<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET AS OF SEPTEMBER 30, 1995 AND STATEMENT OF OPERATION FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-01-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                           1,044
<SECURITIES>                                 6,871,393
<RECEIVABLES>                                   74,283
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               7,018,069
<CURRENT-LIABILITIES>                                0
<BONDS>                                      6,706,289
<COMMON>                                           100
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     264,380
<TOTAL-LIABILITY-AND-EQUITY>                 7,018,069
<SALES>                                              0
<TOTAL-REVENUES>                               169,958
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                10,045
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             161,386
<INCOME-PRETAX>                                (1,473)
<INCOME-TAX>                                     (500)
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (973)
<EPS-PRIMARY>                                    (.97)
<EPS-DILUTED>                                        0