GAks/CORPACTG/ADMIN/TRUSTS/FORM10Q/BR88A3TR
                                                    Page 1 of 7.
                                               The Exhibit Index
                                              appears on page 5.

               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                          ____________


                            FORM 10-Q
                                
        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
          For the quarterly period ended March 31, 1997
               Commission File Number 33-20110-02
                                
                          ____________

                                
                    COOPERATIVE UTILITY TRUST
                       (BIG RIVERS SERIES)
                             1988-A3
                  (Issuer of the Certificates)

                           CoBANK, ACB
     (Exact name of registrant as specified in its charter)

        UNITED STATES                        84-1102254
     (State or other jurisdiction of         (I.R.S. Employer
     incorporation or organization)          Identification No.)

5500 South Quebec Street, Englewood, Colorado     80111
(Address of principal executive offices)     (Zip Code)

                         (303) 740-4000
      (Registrant's telephone number, including area code)

                           __________

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  and  Exchange  Act of 1934 during  the  preceding  12
months  (or  for  such  shorter period that  the  registrant  was
required to file such reports), and (2) has been subject to  such
filing requirements for the past 90 days.  Yes   X   No  __

Indicate  the  number  of  shares  outstanding  of  each  of  the
registrant's classes of common stock as of the latest practicable
date:  not applicable.

                  PART I--FINANCIAL INFORMATION

      Financial  information has not been included in  accordance
with  the  no  action  letter  issued  to  Louisville  Bank   for
Cooperatives (now merged into CoBank, ACB) (pub. avail. March 22,
1988) (the "No Action Letter").
                   PART II--OTHER INFORMATION

      Item 1 through item 4 have not been included either because
such  items are inapplicable or in accordance with the No  Action
Letter.

Item 5.   Other Information.

     On February 15, 1997, certain distributions were made by the
trustee,  as  more specifically described in a Semiannual  Report
dated  February  15, 19967 and delivered to the  holders  of  the
Certificates  of  Beneficial Interests after  such  distribution.
This  Semiannual Report is filed as Exhibit 21.1 to  this  report
pursuant to the No Action Letter.

Item 6(b).     Reports on Form 8-K.

     (a)  Exhibits.

               21.1  Semiannual Report dated February  15,  1997,
               from  the CoBank, ACB, as the Servicer, to Holders
               of Certificates of Beneficial Interests.

     (b)  Reports on Form 8-K.

          No report on Form 8-k has been filed during the quarter
          for which this report is filed.
                                
                           SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act
of  1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.


                         CoBANK, ACB


April 30, 1997
                         Nicholas G. Hahn
                         Senior Vice President and Controller


April 30, 1997
                         William D. Snider
                         Chief Financial Officer

                          EXHIBIT INDEX



     Exhibit                                       Sequential
       No.                                         Page No.

     21.1      Semiannual Report dated February 15, 1997,
6
               from CoBank, ACB, as the Servicer,
               to Holders of Certificates of Beneficial
Interests.