<ARTICLE> 6 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> SEP-30-1998 <INVESTMENTS-AT-COST> 34,847,030 <INVESTMENTS-AT-VALUE> 33,227,878 <RECEIVABLES> 340,920 <ASSETS-OTHER> 136,059 <OTHER-ITEMS-ASSETS> 5,232,790 <TOTAL-ASSETS> 38,937,647 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 0 <OTHER-ITEMS-LIABILITIES> 615,844 <TOTAL-LIABILITIES> 615,844 <SENIOR-EQUITY> 0 <PAID-IN-CAPITAL-COMMON> 39,734,975 <SHARES-COMMON-STOCK> 4,247,630 <SHARES-COMMON-PRIOR> 4,250,630 <ACCUMULATED-NII-CURRENT> 0 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> 205,980 <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> (1,619,152) <NET-ASSETS> 38,321,803 <DIVIDEND-INCOME> 7,994 <INTEREST-INCOME> 1,755,956 <OTHER-INCOME> 413,488 <EXPENSES-NET> 987,261 <NET-INVESTMENT-INCOME> 1,190,177 <REALIZED-GAINS-CURRENT> 2,504,583 <APPREC-INCREASE-CURRENT> (5,264,079) <NET-CHANGE-FROM-OPS> (1,569,319) <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 1,190,177 <DISTRIBUTIONS-OF-GAINS> 2,549,201 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 0 <NUMBER-OF-SHARES-REDEEMED> 95,312 <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> (6,175,557) <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 250,595 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 627,979 <INTEREST-EXPENSE> 0 <GROSS-EXPENSE> 987,261 <AVERAGE-NET-ASSETS> 41,409,582 <PER-SHARE-NAV-BEGIN> 10.25 <PER-SHARE-NII> 0.28 <PER-SHARE-GAIN-APPREC> (0.63) <PER-SHARE-DIVIDEND> 0.88 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 9.02 <EXPENSE-RATIO> .024 <AVG-DEBT-OUTSTANDING> 0 <AVG-DEBT-PER-SHARE> 0