<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       4,834,399
<SECURITIES>                                24,672,055
<RECEIVABLES>                                  312,008
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              30,288,243
<CURRENT-LIABILITIES>                                0
<BONDS>                                     12,153,685
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     1,446,401
<OTHER-SE>                                  15,976,293
<TOTAL-LIABILITY-AND-EQUITY>                30,288,243
<SALES>                                              0
<TOTAL-REVENUES>                             4,292,200
<CGS>                                                0
<TOTAL-COSTS>                                  977,261
<OTHER-EXPENSES>                                56,137
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             519,077
<INCOME-PRETAX>                              2,739,725
<INCOME-TAX>                                 1,149,000
<INCOME-CONTINUING>                          1,590,725
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,590,725
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                     0.87