<ARTICLE>                                6

<NUMBER>                                 000
<NAME>                                   Preferred Income Opportunity Fund

                                      
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                                          NOV-30-2000
<PERIOD-START>                                             DEC-01-1999
<PERIOD-END>                                               MAY-31-2000
<INVESTMENTS-AT-COST>                                      195,552,905
<INVESTMENTS-AT-VALUE>                                     181,840,390
<RECEIVABLES>                                                1,957,696
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                            98,801
<TOTAL-ASSETS>                                             183,896,887
<PAYABLE-FOR-SECURITIES>                                       687,163
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                      347,276
<TOTAL-LIABILITIES>                                          1,034,439
<SENIOR-EQUITY>                                             70,000,000
<PAID-IN-CAPITAL-COMMON>                                   128,892,226
<SHARES-COMMON-STOCK>                                       11,151,287
<SHARES-COMMON-PRIOR>                                       11,151,287
<ACCUMULATED-NII-CURRENT>                                       62,433
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                     2,379,696
<ACCUM-APPREC-OR-DEPREC>                                   (13,712,515)
<NET-ASSETS>                                               182,862,448
<DIVIDEND-INCOME>                                            5,054,444
<INTEREST-INCOME>                                            2,221,098
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                (938,691)
<NET-INVESTMENT-INCOME>                                      6,336,851
<REALIZED-GAINS-CURRENT>                                    (1,414,597)
<APPREC-INCREASE-CURRENT>                                   (8,674,170)
<NET-CHANGE-FROM-OPS>                                       (3,751,916)
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                   (7,540,962)
<DISTRIBUTIONS-OF-GAINS>                                    (4,904,183)
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                              0
<NUMBER-OF-SHARES-REDEEMED>                                          0
<SHARES-REINVESTED>                                                  0
<NET-CHANGE-IN-ASSETS>                                     (16,197,061)
<ACCUMULATED-NII-PRIOR>                                      1,266,544
<ACCUMULATED-GAINS-PRIOR>                                    3,939,084
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          535,270
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                938,691
<AVERAGE-NET-ASSETS>                                       189,239,911
<PER-SHARE-NAV-BEGIN>                                            11.50
<PER-SHARE-NII>                                                   0.57
<PER-SHARE-GAIN-APPREC>                                          (0.90)
<PER-SHARE-DIVIDEND>                                             (0.65)
<PER-SHARE-DISTRIBUTIONS>                                        (0.44)
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                              10.08
<EXPENSE-RATIO>                                                   1.58