<ARTICLE> 6 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <INVESTMENTS-AT-COST> 185,253,819 <INVESTMENTS-AT-VALUE> 185,207,519 <RECEIVABLES> 1,801,377 <ASSETS-OTHER> 3,970,990 <OTHER-ITEMS-ASSETS> 8,854,934 <TOTAL-ASSETS> 199,834,820 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 0 <OTHER-ITEMS-LIABILITIES> 139,211,089 <TOTAL-LIABILITIES> 139,211,089 <SENIOR-EQUITY> 82,500 <PAID-IN-CAPITAL-COMMON> 56,359,555 <SHARES-COMMON-STOCK> 8,250,000 <SHARES-COMMON-PRIOR> 2,500,000 <ACCUMULATED-NII-CURRENT> 1,844,560 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 0 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 46,300 <NET-ASSETS> 58,286,615 <DIVIDEND-INCOME> 0 <INTEREST-INCOME> 4,885,264 <OTHER-INCOME> 441,363 <EXPENSES-NET> 1,130,339 <NET-INVESTMENT-INCOME> 1,767,636 <REALIZED-GAINS-CURRENT> 31,700 <APPREC-INCREASE-CURRENT> 0 <NET-CHANGE-FROM-OPS> 1,799,336 <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 1,732,500 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 0 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 1,799,336 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 56,250 <INTEREST-EXPENSE> 2,428,652 <GROSS-EXPENSE> 3,558,991 <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