<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000935015
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ARTISAN FUNDS, INC.
001 B000000 811-8932
001 C000000 4143906100
002 A000000 1000 N. WATER ST., SUTIE 1770
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
002 D020000 3197
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 ARTISAN SMALL CAP FUND
007 C030100 N
007 C010200 2
007 C020200 ARTISAN INTERNATIONAL FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ARTISAN PARTNERS LIMITED PARTNERSHIP
008 B00AA01 A
008 C00AA01 801-48435
008 D01AA01 MILWAUKEE
008 D02AA01 WI
008 D03AA01 53202
008 D04AA01 3197
012 A00AA01 BOSTON FINANCIAL DATA SERVICES
012 B00AA01 84-0000
012 C01AA01 QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 MILWAUKEE
<PAGE> PAGE 2
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 C04AA01 1713
015 E01AA01 X
015 A00AA02 WESTPAC BANKING CORPORATION
015 B00AA02 S
015 C01AA02 SYDNEY
015 D01AA02 AUSTRALIA
015 E04AA02 X
015 A00AA03 CITIBANK, N.A., BRAZIL - SAU PAULO
015 B00AA03 S
015 C01AA03 SAU PAULO
015 D01AA03 BRAZIL
015 E04AA03 X
015 A00AA04 CITIBANK, N.A., ARGENTINA - BUENOS AIRES
015 B00AA04 S
015 C01AA04 BUENOS AIRES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 GIROCREDIT BANK AKTIENGESELLSCHAFT
015 B00AA05 S
015 C01AA05 VIENNA
015 D01AA05 AUSTRIA
015 E04AA05 X
015 A00AA06 STANDARD CHARTERED BANK
015 B00AA06 S
015 C01AA06 DHAKA
015 D01AA06 BANGLADESCH
015 E04AA06 X
015 A00AA07 GENERALE BANK
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 BARCLAY'S BANK OF BOTSWANA LIMITED
015 B00AA08 S
015 C01AA08 GABARONE
015 D01AA08 BOTSWANA
015 E04AA08 X
015 A00AA09 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA09 S
015 C01AA09 TORONTO
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A., CHILE
015 B00AA10 S
<PAGE> PAGE 3
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 THE HONG KONG AND SHANGHAI BANKING CORP LTD
015 B00AA11 S
015 C01AA11 SHANGHAI
015 D01AA11 SHENZHEN, CHINA
015 E04AA11 X
015 A00AA12 CITITRUST COLUMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA12 S
015 C01AA12 BOGOTA
015 D01AA12 COLUMBIA
015 E04AA12 X
015 A00AA13 BARCLAY'S BANK PLC
015 B00AA13 S
015 C01AA13 NICOSIA
015 D01AA13 CYPRUS
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA14 S
015 C01AA14 PRAGUE
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 CITIBANK, N.A., EQUADOR
015 B00AA16 S
015 C01AA16 QUITO
015 D01AA16 ECUADOR
015 E04AA16 X
015 A00AA17 NATIONAL BANK OF EGYPT
015 B00AA17 S
015 C01AA17 CAIRO
015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LIMITED
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 BHF-BANK AKTIENGESELLSCHAFT
015 B00AA20 S
015 C01AA20 FRANKFURT
<PAGE> PAGE 4
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 BARCLAY'S BANK OF GHANA LIMITED
015 B00AA21 S
015 C01AA21 ACCRA
015 D01AA21 GHANA
015 E04AA21 X
015 A00AA22 NATIONAL BANK OF GREECE S.A.
015 B00AA22 S
015 C01AA22 ATHENS
015 D01AA22 GREECE
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK - HONG KONG BRANCH
015 B00AA23 S
015 C01AA23 HONG KONG
015 D01AA23 HONG KONG
015 E04AA23 X
015 A00AA24 CITIBANK BUDAPEST RT.
015 B00AA24 S
015 C01AA24 BUDAPEST
015 D01AA24 HUNGARY
015 E04AA24 X
015 A00AA25 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA25 S
015 C01AA25 BOMBAY
015 D01AA25 INDIA
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED BANK - JAKARTA
015 B00AA26 S
015 C01AA26 JAKARTA
015 D01AA26 INDONESIA
015 E04AA26 X
015 A00AA27 BANK OF IRELAND
015 B00AA27 S
015 C01AA27 DUBLIN
015 D01AA27 IRELAND
015 E04AA27 X
015 A00AA28 BANK HAPOALIM B.M.
015 B00AA28 S
015 C01AA28 TEL AVIV
015 D01AA28 ISRAEL
015 E04AA28 X
015 A00AA29 MORGAN GUARANTY TRUST COMPANY
015 B00AA29 S
015 C01AA29 MILAN
015 D01AA29 ITALY
015 E04AA29 X
015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD
015 B00AA30 S
015 C01AA30 TOKYO
015 D01AA30 JAPAN
<PAGE> PAGE 5
015 E04AA30 X
015 A00AA31 THE BRITISH BANK OF THE MIDDLE EAST, JORDAN
015 B00AA31 S
015 C01AA31 AMMAN
015 D01AA31 JORDAN
015 E04AA31 X
015 A00AA32 BARCLAY'S BANK OF KENYA LIMITED
015 B00AA32 S
015 C01AA32 NAIROBI
015 D01AA32 KENYA
015 E04AA32 X
015 A00AA33 SEOULBANK
015 B00AA33 S
015 C01AA33 SEOUL
015 D01AA33 SOUTH KOREA
015 E04AA33 X
015 A00AA34 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA34 S
015 C01AA34 KUALA LUMPUR
015 D01AA34 MALAYSIA
015 E04AA34 X
015 A00AA35 CITIBANK MEXICO, S.A.
015 B00AA35 S
015 C01AA35 MEXICO CITY
015 D01AA35 MEXICO
015 E04AA35 X
015 A00AA36 BANQUE COMMERCIALE DU MAROC
015 B00AA36 S
015 C01AA36 CASABLANCA
015 D01AA36 MOROCCO
015 E04AA36 X
015 A00AA37 MEESPIERSON N.V.
015 B00AA37 S
015 C01AA37 AMSTERDAM
015 D01AA37 NETHERLANDS
015 E04AA37 X
015 A00AA38 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B00AA38 S
015 C01AA38 WELLINGTON
015 D01AA38 NEW ZEALAND
015 E04AA38 X
015 A00AA39 CHRISTIANA BANK OG KREDITKASSE
015 B00AA39 S
015 C01AA39 OSLO
015 D01AA39 NORWAY
015 E04AA39 X
015 A00AA40 DEUTSCHE BANK AG, PAKISTAN
015 B00AA40 S
015 C01AA40 KARACHI
015 D01AA40 PAKISTAN
015 E04AA40 X
<PAGE> PAGE 6
015 A00AA41 CITIBANK, N.A., PERU
015 B00AA41 S
015 C01AA41 LIMA
015 D01AA41 PERU
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK - MANILA
015 B00AA42 S
015 C01AA42 MANILA
015 D01AA42 PHILIPPINES
015 E04AA42 X
015 A00AA43 CITIBANK POLAND, S.A.
015 B00AA43 S
015 C01AA43 WARSAW
015 D01AA43 POLAND
015 E04AA43 X
015 A00AA44 BANCO COMERCIAL PORTUGUES
015 B00AA44 S
015 C01AA44 LISBON
015 D01AA44 PORTUGAL
015 E04AA44 X
015 A00AA45 THE DEVELOPMENT BANK OF SINGAPORE LTD
015 B00AA45 S
015 C01AA45 SINGAPORE
015 D01AA45 SINGAPORE
015 E04AA45 X
015 A00AA46 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA46 S
015 C01AA46 JOHANNESBURG
015 D01AA46 SOUTH AFRICA
015 E04AA46 X
015 A00AA47 BANCO SANTANDER, S.A.
015 B00AA47 S
015 C01AA47 MADRID
015 D01AA47 SPAIN
015 E04AA47 X
015 A00AA48 THE HONGKONG AND SHANGHAI BANK CORP - COLUMBO
015 B00AA48 S
015 C01AA48 COLUMBO
015 D01AA48 SRI LANKA
015 E04AA48 X
015 A00AA49 BARCLAY'S BANK OF SWAZILAND LTD
015 B00AA49 S
015 C01AA49 MBABANE
015 D01AA49 SWAZILAND
015 E04AA49 X
015 A00AA50 SKANDINSAVISKA ENSKILDA BANKEN
015 B00AA50 S
015 C01AA50 STOCKHOLM
015 D01AA50 SWEDEN
015 E04AA50 X
015 A00AA51 UNION BANK OF SWITZERLAND
<PAGE> PAGE 7
015 B00AA51 S
015 C01AA51 ZURICH
015 D01AA51 SWITZERLAND
015 E04AA51 X
015 A00AA52 CENTRAL TRUST OF CHINA
015 B00AA52 S
015 C01AA52 TAIPEI
015 D01AA52 TAIWAN
015 E04AA52 X
015 A00AA53 STANDARD CHARTERED BANK - BANGKOK
015 B00AA53 S
015 C01AA53 BANGKOK
015 D01AA53 THAILAND
015 E04AA53 X
015 A00AA54 CITIBANK, N.A., TURKEY
015 B00AA54 S
015 C01AA54 ISTANBUL
015 D01AA54 TURKEY
015 E04AA54 X
015 A00AA55 STATE STREET BANK AND TRUST CO. - LONDON BRNC
015 B00AA55 S
015 C01AA55 LONDON
015 D01AA55 UNITED KINGDOM
015 E04AA55 X
015 A00AA56 CITIBANK, N.A., URUGUAY
015 B00AA56 S
015 C01AA56 MONTEVIDEO
015 D01AA56 URUGUAY
015 E04AA56 X
015 A00AA57 CITIBANK, N.A., VENEZUELA
015 B00AA57 S
015 C01AA57 CARACAS
015 D01AA57 VENEVUELA
015 E04AA57 X
015 A00AA58 BARCLAY'S BANK OF ZAMBIA LIMITED
015 B00AA58 S
015 C01AA58 LUSAKA
015 D01AA58 ZAMBIA
015 E04AA58 X
015 A00AA59 BARCLAY'S BANK ZIMBABWE LIMITIED
015 B00AA59 S
015 C01AA59 HARARE
015 D01AA59 ZIMBABWE
015 E04AA59 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 279
020 A000002 BEAR STEARNS
<PAGE> PAGE 8
020 B000002 13-3299429
020 C000002 236
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 164
020 A000004 INSTINET
020 B000004 13-3443395
020 C000004 130
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005 114
020 A000006 JEFFRIES & CO.
020 B000006 95-2622900
020 C000006 111
020 A000007 MORGAN KEEGAN & CO.
020 B000007 64-0474907
020 C000007 107
020 A000008 DILLON REED
020 B000008 13-1939216
020 C000008 101
020 A000009 MCDONALD & COMPANY
020 B000009 34-1391952
020 C000009 77
020 A000010 SALOMON BROTHERS
020 B000010 13-3082694
020 C000010 66
021 000000 2869
022 A000001 STATE STREET BANK & TRUST
022 C000001 4387974
022 D000001 13638
022 A000002 MONTGOMERY SECURITIES
022 B000002 94-1701676
022 C000002 41605
022 D000002 26468
022 A000003 BEAR STEARNS
022 B000003 13-3299429
022 C000003 19712
022 D000003 15216
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 23493
022 D000004 7118
022 A000005 MORGAN KEEGAN
022 B000005 13-5674085
022 C000005 13139
022 D000005 8174
022 A000006 JEFFRIES & CO.
022 B000006 95-2622900
022 C000006 17523
022 D000006 3476
022 A000007 MCDONALD & CO
<PAGE> PAGE 9
022 B000007 34-1391952
022 C000007 10643
022 D000007 8713
022 A000008 DILLON REED
022 B000008 13-1939216
022 C000008 11659
022 D000008 5245
022 A000009 CS FIRST BOSTON
022 C000009 13531
022 D000009 2456
022 A000010 GOLDMAN SACHS
022 B000010 13-5108880
022 C000010 6730
022 D000010 9949
023 C000000 4678181
023 D000000 142192
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
<PAGE> PAGE 10
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 1.000
048 B01AA00 250000
048 B02AA00 0.975
048 C01AA00 250000
048 C02AA00 0.950
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 1000000
048 K02AA00 0.925
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
<PAGE> PAGE 11
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP
080 C00AA00 900
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 36298
028 A020100 2046
028 A030100 0
028 A040100 14834
028 B010100 19639
<PAGE> PAGE 12
028 B020100 0
028 B030100 0
028 B040100 13318
028 C010100 21029
028 C020100 0
028 C030100 0
028 C040100 4419
028 D010100 18890
028 D020100 0
028 D030100 0
028 D040100 4046
028 E010100 27667
028 E020100 0
028 E030100 0
028 E040100 4737
028 F010100 16812
028 F020100 0
028 F030100 0
028 F040100 6542
028 G010100 140335
028 G020100 2046
028 G030100 0
028 G040100 47896
028 H000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
<PAGE> PAGE 13
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 503762
071 B000100 272016
071 C000100 258584
071 D000100 105
072 A000100 12
072 B000100 830
072 C000100 1234
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072 F000100 2735
072 G000100 0
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072 I000100 866
072 J000100 80
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072 L000100 102
072 M000100 15
072 N000100 163
072 O000100 0
072 P000100 0
072 Q000100 40
072 R000100 10
072 S000100 41
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072 U000100 14
072 V000100 0
<PAGE> PAGE 14
072 W000100 27
072 X000100 4093
072 Y000100 0
072 Z000100 -2029
072AA000100 27026
072BB000100 0
072CC010100 36295
072CC020100 0
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074 A000100 1
074 B000100 21015
074 C000100 0
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074 F000100 385693
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074 J000100 633
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074 N000100 407703
074 O000100 7471
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074 R040100 231
074 S000100 0
074 T000100 400001
074 U010100 27260
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076 000100 0.00
028 A010200 4312
028 A020200 0
028 A030200 0
<PAGE> PAGE 15
028 A040200 40
028 B010200 7214
028 B020200 0
028 B030200 0
028 B040200 157
028 C010200 6177
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028 C030200 0
028 C040200 65
028 D010200 15595
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028 D030200 0
028 D040200 328
028 E010200 16810
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028 E030200 0
028 E040200 495
028 F010200 16775
028 F020200 0
028 F030200 0
028 F040200 738
028 G010200 66883
028 G020200 0
028 G030200 0
028 G040200 1823
028 H000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
<PAGE> PAGE 16
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
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070 Q010200 Y
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070 R010200 Y
070 R020200 N
071 A000200 82212
071 B000200 15701
071 C000200 27528
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<PAGE> PAGE 17
072 U000200 4
072 V000200 0
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076 000200 0.00
<PAGE> PAGE 18
SIGNATURE JOHN M. BLASER
TITLE CFO
To the Board of Directors
of Artisan Funds, Inc.
In planning and performing our audits of the financial statements of Artisan
Small Cap Fund and Artisan International Fund (constituting Artisan
Funds, Inc., the "Funds") for the period ended June 30, 1996, we considered
the Funds' internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes
of expressing our opinion on the financial statements and to comply with
requirements of Form N-SAR, and to provide assurance on the internal
control structure.
The management of the Funds 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 appropriately
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 operations 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 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 June 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
July 30, 1996
