<ARTICLE> 6
       
                             
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             MAY-29-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      156,212,076
<INVESTMENTS-AT-VALUE>                     156,212,076
<RECEIVABLES>                                1,500,395
<ASSETS-OTHER>                               2,350,585
<OTHER-ITEMS-ASSETS>                        12,938,484
<TOTAL-ASSETS>                             173,001,540
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                  116,309,178
<TOTAL-LIABILITIES>                        116,309,178
<SENIOR-EQUITY>                                 82,500
<PAID-IN-CAPITAL-COMMON>                    56,066,556
<SHARES-COMMON-STOCK>                        8,250,000
<SHARES-COMMON-PRIOR>                        2,500,000
<ACCUMULATED-NII-CURRENT>                      543,306
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                56,692,362
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,392,699
<OTHER-INCOME>                                 151,181
<EXPENSES-NET>                                 301,358
<NET-INVESTMENT-INCOME>                        543,306
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          543,306
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,750,000
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      56,690,362
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           18,750
<INTEREST-EXPENSE>                             699,216
<GROSS-EXPENSE>                              1,000,574
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0