<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from Balance Sheets and Statement of Operations for the first quarter ended March 31, 1996 Form 10Q of Delphi Film Associates III and is qualified in its entirety by reference to such financial statements. <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 164,000 <SECURITIES> 1,118,000 <RECEIVABLES> 1,141,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 2,977,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <COMMON> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 2,943,000 <TOTAL-LIABILITY-AND-EQUITY> 2,977,000 <SALES> 0 <TOTAL-REVENUES> 13,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 63,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 126,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 126,000 <EPS-PRIMARY> 13.00 <EPS-DILUTED> 0