<ARTICLE>        5
<LEGEND>         THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
                 EXTRACTED FROM MARCH 31, 1998 QUARTERLY REPORT ON
                 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
                 REFERENCE TO SUCH.
       
                                       
<PERIOD-TYPE>                            3-MOS
<FISCAL-YEAR-END>                        DEC-31-1998
<PERIOD-START>                           MAR-24-1998
<PERIOD-END>                             MAR-31-1998
<CASH>                                             0
<SECURITIES>                             382,890,695
<RECEIVABLES>                              2,950,673
<ALLOWANCES>                                       0
<INVENTORY>                                        0
<CURRENT-ASSETS>                                   0
<PP&E>                                             0
<DEPRECIATION>                                     0
<TOTAL-ASSETS>                           385,841,368
<CURRENT-LIABILITIES>                     88,493,950
<BONDS>                                            0
<PREFERRED-MANDATORY>                              0
<PREFERRED>                                        0
<COMMON>                                 297,171,892
<OTHER-SE>                                   175,526
<TOTAL-LIABILITY-AND-EQUITY>             385,841,368
<SALES>                                            0
<TOTAL-REVENUES>                             215,339
<CGS>                                              0
<TOTAL-COSTS>                                      0
<OTHER-EXPENSES>                              42,143
<LOSS-PROVISION>                                   0
<INTEREST-EXPENSE>                                 0
<INCOME-PRETAX>                              173,196
<INCOME-TAX>                                       0
<INCOME-CONTINUING>                          173,196
<DISCONTINUED>                                     0
<EXTRAORDINARY>                                    0
<CHANGES>                                          0
<NET-INCOME>                                 173,196
<EPS-PRIMARY>                                  0.008
<EPS-DILUTED>                                  0.008