<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                        8,386,242
<INVESTMENTS-AT-VALUE>                      10,883,525
<RECEIVABLES>                                      646
<ASSETS-OTHER>                                   4,543
<OTHER-ITEMS-ASSETS>                        31,667,878
<TOTAL-ASSETS>                              42,556,592
<PAYABLE-FOR-SECURITIES>                     1,500,100
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      588,695
<TOTAL-LIABILITIES>                          2,088,795
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,649,526
<SHARES-COMMON-STOCK>                        3,810,535
<SHARES-COMMON-PRIOR>                        3,660,535
<ACCUMULATED-NII-CURRENT>                     (90,484)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        411,472
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,497,283
<NET-ASSETS>                                40,467,797
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,267,303
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,287,565
<NET-INVESTMENT-INCOME>                       (20,262)
<REALIZED-GAINS-CURRENT>                       411,472
<APPREC-INCREASE-CURRENT>                    2,497,283
<NET-CHANGE-FROM-OPS>                        2,888,493
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (63,000)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        150,000
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       4,325,493
<ACCUMULATED-NII-PRIOR>                        (7,222)
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          845,642
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,287,565
<AVERAGE-NET-ASSETS>                        38,450,529
<PER-SHARE-NAV-BEGIN>                             9.87
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                            .77
<PER-SHARE-DIVIDEND>                             (.02)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                               .01
<PER-SHARE-NAV-END>                              10.62
<EXPENSE-RATIO>                                    .04
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>