UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-K/A

(Mark One)

[XX]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
         EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended  December 31, 1995
                          ------------------------------------------------------
                                      OR

[  ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
         EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from_______________________________ to________________

Commission file number              0-17532
                       ---------------------------------------------------------

              American Income Partners III-D Limited Partnership
- --------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

 Massachusetts                                      04-6579994
- ---------------------------------------------       ----------------------------
 (State or other jurisdiction of                    (IRS Employer
 incorporation or organization)                     Identification No.)

 98 N. Washington St., Fifth Floor, Boston, MA      02114
- -----------------------------------------------     ----------------------------
 (Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code     (617) 854-5800
                                                  ------------------------------
Securities registered pursuant to Section 12(b) of the Act        NONE
                                                          ----------------------
        Title of each class            Name of each exchange on which registered
- ------------------------------         -----------------------------------------
- ------------------------------         -----------------------------------------

Securities registered pursuant to Section 12(g) of the Act:

           519,926  Units Representing Limited Partnership Interest
- --------------------------------------------------------------------------------
                               (Title of class)

- --------------------------------------------------------------------------------
                               (Title of class)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes XX   No
                                             ----    ----
         State the aggregate market value of the voting stock held by
nonaffiliates of the registrant. Not applicable. Securities are nonvoting for
this purpose. Refer to Item 12 for further information.

                      DOCUMENTS INCORPORATED BY REFERENCE
      Portions of the Registrant's Annual Report to security holders for
               the year ended December 31, 1995 (Part I and II)

 

 

PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K.
- --------------------------------------------------------------------------
                                                                       
        (a)  Documents filed as part of this report:

             (1)    Financial Statements:
                    
                    Report of Independent Auditors.............................*
                    
                    Statement of Financial Position
                    at December 31, 1995 and 1994..............................*
                    
                    Statement of Operations
                    for the years ended December 31, 1995, 1994 and 1993.......*
                    
                    Statement of Changes in Partners' Capital
                    for the years ended December 31, 1995, 1994 and 1993.......*
                    
                    Statement of Cash Flows
                    for the years ended December 31, 1995, 1994 and 1993.......*
                    
                    Notes to the Financial Statements..........................*
                    
             (2)    Financial Statement Schedules:
                    
                    None required.
                    
             (3)    Exhibits:
                    
                    Except as set forth  below,  all Exhibits to Form 10-K,
                    as set  forth in Item 601 of  Regulation  S-K,  are not
                    applicable.

          Exhibit
          Number
        ---------- 

            4       Amended and Restated Agreement and Certificate of Limited
                    Partnership included as Exhibit A to the Prospectus which is
                    included in Registration Statement on Form S-1 
                    (No. 33-11160).
                    
           13       The 1995 Annual Report to security holders, a copy of which
                    is furnished for the information of the Securities and
                    Exchange Commission. Such Report, except for those portions
                    thereof which are incorporated herein by reference, is not
                    deemed "filed" with the Commission.
                    
           23       Consent of Independent Auditors.
                    
           99 (a)   Lease agreement with Marsh Supermarkets, Inc. was filed in
                    the Registrant's Annual Report on Form 10-K for the year
                    ended December 31, 1991 as Exhibit 28 (c) and is
                    incorporated herein by reference.


*  Incorporated herein by reference to the appropriate portion of the 1995
   Annual Report to security holders for the year ended December 31, 1995. 
   (See Part II)

 
 
 

          Exhibit
          Number
        ---------
                  
           99 (b)   Lease agreement with Northwest Airlines, Inc. was filed in
                    the Registrant's Annual Report on Form 10-K for the year
                    ended December 31, 1991 as Exhibit 28 (d) and is
                    incorporated herein by reference.
                    
                    
           99       (c) Lease agreement with Equicor, Incorporated was filed in
                    the Registrant's Annual Report on Form 10-K for the year
                    ended December 31, 1994 as Exhibit 28 (e) and is
                    incorporated herein by reference.
                    
           99       (d) Lease agreement with ING Aviation Lease is filed in the
                    Registrant's Annual Report on Form 10-K for the year ended
                    December 31, 1995 and is included herein.


        (b) Reports on Form 8-K

        None.
 

 
                                  SIGNATURES

        Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
this  report  has been  signed  below on  behalf  of the  registrant  and in the
capacity and on the date indicated.


              AMERICAN INCOME PARTNERS III-D LIMITED PARTNERSHIP


                         By: AFG Leasing Incorporated,
                         a Massachusetts corporation and the
                         Managing General Partner of the Registrant.






By:  /s/  Geoffrey A. MacDonald                    By: /s/  Gary D. Engle
   ----------------------------                       --------------------------
Geoffrey A. MacDonald                              Gary D. Engle
Chief Executive Officer,                           President and Chief Operating
Chairman, and a member of the                      Officer and a member of the
Executive Committee of AFG and                     Executive Committee of AFG
President and a Director of the                    (Principal Financial Officer)
Managing General Partner
(Principal Executive Officer)



Date:   April 9, 1996                             Date:   April 9, 1996
     --------------------------                        -------------------------





By:  /s/  Gary M. Romano
   ----------------------------
Gary M. Romano
Vice President and Controller
of AFG and Clerk of the Managing General
Partner
(Principal Accounting Officer)



Date:    April 9, 1996
     --------------------------