<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> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 3,998 <SECURITIES> 172,797 <RECEIVABLES> 29,609 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 206,404 <CURRENT-LIABILITIES> 5,494 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 200,910 <TOTAL-LIABILITY-AND-EQUITY> 206,404 <SALES> 0 <TOTAL-REVENUES> 4,480 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 632 <LOSS-PROVISION> 1 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 3,848 <INCOME-TAX> 0 <INCOME-CONTINUING> 3,848 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,848 <EPS-PRIMARY> .31 <EPS-DILUTED> 0