<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                           DEC-31-1999
<PERIOD-END>                                MAR-31-1999
<INVESTMENTS-AT-COST>                       171,389,349  
<INVESTMENTS-AT-VALUE>                      204,123,030  
<RECEIVABLES>                                   799,021  
<ASSETS-OTHER>                                   25,496  
<OTHER-ITEMS-ASSETS>                                  0  
<TOTAL-ASSETS>                              204,947,547  
<PAYABLE-FOR-SECURITIES>                              0  
<SENIOR-LONG-TERM-DEBT>                               0  
<OTHER-ITEMS-LIABILITIES>                    97,678,616  
<TOTAL-LIABILITIES>                          97,678,616  
<SENIOR-EQUITY>                              29,102,040  
<PAID-IN-CAPITAL-COMMON>                     78,166,891  
<SHARES-COMMON-STOCK>                         4,954,304  
<SHARES-COMMON-PRIOR>                         4,954,304  
<ACCUMULATED-NII-CURRENT>                             0  
<OVERDISTRIBUTION-NII>                                0  
<ACCUMULATED-NET-GAINS>                     (3,636,595)  
<OVERDISTRIBUTION-GAINS>                              0  
<ACCUM-APPREC-OR-DEPREC>                     32,733,681  
<NET-ASSETS>                                107,268,931  
<DIVIDEND-INCOME>                               226,064  
<INTEREST-INCOME>                               931,023  
<OTHER-INCOME>                                   18,750  
<EXPENSES-NET>                                1,416,722  
<NET-INVESTMENT-INCOME>                       (240,885)  
<REALIZED-GAINS-CURRENT>                      2,932,804  
<APPREC-INCREASE-CURRENT>                   (11,578,016)  
<NET-CHANGE-FROM-OPS>                        (8,886,097)  
<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>                       (8,886,097)  
<ACCUMULATED-NII-PRIOR>                               0  
<ACCUMULATED-GAINS-PRIOR>                             0  
<OVERDISTRIB-NII-PRIOR>                               0  
<OVERDIST-NET-GAINS-PRIOR>                            0  
<GROSS-ADVISORY-FEES>                           536,345  
<INTEREST-EXPENSE>                              718,170  
<GROSS-EXPENSE>                               1,416,722  
<AVERAGE-NET-ASSETS>                        111,711,980  
<PER-SHARE-NAV-BEGIN>                             23.45  
<PER-SHARE-NII>                                   (0.05)  
<PER-SHARE-GAIN-APPREC>                           (1.75)  
<PER-SHARE-DIVIDEND>                                  0  
<PER-SHARE-DISTRIBUTIONS>                             0  
<RETURNS-OF-CAPITAL>                                  0  
<PER-SHARE-NAV-END>                               21.65  
<EXPENSE-RATIO>                                    1.27  
<AVG-DEBT-OUTSTANDING>                       40,179,444  
<AVG-DEBT-PER-SHARE>                               8.11  
                                                         

</TABLE>