G=:-L,+*0UM<;
M3VAJVL.C+F=PLR\UAJ36^UGTO)OD(\/F^TE4=CHL$BF*X\I1L=50P)F`"E-%
M^Z5SCJ]J?1J,C!0D!%N+;2:V\G/GR689.6ENX7RW,=>7IJ+*L$=74T3`1*C$
M&J)&ZKIDDO)D$I4?4SDHOOI[GSI+;6L6NZSRT?2=7N^/VA-\'D;/+"6V1)-[
M6K:5(BZ9-4QG'+N@F6]PUH>&BSQ[B1&RS*RK2.24%%$[LA!R4@K\T.-#>B1&
MQAV8DO6IJ>GJPU2852]25L:6"J&`MLBIW7T=6'5_K+NI$.126"2C&@1B"J2K
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MPB815HYC_JP;H_`US]^,\*1FK+X4)A$PB81,(F$3")A$PB81,(JE1_-[C6UH
ML-?-D[8U_I1G8;#LZ`A8C;-\IU1FY0NJ=FV#5MFF8YC(39%'T(A,P`N%'"7>
MFT:+IG<BC\/M*:'<I8F-_P"C:]=ZAK2<V_K6)V#L!BQDZ13)"Z5YK8[5'RJR
MS>&>042K(%>2+>=<-EDV!DRF!^H@J5OY@I*`4HH5W"^X-2M8:.L3G:.NFU?E
MXRTS43.KW:M(PTG#4=JY?766CI-23*R>QE/9,UEI1=,YDH])(YUS)E*80(HS
M+S&XF'-4RI\EM%J_/N9DZ]3#H[3I:R5HF(:>4JLHQ@ETIDZ,D=C:4QBU#)&,
M0LD)6O=YYBIB4T.Y9,MR3X\H;-;Z65WEJ0NWG4@I$(ZQ_*'5#7L)A.-3FOD9
M:K$E33+:96AE/7$6BB)'*[0AUDR&33.8I*'.B1_)+CU*VJ_4:.WAJ=Y<-61D
MU-;(K2-_JYIFC0U:.1*SRUI8C)@O"QE774*G*+K@1*-5,4CDR1Q`HDH=RR'5
MFY-3[PKJ]MT[L>E[-K324=0;V:I%BB[&P8S+)-NNYB7ZT8Y<`QD4VKM%?R5N
MQ0S==)4`%-5,QBBA&:KQ`<UZI*7.LP\UJ[:=,UYL2P[*J>J]U61&B%I&PK%J
M6!OEKMS%C7HJ\2>TH%N]J>LIZ4AG$G7VB,HPBUE`%+S&97131=53^;:UOU/^
M5U3B]R$IT'-GU<QUO&W&;XP#+[.G]P34/!4^O0Z-(Y(7E&FR:;JPL5'Y;8>O
M>J).2E*"K@#-P)3I4S:HY$57<+FO,JO"SR#Z1JMBLUJ8R*M?5<:[5K][EM:)
MP5H7@9N<B7;ZPW.IV)M%.HMU(1<DG7'Z[=VH@5$ZQ*+_U-_C"*IF^M7;D?;9
MTSO_`$0&MYN[ZKJ&X=9S.O\`:UALM(JUVH&YY+4MBFB-;_5*9LF6IUC@[1I.
M#<-E_F]*HKMQ<H'(F*A52E(IB"JWP_$#?3.PTW9<W-ZHG-AV?;O(?8>ZHQG.
M6N`J58C-WZHA=50,?JYZ:CS<K<W&OJ_1H-NJ66;P7RTJ9V\%9B/ELQA34+XZ
M2X)[$UC9-"34M;Z7((:FVSI[8$RE'&G!6DHW7/LSKIPCE&49ZS$H$%\^O]F2
MEF_FBFG\CIG$YBN>B`RHKFH9KGLW=T*:6I=1M]EHT?<];\;O9XZ8A&.O]N[G
MJ$59YW@;LKD5*.9-WM>BUO7&SM?1^VJ'M6,5;NHA!R^JTX*Y0+*H,$5Y&%-<
M5WA^`6VHZF-)*%K.O5-ERVTMB;(EDS<U.;3"^4B5N>O]0:SAYF`YI3[/8>Z=
MD'AZIJ1%M,5^6K$75[*V69MU&;(D44SXE0KH[(UAR:5XEU'46LMHUY;>T?5=
M45"Z[:F'CW71;&VKQ:ZVVQ/5QU5JA<U*/9+_`!D:_18+M8U4(521!PW[56R6
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M&`0PB@3^A=PZ^B=QH_,3JW\5<*:G>G]"[AU]$[C1^8G5OXJX2IWI_0NX=?1.
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MU*@R`DH/<'E.RE3`BQ0\P(55?2H>B^'?)BJ37'QM4FE>AWE:I?#"O;-NK/9_
MRSK><9\=QI@7:,V/HC8%"M\3<+5'DB)!>DV6L*UJ81?*,%'+Q@>.2<JDJ,:K
MI'G$#E99*#!:7?TS6,#6=5ZGYO:Y@;\;:+Z3=;$E>0=5MD!K279U5M145:M#
M-TIM(TT#QXHY9N#&3;INTD_6%"5"[_E?P\Y(;*C;31M8PE-2IM@XI:QU%`F@
MMBL-0-(RU:S7V0]7@=F%A=66"Y[(HYRVMHG5XPDLW@(Y=:0%=@U%PJ[=$!"G
M9SQ:V1();"?F9TZ-EKM[0317*DB:<LLN=O1J!'\?65F:.Y%.%1.O9TFVM91L
MV3`OEKH"B`JIE4,4DJ*^A038.''(NZ:#<<7Y"D:+AHK7=*V%%5'?+FS/I'8.
MRYB<V?6;U#LHU9M1O7M01^UXV`6)LQRHA-^L/7)"LVT@B4RQ84U%:JTW#71.
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M(R@5#4[EA-59G4H-_48NC3+#<6M->:2KPU1G`-5H-JO+>?)=B2\L:2A25&U?
"_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
