<ARTICLE> 5 <LEGEND> The schedule contains summary financial information extracted from the balance sheet and statement of income and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 11,375,426 <SECURITIES> 272,473,003<F1> <RECEIVABLES> 2,066,384 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 17,781,029<F2> <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 303,695,842 <CURRENT-LIABILITIES> 1,312,722<F3> <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 302,764,362 <OTHER-SE> (381,242)<F4> <TOTAL-LIABILITY-AND-EQUITY> 303,695,842 <SALES> 0 <TOTAL-REVENUES> 5,234,390<F5> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,259,387<F6> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 3,975,003 <INCOME-TAX> 0 <INCOME-CONTINUING> 3,975,003 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,975,003 <EPS-PRIMARY> .22 <EPS-DILUTED> 0 <FN> <F1>Includes Participating Insured Mortgage Investments ("PIMIs")(insured mortgages of $150,421,994 and Additional Loans of $29,952,351), Participating Insured Mortgages ("PIMs") of $46,932,699 and Mortgage-backed securities ("MBS") of $45,165,959. <F2>Includes prepaid acquisition fees and expenses of $16,483,642 net of accumulated amortization of $3,319,663 and prepaid participation servicing fees of $5,494,547 net of accumulated amortization of $877,497. <F3>Includes deferred income on Additional Loans of $1,304,338. <F4>Unrealized loss on MBS. <F5>Represents interest income on investments in mortgages and cash. <F6>Includes $515,944 of amortization of prepaid fees and expenses. </FN>