<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FINANCIAL STATEMENTS AT OR FOR THE SIX MONTHS ENDED JUNE 30, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS ON
FORM 10-Q.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                      215,967,964
<INVESTMENTS-AT-VALUE>                     215,896,664
<RECEIVABLES>                                1,969,907
<ASSETS-OTHER>                               3,488,741
<OTHER-ITEMS-ASSETS>                         8,196,244
<TOTAL-ASSETS>                             229,551,556
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   94,127,176
<TOTAL-LIABILITIES>                         94,127,176
<SENIOR-EQUITY>                                128,500
<PAID-IN-CAPITAL-COMMON>                   130,652,980
<SHARES-COMMON-STOCK>                       12,850,000
<SHARES-COMMON-PRIOR>                        8,250,000
<ACCUMULATED-NII-CURRENT>                    2,486,384
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        71,300
<NET-ASSETS>                               133,267,864
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           10,170,767
<OTHER-INCOME>                                 831,983
<EXPENSES-NET>                               2,224,187
<NET-INVESTMENT-INCOME>                      4,254,229
<REALIZED-GAINS-CURRENT>                        26,931
<APPREC-INCREASE-CURRENT>                       25,000
<NET-CHANGE-FROM-OPS>                        4,256,160
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    1,815,000
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,600,000
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      76,780,585
<ACCUMULATED-NII-PRIOR>                        543,306
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          112,500
<INTEREST-EXPENSE>                           4,524,334
<GROSS-EXPENSE>                              6,748,521
<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