<ARTICLE> 6 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <INVESTMENTS-AT-COST> 26,087,553 <INVESTMENTS-AT-VALUE> 27,308,452 <RECEIVABLES> 163,411 <ASSETS-OTHER> 302,487 <OTHER-ITEMS-ASSETS> 15,200,625 <TOTAL-ASSETS> 42,974,975 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 0 <OTHER-ITEMS-LIABILITIES> 735,482 <TOTAL-LIABILITIES> 735,482 <SENIOR-EQUITY> 0 <PAID-IN-CAPITAL-COMMON> 40,601,837 <SHARES-COMMON-STOCK> 4,342,942 <SHARES-COMMON-PRIOR> 4,339,422 <ACCUMULATED-NII-CURRENT> 0 <OVERDISTRIBUTION-NII> 3,148 <ACCUMULATED-NET-GAINS> 419,905 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 1,220,899 <NET-ASSETS> 42,239,493 <DIVIDEND-INCOME> 75,000 <INTEREST-INCOME> 512,913 <OTHER-INCOME> 25,000 <EXPENSES-NET> 359,373 <NET-INVESTMENT-INCOME> 253,540 <REALIZED-GAINS-CURRENT> 419,905 <APPREC-INCREASE-CURRENT> (7,256,685) <NET-CHANGE-FROM-OPS> (6,583,240) <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 347,435 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 3,520 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 64,700 <NET-CHANGE-IN-ASSETS> (6,890,827) <ACCUMULATED-NII-PRIOR> 90,746 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 187,137 <INTEREST-EXPENSE> 0 <GROSS-EXPENSE> 359,373 <AVERAGE-NET-ASSETS> 45,684,907 <PER-SHARE-NAV-BEGIN> 11.32 <PER-SHARE-NII> 0.058 <PER-SHARE-GAIN-APPREC> (1.576) <PER-SHARE-DIVIDEND> 0.08 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 9.73 <EXPENSE-RATIO> 0.008 <AVG-DEBT-OUTSTANDING> 0 <AVG-DEBT-PER-SHARE> 0