<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                       16,059,543
<INVESTMENTS-AT-VALUE>                      27,000,474
<RECEIVABLES>                                  419,208
<ASSETS-OTHER>                                  75,463
<OTHER-ITEMS-ASSETS>                        21,742,384
<TOTAL-ASSETS>                              49,237,529
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      592,802
<TOTAL-LIABILITIES>                            592,802
<SENIOR-EQUITY>                                 38,105
<PAID-IN-CAPITAL-COMMON>                    37,505,433
<SHARES-COMMON-STOCK>                        3,810,535
<SHARES-COMMON-PRIOR>                        3,810,535
<ACCUMULATED-NII-CURRENT>                    (241,538)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        459,210
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   (1,514,473)
<NET-ASSETS>                                49,237,529
<DIVIDEND-INCOME>                              309,703
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 551,241
<NET-INVESTMENT-INCOME>                      (241,538)
<REALIZED-GAINS-CURRENT>                       459,210
<APPREC-INCREASE-CURRENT>                  (1,514,473)
<NET-CHANGE-FROM-OPS>                      (1,296,801)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     (1,217,997)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          347,665
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                551,241
<AVERAGE-NET-ASSETS>                        49,846,528
<PER-SHARE-NAV-BEGIN>                            13.11
<PER-SHARE-NII>                                  (.06)
<PER-SHARE-GAIN-APPREC>                          (.28)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.77
<EXPENSE-RATIO>                                   .011
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>