<TABLE> <S> <C>


<ARTICLE>                   6
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              MAR-31-1997
<PERIOD-END>                                   DEC-31-1996
<INVESTMENTS-AT-COST>                           20,063,105
<INVESTMENTS-AT-VALUE>                          19,768,656
<RECEIVABLES>                                            0
<ASSETS-OTHER>                                     502,745
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                  20,271,401
<PAYABLE-FOR-SECURITIES>                                 0
<SENIOR-LONG-TERM-DEBT>                          9,832,456
<OTHER-ITEMS-LIABILITIES>                          191,630
<TOTAL-LIABILITIES>                             10,024,086
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                        10,901,063
<SHARES-COMMON-STOCK>                            5,023,361
<SHARES-COMMON-PRIOR>                            5,023,361
<ACCUMULATED-NII-CURRENT>                         (359,299)
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  0
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                          (294,449)
<NET-ASSETS>                                    10,247,315
<DIVIDEND-INCOME>                                        0
<INTEREST-INCOME>                                  865,958
<OTHER-INCOME>                                     169,107
<EXPENSES-NET>                                   1,200,426
<NET-INVESTMENT-INCOME>                           (165,361)
<REALIZED-GAINS-CURRENT>                           124,960
<APPREC-INCREASE-CURRENT>                           22,246
<NET-CHANGE-FROM-OPS>                              (18,155)
<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>                             (18,155)
<ACCUMULATED-NII-PRIOR>                                  0
<ACCUMULATED-GAINS-PRIOR>                                0
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                               0
<GROSS-ADVISORY-FEES>                                    0
<INTEREST-EXPENSE>                                 568,129
<GROSS-EXPENSE>                                  1,200,426
<AVERAGE-NET-ASSETS>                            10,256,393
<PER-SHARE-NAV-BEGIN>                                 2.04
<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>                                   2.04
<EXPENSE-RATIO>                                      11.70
<AVG-DEBT-OUTSTANDING>                           8,919,827
<AVG-DEBT-PER-SHARE>                                  1.78
        


</TABLE>