[ARTICLE] 6
[CIK] 0000830142
[NAME] ZEXIN INCOME FUND INC.
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   6-MOS
[FISCAL-YEAR-END]                          MAR-31-1997
[PERIOD-END]                               SEP-30-1996
[INVESTMENTS-AT-COST]                      147,449,812
[INVESTMENTS-AT-VALUE]                     151,851,761
[RECEIVABLES]                                4,887,157
[ASSETS-OTHER]                                      62
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             156,738,980
[PAYABLE-FOR-SECURITIES]                     1,865,610
[SENIOR-LONG-TERM-DEBT]                     30,000,000
[OTHER-ITEMS-LIABILITIES]                      565,045
[TOTAL-LIABILITIES]                         32,430,655
[SENIOR-EQUITY]                             30,000,000
[PAID-IN-CAPITAL-COMMON]                   122,263,144
[SHARES-COMMON-STOCK]                       14,492,331
[SHARES-COMMON-PRIOR]                       14,225,059
[ACCUMULATED-NII-CURRENT]                      821,209
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                  (33,177,977)
[ACCUM-APPREC-OR-DEPREC]                     4,401,949
[NET-ASSETS]                               124,308,325
[DIVIDEND-INCOME]                              182,871
[INTEREST-INCOME]                            8,144,301
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,634,193
[NET-INVESTMENT-INCOME]                      6,692,979
[REALIZED-GAINS-CURRENT]                        17,892
[APPREC-INCREASE-CURRENT]                    1,740,417
[NET-CHANGE-FROM-OPS]                        8,451,288
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                    5,161,372
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                        1,050,000
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                            262,272
[NET-CHANGE-IN-ASSETS]                       3,990,358
[ACCUMULATED-NII-PRIOR]                        179,019
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                (33,035,286)
[GROSS-ADVISORY-FEES]                          379,139
[INTEREST-EXPENSE]                             895,903
[GROSS-EXPENSE]                              1,275,042
[AVERAGE-NET-ASSETS]                       120,146,020
[PER-SHARE-NAV-BEGIN]                             6.31
[PER-SHARE-NII]                                   0.48
[PER-SHARE-GAIN-APPREC]                           0.10
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                         0.43
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                               6.46
[EXPENSE-RATIO]                                   2.72
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>