<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,984,646 <SECURITIES> 0 <RECEIVABLES> 98,939 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,083,585 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 4,651,249 <CURRENT-LIABILITIES> 13,736 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,637,513 <TOTAL-LIABILITY-AND-EQUITY> 4,651,249 <SALES> 0 <TOTAL-REVENUES> 196,405 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 67,502 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 128,903 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 128,903 <EPS-PRIMARY> .07 <EPS-DILUTED> 0