<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                      138,197,974
<INVESTMENTS-AT-VALUE>                     178,349,799
<RECEIVABLES>                                  898,255
<ASSETS-OTHER>                                  53,778
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             179,301,832
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   76,240,602
<TOTAL-LIABILITIES>                         76,240,602
<SENIOR-EQUITY>                                  4,185
<PAID-IN-CAPITAL-COMMON>                    56,961,329
<SHARES-COMMON-STOCK>                        4,184,766
<SHARES-COMMON-PRIOR>                        3,138,575
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,943,891
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    40,151,825
<NET-ASSETS>                               103,061,230
<DIVIDEND-INCOME>                              364,921
<INTEREST-INCOME>                            1,836,293
<OTHER-INCOME>                                  31,750
<EXPENSES-NET>                               9,502,091
<NET-INVESTMENT-INCOME>                    (7,269,127)
<REALIZED-GAINS-CURRENT>                     3,370,681
<APPREC-INCREASE-CURRENT>                   32,176,557
<NET-CHANGE-FROM-OPS>                       28,278,111
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,046,191
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      41,207,941
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    2,583,206
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        8,441,584
<INTEREST-EXPENSE>                             526,722
<GROSS-EXPENSE>                              9,502,091
<AVERAGE-NET-ASSETS>                        82,457,259
<PER-SHARE-NAV-BEGIN>                            19.71
<PER-SHARE-NII>                                 (1.97)
<PER-SHARE-GAIN-APPREC>                           9.62
<PER-SHARE-DIVIDEND>                              0.04
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              24.63
<EXPENSE-RATIO>                                  11.52
<AVG-DEBT-OUTSTANDING>                       7,215,345
<AVG-DEBT-PER-SHARE>                              1.72
        

</TABLE>