<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> 6,717,390 <SECURITIES> 195,780,623<F1> <RECEIVABLES> 2,001,364 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 6,335,010<F2> <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 210,834,387 <CURRENT-LIABILITIES> 5,361 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 210,368,807<F3> <OTHER-SE> 460,219<F4> <TOTAL-LIABILITY-AND-EQUITY> 210,834,387 <SALES> 0 <TOTAL-REVENUES> 3,998,769<F5> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 913,853<F6> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 3,084,916 <INCOME-TAX> 0 <INCOME-CONTINUING> 3,084,916 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,084,916 <EPS-PRIMARY> 0<F7> <EPS-DILUTED> 0<F7> <FN> <F1>Includes Participating Insured Mortgages ("PIMs") of $152,636,458 and mortgage-backed securities ("MBS") of $43,144,165. <F2>Includes prepaid acquisition fees and expenses of $12,168,877 net of accumulated amortization of $6,954,567 and prepaid participation servicing fees of $3,765,596 net of accumulated amortization of $2,313,558. <F3>Represents total equity of General and Limited Partners. General Partners'deficit of ($168,964) and Limited Partners' equity of $210,537,771. <F4>Unrealized gain on MBS. <F6>Includes $436,619 of amortization related to prepaid fees and expenses. <F5>Represents interest income on investments in mortgages and cash. <F7>Net income allocated $92,547 to General Partners and $2,992,369 to Limited Partners. Average net income per Limited Partner interest is $.20 on 14,655,512 Limited Partner interests outstanding. </FN>