<TABLE>
1717 K Street, NW, Suite 707
Washington, DC 20006-1504
Telephone (202) 331-8055
Fax (202) 331-8190
TIN: 52-6220193
Participant I.D.: BTT027
TIN: 52-6127745
Distributions are: Reinvested
Mr. Dave Stupar, Executive Director
Bricklayers & Trowel Trades
Int'l. Pension Fund
815 Fifteenth Street, N.W.
Washington, DC 20005
<CAPTION>
Investment
Summary
January 1, 1997 -
January 31, 1997
Transactions
Market
Value Units this Total Investment
Date Description Dollar Amount per Unit
Transaction Units Balance
<S> <C> <C> <C>
<C> <C> <C>
01/01/96 Beginning Balance
$1,072.9827 34,988.9825 $37,542,572.91
01/31/96 Income of $6.5469/unit 229,068.65
01/31/96 Reinvestment of Income 229,068.65
1,070.4540 213.9921 35,202.9746 37,683,164.97
01/31/96 Ending Balance
$1,070.4540 35,202.9746 $37,683,164.97
<CAPTION>
Monthly Income Per
Unit
Ordinary Income Capital Gains
Operating Expenses Net Income
$7.0626587195 0.0000000000
(0.5157794091) 6.5468793104
Performance
Type of Return 1-Month 3-Month 1-Year
3-Year 5-Year 10-Year Inception-to-Date
<S> <C> <C> <C>
<C> <C> <C> <C>
Trust Time-Weighted, Gross 0.43% 1.71% 5.21%
7.42% 8.02% N/A --
Trust Time-Weighted, Net 0.37% 1.59% 4.73%
6.90% 7.51% N/A --
Participant Dollar-Weighted, Net 0.37% 1.59% 4.70%
6.86% 7.46% N/A 9.48%
<FN>
<F1>
Note: Returns greater than one
year are annualized.
All performance figures presented herein are based upon
historical results and do not assure future performance.
Units may be worth more or less at
redemption than at original purchase.
</FN>
</TABLE>