<ARTICLE> 6 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <INVESTMENTS-AT-COST> 29,400,653 <INVESTMENTS-AT-VALUE> 40,374,405 <RECEIVABLES> 245,694 <ASSETS-OTHER> 177,779 <OTHER-ITEMS-ASSETS> 11,683,088 <TOTAL-ASSETS> 52,480,966 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 418,038 <OTHER-ITEMS-LIABILITIES> 0 <TOTAL-LIABILITIES> 418,038 <SENIOR-EQUITY> 0 <PAID-IN-CAPITAL-COMMON> 40,601,837 <SHARES-COMMON-STOCK> 4,342,942 <SHARES-COMMON-PRIOR> 4,342,942 <ACCUMULATED-NII-CURRENT> 236,755 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 250,584 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> 10,973,752 <NET-ASSETS> 52,062,928 <DIVIDEND-INCOME> 0 <INTEREST-INCOME> 612,181 <OTHER-INCOME> 294,488 <EXPENSES-NET> 288,234 <NET-INVESTMENT-INCOME> 618,435 <REALIZED-GAINS-CURRENT> 0 <APPREC-INCREASE-CURRENT> 7,328,813 <NET-CHANGE-FROM-OPS> 7,947,248 <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 381,680 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 0 <NUMBER-OF-SHARES-REDEEMED> 0 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 7,565,568 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 250,595 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 162,616 <INTEREST-EXPENSE> 0 <GROSS-EXPENSE> 288,234 <AVERAGE-NET-ASSETS> 48,280,144 <PER-SHARE-NAV-BEGIN> 10.25 <PER-SHARE-NII> .14 <PER-SHARE-GAIN-APPREC> 1.69 <PER-SHARE-DIVIDEND> .09 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 11.99 <EXPENSE-RATIO> .006 <AVG-DEBT-OUTSTANDING> 0 <AVG-DEBT-PER-SHARE> 0