<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED
FROM THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH QUARTERLY REPORT ON FORM 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                           3,921
<SECURITIES>                                   189,164
<RECEIVABLES>                                   29,557
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 222,960
<CURRENT-LIABILITIES>                            4,324
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                     218,307
<TOTAL-LIABILITY-AND-EQUITY>                   222,960
<SALES>                                              0
<TOTAL-REVENUES>                                 4,612
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   683
<LOSS-PROVISION>                                     1
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                  3,928
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              3,928
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,928
<EPS-PRIMARY>                                      .31
<EPS-DILUTED>                                        0