<ARTICLE>5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 5246845 <SECURITIES> 0 <RECEIVABLES> 171588 <ALLOWANCES> 30365 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 960000 <DEPRECIATION> 63750 <TOTAL-ASSETS> 6284318 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4209316 <TOTAL-LIABILITY-AND-EQUITY> 6284318 <SALES> 0 <TOTAL-REVENUES> 442629 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 49216 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 393413 <INCOME-TAX> 0 <INCOME-CONTINUING> 393413 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 393413 <EPS-PRIMARY> 2.31 <EPS-DILUTED> 0