<ARTICLE> 5 <LEGEND> The schedule contains summary financial information extracted from the balance sheet and statement of income and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 2,183,412 <SECURITIES> 87,536,438<F1> <RECEIVABLES> 854,960 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,961,901<F2> <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 92,536,711 <CURRENT-LIABILITIES> 5,221 <BONDS> 0 <COMMON> 91,584,685<F3> <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 946,805<F4> <TOTAL-LIABILITY-AND-EQUITY> 91,536,711 <SALES> 0 <TOTAL-REVENUES> 1,730,583<F5> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 456,984<F6> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 1,273,599 <INCOME-TAX> 0 <INCOME-CONTINUING> 1,273,599 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,273,599 <EPS-PRIMARY> 0<F7> <EPS-DILUTED> 0<F7> <FN> <F1>Includes the following investments: Participating Insured Mortgages ("PIMs") $59,162,011 and mortgage-backed securities ("MBS") $28,374,427. <F2>Includes prepaid acquisition fees and expenses of $6,120,508 net of accumulated amortization of $4,615,215 and prepaid participation servicing fees of $2,399,999 net of accumulated amortization of $1,943,391. <F3>Represents total equity of General Partners and Limited Partners. General Partners deficit ($180,224) and Limited Partners equity of $91,764,909. <F4>Unrealized gain on MBS <F5>Represents interest income on investments in mortgages and cash. <F6>Includes $239,625 of amortization related to prepaid fees and expenses. <F7>Net income allocated $38,208 to the General Partners and $1,235,391 to the Limited Partners. Average net income per Limited Partner interest is $.16 on 7,500,099 Limited Partner interests outstanding. </FN>