MONTHLY DIVIDEND RATE OF 7.3 CENTS
– December 16, 2002 –
Preferred Income Opportunity Fund (NYSE: PFO) today
announced an extra year-end dividend distribution of 10.7 cents per share of
In addition, the Fund will pay its shareholders the regular
monthly dividend rate of 7.3 cents per share.
Both regular and extra dividends consist entirely of net
investment income and will be treated as ordinary income for Federal tax
purposes. No capital gains are included
in these distributions.
The extra year-end dividend reflects the accumulation of
additional income for common shareholders attributable in large part to low
short-term interest rates and the corresponding savings to the Fund on the cost
of its leverage.
Both dividends will be paid on December 31, 2002, to shareholders of record as of December 26, 2002. The expected ex-dividend date is December 20, 2002.
For additional information, contact the Fund’s investment
adviser, Flaherty & Crumrine Incorporated, at 626-795-7300.
Contact person: Peter C. Stimes, Treasurer
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