<TABLE> <S> <C>
 
<ARTICLE>                                                           6 
<SERIES>                                                          
<NAME>                                              BULLION PORTFOLIO
<NUMBER>                                                          001
       
<S>                                                   <C>
<MULTIPLIER>                                                         1
<CURRENCY>                                                           1
<PERIOD-TYPE>                                        YEAR
<FISCAL-YEAR-END>                                    DEC-31-1996
<PERIOD-END>                                         DEC-31-1996
<EXCHANGE-RATE>                                                      1
<INVESTMENTS-AT-COST>                                        2,092,158
<INVESTMENTS-AT-VALUE>                                       2,127,172
<RECEIVABLES>                                                        0
<ASSETS-OTHER>                                                  42,264
<OTHER-ITEMS-ASSETS>                                                 0
<TOTAL-ASSETS>                                               2,169,436
<PAYABLE-FOR-SECURITIES>                                             0
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                        8,458
<TOTAL-LIABILITIES>                                              8,458
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                             0
<SHARES-COMMON-STOCK>                                          148,946
<SHARES-COMMON-PRIOR>                                          167,595
<ACCUMULATED-NII-CURRENT>                                            0
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                 2,160,978
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                                    0
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                   8,381
<NET-INVESTMENT-INCOME>                                         (8,381)
<REALIZED-GAINS-CURRENT>                                        21,678
<APPREC-INCREASE-CURRENT>                                     (110,727)
<NET-CHANGE-FROM-OPS>                                          (97,430)
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                            0
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                              0
<NUMBER-OF-SHARES-REDEEMED>                                   (282,421)
<SHARES-REINVESTED>                                                  0
<NET-CHANGE-IN-ASSETS>                                        (379,851)
<ACCUMULATED-NII-PRIOR>                                              0
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                            4,620
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                 15,210
<AVERAGE-NET-ASSETS>                                         2,394,697
<PER-SHARE-NAV-BEGIN>                                            15.16
<PER-SHARE-NII>                                                   (.05)
<PER-SHARE-GAIN-APPREC>                                           (.60)
<PER-SHARE-DIVIDEND>                                                 0
<PER-SHARE-DISTRIBUTIONS>                                            0
<RETURNS-OF-CAPITAL>                                                 0
<PER-SHARE-NAV-END>                                              14.51
<EXPENSE-RATIO>                                                   .004
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        

</TABLE>