Fund Description: Flaherty & Crumrine Preferred Income Opportunity Fund is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The investment objective of the Fund is high current income for holders of its common stock consistent with preservation of capital. FUND STRATEGY: The Fund invests primarily in traditional DRD-eligible preferred securities (i.e., adjustable and fixed rate preferred and preference stocks) and similar hybrid preferred securities. Under normal market conditions, at least 80% of the value of the Fund's net assets will be invested in preferred securities, some or all of which are expected to be hedged. Also, under normal market conditions, the Fund invests at least 25% of its assets in securities issued by utilities and a significant percentage, but no more than 25% of its assets, in securities issued by companies in the banking industry. The Fund may invest up to 25% of its assets at the time of purchase in securities rated below investment grade. The Fund may also invest up to 20% of its total assets in debt securities and up to 15% of its total assets in common stocks. The portions of the Fund's assets invested in various types of preferred, debt or common stock may vary from time to time depending on market conditions. The portion of securities that the Fund will hedge, as well as the types of hedge positions utilized, may also vary significantly from time to time. FUND MANAGEMENT: Flaherty & Crumrine Incorporated, a registered investment adviser, acts as the Fund's investment adviser. The Adviser has been active in the management of portfolios of preferred securities, including related interest rate hedging activities, since 1983.