<ARTICLE> 6 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF THE COMPANY FOR THE PERIOD COMMENCING MAY 29, 1996 AND ENDING SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <PERIOD-TYPE> OTHER <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> MAY-29-1996 <PERIOD-END> SEP-30-1996 <INVESTMENTS-AT-COST> 161,811,689 <INVESTMENTS-AT-VALUE> 161,811,689 <RECEIVABLES> 1,554,207 <ASSETS-OTHER> 3,550,443 <OTHER-ITEMS-ASSETS> 7,667,557 <TOTAL-ASSETS> 174,583,896 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 0 <OTHER-ITEMS-LIABILITIES> 116,343,264 <TOTAL-LIABILITIES> 116,343,264 <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> 2,091,576 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 0 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 0 <NET-ASSETS> 58,240,632 <DIVIDEND-INCOME> 0 <INTEREST-INCOME> 5,656,321 <OTHER-INCOME> 543,047 <EXPENSES-NET> 1,334,195 <NET-INVESTMENT-INCOME> 2,065,687 <REALIZED-GAINS-CURRENT> 25,889 <APPREC-INCREASE-CURRENT> 0 <NET-CHANGE-FROM-OPS> 2,091,576 <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 0 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 5,250,000 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 58,238,632 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 75,000 <INTEREST-EXPENSE> 2,799,486 <GROSS-EXPENSE> 4,133,681 <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