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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE JOHN F. MEUSER
TITLE VICE PRESIDENT AND TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 56.57
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> EMERGING GROWTH EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 68279391
<INVESTMENTS-AT-VALUE> 92433656
<RECEIVABLES> 1624459
<ASSETS-OTHER> 18394
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94076509
<PAYABLE-FOR-SECURITIES> 1741750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 198845
<TOTAL-LIABILITIES> 1940595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (14483218)
<SHARES-COMMON-STOCK> 1373656
<SHARES-COMMON-PRIOR> 1419334
<ACCUMULATED-NII-CURRENT> (1781337)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 84246203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24154266
<NET-ASSETS> 92135914
<DIVIDEND-INCOME> 79542
<INTEREST-INCOME> 228561
<OTHER-INCOME> 0
<EXPENSES-NET> 1558522
<NET-INVESTMENT-INCOME> (1250419)
<REALIZED-GAINS-CURRENT> 15317099
<APPREC-INCREASE-CURRENT> 6281307
<NET-CHANGE-FROM-OPS> 20347987
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182662
<NUMBER-OF-SHARES-REDEEMED> 228340
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17510856
<ACCUMULATED-NII-PRIOR> (530918)
<ACCUMULATED-GAINS-PRIOR> 86802063
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 951000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1595195
<AVERAGE-NET-ASSETS> 81152380
<PER-SHARE-NAV-BEGIN> 52.58
<PER-SHARE-NII> (0.90)
<PER-SHARE-GAIN-APPREC> 15.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 67.07
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 42941072
<INVESTMENTS-AT-VALUE> 52377343
<RECEIVABLES> 796802
<ASSETS-OTHER> 15800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53189945
<PAYABLE-FOR-SECURITIES> 855612
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103385
<TOTAL-LIABILITIES> 958997
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (20671712)
<SHARES-COMMON-STOCK> 1316681
<SHARES-COMMON-PRIOR> 1343011
<ACCUMULATED-NII-CURRENT> 17992762
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45473627
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9436271
<NET-ASSETS> 52230948
<DIVIDEND-INCOME> 1325666
<INTEREST-INCOME> 220223
<OTHER-INCOME> 0
<EXPENSES-NET> 582864
<NET-INVESTMENT-INCOME> 963025
<REALIZED-GAINS-CURRENT> 4551286
<APPREC-INCREASE-CURRENT> 3977314
<NET-CHANGE-FROM-OPS> 9491625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171011
<NUMBER-OF-SHARES-REDEEMED> 197341
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8407119
<ACCUMULATED-NII-PRIOR> 17029737
<ACCUMULATED-GAINS-PRIOR> 46381298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 226177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 594484
<AVERAGE-NET-ASSETS> 48536870
<PER-SHARE-NAV-BEGIN> 32.63
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 6.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.67
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33433435
<INVESTMENTS-AT-VALUE> 39130907
<RECEIVABLES> 266468
<ASSETS-OTHER> 566413
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39963788
<PAYABLE-FOR-SECURITIES> 229581
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132254
<TOTAL-LIABILITIES> 361835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3683466
<SHARES-COMMON-STOCK> 875253
<SHARES-COMMON-PRIOR> 773740
<ACCUMULATED-NII-CURRENT> (1553854)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31775452
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5696889
<NET-ASSETS> 39601953
<DIVIDEND-INCOME> 533128
<INTEREST-INCOME> 57740
<OTHER-INCOME> 0
<EXPENSES-NET> 662495
<NET-INVESTMENT-INCOME> (71627)
<REALIZED-GAINS-CURRENT> 3827368
<APPREC-INCREASE-CURRENT> 599795
<NET-CHANGE-FROM-OPS> 4355536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 209851
<NUMBER-OF-SHARES-REDEEMED> 108338
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8458372
<ACCUMULATED-NII-PRIOR> (1482227)
<ACCUMULATED-GAINS-PRIOR> 33045178
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 303439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 682578
<AVERAGE-NET-ASSETS> 36741185
<PER-SHARE-NAV-BEGIN> 40.25
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 5.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 45.25
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> ACTIVELY MANAGED BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 147463093
<INVESTMENTS-AT-VALUE> 148337131
<RECEIVABLES> 1826969
<ASSETS-OTHER> 297653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150461753
<PAYABLE-FOR-SECURITIES> 17801
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139674
<TOTAL-LIABILITIES> 157475
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (30673613)
<SHARES-COMMON-STOCK> 4882232
<SHARES-COMMON-PRIOR> 4736926
<ACCUMULATED-NII-CURRENT> 147350512
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32753341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 874038
<NET-ASSETS> 150304278
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9865990
<OTHER-INCOME> 0
<EXPENSES-NET> 1173614
<NET-INVESTMENT-INCOME> 8692376
<REALIZED-GAINS-CURRENT> (15324)
<APPREC-INCREASE-CURRENT> (2664736)
<NET-CHANGE-FROM-OPS> 6032316
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 942767
<NUMBER-OF-SHARES-REDEEMED> 797462
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10177284
<ACCUMULATED-NII-PRIOR> 13865136
<ACCUMULATED-GAINS-PRIOR> 36287439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 499979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1173614
<AVERAGE-NET-ASSETS> 146463937
<PER-SHARE-NAV-BEGIN> 29.58
<PER-SHARE-NII> 1.80
<PER-SHARE-GAIN-APPREC> (0.59)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.79
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> INTERMEDIATE TERM BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 73194059
<INVESTMENTS-AT-VALUE> 73924740
<RECEIVABLES> 876765
<ASSETS-OTHER> 78066
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74879571
<PAYABLE-FOR-SECURITIES> 25593
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100018
<TOTAL-LIABILITIES> 125611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (59007893)
<SHARES-COMMON-STOCK> 2550981
<SHARES-COMMON-PRIOR> 3230899
<ACCUMULATED-NII-CURRENT> 118583484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14447688
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730681
<NET-ASSETS> 74753960
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5947702
<OTHER-INCOME> 0
<EXPENSES-NET> 828084
<NET-INVESTMENT-INCOME> 5119618
<REALIZED-GAINS-CURRENT> 672005
<APPREC-INCREASE-CURRENT> (2099642)
<NET-CHANGE-FROM-OPS> 3691981
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 289856
<NUMBER-OF-SHARES-REDEEMED> 969774
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (15728029)
<ACCUMULATED-NII-PRIOR> 113463866
<ACCUMULATED-GAINS-PRIOR> 16606006
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 828084
<AVERAGE-NET-ASSETS> 84499608
<PER-SHARE-NAV-BEGIN> 28.01
<PER-SHARE-NII> 1.74
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.30
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> SHORT TERM INVESTMENT FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 26022805
<INVESTMENTS-AT-VALUE> 26017259
<RECEIVABLES> 246203
<ASSETS-OTHER> 187310
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26450772
<PAYABLE-FOR-SECURITIES> 720477
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62208
<TOTAL-LIABILITIES> 782685
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (15329202)
<SHARES-COMMON-STOCK> 1267898
<SHARES-COMMON-PRIOR> 1416638
<ACCUMULATED-NII-CURRENT> 39672924
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1329911
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5546)
<NET-ASSETS> 25668087
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1487757
<OTHER-INCOME> 0
<EXPENSES-NET> 214241
<NET-INVESTMENT-INCOME> 1273516
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (12603)
<NET-CHANGE-FROM-OPS> 1260913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 608462
<NUMBER-OF-SHARES-REDEEMED> 757202
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1691824)
<ACCUMULATED-NII-PRIOR> 38399408
<ACCUMULATED-GAINS-PRIOR> 1336968
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 319691
<AVERAGE-NET-ASSETS> 26764877
<PER-SHARE-NAV-BEGIN> 19.31
<PER-SHARE-NII> 0.94
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.24
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees and Unitholders
RSI Retirement Trust
In planning and performing our audit of the financial statements of RSI
Retirement Trust, a series investment company consisting of the Core Equity
Fund, Emerging Growth Equity Fund, Value Equity Fund, International Equity Fund,
Short-Term Investment Fund, Intermediate-Term Bond Fund and Actively Managed
Bond Fund for the year ended September 30, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of RSI Retirement Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McGladrey and Pullen
New York, New York
November 15, 1996
