<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   6-MOS                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1996             JUL-31-1995
<PERIOD-START>                             JUL-31-1996             JUL-31-1995
<PERIOD-END>                               JAN-31-1997             JAN-31-1996
<CASH>                                       2,237,755               2,198,520
<RECEIVABLES>                                  496,552                 250,897
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         13,814,665              13,620,157
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              16,548,972              16,069,574
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     137,618                 128,612
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                       16,411,354              15,940,962
<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                16,548,972              16,069,574
<TRADING-REVENUE>                              827,844                 865,846
<INTEREST-DIVIDENDS>                           682,434               1,204,845
<COMMISSIONS>                                (339,777)               (414,300)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                (35,924)                (52,343)
<INCOME-PRETAX>                              1,134,577               1,604,048
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 1,134,577               1,604,048
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0