<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                      138,462,450
<INVESTMENTS-AT-VALUE>                     186,481,499
<RECEIVABLES>                                  408,025
<ASSETS-OTHER>                                 343,365
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             187,232,889
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   82,416,109
<TOTAL-LIABILITIES>                         82,416,109
<SENIOR-EQUITY>                                  4,301
<PAID-IN-CAPITAL-COMMON>                    57,116,147
<SHARES-COMMON-STOCK>                        4,300,682
<SHARES-COMMON-PRIOR>                        4,300,682
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (322,717)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    48,019,049
<NET-ASSETS>                               104,816,780
<DIVIDEND-INCOME>                              160,146
<INTEREST-INCOME>                              397,332
<OTHER-INCOME>                                   6,250
<EXPENSES-NET>                               1,381,887
<NET-INVESTMENT-INCOME>                      (818,159)
<REALIZED-GAINS-CURRENT>                   (3,935,954)
<APPREC-INCREASE-CURRENT>                    6,347,585
<NET-CHANGE-FROM-OPS>                        1,593,472
<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>                       1,593,472
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,006,409
<INTEREST-EXPENSE>                              77,767
<GROSS-EXPENSE>                              1,381,887
<AVERAGE-NET-ASSETS>                       104,020,044
<PER-SHARE-NAV-BEGIN>                            24.00
<PER-SHARE-NII>                                 (0.19)
<PER-SHARE-GAIN-APPREC>                           0.56
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              24.37
<EXPENSE-RATIO>                                   1.33
<AVG-DEBT-OUTSTANDING>                       3,259,444
<AVG-DEBT-PER-SHARE>                              0.76
        

</TABLE>