Item 3. Legal Proceedings
			None.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
			None.
Part II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
	a) There is no established trading market for the 			certificates representing ownership of the 			beneficial interest in the Trust.
	b) As of March 28, 1997 there was one holder of 			certificates representing ownership of the beneficial 			interest in the Trust.
Item 8.
Item 8. Financial Statements and Supplementary Data
			See attached audited financial statements.
Item 9.
Item 9. Disagreements on Accounting and Financial Disclosure
			None.
Part III
Item 13.
Item 13. Certain Relationships and Related Transactions
			None.
Part IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports 			on Form 8-K
	a) The following documents are filed as part of this report:
			1. Financial Statements 				Report of Independent Public Accountants 				Statements of Assets and Liabilities as of 					December 31, 1996 and 1995 				Statements of Income and Expenses, for the 				Years Ended December 31, 1996, 1995 and 1994 				Statements of Cash Flows, for the Years Ended 					December 31, 1996, 1995 and 1994 				Notes to Financial Statements
			2. Financial Statement Schedules are omitted 				because they are inapplicable.
			3. Exhibits
				Exhibit 				Number Description of Exhibit
				 4.1 Form of Trust Agreement, 					 including the form of Rural 					 Electric Cooperative Grantor 					 Trust Certificate (incorporated 					 by reference to Form 10-K for 					 the fiscal year ended December 					 31, 1987).
				10.1 Loan Agreement (incorporated by 					 reference to Exhibit 10.1 to 					 Registration Statement on Form 					 S-1 [No. 33-14490]).
				10.2 Loan Guarantee and Servicing 					 Agreement (incorporated by 					 reference to Exhibit 10.2 to 					 Registration Statement on Form 					 S-1 [No. 33-14490]).
		b) Form 8-K dated September 30, 1996. 			Semi-annual Report to Certificateholders dated 			September 30, 1996.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the Act by Registrants which have not registered securities pursuant to Section 12 of the Act.
	No annual report, proxy statement, form of proxy or other proxy 	soliciting material has been sent to Certificateholders, and the 	Registrant does not presently contemplate sending any such material 	subsequent to the filing of this report. 	Pursuant to the requirements of Section 13 or 15(d) of the 	Securities Act of 1934, the Registrant has duly caused this 	report to be signed on its behalf by the undersigned, thereunto 	duly authorized, in the County of Fairfax, Commonwealth of Virginia 	on the 28 day of March, 1997.
	RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1987 A-5
			By: NATIONAL RURAL UTILITIES COOPERATIVE 				FINANCE CORPORATION as Servicer
				By: /S/ Sheldon C. Petersen 					Sheldon C. Petersen, Governor and 					 Chief Executive Officer
			RURAL ELECTRIC COOPERATIVE GRANTOR 			 TRUST (SOYLAND) 1987-A5
	 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1996 AND 1995 	 AND FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994 			 TOGETHER WITH AUDITORS' REPORT
	 Report of Independent Public Accountants
To the Trustee of Rural Electric Cooperative Grantor Trust 	(Soyland) 1987-A5, and
To the Board of Directors of National Rural Utilities Cooperative 	Finance Corporation:
We have audited the accompanying statements of assets and liabilities of Rural Electric Cooperative Grantor Trust (Soyland) 1987-A5 as of December 31, 1996 and 1995, and the related statements of income and expenses and cash flows for each of the three years in the period ended December 31, 1996. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rural Electric Cooperative Grantor Trust (Soyland) 1987-A5 as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years ended December 31, 1996, 1995 and 1994, in conformity with generally accepted accounting principles.
March 24, 1997 Washington, D. C.
	 The accompanying notes are an integral part 		 of these financial statements
		 The accompanying notes are an integral part 			 of these financial statements
	 RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1987-A5
			 NOTES TO FINANCIAL STATEMENTS
		 AS OF DECEMBER 31, 1996, 1995 AND 1994
1. ORGANIZATION AND OPERATIONS
	Rural Electric Cooperative Grantor Trust (Soyland) 1987-A5 (the 	"Trust") was formed under a Trust Agreement dated March 19, 1987 	among National Rural Utilities Cooperative Finance Corporation 	("CFC"), Soyland Power Cooperative, Inc. (the "Cooperative") and 	The First National Bank of Chicago (the "Trustee"). On that date, 	CFC made a loan to the Cooperative which issued a note (the "Note"), 	evidencing the borrowing, to the Trust. The Trust issued to CFC 	Rural Electric Cooperative Grantor Trust (Soyland) 9.63% 	Certificates Due 2011 (the "Certificates") in the amount of 	$75,000,000. The Certificates are solely the obligations of the 	Trust and are not insured or guaranteed by CFC, the Cooperative, 	the Trustee, the Rural Utilities Service ("RUS") of the United 	States Department of Agriculture ("USDA") nor any other governmental 	agency. Each Certificate represents an undivided fractional 	interest in the Trust. CFC is the depositor of the Trust and 	acts as Servicer of the Note. CFC filed, on behalf of the Trust, 	a Registration Statement on Form S-1 (Registration No. 33-14490) 	which became effective on July 15, 1987, and CFC resold the 	Certificates thereunder.
	The assets of the Trust consist primarily of the Note, bearing 	interest at 9.71% and maturing 2011, which is guaranteed (the 	"Guarantee") as to timely payment of principal and interest by 	the United States of America, acting through the Administrator 	of RUS. The amounts of principal and interest payments on the 	Note held by the Trust are sufficient to cover the scheduled 	principal and interest payments on the Certificates issued by 	the Trust and the scheduled amounts of servicer fees. The General 	Counsel of the USDA has issued an opinion that the Guarantee is 	supported by the full faith and credit of the United States of 	America.
	Debt service and servicer fee payments on the Note are made to the 	Trustee semi-annually (March 19 and September 19) by the Cooperative. 	The Trustee deposits all such receipts in the Trust account. The 	Trustee is authorized by the Trust Agreement to invest all funds in 	the Trust account at the direction of CFC in certain eligible 	investments that mature no later than the business day next 	preceding the day (March 30 and September 30) such amounts are to 	be distributed to the Certificateholders and the Servicer. The 	interest earned on the investments is distributed to the Cooperative. 	Any funds that are not so invested must be held by the Trustee in 	the Trust account. The Trustee may not reinvest any returns of 	principal or investment earnings on eligible investments and the 	Trustee may not sell any eligible investment prior to its maturity 	except, at the direction of CFC, to preserve the value of the 	corpus of the Trust.
	On or before five business days after each date on which payments 	are made on the Certificates, the Trustee is obligated to supply 	the holders of such Certificates a report provided by the Servicer, 	which includes certain pertinent information as to how the payment 	is to be allocated to principal, interest, servicer fees and premium, 	if any, as well as the principal balance outstanding after such 	payment. 	 	The fiscal year of the Trust is the calendar year. Within the 	prescribed period of time for tax reporting purposes, after the 	end of each calendar year during the term of the Trust Agreement, 	the Trustee is obligated to prepare and mail to each 	Certificateholder of record for the Trust, at any time during such 	year, a report setting forth the information as is reasonably 	necessary for the preparation of such Certificateholder's Federal 	income tax return.
	The Certificates are not subject to redemption prior to March 20, 	1997. On February 14, 1997, RUS gave irrevocable notice that they 	will prepay the principal amount of $75,000,000. On March 20, 1997, 	such prepayment was made. The Trust Agreement was terminated after 	payment in full was made on the Certificates issued thereunder.
	 2. TAX STATUS OF THE TRUST
	Milbank, Tweed, Hadley & McCloy, counsel to CFC, has advised CFC 	with respect to the Trust that, in its opinion, (i) the Trust will 	not be classified as an association taxable as a corporation, but 	will be classified as a grantor trust and (ii) each Certificateholder 	will be treated for Federal income tax purposes as the owner of an 	undivided fractional interest in each of the assets held by the 	Trust.
	It is expected that the Trust will not have any liability for 	Federal or state income taxes for the current or future years.
3. INTEREST AND SERVICER FEE ACCOUNTING
	The Trust records interest income as it is earned and accrues 	interest expense and servicer fees as they are incurred. 	Servicer fees represent eight basis points of the outstanding 	principal balance of the Certificates and the Note.
4. FAIR VALUE OF FINANCIAL INSTRUMENTS
	Use Of Estimates 	 	The preparation of financial statements in conformity with 	generally accepted accounting principles requires management to 	make estimates and assumptions that affect the reported amounts 	of assets and liabilities at the date of the financial statements 	and the reported amounts of expenses during the reported period. 	The estimates involve judgments with respect to, among other things, 	various future factors which are difficult to predict and are beyond 	the control of the Trust. With regards to the fair values below, 	actual amounts could differ from these estimates.
	The following disclosure of the estimated fair value of financial 	instruments is made in accordance with FASB Statement No. 107, 	"Disclosure about Fair Value of Financial Instruments." Whenever 	possible, the estimated fair value amounts have been determined 	using quoted market information as of December 31, 1996 and 1995, 	along with other valuation methodologies which are summarized below. 	Below is a summary of significant methodologies used in estimating 	fair value amounts and a schedule of fair values at December 31, 	1996 and 1995.
	The carrying amounts reported for Interest Receivable, Interest 	Payable - Grantor Trust Certificates, and Servicer Fees Payable 	approximate fair values due to the short term maturity of these 	instruments.
Note Receivable
Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
Rural Electric Cooperative Grantor Trust Certificates
The fair value of the Certificates is estimated using quoted market prices for similar notes over the same remaining maturities.
The carrying and estimated fair values of the Trust's financial instruments as of December 31, 1996 and 1995, are as follows:
				
	RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1987 A-5
	Exhibit Index
Exhibit Number Description of Exhibit
4.1 Form of Trust Agreement, including the form of Rural 	 Electric Cooperative Grantor Trust Certificate (incorporated 	 by reference to Form 10-K for the fiscal year ended December 	 31, 1987).
10.1 Loan Agreement (incorporated by reference to Exhibit 10.1 	 to Registration Statement on Form S-1 [No. 33-14490]).
10.2 Loan Guarantee and Servicing Agreement (incorporated by 	 reference to Exhibit 10.2 to Registration Statement on Form S-1 [No. 	 33-14490]).