<PAGE> PAGE 1
000 A000000 06/30/98
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
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071 C000000 139183
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072 A000000 6
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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,
1998 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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 240,531
<INVESTMENTS-AT-VALUE> 109,625
<RECEIVABLES> 0
<ASSETS-OTHER> 258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,884
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253
<TOTAL-LIABILITIES> 253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 238,325
<SHARES-COMMON-STOCK> 15,663
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,212
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (130,906)
<NET-ASSETS> 109,630
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 591
<OTHER-INCOME> 0
<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> 589
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (48,429)
<NET-CHANGE-FROM-OPS> (47,840)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,361)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (9,917)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (59,117)
<ACCUMULATED-NII-PRIOR> 2,983
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62
<AVERAGE-NET-ASSETS> 139,189
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (3.09)
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.63)
<PER-SHARE-NAV-END> 7.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
