<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 13,200 <SECURITIES> 3,691,366 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 3,704,566 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 3,704,566 <CURRENT-LIABILITIES> 283,505 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 3,421,061 <TOTAL-LIABILITY-AND-EQUITY> 3,704,566 <SALES> 0 <TOTAL-REVENUES> 485,324 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 38,871 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 446,453 <EPS-PRIMARY> 0 <EPS-DILUTED> 0