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028 G010800 1679671
028 G020800 0
028 G030800 0
028 G040800 202287
028 H000800 0
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 10000000
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
<PAGE>
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 1
072 B000800 0
072 C000800 0
072 D000800 0
072 E000800 4188
072 F000800 0
072 G000800 38
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 10
072 M000800 1
072 N000800 471
072 O000800 1
072 P000800 0
072 Q000800 0
072 R000800 4
072 S000800 1
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 526
072 Y000800 526
072 Z000800 4188
072AA000800 17
072BB000800 0
<PAGE>
072CC010800 0
072CC020800 0
072DD010800 4188
072DD020800 0
072EE000800 0
073 A010800 0.0031
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 1481589
074 J000800 0
074 K000800 488
074 L000800 0
074 M000800 10
074 N000800 1482087
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 4686
074 S000800 0
074 T000800 1477401
074 U010800 1477384
074 U020800 0
074 V010800 1.00
074 V020800 0.00
074 W000800 1.0001
074 X000800 1
074 Y000800 0
075 A000800 1322284
075 B000800 0
076 000800 0.00
SIGNATURE DAVID J. KEALEY
TITLE FUND ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Institutional Cash Management Fund Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000862157
<NAME> INSTITUTIONAL CASH MANAGEMENT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1011457730
<INVESTMENTS-AT-VALUE> 1011457730
<RECEIVABLES> 66941
<ASSETS-OTHER> 27497
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1011552168
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 677756
<TOTAL-LIABILITIES> 677756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1011568872
<SHARES-COMMON-STOCK> 1011568872
<SHARES-COMMON-PRIOR> 664912250
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (694460)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1010874412
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 37803062
<EXPENSES-NET> 327340
<NET-INVESTMENT-INCOME> 37475722
<REALIZED-GAINS-CURRENT> 69289
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 37545011
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37475722
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9449379844
<NUMBER-OF-SHARES-REDEEMED> 9131737120
<SHARES-REINVESTED> 29013898
<NET-CHANGE-IN-ASSETS> 346725911
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (763749)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 456570
<AVERAGE-NET-ASSETS> 654690855
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Institutional Treasury Money Fund Annual Report dated December 31, 1995, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000862157
<NAME> INSTITUTIONAL TREASURY MONEY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1325387722
<INVESTMENTS-AT-VALUE> 1325387722
<RECEIVABLES> 194636
<ASSETS-OTHER> 4002
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1325586360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 517077
<TOTAL-LIABILITIES> 517077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1325057506
<SHARES-COMMON-STOCK> 1325057506
<SHARES-COMMON-PRIOR> 182124070
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11777
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1325069283
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 30608120
<EXPENSES-NET> 274216
<NET-INVESTMENT-INCOME> 30333904
<REALIZED-GAINS-CURRENT> 74117
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30408021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30333904
<DISTRIBUTIONS-OF-GAINS> 39668
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5234318300
<NUMBER-OF-SHARES-REDEEMED> 4107617255
<SHARES-REINVESTED> 16232391
<NET-CHANGE-IN-ASSETS> 1142967885
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (22672)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 614594
<AVERAGE-NET-ASSETS> 548438303
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 25
<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
Institutional Equity 500 Index Fund Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000862157
<NAME> INSTITUTIONAL EQUITY 500 INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 800920963
<INVESTMENTS-AT-VALUE> 800920963
<RECEIVABLES> 246461
<ASSETS-OTHER> 15496
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 801182920
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 631540
<TOTAL-LIABILITIES> 631540
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 656312245
<SHARES-COMMON-STOCK> 57325199
<SHARES-COMMON-PRIOR> 35570299
<ACCUMULATED-NII-CURRENT> 5199
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3177433)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 147411369
<NET-ASSETS> 800551380
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 13634670
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 13634670
<REALIZED-GAINS-CURRENT> 3191697
<APPREC-INCREASE-CURRENT> 148857754
<NET-CHANGE-FROM-OPS> 165684121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13707456
<DISTRIBUTIONS-OF-GAINS> 3288270
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32375846
<NUMBER-OF-SHARES-REDEEMED> 11827395
<SHARES-REINVESTED> 1206449
<NET-CHANGE-IN-ASSETS> 429335726
<ACCUMULATED-NII-PRIOR> 77986
<ACCUMULATED-GAINS-PRIOR> (3081635)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421776
<AVERAGE-NET-ASSETS> 540658777
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 3.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.97
<EXPENSE-RATIO> 10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Institutional Short/Inter US Gov't Fund Annual Report dated December 31, 1995,
and is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000462157
<NAME> INSTITUTIONAL SHORT/INTER US GOV'T FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2193610
<INVESTMENTS-AT-VALUE> 2193610
<RECEIVABLES> 16802
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 828
<TOTAL-ASSETS> 2211240
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21325
<TOTAL-LIABILITIES> 21325
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2217801
<SHARES-COMMON-STOCK> 221098
<SHARES-COMMON-PRIOR> 208461
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11843)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16043)
<NET-ASSETS> 2189915
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 127948
<EXPENSES-NET> 4192
<NET-INVESTMENT-INCOME> 123756
<REALIZED-GAINS-CURRENT> 33692
<APPREC-INCREASE-CURRENT> 39464
<NET-CHANGE-FROM-OPS> 196912
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 123756
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 12637
<NET-CHANGE-IN-ASSETS> 196912
<ACCUMULATED-NII-PRIOR> 90844
<ACCUMULATED-GAINS-PRIOR> (45535)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34366
<AVERAGE-NET-ASSETS> 2095951
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> .34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .58
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> 5
<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 Cash
Reserves Fund Annual Report dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000862157
<NAME> INSTITUTIONAL CASH RESERVES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-12-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-01-1995
<INVESTMENTS-AT-COST> 821182199
<INVESTMENTS-AT-VALUE> 821182199
<RECEIVABLES> 0
<ASSETS-OTHER> 4883
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 821187082
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213979
<TOTAL-LIABILITIES> 213979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 821820371
<SHARES-COMMON-STOCK> 821820371
<SHARES-COMMON-PRIOR> 921663806
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (847268)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 820973103
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 53682885
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 53682885
<REALIZED-GAINS-CURRENT> 94844
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 53777729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53682885
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15241716412
<NUMBER-OF-SHARES-REDEEMED> 15394127791
<SHARES-REINVESTED> 52567944
<NET-CHANGE-IN-ASSETS> (99843435)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (942112)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508395
<AVERAGE-NET-ASSETS> 925766987
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 18
<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
Institutional Liquid Assets Fund dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000862157
<NAME> INSTITUTIONAL LIQUID ASSETS FUND
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> DEC-11-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1481588880
<INVESTMENTS-AT-VALUE> 1481588880
<RECEIVABLES> 488131
<ASSETS-OTHER> 9879
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1482086890
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4685762
<TOTAL-LIABILITIES> 4685762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1477384445
<SHARES-COMMON-STOCK> 1477384445
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1477401128
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4187751
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 4187751
<REALIZED-GAINS-CURRENT> 16683
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4204434
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4187751
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1679671203
<NUMBER-OF-SHARES-REDEEMED> 202286758
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1477401128
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526169
<AVERAGE-NET-ASSETS> 1322283934
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
BT Institutional Funds:
In planning and performing our audits of the financial statements and financial
highlights of BT Institutional Funds for the periods or year ended December 31,
1995, we considered their 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 financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of BT Institutional Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements 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 the 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 and financial
highlights 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 December 31, 1995.
This report is intended solely for the information and use of management of BT
Institutional Funds and the Securities and Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
February 13, 1996