WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. <ARTICLE> 5 <CIK> 0000934665 <NAME> IEC FUNDING CORP. <MULTIPLIER> 1,000 <CURRENCY> US DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <EXCHANGE-RATE> 1 <CASH> 1 <SECURITIES> 0 <RECEIVABLES> 552,050 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 37,689 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 552,051 <CURRENT-LIABILITIES> 37,688 <BONDS> 514,362 <COMMON> 1 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 552,051 <SALES> 0 <TOTAL-REVENUES> 12,484 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 12,484 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 0 <EPS-PRIMARY> 0 <EPS-DILUTED> 0