<ARTICLE> 6
<PERIOD-TYPE>                                12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-INVESTMENT-INCOME>                    (8,266,606)
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<DISTRIBUTIONS-OTHER>                                0
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<PER-SHARE-NII>                                 (2.16)
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