0001193125-12-190311.txt : 20120427 0001193125-12-190311.hdr.sgml : 20120427 20120427141800 ACCESSION NUMBER: 0001193125-12-190311 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20120229 FILED AS OF DATE: 20120427 DATE AS OF CHANGE: 20120427 EFFECTIVENESS DATE: 20120427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC CENTRAL INDEX KEY: 0000882071 IRS NUMBER: 954355600 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-06495 FILM NUMBER: 12788283 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 N-30B-2 1 d308923dn30b2.htm FLAHERTY & CRUMRINE PREFERRED INCOME OPPORTUNITY FUND INCORPORATED <![CDATA[Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated]]>

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.


FLAHERTY & CRUMRINE PREFERRED INCOME OPPORTUNITY FUND

To the Shareholders of Flaherty & Crumrine Preferred Income Opportunity Fund:

The Fund is off to a strong start in the new fiscal year. During the three month period ending February 29th, total return1 on net asset value of the Fund was +11.2%. Total return based on market price of Fund shares for the period was +16.3%. A portion of the Fund’s NAV return in the quarter was recovery from the prior two quarters when total return was -4.6%. To provide context for return during the period, the comparable measure on the S&P 500 was +10.1%, and +2.0% for the Barclays Capital U.S. Aggregate Index.

A number of factors contributed to the strong performance. U.S. investor confidence turned positive after several months of decline. The labor picture is improving, corporate earnings have been rising, and the housing market is finally picking up. Europe appears to have stepped back from the precipice of economic disaster, as policy makers have flooded the continent with liquidity. Interest rates around the globe hover near historically low levels and are not expected to rise substantially anytime soon. All of this has stimulated demand for high-yielding assets, especially preferred securities.

Returns of this magnitude are rare, even in periods of above-average market volatility such as we’ve experienced over the past several years. And while we enjoy double digit quarterly returns as much as the next shareholder, we know it is unlikely to be replicated.

With spring training in full swing it is hard to resist dusting off some baseball analogies. Your Fund is like a part of the lineup built to get singles and doubles and lead the league in on-base percentage. Other investments are intended to hit home runs, and we trust shareholders will determine if these also belong on their team. We’ve tortured you with this to make a point — investors shouldn’t expect this type of quarterly Fund performance to be repeated.

Again, for several quarters we have seen signs of improvement in the U.S. economy, though the pace of growth has been well short of robust. The sovereign debt crisis in Europe appears to be moderating, although economic risks remain elevated in that region. Neither area is out of the woods and recovery could be easily derailed, but we believe the worst is behind us. Our Quarterly Economic Outlook can be viewed on the Fund’s website.

We expect new bank capital guidelines to be issued by the Federal Reserve very soon. Patient readers will recall we have said this before, and eventually we will be right! With the new rules set to go into effect in January 2013, time is running out for the regulators. The new guidelines, when issued, will provide the final pieces of the regulatory capital overhaul which grew out of the financial crisis. We’ve known for some time that most forms of trust preferred and hybrid preferred securities will eventually no longer count towards regulatory capital requirements. We’re waiting to learn what can be used instead.

Even without clear guidelines from regulators, a handful of banks recently have issued new preferred stock with terms expected to conform to the new rules. These securities are all perpetual, non-cumulative preferred stock. This is the basic form of capital we believe will ultimately replace much of the bank preferred capital currently outstanding.

We don’t think the transition will be immediate; nor is it likely that all of the older “non-qualifying” capital will be replaced with newer “good” Tier 1 capital. We have tried to anticipate the shift and stay ahead of the pack by selling some securities which may be called in the near term and reinvesting in suitable replacements. This type of proactive management has always been part of our investment approach.

 

 

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’s leverage and expenses.


Another fundamental part of our investment process is the hard work of credit analysis. The experience of the past few years has reinforced our commitment to rely on our own independent and objective research focused on the preferred level of the capital structure. The national rating agencies (Moody’s, S&P, and Fitch) often seem to shoot where the rabbit was, especially when it comes to preferred securities.

Although we sometimes disagree with the agencies on their overall ratings of specific credits, we often disagree with their ratings on preferred securities. This divergence typically results from agencies’ mechanical “notching” of preferred securities down from a company’s senior debt rating. In simplified terms, notching is the formulaic lowering of a security’s rating by a predetermined number of rating categories simply based on where it fits in a company’s capital structure. In our view, this methodology is arbitrary.

Our approach is to study every issuer to understand its business and financial condition, and every issue to understand its terms and conditions. Because we are investing in subordinated securities, it is essential that we understand the precise terms, many of which can be buried deep in the legal terms of the issue. With this knowledge we are better equipped to understand the full scope of risk associated with a specific security, and only then can we start to address questions of valuation.

As always, we encourage you to visit the Fund’s website www.preferredincome.com for a more in-depth discussion of conditions in both preferred markets and the broader economy.

Sincerely,

 

LOGO

    LOGO

Donald F. Crumrine

    Robert M. Ettinger

Chairman

    President

April 16, 2012

   

 

2


   

Flaherty &Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OVERVIEW

February 29, 2012 (Unaudited)

 

Fund Statistics

      

Net Asset Value

   $ 10.20   

Market Price

   $ 11.98   

Premium

     17.45

Yield on Market Price

     7.56

Common Stock Shares Outstanding

     12,122,296   

 

Moody’s Ratings

   % of Net Assets†  

A

     5.9

BBB

     73.3

BB

     17.1

Below “BB”

     0.8

Not Rated*

     0.1

Below Investment Grade**

     9.5

 

* Does not include net other assets and liabilities of 2.8%.
** Below investment grade by all of Moody’s, S&P, and Fitch.

Industry Categories

   % of Net Assets†

 

LOGO

 

Top 10 Holdings by Issuer

   % of Net Assets†  

Liberty Mutual Group

     4.4

Banco Santander, S.A.

     4.3

Metlife

     4.1

Capital One Financial

     4.0

HSBC PLC

     3.6

Goldman Sachs Group

     3.6

Southern California Edison

     3.3

Wells Fargo

     2.7

Enbridge Energy Partners

     2.6

Bank of America

     2.4
 
      % of Net Assets***†  

Holdings Generating Qualified Dividend Income (QDI) for Individuals

     42

Holdings Generating Income Eligible for the Corporate Dividends Received Deduction (DRD)

     30

 

*** 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.
Net Assets includes assets attributable to the use of leverage.

 

3


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS

February 29, 2012 (Unaudited)

    

 

Shares/$ Par

          Value  

 

Preferred Securities — 91.6%

  
   Banking — 36.2%   
   Astoria Financial:   
$ 2,750,000      

Astoria Capital Trust I, 9.75% 11/01/29, Series B

   $ 2,862,813 (1) 
   Banco Bilbao Vizcaya Argentaria, S.A.:   
$ 1,375,000      

BBVA International Preferred, 5.919%

     1,072,056 **(1)(3) 
   Banco Santander, S.A.:   
  280,123      

Banco Santander, 10.50% Pfd., Series 10

     7,961,796 **(1)(3) 
   Bank of America:   
  26,700      

Bank of America Corporation, 8.625% Pfd.

     680,316
$ 400,000      

BankAmerica Capital II, 8.00% 12/15/26

     403,500   
$ 520,000      

BankAmerica Institutional, Series A, 8.07% 12/31/26, 144A****

     524,550   
  2,500      

Countrywide Capital IV, 6.75% Pfd. 04/01/33

     60,529   
  15,000      

Countrywide Capital V, 7.00% Pfd. 11/01/36

     361,388   
$ 350,000      

Fleet Capital Trust II, 7.92% 12/11/26

     348,687   
$ 525,000      

MBNA Capital, 8.278% 12/01/26, Series A

     533,584   
$ 1,580,000      

NB Capital Trust IV, 8.25% 04/15/27

     1,609,625 (1) 
   Barclays Bank PLC:   
$ 2,750,000      

Barclays Bank PLC, 6.278%

     2,224,923 **(1)(3) 
  4,700      

Barclays Bank PLC, 7.75% Pfd., Series 4

     118,205 **(3) 
  73,500      

Barclays Bank PLC, 8.125% Pfd., Series 5

     1,877,925 **(1)(3) 
   BNP Paribas:   
$ 1,750,000      

BNP Paribas, 7.195%, 144A****

     1,548,750 **(1)(2)(3) 
   Capital One Financial:   
$ 5,250,000      

Capital One Capital III, 7.686% 08/15/36

     5,361,562 (1)(2) 
$ 250,000      

Capital One Capital V, 10.25% 08/15/39

     261,875   
$ 1,750,000      

Capital One Capital VI, 8.875% 05/15/40

     1,817,270 (1)(2) 
   Citigroup:   
  22,325      

Citigroup Capital XII, 8.50% Pfd. 03/30/40

     581,845   
  56,700      

Citigroup Capital XIII, 7.875% Pfd. 10/30/40

     1,537,222 (1)(2) 
   Colonial BancGroup:   
$ 4,500,000      

Colonial BancGroup, 7.114%, 144A****

     9,000 (4)(5)†† 
   FBOP Corp.:   
  4,500      

FBOP Corporation, Adj. Rate Pfd., 144A****

     2,250 *(4)(5)† 
   Fifth Third Bancorp.:   
$ 700,000      

Fifth Third Capital Trust IV, 6.50% 04/15/37

     698,250 (1) 
  15,000      

Fifth Third Capital Trust V, 7.25% Pfd. 08/15/67

     380,400   
  125,000      

Fifth Third Capital Trust VI, 7.25% Pfd. 11/15/67

     3,191,413 (1)(2) 

 

4


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

 

Shares/$ Par

          Value  

 

Preferred Securities — (Continued)

  
   Banking — (Continued)   
   First Horizon:   
  3,750      

First Tennessee Bank, Adj. Rate Pfd., 3.75%(6), 144A****

   $ 2,558,203 *(1) 
$ 500,000      

First Tennessee Capital II, 6.30% 04/15/34, Series B

     455,000   
  1      

FT Real Estate Securities Company, 9.50% Pfd., 144A****

     955,000   
   First Niagara Financial Group:   
  82,000      

First Niagara Financial Group, Inc., 8.625% Pfd.

     2,272,343
   First Republic Bank:   
  10,050      

First Republic Bank, 6.70% Pfd.

     259,014
   Goldman Sachs Group:   
$ 1,400,000      

Goldman Sachs, Capital I, 6.345% 02/15/34

     1,314,701 (1)(2) 
$ 523,000      

Goldman Sachs, Capital II, 5.793%

     364,793 (1)(2) 
  3,500      

STRIPES Custodial Receipts, Adj. Rate, 10.70%(6), Pvt.

     1,697,500 *(4)(5) 
   HSBC PLC:   
  127,500      

HSBC Holdings PLC, 8.00% Pfd., Series 2

     3,461,944 **(1)(3) 
  104,800      

HSBC USA, Inc., 6.50% Pfd., Series H

     2,657,885 *(1) 
  1,000      

HSBC USA, Inc., $2.8575 Pfd.

     47,500
  

JPMorgan Chase:

  
  $300,000      

JPMorgan Chase Capital XVIII, 6.95% 08/17/36, Series R

     306,630 (1) 
  

KeyCorp:

  
  27,700      

Keycorp Capital X, 8.00% Pfd. 03/15/68

     725,740 (1)(2) 
  

Lloyds Banking Group PLC:

  
  $450,000      

Lloyds Banking Group PLC, 6.657%, 144A****

     312,750 **(3)† 
  

Morgan Stanley:

  
  10,000      

Morgan Stanley Capital Trust VI, 6.60% Pfd. 02/01/46

     245,000   
  

PNC Financial Services:

  
  99,000      

PNC Financial Services, 9.875% Pfd., Series L

     2,734,528 *(1) 
  $1,105,000      

PNC Preferred Funding Trust III, 8.70%, 144A****

     1,144,016 (1)(2) 
  

Sovereign Bancorp:

  
  2,600      

Sovereign REIT, 12.00% Pfd., Series A, 144A****

     2,989,774   
  

SunTrust Banks:

  
  5,500      

SunTrust Capital IX, 7.875% Pfd. 03/15/68

     140,938   
  

US Bancorp:

  
  8,250      

US Bancorp, 6.50% Pfd.

     223,010
  

Washington Mutual:

  
  $900,000      

Washington Mutual, 9.75%, 144A****

     9,000 †† 
  

Webster Financial:

  
  $1,400,000      

Webster Capital Trust IV, 7.65% 06/15/37

     1,404,838 (1) 

 

5


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

    

 

Shares/$ Par

          Value  

 

Preferred Securities — (Continued)

  
  

Banking — (Continued)

  
  

Wells Fargo:

  
$ 1,100,000      

Wachovia Capital Trust III, Adj. Rate, 5.56975%(6)

   $ 1,012,000 *(1) 
  1,536      

Wachovia Preferred Funding, 7.25% Pfd., Series A

     40,477 (1) 
  2,730      

Wells Fargo & Company, 7.50% Pfd., Series L

     2,990,033 *(1) 
  35,000      

Wells Fargo & Company, 8.00% Pfd., Series J

     1,023,750 *(1) 
     

 

 

 
        67,376,101   
     

 

 

 
  

Financial Services — 1.2%

  
  

Ameriprise Financial:

  
$ 250,000      

Ameriprise Financial, Inc., 7.518% 06/01/66

     272,500 (1)(2) 
  

Charles Schwab:

  
$ 300,000      

Charles Schwab Corporation, 7.00%

     313,557
  

Credit Suisse Group:

  
$ 1,000,000      

Claudius, Ltd. - Credit Suisse AG, 7.875%, Series B

     1,025,000 (3) 
  

HSBC PLC:

  
  24,899      

HSBC Finance Corporation, 6.36% Pfd., Series B

     621,516 *(1) 
  

Lehman Brothers:

  
  45,800      

Lehman Brothers Holdings, Inc., 5.67% Pfd., Series D

     12,824 *†† 
  9,500      

Lehman Brothers Holdings, Inc., 5.94% Pfd., Series C

     95 *(5)†† 
  25,000      

Lehman Brothers Holdings, Inc., 6.50% Pfd., Series F

     250 *(5)†† 
  13,400      

Lehman Brothers Holdings, Inc., 7.95% Pfd.

     67 *†† 
     

 

 

 
        2,245,809   
     

 

 

 
  

Insurance — 20.7%

  
  

Ace Ltd.:

  
$ 1,200,000      

Ace Capital Trust II, 9.70% 04/01/30

     1,616,532 (3) 
  

Aon Corporation:

  
$ 225,000      

AON Corp, 8.205% 01/01/27

     264,202   
  

Arch Capital Group:

  
  14,400      

Arch Capital Group Ltd., 7.875% Pfd., Series B

     367,651 **(1)(3) 
  25,000      

Arch Capital Group Ltd., 8.00% Pfd., Series A

     642,188 **(1)(3) 
  

AXA SA:

  
$ 3,500,000      

AXA SA, 6.379%, 144A****

     2,835,000 **(1)(2)(3) 
  

Axis Capital:

  
  36,000      

Axis Capital Holdings, 7.50% Pfd., Series B

     3,403,127 (1)(2)(3) 
  

Delphi Financial:

  
  90,000      

Delphi Financial Group, 7.376% Pfd. 05/15/37

     2,286,567 (1)(2) 

 

6


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

 

Shares/$ Par

          Value  

 

Preferred Securities — (Continued)

  
  

Insurance — (Continued)

  
  

Everest Re Group:

  
$ 4,000,000      

Everest Re Holdings, 6.60% 05/15/37

   $ 3,785,000 (1)(2) 
  

Liberty Mutual Group:

  
$ 4,600,000      

Liberty Mutual Group, 10.75% 06/15/58, 144A****

     6,049,000 (1) 
  

MetLife:

  
$ 2,000,000      

MetLife, Inc., 10.75% 08/01/39

     2,857,428 (1)(2) 
$ 1,080,000      

MetLife Capital Trust IV, 7.875% 12/15/37, 144A****

     1,193,400 (1)(2) 
$ 2,900,000      

MetLife Capital Trust X, 9.25% 04/08/38, 144A****

     3,581,500 (1)(2) 
  

PartnerRe Ltd.:

  
  30,000      

PartnerRe Ltd., 7.250% Pfd., Series E

     789,300 **(1)(3) 
  

Principal Financial:

  
  22,000      

Principal Financial Group, 5.563% Pfd., Series A

     2,077,625 *(1) 
  74,445      

Principal Financial Group, 6.518% Pfd., Series B

     1,921,612 *(1) 
  

StanCorp Financial Group:

  
$ 1,000,000      

Stancorp Financial Group, 6.90% 06/01/67

     935,000 (1)(2) 
  

The Travelers Companies:

  
$ 1,060,000      

USF&G Capital, 8.312% 07/01/46, 144A****

     1,278,842 (1)(2) 
  

XL Group PLC:

  
$ 2,970,000      

XL Capital Ltd., 6.50%, Series E

     2,546,775 (1)(2)(3) 
     

 

 

 
        38,430,749   
     

 

 

 
  

Utilities — 24.2%

  
  

Alabama Power:

  
  7,460      

Alabama Power Company, 6.45% Pfd.

     206,782 *(1) 
  

Baltimore Gas & Electric:

  
  6,579      

Baltimore Gas & Electric Company, 6.70% Pfd., Series 1993

     669,824 *(1) 
  2,500      

Baltimore Gas & Electric Company, 7.125% Pfd., Series 1993

     254,766
  

Commonwealth Edison:

  
$ 2,350,000      

COMED Financing III, 6.35% 03/15/33

     2,350,750 (1)(2) 
  

Constellation Energy:

  
  8,000      

Constellation Energy Group, 8.625% Pfd. 06/15/63, Series A

     218,480   
  

Dominion Resources:

  
$ 750,000      

Dominion Resources Capital Trust I, 7.83% 12/01/27

     757,588 (1)(2) 
$ 3,000,000      

Dominion Resources, Inc., 7.50% 06/30/66

     3,175,419 (1)(2) 
  

Energy Future Competitive Holdings Corp.:

  
$ 750,000      

TXU Electric Capital V, 8.175% 01/30/37

     161,250 (4) 

 

7


Flaherty & Crumrine Preferred Income Opportuntiy Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

    

 

Shares/$ Par

          Value  

 

Preferred Securities — (Continued)

  
  

Utilities — (Continued)

  
  

Entergy Arkansas:

  
  40,000      

Entergy Arkansas, Inc., 6.45% Pfd.

   $ 1,007,500
  

Entergy Louisiana:

  
  15,000      

Entergy Louisiana, Inc., 6.95% Pfd.

     1,494,844
  

Entergy Mississippi:

  
  80,000      

Entergy Mississippi, Inc., 6.25% Pfd.

     2,025,000
  

Georgia Power:

  
  17,500      

Georgia Power Company, 6.50% Pfd., Series 2007A

     1,931,562 *(1) 
  

Gulf Power:

  
  16,500      

Gulf Power Company, 6.00% Pfd., Series 1

     1,666,394 *(1) 
  17,500      

Gulf Power Company, 6.45% Pfd., Series 2007A

     1,866,970 *(1) 
  

Indianapolis Power & Light:

  
  30,500      

Indianapolis Power & Light Company, 5.65% Pfd.

     2,979,469 *(1) 
  

Integrys Energy Group:

  
$ 2,000,000      

WPS Resources Corporation, 6.11% 12/01/66

     1,987,114 (1)(2) 
  

Interstate Power & Light:

  
  139,028      

Interstate Power & Light Company, 8.375% Pfd., Series B

     3,958,475 *(1) 
  

Nextera Energy:

  
$ 3,000,000      

FPL Group Capital, Inc., 6.65% 06/15/67

     3,040,848 (1)(2) 
$ 1,000,000      

FPL Group Capital, Inc., 7.30% 09/01/67, Series D

     1,053,687 (1)(2) 
  

Peco Energy:

  
$ 1,500,000      

PECO Energy Capital Trust III, 7.38% 04/06/28, Series D

     1,485,420 (1)(2) 
  

PPL Corp.:

  
$ 1,500,000      

PPL Capital Funding, 6.70% 03/30/67, Series A

     1,479,063   
  16,590      

PPL Electric Utilities Corporation, 6.25% Pfd.

     423,564
  

Puget Energy:

  
$ 4,155,000      

Puget Sound Energy, Inc., 6.974% 06/01/67

     4,160,991   
  

Southern California Edison:

  
  34,200      

Southern California Edison, 6.00% Pfd., Series C

     3,398,625 *(1) 
  6,500      

Southern California Edison, 6.125% Pfd., Series B

     651,219 *(1) 
  20,044      

Southern California Edison, 6.50% Pfd., Series D

     2,083,323 *(1) 
  

Virginia Electric & Power:

  
  3,000      

Virginia Electric & Power Company, $6.98 Pfd.

     299,531
  

Wisconsin Public Service:

  
  3,000      

Wisconsin Public Service Corporation, 6.88% Pfd.

     304,969
     

 

 

 
        45,093,427   
     

 

 

 

 

8


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

 

Shares/$ Par

          Value  

 

Preferred Securities — (Continued)

  
  

Energy — 6.5%

  
  

Enbridge Energy Partners:

  
$ 4,498,000      

Enbridge Energy Partners LP, 8.05% 10/01/37

   $ 4,880,330 (1)(2) 
  

Enterprise Products Partners:

  
$ 4,000,000      

Enterprise Products Partners, 8.375% 08/01/66, Series A

     4,334,036 (1)(2) 
  

Kinder Morgan:

  
  3,000      

Kinder Morgan GP, Inc., 8.33% Pfd., 144A****

     2,915,813
     

 

 

 
        12,130,179   
     

 

 

 
  

Real Estate Investment Trust (REIT) — 0.4%

  
  

PS Business Parks:

  
  2,052      

PS Business Parks, Inc., 6.70% Pfd., Series P

     52,064   
  7,500      

PS Business Parks, Inc., 6.875% Pfd., Series R

     199,500   
  20,500      

PS Business Parks, Inc., 7.00% Pfd., Series H

     520,136   
     

 

 

 
        771,700   
     

 

 

 
  

Miscellaneous Industries — 2.4%

  
  

Ocean Spray Cranberries:

  
  32,700      

Ocean Spray Cranberries, Inc., 6.25% Pfd., 144A****

     2,918,475 *(1) 
  

Textron, Inc.:

  
$ 1,950,000      

Textron Financial Corporation, 6.00% 02/15/67, 144A****

     1,491,750   
     

 

 

 
        4,410,225   
     

 

 

 
  

Total Preferred Securities

  
  

(Cost $165,899,704)

     170,458,190   
     

 

 

 

 

Corporate Debt Securities — 5.7%

  
  

Banking — 2.4%

  
  

Goldman Sachs Group:

  
$ 3,300,000      

Goldman Sachs Group, 6.75% 10/01/37, Sub Notes

     3,317,015 (1)(2) 
  

Regions Financial:

  
$ 1,350,000      

Regions Financial Corporation, 7.375% 12/10/37, Sub Notes

     1,245,375   
     

 

 

 
        4,562,390   
     

 

 

 

 

9


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

    

 

Shares/$ Par

          Value  

 

Corporate Debt Securities — (Continued)

  
  

Insurance — 2.3%

  
  

Liberty Mutual Group:

  
$ 2,250,000      

Liberty Mutual Insurance, 7.697% 10/15/97, 144A****

   $ 2,122,949 (1)(2) 
  

Unum Group:

  
$ 2,000,000      

UnumProvident Corporation, 7.25% 03/15/28

     2,149,738 (1)(2) 
     

 

 

 
        4,272,687   
     

 

 

 
  

Utilities — 1.0%

  
  

Southern Union:

  
$ 1,474,000      

Southern Union Company, 8.25% 11/15/29

     1,776,527 (1)(2) 
     

 

 

 
        1,776,527   
     

 

 

 
  

Total Corporate Debt Securities

  
  

(Cost $9,079,889)

     10,611,604   
     

 

 

 

 

Common Stock — 0.4%

  
  

Utilities — 0.4%

  
  

Exelon Corp.:

  
  8,940      

Exelon Corporation

     349,286
  

PPL Corp.:

  
  14,558      

PPL Corporation

     415,631
     

 

 

 
        764,917   
     

 

 

 
  

Total Common Stock

  
  

(Cost $737,843)

     764,917   
     

 

 

 

 

Money Market Fund — 1.2%

  
  

BlackRock Liquidity Funds:

  
  2,262,357      

T-Fund

     2,262,357   
     

 

 

 
  

Total Money Market Fund

  
     

 

 

 
  

(Cost $2,262,357)

     2,262,357   

 

10


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

PORTFOLIO OF INVESTMENTS (Continued)

February 29, 2012 (Unaudited)

 

           Value  

Total Investments (Cost $177,979,793***)

     98.9   $ 184,097,068   

Other Assets And Liabilities (Net)

     1.1     2,003,718   
  

 

 

   

 

 

 

Total Managed Assets

     100.0 %‡    $ 186,100,786   
  

 

 

   

 

 

 

Loan Principal Balance

       (62,500,000
    

 

 

 

Total Net Assets Available To Common Stock

     $ 123,600,786   
    

 

 

 

 

* Securities eligible for the Dividends Received Deduction and distributing Qualified Dividend Income.
** Securities distributing Qualified Dividend Income only.
*** Aggregate cost of securities held.
**** 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 February 29, 2012, these securities amounted to $34,440,022 or 18.5% of total managed assets.
(1)

All or a portion of this security is pledged as collateral for the Fund’s loan. The total value of such securities was $126,769,454 at February 29, 2012.

(2) 

All or a portion of this security has been rehypothecated. The total value of such securities was $59,542,000 at February 29, 2012.

(3) 

Foreign Issuer.

(4) 

Illiquid.

(5)

Valued at fair value as determined in good faith by or under the direction of the Board of Directors as of February 29, 2012.

(6) 

Represents the rate in effect as of the reporting date.

Non-income producing.
†† 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.
The percentage shown for each investment category is the total value of that category as a percentage of total managed assets.

 

    ABBREVIATIONS:

Pfd.

     Preferred Securities

Pvt.

     Private Placement Securities

REIT

     Real Estate Investment Trust

STRIPES

     Structured Residual Interest Preferred Enhanced Securities

 

11


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE TO COMMON STOCK(1)

For the period from December 1, 2011 through February 29, 2012 (Unaudited)

    

 

     Value  

OPERATIONS:

  

Net investment income

   $ 2,816,459   

Net realized gain/(loss) on investments sold during the period

     (636,815

Change in net unrealized appreciation/depreciation of investments

     10,785,272   
  

 

 

 

Net increase in net assets resulting from operations

     12,964,916   

DISTRIBUTIONS:

  

Dividends paid from net investment income to Common Stock Shareholders(2)

     (3,288,034
  

 

 

 

Total Distributions to Common Stock Shareholders

     (3,288,034 ) 

FUND SHARE TRANSACTIONS:

  

Increase from shares issued under the Dividend Reinvestment and Cash Purchase Plan

     316,939   
  

 

 

 

Net increase in net assets available to Common Stock resulting from Fund share transactions

     316,939   
  

 

 

 

NET INCREASE IN NET ASSETS AVAILABLE TO COMMON STOCK FOR THE PERIOD

   $ 9,993,821   
  

 

 

 

NET ASSETS AVAILABLE TO COMMON STOCK:

  

Beginning of period

   $ 113,606,965   

Net increase in net assets during the period

     9,993,821   
  

 

 

 

End of period

   $ 123,600,786   
  

 

 

 

 

(1) 

These tables summarize the three months ended February 29, 2012 and should be read in conjunction with the Fund’s audited financial statements, including footnotes, in its Annual Report dated November 30, 2011.

(2) 

May include income earned, but not paid out, in prior fiscal year.

 

12


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

FINANCIAL HIGHLIGHTS(1)

For the period from December 1, 2011 through February 29, 2012 (Unaudited)

For a Common Stock share outstanding throughout the period

 

PER SHARE OPERATING PERFORMANCE:

  

Net asset value, beginning of period

   $ 9.40   
  

 

 

 

INVESTMENT OPERATIONS:

  

Net investment income

     0.23   

Net realized and unrealized gain/(loss) on investments.

     0.84   
  

 

 

 

Total from investment operations

     1.07   
  

 

 

 

DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:

  

From net investment income

     (0.27
  

 

 

 

Total distributions to Common Stock Shareholders

     (0.27
  

 

 

 

Net asset value, end of period

   $ 10.20   
  

 

 

 

Market value, end of period

   $ 11.98   
  

 

 

 

Common Stock shares outstanding, end of period

     12,122,296   
  

 

 

 

RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:

  

Net investment income†

     9.63 %* 

Operating expenses including interest expense

     2.23 %* 

Operating expenses excluding interest expense

     1.56 %* 

SUPPLEMENTAL DATA:††

  

Portfolio turnover rate

     5 %** 

Total managed assets, end of period (in 000’s)

   $ 186,101   

Ratio of operating expenses including interest expense to total managed assets

     1.46 %* 

Ratio of operating expenses excluding interest expense to total managed assets

     1.02 %* 
(1)

These tables summarize the three months ended February 29, 2012 and should be read in conjunction with the Fund’s audited financial statements, including footnotes, in its Annual Report dated November 30, 2011.

* Annualized.
** Not Annualized.
The net investment income ratios reflect income net of operating expenses, including interest expense.
†† Information presented under heading Supplemental Data includes loan principal balance.

 

13


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

FINANCIAL HIGHLIGHTS (Continued)

Per Share of Common Stock (Unaudited)

    

 

      Total
Dividends
Paid
     Net Asset
Value
     NYSE
Closing Price
     Dividend
Reinvestment
Price
(1)
 

December 30, 2011

   $ 0.1205       $ 9.48       $ 11.20       $ 10.64   

January 31, 2012

     0.0755         9.92         11.54         10.96   

February 29, 2012

     0.0755         10.20         11.98         11.38   

 

(1) 

Whenever the net asset value per share of the Fund’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.

 

14


   

Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

1. Aggregate Information for Federal Income Tax Purposes

At February 29, 2012, the aggregate cost of securities for federal income tax purposes was $177,861,692, the aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $20,774,478 and the aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value was $14,539,102.

 

2. Additional Accounting Standards

Fair Value Measurement: The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

   

Level 1 – quoted prices in active markets for identical securities

 

   

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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’s investments as of February 29, 2012 is as follows:

 

     Total
Value at
February 29, 2012
     Level 1
Quoted
Price
     Level 2
Significant
Observable
Inputs
     Level 3
Significant
Unobservable
Inputs
 

Preferred Securities

           

Banking

   $ 67,376,101       $ 48,269,282       $ 19,095,569       $ 11,250   

Financial Services

     2,245,809         935,073         1,310,391         345   

Insurance

     38,430,749         22,235,421         16,195,328         —     

Utilities

     45,093,427         14,913,086         30,180,341         —     

Energy

     12,130,179         9,214,366         2,915,813         —     

Real Estate Investment Trust (REIT)

     771,700         771,700         —           —     

Miscellaneous Industries

     4,410,225         —           4,410,225         —     

Corporate Debt Securities

     10,611,604         3,317,015         7,294,589         —     

Common Stock

           

Utilities

     764,917         764,917         —           —     

Money Market Fund

     2,262,357         2,262,357         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 184,097,068       $ 102,683,217       $ 81,402,256       $ 11,595   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Fund did not have any significant transfers in and out of Level 1 and Level 2 during the period.

 

15


Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

    

 

The Fund’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 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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

     Preferred Securities  
     Total Investments     Banking     Financial
Services
 

Balance as of 11/30/11

   $ 137,595      $ 137,250      $ 345   

Accrued discounts/premiums

     —          —          —     

Realized gain/(loss)

     —          —          —     

Change in unrealized appreciation/(depreciation)

     (126,000     (126,000     —     

Purchases

     —          —          —     

Sales

     —          —          —     

Transfer in

     —          —          —     

Transfer out

     —          —          —     
  

 

 

   

 

 

   

 

 

 

Balance as of 2/29/12

   $ 11,595      $ 11,250      $ 345   

For the period ended February 29, 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).

 

16


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Directors

Donald F. Crumrine, CFA

Chairman of the Board

David Gale

Morgan Gust

Karen H. Hogan

Robert F. Wulf, CFA

Officers

Donald F. Crumrine, CFA

Chief Executive Officer

Robert M. Ettinger, CFA

President

R. Eric Chadwick, CFA

Chief Financial Officer,

Vice President and Treasurer

Chad C. Conwell

Chief Compliance Officer,

Vice President and Secretary

Bradford S. Stone

Vice President and

Assistant Treasurer

Laurie C. Lodolo

Assistant Compliance Officer,

Assistant Treasurer and

Assistant Secretary

Linda M. Puchalski

Assistant Treasurer

Investment Adviser

Flaherty & Crumrine Incorporated

e-mail: flaherty@pfdincome.com

Questions concerning your shares of Flaherty &

Crumrine Preferred Income Opportunity Fund?

   

If your shares are held in a Brokerage Account, contact your Broker.

   

If you have physical possession of your shares in certificate form, contact the Fund’s Transfer Agent & Shareholder Servicing Agent —

BNY Mellon Investment Servicing

(US) Inc.

P.O. Box 358035

Pittsburgh, PA 15252-8035

1-866-351-7446

This report is sent to shareholders of Flaherty & 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.

 

 

LOGO

 

Quarterly

Report

 

February 29, 2012

 

 

www.preferredincome.com

 
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