<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   6-MOS                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1995             JUL-31-1994
<PERIOD-START>                             JUL-31-1995             JUL-31-1994
<PERIOD-END>                               JAN-31-1996             JAN-31-1995
<CASH>                                       (161,913)                 151,758
<RECEIVABLES>                                  594,112                  92,763
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         18,530,587              18,190,027
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              18,962,786              18,434,548
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     166,965                 161,236
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<COMMON>                                    18,795,821              18,273,312
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                18,962,786              18,434,548
<TRADING-REVENUE>                              865,846             (2,144,962)
<INTEREST-DIVIDENDS>                         1,204,845               1,033,766
<COMMISSIONS>                                (414,300)               (766,060)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                (52,343)                  21,731
<INCOME-PRETAX>                              1,604,048             (1,855,525)
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 1,604,048             (1,855,525)
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0