<TABLE> <S> <C>

<ARTICLE> 6
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                        2,798,494
<INVESTMENTS-AT-VALUE>                       2,923,158
<RECEIVABLES>                                    7,812
<ASSETS-OTHER>                                 105,874
<OTHER-ITEMS-ASSETS>                           520,357
<TOTAL-ASSETS>                               3,557,201
<PAYABLE-FOR-SECURITIES>                       137,849
<SENIOR-LONG-TERM-DEBT>                        344,203
<OTHER-ITEMS-LIABILITIES>                      671,145
<TOTAL-LIABILITIES>                          1,153,197
<SENIOR-EQUITY>                              2,404,004
<PAID-IN-CAPITAL-COMMON>                     2,901,243
<SHARES-COMMON-STOCK>                          640,256
<SHARES-COMMON-PRIOR>                          640,256
<ACCUMULATED-NII-CURRENT>                  (2,098,488)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      1,495,369
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        99,477
<NET-ASSETS>                                 2,404,004
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               29,639
<OTHER-INCOME>                                  26,567
<EXPENSES-NET>                                 235,595
<NET-INVESTMENT-INCOME>                      (179,389)
<REALIZED-GAINS-CURRENT>                       210,032
<APPREC-INCREASE-CURRENT>                       68,559
<NET-CHANGE-FROM-OPS>                           99,202
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          99,202
<ACCUMULATED-NII-PRIOR>                    (1,919,099)
<ACCUMULATED-GAINS-PRIOR>                    1,285,337
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                              35,561
<GROSS-EXPENSE>                                235,595
<AVERAGE-NET-ASSETS>                         2,354,403
<PER-SHARE-NAV-BEGIN>                             3.60
<PER-SHARE-NII>                                  (.28)
<PER-SHARE-GAIN-APPREC>                            .43
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               3.75
<EXPENSE-RATIO>                                    .10
<AVG-DEBT-OUTSTANDING>                         117,798
<AVG-DEBT-PER-SHARE>                               .18
        

</TABLE>