FEDERAL INSURANCE COMPANY
Endorsement No. 4 Revised
Bond Number: 82052988
NAME OF ASSURED: FLAHERTY & CRUMRINE INCORPORATED/
PREFERRED INCOME OPPORTUNITY FUND
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REVISE ITEM 2. ENDORSEMENT
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on
the DECLARATIONS and substituting the following:
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:
If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such
INSURING CLAUSE and any other reference to such INSURING CLAUSE in this Bond
shall be deemed to be deleted. THERE SHALL BE NO DEDUCTIBLE APPLICABLE TO ANY
LOSS UNDER INSURING CLAUSE 1 SUSTAINED BY ANY INVESTMENT COMPANY.
SINGLE LOSS DEDUCTIBLE
INSURING CLAUSE LIMIT OF LIABILITY AMOUNT
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1. Employee $ 525,000 $ 0
2. On Premises $ 525,000 $ 25,000
3. In Transit $ 525,000 $ 25,000
4. Forgery or Alteration $ n/a $ n/a
5. Extended Forgery $ n/a $ n/a
6. Counterfeit Money $ n/a $ n/a
7. Threats to Person $ n/a $ n/a
8. Computer System $ n/a $ n/a
9. Voice Initiated Funds Transfer Instruction $ n/a $ n/a
10. Uncollectible Items of Deposit $ n/a $ n/a
11. Audit Expense $ 25,000 $ 0
This Endorsement applies to loss discovered after 12:01 a.m. on August 6, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: September 3, 2009 By /S/ ROBERT HAMBURGER
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Authorized Representative
ICAP Bond
Form 17-02-1582 (Ed. 5-98) Page 1