United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)
Preferred Income Opportunity Fund
(Name of Issuer)
Common Stock
(Title of Class of Securities)
74037H-10-4
(CUSIP Number)
The Commerce Group, Inc.
211 Main Street
Webster, MA 01570
(508) 943-9000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications
June 4, 2003
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box: [X]
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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CUSIP No.: 74037H-10-4 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 7
JUNE 18, 2003
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
The Commerce Group Inc.
ID# 04-2599931
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS [WC]
5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER 3,244,143
SHARED VOTING POWER 0
SOLE DISPOSITIVE POWER 3,244,143
SHARED DISPOSITIVE POWER 0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,244,143
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.5%
14. TYPE OF REPORTING PERSON
[HC]
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CUSIP No.: 74037H-10-4 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 7
JUNE 18, 2003
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of beneficial interest (the
"Shares"), of Preferred Income Opportunity Fund (the "Fund"), a Maryland
business trust registered as an investment company under the Investment
Company Act of 1940, as amended (the "Investment Company Act"). The
principal executive offices of the Fund are located at 301 E. Colorado Blvd,
Ste 720, Pasadena, California, 91101.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (f) This Schedule 13D is being filed by The Commerce Group Inc.
(the "Reporting Person"), a corporation formed under the laws of
Massachusetts. The Reporting Person is a corporation whose principal
offices are located at 211 Main Street Webster, MA 01570. No material
changes have taken place with respect to director or officer information of
the Reporting Person.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
This item is not applicable. This Schedule 13D reports sales of shares
rather than purchases.
ITEM 4. PURPOSE OF TRANSACTION
No material change has taken place since the previous filing.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's reports with the Securities and Exchange Commission
report that 11,395,986 Shares are outstanding. Based upon such number, the
Reporting Person beneficially owns 28.5% of the Fund's outstanding Shares.
(b) Reporting Person is the beneficial owner (through its insurance
subsidiaries as listed below) of 3,244,143 Shares, over which it has sole
power of disposition and voting. Such number of Shares represents
approximately 28.5% of the outstanding Shares.
Shares Cost
The Commerce Insurance Company 3,229,743 $38,826,132
Commerce West Insurance Company 14,400 162,914
Totals 3,244,143 $38,989,046
(c) During the period from May 29, 2003 through June 4, 2003 the
Reporting Person has effected the following sales in the shares of Common
Stock, all of which were made on the New York Stock Exchange (see attached
Annex A). All transactions prior to May 29, 2003 were reported on previous
Schedule 13D filings.
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CUSIP No.: 74037H-10-4 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 7
JUNE 18, 2003
(d) No person other than the Reporting Person has the right to receive
or the power to direct the receipt of dividends from, or the proceeds from
the sale of, the shares of Common Stock owned by the Reporting Person.
(e) It is inapplicable to state the date on which the Reporting Person
ceased to be the beneficial owner of more than five percent of the Common
Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
The Reporting Person does not have any contract, arrangement,
understanding or relationship (legal or otherwise) with any person with
respect to any securities of the Fund, including, but not limited to, the
transfer or voting of any such securities, finders' fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, division
of profits or loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Annex A Item 5(c) Information
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
June 18, 2003 THE COMMERCE GROUP, INC.
Gerald Fels
Executive Vice President &
Chief Financial Officer
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ANNEX A
Item 5 (c) - Information
PFO 74037H-10-4 PREFERRED INCOME OPPORTUNITY FUND
From 05/29/03 - 06/04/03
COMMERCE INSURANCE COMPANY
SALES
TRADE SETTLEMENT SHARES SALE PRICE
DATE DATE SOLD PER SHARE CONSIDERATION
05/29/03 06/03/03 23,300 $12.9000 $ 299,619.27
05/30/03 06/04/03 22,700 12.9000 291,955.96
06/02/03 06/05/03 20,400 12.8789 261,901.26
06/03/03 06/06/03 35,500 12.6561 447,850.52
06/04/03 06/09/03 48,900 12.5215 610,316.69
COMMERCE SALE TOTALS: 150,800 $1,911,643.71
NET COMMERCE SALE TOTAL: 150,800 $1,911,643.71
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