<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