United States
                            Securities and Exchange Commission
                                  Washington, D.C. 20549


                                       SCHEDULE 13G

                          Under the Securities Exchange Act of 1934
                                     (Amendment No. 5)



                         Preferred Income Opportunity Fund, Inc.
                                      (Name of Issuer)


                                      Common Stock
                             (Title of Class of Securities)


                                       74037H-10-4
                                      (CUSIP Number)



           Check the appropriate box to designate the rule pursuant to which
           this Schedule is filed:

              [ X ]   Rule 13d-1(b)

              [   ]   Rule 13d-1(c)

              [   ]   Rule 13d-1(d)


                                      August 20, 2003
                  (Date of Event which Requires Filing of this Statement)


(1)   The reminder of this cover page shall be filed out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

      The information required in the remainder  of this cover gage shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).











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CUSIP No.  74037H-10-4                      THE COMMERCE GROUP, Inc.
                                            SCHEDULE 13G
                                            AMENDMENT NO. 5
                                            AUGUST 29, 2003




1.     NAME OF REPORTING PERSON
       S.S. OR I.R.S. ID NO. OF ABOVE PERSON

          The Commerce Group Inc.
          ID# 04-2599931


2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                        (a) [  ]
           Not Applicable                               (b) [  ]


3.     SEC USE ONLY


4.     CITIZENSHIP OF PLACE OR ORGANIZATION

          Commonwealth of Massachusetts

NUMBER OF       5.       SOLE VOTING POWER
SHARES                      1,531,543
BENEFICAILLY    6.       SHARED VOTING POWER
OWNED BY                         0
EACH            7.       SOLE DISPOSITIVE POWER
REPORTING                   1,531,543
PERSON          8.       SHARED DISPOSITIVE POWER
WITH                             0


9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
          1,531,543


10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
       CERTAIN SHARES.   [    ]

         Not Applicable


11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
          13.4%


12.    TYPE OF REPORTING PERSON
          HC








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CUSIP No.  74037H-10-4                      THE COMMERCE GROUP, Inc.
                                            SCHEDULE 13G
                                            AMENDMENT NO. 5
                                            AUGUST 29, 2003

ITEM 1(a).   Name of Issuer

               Preferred Income Opportunity Fund, Inc.

ITEM 1(b).   Address of Issuer's Principal Executive Offices

               301 E. Colorado Blvd, Suite 720
               c/o Flaherty & Crumrine, Inc.
               Pasadena, CA   91101

ITEM 2(a).   Name of Person Filing

               The Commerce Group, Inc.

ITEM 2(b).   Address of Principal Business Office, or if None, Residence

               211 Main Street, Webster, MA   01570

ITEM 2(c).   Citizenship

               Organized under the laws of the Commonwealth of Massachusetts

ITEM 2(d).   Title of Class of Securities

               Common Stock

ITEM 2(e).   Cusip Number

               74037H-10-4

ITEM 3.      If this statement is Filed Pursuant to Rule 13d-1 (b), or
             13d-2(b) or (c), Check whether the Person Filing is a:

  (a)   [ ]  Broker or dealer registered under Section 15 of the Exchange Act.

  (b)   [ ]  Bank as defined in Section 3(a)(6) of the Exchange Act.

  (c)   [ ]  Insurance company as defined in Section 3(a)(19) of the Exchange
Act.

  (d)   [ ]  Investment company registered under Section 8 of the Investment
             Company Act.

  (e)   [ ]  An investment adviser in accordance with Rule 13d-1(b)(ii)(E);

  (f)   [ ]  An employee benefit plan or endowment fund in accordance with
             Rule 13d-1(b)(1)(ii)(F);

  (g)   [X]  A parent holding company or control person in accordance with
             Rule 13d-1(b)(1)(ii)(G);

  (h)   [ ]  A savings association as defined in Section 3(b) of the
             Federal Deposit Insurance Act;

  (i)   [ ]  A church plan that is excluded from the definition of an
             investment company under Section 3(c)(14) of the Investment
             Company Act;

  (j)   [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).


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CUSIP No.  74037H-10-4                      THE COMMERCE GROUP, Inc.
                                            SCHEDULE 13G
                                            AMENDMENT NO. 5
                                            AUGUST 29, 2003


ITEM 4.  Ownership.

         Provide the following information regarding the aggregate number and
percentage of class of securities of the issuer identified in Item 1.

         (a)   Amount beneficially owned:     1,531,543

         (b)   Percent of class:     13.4%

         (c)   Number of shares as to which such person has:

               (i)   Sole power to vote or to direct the vote 1,531,453
               (ii)  Shared power to vote or to direct the vote 0,
               (iii) Sole power to dispose or to direct the disposition of
                     1,531,453
               (iv)  Shared power to dispose or to direct the disposition of 0


ITEM 5.  Ownership of Five Percent or Less of a Class.

         If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities check the following [    ].

         Not Applicable

ITEM 6.  Ownership of More than Five Percent on Behalf of Another Person.

         Not Applicable


ITEM 7.  Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control
Person.

         The Commerce Insurance Company - (IC)


ITEM 8.  Identification and Classification of Members of the Group.

         Not Applicable

ITEM 9.  Notice of Dissolution of Group.

         Not Applicable

ITEM 10.  Certifications.

          (a)  The following certification shall be included if the statement
is filed pursuant to Rule 13d-1(b):

               "By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as
a participant in any transaction having such purpose or effect."

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CUSIP No.  74037H-10-4                      THE COMMERCE GROUP, Inc.
                                            SCHEDULE 13G
                                            AMENDMENT NO. 5
                                            AUGUST 29, 2003





                                          SIGNATURE



After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.



August 29, 2003                        THE COMMERCE GROUP INC.









                                          /s/ Gerald Fels
                                          Gerald Fels
                                          Executive Vice President &
                                          Chief Financial Officer






























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