<SEC-DOCUMENT>0001193125-14-211176.txt : 20140707
<SEC-HEADER>0001193125-14-211176.hdr.sgml : 20140707
<ACCEPTANCE-DATETIME>20140523125633
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-211176
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140523

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:		CORRESP

	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>
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<TITLE>&lt;![CDATA[Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated]]&gt;</TITLE>
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 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">May&nbsp;23, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina DiAngelo </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Staff Accountant </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Office of Disclosure and Review </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, NE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Re:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Preferred Income Fund Incorporated (PFD)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No. 811-06179)</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated (PFO)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No. 811-06495)</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated (FFC)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No. 811-21129)</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Total Return Fund Incorporated (FLC)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No. 811-21380)</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (DFP)</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No. 811-22762)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;(together, the &#147;Funds&#148;)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;DiAngelo: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">This
is in response to your oral comments to Eric Chadwick and Chad Conwell in a telephone conference on April&nbsp;29, 2014 regarding the examinations of the public filings of the Funds, in particular the annual reports filed on Form N-CSR for the year
ended November&nbsp;30, 2013. As requested, we have restated your comment in italics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In connection with the Commission Staff&#146;s review of the
Funds&#146; filings, each Fund acknowledges that, with respect to filings made by the Fund with the Commission and reviewed by the Staff: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the Fund is responsible for the adequacy and accuracy of the disclosure in the filings; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the Commission from taking any action with respect to the filings; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">the Fund may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &amp; Crumrine Funds</U></B></TD></TR>
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<TD VALIGN="top" ALIGN="right">301 E. Colorado Blvd., Suite 720</TD></TR>
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<TD VALIGN="top" ALIGN="right">Pasadena, California 91101</TD></TR>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">(626) 795-7300</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">www.preferredincome.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">www.fcclaymore.com</P></TD></TR>
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<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina DiAngelo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">May 23, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Annual Report, Audit Opinion. The
name of the audit firm was omitted from the audit opinion included in DFP&#146;s annual report. The N-CSR filing should be amended to include the audit firm, and should include updated certifications. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We will amend the N-CSR filing for DFP to
include the name of the audit firm, KPMG LLP, in the opinion, and update the certifications at the time of filing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Form N-CSR, Items 4(c) and 4(d).
Include detail about the nature of services provided for the disclosed tax fees. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In 2013, the nature of the services comprising the tax fees included the preparation and review of the registrant&#146;s federal and state tax returns, excise
tax returns, and tax distribution requirements. For DFP, the services provided in response to Item&nbsp;4(d) were in connection with its formation, seed audit and initial public offering of shares. We will add this disclosure when we amend the N-CSR
filing for DFP. We will include additional disclosure regarding the nature of services provided for Items 4(c) and 4(d) in future filings to the extent it is applicable. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Form N-CSR, Item&nbsp;4(e)(2). The percentage of services that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X should be
zero. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">All of the services described
in paragraphs (b)&nbsp;through (d)&nbsp;of Item&nbsp;4 were pre-approved by the registrant&#146;s audit committee. Therefore the percentages in Item&nbsp;4(e)(2) should have been zero. We will correct this percentage when we amend the N-CSR filing
for DFP. We will continue to review this item in future filings and include the correct percentage for the services described in these paragraphs. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>DFP
Annual Report, Note 5. Compare the unrealized depreciation disclosure in Note 5 to the unrealized depreciation disclosure in the &#147;components of distributable earnings&#148; table in Note 2 and explain why these numbers are the same. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The unrealized depreciation included in Note 5
was incorrectly reported as the &#147;net&#148; of both unrealized appreciation and depreciation, rather than the &#147;gross&#148; amount of unrealized depreciation. The correct &#147;gross&#148; unrealized depreciation in Note 5 should have been
$(23,065,930). The disclosed &#147;Net Unrealized Appreciation/(Depreciation)&#148; in Note 2 was reported correctly. We will correct the gross unrealized depreciation in Note 5 when we amend the N-CSR filing for DFP. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina DiAngelo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">May 23, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Annual Report, Fair Value
Measurements. The fair value measurements disclosure should, to the extent the portfolio includes corporate debt securities with measurements outside of Level 1, include additional industry classifications within the Corporate Debt Securities
category of the table. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In future
reports, we will include additional industry classifications within the Corporate Debt Securities category to the extent these securities are measured outside of Level 1. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Annual Report, Fair Value Measurements. In FLC, the fair value measurements disclosure should include the reasons for transfers between different input
levels. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">It is our standard practice
to include the reasons for transfers between different input levels when transfers have taken place during the reporting period. This information was inadvertently omitted in FLC&#146;s annual report. In future reports, we will include the reasons
for transfers between different input levels if applicable. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Annual Report, Note 8 &#150; Committed Financing Agreement (&#147;CFA&#148;). Disclose the
name of the CFA counterparty, and include disclosure regarding the amount of the fee received in connection with rehypothecated securities retained by the Funds. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In future reports, we will disclose the name
of the CFA counterparty. We will also include disclosure regarding the nature of the agreement on rehypothecation and the amount of the fee retained by the Funds. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Annual Report, Portfolio of Investments. In the listing of investments in money market funds, include the class of shares owned in each listed fund.
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In future reports, we will include
the class of shares owned in each money market fund investment, if applicable. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;* </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina DiAngelo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">May 23, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We hope that the staff finds the
foregoing response adequately addresses its comments. If you would like to discuss the matter addressed in this letter, or if you have any additional comments or questions, please feel free to contact Eric Chadwick or Chad Conwell of this office at
626-795-7300. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">/s/ Donald F. Crumrine </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Donald F. Crumrine </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chairman of the Board of Directors and Chief
Executive Officer </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Directors of the Flaherty&nbsp;&amp; Crumrine Funds </TD></TR></TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
