<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 such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 4,008,939 <SECURITIES> 186,005,098<F1> <RECEIVABLES> 1,714,663 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,853,974<F2> <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 199,582,674 <CURRENT-LIABILITIES> 5,386 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 199,389,015<F3> <OTHER-SE> 188,273<F4> <TOTAL-LIABILITY-AND-EQUITY> 199,582,674 <SALES> 0 <TOTAL-REVENUES> 3,666,646<F5> <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 821,028<F6> <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 2,845,618 <INCOME-TAX> 0 <INCOME-CONTINUING> 2,845,618 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,845,618 <EPS-PRIMARY> 0<F7> <EPS-DILUTED> 0<F7> <FN> <F1>Includes Participating Insured Mortgages ("PIMs") of $151,256,748 and mortgage-backed securities ("MBS") of $34,748,350. <F2>Includes prepaid acquisition fees and expenses of $12,331,063 net of accumulated amortization of $6,386,272 and prepaid participation servicing fees of $4,086,532 net of accumulated amortization of $2,177,349. <F3>Represents total equity of General and Limited Partners. General Partners'deficit ($115,645) and Limited Partners' equity $199,504,660. <F4>Unrealized gain on MBS. <F5>Represents interest income on investments in mortgages and cash. <F6>Includes $388,409 of amortization of prepaid fees and expenses. <F7>Net income allocated $85,369 to General Partners and $2,760,249 to Limited Partners. Average net income per Limited Partner interest is $.22 on 12,770,261 Limited Partner interests outstanding. </FN>