FORM 10-Q

                        SECURITIES & EXCHANGE COMMISSION
                             WASHINGTON, DC 20549


                   Quarterly Report Under Section 13 or 15 (d) of
                   the Securities Exchange Act of 1934


                   For Quarter Ended September 30, 1996

                        Commission File Number:  33-93310 


                             95 TCI, Inc.                                
      (Exact Name of registrant as specified in its charter)

                              Florida                            
    (State or Other Jurisdiction of Incorporation or Organization)          

                            59-3312856                  
                   (IRS Employer Identification Number)


                   150 Second Avenue North, Suite 800
                      St Petersburg, Fl 33701  
                   (Address of Principal Offices)

    
                            (813) 898-1500                  
         (Registrant's Telephone Number, Including Area Code)

Indicate by check mark whether the registrant has (1) 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 than the
registrant was required to file such reports), and (2) been subject to such
filing requirements for the past 90 days.

                   YES   X     NO       

                   Common Stock $1.00 Par Value
                           (Class)

200 Shares of Common Stock Outstanding as of October 24, 1996



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                             95 TCI, INC.

                             Table of Contents


                                                        Page No.

Part I  FINANCIAL INFORMATION

    Item 1. Financial Statements
            Balance Sheet                                  2
            Statement of Operations                        3
            Statement of Cash Flows                        4
            Notes to Financial Statements                  5

    Item 2. Management's Discussion and Analysis of
            Financial Condition and Results of    
            Operations                                     6

Part II  Other Information                                 7




Part 1: Financial Information
Item 1. Financial Statements


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                         95 TCI, Inc.
                        BALANCE SHEET

                        September 30, 1996







    ASSETS

                                               

     Cash ($1,156,369, restricted)                       $1,156,517
    
     Investments in Tax Certificates, at cost             1,494,712

     Investments in Deeded Properties, at cost              431,615
    
     Deferred management fees                               350,850
         
     Offering costs, net of amortization                            58,584      

                                                         $3,492,278
                                                                         
    LIABILITIES AND STOCKHOLDERS' EQUITY

     Liabilities:
          Interest payable                               $   73,005
          Due to shareholders                                10,000
          Debentures payable                              4,867,000  
    
                        Total liabilities                 4,950,005
                                                                 
    
         Stockholders' equity:
         Common stock, $ 1.00 par value;
          7,500 authorized,
          200 issued and outstanding  $     200
          Retained earnings          (1,457,927)         (1,457,727)
        
                                                         $3,492,278  







The accompanying notes are an integral part of these statements.

                               - 2 -
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                              95 TCI, Inc.

                       Statement of Operations
              For The Three & Nine Months Ended September 30, 1996







                                               Three Months    Nine Months

Revenues                                          $125,490      $177,652


Operating Expenses:

   Management fees                                 459,839        594,533
   Interest expense                                184,508        561,912
   Trust management fees                             4,489         13,824
   Professional fees                                 6,257         27,364
   Officers life insurance                                          2,665
   Bank charges                                                        30
   Taxes and licenses                                                 540
   Postage                                                             69
   Miscellaneous expense                                 4            102

Total operating expenses                           655,097      1,201,038 

                                                  
Net Loss                                        $(529,607)   $(1,023,385)  
                                           























The accompanying notes are an integral part of these statements.
        
                            - 3 -

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                              95 TCI, INC. 

                        Statement of Cash Flows
                For The Nine Months Ended September 30, 1996 






    

CASH FLOWS FROM OPERATING ACTIVITIES
 
  Net loss                                   $(1,023,387)

  Adjustments to reconcile net income to
   net cash provided by operating
   activities
    Decrease in liabilities                     (190,695)
    Amortization of offering costs                44,169
    Amortization of deferred management fees     208,132
   
      NET CASH PROVIDED (USED) BY
         OPERATING ACTIVITIES                   (961,781)       

CASH FLOWS FROM FINANCING ACTIVITIES

    Repayments of Debentures                    (993,000)

      NET CASH PROVIDED (USED) BY
         FINANCING ACTIVITIES                   (993,000)

CASH FLOWS FROM INVESTING ACTIVITIES        

   Redemption of tax certificates              2,638,111

      NET CASH PROVIDED (USED) BY
          INVESTING ACTIVITIES                 2,638,111
                      
                       
      NET INCREASE (DECREASE) IN CASH            683,330

CASH AT BEGINNING OF YEAR                        473,187 

CASH AT END OF YEAR                          $ 1,156,517                










    The accompanying notes are an integral part of these statements.

                             - 4 -

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                             95 TCI, Inc.
                        NOTES TO FINANCIAL STATEMENTS
                            September 30, 1996

Note 1 - Summary of organization:

    95 TCI,Inc. (The Company) was formed in the State of Florida on March 10,
    1995 for the purpose of acquiring, selling, exchanging, and disposing of tax
    certificates issued by the counties of the State of Indiana, and to the
    extent necessary, the operation, management, and disposition of properties
    acquired as a result of its ownership of tax certificates. 

    The Company is managed by an affiliated company, TCI Management, Inc.
    (TCI Management). The principal officer of TCI Management has seventeen
    years of experience in identifying, evaluating, acquiring, and selling the
    tax deed property acquired or derived from such tax certificate
    investments.
 

    The Company's primary source of revenues is generated by the redemption of
    tax certificate repayments or through the subsequent sale, exchange or other
    disposition of tax deed property. The tax certificates may be redeemed at a
    price greater than the acquisition cost of the tax certificate.  There have
    been $2,638,111 redemptions to date during the current period.

    The Company currently has $1,494,710 invested in tax certificates, with an
    additional $431,615 invested in real estate to which the Company has taken
    deed.  At this time the Company's best estimates of future revenue to be
    derived from future certificate redemption and real estate sales indicate
    that additional equity capital will be required to continue normal
    operations. 

Note 2 - Summary of significant accounting policies:

    A) Deferred Offering Costs 
 
       Costs of $196,380 incurred in connection with the public note
       offering have been deferred and will be amortized over the life
       of the bonds.  During the period ended September 30, 1996 costs of
       $44,169 have been amortized and expensed as an addition to
       interest expense.
                                                   
    B) Deferred Management Fees

       The Company pays management fees for the identification,
       acquisition and management of tax certificates purchased for
       investment.  These fees were paid in accordance with the  
       management agreement described in note 4, at the time of the
       issuance of the notes described in note 3.  Terms of the agreement
       provide that the fees shall provide for management of the
       portfolio until certificates are sold or redeemed.  The Company
       recognizes as expense a pro rata amount relative to the sale or
       redemption of tax certificates previously purchased plus any
       additional fees in excess of the original contract amount.  Total
       management fees remaining deferred are $350,850, amounts recognized
       as current expense are $594,533.
                                  
                                                                - 5 -          
                             
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                                       95 TCI, Inc.
                             NOTES TO FINANCIAL STATEMENTS
                                  September 30, 1996


    C) Income taxes           

           The shareholders elected to be treated as a Sub-S Corporation for
       tax purposes with the shareholders becoming liable for tax on
       Company taxable income. Therefore, the shareholders will be personally
       liable for substantially all income taxes. 


Note 3 - Debentures Payable 

      The Company has outstanding $4,867,000 of 12% Callable Fixed Rate
      Thirty-Six Month Term Notes. The notes are secured by pledged collateral
      with a book value of $1,926,325, which is described as tax certificates,
      proceeds from redeemed tax certificates and promissory notes from the
      Company to the trustee for tax deed properties acquired by the surrender
      of unredeemed tax certificates.

      SouthTrust acts as trustee for the funds to be invested in pledged
      collateral. The trustee disburses the funds directly to the issuing
      Indiana county and collects the amounts from certificate redemptions, and
      when directed by the Company redeems the debentures.  

Note 4 - Related Party Transactions

     The Company has entered into a management and agency agreement with TCI
     Management, Inc. Under the terms of the agreement the management company
     is to be compensated at a rate of nine percent (9%) of the note offering
     proceeds on a graduated scale. As of September 30, 1996 current these fees
     amounted to $386,400. Certain directors of the Company are shareholders
     and directors of the management company.

     The Company is affiliated with Pritchard, Hubble and Herr, Inc., a
     registered investment advisor. The debentures were offered through
     specified officers and directors of the Company. No commissions were
     paid on account of such sales efforts.  

     Certain shareholders have loaned working capital for operating expenses.
     The loans to date amount to $10,000. The loans will be repaid from
     earnings of the Company, and interest is charged at the rate the
     shareholders pay for the funds. 

Note 5 - Contingencies

         The company in the normal course of operations is involved in
litigation
     with respect to its investment in tax certificates.  Management believes
     that such litigation will have no material financial effect. 



<PAGE>
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES

The issuance of the debentures began on August 15, 1995. The  Company had
raised $10,160,000 from the issuance of these debentures. The proceeds were
earmarked for the purchase of tax certificates at auctions in the State of
Indiana during the fall of 1995. The auctions in which the company participated
resulted in purchases of only $5,068,954 in certificates. The Company
subsequently redeemed $4,300,000 in debentures no longer needed in its
acquisition activities.  Further redemptions have reduced the debenture
balance as of September 30, 1996 to $4,867,000.  Shareholders loaned $80,000
toward startup costs, of this amount $10,000 remains owing. The Company holds
tax certificates and deeded properties with a cost basis of $1,926,325, as of
that date. 

The Company had two major expenditures during this period, the first being
$561,912 in interest expense of which $263,700 was accrued from a prior period.
The second was $594,533 in management fees to TCI Management, Inc. the
management company, of which 316,838 represents fees deferred from a prior
period. 

The management fees to the related company, TCI Management, Inc., which have
totalled $1,043,168 since inception of the contract to cover the management of
the portfolio until liquidation.  Of this amount $350,850 is reflected as a
deferred charge to be amortized as the portfolio is liquidated during the
remainder of portfolio life.

Of the cash on hand, $1,156,369, is on deposit with the escrow agent and its
use is restricted in accordance with the provisions summarized in the footnotes
to the financial statements. 

RESULTS OF OPERATIONS

Revenues in this industry  are generated as the tax certificates redeem.
Additional revenue is generated as the property owners fail to redeem and the
company acquires deed to the underlying property, and subsequently sells the
property in the market place.   The inability of the Company to acquire tax
certificates in the amount originally planned ($12,000,000) has adversely
affected the financial performance of the Company due to the high fixed costs
associated with the offering of debentures and management fees calculated based
on the offering.  Cash flows from portfoerties,  historically are greatest
during the second and third years of existence as sales of deeded properties
increase and greater profits are realized as properties are sold.  Management's
best current estimates of future cash flow indicate that additional equity
capital will be required to continue normal operations. 

                                  - 6 -



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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Not applicable.

Item 2. CHANGES IN THE RIGHTS OF THE COMPANY'S SECURITIES HOLDERS

Not applicable.

Item 3. DEFAULTS BY THE COMPANY ON ITS SENIOR SECURITIES

Not applicable.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

Not applicable.

Item 5. OTHER INFORMATION

Not applicable.

Item 6. EXHIBITS

Not applicable.


    - 7 -
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    SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                         95 TCI, Inc.
                                         (Registrant)



 October 25, 1996                   G. Kurtis Ulrich 
 Date                               G. Kurtis Ulrich, President 
                                   



October 25, 1996