<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000949282
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 AJL PEPS TRUST
001 B000000 811-07341
001 C000000 2128155228
002 A000000 C/0 THE BANK OF NEW YORK 101 BARCLAY ST
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10286
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A000001 THE BANK OF NEW YORK
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10286
012 A000001 THE BANK OF NEW YORK
012 B000001 84-0000000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10286
013 A000001 DELOITTE & TOUCHE L.L.P.
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10281
013 B040001 1414
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
<PAGE> PAGE 2
015 E010001 X
062 A000000 Y
062 B000000 8.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 5.7
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 86.3
063 A000000 0
063 B000000 1.5
064 A000000 N
064 B000000 N
071 A000000 0
071 B000000 11278
071 C000000 265499
071 D000000 0
072 A000000 6
072 B000000 1122
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072 Q000000 0
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072 T000000 0
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072 X000000 75
<PAGE> PAGE 3
072 Y000000 73
072 Z000000 1120
072AA000000 0
072BB000000 0
072CC010000 25378
072CC020000 0
072DD010000 792
072DD020000 0
072EE000000 0
073 A010000 0.0506
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.6695
074 A000000 271
074 B000000 0
074 C000000 21938
074 D000000 15611
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 235561
074 J000000 0
074 K000000 0
074 L000000 0
074 M000000 6
074 N000000 273387
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 271
074 S000000 0
074 T000000 273116
074 U010000 15663
074 U020000 0
074 V010000 17.44
074 V020000 0.00
074 W000000 0.0000
074 X000000 35
074 Y000000 0
075 A000000 0
075 B000000 265499
076 000000 17.44
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
<PAGE> PAGE 4
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 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 $1.44 PREMIUM EXCHANGEABLE PARTICIPATING SHS
087 A020000 009710104
087 A030000 AJP
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE DONALD J. PUGLISI
TITLE MANAGING TRUSTEE
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited financial statements of the Trust for the six months ended June 30,
1997 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 261,647
<INVESTMENTS-AT-VALUE> 273,110
<RECEIVABLES> 0
<ASSETS-OTHER> 277
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 273,387
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 271
<TOTAL-LIABILITIES> 271
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,439
<SHARES-COMMON-STOCK> 15,663
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,213
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,463
<NET-ASSETS> 273,116
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,122
<OTHER-INCOME> 0
<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> 1,120
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 25,378
<NET-CHANGE-FROM-OPS> 26,498
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (792)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (10,486)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,220
<ACCUMULATED-NII-PRIOR> 2,885
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 265,506
<PER-SHARE-NAV-BEGIN> 16.47
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.62
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.67)
<PER-SHARE-NAV-END> 17.44
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
