SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
RULE 23C-2 NOTICE OF INTENTION
TO REDEEM SECURITIES
OF
FLAHERTY & CRUMRINE
PREFERRED INCOME OPPORTUNITY
FUND INCORPORATED
301 E. Colorado Boulevard, Suite 720
Pasadena, CA 91101
(626) 795-7300
under the
Investment Company Act of 1940
Investment Company Act File No. 811-06495
The undersigned registered closed-end investment company hereby
notifies the Securities and Exchange Commission that it intends to redeem
securities of which it is the issuer, as set forth below in accordance with the
requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended.
(1) Title of the class of securities of Flaherty & Crumrine Preferred
Income Opportunity Fund Incorporated (the "Fund") to be redeemed:
Auction Preferred Stock (CUSIP #33848E205), par value $.01 per share,
liquidation preference of $100,000 per share (the "Preferred Stock").
(2) Date on which the securities are to be called or redeemed:
November 20, 2008
(3) Applicable provisions of the governing instrument pursuant to which
the securities are to be called or redeemed:
The shares of Preferred Stock are to be redeemed pursuant to Part I,
Articles 3(a)(i) and 3(c) of the Fund's Articles Supplementary Creating and
Fixing the Rights of Auction Preferred Stock.
(4) The number of shares to be redeemed and the basis upon which the
shares to be redeemed are to be selected:
The Fund intends to redeem, by lot (as determined by the Depository Trust
Company), 24 shares of Preferred Stock.
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SIGNATURE
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Pursuant to the requirement of Rule 23c-2 of the Investment Company
Act of 1940, the Fund has duly caused this Notice of Intention to Redeem
Securities to be signed on its behalf by the undersigned, in the City of
Pasadena and the State of California, on this 21st day of October 2008.
FLAHERTY & CRUMRINE
PREFERRED INCOME OPPORTUNITY
FUND INCORPORATED
By: /s/ R. Eric Chadwick
----------------------------
Name: R. Eric Chadwick
Title: Chief Financial officer
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