<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> JUN-30-1998 <CASH> 13,930,000 <SECURITIES> 152,880,839 <RECEIVABLES> 952,166 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 202,531,965 <CURRENT-LIABILITIES> 0 <BONDS> 0 <COMMON> 90,351 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 74,293,984 <TOTAL-LIABILITY-AND-EQUITY> 202,531,965 <SALES> 0 <TOTAL-REVENUES> 3,012,022 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,312,791 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 466,201 <INCOME-PRETAX> 1,241,007 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,241,007 <EPS-PRIMARY> 0 <EPS-DILUTED> 0.14