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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
Commission File Number 33-20110-02
____________
COOPERATIVE UTILITY TRUST
(BIG RIVERS SERIES)
1988-A3
(Issuer of the Certificates)
CoBANK, ACB
(Exact name of registrant as specified in its charter)
UNITED STATES 84-1102254
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization) Identification No.)
5500 South Quebec Street, Englewood, Colorado 80111
(Address of principal executive offices) (Zip Code)
(303) 740-4000
(Registrant's telephone number, including area code)
__________
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 and 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 X No __
Indicate the number of shares outstanding of each of the
registrant's classes of common stock as of the latest practicable
date: not applicable.
PART I--FINANCIAL INFORMATION
Financial information has not been included in
accordance with the no action letter issued to Louisville Bank
for Cooperatives (now merged into CoBank, ACB) (pub. avail. March
22, 1988) (the "No Action Letter").
PART II--OTHER INFORMATION
Item 1 through item 4 have not been included either
because such items are inapplicable or in accordance with the No
Action Letter.
Item 5. Other Information.
On February 15, 1996, certain distributions were made
by the trustee, as more specifically described in a Semiannual
Report dated February 23, 1996, and delivered to the holders of
the Certificates of Beneficial Interests after such distribution.
This Semiannual Report is filed as Exhibit 21.1 to this report
pursuant to the No Action Letter.
Item 6(b). Reports on Form 8-K.
(a) Exhibits.
21.1 Semiannual Report dated February 23, 1996,
from the CoBank, ACB, as the Servicer, to Holders of Certificates
of Beneficial Interests.
(b) Reports on Form 8-K.
No report on Form 8-k has been filed during the
quarter for which this report is filed.
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.
CoBANK, ACB
April 26, 1996 /s/MARGARET E. NEWELL
Margaret E. Newell
Vice President and Manager of General Accounting
April 26, 1996 /s/ WILLIAM D SNIDER
William D. Snider
Chief Financial Officer
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.
CoBANK, ACB
Apriil 26, 1996
Margaret E. Newell
Vice President and Manager of General Accounting
April 26, 1996
William D. Snider
Chief Financial Officer
EXHIBIT INDEX
Exhibit Sequential
No. Page No.
21.1 Semiannual Report dated February 23, 1996,
6
from CoBank, ACB, as the Servicer,
to Holders of Certificates of Beneficial
Interests.
