<TABLE> <S> <C>

<PAGE>

<ARTICLE> 6
<LEGEND>
The Statement of Assets and Liabilities at December 31, 1997 and the Statements
of Operations from January 1, 1997 to December 31, 1997
</LEGEND>

<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1997
<PERIOD-START>                             OCT-01-1997             JAN-01-1997
<PERIOD-END>                               DEC-31-1997             DEC-31-1997
<INVESTMENTS-AT-COST>                        1,671,082               1,671,082
<INVESTMENTS-AT-VALUE>                       1,667,879               1,667,879
<RECEIVABLES>                                        0                       0
<ASSETS-OTHER>                                  15,200                  15,200
<OTHER-ITEMS-ASSETS>                           368,618                 368,618
<TOTAL-ASSETS>                               2,054,900               2,054,900
<PAYABLE-FOR-SECURITIES>                             0                       0
<SENIOR-LONG-TERM-DEBT>                              0                       0
<OTHER-ITEMS-LIABILITIES>                       18,531                  18,531
<TOTAL-LIABILITIES>                             18,531                  18,531
<SENIOR-EQUITY>                                      0                       0
<PAID-IN-CAPITAL-COMMON>                     2,083,290               2,083,290
<SHARES-COMMON-STOCK>                        2,210,434               2,210,434
<SHARES-COMMON-PRIOR>                        2,319,333                 250,000
<ACCUMULATED-NII-CURRENT>                            0                       0
<OVERDISTRIBUTION-NII>                               0                       0
<ACCUMULATED-NET-GAINS>                              0                       0
<OVERDISTRIBUTION-GAINS>                             0                       0
<ACCUM-APPREC-OR-DEPREC>                       (1,454)                 (3,203)
<NET-ASSETS>                                 2,036,369               2,036,369
<DIVIDEND-INCOME>                                    0                       0
<INTEREST-INCOME>                               26,493                  74,205
<OTHER-INCOME>                                       0                       0
<EXPENSES-NET>                                  15,569                  52,397
<NET-INVESTMENT-INCOME>                          8,262                  16,588
<REALIZED-GAINS-CURRENT>                             0                       0
<APPREC-INCREASE-CURRENT>                      (1,454)                 (3,203)
<NET-CHANGE-FROM-OPS>                            8,262                  16,588
<EQUALIZATION>                                       0                       0
<DISTRIBUTIONS-OF-INCOME>                            0                       0
<DISTRIBUTIONS-OF-GAINS>                             0                       0
<DISTRIBUTIONS-OTHER>                                0                       0
<NUMBER-OF-SHARES-SOLD>                         35,000               2,104,333
<NUMBER-OF-SHARES-REDEEMED>                    143,899                 143,899
<SHARES-REINVESTED>                                  0                       0
<NET-CHANGE-IN-ASSETS>                          41,823               2,075,142
<ACCUMULATED-NII-PRIOR>                              0                       0
<ACCUMULATED-GAINS-PRIOR>                            0                       0
<OVERDISTRIB-NII-PRIOR>                              0                       0
<OVERDIST-NET-GAINS-PRIOR>                           0                       0
<GROSS-ADVISORY-FEES>                            5,000                   5,000
<INTEREST-EXPENSE>                                   0                  20,367
<GROSS-EXPENSE>                                 15,569                  52,397
<AVERAGE-NET-ASSETS>                         2,015,458                 998,798
<PER-SHARE-NAV-BEGIN>                              .86                   (.16)
<PER-SHARE-NII>                                      0                       0
<PER-SHARE-GAIN-APPREC>                              0                       0
<PER-SHARE-DIVIDEND>                                 0                       0
<PER-SHARE-DISTRIBUTIONS>                            0                       0
<RETURNS-OF-CAPITAL>                                 0                       0
<PER-SHARE-NAV-END>                                .92                     .92
<EXPENSE-RATIO>                                    .01                     .05
<AVG-DEBT-OUTSTANDING>                               0                     500
<AVG-DEBT-PER-SHARE>                                 0                       0


</TABLE>