<ARTICLE> 6 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> JUN-30-1997 <INVESTMENTS-AT-COST> 178,518,474 <INVESTMENTS-AT-VALUE> 262,982,625 <RECEIVABLES> 456,730 <ASSETS-OTHER> 57,576 <OTHER-ITEMS-ASSETS> 0 <TOTAL-ASSETS> 263,496,931 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 0 <OTHER-ITEMS-LIABILITIES> 108,978,324 <TOTAL-LIABILITIES> 108,978,324 <SENIOR-EQUITY> 4,761 <PAID-IN-CAPITAL-COMMON> 67,912,124 <SHARES-COMMON-STOCK> 4,760,655 <SHARES-COMMON-PRIOR> 4,300,682 <ACCUMULATED-NII-CURRENT> 0 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 2,137,571 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 84,464,151 <NET-ASSETS> 154,518,607 <DIVIDEND-INCOME> 540,776 <INTEREST-INCOME> 814,088 <OTHER-INCOME> 101,250 <EXPENSES-NET> 2,688,365 <NET-INVESTMENT-INCOME> (1,232,251) <REALIZED-GAINS-CURRENT> (1,475,666) <APPREC-INCREASE-CURRENT> 42,792,687 <NET-CHANGE-FROM-OPS> 40,084,770 <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 0 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 459,973 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 40,084,770 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 1,779,002 <INTEREST-EXPENSE> 225,773 <GROSS-EXPENSE> 2,688,365 <AVERAGE-NET-ASSETS> 128,870,957 <PER-SHARE-NAV-BEGIN> 24.00 <PER-SHARE-NII> (0.26) <PER-SHARE-GAIN-APPREC> 8.72 <PER-SHARE-DIVIDEND> 0 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 32.46 <EXPENSE-RATIO> 2.09 <AVG-DEBT-OUTSTANDING> 4,443,204 <AVG-DEBT-PER-SHARE> 0.93