<ARTICLE> 6 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <INVESTMENTS-AT-COST> 308,910,348 <INVESTMENTS-AT-VALUE> 308,910,348 <RECEIVABLES> 7,710,725 <ASSETS-OTHER> 4,874,704 <OTHER-ITEMS-ASSETS> 12,780,268 <TOTAL-ASSETS> 334,276,045 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 165,245,422 <OTHER-ITEMS-LIABILITIES> 33,754,273 <TOTAL-LIABILITIES> 198,999,695 <SENIOR-EQUITY> 128,836 <PAID-IN-CAPITAL-COMMON> 130,426,341 <SHARES-COMMON-STOCK> 12,883,596 <SHARES-COMMON-PRIOR> 12,880,296 <ACCUMULATED-NII-CURRENT> 4,721,173 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 0 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 0 <NET-ASSETS> 135,276,350 <DIVIDEND-INCOME> 0 <INTEREST-INCOME> 8,020,714 <OTHER-INCOME> 1,311,450 <EXPENSES-NET> 5,490,866 <NET-INVESTMENT-INCOME> 3,841,298 <REALIZED-GAINS-CURRENT> (3896) <APPREC-INCREASE-CURRENT> 0 <NET-CHANGE-FROM-OPS> 3,837,402 <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 0 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 3,300 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 3,884,840 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 56,504 <INTEREST-EXPENSE> 3,204,475 <GROSS-EXPENSE> 2,286,391 <AVERAGE-NET-ASSETS> 133,333,930 <PER-SHARE-NAV-BEGIN> 11.78 <PER-SHARE-NII> .30 <PER-SHARE-GAIN-APPREC> 0 <PER-SHARE-DIVIDEND> 0 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 10.42 <EXPENSE-RATIO> 2.69 <AVG-DEBT-OUTSTANDING> 179,388,000 <AVG-DEBT-PER-SHARE> 14.98