The Flaherty & Crumrine Preferred and Income Opportunity Fund ("PFO") is a closed-end, diversified investment company which invests at least 80% of its managed assets in a portfolio of preferred and other income-producing securities. It commenced investment operations in February, 1992 through an initial public offering of common stock. The Fund also uses financial leverage as a strategy to achive its investment objective. At March 1, 2021 there were 12,740,934 common shares outstanding. PFO concentrates its investments in the financial services sector. Positions will vary from time to time, but normally financial services companies will each account for at least 25% of the Fund's portfolio. Naturally, the Fund will be significantly impacted by developments affecting these types of companies. The investment objective of the Fund is high current income for holders of its common stock consistent with preservation of capital.